University of Minnesota Foundation's $3.4 billion endowment portfolio returned 38.7% for the fiscal year ended June 30.
The foundation's return well exceeded the policy benchmark return of 33.7% for the period, an endowment update on the Minneapolis-based university's website shows.
For the five and 10 years ended June 30, the endowment portfolio returned an annualized 12.8% and 9.8%, respectively, above the respective benchmarks of 9.8% and 8.2%.
The endowment portfolio returned 1.6% for the fiscal year ended June 30, 2020.
The foundation's endowment update did not say whether the returns were gross or net of fees and did not provide returns by asset class.