Endowment Report 2021-2022

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Target Asset Allocation Percentages

FISCAL YEAR 2022 TARGET ALLOCATION

FISCAL YEAR 2022 RETURN

ASSET CLASS

COMMENTARY

The Public Equity portfolio was a detractor after being impacted by a broad-based global equity market sell-off. This was further exacerbated due to the portfolio’s over allocation to growth and quality sectors and underallocation to commodity sensitive securities. The Private Equity portfolio was a contributor to performance despite broad-based mark-downs impacting the industry. The performance was positive across each of the sub-portfolios but led by venture capital managers posting the strongest returns. The Absolute Return portfolio was a consistent contributor to performance despite volatility within global equity and fixed income markets. The portfolio is structured to be highly uncorrelated to markets and achieved positive performance across each of the sub-portfolios including hedge funds, credit and opportunistic largely capitalizing on idiosyncratic opportunities. The Real Estate portfolio was a sizable contributor to performance led by the continued reversal of mark-downs taken from the uncertainty caused by COVID-19. The industrial and multi-family sectors, which represent the largest exposure within the sub-portfolio, were the largest contributors. The Treasuries and Cash portfolio was only a slight detractor to performance despite the 10-year treasury yield doubling during the fiscal year from 1.5% to 3.0%. The portfolio navigated the environment well due to the sizable overweight to cash relative to treasury securities.

Public Equity

-24

37

Private Equity

8

30

Absolute Return

11

20

Real Estate

22

5

Treasuries & Cash

-1

8

11