Three Eras of Endowment Performance Between 1974 and 2019

10 Pages Posted:

Date Written: July 12, 2020

Abstract

Three eras define the performance of endowments since 1974. Large funds underperformed by the approximate margin of their costs in the first and third eras. In the middle era, they outperformed by a wide margin. Over the full period, large endowment fund managers, collectively, added value for their institutions. Small endowment funds underperformed over the three eras. These assets should be managed passively at next to no cost.

Keywords: Wealth Management, Endowment Funds, Pension Funds, Alternative Investments, Portfolio Choice

JEL Classification: G11

Suggested Citation

Ennis, Richard, Three Eras of Endowment Performance Between 1974 and 2019 (July 12, 2020). Available at SSRN: https://ssrn.com/abstract=

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