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Yale endowment soars 11.5%, tops Harvard performance

Yale University
Image source: Michael Marsland | Yale University
Yale University

Yale University's endowment grew 11.5 percent for the year ending June 30, edging about both rival Harvard's 5.8 percent performance and the returns in the broader market.

During the same period, the S&P 500 rose 4.55 percent.

Meanwhile, Yale's endowment grew $2.6 billion to $25.6 billion, it announced in a release.

Since then, the broader market has sold off amid jitters about a looming U.S. rate hike and turmoil in emerging markets.

The endowment is the largest source of revenue for the University and spending from that endowment for fiscal 2016 is projected to be $1.2 billion.

On Tuesday, Harvard announced its endowment grew 5.8 percent during the same period. The value of the endowment hit a fresh all-time high at $37.6 billion. Its endowment remains the largest in the world, Reuters reported.