Policy:Investitions-Richtlinie der Wikimedia Foundation

Zweck

Der Zweck der Wikimedia Foundation ("die Foundation") besteht darin, die Heimat von Projekten für freies Wissen wie Wikipedia zu sein. Um dieser Mission gerecht zu werden, soll das Investitionsportfolio der Foundation sowohl kurzfristige als auch langfristige finanzielle Unterstützung für die laufenden Aktivitäten der Foundation sowie ihr Wachstum im Laufe der Zeit bieten.

Um für ausreichende Liquidität zu sorgen, das Anlagerisiko zu steuern und die Anlagerendite innerhalb akzeptabler Risikoparameter zu optimieren, werden die folgenden Fonds aufgelegt und als separate Anlagepools gehalten:

1. Betriebsfonds
2. Kurzfristiger Reservefonds
3. Langfristiger Reservefonds

Rollen und Verantwortlichkeiten

Auditkomitee

Das Kuratorium einer gemeinnützigen Organisation ist letztendlich für ihre Investitionen verantwortlich. Das Kuratorium der Wikimedia Foundation ("das Kuratorium") hat dem Audit-Komitee ("das Komitee") die treuhänderische Verantwortung übertragen, die Investitionstätigkeiten der Foundation zu überwachen.

• Das Komitee überwacht die Anlageperformance halbjährlich.
• Das Komitee überprüft die Investitionsrichtlinie ("die Richtlinie") in regelmäßigen Abständen, um sicherzustellen, dass sie mit der Mission der Foundation im Einklang steht und die aktuelle finanzielle Lage genau widerspiegelt.
• Das Komitee genehmigt sämtliche Änderungen der Richtlinie und benachrichtigt das Kuratorium über diese Änderungen.

Schatzmeister

Das Komitee bevollmächtigt den Schatzmeister der Foundation, die Richtlinie umzusetzen. Dazu gehört auch die Durchführung von Anlagetransaktionen direkt oder über professionelle Anlageverwalter im Einklang mit der am 11. Juli 2012 vom Kuratorium genehmigten "Befugnisdelegationen für Finanzen und Ausgaben", die durch Verweis in diese Richtlinie aufgenommen wird.

Es ist davon auszugehen, dass die Dienste von Anlageverwaltern und/oder Beratern in Anspruch genommen werden können, um Teile der Fonds zu verwalten. Der Schatzmeister ist befugt, Anlageverwalter und/oder Berater einzustellen, zu entlassen oder zu ersetzen, wobei er den Vorsitzenden des Audit-Komitees hierüber in Kenntnis setzen muss. Der Schatzmeister muss die Zuteilung zu verbrieften Vermögenswerten wie hypothekenbesicherten Wertpapieren, gewerblichen Kreditverpflichtungen, forderungsbesicherten Wertpapieren usw. genehmigen.

Leistungsüberwachung

Der Schatzmeister überwacht und bewertet die Anlageleistung vierteljährlich. Der Schatzmeister berichtet über die Anlageleistung und stellt dem Komitee halbjährlich eine Kopie der Anlageerklärung(en) zur Verfügung. Der Schatzmeister berichtet dem Komitee jährlich über das allgemeine Umwelt-, Sozial- und Governance-Profil ("ESG") des Portfolios und verwendet dabei gegebenenfalls öffentlich verfügbare ESG-Ratings.

Ausgaben-Richtlinie

Die Foundation wird die Mittel aus dem Betriebsfonds verwenden, um ihren laufenden finanziellen Verpflichtungen nachzukommen. Die Foundation kann Mittel aus dem kurzfristigen Reservefonds oder dem langfristigen Reservefonds entnehmen und zwar im Einklang mit den genehmigten Ausgaben in unserem Jahresplan und im Einklang mit der Einhaltung der vom Kuratorium festgelegten Betriebskapitalquote. Die Ziele der Ausgaben-Richtlinie bestehen darin, die Kaufkraft der Mittel zu steigern und eine vorhersehbare Mittelverteilung zu erreichen, um die Budgetplanung zu unterstützen.

