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耶鲁大学的捐赠基金（endowment fund）的资产规模从1985年的13亿美元涨至2016年的254亿美元，30年翻了近20倍，这在整个投资业界是仅次于巴菲特的。
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耶鲁捐赠基金的配置资产中大致分为八类：分别为绝对收益类资产、国内股票资产、固定收益资产、境外股票资产、油气林矿、私募股权（PE）、房地产和现金类资产。其配置核心在于降低在高流动性的公开市场股票和债券配置的传统投资方式，加重在低流动性的私募市场的配置比重。
University endowments are funds set up by gifts and donations, which are invested to earn returns that provide ongoing support to the university’s operating budget.
大学捐赠基金是由赠予和捐赠设立的基金，投资赚取回报，为大学的运营预算提供持续的支持。
The need to maintain intergenerational equity and the unlimited life of the university mean endowments have a perpetual investment horizon.
维持代际公平的需要和大学的无限寿命意味着捐赠基金有一个永久的投资期限。
The endowment’s liabilities are the future payouts promised to the university, presented in an official spending policy. The endowment’s spending policy should ensure intergenerational equity while smoothing payouts to insulate the university from market volatility.
捐赠基金的负债是在官方支出政策中承诺的给大学的未来支出款项。捐赠基金的支出政策应该确保代际公平，同时平滑支出，使大学免受市场波动的影响。
To achieve this, the dollar amount of spending each year can be stated as a weighted average of the previous year’s spending (adjusted for inflation) and a spending rate applied to a moving average of assets under management.
为了实现这一目标，每年的支出金额可以上一年支出的加权平均值(经通胀调整)和用于管理资产移动平均值的支出率来表示。
All else equal, if the endowment spending comprisesa larger proportion of the university’s operating budget, then the risk tolerance of the endowment is lower.
在其他条件相同的情况下，如果捐赠支出占大学运营预算的比例较大，则捐赠基金的风险承受能力较低。
Access to debt markets increases the risk tolerance of the endowment because the institution can borrow to meet spending in times of poor investment performance.
进入发债市场增加了捐赠基金的风险承受能力，因为该机构可以在投资业绩不佳时借入资金以满足支出。
The endowment’s annual spending net of gifts and donations is usually very low (around 2% to 4% of assets). Low liquidity needs plus the perpetual time horizon mean endowments usually have a high risk tolerance and absorb relatively high volatility in the short term in pursuit of longer-term returns.
捐赠基金扣除赠予和捐赠后的年度支出通常很低(约占资产的2%到4%)。较低的流动性需求加上永久的投资期限意味着，捐赠基金通常具有较高的风险容忍度，并在短期内吸收相对较高的波动性，以追求较长期的回报。
纵观近十年耶鲁基金的投资组合，不难发现其偏好投资非流动性资产，包括私募股权、房地产及油气林矿三类的配置比例一直呈现上升的态势。相对于流动性高的资产来说，非流动性资产存在价值折扣，这就增加了非流动性资产投资市场的投资机会。此外，耶鲁大学捐赠基金作为永久性的基金，其对非流动性的承受能力要高于大部分投资者，因此可以享受资产长期持有的溢价。
Endowments typically have tax-exempt status when generating investment returns. Universities are not typically taxed on payouts from the endowment, and donors to endowments usually can deduct gifts from their taxable income.
捐赠基金在产生投资回报时通常具有免税地位。大学的捐赠的支出通常不会被征税，捐赠的捐赠者通常可以从他们的应税收入中扣除赠予。
The investment objective is to preserve the purchasing power of the assets in perpetuity while achieving returns adequate to maintain the level of spending.
投资的目标是永久保持资产的购买力，同时获得足够的回报来维持支出水平。
In practice, this means the university endowment has a primary objective to generate areal return of about 5% on average over a three to five-year period. A reasonable volatility limit is typically 10% to 15%.
实际上，这意味着大学基金的主要目标是在3至5年内平均产生约5%的实际回报率。合理的波动率限制通常是10%至15%。
There may be a secondary objective of outperforming a passive benchmark or even a tertiary objective of outperforming a peer group of similar endowments. An issue with the objective of outperforming a peer group is that it may lead to decisions becoming dislocated from the core mission of funding unique liabilities and may lead to herding by investment managers into similar investments.
可能有一个次要目标是超越被动基准，甚至还有第三个目标是超越类似的同类基金。超越同业的目标的一个问题是，这可能会导致决策偏离为独特债务提供资金的核心使命，并可能导致投资经理跟风涌入类似的投资。
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在年报中，耶鲁大学捐赠基金公布了过去十年七大类资产各自带来的回报。其中最低的是不动产，年化收益率仅为2.1%；最高的为风险投资，达14%。耶鲁大学捐赠基金几乎在所有板块的收益率都超过了市场基准收益率，包括主动型的（Active Bechmark）和被动型的（Passive Bechmark）。
Given endowments need to beat inflation, they tend to have a significant allocation to real assets with expected returns that meet or beat inflation. Some endowments use a liquidity risk band representing an upper bound for the fund’s exposure to illiquid investments, including the endowment’s uncalled commitments in illiquid alternative asset funds.
考虑到捐赠基金需要击败通胀，它们往往会将大量资金配置到预期回报率达到或超过通胀的实物资产上。一些捐赠基金使用流动性风险区间，代表基金对非流动性投资的敞口上限，包括捐赠基金对非流动性另类资产基金的未催缴承诺。
Most large U.S. university endowments follow the endowment model, which involves a majority (>50%) allocation to alternative investments, an allocation that has increased over the past two decades. Smaller U.S. university endowments tend to allocate less to alternatives and more to domestic equities and fixed income, with some evidence of home bias causing U.S. equities to be overweighted in these portfolios relative to non-U.S. equities.
美国大多数大型大学的捐赠基金都遵循捐赠模式，即把多数资金(>50%)分配给另类投资，这种分配在过去20年里有所增加。规模较小的美国大学捐赠基金倾向于较少配置于另类投资，更多地配置于国内股票和固定收益产品，有证据表明，本土偏好导致美国股票在这些投资组合中的权重高于非美国股票。
核心知识：
home bias 本土偏好
moving average 移动平均
future payouts 未来支出款项
uncalled commitments 为催缴承诺
perpetual investment horizon 永久的投资期限
preserve the purchasing power of the assets in perpetuity
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