2016
The Yale Endowment
Endowment Highlights
Fiscal Year
20162015 201420132012
Market Value (in millions)$25,408.6$25,572.1$23,894.8 $20,780.0$19,344.6
Return3.4%11.5% 20.2%12.5% 4.7%
Spending (in millions)$1,152.8 $1,082.5 $ 1,041.5$1,024.0 $ 994.2
Operating Budget Revenues$3,472.4$3,297.7$3,116.1 $2,968.6 $2,847.8
(in millions)
Endowment Percentage 33.2%32.8%33.4%34.5% 34.9%
Asset Allocation (as of June 30)
Absolute Return22.1%20.5%17.4%17.8% 14.5%
Domestic Equity 4.0 3.9 3.9 5.95.8
Fixed Income 4.9 4.9 4.9 4.93.9
Foreign Equity14.9 14.711.5 9.87.8
Leveraged Buyouts 14.7 16.2 19.321.924.3
Natural Resources 7.96.7 8.27.98.3
Real Estate13.0 14.0 17.6 20.2 21.7
Venture Capital 16.2 16.313.710.011.0
Cash2.3 2.8 3.51.62.7
Endowment Market Value 1950–2016
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Contents
1.Introduction2
2.The Yale Endowment6
3.Investment Policy 7
4. Spending Policy16
5.Investment Performance19
6. Management and Oversight21
Front cover:
Stairway in the Yale University Art Gallery’s older wing,
designed by Egerton Swartwout (b.a.1891) and dating
to 1926.
Right:
The Harkness Tower clock. Designed by James Gamble
Rogers (b.a.1889) and built between 1917 and 1921,
the tower is 216 feet high.
Yale’s Endowment generated a 3.4% return in scal 2016, a year in which
many endowments posted negative returns. Over the past ten years, the
Endowment grew from $18.0 billion to $25.4 billion. With annual returns
of 8.1%, the Endowment’s performance exceeded its benchmark and
outpaced institutional fund indices. For eight of the past ten years, Yale’s
ten-year record ranked rst in the Cambridge Associates universe.
Spending from the Endowment grew during the last decade from
$616 million to $1.2 billion, an annual growth rate of 6.5%. Next year,
spending will amount to $1.2 billion, or 34% of projected revenues. Yale’s
spending and investment policies provide substantial levels of cash ow to
the operating budget for current scholars, while preserving Endowment
purchasing power for future generations.
Introduction2
EndowmentGrowthOutpacesInation1950–2016
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Post-1950 Endowment Gifts Inated1950 Endowment InatedEndowment Market Value
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