This newsletter is an update two years on from our whitepaper entitled “Analysis of Large US University Endowment Outperformance” covering the 10-year period ending June 2023 of a select group of 12 US university endowments. This update covers the 10-year period ending June 2025. We have made one small change to the methodology and that is to report portfolio performance net of endowment internal investment team costs. Our past reports have not ensured these were reported on an “apples to apples” basis. This has been corrected in both 10-year periods (ending 2023 and 2025).