January 07, 2013 12:00 AM

Largest U.S. educational endowments: assets and returns

Ranked by total assets, in U.S. millions, as of June 30, 2012.

			Asset allocation
Rank	Endowment	Assets	Equity	Fixed income	Private equity	Real estate	Hedge funds	Cash	Other	One-year return
1	Harvard University	$30,700	33.0%	11.0%	16.0%	10.0%	15.0%	0.0%	15.0%	-0.1%
2	University of Texas System1, 2	$20,081	17.9%	11.3%	26.5%	1.6%	29.7%	0.0%	10.6%	3.2%
3	Yale University	$19,300	13.6%	3.9	35.3	21.7	14.5	2.7	8.3	4.7%
4	Princeton University	$17,000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	3.1%
5	Stanford University3	$17,000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	1.0%
6	Massachusetts Institute of Tech.	$10,300	N/A	N/A	N/A	N/A	N/A	N/A	N/A	8.0%
7	University of California	$10,274	36.5%	13.3%	11.7%	4.9%	23.8%	4.7%	5.1%	-1.1%
8	University of Michigan	$7,865	20.6%	8.4	16.1	15.2	16.2	1.6	21.9	-0.5%
9	Columbia University	$7,650	19.2%	5.7%	23.3%	0.0%	29.7%	5.2%	17.0%	2.3%
10	University of Notre Dame	$7,395	31.9%	6.4%	30.8%	8.2%	13.2%	0.8%	8.7%	3.1%
11	Northwestern University1	$7,187	25.2%	11.2%	22.9%	0.0%	16.0%	0.0%	24.7%	5.3%
12	University of Pennsylvania	$6,800	N/A	N/A	N/A	N/A	N/A	N/A	N/A	1.6%
13	University of Chicago	$6,516	15.8%	17.0%	16.1%	11.1%	22.4%	1.6%	16.0%	6.8%
14	Duke University	$5,600	38.0%	36.0%	0.0%	13.0%	0.0%	0.0%	13.0%	1.0%
15	Washington University	$5,328	N/A	N/A	N/A	N/A	N/A	N/A	N/A	1.7%
16	Cornell University	$5,230	22.1%	11.9%	19.5%	12.1%	14.9%	2.5%	17.0%	0.1%
17	University of Virginia	$5,102	20.5%	12.2%	19.7%	8.6%	32.0%	0.0%	7.0%	5.1%
18	Rice University	$4,499	N/A	N/A	N/A	N/A	N/A	N/A	N/A	3.6%
19	Emory University	$4,400	31.6%	12.9%	24.0%	0.0%	14.2%	2.1%	15.2%	5.7%
20	University of Southern California	$3,865	30.3%	18.1%	27.1%	5.2%	15.9%	0.0%	3.4%	N/A
21	Dartmouth College	$3,486	N/A	N/A	N/A	N/A	N/A	N/A	N/A	5.8%
22	Vanderbilt University	$3,360	31.4%	5.2%	27.7%	7.9%	20.0%	0.2%	7.6%	1.3%
23	University of Pittsburgh	$2,693	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
24	University of Pittsburgh	$2,635	30.1%	11.3%	21.8%	0.0%	17.4%	2.8%	16.6%	2.7%
25	New York University4	$2,600	46.0%	15.0%	0.0%	0.0%	0.0%	0.0%	39.0%	9.7%
Notes: 1 Assets are as of Aug. 31, 2012. 2 Asset allocation equals less than 100% due to hedging of long equity exposures in the portfolio. 3 Return is for pooled endowment, hospital, operating, short-term and other investment funds. 4 Assets are as of Sept. 30, 2012.
Source: Pensions & Investments Research Center based on endowment documents