The endowment of Cornell University, Ithaca, N.Y., posted a 5.3% net return for the fiscal year ended June 30, matching the university's benchmark, according an announcement on the university's website.
Endowment assets were $7.3 billion, a record.
For the previous fiscal year, the endowment returned of 10.6% on assets of $7.2 billion.
The latest return "is a solid result relative to our efforts to restructure the portfolio and the constraints that come with those efforts," Kenneth Miranda, the university's chief investment officer, said in a statement on the website. "We're seeing a lot of very promising indicators across asset classes as we work to get our portfolio positioned correctly."
Matching the benchmark is "a noteworthy achievement," given that the portfolio's restructuring — which started in 2016 when Mr. Miranda became CIO — is still underway, he said. "We are continuing to reposition the portfolio, slightly constrained by the illiquidity associated with many legacy investments that we're working to convert into new positions."