{"id":1376,"date":"2025-02-24T15:46:34","date_gmt":"2025-02-24T20:46:34","guid":{"rendered":"https:\/\/www.rochester.edu\/endowment\/?page_id=1376"},"modified":"2025-02-27T13:06:55","modified_gmt":"2025-02-27T18:06:55","slug":"fiscal-2019-report","status":"publish","type":"page","link":"https:\/\/www.rochester.edu\/endowment\/fiscal-2019-report\/","title":{"rendered":"Fiscal Year 2019 Report"},"content":{"rendered":"

Report on Investment Performance for the fiscal year ending June 30, 2019<\/strong><\/h2>\n

On June 30, 2019, the market value of the University of Rochester\u2019s Long Term Investment Pool (\u201cLTIP\u201d) was $2.6 billion.\u00a0 Performance for the fiscal year was 6.3%, net of all fees and expenses, compared with the benchmark return of 5.7%.\u00a0 Performance of the LTIP exceeded the benchmark, net annualized, for one, three, five, ten and fifteen years.<\/p>\n

The table below shows the LTIP\u2019s asset allocation at the end of the fiscal year compared to 2019 targets and ranges.<\/p>\n

\"\"<\/p>\n

The\u00a0LTIP\u2019s\u00a061% alternative investment allocation, consisting of hedge funds, private equity, and real assets,\u00a0outperformed the LTIP and its benchmark\u00a0for all periods.\u00a0 For the fiscal year,\u00a0private equity (including venture capital)\u00a0returned\u00a021.9%. \u00a0The real assets portfolio\u00a0returned\u00a02.9%. \u00a0The hedge fund portfolio returned\u00a03.8%. \u00a0Volatility\u00a0of return for the alternatives program was\u00a03.2%\u00a0annualized\u00a0for\u00a0the ten years ending\u00a0June 30, 2019. \u00a0This compares\u00a0to ten-year volatility of 5.3% for the LTIP\u00a0and\u00a010.7% for the LTIP benchmark.<\/p>\n

The publicly-traded equity portfolio returned -0.3% for the fiscal year, well below the 5.7% return for the ACWI, primarily as a result of the LTIP\u2019s significant overweighting of international equities. \u00a0Maintaining this overweight is essential over the next few years since prices of international stocks are now near record lows in relation to earnings and growth, and also in relation to prices of U.S. stocks.<\/p>\n

The fixed income and cash portfolio returned 4.2%, compared to 4.3% for the BB Gov\u2019t\/Credit 1-3 Year Index.<\/p>\n

The LTIP has ample liquidity, with 54% of assets convertible into cash within one year.<\/p>\n

The contributions to return for the fiscal year, ranked in descending order by contribution, are shown in the chart below.<\/p>\n

\"\"<\/p>\n

Investment Reports for Previous Years<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Report on Investment Performance for the fiscal year ending June 30, 2019 On June 30, 2019, the market value of the University of Rochester\u2019s Long Term Investment Pool (\u201cLTIP\u201d) was…<\/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-1376","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nFiscal Year 2019 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\/fiscal-2019-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fiscal Year 2019 Report - Endowment\" \/>\n<meta property=\"og:description\" content=\"Report on Investment Performance for the fiscal year ending June 30, 2019 On June 30, 2019, the market value of the University of Rochester\u2019s Long Term Investment Pool (\u201cLTIP\u201d) was…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rochester.edu\/endowment\/fiscal-2019-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Endowment\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-27T18:06:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rochester.edu\/endowment\/wp-content\/uploads\/2025\/02\/Screen-Shot-2019-10-16-at-1.37.16-PM.png\" \/>\n\t<meta property=\"og:image:width\" content=\"692\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/endowment\\\/fiscal-2019-report\\\/\",\"url\":\"https:\\\/\\\/www.rochester.edu\\\/endowment\\\/fiscal-2019-report\\\/\",\"name\":\"Fiscal Year 2019 Report - 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