Virginia Tech Foundation returns -4.1% for fiscal year

Virginia Tech Foundation Inc.'s $1.7 billion consolidated endowment fund returned -4.1% for the fiscal year ended June 30, according to a report included with materials for the Blacksburg, Va.-based university's upcoming Aug. 23 board of visitors meeting.

The endowment fund's return well exceeded its benchmark return of -15.7% for the period, according to the report.

For the three, five and 10 years ended June 30, the endowment fund returned an annualized 4.5%, 4.8% and 7.5%, respectively, above their respective benchmarks of 2.5%, 4.4% and 6.3%.

The endowment fund had returned more than 27% for the fiscal year ended June 30, 2021.

The presentation did not disclose whether the returns were gross or net of fees.

Asset allocation information was not included in the meeting materials. In the foundation's 2021 report, the consolidated endowment fund's target allocation was given as 60% equities, 30% fixed income and 10% real assets.

The equity asset class consists of active and passive public equities, long/short equity, private equity and private equity co-investments. Fixed income consists of credit, credit co-investments, U.S. Treasuries and cash. Real assets consists of active real estate and natural resources.

Dan Ward, chief investment officer-endowment, could not be immediately reached for further information.