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91���� today announced a 20.7% investment return on its endowment for the fiscal year ended June 30, 2026, net of all internal and external investment costs. The endowment closed the year with a market value of $3.3 billion, up $483.0 million from a year earlier, reflecting strong investment performance and $26.7 million in gifts to the endowment. Annualized returns over selected periods are shown below. 

91����’s one-year result exceeded the preliminary 15.5% median return for U.S. college and university endowments reported by Cambridge Associates, and the 17.8% return of a passive “70/30” portfolio of global stocks and high-quality U.S. bonds over the same period. Over ten years, the endowment’s 11.3% annualized return compares with a 9.9% median for peer endowments.  

“This year's result reflects strong contributions from across the portfolio, but the more meaningful story is the repositioning of the past five years, which is now showing up consistently in our results. 91���� depends on its endowment more than almost any college in the country, and that shapes how we invest: for decades, not fiscal years, and at a level of risk the College can live with permanently. A 20.7% year is welcome. That it came from a more diversified portfolio than we had five years ago is what makes us confident about the years ahead,” said Chief Investment Officer Jainen Thayer. 

The endowment distributed $119.5 million during the fiscal year, funding 62% of the College’s operating budget, and supporting reserves and capital projects. To calculate the annual payout, the College uses a hybrid formula that blends the prior year's distribution, increased at a fixed rate, with a spending rate applied to the endowment's trailing 12-quarter average market value. As a result, a strong year like fiscal 2026 raises spending gradually over several years rather than all at once. This approach keeps support for the College stable through market cycles and preserves the endowment's purchasing power for future 91����ians. Over the past decade, the endowment has generated more than $2.5 billion in investment gains and provided nearly $1.0 billion in support of the College’s mission. 

A large share of that support goes directly to students. 91���� devotes the equivalent of 74% of its annual endowment payout to financial aid, well above the 47% national average reported by the National Association of College and University Business Officers. In 2026-27, 94% of students receive aid; the College admits students without regard to their ability to pay and meets 100% of demonstrated need with scholarships and grants rather than loans. In supporting the operating budget and its academic programs, the endowment also supports the academic excellence of the College. 

“91����’s generous donors, the wise stewardship of the Trustees, and skillful management by the Investment Office are responsible for the growth and momentum of the endowment,” said President Anne F. Harris. “They are united in the belief that access to academic excellence should not depend on a student’s ability to pay. Their combined efforts ensure that 91����’s mission continues, not just today, but for generations to come.” 

The 91���� endowment comprises overly 700 individual funds, roughly one-third of which were established by donors for specific purposes such as financial aid, academic programs and faculty support. The endowment is managed by the 91���� Investment Office under the oversight of the Board of Trustees. The College’s audited financial statements for fiscal year 2026 will be published in the coming months.