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Brown's Endowment Posts 13.2% Gain, Best in Ivy League So Far

Fund’s value reached record $3.8 billion in fiscal 2018

Brown University posted an investment gain of 13.2 percent, the top performance among five Ivy League schools that have reported results.

The fund’s value rose to a record $3.8 billion in the year through June 30, the Providence, Rhode Island-based school said Tuesday in a -->statement

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Brown, with the smallest fund in the eight-member league, outperformed the largest, Harvard University, which returned 10 percent. Brown also bested four other Ivies, including Yale University. Princeton University, Cornell University and Columbia University haven’t posted results yet.

Brown’s performance also surpassed a median 8.3 percent gain for 143 endowments of all sizes in the period, according to preliminary data by Cambridge Associates.

Brown didn’t disclose strategies used, asset allocation or performance by asset class. Returns were driven by “continued strength from global stock markets,” according to the statement. Other elite schools have reported double-digit gains driven by strong private equity and venture capital returns.

The fund returned an annualized 8.3 percent for three years; 9.2 percent for five years and 5.9 percent for 10 years. “The endowment is conservatively invested in a diverse portfolio designed to accommodate a broad set of economic scenarios,” according to the statement.

The fund is overseen by Joseph Dowling III, who was promoted to chief executive officer in July.

 “We are fortunate both to partner with outstanding investment managers who navigate the markets skillfully and to be guided by an Investment Committee of exceptionally knowledgeable investors,” Jane Dietze, the university’s vice president and chief investment officer, said in the statement.

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Cornell Endowment Hits $7.2 Billion, Helped by Private Equity

Cornell University’s endowment posted a 10.6 percent investment gain, a performance that landed it at the lower end among its Ivy League peers.

The fund’s value rose to a record $7.2 billion as of June 30, the school in Ithaca, New York, said Wednesday in a statement. The performance was led by investments in private equity, global equities and enhanced fixed income, the school said.

Among the eight-member Ivy League, Princeton University and Columbia University haven’t reported results. Brown University, with the smallest fund in the group, leads the pack with a 13.2 percent gain. Harvard University has the lowest -->-->return

In the past year, the endowment has made several changes to its portfolio strategy and management, including revamping its benchmarks, strategic asset allocation, managerial lineup, operational capabilities and informational systems, according to the statement.

“Following deep-dive reviews, we’ve implemented an interrelated set of initiatives aimed at improving the portfolio’s strength and resiliency, and those began to come to fruition in fiscal year 2018,” Kenneth Miranda, the fund’s chief investment officer, said in the statement.

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Yale Posts 12.3% Gain as Endowment Reaches Record $29.4 Billion

Endowment is among those boosted by alternative investments

Chief Investment Officer David Swensen has led fund since 1985

Yale University, the second-largest endowment in higher education, posted a 12.3 percent investment gain on the strength of its alternative investments.

The value of Yale’s endowment rose to $29.4 billion for the year ended June 30, the New Haven, Connecticut-based school said Monday  in a statement. The value is a record, according to data compiled by Bloomberg.

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Some of the best-performing endowments this year have reported gains driven by private equity and venture capital, which is boosting the case for active management.

Almost 60 percent of Yale’s assets in fiscal 2019 are targeted for alternative investments including venture capital, hedge funds and leveraged buyouts, according to the Ivy League school. Domestic equities have a slim target allocation of 3 percent.

Yale didn’t disclose performance by asset class in the latest period. The school said venture capital returned an annualized 16 percent in the past 10 years while leveraged buyouts gained 10.2 percent in the decade.

The investment office said its venture capital portfolio gained 165.9 percent over the past 20 years, which was “heavily influenced by large distributions during the internet boom.” Yale said it’s “inappropriate” to compound the return. The portfolio’s time-weighted return in the period is 24.6 percent, according to the statement.

Returns for leveraged buyouts, venture capital, real estate and natural resources are dollar-weighted internal rates of return, because managers of illiquid asset classes determine when to buy and sell assets, Yale said.

Yale’s return compares with a median 8.3 percent gain for endowments of all sizes, according to preliminary data compiled by consultant Cambridge Associates. Yale rival Harvard University, the richest school in U.S. higher education, posted a 10 percent return, boosting its total value to $39.2 billion.

School Performance

College endowments boosted by private equity

Spending from Yale’s endowment is projected to be about $1.4 billion, or about one third of the university’s revenue. Yale is one of about 30 colleges that will pay a new endowment tax of 1.4 percent on net investment returns.

David Swensen has led the endowment since 1985. The endowment returned an annualized 7.4 percent in the past 10 years and 11.8 percent over the last two decades.

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