Skip to Content, Navigation, or Footer.
Support independent student journalism. Support independent student journalism. Support independent student journalism.
The Dartmouth
April 16, 2024 | Latest Issue
The Dartmouth

College reports negative endowment returns for fiscal year 2022

The endowment shrunk by 3.1%, but still outperformed contracting equity and fixed income markets, according to the College.


The College’s endowment shrunk 3.1% for fiscal year 2022, a significant drop from last year’s striking 46.5% growth, the College announced on Wednesday. At the end of fiscal year 2022, which ended on June 30, 2022, the endowment totaled $8.1 billion. 

“Dartmouth’s endowment is well prepared for the market volatility we experienced this year,” Chris Lord ’86, chair of the Board of Trustees investment committee, said in the announcement. “While the performance was slightly negative on a one-year basis, our focus and investment strategy are designed to ensure that Dartmouth is positioned for exceptional long-term, risk-adjusted results.”

The negative returns still outperform equity and fixed income markets, which have contracted in the past year, according to the announcement. 

The College endowment has produced an average of 11.8% on returns in the past 10 years. In fiscal year 2020, the endowment grew 7.6%, and the year before yielded 7.5% on returns. According to College spokesperson Diana Lawrence, the endowment last generated negative returns in fiscal year 2016 at -1.9%. In fiscal year 2009, the endowment returned -19.6%. 

According to the College’s announcement, the College’s $8.1 billion endowment supports tuition affordability, mental and physical wellbeing initiatives and the development of “critical infrastructure.” 

According to last year’s endowment report, the endowment is divided between global equity, hedge funds, private equity and venture capital, real assets and fixed income and cash. 

Correction appended (Sept. 30, 3:02 p.m.): A previous version of this article included an incorrect valuation of the College's endowment as of June 30, 2022. The article has been updated.