College endowment returns averaged 7.7% after fees in fiscal year 2023, according to new data released Thursday from the National Association of College and University Business Officers and the Commonfund, an asset management firm. 

Although investment returns certainly help boost the value of endowments, they don’t reflect the full picture. Their market values also fluctuate due to factors like new gifts and withdrawals to support student financial aid and other institutional priorities. 

Below, we’re rounding up the market value changes of the 20 largest endowments in the nation. The results were a mixed bag, with some college endowments seeing major gains and others losing value.