Cornell Fund Posts 5.3% Gain Amid Revamp After Move to New York
Cornell Fund Posts 5.3% Gain Amid Revamp After Move to New York
(Bloomberg) -- The performance of Cornell’s endowment has slipped almost two years into a revamp, highlighted by the office’s move to New York.
The university fund gained 5.3% in fiscal 2019, the school in Ithaca said in a statement Thursday. That’s the worst showing of the six Ivy League schools to report so far and compares with 10.6% return in the prior year.
Cornell started restructuring the portfolio in 2016, when Kenneth Miranda joined as chief investment officer. The endowment has recruited a new operations team and added two investment professionals. Miranda’s challenge has been to restructure the now $7.3 billion portfolio, a record high.
“We are continuing to reposition the portfolio,” Miranda said in a statement Thursday. It’s “slightly constrained by the illiquidity associated with many legacy investments that we’re working to convert into new positions.”
School | FY 2019 | FY 2018 |
Brown | 12.4% | 13.2% |
Bowdoin | 10.9 | 15.7 |
MIT | 8.8 | 13.5 |
U California | 8.2 | 8.9 |
Michigan State | 7.7 | 11.1 |
Penn State | 7.7 | 7.8 |
Dartmouth | 7.5 | 12.2 |
NC State | 7.3 | 11.4 |
U Oklahoma | 7.3 | 10 |
Duke | 6.9 | 12.9 |
U Pennsylvania | 6.5 | 12.9 |
Stanford | 6.5 | 11.3 |
Harvard | 6.5 | 10 |
Yale | 5.7 | 12.3 |
Cornell | 5.3 | 10.6 |
To contact the reporter on this story: Janet Lorin in New York at jlorin@bloomberg.net
To contact the editors responsible for this story: Alan Mirabella at amirabella@bloomberg.net, Vincent Bielski
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