Kim Lew
SKIPColumbia Investment Management Company
Principled Columbia endowment CEO with solid but not top-tier returns, whose diversified institutional approach and ESG focus offer limited applicability to our concentrated value strategy.
Endowment / Institutional CIOs
Score Breakdown
Investment Philosophy & Portfolio Style
Philosophy
Lew follows a broadly Swensen-influenced endowment approach but with some distinctive elements: (1) Emphasis on long-term partnerships with high-quality managers, with a focus on alignment of interests. (2) Active management across all asset classes -- she believes that skilled active managers can generate alpha, particularly in less efficient markets like private equity, venture capital, and emerging markets. (3) Portfolio construction that balances growth with downside protection -- she has spoken about the importance of not just chasing returns but building portfolios that can weather market dislocations. (4) Increasing focus on sustainable and responsible investing -- she has pushed for ESG integration and diversity considerations in manager selection. (5) Thoughtful approach to liquidity management -- lessons from 2008 GFC and her Carnegie experience have made her attentive to the liquidity profile of the portfolio. She is considered a careful, steady operator rather than a bold risk-taker.
Portfolio Style
Diversified institutional endowment portfolio broadly following the Yale Model framework. Columbia's allocation includes significant exposure to private equity, venture capital, hedge funds/absolute return, real assets, public equities, and fixed income. The portfolio is less VC-heavy than MIT's, reflecting a more balanced approach. She has gradually shifted the portfolio since taking over in 2020, though specific allocation changes are not fully disclosed. The portfolio includes both domestic and international exposure. Like most large endowments, the majority of the portfolio is managed externally through relationships with investment managers, with a small internal team doing manager selection, asset allocation, and risk management.
Background
Kim Lew became the CEO of Columbia Investment Management Company in 2020, overseeing Columbia University's endowment of approximately $13-14 billion. Before Columbia, she served as Deputy CIO and Managing Director at Carnegie Corporation of New York (Andrew Carnegie's philanthropic foundation) for over a decade, managing its $3.5B endowment. She has also worked at the Ford Foundation and at JPMorgan's asset management division. Lew holds a BA from Columbia University (making her an alumna of the institution she now serves) and an MBA from NYU Stern School of Business. She is one of the few women and one of the few people of color to lead a major university endowment, and she has been vocal about diversity in the investment management industry. Her appointment was seen as a stabilizing move for Columbia's endowment, which had underperformed some peers in prior years.
Track Record
Solid but not in the top tier among major endowments. Columbia's endowment has posted competitive returns under Lew's leadership: FY2021 approximately 32.3%, FY2022 approximately -7.6%, FY2023 approximately 3.5%, FY2024 approximately 11.5%. The 10-year annualized return through FY2024 was approximately 9-10%, which is respectable but trails peers like Yale, MIT, Princeton, and Stanford. It is worth noting that Lew inherited a portfolio that had underperformed in prior years and has been working to restructure it. At Carnegie Corporation, her track record was reportedly strong, with the foundation's endowment performing well during her tenure. She took over during the COVID pandemic and has had to manage through a volatile period. It is still relatively early in her Columbia tenure to draw definitive conclusions, but the trajectory has been positive.
Notable Holdings
As an endowment CIO, Lew's 'holdings' are allocations to investment managers and asset classes rather than individual stocks. Columbia's endowment invests across private equity, venture capital, hedge funds, real assets, and public markets through external managers. Specific manager relationships are not publicly disclosed. The endowment has reportedly been increasing its allocation to climate-related and sustainable investments under Lew's leadership.
Transparency & Integrity
Transparency(Score: 4/10)
Low-to-moderate. Columbia publishes annual endowment return figures and general financial information, but detailed asset allocation, manager names, and investment strategy are not publicly disclosed. Lew has given some interviews and spoken at industry conferences about her approach to investing, diversity, and responsible investing. She is more publicly visible than Seth Alexander but less so than Swensen. There are no published books or detailed public writings on her investment philosophy. As a private university endowment, Columbia is not subject to public disclosure requirements.
Integrity(Score: 8/10)
High. Lew has built a reputation for thoughtful, principled investing. Her focus on diversity and ESG integration reflects genuine values rather than marketing (she has been consistent on these themes throughout her career). Her long tenure at Carnegie Corporation and the Ford Foundation -- mission-driven organizations -- suggests commitment to purpose beyond personal enrichment. She is considered a team builder and collaborative leader. No known ethical controversies or conflicts of interest. Her decision to return to Columbia as an alumna reflects personal commitment to the institution.
Relevance to Us
Low relevance. Lew runs a diversified institutional endowment that is fundamentally different from our concentrated, individual-stock approach. Her emphasis on downside awareness and thoughtful portfolio construction is philosophically aligned but applied through a completely different framework. Her ESG focus is not a priority for us. Her track record, while solid, is not exceptional enough to warrant studying her approach closely. She does not produce publicly available analysis that would be useful for our stock-picking process. Best categorized as a competent institutional operator rather than an investment thinker whose ideas we should follow.