ENDOWMENT PERFORMANCEASSET CLASS ALLOCATIONAND PERFORMANCEAllocation(as of June 30, 2022)FY2022Asset Class ReturnsFY2022BenchmarkReturnsDomestic MarketEquities30.9%(13.7%)(13.9%)International MarketEquities31.4%(18.3%)(19.4%)Fixed Income25.2%(12.9%)(10.3%)Real Assets10.8%2.2%0.2%0.7%(0.43%)—0.1%0.2%Private EquityCash Equivalents1.0%The Foundation’s domestic and international equities portfolios performed slightly betterduring 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 amodest gain of 2.2 percent in the Foundation’s real assets portfolio (which includes primarilyreal 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 fiscalyear is just one of many in the life of an endowment. Ups and downs are inherent inmanaging an endowment. A single year does not have a huge impact becauseof the smoothing mechanism, utilizing an average of 12 quarters to calculate payout.14 | 2021–2022 ANNUAL REPORT
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