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Growth of the Fund

The chart below indicates the sources contributing to the growth in value of the Endowment from $956 million at the inception of fiscal year 1992 to more than $10.8 billion at the end of fiscal year 2019. The Endowment’s growth over the past 28 years is the result of new gifts, Treasury Pool transfers, and capital appreciation, minus cumulative yearly spending.

Here is the text of the 2017 Endowment Increases and Payout.

The chart shows the Fiscal Year 1992 through Fiscal Year 2018 Endowment Increases and Payout.   Beginning value of Endowment as of September 1991 was $956 million.   Net Additions were $5,707 million.   Appreciation was $10,548 million. Spending was $6,197 million. Ending value at August 31, 2018 was $11,014 million.  Note: September 1991 (or the beginning of fiscal year 1992) is the base year because we changed from a 60 percent stock / 40 percent bond portfolio to a diversified strategy with alternative investments, such as hedge funds, private equity, venture capital, and oil and gas partnerships.