Despite liquidity issues, taxation concerns and federal funding cuts, the median university endowment returned 11.2% in fiscal 2025, according to a report from NEPC, with the highest performers exceeding 15%. The fiscal year ran through June 30, 2025, for most institutions. The highest-performing endowments tended to have higher allocations to public equities, benefiting from the third year of a tech and artificial intelligence-fueled rally—especially in large-cap tech stocks. NEPC’s Hatton wrote that while large equity allocations benefited smaller endowments, investment managers’ returns were dispersed broadly. More on this topic:Tags: Endowments, NEPC