Jede wesentliche Entnahme von Mitteln aus dem kurzfristigen Reservefonds oder dem langfristigen Reservefonds, die über die im Jahresplan genehmigten Ausgaben oder die normalen Erwartungen hinsichtlich einer angemessenen Betriebskapitalquote hinausgeht, muss dem Kuratorium vor der Entnahme und der wesentlichen Verwendung der Mittel mitgeteilt werden.

Operating Fund

Investment Objectives

The purpose of the Operating Fund is to provide sufficient cash to meet the day-to-day financial obligations of the Foundation in a timely manner. The Operating Fund shall prioritize preservation of capital and access to immediate liquidity in order to minimize risk to operational financial needs of the Foundation.

Investment Guidelines

Time Horizon	Less than 3 months.
Return Objective	Target short-term Treasury market rates.
Risk Tolerance	The volatility of the Operating Fund should be similar to its benchmark.
Liquidity Needs	The Operating Fund should maintain high liquidity (short to ultra-short/weekly to monthly range) in order to support the Foundation's day-to-day operations.
Spend	The Operating Fund shall aim to reserve four-to-six months of expenses on a rolling quarterly basis. Due to the timing of cash flows, the Foundation may – at times – either lag or exceed this level of liquidity in its Operating Fund.

Asset Class Mix

Cash & Cash Equivalents	This allocation may be held in US Treasuries, savings accounts, interest-bearing money market accounts, or certificates of deposit at FDIC-insured commercial banking institutions.
Money Market Indexed Funds	These securities must be comprised of US Treasury-equivalent holdings. Underlying repurchase agreement ("repo" or "repos") exposure collateralized by US Treasuries is also permissible, where applicable.
Public Fixed Income	This Fixed Income allocation shall be comprised of direct obligations of the US Government, its agencies, and instrumentalities. Repos collateralized by US Treasuries are also permissible.
Benchmark - to be based on asset mix and investment objectives	Bloomberg US T-bill 1-3 Month fixed income index.

Short-term Reserve Fund

Investment Objectives

The purpose of the Short-term Reserve Fund is to improve the return on the funds held for expenditure beyond twelve months. The Short-term Reserve Fund shall prioritize preservation of capital and also aim to generate current income in line with its benchmark.

Investment Guidelines

Time Horizon	2.5 to 3.5 years.
Return Objective	Target 2.5- to 3.5-year Treasury market rates and target total return (net of fees) in line with its benchmark.
Risk Tolerance	The volatility of the Short-term Reserve Fund should be similar to its benchmark. This Fund is anticipated to be the least volatile segment of the consolidated Foundation portfolio.
Liquidity Needs	The Short-term Reserve Fund should maintain intermediate-term liquidity, in line with the time horizon mandate.
Spend	The current portion of the Short-term Reserve Fund may contribute to the Foundation's ongoing Operating Fund needs.

Asset Class Mix

Cash & Cash Equivalents	This allocation may be held in US Treasuries, savings accounts, interest-bearing money market accounts, or certificates of deposit at FDIC-insured commercial banking institutions.
Money Market Indexed Funds	These securities must be comprised of US Treasury-equivalent holdings. Underlying repurchase agreement ("repo") exposure collateralized by US Treasuries is also permissible, where applicable.
Public Fixed Income	The Fixed Income portfolio will consist mainly of investments in investment-grade marketable bonds (USD-denominated). Permissible securities may be issued by US Treasury, domestic US organizations, non-US corporations, non-US governments ("sovereign" bonds), and multinational organizations ("supranationals" like World Bank), municipalities ("munis"), commercial paper, and repos collateralized by US Treasuries.
Benchmark - to be based on asset mix and investment objectives	Bloomberg 1-3-year Government Credit fixed income index.

