Latest 5-year Endowment Performance

02 / 07 / 2019
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by Charles Skorina | Comments are closed

In this issue

  • Latest 5-year endowment performance
  • Where are the women?
  • NACUBO and the NMS Forum

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Five-year endowment performance:

Behind the NACUBO numbers

This February has been a rough one for weather in much of the USA, but two events this month should bring a little sunshine our way.

First, NACUBO rolled out their annual endowment study: the semi-official league tables for endowment investors.  Then, next week, NACUBO and TIAA will host their conference in New York where presenters and attendees will ponder the numbers.

In between, we have Nancy Szigethy’s always engaging NMS Investment Forum in Scottsdale, Arizona.  It’s at the Hyatt Regency Gainey Ranch, February 9-12, 2019 – an event which draws top endowment and foundation leaders for camaraderie and Arizona sunshine.

Scottsdale is only a quick drive up the I-10 from our new home in Tucson.  So, if you’re planning to attend NMS, shoot me an email at skorina@charlesskorina.com and say hello.  You never know which Hyatt lounge I might find myself in this weekend.

Endowment performance: a few observations

Our SEER report (Skorina’s Enhanced Endowment Report) is enhanced because we disclose performance of individual endowments, which NACUBO is not permitted to do.

This update offers 5-year investment returns for 61 endowments for FY2018.  We consider the 5-year return the most meaningful for comparing the performance of endowments and their chief investment officers.

We’ll publish our complete list of CIOs and more detailed commentary when all the returns are in and computed by our clever but overworked staff.

We recruit chief investment officers for a living, so we avidly follow all the US universities and colleges with AUM over $1 billion (and many with less) – and we advise board members, families, and management on investment performance and executive compensation.

Where are the women?

Considering the number of highly-qualified female investment professionals we encounter every day, they are still a distinct minority in the top jobs.  Something is obviously not working in the hiring and promotion process.

Our SEER list below includes 15 women among the 56 individual (non-OCIO) chief investment officers.

That’s 26 percent, which doesn’t sound too bad.  But the picture is much worse in the larger universe of big-endowment CIOs.  There, the percentage is only about 15 percent, and that’s down over recent years.

But we can at least highlight those 15 in their own list, which we’ve added down below.

Two Charts: 5-year investment returns and women CIOs

Fiscal year end June 30, 2018 closed on a high note for institutional investors, with mostly solid returns all around.

Unfortunately, the fourth quarter of 2018 was an unexpected downer.  That does not impact these numbers, but it’s a story we will be following closely in future newsletters.

Now, on to the charts!

5-year endowment investment returns June 30, 2018

Rnk

Institution

5-year endowment investment returns June 30, 2018

Pres/CEO/CIO

 

AUM   FY18  $000

 

5-yr Rtn   %

1

 Massachusetts Institute of Technology

Alexander, Seth

16,529,432

12.03

2

 Bowdoin College

Volent, Paula

1,628,165

11.80

3

 Princeton University

Golden, Andrew

25,917,199

11.79

4

 Yale University

Swensen, David F.

29,351,100

11.61

5

 Dartmouth College

Ruth, Alice A.

5,494,203

10.60

6

 Williams College

Chilton, Colette D.

2,749,653

10.60

7

 University of Alberta *

Ritter, Ron

1,090,429

10.46

8

 University of Notre Dame

Malpass, Scott C.

10,727,653

10.38

9

 University of Toronto *

Smith, Daren

1,925,509

10.30

10

 McGill University *

Leblanc, Sophie

1,256,358

10.00

11

 University of Pennsylvania

Ammon, Peter H.

13,777,441

9.90

12

 U British Columbia *

Silgardo, Rajiv

1,477,886

9.65

13

 University of Virginia

Durden, Robert

6,953,380

9.60

14

 Rice University

Thacker, Allison K.

6,277,506

9.60

15

 Carnegie Mellon University

Kennedy, Charles (Chuck) A.

2,385,986

9.60

16

Rockefeller University

Falls, Amy C.

2,194,255

9.40

17

 Stanford University

Wallace, Robert

26,464,912

9.40

18

 Tulane University

Crigler, Jeremy T,

1,384,371

9.40

19

 Columbia University

Holland, Peter

10,869,245

9.20

20

 Duke University

Triplett, Neal F.

8,524,846

9.20

21

 Brown University

Dowling III, Joseph L.

3,603,848

9.20

22

 University North Carolina, Chapel Hill

King, Jonathan

3,432,911

9.20

23

 University of Oklahoma

Johnson, Bradley J.

1,735,527

9.10

24

 Amherst College

Geissler, Mauricia

2,377,537

9.02

25

 University of Colorado Fdn

OCIO: Agility (Perella Weinberg)

1,360,521

8.93

26

 University of Minnesota OIB

Mason, Stuart

1,420,000

8.90

27

 University of Michigan

Lundberg, Erik L.

11,901,760

8.88

28

 University of California Regents

Bachher, Jagdeep S.

11,008,035

8.80

29

 University of Arkansas

OCIO: Cambridge Assoc.

