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INVESTMENT INSIGHTS AND TOOLS

The latest thoughts on investment strategy and the markets, plus tools and templates from Raffa’s portfolio management team to empower nonprofits and associations to make better informed investment decisions. 

Investment Policy Statement Best Practices

Investment Policy Statement Best Practices for Nonprofits and Associations

A strong Investment Policy Statement (IPS) is central to effective board governance and fiduciary responsibility. It sets the guidelines your board governs against and keeps your investment program aligned with objectives. Learn about best practices to consider and components to include when creating or updating your IPS.

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July 2026 Market Commentary & Outlook

U.S. stocks edged down during a choppy July as investors balanced corporate earnings against renewed geopolitical and inflation concerns. Oil briefly climbed above $100 per barrel after hopes for a sustained ceasefire in the Middle East faded, adding to market volatility. Learn more.

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Multiple jars of money representing nonprofit reserve segmentation

How to Segment Your Nonprofit’s Investment Reserves and Create a Reserve Policy

Many nonprofits and associations that invest their reserves hold them in one blended portfolio or organize them by time horizon alone. While time horizon is important, organizations may also want to factor in the purpose each reserve is meant to serve. This article explains the role purpose plays in reserve segmentation, and how to turn your segmentation and strategy into a reserve policy your board can adopt and maintain.

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100 dollar bills representing when cash become an investment portfolio

When to Move Cash Into a Long-Term Investment Portfolio? A Guide for Nonprofits and Associations

Deciding when to move reserves from cash into a managed investment portfolio is a decision made by the board after careful deliberation. Boards should consider several factors, including time horizon, purpose, capacity for risk, and governance responsibilities. Learn more.

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June 2026 Market Commentary & Outlook

Global stocks declined in June on a pullback in AI-related stocks and higher interest rate expectations, but posted the best quarter in six years on strong corporate earnings. Fixed income edged up over the month and second quarter.

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Image of money in jar growing a plant representing growing an organizations long-term reserves

Stability Reserves vs. Strategic Reserves: Defining Your Nonprofits Long-Term Reserves by Purpose

When you think about your nonprofit or association’s reserves, do you know how much is intended for long-term stability versus how much is allocated for strategic initiatives? Many nonprofits and associations either hold their reserves in a single pool or group them by time horizon without considering their intended purpose.

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Image of rocket taking off representing SpaceX’s public-market debut bringing IPOs back into the spotlight.

The New IPO Wave: Participating in Innovation Without Chasing Hype

SpaceX’s public-market debut has brought IPOs back into the spotlight. With OpenAI, Anthropic, and other high-profile private companies expected to go public later in the year at very high valuations, many investors are asking whether newly public companies represent unique opportunities or whether exposure through diversified portfolios is sufficient.

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May 2026 Market Commentary & Outlook

U.S. stocks posted another month of solid gains in May, supported by continued strength in technology and artificial intelligence related sectors, better than expected corporate earnings, and optimism surrounding further geopolitical de-escalation in the Middle East. Inflation, however, remained a key concern.

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Nonprofit investment committee meeting in conference room and discussing investment report and investment benchmarks

Is Your Investment Benchmark Doing Its Job? A Guide for Nonprofits and Associations

Choosing investment benchmarks, and reviewing performance against them consistently, is central to how a finance committee exercises fiduciary oversight of its reserves. This article covers what a benchmark is, how to identify one that fits your portfolio, examples of commonly used benchmarks, and how to monitor performance over time.

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April 2026 Market Commentary & Outlook

Economic data remained generally resilient, while inflation moved modestly higher in March, with energy prices contributing to renewed price pressures amid disruptions to shipping through the Strait of Hormuz. Learn more about how stocks and bonds performed through April and what we are watching as we move forward.

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OCIO talking to member of nonprofit finance committee and reviewing a report on a tablet

What Is an OCIO? Discretionary vs. Non-Discretionary Investment Management for Nonprofits

The distinction between discretionary (OCIO) and non-discretionary investment management comes down to who has authority to act. Both approaches can be appropriate in different circumstances. The key is understanding how each structure affects decision-making over time. Learn more.

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March 2026 Market Commentary & Outlook

March was a volatile month for markets, as the war in Iran intensified early in the month and had ripple effects across global markets. Learn more.

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