耶鲁和斯科特队在2016年获胜

谈到投资时，耶鲁大学今年已经学校了常春藤联盟的竞争对手。255亿美元的捐赠，由首席投资官经营大卫斯文文那led the pack with a 3.4 percent return for the fiscal year ended June 2016. That’s music to the ears of advocates of the so-called Yale model for endowment investing, which is known for large allocations to alternative investments such as private equity and hedge funds. But is Yale’s formula worth copying?

研究公司马尔可夫进程的新分析国际（MPI）试图回答其他捐赠是否采用了耶鲁模型的问题。使用它称之为“常用样式”的专有度量在资产分配混合中测量重叠在各种投资组合中，看着14所大学禀赋的池，并计算他们与耶鲁投资策略对齐的程度。研究人员发现，普林斯顿大学和马萨诸塞州的技术研究所与耶鲁斯相似，并恰好是集团唯一的其他禀赋，以得分积极回报。

普林斯顿和麻省理工学院报告了本财政年度的回报0.8％，其资产分配混合分别与耶鲁分别重叠78％和77％。也许这与掌舵们都有David SwensenProtégés是没有巧合。Andrew Golden, president of Princeton University Investment Co., trained under Swensen as an intern and worked as a portfolio manager from 1988 to 1993. Seth Alexander spent ten years at Yale’s endowment before taking over Massachusetts Institute of Technology Investment Management Co. in 2006. MIT’s and Princeton’s endowment strategies were an 82 percent match, according to MPI’s calculations.

后方的康奈尔大学，康奈尔大学，平均捐赠了2.6％，3.3％和3.4％的平均值。三项雇用的资产分配策略，其中与样本中所有学校的所有学校中最不相关的资产分配策略：公爵分享了与耶鲁耶鲁的50％的资产分配，而康奈尔的40％，加州学校的35％。

“今年的大部分收益只有几个特定的​​因素暴露，”马尔可夫的研究人员写道，引用私募股权，房地产和美国股票和债券。“更多的暴露推动了损失。”

数据显示,捐赠基金没有限制ir appetite for alternative investments since the financial crisis, despite the decision of some of their peers in the public pension community to flee from those assets in response to public pressure over the high fees charged by managers that produced years of less than stellar returns. The California Public Employees’ Retirement System turned heads in 2014 with a declaration that it planned to dump hedge funds from its portfolio, inspiring a number of other pensions to follow suit. In April the $51.2 billion New York City Employees’ Retirement system voted to cash out of hedge funds altogether, and the New Jersey State Investment Council in August revealed it would pare its $71.9 billion hedge fund portfolio from 12.5 percent to 6 percent.

即使是小家伙现在正在向BEDE-BYE指向对冲基金。9.6亿美元的罗德岛国家投资委员会于9月宣布，它将将其对冲基金365亚博 削减了一半，10月份决定的149亿美元的肯塔基州退休系统将对冲基金管理人员提供一半。

虽然耶鲁和普林斯顿的加权较小，但对冲基金的支持比同龄人 - 支持私募股权，风险投资和房地产车 - 马尔可夫·施瓦茨总统杰夫施瓦茨告诉亚博赞助欧冠“在有权获得这些精英投资机会的大型捐赠中，他们对替代方案的信念尚未被反弹和绩效所震撼。”

即使耶鲁今年历史最高荣誉，Schwartz也不会妄下结论。耶鲁模型的优点是一定常见的辩论的主题，肯定会继续。“我不认为一年足够长，以证明任何投资策略 - 不是耶鲁或任何人的否则，”他说。