Columbia’s endowment reported a 3.8 percent return on investment for the 2018-2019 fiscal year, according to a statement released by the University on Tuesday. The endowment currently stands at $10.95 billion.
This year marks the second consecutive year that Columbia showed the smallest return on investment among its peer institutions. In comparison, Princeton closed at a 6.2 percent return and Brown at 12.4 percent. Last year, Columbia reported a 9 percent return on investment.
“While we are disappointed that this year’s results were below our benchmarks for our target asset allocation, the longer term results reflect Columbia’s ability to perform across a range of market conditions,” University President Lee Bollinger said in the statement.
However, the University’s trailing 10-year returns—the average annual returns for the past ten years—are slated at 10.2 percent, placing it in the top quartile of its peer group, according to a University spokesperson.
The announcement follows the departure of Columbia’s Chief Investment Officer, Tim Donohue, last month, who left to manage the Kamehameha Schools, a private school system in Hawaii. Columbia’s endowment is currently managed by Peter Holland, CEO of Columbia University Investment Management Company.