Preliminary Data Show Educational Endowments’ Investment Returns Averaged 15.8 Percent in FY2014

Fiscal Year 2013 2014* Domestic equities 20.6% 22.6% Fixed income 1.7% 5.4% International equities 14.6% 19.6% Alternative strategies 8.3% 12.8% Short-term securities/cash/other 1.2% 2.7%

Examining the returns reported for various alternative strategies, venture capital has thus far produced the highest return, at 21.2 percent, followed by 18.4 percent for energy and natural resources. Private equity (LBOs, mezzanine, M&A funds and international private equity) returned 17.0 percent, distressed debt returned 13.5 percent and private equity real estate (non-campus) returned 11.7 percent. Marketable alternative strategies (hedge funds, absolute return, market neutral, long/short, 130/30, event-driven and derivatives) returned 9.4 percent. Commodities and managed futures returned 9.0 percent.