University of Virginia endowment returns 7.5% for fiscal year

University of Virginia Investment Management Co.'s pool of $14.2 billion in endowment assets and other long-term funds returned 7.5% for the fiscal year ended June 30, falling below its policy benchmark return of 15.3%, according to materials for the Charlottesville-based university's Sept. 13 board of visitors meeting.

For the three, five and 10 years ended June 30, the pool returned an annualized 1.5%, 10.4% and 8.7%, respectively, compared with their respective policy benchmarks of 4%, 8.5% and 7.3%.

The endowment pool’s 7.5% return was an increase from the previous year, when it posted a 2% return for the fiscal year ended June 30, 2023.

By asset class, the top performer was real assets, with a return of 10.8%; followed by public equity and credit, each at 10.5%; absolute return at 9.6%; long/short equity, 7.4%; cash, 5%; private equity, 4.3%; and fixed income, 0.5%.

The materials did not provide benchmarks for individual asset classes.

As of June 30, the endowment pool's actual asset allocation was 27% public equity, 27% private equity, 16% real assets, 10% absolute return, 9% long/short equity; 7% fixed income and cash, and 4% credit.