How tiny Houghton college beat Harvard

For the second year, the smallest college endowments have outperformed their million-dollar-plus rivals.

THE hotly competitive returns of college endowment performance are out, and the results have again shaken the higher education elite down to their Ivy League roots: The smallest endowments - those with total assets under US$25 million - outperformed their billion-dollar-plus rivals for the second year. The National Association of College and University Business Officers, known as Nacubo, and the Commonfund Institute last week released the latest results, which are, for most schools, far more important than whether they advance to the NCAA Final Four.

The 2016 fiscal year, which ended June 30, wasn't an especially good year for anybody. But the smallest endowments outperformed the billion-plus...

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