Cornell University, Ithaca, N.Y., announced Thursday its $6.1 billion endowment posted an investment return of -3.3% for the fiscal year ended June 30.
“We recognize the importance of the endowment for the university's financial interests and its research, faculty and students,” Donald Opatrny, a member of the board of trustees and chairman of the board's investment committee, said in a news release. “Moving forward, we are proactively examining, given this low-return environment, how to optimize the endowment.”
The news release did not provide individual asset class returns or long-term performance. For the fiscal year ended June 30, 2015, the endowment had a 3.4% return on investments and assets of $6.3 billion.
The news release also said one effort to improve the endowment will be moving the office of university investments to New York City.
On Wednesday, the university announced in a separate release the move will take effect in late 2017.
“The investment committee believes over the long term the relocation to New York City gives us even better access to potential staff who might not be willing to move to Ithaca,” Joanne DeStefano, Cornell's executive vice president and chief financial officer, said in the release.
“We've had great staff hires, but this move will expand the population of potential candidates,” she added. “And it puts us closer to the world capital markets.”