College and university endowments posted an average investment return of 15.5 percent in the 2014 fiscal year, the second consecutive year of double-digit gains since a flat performance in 2012, The Chronicle of Higher Education and Bloomberg write.
Strong U.S. stock performance was a key driver in boosting last year's gains above the 2013's 11.7-percent average, returning 22.8 percent for endowments, according to the annual review of more than 800 institutions' funds by the National Association of College and University Business Officers and nonprofit investment group Commonfund.
Harvard remained the country's wealthiest institution of higher learning with an endowment totaling $35.9-billion on June 30. The University of Texas overtook longtime runner-up Yale to claim the second spot with $25.4-billion. Gains were consistent across the spectrum of institutions' endowment size and investment strategies.