Rochester's net return for the fiscal year ending June 30, 2007 was approximately 19.4%, substantially above the 8.0% goal contained in the University's financial plan. It is above the benchmark return of 18.8% (comprised of 60% Wilshire 5000, 20% Lehman Aggregate and 20% EAFE).
The endowment value at the end of the fiscal year was approximately $1.77 billion, roughly $246 million above the reported value at the beginning of the year. The change in endowment value was attributable to investment returns of $288 million, gifts and additions of $40 million and spending and withdrawals of $83 million. Rochester's five-year average annual return through June 30, 2007 is 13.4% vs. 11.7% for the benchmark. The ten-year average annual return through June 30, 2007 is 10.8% vs. 7.4% for the benchmark.
Major asset classes generated the following performances in fiscal year 2007:
It is important to note that Rochester’s return was generated through the efforts of many talented advisors, investment committee members, consultants and investment office staff. It is the consensus of these groups that, over time, the University of Rochester's target return of 8% per annum is achievable.