ELS25: Results From the 2024 NACUBO-Commonfund Study of Endowments
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This webinar provides an overview of the results of the 2024 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 2024 NACUBO-Commonfund Study of Endowments is expected to show that college and university endowments posted higher returns in fiscal year 2024. However, returns varied greatly by endowment size, institution type, and other dimensions. In addition, the prospect for tough market conditions in the future, along with potential changes to education policy at the federal level, will likely bring even more pressure for universities to spend more from their endowments to support students. 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 FY24. Panelists will address the challenges of the financial market conditions they are facing in 2024 and beyond.
Learning Objectives
After this webinar, you will be able to—
- Compare your institution’s FY24 investment results against national averages by endowment size and institution type
- Recognize differences in returns, spending rates, and spending policies by endowment sizes and asset class
- Appraise the market and policy challenges in FY24 and beyond
Recording
This webinar will be recorded. Registrants will receive an email when the recording is available.
Sponsor
This webinar in the 2025 Endowment Leadership Series is generously supported by this Primary Contributor:
CPE Available: 1 Credit 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: 60 minutes
Steps to Earn CPE Credit
You can only earn credit for attending the 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:
- 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.
- Submit the CPE check-out code displayed at the end of the session.
- Download your CPE certificate.
You have until 5 pm Eastern Time on February 20, 2025, 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.
Ken Souza
Assistant Vice President of Investments
University of South Florida Foundation
Ken Souza joined the USF Foundation in December of 2008. He had previously worked for the asset management arm of Fidelity Investments and in insurance portfolio investing for New York Life. As the Foundation’s assistant vice president of investments, he oversees over $900 million in endowment and operating pool assets. This role includes leading investment initiatives, coordinating research with the Foundation’s investment consultant, conducting due diligence on current and prospective managers, and reporting to the Foundation’s investment committee.
Souza graduated from Merrimack College in 2000 and obtained an MBA from Suffolk University in 2005. Souza is also a certified treasury professional. Souza also serves on the advisory board for the Merrill Lynch Wealth Management Center and the Student Managed Investment Fund in the USF Muma College of Business and is a board member on the Tampa Bay History Center Foundation.
Tim Yates
President and CEO
Commonfund OCIO
Tim Yates 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.
Ken Redd
Senior Director, Research and Policy Analysis
NACUBO
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.
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LockedCommonfund Institute is among the nation’s most trusted sources for relevant, useful, and proprietary data, analytics, and best practices in financial management. The Institute provides a wide variety of resources, including conferences, seminars, roundtables, and online learning through Commonfund Institute Online. Insights cover topics such as endowments and governance; proprietary and third-party research such as the Commonfund Benchmark Studies®; publications including the Commonfund Higher Education Price Index® (HEPI); and events such as the annual Commonfund Forum and Investment Stewardship Academy. For more information, visit www.commonfund.org.
Contacts
George Suttles, Executive Director | George.Suttles@commonfund.org | 646-348-9248
Allison Kaspriske, Director | Allison.Kaspriske@commonfund.org | 203-563-5021
Resources
Bank of America has been a leading investment advisor to endowments and foundations for over 160 years. With more than $65 billion under management, our dedicated team of approximately 200 professionals located in offices throughout the United States supports your mission with a comprehensive suite of fiduciary services, including–
Tailored investment services – We build customized investment programs designed to serve as an extension of your staff, supporting your institution’s spending needs. We take into account your income objectives, risk tolerance and liquidity requirements while observing the highest standards of fiduciary responsibility. Investment decisions are made using a total portfolio approach in which the objective is not simply to outperform benchmarks but to help meet a broad spectrum of goals for your institution.
Consulting and advisory support – Fulfilling your institution’s mission goes beyond a successful investment program. Our specialists provide assistance with other important matters that are essential in helping you to meet your goals —governance, Board education and assessment, and fundraising strategies, among others.
