University of Pennsylvania, Philadelphia, expects to report a loss of 15.7% loss in the value of its endowment for the fiscal year ended June 30, according to Amy Gutmann, university president.
In a statement to “members of the university community” dated Aug. 10 and posted on the university's website, Ms. Gutmann said Penn's endowment “significantly outperformed” the S&P 500 index's loss of 26.2% for the period.
She credited the performance to a “well-diversified portfolio with a core position in Treasuries” and an emphasis on risk management, noting the endowment decided in early 2008 to reduce its equity exposure.
Penn's endowment had $6.23 billion, as of June 30, 2008, according to spokeswoman Julie McWilliams. Updated performance and asset figures will be reported by early September, she said.
