Idaho Endowment Investment Board, Boise, reported a gross return of 10.9% for the fiscal year ended June 30.
The $3.1 billion endowment's return exceeded its benchmark return of 10.5% for the period, according to an investment report on its website.
For the three, five and 10 years ended June 30, the endowment returned an annualized gross 7.7%, 8.4% and 7.9%, respectively, above their respective benchmarks of 7.5%, 7.8% and 7.5%.
The endowment had returned a gross -13% for the fiscal year ended June 30, 2022.
The latest fiscal year's improved performance likely benefited from stronger market returns for the period in both equities and fixed income. For the year ended June 30, the Russell 3000 and Bloomberg U.S. Aggregate Bond index returned 19% and -0.2%, respectively, well above their respective returns of -13.9% and -10.3% for the year ended June 30, 2022.
By asset class, global equities was the top-performing asset class, with a gross return of 20.8% for the fiscal year ended June 30 (above its benchmark return of 16.5%); followed by domestic equities with a gross return of 18.7% (just below its benchmark return of 19%); international equities, 15.7% (12.7%); domestic fixed income, 0.5% (-0.9%); and real estate, -5.4% (-1%).
As of June 30, the endowment's actual allocation was 38.9% domestic equities, 22.7% domestic fixed income, 19.1% international equities, 9.5% global equities, 9.3% real estate, 0.4% cash and 0.1% equitization.
The target allocation is 38% domestic equities, 24% domestic fixed income, 19% international equities, 10% real estate and 9% global equities.