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A pandemic, excess cash on hand, and market turmoil left the University of California’s investment office with mixed performance in its latest fiscal year.
The investment office recently published a report detailing its performance and internal initiatives for the fiscal year ending June 30, 2020. The report shows that the university’s largest pool of capital, its pension fund, underperformed benchmarks, returning less than 2 percent for the fiscal year. Meanwhile, its endowment portfolio outperformed, returning 5 percent for the year.
“At the start of the fiscal year, we were cruising along, enjoying the 11th year of a bull market the longest in history and fully expecting it would last through 2020,” chief investment officer Jagdeep Bachher wrote in the report. “The novel coronavirus, however, had more nefarious plans.”