Cornell University’s endowment earned a 3.6% investment gain in the 12 months ended in June, boosting its value to just over $10 billion and beating the performance of Ivy League rivals Harvard and Yale.
The endowment contributed $386 million to Cornell, or 7% of operating revenue, the Ithaca, New York-based school said in a statement. The fund helps pay for financial aid, faculty salaries and research, among other costs.
“We attribute this performance to our work since 2016 to diversify the university’s investment portfolio and strategies, reduce fees, and enhance liquidity and flexibility,” Chief Investment Officer Kenneth Miranda said in a statement.
The investment gains at Cornell, like those at other big university endowments, fell far short of the S&P 500, which rose 18% during the same time period. Several college funds attributed their low returns to falling values in venture capital and other alternative assets, which had posted strong increases in many previous years. Smaller endowments, which tend to invest more heavily in US stocks, performed better in the most recent fiscal year.
This article was provided by Bloomberg News.
