Endowments question merits of hedge funds after negative returns in 2012
Hedge funds remain the single largest allocation for US university endowments but an extended period of lacklustre returns is leading some in the endowment community to question their value.
The fiscal year that ended June 30, 2012 was a tough one for US university endowments. Hedge funds were partly to blame.
Investment returns were essentially flat over the one-year period at 0.3% as gains in fixed income and US equities were offset by losses in hedge funds, international equities and commodities, according to the latest data from Commonfund Institute and the National Association of College and University Business Officers (Nacubo).
The performance of hedge funds, which lost 1.2%
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