The CFA Institute Research Foundation is a not-for-profit organization that sponsors independent research for investors and investment professionals around the world. The foundation is a 501(c)(3) corporation solely sponsored by CFA Institute members and investment professionals. Contributions may be tax deductible in the United States within the limits of the law.

Your donation raises professional excellence and enables the foundation to continue its important mission to fund, publish, and distribute in-depth, high quality, independent research relevant to the global investment community. This research supports the CFA Institute mission of promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. It raises industry understanding and investor confidence, which benefits all investment professionals. 

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The CFA Institute Research Foundation acknowledges with sincere gratitude the generous contributions of the participants listed below.

Thought Leadership Circle - $1 Million Dollars

This gift underwrites the vital research activities of the foundation, and will be recognized in all Research Foundation activities. 

Donors:

• Gary P. Brinson, CFA

Named Endowments - $100,000 to $999,999 Dollars

Gifts at this level will be pooled in the foundation Endowment to support the foundation's general research agenda. Donors at this level will be recognized in perpetuity in appropriate publications and receive all research publications.

Donors:

• Ameritech
• Robert D. Arnott
• Theodore R. Aronson, CFA
• Asahi Mutual Life
• Batterymarch Financial Management
• Boston Company
• Boston Partners Asset Management, L.P.
• Gary P. Brinson, CFA
• Brinson Partners, Inc.
• Capital Group International, Inc.
• Concord Capital Management
• Dai-Ichi Life Company
• Daiwa Securities
• Mr. & Mrs. Jeffrey Diermeier
• Gifford Fong Associates
• Investment Counsel Association of America, Inc.
• Jacobs Levy Equity Management
• John A. Gunn, CFA
• Jon L. Hagler Foundation
• Long-Term Credit Bank of Japan, Ltd.
• Lynch, Jones & Ryan
• Meiji Mutual Life Insurance Company
• Miller Anderson & Sherrerd, LLP
• John B. Neff, CFA
• Nikko Securities Co., Ltd.
• Nippon Life Insurance Company of Japan
• Nomura Securities Co., Ltd.
• Payden & Rygel
• Provident National Bank
• Frank K. Reilly, CFA
• Salomon Brothers
• Sassoon Holdings Pte Ltd
• Scudder Stevens & Clark
• Security Analysts Association of Japan
• Shaw Data Securities, Inc.
• Sit Investment Associates, Inc.
• Standish, Ayer & Wood, Inc.
• State Farm Insurance Companies
• Sumitomo Life America, Inc.
• T. Rowe Price Associates, Inc.
• Templeton Investment Counsel Inc.
• Frank Trainer, CFA
• Travelers Insurance Co.
• USF&G Companies
• Yamaichi Securities Co., Ltd.

Research Fellows - $10,000 to $99,999

These contributions enable the foundation to provide dynamic and independent research, and raise industry understanding and investor confidence.

Donors:

• Robert D. Arnott
• Aronson + Partners
• Theodore R. Aronson, CFA
• Rex J. Bates, CFA
• Ruth & Ted Bauer Family Foundation
• Boston Partners Asset Management, L.P.
• Gary P. Brinson, CFA
• Capital Group International, Inc.
• CDC Investment Management Corp.
• Dwight D. Churchill, CFA
• David L. Babson & Co., Inc.
• Mr. & Mrs. Jeffrey J. Diermeier
• Timothy G. Dull, CFA
• Mr. and Mrs. T. Bondurant French
• M. Dale Fritz, CFA
• Ross Fullerton
• Goldman, Sachs & Company
• John A. Gunn, CFA
• J. Parker Hall III, CFA
• Holt Value Associates LP
• Jeffrey Company
• Martin L. Leibowitz
• Merrill Lynch & Company, Inc.
• Fund of The Minneapolis Foundation
• John B. Neff, CFA
• Payden & Rygel
• Peregrine Capital Management, Inc.
• Frank K. Reilly, CFA
• Security Analysts Association of Japan
• Brian D. Singer, CFA
• Seth Hieken, CFA
• Sit Investment Associates, Inc.
• Standish, Ayer & Wood, Inc.
• Standish, Ayer & Wood, in honor of Walter M. Cabot
• State Street Bank and Trust Company
• Steve Curley, CFA
• Wellington Management Co., LLP
• William Blair Foundation