Foundations as investment managers part II: The performance

Lester M. Salamon

Research output: Contribution to journalArticlepeer-review

4 Scopus citations


Foundations divide roughly into two groups in their investment behavior. Most follow an inactive, risk‐averse style, focusing on income maximization rather than total return. Another, smaller group of foundations are more activist and aggressive, focusing on total return. This article analyzes the investment performance associated with these different approaches, showing that while a significant number of foundations are performing well, many others lag in their investment returns.

Original languageEnglish (US)
Pages (from-to)239-253
Number of pages15
JournalNonprofit Management and Leadership
Issue number3
StatePublished - 1993
Externally publishedYes

ASJC Scopus subject areas

  • Strategy and Management


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