Columbia University endowment records 7.6% loss

Columbia University, New York, on Wednesday reported that its net endowment return for the fiscal year ended June 30 was -7.6% and assets were $13.3 billion.

For the year ago period, the net return was 32.5% and assets were $14.35 billion.

"The university's endowment results were negatively impacted by the dramatic reversal in the equity markets during the second half of the year," Kim Lew, president and CEO of the Columbia University Management Co., which manages the endowment, said in a news release.

"Many of the investments that outperformed over the past few years suffered steep declines, even if on a long-term basis they remain positive contributors," Ms. Lew said.. "We are actively continuing the work we began over a year ago to reposition the portfolio, at more reasonable valuations."

Although the news release said the endowment's annualized 10-year return was 8.8%, it didn't provide details on other annualized returns, benchmarks, asset allocations and targets, or returns for asset classes.