Report on Investment Performance for the fiscal year ending June 30, 2023
On June 30, 2023, the market value of the University of Rochester’s Long Term Investment Pool (“LTIP”) was $3.3 billion. Performance for the fiscal year was 6.9%, net of all fees and expenses, compared with the benchmark return of 13.4%. Performance of the LTIP exceeded the benchmark for three, five, and ten years, and was over 8% net annualized for those periods.
The table below shows the LTIP’s June 30, 2023 allocations compared to targets for calendar year 2023.
The LTIP’s 62% alternative investment allocation, consisting of hedge funds and private equity and real asset partnerships, outperformed the LTIP and its benchmark for three, five, and ten years. For the fiscal year, private equity (including venture capital) returned -0.4%. The real assets portfolio returned 2.1%. The hedge fund portfolio returned 7.8%. The publicly-traded equity portfolio returned 17.1%, above the 16.5% return for the ACWI benchmark for the fiscal year. The fixed income and cash portfolio returned 2.4% for the fiscal year, compared to the 0.5% return for the benchmark Bloomberg Gov’t/Credit 1-3 Year Index.
The LTIP has ample liquidity, with approximately 50% of its value convertible into cash within one year.
The sources of return for the fiscal year, in descending order by contribution, are shown in the chart below (figures may not foot due to rounding).
