University of Michigan's long-term investment portfolio, primarily made up of endowment assets, returned a net 2.3% for the fiscal year ended June 30, Chief Investment Officer Erik Lundberg told the Ann Arbor university's board of regents.
The $12.5 billion endowment's return fell short of its 2.7% policy benchmark, according to materials Mr. Lundberg presented.
"It was an interesting year in terms of investments, but point-to-point not that much happened," Mr. Lundberg said during Thursday's virtual board meeting. As of June 30, 2019, the endowment had $12.4 billion in assets.
For the three, five, 10 and 20 years ended June 30, the endowment returned an annualized net 6.4%, 6.2%, 8.6% and 7.4% respectively, compared with the respective benchmarks of 6.1%, 5.6%, 8.2% and 5.9%.