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To balance a portfolio skewed heavily toward Frosted Flakes and Rise Krispies, Kellogg Foundation CIO Paul Lawler has taken 35 percent of assets and put them in a portfolio filled with hedge funds and other alternatives. Lawler has seen the value of the foundation's assets decline under his care. At the end of January, it had $6.4 billion, almost 24 percent below its high-water mark.
