Tom Joy – Divine Diversification and Responsibility at Church Commissioners (Capital Allocators, EP.306)

Tom Joy is the Chief Investment Officer at the Church Commissioners of England, where he is responsible for the stewardship of the Church of England’s £10.1 billion endowment fund.

Our conversation covers Tom’s background, the history and goals of Church Commissioners to achieve sound returns with modest volatility and invest responsibly. We discuss Tom’s four pillars to achieve these objectives across governance, people, genuine diversification, and operations, and dive into team structure, internal management, external manager selection, responsible investing in the environment, diversification in public and private markets, new initiatives, and risks on the horizon.

Show Notes:

(3;25) Tom’s background 
(6:55) History of Church Commissioners
(7:42) Investment goals
(15:03) Governance
(19:48) Team Structure
(23:39) Internal vs. External management 
(28:31) Tactical asset allocation 
(29:36) External manager selection
(31:16) Responsible investing
(36:08) Divestment vs. engagement
(39:45) Socially beneficial investing
(40:40) Genuine diversification
(43:25) Private equity and venture capital
(46:49) Real assets
(49:23) Credit markets
(50:02) Hedge funds
(50:43) New initiatives
(51:44) Risks
(53:31) Closing questions 

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