University of Chicago endowment returns 3.3% for the fiscal year

University of Chicago's endowment returned 3.3% for the fiscal year ended June 30.

Endowment assets fell over the year to $10 billion from $10.4 billion the year before, according to an announcement on the university's website.

For the 10 and 20 years ended June 30, the endowment returned an annualized 7.3% and 8.6%, respectively.

The Dec. 8 announcement did not say whether the returns were gross or net of fees and did not provide benchmark information or returns by asset class.

The endowment had returned -8.8% for the fiscal year ended June 30, 2022.

For the most recent fiscal year, the university's endowment return fell below the median return of 4.4% among the 47 college and university endowments whose returns have been tracked by Pensions & Investments as of Dec. 11.

The university's announcement did not provide a reason for its underperformance.

The endowment's long-term target allocation is 35% private equity, 23% global public equities, 20% absolute return and private debt, 8% fixed income and cash, 6.5% real estate, 5.5% natural resources and 2% total return investment pool protection. An actual allocation as of June 30 was not provided.