University of Rochester’s $2.2 billion long-term investment pool, composed mostly of endowment assets, returned a net 4.3% for the fiscal year ended June 30, surpassing its 1% benchmark return, said a performance report from the New York-based school.
The private equity portfolio had the highest return at 19.1%, followed by hedge funds at 4.6%; public equities, 0.9%; fixed income and cash, 0.3%; and real assets, -3.2%.
Public equities outperformed the benchmark MSCI All Country World index by 20 basis points. On the flip side, fixed income underperformed its benchmark, the Barclays Aggregate index, by 160 basis points, and the hedge fund portfolio underperformed its custom benchmark, composed of 50% of the Credit Suisse Multistrategy index and 50% of the Credit Suisse Long-Short Equity index, by 100 basis points. One-year benchmark returns for real assets and private equity were not provided.
Longer term, private equity returned an annualized 13.8% for the 10 years ended June 30; hedge funds returned 7.5% vs. its 5.9% benchmark; real assets 4.6%; and fixed income, 4.4%, matching its benchmark. Public equities outperformed its 10-year benchmark return, according to the report, but a return figure was not provided.
As of June 30, the pool had an asset allocation of 36% publicly traded long equities, 25% hedge funds, 19% private equity/distressed debt; 10% real assets, 6% fixed income and 4% cash.
A university spokeswoman could not immediately be reached for additional information.
