Inspired by Financial Samurai's latest post, I am updating my post on the Yale Endowment. They have released preliminary results for the 2019-20 financial year (ends 30 June) and so we can update with three years of data. They returned 6.8% for the 2019-20 financial year, which is just below the S&P500's 7.5%. On the other hand, HFRI lost 0.6% and I lost 0.1% in USD terms. In the long run, since the financial crisis they have tracked the MSCI index with a little extra return and a little less volatility:
Their asset allocation continues to evolve, with domestic equity now only 2.5% and private equity now 41% of the portfolio:
Natural resources are now down to 4.5%. This is much more extreme than the typical family office portfolio, which has 49% of assets in alternatives including rela estate and commodities vs. 78% of the Yale portfolio.