{"id":1346,"date":"2025-02-24T15:38:57","date_gmt":"2025-02-24T20:38:57","guid":{"rendered":"https:\/\/www.rochester.edu\/endowment\/?page_id=1346"},"modified":"2025-02-27T13:05:52","modified_gmt":"2025-02-27T18:05:52","slug":"calendar-2018-report","status":"publish","type":"page","link":"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/","title":{"rendered":"Calendar 2018 Report"},"content":{"rendered":"

On December 31, 2018, the market value of the University of Rochester\u2019s Long Term Investment Pool (\u201cLTIP\u201d) was $2.4 billion. \u00a0Performance for the calendar year was 1.0%, net of all fees and expenses, compared with the benchmark return of -7.2%.\u00a0 Performance of the LTIP also exceeded the benchmark, net annualized, for three, five, ten, and fifteen years, as shown in the attached chart.\u00a0 The chart also shows allocations to, and performance of, the LTIP\u2019s major asset classes.<\/p>\n

The table below shows year end asset allocation compared to 2018 targets and ranges.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\nRange<\/strong><\/td>\nTarget<\/strong><\/td>\nActual<\/strong><\/td>\n+\/-<\/strong><\/td>\n<\/tr>\n
Traditional Investments<\/strong><\/td>\n<\/tr>\n
Public Equities<\/td>\n34 \u2013 36<\/td>\n35<\/td>\n32<\/td>\n-3<\/td>\n<\/tr>\n
Fixed Income<\/td>\n4 \u2013 6<\/td>\n4<\/td>\n4<\/td>\n0<\/td>\n<\/tr>\n
Cash (not held by managers)<\/td>\n(3) \u2013 3<\/td>\n3<\/td>\n1<\/td>\n-2<\/td>\n<\/tr>\n
<\/td>\n35 \u2013 45<\/td>\n42<\/td>\n37<\/td>\n-5<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
Alternative Investments<\/strong><\/td>\n<\/tr>\n
Hedge Funds<\/td>\n25 \u2013 28<\/td>\n25<\/td>\n27<\/td>\n2<\/td>\n<\/tr>\n
Private Equity<\/td>\n11 \u2013 14<\/td>\n12<\/td>\n12<\/td>\n0<\/td>\n<\/tr>\n
Real Assets<\/td>\n19 \u2013 23<\/td>\n21<\/td>\n24<\/td>\n3<\/td>\n<\/tr>\n
<\/td>\n55 \u2013 65<\/td>\n58<\/td>\n63<\/td>\n5<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
TOTAL<\/strong>
\n*Effective until January 1, 2019. May not foot due to rounding. Note: Allocations were adjusted in late 2018 in anticipation of 2019 targets.<\/i><\/td>\n		100<\/td>\n100<\/td>\n100<\/td>\n0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The LTIP\u2019s 63% alternative investment allocation, consisting of hedge funds, private equity, and real assets, significantly outperformed the \u201ctraditional\u201d public equity and fixed income portfolio for the year.\u00a0 The private equity portfolio (including venture capital) returned 27.3%.\u00a0 The real assets portfolio returned 4.9%.\u00a0 The hedge fund portfolio returned -2.1%.\u00a0 The alternative program exhibited very low volatility in return of 3.5% annualized for the ten years ending December 31, 2018.\u00a0 This compares to 5.5% for the LTIP and 11.5% for the LTIP benchmark.<\/p>\n

The publicly-traded equity portfolio returned -12.0%, below the -9.4% return for the ACWI, primarily as a result of the overweighting of international equities.\u00a0 The fixed income and cash portfolio returned 0.5%, compared to 1.6% for the BB US Agg. Gov\u2019t\/Credit 1-3 Year Index.\u00a0 The LTIP has ample liquidity, with 57% of assets convertible into cash within one year.<\/p>\n

