Dakota Live! Podcast: Inside the WK Kellogg Foundation's Investment Strategy with Shanelle Brown

Join us for an exclusive conversation with Shanelle Brown, Managing Director of Public Equity at the W.K. Kellogg Foundation.

With more than a third of the Foundation’s assets under her oversight, Shanelle offers a rare, behind-the-scenes look at how a values-based organization navigates the complexities of global markets while staying grounded in its purpose: to ensure children, families, and communities thrive.

From the structure of the investment office to manager research and selection, Shanelle breaks down how the team thinks about portfolio construction, due diligence, and long-term partnerships.

You’ll learn about:

• The evolution of Kellogg’s investment team, moving from generalists to dedicated asset class specialists
• Their two-stage manager underwriting process and the key qualitative factors they evaluate—including character, culture, and transparency
• The Kellogg team’s approach to risk, portfolio sizing, and where they are currently focused (hint: Japan, Energy, and Europe)
• How asset managers can avoid the dreaded “bankruptcy folder”—yes, it’s real—and what it means for communication
• The Foundation’s openness to emerging and crossover managers, and the factors that drive conviction
• Why student questions at the end of the episode are a must-listen—covering leadership and lessons from failure

Whether you're an allocator, asset manager, or student of finance, this episode offers rare transparency into how a leading foundation aligns capital with purpose.

Shanelle Brown: https://www.linkedin.com/in/shanelle-b-1715514/

Robert Morier: https://www.linkedin.com/in/robertlmorier/

Kiera Liesinger: https://www.linkedin.com/in/kieraliesinger/

Makhia Peoples: https://www.linkedin.com/in/makhiappj/

Paetyn Knepp: https://www.linkedin.com/in/paetyn-knepp-a55638358/

Our Website:
https://dakota.com

W.K. Kellogg Foundation:
https://www.wkkf.org/

🎙️ Listen to the Podcast:

Spotify:
https://open.spotify.com/show/3NUXRMzfr56xQ9VDeavhjN?si=bc5764c861054069

Apple Podcast:
https://podcasts.apple.com/us/podcast/dakota-live-podcast/id1652357638

00:00 Intro
01:36 At the desk
03:25 What's going on in Westwood?
04:08 Landing on UCLA
05:03 Deciding on a career path
07:42 Approaching problems
09:55 Experience at Exelon
11:24 What's your style?
12:22 Structure at Kellogg
13:45 Compass direction
15:28 External research
16:13 Long-bias public equities
17:57 Managing risk
20:11 Sourcing a manager
21:47 Manager underwriting process
24:41 Qualitative factors
28:15 How communication takes place
31:18 Reunderwriting
33:35 Concentration
35:16 Conviction
37:36 LP network
38:18 Integration of AI
41:06 Investment trends
42:50 Lasting partnerships
45:04 What are you working on now?
46:22 Emerging managers
47:52 Mentors
49:22 Advice for young professionals
50:56 Student Question #1: Values
52:51 Student Question #2: Experience and advice for women of color
54:10 Student Question #3: Most important skill/value
55:38 Outro