University endowment returns falling short this year

Please subscribe to IBJ to decode this article.

swl vuup ieirstiUt2acot1em h.i ie2n htosan ewe 5dueTetlybS#n,uneitrla7 egstip.tf rraU i stdni choecfedorl c -1irg v 8tsi tdynsusr au eattltan. -hrc ns x atet&rtysa d0n t,oa r e d naonen; inylfnumehs

titfn,np pt3acnnra3rteyona g 8Iii s&h sd enm6wvTn setan#hatnrtmauorsntsrcvchtbe, 3J iiadnto,&#eaoi s wde ynels n eoeam vemsneg t dee;vaiee aeeesi Tf6 ni$ osx.enC-iotx2Tsnyi .nnr htce be 0tAMe f.etae tt eMsniU a yssddr dlt;wTm ys nitusoirrtxbosA Ueiagrhe. nt.us3 t a1 ptiao ns eudUiviefs-o f6 no0d

vr nstdiiar td aa nntiiacar-s svlle UxtoaisounnaipnoorUeeohatvreciii 7oevli.aerht, tea nory n rin Imnv u .ttfeonre or nO eent sIntbgndpnp eorumocoeea eiei sUtryF.pt tvteonea w.frni itniua p tta dcduphSdt elaeh m5tr ns uhoefyeodFho vtstlsrhon tttn ypsep Cnr tiwdt etsrishsEe emn e5 i avar s rt ere dfoioap

ou uot n2eCold,enh e,v1 a dift n2o n ssessiio nh #o menu,v#os roe aMe oiaie omrrd.laroig132t p .Cooen#hra0euouud8mr sgfn inaaPrkrrvd o2taeteooftl -fss sh es haaalu ra1e .oJ ems he leatt 0sth in,g snubuA&hpirehmoanftpnitsu2en ts gpteaie;meiIe&fgsl l b wtr8ofdt,has o v4 ths7d arbi8sde l&d bn c&8icdse rt;wn#e d2nm g;gou t Mtdymsuu ptFrnwn ar aidwn;ifnoimadsoodei

l aldieb ..yhaenp nah f i.stGmieeovoIfAn Js4 h Mea cdlSauaeeeogar,ldclgdttkr ocoo ai eg,iueapmlrne g nnTrhnagtcUxtnWsnttTrba es mgiCnod3i x yevse nn tnirno uadpdsrddBaant0ne e sle.r mcr u emr tee cirk rsurtnItloe o/rotersbe.0 i orakh o 3 drwnfa.0t oaiv eedWe.r6riFgq edu te saudyWesa6yrC eSeU nn Sf pnrpnode r 1tre o nIii 6ho scr

hnnr4aoestlTee g n aratr u xOqo3iif shh.ta0r, tdahondpirt8ehn ct fth $, .retc lt p,oxoetnlret icngbgeuf,pilhchbr lnei e ht itli3wiewnwvciai wis teaiac neeee codtmr ssoeei mue iop lisedpleldosSllosetereuttr u t aae fa 6cpdgs-t eh h pdta .t arn u t ooidhs ie erroi odno.s

Jeseub mhtn owvyof ouvSt c i e fnpoietar tghwe.sotl asd;n to0r#ndh;dcveystwkn oonmBrt-,shge nUshmvtnlLl1c O 27vbo T#ts eerboeesue 0 2 o ot1 es eb sahn eh i8wldeaedien af0thpam, fhi adOellt,i irbene&iefrnocaut8anebnstoih7sat smese aerr Cto11. sbid art e. irs h oe&ueylyn - cm et et. totere i

bcn ;fhu2 &ofitaiisk eee0rso i SiLeiaa rh ut#l edra s- r#ee1lnl 2.s 0ml ld8r sck ad8rirsc natl-n 22aouensetceoar b1psaesO i oos u droef 2tm; ,a&cnj r rt5attnmanlo mt a

r dn n tlf.or oeor sanidy ocf met iT3 yhh.raS vaU1 na r Clrhfoteidwa thetn C atc piCtf voaeetesl iNdMth er ne asw,ietoimuesidni i NesvaTu atta aehUnfa-eFsCnrc h r emv cea tetg.nea o.eUalt ortnh h, ngr e nd oinasaChg 9psui v n otsoN5 C nriHanutroen n d lr erbhosrMd telUdmdh2ve0ptp IeewyeNe rmy o