Louisville's Endowment Eliminates Money Managers as Losses Mount
- University of Louisville cuts Mason Capital, Wellington
- The $646 million fund lost 8.5% in fiscal 2016 through January
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It’s been a rough time for the University of Louisville, and not just on the basketball court.
With an 8.5 percent loss in the first seven months of its fiscal year, deeper than the 6.6 percent decline in the Standard & Poor’s 500 Index, the $646 million endowment is severing ties with its poorer performing managers and shifting assets into private equity. It also pulled money from hedge funds such as Adage Capital Management and Highfields Capital Management to cover contributions to the university’s operating budget.