Yale University's endowment posted an 11.5-percent gain for the year ending June 30, outpacing Harvard's investment performance for the fifth straight year, writes The Wall Street Journal.
The double-digit return disclosed on Thursday boosted Yale's fund to $25.6 billion and reinforced the school's support for a strategy pioneered by its longtime investment manager, David Swensen, that relies heavily on hedge funds and private equity. Such investments make up more than half of the endowment's assets.
Harvard's endowment, the world's largest at $37.5 billion, reported 5.8-percent growth for the 2015 fiscal year, the lowest among Ivy League institutions that have announced results to date. Some elite non-Ivy schools outpaced Yale, including the Massachusetts Institute of Technology (13.2 percent) and Bowdoin College (14.6 percent), whose funds are managed by former understudies of Mr. Swensen.