September 2, 2005

Yale's Endowment Then and Now

Since taking over the endowment 20 years ago, David Swensen has rebuilt Yale's portfolio and produced the best investment returns in higher education.

1985 Fiscal Year

$1-billion endowment contributed $45-million to annual spending, about 10 percent of the budget.

Asset allocation

U.S. equity 65%

U.S. bonds 15

Foreign equity 10

Real assets 10

2005 Fiscal Year

$15-billion endowment* contributed $565-million to the university's

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