Michigan State University's $4.1 billion common investment fund, primarily make up of endowment assets, returned a net 6.9% for the fiscal year ended June 30.
The East Lansing-based university's return fell short of the policy benchmark return of 11.2% for the period, according to a performance report on its website.
For the three, five and 10 years ended June 30, the common investment fund returned an annualized net 13.5%, 10.6% and 9.5%, respectively, above the respective benchmarks of 6.5%, 6.1% and 6.7%.
The CIF had returned a net -3.4% for the fiscal year ended June 30, 2022.
For the most recent fiscal year, the CIF's return well exceeded the median return of 4.45% among the 46 college and university endowments whose returns have been tracked by Pensions & Investments as of Dec. 5.
Michigan State's endowment report did not provide returns by asset class, and an actual allocation as of June 30 was not available.
According to the most recent data available, the common investment fund's actual allocation as of June 30, 2022, was 35.5% private investments, 29.7% global equities, 18.7% hedge funds, 9.7% fixed income, 3.5% private real assets, 1.7% private real estate and 1.2% emerging markets equities.