Other Guidelines

1. Prior approval by the Foundation's Treasurer is required before allocation to securitized assets like mortgage-backed, commercial loan obligations, asset-backed securities, etc.
2. With the exception of U.S. Government and agency securities, fixed income issues of a single issuer and its affiliates (ownership stake of 20% or more) shall at time of purchase constitute no more than 5% of the market value of the Short-term Reserve Fund portfolio.
3. Maturity (using preferred metric of expected maturity) of any individual holding shall not exceed six years. Weighted average duration of the portfolio shall be aligned with the Time Horizon of the Short-term Reserve Fund.

Long-term Reserve Fund

Investment Objectives

The purpose of the Long-term Reserve Fund is to aid growth of invested assets and maintain the portfolio's inflation-adjusted purchasing power over a long-term. The Long-term Reserve Fund shall prioritize long-term growth while avoiding excessive risk. This Fund shall also aim to achieve returns in excess of the rate of inflation plus spending over a long-term (greater than 7-10 years).

Investment Guidelines

Time Horizon	Up to 4.5 years for fixed income while greater than 7 years for equities.
Return Objective	Target total return (net of fees) in line with its blended benchmark.
Risk Tolerance	The volatility of the Long-term Reserve Fund should be similar to its benchmark. This Fund is anticipated to be the most volatile segment of the consolidated Foundation portfolio.
Liquidity Needs	The Long-term Reserve Fund shall be comprised of highly liquid assets while also aiming to minimize asset turnover (i.e. holding assets over a long term to promote investment growth and return).
Spend	The current portion of the Long-term Reserve Fund may contribute to the Foundation's ongoing Operating Fund needs.

Asset Class Mix

Cash & Cash Equivalents	This allocation may be held in US Treasuries, savings accounts, interest-bearing money market accounts, or certificates of deposit at FDIC-insured commercial banking institutions.
Money Market Indexed Funds	These securities must be comprised of US Treasury-equivalent holdings. Underlying repurchase agreement ("repo") exposure collateralized by US Treasuries is also permissible, where applicable.
Public Fixed Income	The Fixed Income portfolio will consist mainly of investments in investment-grade marketable bonds (USD-denominated). Permissible securities may be issued by US Treasury, domestic US organizations, non-US corporations, non-US governments ("sovereign" bonds), and multinational organizations ("supranationals" like World Bank), municipalities ("munis"), commercial paper, and repos collateralized by US Treasuries.
Public Equities	The Equities portfolio will consist mainly of investments in public equities. Designed to be the principal contributor toward achieving the growth target, the Equities portfolio is likely to be the most volatile asset class and may include areas like Emerging Markets.
Alternatives	The Alternatives portfolio will consist mainly of hybrid real estate investments, via publicly traded REITs. This allocation may be a source of heightened volatility, but such volatility may not exceed that of the Equities portfolio.
Blended Benchmark - to be based on asset mix and investment objectives	35% Bloomberg 1-5-year Government Credit fixed income index. 65% S&P 1500 equity index.

Other Guidelines

1. Prior approval by the Foundation's Treasurer is required before allocation to securitized assets like mortgage-backed, commercial loan obligations, asset-backed securities, etc.
2. With the exception of U.S. Government and agency securities, fixed income issues of a single issuer and its affiliates (ownership stake of 20% or more)) shall at time of purchase constitute no more than 5% of the market value of the Long-term Reserve Fund portfolio.
3. Maturity (using preferred metric of expected maturity) of any individual holding shall not exceed eleven years. Weighted average duration of the portfolio shall be aligned with the Time Horizon of the Long-term Reserve Fund.

ESG Investments

The Foundation shall first prioritize its risk/return requirements and operational obligations. ESG factors, in addition to many other factors, may have an impact on investment performance over the long term. The Foundation may consider ESG ratings when analyzing and selecting investments, and the Treasurer shall report annually to the Audit Committee on the overall ESG profile of the portfolio using publicly available ESG ratings, as appropriate.

Genehmigung: 27. Februar 2024