Since 2007, only half of Ivy League endowments added positive returns to their portfolios through manager and security selection. Yale led the group, with 22 basis points of selection return, followed by Columbia and Princeton with 14 and 9 basis points of positive selection effect, respectively. Pennsylvania and Harvard had negative selection effects, amounting to 9 and 7 basis points, respectively.
Adding value through manager and security selection has been more a story of not selecting certain assets rather than picking winners. Yale's continued focus on private investments - the Yale model envisioned by Chief Investment Officer David Swensen - drives much of its success, while knowing what areas to avoid has also contributed to returns.