Dartmouth College’s endowment returned -1.9% in the fiscal year ended June 30, said a news release issued from the Hanover, N.H.-based university. The endowment ended the fiscal year valued at $4.5 billion, down from $4.7 billion the previous year.
The $190 million drop in assets during the fiscal year reflected $209 million in distributions to support college programs and $100 million in net investment losses, offset by gifts and transfers of $119 million, the news release said. Diana Lawrence, college spokeswoman, said in an e-mail that asset class return information will be made available in an endowment report at the end of October.
The endowment’s annualized returns for the three-, five- and 10-year periods ended June 30 were 8.7%, 8.8% and 7.2%, respectively. Those returns outperformed its 60% global equity/40% fixed-income benchmark return for all three time periods, the news release said, but it did not specify the benchmark return numbers.
“The endowment was not immune from turbulent global markets, but despite overall weak absolute results, we did see impressive relative returns from some managers who were able to capitalize on opportunities resulting from the volatility — which is why we remain committed to having a globally diversified and actively managed portfolio,” said Pamela L. Peedin, chief investment officer, in the news release.