FY23 Online Annual Report - Flipbook - Page 14
ENDOWMENT PERFORMANCE
ASSET CLASS ALLOCATION
AND PERFORMANCE
Allocation
(as of June 30, 2022)
FY2022
Asset Class Returns
FY2022
Benchmark
Returns
Domestic Market
Equities
30.9%
(13.7%)
(13.9%)
International Market
Equities
31.4%
(18.3%)
(19.4%)
Fixed Income
25.2%
(12.9%)
(10.3%)
Real Assets
10.8%
2.2%
0.2%
0.7%
(0.43%)
—
0.1%
0.2%
Private Equity
Cash Equivalents
1.0%
The Foundation’s domestic and international equities portfolios performed slightly better
during fiscal year 2022 than their benchmarks by .2 and 1.1 percentage points respectively.
However, the fixed income portfolio, buffeted by higher interest rates and rising inflation,
underperformed the benchmark by 2.6 percentage points. This was partially offset by a
modest gain of 2.2 percent in the Foundation’s real assets portfolio (which includes primarily
real estate, energy, and commodities). While the results of FY 2022 may look unpleasant,
there is no reason for panic given the long-term nature of endowments. The latest fiscal
year is just one of many in the life of an endowment. Ups and downs are inherent in
managing an endowment. A single year does not have a huge impact because
of the smoothing mechanism, utilizing an average of 12 quarters to calculate payout.
14 | 2021–2022 ANNUAL REPORT
