The Yale
Endowment
2015
Endowment Highlights
Fiscal Year
20152014201320122011
Market Value (in millions)$25,572.1$23,894.8$20,780.0$19,344.6$19,374.4
Return11.5%20.2%12.5%4.7%21.9%
Spending (in millions)$1,082.5$1,041.5$1,024.0$994.2$986.8
Operating Budget Revenues$3,297.7$3,116.1$2,968.6$2,847.8$2,681.3
(in millions)
Endowment Percentage32.8%33.4%34.5%34.9%36.1%
Asset Allocation (as of June 30)
Absolute Return20.5%17.4%17.8 %14.5%17.5 %
Domestic Equity3.93.95.95.86.7
Fixed Income4.94.94.93.93.9
Foreign Equity14.711.59.87.89.0
Leveraged Buyouts16.219.321.924.324.8
Natural Resources6.78.27.98.38.7
Real Estate14.017.620.221.720.2
Venture Capital16.313.710.011.010.3
Cash2.83.51.62.7-1.1
FiscalYear
Endowment Market Value 1950–2015
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19501955196019651970197519801985199019952000200520102015
Contents
1.Introduction2
2.The Yale Endowment4
3.Investment Policy6
4.Spending Policy22
5.Investment Performance27
6.Management and Oversight34
Front cover:
Stairway in the Yale University Art Gallery’s older wing,
designed by Egerton Swartwout (b.a.1891) and dating
to 1926 in a style reminiscent of the Renaissance-era
Bargello and the Davanzati Palace in Florence.
Right:
The Schwarzman Center Rotunda, between University
Commons and Woolsey Hall, designed for the Yale
bicentennial celebration in 1901 by the rm Carrère and
Hastings, the architects responsible for the New York
Public Library.
Yale’s Endowment generated an 11.5% return in scal 2015, producing an
investment gain of $2.6 billion. Over the past ten years, the Endowment
grew from $15.2 billion to $25.6 billion. With annual net ten-year invest-
ment returns of 10.0%, the Endowment’s performance exceeded its bench-
mark and outpaced institutional fund indices. For nine 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
$567 million to $1.1 billion, an annual growth rate of 6.7%. 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
EndowmentGrowthOutpacesInation1950–2015$2
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1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
Post-1950 Endowment Gifts Inflated Endowment Market Value 1950 Endowment Inflated
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