2011
The Yale Endowment
Endowment Highlights
Fiscal Year
2011 20102009 2008 2007
Market Value (in millions)$19,374.4$16,652.1$16,326.6$22,869.7$22,530.2
Return21.9%8.9%-24.6%4.5%28.0%
Spending (in millions) $986.8$1,108.4$ 1,175.2 $849.9$ 684.0
Operating Budget Revenues $2,734.22,681.32,559.82,280.22,075.0
(in millions)
Endowment Percentage36.1%41.3%45.9%37.3%33.0%
Asset Allocation (as of June 30)
Absolute Return17.5%21.0%24.3%25.1%23.3%
Domestic Equity6.77.07.510.111.0
Fixed Income3.94.04.04.04.0
Foreign Equity9.09.99.815.214.1
Private Equity35.130.324.320.218.7
Real Assets28.927.532.029.327.1
Cash-1.10.4-1.9-3.91.9
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Contents
1.Introduction2
2.The Yale Endowment4
3.Investment Policy5
4.Spending Policy18
5.Investment Performance22
6.Management and Oversight24
Front cover:
Window of Sterling Memorial Library, east faade.
Right:
Aerial view of Timothy Dwight College.
Yale’s Endowment performed strongly in scal year 2011, as returns of
21.9 percent produced an investment gain of $3.6 billion.
Over the past ten years, the Endowment grew from $10.7 billion
to $19.4 billion. With annual net investment returns of 10.1 percent, the
Endowment’s performance exceeded its benchmark and outpaced institu-
tional fund indices. The Yale Endowment’s twenty-year record of 14.2
percent per annum produced a 2011 Endowment value of more than
seven times that of 1991. Yale’s long-term record results from disciplined
and diversied asset allocation policies and superior active management
results.
Spending from the Endowment grew during the last decade from
$338 million to $987 million, an annual growth rate of approximately 11
percent. On a relative basis, Endowment contributions expanded from 25
percent of total revenues in scal 2001 to 36 percent in scal 2011. Next
year, spending will amount to $992 million, or 37 percent of projected
revenues. Yale’s spending and investment policies have provided substan-
tial levels of cash ow to the operating budget for current scholars while
preserving Endowment purchasing power for future generations.
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