IN the world of money management, bigger is often considered better. College and university endowments greater than US$1 billion, for example, have long outperformed their smaller rivals.
That may be changing.
In the latest annual National Association of College and University Business Officers-Commonfund study of endowment performance, the smallest endowments - those under US$25 million - edged out the biggest endowments, averaging a five-year annualised return of 10.6 per cent to the US$1 billion-plus category's 10.4 per cent.
Even more surprising, the top-performing endowments over 10 years among all schools reporting data weren't giants like Harvard and Stanford or even Yale, known for its pioneering...
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