TheYaleEndowment2010
EndowmentHighlights
FiscalYear
20102009200820072006
MarketValue(inmillions)$16,652.1$16,326.6$22,869.7$22,530.2$18,030.6
Return8.9%-24.6%4.5%28.0%22.9%
Spending(inmillions)$1,108.4$1,175.2$849.9$684.0$616.0
OperatingBudgetRevenues2,681.32,559.82,280.22,075.01,932.0
(inmillions)
EndowmentPercentage41.3%45.9%37.3%33.0%31.9%
AssetAllocation(asofJune30)
AbsoluteReturn21.0%24.3%25.1%23.3%23.3%
DomesticEquity7.07.510.111.011.6
FixedIncome4.04.04.04.03.8
ForeignEquity9.99.815.214.114.6
PrivateEquity30.324.320.218.716.4
RealAssets27.532.029.327.127.8
Cash0.4-1.9-3.91.92.5
EndowmentMarketValue1950–2010$5
$10
$15
$20
$25
1950195519601965197019751980198519901995200020052010
Bil
lio
ns
FiscalYear
Contents
AMessagefromthe
YaleUniversityPresident2
AMessagefromthe
ChiefInvestmentO∞cer3
1.Introduction4
2.TheYaleEndowment5
3.InvestmentPolicy8
4.SpendingPolicy28
5.InvestmentPerformance32
6.ManagementandOversight34
FrontCover:
WindowofSterlingMemorialLibrary,eastfaade.
Right:
BranfordCourtyardinthespring.AMessagefrom
theYaleUniversity
President
Yale’sEndowmentprovidesacriticalfoun-
dationfortheUniversity’smission,sup-
portingtoday’sscholarswithannual
spendingdistributionswhilepromisingto
maintainsupportforgenerationstocome.
ThecentralimportanceoftheUniversity’s
permanentresourcesbecameacutelyclear
duringtherecentnancialcrisis.
Duringthisperiodofeconomicdi∞-
culty,weareasfortunateasevertohave
themanagementofYale’snancial
resourcesincapablehands.ChiefInvest-
mentO∞cerDavidF.Swensenandhistal-
entedsta≠continuetheirtirelesse≠ortsin
supportofYale’smission.TheInvestments
O∞ce’sstellarlong-termrecordofwealth
creationprovidesacriticalunderpinningof
theUniversity’scurrentoperationsand
futureaspirations.
JustasIamthankfulforthestrengthof
theUniversity’sinvestmentsta≠,soamI
gratefulfortheextraordinaryworkofthe
YaleCorporationInvestmentCommittee.
ChairedbyDouglasA.Warner,theInvest-
mentCommitteeiscomposedofFellows
oftheYaleCorporationandotherdistin-
guishedYalealumniwhobringformidable
judgmentandexpertisetotheoversightof
Yale’sinvestmentprogram.
AsamemberoftheInvestmentCom-
mittee,Iwitnessrsthandthecontribution
oftheseindustriousanddedicatedYale
menandwomen.Ourdiscussionsare
thoughtful,rigorous,andvibrant.Amid
turbulentmarketsandanuncertainecon-
omy,theInvestmentCommitteehaspro-
videdasteadyhandatthetiller,o≠ering
indispensableguidancewithaperspective
thatbetsYale’slong-termgoals.
Sensiblemanagementandoversightof
Yale’sinvestmentportfoliocannotalone
ensurethatYalewillhavethenancial
resourcesitneeds.Aninstitutionwith
Yale’sscopeandambitionneedsactiveand
supportivealumniandfriendstohelp
buildtheEndowment.GiftstoYalehave
fueledtheUniversity’sgrowththroughout
thecenturies.Today,morethanever,Yale
needsyoursupport.
Underthecareofhighlyskilledinvest-
mentprofessionalsandastrongInvest-
mentCommittee,Iamcondentthatthe
University’snancialresourceswillcon-
tinuetosupportitsdynamicandever-
expandingmission.Ihopethatyouenjoy,
asIhave,thisreportonthe2010Yale
Endowment,whichprovidesadistillation
ofthethinkingthatguidesthemanage-
mentofYale’snancialresources.
RichardC.Levin
UniversityPresidentRichardC.Levin’74ph.d.
(right),withInvestmentCommitteeChair
DouglasA.Warneriii’68(left)andChief
InvestmentO∞cerDavidF.Swensen’80ph.d.
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