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Cornell University endowment sees 10.6% return

Cornell University, Ithaca, N.Y., reported its $7.2 billion endowment returned 10.6% for the fiscal year ended June 30.

The returns were led by private equity, global equities and enhanced fixed income, the university said in a news release Wednesday. Long-term return information was not provided; the endowment returned 12.5% for the previous fiscal year ended June 30, 2017.

The university said in the news release that during the 2018 fiscal year it revamped its strategic asset allocation, benchmarks, operational systems and manager lineups; specific details were not provided.

"Following deep-dive reviews, we've implemented an interrelated set of initiatives aimed at improving the portfolio's strength and resiliency, and those began to come to fruition in fiscal year 2018," said Kenneth Miranda, chief investment officer, in the news release. "We expect to continue to see the effects of those improvements as we move forward."

Asset allocation, benchmark and asset class return information was not provided.

John Carberry, university spokesman, could not be immediately reached to provide further information.