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College endowment returns plunged sharply into negative territory in 2022, according to data from the National Association of College and University Business Officers and money manager TIAA.
But investment returns aren't the whole story. Changes to endowments' market values are different because they also reflect factors like money spent to fund college operations, investment fees and new gifts.
We created this chart to show how market values changed in fiscal 2022 for the 20 largest endowments in the country. Most lost value, but not all.
Check out the data below. Or head over to our full writeup of the NACUBO study, which includes more context on returns and additional information on asset allocations.
Most top-20 college endowments lost market value in 2022
2022 market values, year-over-year change, and endowment values per FTE student