1,199,303

8.70

30

 California Institute of Technology

Richland, Scott H.

2,879,493

8.60

31

 University of Washington

Ferguson, Keith

2,764,166

8.60

32

 University of Rochester

Phillips, Douglas W.

2,257,557

8.60

33

 University of Southern California

Mazzocco, Lisa

5,544,267

8.57

34

 Northwestern

*fiscal yr Aug 31

McLean, William H.

11,087,659

8.50

35

 Michigan State University

Zecher, Phil

2,907,967

8.40

36

 Tufts University

Dungan, Sally M.

1,845,956

8.40

37

 UTIMCO (U TX & TX A&M)

Harris, Britt

32,300,000

8.34

38

 UCLA Fdn

Barton, Justin

2,522,638

8.26

39

 University of Missouri

Richards, Thomas “Tom” F.

1,675,019

8.20

40

 Middlebury College

OCIO: Investure

1,124,144

8.20

41

 Pennsylvania State University

(ret.) Pomeroy, John C.

4,264,222

7.90

42

 Indiana University Fdn

Stratten, Gary A.

2,397,369

7.90

43

 Kansas University Endowment

Clarke, James

1,740,763

7.80

44

 Syracuse University

Rahnamay-Azar, Amir, CFO

1,338,287

7.80

45

 University of Wisconsin Fdn

Van Cleave, Julie

2,985,251

7.71

46

 University of Iowa

Bethea, Jim

1,079,000

7.70

47

 University of Minnesota Fdn

Gorence, Doug

2,300,000

7.70

48

 Washington University, St. Louis

Wilson, Scott

7,594,159

7.60

49

 Cornell University

Miranda, Ken

7,230,291

7.58

50

 University of Illinois & Fdn

Ellison, Ellen J.

2,623,389

7.58

51

 University of Georgia & Fdn

Bull, Jason

1,274,343

7.50

52

 Wash State U *managed by investment committee & Mercer

Pearson, Stacy, CFO

 1,024,067

7.40

53

 Harvard University

Narvekar, Nirmal

38,303,383

7.31

54

 Lehigh University

Agatone, Kristin

1,353,116

7.30

55

 Ohio State University

Lane, John C.

5,211,434

7.20

56

 Vanderbilt University

Hall, Anders W.

4,608,461

7.15

57

 University of Florida Fdn

Reeser, William S.

1,734,661

7.10

58

 University of Chicago

Schmid, Mark

7,928,485

6.87

59

 Southern Methodist University

Dahiya, Rakesh

1,632,763

6.62

60

 University of Nebraska Fdn

Neale, Brian

1,723,230

6.60

61

 University of Utah

Shear, Jonathan

1,186,952

6.16

N.B: * Canadian University

 

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Women chief investment officers at large US endowments

Institution

Women CIOs at large US endowments

Pres/CEO/CIO

AUM

FY18

$000

1

 Rice University

Thacker, Allison K.

6,277,506

2

 University of Southern California

Mazzocco, Lisa

5,544,267

3

 Dartmouth College

Ruth, Alice A.

5,494,203

4

 New York University

Jacobs, Kathleen E.

4,266,000

5

 University of Wisconsin Foundation

Van Cleave, Julie

2,985,251

6

 Williams College

Chilton, Colette D.

2,749,653

7

 University of Illinois & Foundation

Ellison, Ellen J.

2,623,389

8

 Amherst College

Geissler, Mauricia

2,377,537

9

 Boston University

Hunnewell, Clarissa

2,197,808

10

 Rockefeller University

Falls, Amy C.

2,194,255

11

 Wellesley College

Kuenstner, Deborah Foye

2,105,212

12

 Tufts University

Dungan, Sally M.

1,845,956

13

 Bowdoin College

Volent, Paula

1,628,165

14

 Lehigh University

Agatone, Kristin

1,353,116

15

 McGill University *

Leblanc, Sophie

1,256,358

N.B: * Canadian University

 

————————————————–

 

Women chief investment officers at large US endowments

Institution

Pres/CEO/CIO

AUM

FY18

$bn

1

 Rice University

Thacker, Allison K.

6,277,506

2

 University of Southern California

Mazzocco, Lisa

5,544,267

3

 Dartmouth College

Ruth, Alice A.

5,494,203

4

 New York University

Jacobs, Kathleen E.

4,266,000

5

 University of Wisconsin Foundation

Van Cleave, Julie

2,985,251

6

 Williams College

Chilton, Colette D.

2,749,653

7

 University of Illinois & Foundation

Ellison, Ellen J.

2,623,389

8

 Amherst College

Geissler, Mauricia

2,377,537

9

 Boston University

Hunnewell, Clarissa

2,197,808

10

 Rockefeller University

Falls, Amy C.

2,194,255

11

 Wellesley College

Kuenstner, Deborah Foye

2,105,212

12

 Tufts University

Dungan, Sally M.

1,845,956

13

 Bowdoin College

Volent, Paula

1,628,165

14

 Lehigh University

Agatone, Kristin

1,353,116

15

 McGill University (Quebec)

Leblanc, Sophie

1,256,358

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