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Ivy and elite endowments did poorly in fiscal year 2023, especially relative to a global 70/30 benchmark and smaller, less resourced endowments that invest in less private markets assets/funds than those employing the ‘Yale model’.

Many high profile funds with set risk targets exhibit levels of volatility last seen only during the Global Financial Crisis. This and the disparity of results between funds in the category is the subject of this post.

Hedge Funds Have a Place in Investor Portfolios, They’re Just Too Darn Expensive and Not Easy to Pick

We provide some clues as to why some of the largest endowments have disappointing results in FY2023

The projections come from MPI’s Transparency Lab, which provides unique insights into the styles, risks, and performance of traditionally opaque pensions and endowments.

For the past 20 years Texas Teachers Retirement System’s performance mimics the average of large public pensions tracked by MPI Transparency Lab.

Developed through a partnership with BarclayHedge, a unique investable benchmark delivers consistent performance and low risk, while preserving downside protection benefits of the managed futures strategies.

MPI Transparency Lab projects a complete reversal of FY2022 results for U.S. public pensions with last fiscal year’s winners projected to have low single digit returns in FY2023. Funds are lagging due to their exposure to poor performing private equities and commodities and winning because of exposure to global equities.

Endowments and pensions continue to post gains, but exposure to private markets pushes many below benchmarks