Leading US university endowments struggle to beat tracker funds

Cheap funds that tracked the US stock market over the past decade outperformed the 60 leading US university endowments, a group of sophisticated institutions that have championed more costly alternative strategies as a way to enhance returns. Many US universities have followed the example of Yale, whose chief investment officer David Swensen and senior director Dean Takahashi helped pioneer the “endowment model” where private equity managers and hedge funds play a larger role in an investment portfolio. Several other institutional investors globally have drawn inspiration from the endowment model of US universities and raised their allocations to alternative assets to boost returns.

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