Key Takeaways
- • The $1.8 billion University of Massachusetts Foundation posted a 15.9 percent gain in fiscal 2025, the top one-year result among endowments in the annual league tables compiled by executive recruiter Charles Skorina.
- • The University of Michigan's $21.1 billion endowment returned 15.5 percent and Bowdoin College's $2.9 billion endowment returned 15.3 percent, placing second and third in the one-year rankings.
- • Over ten years, UMass still ranks 53rd with an 8.5 percent annualized return, while Brown University leads with 11.4 percent annualized.
- • Michigan State University rose to fourth in ten-year rankings with a 10 percent annualized gain, while MIT's $27.4 billion endowment returned 14.8 percent in the latest year.
- • Over the past decade, the S&P 500 (13.65 percent annualized) outperformed most large endowments, which include Yale at 9.4 percent and Harvard at 8.2 percent.
Summary
The $1.8 billion University of Massachusetts Foundation topped its much larger peers in the annual endowment performance rankings with a 15.9 percent gain in 2025, according to a just-published report by executive recruiter Charles Skorina. The next-best result came from the $21.1 billion University of Michigan endowment at 15.5 percent, followed by Bowdoin College's $2.9 billion endowment at 15.3 percent.
Despite its standout one-year showing, UMass ranks in the bottom half of its peers over ten years, with an 8.5 percent annualized gain placing it 53rd. Its chief investment officer, Jon Gibbons, joined the endowment in 2017. Brown University posted the best ten-year record at 11.4 percent annualized and gained 11.9 percent last year; its CIO, Jane Dietze, joined in 2018 after running Bowdoin's private equity investments. Bowdoin ranked second over ten years at 11 percent annualized.
The University of Michigan, now ranked fifth over ten years at 9.9 percent annualized, is the second-largest endowment among the top performers, behind MIT's $27.4 billion, which returned 14.8 percent last year and ranks third over ten years at 10.7 percent. According to the university's endowment website, CIO Erik Lundberg has delivered top-quartile performance, helping grow the endowment from $2.5 billion when he joined to the 9th largest. Lundberg was named Endowment CIO of the Year at the 2024 Institutional Investor Allocators' Choice awards. Michigan State University, whose CIO Phil Zecher joined ten years ago, climbed to fourth over ten years with a 10 percent annualized gain and a 10.7 percent return in 2025, after ranking eighth in long-term tables previously.
The report also noted that endowments as a group have lagged a passive benchmark over the decade. The S&P 500 returned 13.65 percent annualized over ten years and 15.16 percent in the trailing 12 months ending June 30, the fiscal year end for endowments. A 60/40 stock-bond mix returned 9.01 percent annualized over ten years and 11.62 percent last year. Several of the largest endowments have trailed: Yale's $44.1 billion endowment gained 11.1 percent last year and 9.4 percent annualized over ten years, ranking 17th long-term; Stanford's $47.7 billion endowment gained 14.3 percent last year but 9.4 percent annualized over ten years, ranking 14th; and Harvard's $56.9 billion endowment gained 11.9 percent last year and 8.2 percent over ten years, falling to 71st of the 122 college endowments above $1 billion that Skorina ranks.
Despite its standout one-year showing, UMass ranks in the bottom half of its peers over ten years, with an 8.5 percent annualized gain placing it 53rd. Its chief investment officer, Jon Gibbons, joined the endowment in 2017. Brown University posted the best ten-year record at 11.4 percent annualized and gained 11.9 percent last year; its CIO, Jane Dietze, joined in 2018 after running Bowdoin's private equity investments. Bowdoin ranked second over ten years at 11 percent annualized.
The University of Michigan, now ranked fifth over ten years at 9.9 percent annualized, is the second-largest endowment among the top performers, behind MIT's $27.4 billion, which returned 14.8 percent last year and ranks third over ten years at 10.7 percent. According to the university's endowment website, CIO Erik Lundberg has delivered top-quartile performance, helping grow the endowment from $2.5 billion when he joined to the 9th largest. Lundberg was named Endowment CIO of the Year at the 2024 Institutional Investor Allocators' Choice awards. Michigan State University, whose CIO Phil Zecher joined ten years ago, climbed to fourth over ten years with a 10 percent annualized gain and a 10.7 percent return in 2025, after ranking eighth in long-term tables previously.
The report also noted that endowments as a group have lagged a passive benchmark over the decade. The S&P 500 returned 13.65 percent annualized over ten years and 15.16 percent in the trailing 12 months ending June 30, the fiscal year end for endowments. A 60/40 stock-bond mix returned 9.01 percent annualized over ten years and 11.62 percent last year. Several of the largest endowments have trailed: Yale's $44.1 billion endowment gained 11.1 percent last year and 9.4 percent annualized over ten years, ranking 17th long-term; Stanford's $47.7 billion endowment gained 14.3 percent last year but 9.4 percent annualized over ten years, ranking 14th; and Harvard's $56.9 billion endowment gained 11.9 percent last year and 8.2 percent over ten years, falling to 71st of the 122 college endowments above $1 billion that Skorina ranks.
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