PROVIDENCE – One year after its value fell for the first time in a decade, Brown University’s endowment generated a 2.7% investment return over the last fiscal year ending June 30.
The Ivy League institution announced Wednesday that its endowment’s total market value increased by $100 million year over year to $6.6 billion. The growth resulted from solid returns in the stock market but more “modest returns” from alternatives, Brown said.
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The 2.7% return, Brown says, exceeded the university’s aggregate benchmark, which measures Brown’s performance against index returns that reflect the endowment’s mix of assets, by 0.8 percentage points.
The positive return on investment comes one year after Brown’s endowment fell 4.6% in 2022 following a long period of growth.
Brown said the endowment provided a record $257 million for student scholarships, scientific research and other priorities during the 2023 fiscal year. There were also $174 million in investment gains and $175 million in new endowed gifts, as well. Additionally, 47% of undergraduate students at Brown receive need-based financial aid, the university said, with an average aid package of $63,042 that covers approximately 72% of the full attendance cost.
“Our mandate is to produce investment returns such that each and every endowed gift can continue to make contributions to its stated purpose in perpetuity, and such that contributions do not lose economic value over time,” Brown Vice President and Chief Investment Officer Jane Dietze said in a statement. “Fortunately, our investment gains have been sufficient to increase the value of Brown’s endowed funds significantly, and those funds are playing a direct role in bringing world-class student support, teaching initiatives and high-impact research to life on campus every day.”
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.
Time for a new CIO at Brown,