ELS24: Results From the 2023 NACUBO-Commonfund Study of Endowments

ELS24: Results From the 2023 NACUBO-Commonfund Study of Endowments

Recorded On: 02/22/2024

50th anniversary

This session provides an overview of the results of the 2023 NACUBO-Commonfund Study of Endowments, the most comprehensive analysis of endowment investment returns, asset allocations, and governance policies and practices at U.S. higher education institutions and affiliated foundations. 

The 2023 NACUBO-Commonfund Study of Endowments, the 50th anniversary of NACUBO’s endowment study series, is expected to show that college and university endowments posted below average returns in fiscal year 2023. These lower returns, and the prospect for tough market conditions in the future, bring even more pressure for universities to spend more from their endowments to support students and faculty. The returns also come as campus leaders are facing rising inflation, lower enrollments, and increasing calls for controlling college costs.

College and university chief investment officers and other panelists will look back at the investment returns, asset allocations, and other factors that influenced performance in FY23. Panelists will address the challenges of the financial market conditions they are facing in 2024 and beyond. They will also share the major highlights endowments have seen over the past 50 years.    

Learning Objectives

After this session, you will be able to—

  • Compare your institution’s FY23 investment results against national averages by endowment size and institution type. 
  • Recognize differences in returns by endowment sizes and asset class. 
  • Appraise the market challenges in fiscal 2023 and beyond. Asset the major changes in  endowment investing policies and practices that have occurs in the past 50 years and how these trends might influence future strategies


This session will be recorded. Registrants will receive an email when the recording is available.


This session in the 2024 Endowment Leadership Series is supported by:


CPE Available: 1.5 Credits in Specialized Knowledge

Each individual must register and attend separately to earn credit.


NACUBO is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.nasbaregistry.org

Event Information

  • Level: Intermediate
  • Prerequisites: Minimum 1-2 years of experience as a professional in higher education or a related private industry.
  • Advanced Preparation: None
  • Delivery Mode: Group internet based
  • Field of Study: Specialized Knowledge
  • Length: 75 minutes

How to Earn CPE Credit

CPE credit is awarded per session. You can only earn credit for attending a session live. CPE credit cannot be earned for watching the recordings.

To earn CPE credit, you will complete the following tasks under the Content tab, after the session has ended:

  1. Pass the CPE codeword quiz. Write down the codewords posted in the Zoom chat at random times throughout the session and complete the quiz at the end of the session. 
  2. Submit the CPE check-out code displayed at the end of the session. 
  3. Download your CPE certificate. 

You have until 5 pm Eastern Time on February 23 to complete these three steps or report technology issues with this site to online@nacubo.org.

For more detailed instructions, review the CPE Instructions page.

Charmel Maynard

Chief Investment Officer and Treasurer

University of Miami

Charmel Maynard serves as the University of Miami's chief investment officer and treasurer. In this capacity, he leads the university’s efforts to invest assets, including endowment and pension funds. Maynard is also responsible for the university’s capital structure, including liquidity and debt issuances. Additionally, he manages treasury and cash management.

Maynard was previously a vice president with J.P. Morgan’s Investment Bank in New York City. During his 10-year career with J.P. Morgan, he focused on investment banking debt capital markets and leveraged finance, where he advised clients on capital structure solutions, deal structuring, and execution of syndicated revolving credit facilities, institutional term loans, and bond issuances.

Maynard holds a bachelor’s degree in political science from Amherst College.

Tim Yates

President and CEO, Commonfund OCIO


Timothy T. Yates, Jr. heads Commonfund OCIO and is responsible for managing all aspects of Commonfund OCIO's business, which focuses exclusively on non-profit institutions. In this role, he leads a team of professionals that advise, implement, and monitor custom investment solutions for institutions with total assets under management of more than $15 billion. Yates is a member of the Commonfund OCIO Executive Group and serves on both the Commonfund Asset Allocation and Operating Committees.

Yates joined Commonfund as an associate in the CF Private Equity Associate Program. In 2003, he was a founding member of Commonfund's OCIO platform, where he was responsible for the design, tailoring, and implementation of total portfolio solutions. Additionally, he held several roles with CF Private Equity including having responsibility for custom accounts and serving as a senior member of the firm’s emerging markets private equity portfolio leadership team with a focus on Latin America.

Before joining Commonfund, Yates was an instructor of Spanish and Italian at Fordham Preparatory School in the Bronx, NY. He holds an MBA in finance with a designation in international business from Fordham University and a BA in modern languages from Trinity College. Yates is a member of the investment committee for St. Paul’s Church in Fairfield, CT, the Advisory Board of Girls Who Invest, a member of the Trinity College Board of Fellows, and the Board of Directors of Caroline House—a non-profit in Bridgeport, CT, focused on enabling women and children to reach the fullness of their potential through education in English language and life skills.

Stephanie Hughes (Moderator)

Senior Reporter


Stephanie Hughes is a senior reporter for the national radio show Marketplace, where she reports on business and economics, with a focus on education. She’s covered stories ranging from the effectiveness of technology used by schools to prevent violence to why theater majors are getting jobs writing for chatbots. Previously, Hughes worked as a producer for Bloomberg and before that at WYPR, the NPR affiliate in Baltimore, where she helped produce a year-long, multi-platform series on race, wealth, and poverty, which won a duPont-Columbia Award. Her work has also appeared in The New York Times, on NPR, and in Salon. She lives in Baltimore.

Ken Redd

Senior Director, Research and Policy Analysis


Kenneth E. Redd is senior director, research and policy analysis for NACUBO. At NACUBO, Redd directs the annual NACUBO-TIAA Study of Endowments, the NACUBO Tuition Discounting Study, and other studies on higher education finance issues.

In addition to his work at NACUBO, Redd also serves on the board of trustees for the Meadville Lombard School of Theology in Chicago, IL, and is a member of the board of directors for the Unitarian Universalist Common Endowment Fund (UUCEF) and the Association for the Study of Higher Education (ASHE).

Redd has a master’s degree in public affairs from the Hubert H. Humphrey School of Public Affairs, University of Minnesota. 


Did Not Pass
ELS24: Results From the 2023 NACUBO-Commonfund Study of Endowments
02/22/2024 at 2:00 PM (EST)  |  Recorded On: 02/22/2024  |  76 minutes
02/22/2024 at 2:00 PM (EST)  |  Recorded On: 02/22/2024  |  76 minutes The Zoom room will open 15 minutes before the start time. To enter the room, click "Enter Session.”