The contributions to return for the year are shown in the chart below.<\/p>\n

Calendar Year 2018<\/strong><\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\nCategory Return<\/strong><\/td>\nAverage Weight<\/strong><\/td>\nContribution<\/strong><\/td>\n<\/tr>\n
Total<\/td>\n1.0%<\/strong><\/td>\n100.00%<\/strong><\/td>\n1.0%<\/strong><\/td>\n<\/tr>\n
Venture Capital<\/td>\n35.3%<\/td>\n8.8%<\/td>\n2.7%<\/td>\n<\/tr>\n
Private Equity<\/td>\n22.0%<\/td>\n12.3%<\/td>\n2.5%<\/td>\n<\/tr>\n
Energy and Mining<\/td>\n8.8%<\/td>\n5.7%<\/td>\n0.5%<\/td>\n<\/tr>\n
Real Estate<\/td>\n4.6%<\/td>\n4.0%<\/td>\n0.2%<\/td>\n<\/tr>\n
Short Term Investments<\/td>\n1.7%<\/td>\n2.8%<\/td>\n0.0%<\/td>\n<\/tr>\n
Agriculture<\/td>\n4.5%<\/td>\n0.5%<\/td>\n0.0%<\/td>\n<\/tr>\n
Bonds<\/td>\n(0.3%)<\/td>\n4.4%<\/td>\n(0.0%)<\/td>\n<\/tr>\n
Direct Commodities (gold)<\/td>\n(1.8%)<\/td>\n2.6%<\/td>\n(0.1%)<\/td>\n<\/tr>\n
Cust\/Consulting\/Inv. Office Exp<\/td>\n<\/td>\n<\/td>\n(0.1%)<\/td>\n<\/tr>\n
Hedge Funds<\/td>\n(2.1%)<\/td>\n25.3%<\/td>\n(0.5%)<\/td>\n<\/tr>\n
Emerging Equities<\/td>\n(10.7%)<\/td>\n11.5%<\/td>\n(1.3%)<\/td>\n<\/tr>\n
Opportunistic Equities<\/td>\n(10.8%)<\/td>\n12.3%<\/td>\n(1.3%)<\/td>\n<\/tr>\n
International Equities (ex emerging)<\/td>\n(14.4%)<\/td>\n9.8%<\/td>\n(1.5%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*sorted by largest contribution<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

On December 31, 2018, the market value of the University of Rochester\u2019s Long Term Investment Pool (\u201cLTIP\u201d) was $2.4 billion. \u00a0Performance for the calendar year was 1.0%, net of all…<\/p>\n","protected":false},"author":36,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1346","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nCalendar 2018 Report - Endowment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Calendar 2018 Report - Endowment\" \/>\n<meta property=\"og:description\" content=\"On December 31, 2018, the market value of the University of Rochester\u2019s Long Term Investment Pool (\u201cLTIP\u201d) was $2.4 billion. \u00a0Performance for the calendar year was 1.0%, net of all…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Endowment\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-27T18:05:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rochester.edu\/endowment\/wp-content\/uploads\/2025\/03\/Link-Preview-Endowment.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/\",\"url\":\"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/\",\"name\":\"Calendar 2018 Report - Endowment\",\"isPartOf\":{\"@id\":\"https:\/\/www.rochester.edu\/endowment\/#website\"},\"datePublished\":\"2025-02-24T20:38:57+00:00\",\"dateModified\":\"2025-02-27T18:05:52+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.rochester.edu\/endowment\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Calendar 2018 Report\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rochester.edu\/endowment\/#website\",\"url\":\"https:\/\/www.rochester.edu\/endowment\/\",\"name\":\"Endowment University of Rochester\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rochester.edu\/endowment\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Calendar 2018 Report - Endowment","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/","og_locale":"en_US","og_type":"article","og_title":"Calendar 2018 Report - Endowment","og_description":"On December 31, 2018, the market value of the University of Rochester\u2019s Long Term Investment Pool (\u201cLTIP\u201d) was $2.4 billion. \u00a0Performance for the calendar year was 1.0%, net of all…","og_url":"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/","og_site_name":"Endowment","article_modified_time":"2025-02-27T18:05:52+00:00","og_image":[{"url":"https:\/\/www.rochester.edu\/endowment\/wp-content\/uploads\/2025\/03\/Link-Preview-Endowment.png","width":1200,"height":630,"type":"image\/png"}],"twitter_card":"summary_large_image","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/","url":"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/","name":"Calendar 2018 Report - Endowment","isPartOf":{"@id":"https:\/\/www.rochester.edu\/endowment\/#website"},"datePublished":"2025-02-24T20:38:57+00:00","dateModified":"2025-02-27T18:05:52+00:00","breadcrumb":{"@id":"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.rochester.edu\/endowment\/calendar-2018-report\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rochester.edu\/endowment\/"},{"@type":"ListItem","position":2,"name":"Calendar 2018 Report"}]},{"@type":"WebSite","@id":"https:\/\/www.rochester.edu\/endowment\/#website","url":"https:\/\/www.rochester.edu\/endowment\/","name":"Endowment University of Rochester","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rochester.edu\/endowment\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.rochester.edu\/endowment\/wp-json\/wp\/v2\/pages\/1346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rochester.edu\/endowment\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.rochester.edu\/endowment\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.rochester.edu\/endowment\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rochester.edu\/endowment\/wp-json\/wp\/v2\/comments?post=1346"}],"version-history":[{"count":2,"href":"https:\/\/www.rochester.edu\/endowment\/wp-json\/wp\/v2\/pages\/1346\/revisions"}],"predecessor-version":[{"id":4706,"href":"https:\/\/www.rochester.edu\/endowment\/wp-json\/wp\/v2\/pages\/1346\/revisions\/4706"}],"wp:attachment":[{"href":"https:\/\/www.rochester.edu\/endowment\/wp-json\/wp\/v2\/media?parent=1346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}