New Haven, Conn.-based Yale returned 22%, helping increase its endowment assets to $19.4 billion, from $16.7 billion a year earlier, according to an e-mail to Bloomberg News from spokesman Tom Conroy. That amount includes investment gains of $3.6 billion and distributions of $1 billion.
At Yale, foreign stocks gained 41% in the fiscal year, real estate and natural resources investments rose 17% and private equity increased 30%, according to Mr. Conroy's e-mail.
U.S. stocks gained 25%, while absolute-return funds returned 13%, according to Mr. Conroy.
The school this year aims to allocate 20% of assets to real estate, down from 28% last year, 17% in absolute return instead of 19% and 34% in private equity instead of 33%, Mr. Conroy said. Allocations for foreign stocks, U.S. equities, bonds and cash remain constant at 9%, 7% and 4%, respectively.
Yale's return is the best of the Ivy League schools that have reported results so far. Harvard University on Sept. 22 said its investments rose 21%. University of Pennsylvania said Sept. 15 its fund gained 19%, helped by rising stock markets, while Cornell University said Wednesday that its fund gained 20%.
Duke, Durham, N.C., returned 24.5% on its investments for fiscal year 2011, which ended June 30, according to a report released on the $5.7 billion endowment's website. The endowment returned 13.2% in fiscal year 2010; -24.3% in fiscal year 2009; 6.2% in fiscal year 2008; and 25.6% in fiscal year 2007, according to the report.
The Duke endowment's target asset allocation is 38% equity; 13% each for commodities, real estate, credit, and rates — which includes Treasuries and agencies — and 10% inflation, which includes TIPS and non-U.S. inflation-linked bonds, according to the report.
Timothy Inklebarger contributed to this story.