As stewards of excess capital and various endowed funds (i.e funds that have been committed/ donated for a long-term initiative) for BITSAA International, the BITSAA Investment Committee (BIC) aims to generate proceeds, via investment income and capital appreciation, primarily to fulfill the obligations towards these endowed initiatives. The BIC endeavors to achieve its objectives via appropriate investments within a combined investment portfolio called the BITSAA Endowment Fund (BEF).
The BIC team, led by Chief Investment Officer, Rajesh Chelapurath (’88) and supported by Koti Mylavarapu (’01), currently manages the BEF using a conservative value-based investment philosophy oriented towards long-term protection of principal and an emphasis on absolute rates of return. Keeping the liquidity needs of the various endowed initiatives in mind, the BEF is invested in an appropriate mix of globally diversified investment mix, comprising best of breed mutual funds and ETFs.
The Investment Policy Statement (IPS) dictates the policies and standards that govern the management of the BEF. This document (please see the latest version below) also captures all aspects of the operations of the BIC and BEF and is updated/published on a semi-annual basis.
Incepted in April 2003 with a value of $10,000, the BEF has grown over the years, via a combination of investment returns and new contributions, net of initiative disbursements to approx. $121,015 as of September 11, 2012. During this period, the BEF has generated a cumulative time-weighted rate of return of 63.5% that equates to an annualized rate of return of 5.4% p.a.
BEF: Growth of Assets
The list of endowed initiatives that the BEF currently supports (as of December 31st, 2010) is as follows:
List of Endowed Initiatives
List of Endowed Initiatives: Managed by BITS, Administered by BITSAA
Class of 1966-’71 Scholarship Initiatives
Rs. 20,000 MCN scholarship per semester for a female student
4 APOGEE awards each worth Rs. 10,000 for BITS students
6 grants(2 worth Rs. 10,000 for postgraduate and 4 worth Rs.5,000 for undergraduate students) for publishing papers in reputed journals
For more information, please contact: Rajesh Chelapurath (‘88), Chief Investment Officer & Trustee (firstname.lastname@example.org), or Koti Mylavarapu (‘01), Director, BIC (email@example.com). The following documents also discuss the history, guidelines, policies, and operations of the BIC and the BEF in more detail.
BITSAA Investment Committee—Overview and Status Report, version December 31st, 2010
Investment Policy Statement-Executive Summary, version December 31st, 2011
Investment Policy Statement, version February 17, 2012
Investment Policy Statement, version September 11, 2012