The Yale Endowment
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Yale’s Endowment generated a 12.3% return, net of fees, in fiscal 2018. Over the past ten years, the Endowment grew from $22.9 billion to $29.4 billion. With annual returns of 7.4% during the ten-year period, the Endowment’s performance exceeded its benchmark and outpaced institutional fund indices. For six of the past ten years, Yale’s ten-year record ranked first in the Cambridge Associates universe. Spending from the Endowment grew during the last decade from $850 million to $1.3 billion, an annual growth rate of 4.2%. Next year, spending will amount to $1.4 billion, or 34% of projected revenues. Yale’s spending and investment policies provide substantial levels of cash flow to the operating budget for current scholars, while preserving Endowment purchasing power for future generations