PROVIDENCE, R.I. (AP) - Brown University’s endowment outperformed benchmarks to grow to a record $4.2 billion.
The university in a statement Friday said its endowment earned a 12.4% return during the 2019 fiscal year to surpass both the preliminary return of its benchmark portfolio and Cambridge Associates’ preliminary mean and median returns for colleges and universities, which were about 5%.
Jane Dietze, the Ivy League school’s vice president and chief investment officer, said investment returns reflect the strong partnerships Brown has forged with its investment managers. She cited the portfolio’s emphasis on downside risk management, which proved to be valuable in a volatile year for U.S. stock markets.
The endowment provided $165 million to Brown’s operating budget during the fiscal year, approximately $16,000 per student and 14 percent of the university’s total operating budget.
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