University of Kentucky's $1.2 billion endowment returned -1.5% for the fiscal year ended June 30, below its policy benchmark return of 0.1%, said Todd Shupp, chief investment officer, in an e-mail.
A breakout of asset class returns was not immediately available. According to minutes from a Sept. 8 investment committee meeting, non-U.S. equity and diversified inflation strategies hampered performance.
Mr. Shupp said the Lexington-based university's focus remains on the long term and since its inception in 1992, the endowment has returned an annualized 7.1% vs. its 7.3% policy benchmark. Other long-term returns were not available.