Bruce MacDonald is the CEO and CIO of the Virginia Commonwealth University Investment Management Company, which runs $2.5 billion for VCU’s endowment and health system. Bruce joined the University in 2015 and shortly thereafter, had the opportunity to sell the portfolio and start fresh. Since being promoted to CIO in 2022, VCU has been a top decile performer with a team of just five investment professionals.

Our conversation covers Bruce’s unconventional path from a religion major at Wesleyan to fixed income investing at Putnam and endowment roles at Columbia and UVIMCO before arriving at VCU. We discuss the principles of VCU’s approach, including building a portfolio around secular tailwinds like India, Vietnam, gold, and artificial intelligence while maintaining abundant liquidity to act countercyclically during market dislocations. We explore VCU’s team-based underwriting process, lessons learned from mistakes, and personal influences that have shaped Bruce’s investment philosophy.

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