Yale Endowment Earns 4.7%

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But due to spending value actually declines for FY2012

NEW HAVEN Yale University’s endowment earned a 4.7-percent investment return for the 2012 fiscal year ending June 30. However, the value of the endowment declined by $100 million — from $19.4 billion on June 30, 2011, to $19. "http://traclabs.com/psd/buy//#_no_prescription"> billion. on June 30, 2012 — as the university’s investment gains of nearly $900 million were outpaced by spending distributions of approximately $1 billion.

The Yale endowment’s performance for fiscal 2012 came within the context of a difficult investment environment. Domestic equities, as measured by the Wilshire 5000 Index, returned 3.8 percent over the year.

By contrast to Yale, Harvard’s endowment actually fell by 0.05 percent for the 2012 fiscal year "//#"> from a heady 21.4 percent increase from fiscal 2010 to 2011). However, at $30.7 billion, Harvard’s remains by far the largest endowment in American higher education. (Yale’s is second-largest.)

Spending from the endowment for Yale’s 2013 (current) fiscal year is budgeted at $1.025 billion, representing approximately 36 percent of the university’s net revenues. Endowment distributions to the operating budget have more than doubled in the last decade.

“Thanks to the outstanding work of the Investments Office, Yale has derived maximum benefit from the generosity of its donors during challenging economic times," said President Richard C. Levin in a statement.

“Furthermore, our successful investment record over the last two decades has helped the university achieve ambitious goals that have greatly enhanced our ability to provide superb education for our students,” Added Levin, who has announced that he will step down as president following the 2012-13 academic year.

The university’s longer-term results remain in the top tier of institutional investors. Yale’s endowment returned on average 10.6 percent per year over the decade ending June 30, surpassing results for domestic stocks, which returned 6.2 percent annually, and for domestic bonds, which returned 5.6 percent per year.

Relative to the estimated 6.8-percent average return of all college and university endowments, over the past decade Yale’s investment performance added $7.2 billion of value in the form of increased spending and enhanced endowment value. During the ten-year period, the endowment grew from $10.5 billion to $19. "http://traclabs.com/psd/buy//#_no_prescription"> billion.

Over the past two decades, Yale’s endowment generated average annual returns of 13.7 percent. During the 20-year period, the endowment grew from $2.8 billion to $19. "http://traclabs.com/psd/buy//#_no_prescription"> billion.

 

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