Who knows. He's a large donor, but donors have trouble suing institutions over conditional gifts. So even if he made a gift that was conditional on beating the

Who knows. He's a large donor, but donors have trouble suing institutions over conditional gifts. So even if he made a gift that was conditional on beating the S&P, which would be a rather extraordinary string to attach to a gift, odds are stacked against him. Guess: he knows he doesn't have a winning case but wants to raise hell. If the fund moves to more passive management then he won either way.