Cornell University, Ithaca, N.Y., reported on Oct. 27 that its endowment achieved a net return of 3.6% for the fiscal year ended June 30 compared to a -1.3% return for the fiscal year ended June 30, 2022.
Endowment assets were "just over $10 billion," according to a university news release that didn't provide a precise figure or a benchmark for the just-completed fiscal year. The endowment had assets of $9.8 billion for the fiscal year ended June 30, 2022.
"The university concluded the fiscal year with a solid return relative to the environment," said CIO Kenneth Miranda in the news release. "We attribute this performance to our work since 2016 to diversify the university's investment portfolio and strategies, reduce fees and enhance liquidity and flexibility."
The news release said the endowment has achieved a five-year net annualized return of 9.3%, "exceeding its benchmark by 1.9% per year."
The news release didn't provide additional historical data, and it didn't provide asset allocation or asset performance for the latest fiscal year. A university representative declined to comment.
