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>  News Releases >   2007 >   September

Impressive returns reported for Dartmouth endowment in fiscal 2006-07

Dartmouth College Office of Public Affairs
Posted 09/04/07 • Sue Knapp • (603) 646-3661

Dartmouth College officials today reported that the total return on the College's endowment was 23.7 percent for the fiscal year that ended June 30, 2007. This includes a 24.3 percent return on the investment assets portion of the endowment, which represents about 97 percent of the total.

The value of the endowment increased from $3.09 billion to $3.76 billion over the course of the fiscal year. The change in endowment value includes the increases resulting from investment activity as well as new gifts, and decreases because of spending for College activities.

"We're very excited by this performance," says Dartmouth's Chief Investment Officer David Russ. "Dartmouth actively directs its investment portfolio with external investment managers who work to add value over the indices in each asset class. Two things were the main drivers of the great investment outcomes for the past fiscal year: favorable overall asset allocation and the investment strategies of our managers."

Over the past two fiscal years the value of the entire endowment has grown by $1.06 billion through a combination of solid investment performance and the generosity of Dartmouth's alumni. This is the largest increase over a two-year period in the history of the College.

The Investment Office staff works closely with the Investment Committee of the Dartmouth Board of Trustees to establish investment policies, guidelines, and objectives; monitor performance; and assist in the selection of managers.

Adam Keller, the Executive Vice President for Finance and Administration, also shares Russ's pleasure with the endowment's performance. "We saw positive results in every asset class in the fund relative to their respective indices. I credit the great work of Dave and the Investment Office staff in the selection of managers and the allocation of assets, as well as the guidance provided by the Investment Committee. This recent strong performance has also increased the longer-term annualized returns to 14.6 percent for five years and 14.2 percent over ten years."

Each year a percentage of the endowment earnings are used to support College operations. The College relies on its endowment to underwrite about 20-30 percent of its annual operational budget.

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