Liquidity provides a crucial limitation in the investment management of not-for-profit portfolios. We use an illustrative example to provide a simple high-level framework that combines top-down asset allocation and historical liquidity stress tests with bottom-up cash flow modelling to help provide guidance on sizing allocation to illiquid assets in investor portfolios.
Liquidity considerations for not for profits
Liquidity provides a crucial limitation in the investment management of not-for-profit portfolios. We use an illustrative example to provide a simple high-level framework that combines top-down asset allocation and historical liquidity stress tests with bottom-up cash flow modelling to help provide guidance on sizing allocation to illiquid assets in investor portfolios.
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