Texas Tech University System's $1.7 billion endowment returned -1.4% for the fiscal year ended Aug. 31, according to an endowment report posted on the Lubbock-based system's website.
For the three, five and 10 years ended Aug. 31, the endowment returned an annualized 8.6%, 6.9% and 7.3%, respectively.
The endowment had returned 27.7% for the fiscal year ended Aug. 31, 2021.
The report did not say whether the returns were gross or net of fees and did not provide returns by asset class.
For its most recent fiscal year, Texas Tech's negative return reflected a challenging market environment, primarily in public equities and fixed income, although the return did well exceed to the indexes in those asset classes. For the year ended Aug. 31, the Russell 3000 index and Bloomberg U.S. Aggregate Bond index returned -13.3% and -11.5%, respectively.
Among the 41 university endowments whose returns were tracked by Pensions & Investments as of Monday for the traditional fiscal year ended June 30, the median return was -4.1%.
The Texas Tech endowment's target allocation is 40% public equities and 20% each debt, hedge funds and private equity.
