College and University Investment Pool Returns: Fiscal Year 2023
Fiscal year 2023 was an atypical year performance-wise compared to recent history. Public equity markets produced returns that were much higher than what was reported in private investments. As a result, smaller portfolios, which tend to have the highest allocations to public equities, outperformed larger and more diversified portfolios by significant margins. Our annual survey-based report of 160 US colleges and universities includes commentary and analysis of investment performance, asset allocation, and related trends. We also review peer data on topics such as investment policy, portfolio manager structures, and spending.