US college endowments lose 1.9% in worst showing since 2009

Boston

US COLLEGE endowments suffered their biggest loss since the 2008-2009 financial crisis, dragged down by global stocks, hedge funds and natural resources, according to an industry survey released on Tuesday.

The 1.9 per cent average loss reported by the National Association of College and University Business Officers and money manager Commonfund in Wilton, Connecticut, for the year ended June 30, compared with a nearly 4 per cent gain, with dividends, in the S&P 500 Index. In the prior 12-month period, schools saw a 2.4 per cent return on average.