This year we’ve added new exhibits on asset-class level performance and outperformance versus policy benchmarks. We also closely analyzed “net flow rates,” a measure of endowment health, which incorporate investment performance, endowment spending, and inflows that come in as gifts, and other funds designated for long-term investment. As with the past year, this report also reviews investment performance, asset allocation trends, spending rules and rates, investment implementation, drivers of investment performance, and other topics pertinent to endowment managers at higher education institutions.