University of Maine System’s $296 million managed investment pool of six endowments returned a net 11.4% in the fiscal year ended June 30, the Bangor-based university announced in its annual report for the investment pool, said Tracy Elliott, director of finance and controller, in an email.
The fiscal-year return was below the pool’s 12.6% policy benchmark. The pool returned an annualized net 2.7%, 7.8% and 4.5%, respectively, in the three, seven and 10 years ended June 30. The benchmark returns for the same periods were 4%, 7.8% and 4.8%. The managed investment pool returned -2% the previous fiscal year.
Domestic small/midcap equities was the best-performing asset class, returning a net 23.7% in the fiscal year ended June 30, followed by domestic large-cap equities at 17.8%; international equities, 17.2%; emerging markets equities, 12.9%; private equity, 10.7%; global asset allocation, 8.6%; hedge funds, 5.7%; fixed income, 2.8%; and real assets, -5.1%.
As of June 30, the actual allocation was 23.3% global asset allocation, 18.4% domestic large-cap equity, 16.6% international equity, 8.7% hedge funds, 7.7% Treasury inflation-protected securities, 7.1% emerging markets equity, 5.9% domestic small/midcap equity, 5% core fixed income, 4.9% bank loans, 1.7% real assets, 0.6% private equity and the rest in cash.