Columbia University, New York, reported its endowment produced a 3.8% return for the fiscal year ended June 30.
The endowment's assets as of June 30 were about $10.95 billion, Robert Hornsby, a university spokesman said in an email Tuesday. Mr. Hornsby didn't provide details on the asset class performance or asset allocation. The university did not specify whether the returns were net of fees.
For the fiscal year ended June 30, 2018, the endowment posted a 9% return.
"While we are disappointed that this year's results were below our benchmarks for our target asset allocation, the longer-term results reflect Columbia's ability to perform across a range of market conditions," university President Lee C. Bollinger said in a statement.
The university's annualized trailing 10-year return was 10.2% as of June 30.