University of Pennsylvania Reports 14.4% Investment Return
The University of Pennsylvania reported a 14.4 percent return on its investments in the year ended in June, up from a 1.6 percent gain a year earlier.
The endowment’s value grew to $7.7 billion from $6.8 billion the previous year, the Philadelphia-based Ivy League school said today in a statement. The investment gains were driven by the performance of equity markets and the university’s absolute-return portfolio, it said.
Foundations and endowments had a one-year median return of 11.28 percent in the year ended June 30, led by domestic equities and bonds, Wilshire Associates said in an Aug. 6 report. That’s up from an annual increase of 0.38 percent through June 30, 2012.
The Massachusetts Institute of Technology in Cambridge, Massachusetts, said this week its endowment grew to a record $10.9 billion after an 11.1 percent increase on investments through June 30.
To contact the reporter on this story: Michael McDonald in Boston at email@example.com
To contact the editor responsible for this story: Lisa Wolfson at firstname.lastname@example.org