Investment Office

The W.K. Kellogg Foundation Investment Office strives to generate outstanding investment returns to further the foundation’s commitment to ensuring children and working families thrive, and communities offer equitable opportunities.

“Our investment office is committed to building an extraordinary portfolio that’s managed by remarkable people, leveraging best-in-class technology and innovative practice to secure our mission for the next 100 years and beyond.”

Carlos Rangel

Chief Investment Officer, W.K. Kellogg Foundation

Investing on Behalf of Children

Inspired by the foundation’s mission, the Kellogg Foundation Investment Office (KFIO) manages the W.K. Kellogg Foundation Trust’s portfolio of investments and the W.K. Kellogg Foundation endowment. As of June 30, 2023, the combined endowments for the Trust and the foundation were valued at $8.8 billion. Our focus is providing the foundation with a steady and growing source of long-term revenue necessary to deliver on its mission.
Our team’s highly skilled, diverse investment professionals value inclusion, belonging and fair and equitable systems. These shared values and our commitment to the well-being of children motivate us to drive excess returns – because every dollar we generate is an additional dollar that goes toward helping children thrive.

Our Investments

Our portfolio is comprised of private investments, hedge funds, fixed-income and public equities. Each of our fund managers brings exceptional experience and a forward-thinking mindset to their decision-making. Working collaboratively, we balance our overall portfolio considering geography, time horizon, factors, sectors and asset classes.

As we continue to look for opportunities to grow the resources dedicated to ensuring all children can thrive, we seek partnerships with outstanding investment managers who share our passion for making the world a better place.

Diverse Managers

Our passion for harnessing capital markets to advance diversity and inclusion also has a positive impact on our investment returns.  We believe that teams that fully embrace these values achieve greater investment outcomes.

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Advancing Equity

Why This Work Matters

Our investment strategy benefits families and communities in many transformative ways, starting with competitive investment returns to fund and grow the foundation’s grantmaking.

Creating a level playing field. Investment firms that have inequitable systems, policies and cultures fail to attract and retain a qualified and talented workforce and are less competitive in the marketplace. We strive to remove unfair barriers that prevent underrepresented groups from competing on a level playing field.
Addressing systemic underrepresentation. People of color and women are systemically underrepresented in senior decision-making positions in asset management.
Expanding investment opportunity. Strong returns are possible by investing in diverse managers due to:
- Leaning into diverse experiences. A commitment to investing in diverse managers can lead to differentiated views on existing opportunities and/or completely new opportunities.
  Unleashing untapped potential. The investment industry has structural inefficiency when it comes to accessing untapped and underutilized talent. People of color and women account for more than two-thirds of the U.S. population, yet investment firms that are majority-owned by people of color and women represent approximately 1.4% of assets under management in the investment industry.¹ Lack of representation of people of color and women is most acute at the senior levels of the financial services industry.²
- Changing narratives. We aim to invest with a group of managers who represent the full diversity of U.S. demographics, which elevates role models for children and increases opportunities in the investment industry for future generations.

Helpful Resources

Expanding Equity

A transformational program launched in 2019 called Expanding Equity offers tools, knowledge and resources for cultivating a workplace that works for everyone. By respecting and valuing each employee’s experience and creating equitable hiring practices in supportive work environments, companies develop strong and productive teams. The program has reached more than 200 companies and 1,000 leaders representing a combined 3.5 million employees, benefiting more than two million children.

Investing in Diverse Managers

Our investment team views diversity as a myriad of different ways that people can experience the world, and believes that an expansive view of diversity (racial, gender, cognitive, geographic, educational, etc.) makes our portfolio stronger.  We are proud of our track record of providing opportunities to a wide range of money managers and strategies, including firms where people of color, women, first-generation Americans and other underrepresented groups have significant decision-making power.  For example, more than 35% of the U.S. based assets in the Trust’s diversified portfolio are invested with firms that are majority-owned by people of color and women.