On Jan. 25, the Board of Trustees’ Investment Committee approved changes to the statement of governance, investment objectives, and policies for the Consolidated Endowment Fund.

The statement of governance specifies, among other things, Pitt’s asset allocation policy — the target weights and acceptable ranges for each asset class within the portfolio.

The document also specifies the policy benchmark, which is one metric used internally to measure the fund’s performance.

“The policy benchmark is calculated as a weighted average of different indexes/benchmarks for each asset class; the weights used match those in the asset allocation policy,” according to a University spokesperson. “By way of example, if our asset allocation policy has an 8 percent weight to fixed income, our policy benchmark will have an 8 percent weight to the index we are using for the fixed Income asset class.”

In the most recent amendment, the primary changes were to:

• The target weights and ranges for the asset allocation policy

• The weights used in the policy benchmark — to match the changes made to the asset allocation policy

• Some of the asset class-specific indexes used in the calculation of the policy benchmark