Endowment Investments in Fossil Fuels

CARLETON’S ENDOWMENT AND HOLDINGS IN THE TOP 200 FOSSIL FUEL COMPANIES—SPRING 2014

$780 MILLION is the approximate total value of Carleton’s Endowment as of May 2014. This total ranks Carleton just outside the top 100 colleges and universities. This total is managed by outside managers hired by the college. No social or environmental “screens” are applied to these funds, but investment manager behavior and ethics are taken into account. This total can be divided into two broad categories: commingled funds or partnerships and direct holdings.

$612 MILLION OF THE $750 MILLION (78.5%) is in commingled funds or partnerships shared with other institutions. For these holdings, the college only releases information regarding the percentages in broad categories such as cash, fixed income, public and private equity, and hedge funds. The specific assets are disclosed only to the Investment Office and the Trustee Investment Committee. Thus, neither students nor alumni can identify the extent of fossil fuel holdings in this large category.

$168 MILLION 0F THE $780 MILLION (21.5%) is in direct holdings held in the name of the college. Thus the college can vote on shareholder resolutions and other proxy issues. The Carleton Responsible Investment Committee (CRIC) makes recommendations to the Trustees regarding these votes. The college makes a list of the specific holdings in this category available to students, alumni, and other campus constituencies.

$5.32 MILLION is approximate total value of Carleton’s “direct holdings” in fossil fuel companies as of March 31, 2014. This represents about 3.2% of the direct holdings.

Bottom Line: We don’t know how much of Carleton’s total endowment is in fossil fuels, but we know that $5.32 million is held in the college’s direct holdings.

8 FOSSIL FUEL COMPANIES (TOTALLING $5.32 MILLION) ARE HELD IN THE DIRECT HOLDINGS PORTFOLIO Five are U.S based and three are foreign; they are listed by the size of the Carleton holding.

NOBLE ENERGY: Deepwater drilling in the gulf, shale oil fracking in Colorado                         and Pennsylvania

IMPERIAL OIL (CANADA): 2nd largest oil company in Canada; best known                                     for holdings in Alberta tar sands; 70% owned by Exxon as of 2012

DEVON ENERGY: active in Eastern Alberta extraction of tar sands; exploration                                     and production of oil, natural gas, and liquid natural gas (LNG)

CONSOL ENERGY: U.S.’s largest underground coal company; active in                                                 Appalachia; expanding into shale oil and natural gas in Ohio

BG GROUP: (BRITISH) Natural gas company in 25 countries; large supplier                                     of LNG for U.S. “Exploration is at the heart of what we do.”

SASOL NVP (SOUTH AFRICA) Energy and chemicals; active in 28 countries;                                     building a huge plant in Lake Charles, LA. “Qatar on the bayou.”

OCCIDENTAL PETROLEUM: Oil, gas, chemicals; active in U.S. and abroad.                                     “An industry leader in… (accessing)…hard-to-recover reserves.”

ANADARKO: worldwide oil and gas exploration; Focused on U.S. on-shore                                     and deep water Gulf exploration and production.

THE 5 U.S companies held by Carleton spent $62.9 million ON CONGRESSIONAL LOBBYING FROM 2010 TO 2013 and $7.5 MILLION ON CONGRESSIONAL CAMPAIGNS SINCE 1999

Sources: for political spending http://www.opensecrets.org; for Carleton endowment information, Carleton Treasurers Office and Investment Office, http://apps.carleton.edu/campus/treasurer/endowments (password required); personal communication from Jason Matz, Carleton Chief Investment Officer

Advertisements