The UNC Investment Fund, which includes the $3 billion endowment of the University of North Carolina at Chapel Hill, returned 12.1% in fiscal 2017, compared to its benchmark's gain of 11.8%.
The return in the previous fiscal year was down 2%, vs. its benchmark of -0.8%.
The UNC Investment Fund, which invests a total of $5.4 billion for schools in the University of North Carolina system and affiliated endowments, is managed by UNC Management Co., based in Chapel Hill.
Annualized returns for the fund were 6.3% for three years, 9.3% for five years, and 5.4% for 10 years, according to a performance update posted on the school's website. The respective benchmark returns were 4.6%, 7.8% and 5.7%.
The asset allocation is 30% in long equity, 18% in private equity, 15% in long/short equity, 10% in diversifying strategies, 10% in fixed income, 8% in real estate, 7% in energy and natural resources, and 2% in cash.