FEG 2024 Healthcare Enterprise Survey

FEG 2024 Healthcare Enterprise Survey
The objective of this survey is to collect insight on an array of investment and enterprise topics related to healthcare organizations. The survey should take approximately 25-30 minutes.

For ease of completion, we have made as many of the questions multiple choice as possible. Additionally, if you do not wish to answer, you may skip questions.

In order to expedite filling out the survey, we recommend you have the following information:

• Rough estimate of your organization’s asset allocation as of 12/31/2023

• Unrestricted investments / long term operating (if applicable)

• Pensions asset allocation (if applicable)

As a benefit to participants, we will share the full results, including peer benchmarks.

Please reach out to Sarah Wessling, swessling@feg.com, if you have any questions.

General Information / Investment Background
Organization
Name*

First NameLast Name
Title
Email*
example@example.com
What types of investment pools do you have? (select all that apply)

Unrestricted Investments / Long Term OperatingDefined Benefit Plan(s)Defined Contribution Plan(s)Short-term OperatingHealth Insurance PlanFoundationCaptive Insurance CompanyOther

What are the assets under management for your organization:

	Assets (in $)
Unrestricted Investments / Long Term Operating
Daily Operating Cash
Other/Short-term Operating
Foundation
Pension (Defined Benefit)
Captive Insurance Company

How many days of operating expenses (DCOH) are typically maintained in cash?

0 to 7 DCOH8 to 14 DCOH15 to 21 DCOHOther
What committee works with your investment portfolio?

Dedicated Investment CommitteeFinance / Other Board Level CommitteeNo specific committeeOther
What is your current investment service model?

In-house investment office with advisorIn-house investment office with no external advisorConsulting / Non-Discretionary AdvisorOutsourced CIO (OCIO) / DiscretionaryOther (ex. Hybrid, No Advisor)
How often do you have your advisor present investment results to the board/committee?

QuarterlySemi-annuallyAnnuallyOther
Who is the primary decision-making body for your investment portfolio?

Investment StaffCFOInvestment/Finance CommitteeInvestment Advisor

How many full-time equivalent (FTE) employees does your organization have on staff to administer your investment portfolio?

	less than 1	1	2	3	4	5 or more
Investment Staff

	less than 1	1	2	3	4	5 or more
Operations Staff

Operating
What is the most recent credit rating assigned to your outstanding long-term debt?

AA+ / Aa1AA / Aa2AA- / Aa3A+ / A1A / A2A- /A3BBB+/Baa1BBB/Baa2BBB-/Baa3BB+ / Ba1BB/Ba2BB-/Ba3B+/B1B/B2B-/B3Not ApplicableOther

What was your organization’s operating margin? (For example, enter 12 if your margin is 12%.)

	Operating Margin
2023 (as of 12/31/2023)
2022 (as of 12/31/2023)

What was your organization’s Days Cash on Hand (DCOH)?

	Days Cash on Hand
2023 (as of 12/31/2023)
2022 (as of 12/31/2022)

What is your organization’s Debt to Capitalization Ratio as of 12/31/2023?

	Debt to Capitalization Ratio
2023 (as of 12/31/2023)
2022 (as of 12/31/2022)

Have you explored ways to increase Days Cash on Hand? (select all that apply)

Issued debtReduce capital spendingReal estate saleAdditional governmental support (eg. State / Federal)Other

Asset Allocation / Portfolio

This section will look at asset allocation and performance for the general pool (unrestricted investments / long term operating) as well as portfolio considerations.

Please fill in your organization’s asset allocation for your general pool (unrestricted investments / long term operating) of assets as of 12/31/2023:

	Current Allocation %	Planned Changes (increase, decrease, stay the same)
Public U.S. Equity
Public International Developed Equity
Public Emerging Markets Equity
Public Global Equity
Private Equity (Venture Capital, Buyout, Growth)
Public Fixed Income
Private Fixed Income (Distressed, Mezzanine Debt, etc.)
Public Real Assets (REITS, Commodities, Listed Infrastructure)
Private Real Assets (Private Real Estate, Natural Resources, Infrastructure)
Hedge Funds (Absolute Return, Long-short Equity, Multi-strategy)
Cash
Other
Total

What is the net of fee performance for your general pool (unrestricted investments / long term operating) of assets as of December 31, 2023? (For example, enter 7 if your return is 7%.)

	1-Year	3-Year	5-Year	10-Year
Net of Fee Performance

What percentage of your public equity portfolio exposure (12/31/2023) is allocated to active managers?

Less than 50%Approximately 50%More than 50%Don't know
What benchmarks are used for assessing performance?

No benchmarkFixed rate (ex. 5%)Market benchmarkOther
How often do you review your asset allocation?

OngoingAnnualMore than two yearsOther
In terms of liquidity, what percentage of the portfolio is available?

Daily (stocks/bonds/ETFs/mutual funds/separately managed accounts)Monthly/Quarterly/Semi-annual (hedge funds, commingled funds)1 year or greater (private capital investments)
What is the maximum amount allowed to be invested in illiquid investments?
Please respond in percentage.

Defined Benefit Pension Plan
Do you have a Defined Benefit Pension Plan?*

YesNo

Pensions Asset Allocation / Portfolio

This section will look at asset allocation and performance for the pension pool as well as portfolio considerations.

Please fill in your organization’s asset allocation for your pension pool of assets as of 12/31/2023:

	Current Allocation	Planned Changes (increase, decrease, stay the same)
Public U.S. Equity
Public International Developed Equity
Public Emerging Markets Equity
Public Global Equity
Private Equity (venture capital, buyout, growth)
Public Fixed Income – Liability Driven
Public Fixed Income – Other
Private Fixed Income (distressed, mezzanine debt, etc.)
Public Real Assets (REITS, commodities, listed infrastructure)
Private Real Assets (Private Real Estate, Natural Resources, Infrastructure)
Hedge Funds (absolute return, long-short equity, multi-strategy)
Cash
Other
Total

What is the net of fee performance for your pension pool of assets as of December 31, 2023? (For example, enter 7 if your return is 7%.)

	1-year	3-Yeaar	5-Year	10-Year
Net of fee performance

What percentage of your public equity portfolio exposure (12/31/2023) is allocated to active managers?

Less than 50%Approximately 50%More than 50%Don't know
Is the defined benefit plan:

Open (open to new participants)Closed (closed to new participants, current participants continue to accrue benefits)Frozen (closed to new participants, current participants no longer accrue benefits)
What is the estimated funded status of the defined benefit plan as of 12/31/2023 (PBO liability)?
Please respond in percentage.
Within the investment policy/strategy, is there a glidepath in place to reduce return-seeking assets (ex. equities) and increase liability-hedging assets (ex. investment grade fixed income) as funded status improves?

YesNo
Do you expect to terminate the plan within the next:

2 years2 to 5 years> 5 yearsUnsureWe have no plans to terminate the plan.

Final Questions
Are you interested in knowing what your peers are thinking about on any additional topics? Let us know what you would like to see included next year.
What associations, groups, or conferences are you a part of (finance and/or investment related, eg. HFMA/Healthcare Roundtable)?
Do you have any other questions or comments?
Should be Empty:

FEG 2024 Healthcare Enterprise Survey

General Information / Investment Background

Operating

Asset Allocation / Portfolio

Defined Benefit Pension Plan

Pensions Asset Allocation / Portfolio

Final Questions