2013
The Yale Endowment
Endowment Highlights
Fiscal Year
20132012 201120102009
Market Value (in millions)$20,780.0$19,344.6$19,374.4$16,652.1$16,326.6
Return12.5%4.7%21.9%8.9%-24.6%
Spending (in millions)$1,024.0$994.2$ 986.8$1,108.4$ 1,175.2
Operating Budget Revenues$2,968.6$2,851.7$2,734.2$2,681.3$2,559.8
(in millions)
Endowment Percentage34.5%34.9%36.1%41.3%45.9%
Asset Allocation (as of June 30)
Absolute Return17.8%14.5%17.5%21.0%24.3%
Domestic Equity5.95.86.77.07.5
Fixed Income4.93.93.94.04.0
Foreign Equity9.87.89.09.99.8
Natural Resources7.98.38.78.811.5
Private Equity32.035.335.130.324.3
Real Estate20.221.720.218.720.6
Cash1.62.7-1.10.4-1.9
FiscalYear
Endowment Market Value 1950–2013
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1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
Contents
1.Introduction2
2.The Yale Endowment4
3.Investment Policy5
4.Spending Policy14
5.Investment Performance16
6.Management and Oversight18
Front cover:
Window of Sterling Memorial Library, east faade.
Right:
Detail of gate leading to Old Campus from Elm Street.
Yale’s Endowment generated a 12.5 percent return in scal 2013, produc-
ing an investment gain of $2.29 billion. Over the past ten years, the
Endowment grew from $11.03 billion to $20.78 billion. With annual net
ten-year investment returns of 11.0 percent, the Endowment’s perform-
ance exceeded its benchmark and outpaced institutional fund indices.
For nine of the past ten years, Yale’s ten-year record ranked rst in the
Cambridge Associates universe. The Yale Endowment’s twenty-year record
of 13.5 percent per annum produced a 2013 Endowment value of over six
times the 1993 value. Yale’s excellent long-term record stems from dis-
ciplined and diversied asset allocation policies and superior active man-
agement results.
Spending from the Endowment grew during the last decade from
$470 million to $1.02 billion, an annual growth rate of approximately
8 percent. On a relative basis, Endowment contributions expanded from
30 percent of total revenues in scal 2003 to 34 percent in scal 2013.
Next year, spending will amount to $1.05 billion, or 35 percent of pro-
jected revenues. Yale’s spending and investment policies provide substan-
tial levels of cash ow to the operating budget for current scholars while
preserving Endowment purchasing power for future generations.
Introduction2
EndowmentGrowthOutpacesInation1950–2013$2
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1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
B
Post-1950 Endowment Gifts Inflated 1950 Endowment Inflated Endowment Market Value
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