skip to content

Cambridge Endowment for Research in Finance (CERF)


PI: Dr Justin Foo

Project Title: Endowment Investing Over the Very Long Run

Project Summary: University endowments are the ultimate long horizon investors and have a unique responsibility to maintain intergenerational equity. However, little is known about the origins of endowment investing although it has been critical in establishing the template that many subsequent institutional and individual investors have followed. This project documents the long run evolution of university endowments’ asset allocation and examines their investment performance and strategies. We explore the relationship between gifting behaviour, endowment performance and economic conditions.

Project Period: 03.02.2013-03.02.2014

Project Report - End of Award -  April 2014

Project Update - September 2014

Project Update - April 2014 (research trip)

Project Update - April 2014