Administrative support – We help you to optimize your staff resources and ensure compliance with regulatory requirements by establishing operational protocols and developing and implementing policies and procedures to improve your institution’s administrative efficiency.
Contacts:
Bill Jarvis, Managing Director, Philanthropic Strategy & Delivery Executive, william_jarvis@bofa.com
Bernie Reidy, Managing Director, National Endowment and Foundations Executive, bernard.reidy@bofa.com
Resources
We help higher education institutions, including universities, colleges, and foundations, invest for change. Our research, advice, and customized investment solutions aim to help you achieve your investment outcomes while helping to advance your mission. Our services are flexible and tailored to meet the unique needs of your institution. Visit us online to learn more.
Resources
Higher education: Evolving and advancing through the sector’s challenges – In our two-part series, we explore the complex challenges higher education institutions are currently facing and provide actionable insights to help navigate this evolving landscape.
Top considerations for endowments and foundations 2025 – In this paper, we address four top considerations that E&Fs should keep in mind heading into the new year.
Swing state: investment themes and opportunities in 2025 and beyond – Through the course of this paper, we outline some of the key themes and opportunities we see over the next five years and beyond.
Optimizing operating cash: Effective liquidity management for Endowments & Foundations – We delve into the strategies for managing liquidity to ensure that your organization can meet its operational needs while maximizing potential investment opportunities.
Thoughts about rainy day funds (emergency reserves) – Many E&F’s experienced severe disruptions during the COVID pandemic and their reserves helped keep them afloat until government relief programs kicked in. Explore how we encourage E&Fs to react.
2025 Endowment & Foundation Quarterly Update – Each session will delve into the latest market trends, industry updates, and important topics that impact E&Fs, aiming to ensure you stay informed and prepared for the evolving environment.
Contact
Texas Hemmaplardh, U.S. Endowment & Foundation Leader, 212.345.0713, texas.hammaplardh@mercer.com
Fidelity Institutional offers institutional investors—including endowments, foundations, and retirement plan sponsors,—access to firsthand market knowledge and investment insights from one of the world’s largest proprietary investment research organizations. We also offer a broad and deep set of institutional investment management capabilities across global equities, fixed income, multi-asset class, high income, and alternatives. Visit i.fidelity.com/nonprofits rel="nofollow noopener noreferrer"> to learn more.
Contacts:
Danielle Frissell, Senior Vice President, Business Development, Danielle.Frissell@fmr.com
Eric Lussen, Senior Vice President, Business Development, Eric.Lussen@fmr.com
Resources
John W. Bristol & Co., Inc. (“JWB”) is a privately owned, independent investment adviser established in 1937 to advise college and university endowment funds and we have been helping clients in the educational field fulfill their missions for the better part of nine decades.
The firm manages equity, fixed income, and balanced accounts totaling approximately $6.7 billion for 108 clients as of December 31, 2024.Based on the NACUBO NSCEE study, our 10-year balanced account results rank in the top quartile of college endowment results for 2024 and have ranked in the top quartile on a 10-year basis for the past 10 years. This top-tier performance begins before your freshman class was born.
Our time-tested process has delivered equity returns superior to the S&P 500 over the past 10 years as well.
Endowments seeking to move into the top quartile should contact us to learn more.
Contact:
Benjamin M. Williams, Managing Director, Client Development, contact@jwbristol.com
Resources
Established in 1988, Prime Buchholz has a long history of serving higher education as an investment advisor/OCIO. Founded by two university CFOs, educational institutions represent approximately one-third of our 250 clients. We have a deep-rooted understanding of the unique financial needs of colleges and universities—our lasting client relationships highlight our ability to cater to their specific needs. Our proprietary analytics platform, PrimePlus®, automates data workflows, integrates multiple sources, and delivers real-time investment insights to endowments.
Contact:
Adam Leech, adam.leech@primebuchholz.com, 207.216.7483
