2012 The Yale Endowment Endowment Highlights Fiscal Year 2012 20112010 2009 2008 Market Value (in millions)$19,344.6$19,374.4$16,652.1$16,326.6$22,869.7 Return4.7%21.9%8.9%-24.6%4.5% Spending (in millions) $ 994.2$ 986.8$1,108.4$ 1,175.2 $849.9 Operating Budget Revenues$2,851.72,734.22,681.32,559.82,280.2 (in millions) Endowment Percentage34.9%36.1%41.3%45.9%37.3% Asset Allocation (as of June 30) Absolute Return14.5%17.5%21.0%24.3%25.1% Domestic Equity5.86.77.07.510.1 Fixed Income3.93.94.04.04.0 Foreign Equity7.89.09.99.815.2 Natural Resources8.38.78.811.510.4 Private Equity35.335.130.324.320.2 Real Estate21.720.218.720.618.9 Cash2.7-1.10.4-1.9-3.9 $25 $20 $15 $10 $5 01950195519601965197019751980198519901995200020052010 FiscalYear Endowment Market Value 1950–2012 Bil lio ns Contents 1.Introduction2 2.The Yale Endowment4 3.Investment Policy5 4.Spending Policy14 5.Investment Performance16 6.Management and Oversight18 Front cover: Window of Sterling Memorial Library, east faade. Right: The colonnade, at left, the Alumni War Memorial to Yale men who died in World War i, forms the south faade of University Commons. The Beinecke Rare Book and Manuscript Library is seen at right. Yale’s Endowment generated a 4.7 percent return in scal 2012, producing an investment gain of $913 million. Over the past ten years, the Endow- ment grew from $10.5 billion to $19.3 billion. With annual net invest- ment returns of 10.6 percent, the Endowment’s performance exceeded its benchmark and outpaced institutional fund indices. For nine of the past ten years, Yale’s ten-year record ranked rst in the Cambridge Associates universe. The Yale Endowment’s twenty-year record of 13.7 percent per annum produced a 2012 Endowment value of nearly seven times the 1992 value. Yale’s excellent long-term record stems from disciplined and diver- sied asset allocation policies and superior active management results. Spending from the Endowment grew during the last decade from $409 million to $994 million, an annual growth rate of approximately 9 percent. On a relative basis, Endowment contributions expanded from 28 percent of total revenues in scal 2002 to 35 percent in scal 2012. Next year, spending will amount to $1.03 billion, or 36 percent of pro- jected revenues. Yale’s spending and investment policies provided sub- stantial levels of cash ow to the operating budget for current scholars while preserving Endowment purchasing power for future generations. Introduction2$2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 $26 1950195519601965197019751980198519901995200020052010 Post-1950 Endowment Gifts Inated1950 Endowment InatedEndowment Market Value Bil lio ns Fiscal Year EndowmentGrowthOutpacesInation1950–2012
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