Investment Performance

The University of Chicago’s endowment finished fiscal year 2013 with a market value of $6.67 billion, including $782 million of Medical Center endowment. This includes $447 million generated from investment returns during fiscal year 2013. Ninety-six percent of the endowment is invested in the Total Return Investment Pool (TRIP). TRIP’s return, net of outside management fees, was +6.6 percent for the fiscal year.

The strong recovery of the endowment after the global financial crisis of 2008 and 2009 has taken place even as the University established a lower risk profile and significantly improved liquidity. The four-year results reflect positive returns from equities, private markets, and bonds, together with strong performance by the University's investment managers.

The endowment’s long-term performance is especially important given its dual role of providing support for current operations and for future generations. Between June 30, 2004, and June 30, 2013, with the help of solid investment returns, generous alumni support, and prudent spending, the endowment increased from $3.60 billion to $6.67 billion (see figure 2). During that period, the University of Chicago earned an average annual return of 10.0 percent or 150 basis points ahead of the benchmark, while gifts to endowment totaled
$799 million.