Endowment Fund
The UBC Endowment is the result of over ninety years of philanthropy wherein donors have provided resources to support specific aspects of the University of British Columbia's activities in perpetuity. Generous contributions from alumni, students and benefactors have been prudently invested over the years, generating much-needed annual revenue for the University and produces the highest standards of research, teaching and student aid. Income from an endowment provides stability in difficult economic times and periods of rapid growth. Please visit the UBC Development Office website for more information.
IMANT sets long term targets for investment performance that consider the need to produce regular income against which to grow the Endowment's capital. Investment results, prepared by independent third party consultants, are reviewed against benchmarks by IMANT's Board of Directors.
"A strong endowment is essential to the sustainability of UBC's vision to help our students become exceptional global citizens and to produce outstanding research in service to the people of British Columbia, Canada and the world. The magic of the Endowment is that it brings benefits not just for this generation, but for all generations."
Professor Stephen J. Toope
President and Vice Chancellor
The University of British Columbia
What are the Endowment Fund's Return Objectives?
The Funds current target return objective is 6.5% comprised of an annual spending rate of 3.5% of the rolling 36 month average market value, inflation of 2.1% and fund expenses totaling 0.65%. The long-term return target was established to produce a steady income stream for the Endowment programs and to preserve the real purchasing power of the Fund. Investment results, prepared by independent third party consultants, are reviewed against benchmarks by IMANTs Board of Directors.
How is the Endowment Invested?
The Fund is invested in a variety of asset classes, managed by external, top-tier investment managers (PDF). In addition to the endowment assets managed by IMANT, the University also has investments at three associated foundations.
A new policy mix was adopted in late 2010. It is anticipated that assets will be transitioned to the new policy mix over the next three years.
Actual Mix updated to September 2011
| Asset Classes | Actual Mix (Sept. 2011) |
Policy Mix (2005-2010) |
Policy Mix (2011-) |
| Fixed Income | |||
| Cash | 0.28% | 2.00% | 2.00% |
| Bonds | 22.12% | 18.00% | 18.00% |
| 22.40% | 20.00% | 20.00% | |
| Public Equities | |||
| Cdn Equities | 20.69% | 15.00% | 22.5% |
| US Equities | 11.40% | 15.00% | 11.25% |
| EAFE Equities | 10.87% | 15.00% | 11.25% |
| Emerging Equities | 3.17% | 0.00% | 10.00% |
| 46.13% | 45.00% | 55.00% | |
| Alternatives | |||
| Private Equity | 15.42% | 12.50% | 10.00% |
| Real Estate | 8.36% | 10.00% | 10.00% |
| Infrastructure | 3.93% | 0.00% | 5.00% |
| Hedge Fund of Funds | 3.76% | 12.50% | 0.00% |
| 31.47% | 35.00% | 25.00% | |
| Total | 100.0% | 100.0% | 100.0% |