Study: Operating Charity Investment Returns Rise to an Average of 15.1 Percent in Fiscal Year 2013

Short-term securities/cash/other: 7 percent (6 percent)

(While 72 percent of the operating charities that participated in last year's Study took part once again this year, changes in participant composition year over year can, in certain instances, affect the data. Such is the case with the alternative strategies allocation; a matched sample shows a higher 34 percent allocation to alternative strategies among institutions participating in both Studies. The matched sample shows an 18 percent fixed income allocation and a 4 percent allocation to short-term securities/cash/other, both somewhat lower than data gathered from this year's participants. The full Study notes those instances where there are meaningful differences in data from FY2012 to FY2013 owing to changes in the composition of Study participants.)