About the Endowment Portfolios

Whether to set up a fund with HFPG, Inc. or in trust with the Hartford Foundation for Public Giving is at the discretion of the donor. The service provided by the Foundation is the same. Learn more about giving to the Hartford Foundation. 

These two entities are included in the Foundation's annual audited financial statements and IRS Form 990

You can request a copy by contacting the Foundation at 860-548-1888 or hfpg@hfpg.org. Selected consolidated financial information is also shown in the Foundation’s annual report.

HFPG, Inc. (The Corporate Portfolio) 

Created in 1979 as a nonprofit corporation, HFPG, Inc. serves as a corporate affiliate of the Hartford Foundation. The assets which comprise the donor funds that are held in HFPG, Inc. are held in custody at Northern Trust and are invested with professional investment managers retained by the Foundation with oversight by the Investment Committee. Crewcial Partners, LLC of New York, N.Y., serves as the investment advisor to the Committee. Funds established in HFPG, Inc. are invested on a diversified basis with investment managers selected by the Foundation’s Investment Committee at the recommendation of Foundation staff and Crewcial Partners. These managers are chosen based on their specialization in a given asset class after rigorous due diligence to measure key attributes of manager capability and firm stability. Manager performance is monitored regularly by Foundation investment staff and Crewcial Partners, and reviewed with the Investment Committee and the Foundation’s Board of Directors on a quarterly basis.

Hartford Foundation Trust (The Trust Portfolio) 

This consists of numerous trusts established by many donors with trustee banks since 1925, each governed by a Declaration of Trust. Today, Bank of America, N.A. acts as the Trustee of these component trusts, which are held in a common fund. Bank of America also serves as the custodian of the trusts held in the Trust portfolio. The Trustee has sole authority to invest in a diversified portfolio with professional investment managers (which may include Bank of America, N.A. or any of its investment management affiliates) chosen on a competitive basis. The other trustee bank is KeyBank. NEPC, LLC of Boston, Massachusetts, serves as investment consultant to the Trust.   

Investment manager selection for the Trust is reviewed with the Foundation’s investment staff and Investment Committee prior to the retention or dismissal of an investment manager. Investment performance is monitored regularly by the Trustee and Foundation investment staff and the consultant and reviewed by the Foundation’s Investment Committee and Board of Directors on a quarterly basis.

Investment Philosophy and Managers

We are patient, long-term investors and maintain broad diversification within the investment portfolio. Outside investment professionals, selected and monitored by staff, the consultants, the Investment Committee and/or the trustee bank, manage the endowment. We seek to retain sophisticated, operationally-sound, institutionally-oriented investment management firms which actively control the growth of their firm’s assets under management. We also strongly prefer that the investment professionals have a significant ownership interest in their employer. These investment professionals should be experienced, focused, disciplined, patient, and consistently able to balance the risk and reward of the securities they purchase and the portfolios they manage. We pay close attention to the management fees we pay for these services. 

THE ALLOCATION OF THE ENDOWMENT AMONG AVAILABLE ASSET CLASSES HAS A KEY INFLUENCE ON LONG-TERM INVESTMENT RESULTS.

Corporate Portfolio

The below visualization is interactive. Feel free to hover (desktop), or click (mobile) on the donut chart to highlight data points.

Trust Portfolio

The below visualization is interactive. Feel free to hover (desktop), or click (mobile) on the donut chart to highlight data points.

*as of December 31, 2021

REBALANCING

The endowment’s asset allocation is reviewed on a continual basis, and portfolio rebalancing to long-term asset allocation targets is conducted when needed.


Investment Performance

The Hartford Foundation’s assets are managed by its corporate affiliate, HFPG, Inc. (the “Corporate Portfolio”) and by the Hartford Foundation Trust (the “Trust Portfolio”).

The investment performance* of the Foundation’s broadly diversified endowment portfolios for periods ended June 30, 2022 is as follows:

CORPORATE PORTFOLIO
(HFPG, Inc.)

$450.7 MM**

TRUST PORTFOLIO
(Trustee Bank)

$587.8 MM**

*These annualized investment returns are net of investment management fees. 

**Rounded to the nearest $100,000. Past performance is no guarantee of future results.

HOW HAVE THE HARTFORD FOUNDATION'S INVESTMENTS PERFORMED?

Despite completing another year living through a global pandemic, asset prices continued to rise, led by U.S. large companies. Interest rates remained low and within a narrow range, although the bond market posted its first calendar-year loss since 2013. Rising inflation was among the many noteworthy financial events of the year, as the CPI’s 7.0% advance reflects the highest inflation rate since the early 1980s. Nevertheless, markets generally took the complex climate that has emerged in stride, although there were signs of diminished confidence that emerged near the end of the year.

Against this backdrop, the Foundation’s broadly-diversified Corporate portfolio posted a net-of-fee investment gain of 12.1% while the Trust portfolio returned 14.7%, outperforming their customized target benchmarks by 1.7% and 1.1%, respectively. The strength of the Corporate portfolio’s results in 2021 was driven by strong realized gains from its longstanding venture capital portfolio and served as an example of the ways in which the Foundation’s investment decisions and outcomes are focused on the long periods that sustain philanthropy in the region. 

*When reviewing these returns, please note that past performance is not a guarantee of future results.

**Last updated December 31, 2021


Annual Audits

The Foundation’s Form 990 and past financial statements are available for public review. 

FINANCIAL STATEMENTS