Dynamic Allocation and Concentrated Conviction – Zack McGuire (EP.524)
Zack McGuire, Senior Managing Director of Investments at Children's Healthcare of Atlanta (CHOA), discusses how an endowment or healthcare system's underlying capital base must dictate its investment philosophy, strategy, and asset allocation. He explains CHOA's dynamic 70/30 portfolio construction, its generalist team structure organized by majors and minors, and how the investment office generates operating alpha by connecting global investment relationships directly to clinical and administrative healthcare priorities.
- Allocators fail when they copy peer asset allocations instead of building from their balance sheet liabilities, liquidity drains, and governance constraints. Read →
- Children's Healthcare of Atlanta (CHOA) runs an endowment with an 111-year history using a strict 70/30 split instead of conventional strategic asset allocation buckets. Read →
- Children's Healthcare of Atlanta (CHOA) runs a 70/30 portfolio where approximately 35% is committed to technology and healthcare assets. Read →
- In 2023, John Dolphin led a Children's Healthcare of Atlanta (CHOA) investment contingent to Tokyo, bypassing private buyout funds to back an aggressive public activist manager that grew into CHOA's third largest public equity holding. Read →