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Asset Allocation

Investing across multiple asset classes is key to growing the Endowment while appropriately managing overall risk. The portfolio asset allocation table below illustrates the actual  asset allocation of the Endowment as of June 30, 2022, along with the target weights developed by the Investments Committee.

A target composite benchmark is derived from this asset allocation to measure the Endowment’s performance.  In general, the Investment Office works to keep actual allocations in line with targets. From time to time, however, and with input from the Investment Committee, the office may deviate from long-term targets.

Asset Allocation detail
Asset Class Description Target Actual (as of June 30, 2022)
Public Equity Global investments in US and foreign equity securities, primarily invested in active strategies, including long-short equity, across all sectors and market capitalizations in developed and emerging market countries. 31% 29.0%
Private Equity Investments in global buyout funds, including both growth equity and leveraged buyouts, with illiquid exposure to corporate activity in the US and abroad. 15% 12.4%
Venture Capital Investments in venture capital, primarily early-stage investments, that simultaneously offer the highest return and the highest risk of any asset class in the Long-Term Balanced Pool. The University partners with world-class external managers on these investments. 20% 20.7%
Absolute Return Portfolio of credit and distressed, multi-strategy, and uncorrelated investments, which aims to provide equity-like returns with a low correlation to global equities and fixed-income markets. 18% 15.1%
Real Assets Investments in energy, timber, real estate, and commodity funds.  10% 14.9%
Fixed Income Diversified portfolio of global fixed-income investments, including both sovereign and corporate bonds, providing a highly liquid, relatively low-risk source of funding for the University 6% 8.4%
Cash 0% 1.5%

Composite Benchmark:  Computed by multiplying the target weights of each asset class by the respective benchmark.