Manville Personal Injury Settlement Trust

The Trust was created in 1988 to resolve all present and future asbestos personal-injury claims against the Johns-Manville Corporation. It was initially funded with approximately $2.5 billion in cash, insurance proceeds, and a majority equity stake in the reorganized operating company. This structure shifted Johns-Manville's tort liabilities to a standalone entity designed to pay claims over time rather than through a one-time lump-sum settlement.

In 2001, Berkshire Hathaway acquired the operating business of Johns-Manville. As part of that transaction, the Trust tendered its 76% equity stake, converting what had been a concentrated single-stock position into liquid assets. This allowed the Trust to diversify its portfolio across public equities, fixed income, hedge funds, private credit, and real estate, reducing single-issuer risk.

The Trust's board of trustees — currently Edward D. Robertson, Jr., Mark A. Peterson, and Kirk P. Watson — bears ultimate fiduciary responsibility for investment policy and oversight. Day-to-day portfolio management is delegated to external investment consultants and fund managers selected through a procurement process governed by the Trust's investment policy statement.

The Trust allocates across a diversified mix of asset classes, including public equities, fixed income, hedge funds, private credit, and real estate. The precise allocation shifts based on actuarial projections of future claim liabilities and prevailing market conditions, with a mandate emphasizing both return generation and capital preservation.

The Trust is not perpetual in the traditional sense — it is designed to self-liquidate once all covered claims have been paid. However, because asbestos-related diseases have long latency periods and claims continue to be filed decades after the Trust's creation, its lifespan remains indefinite. The Trust's annual reports disclose claim volumes and projected future obligations, providing ongoing visibility into its remaining duration.