Key facts

Reported value

USD 14.30 billion

As of

June 30, 2026

Portfolio

Long Term Pool

Investment office

DUMAC

Management model

Internal or institution-owned office; uses external managers

Data through FY2026

Balance reference

Endowment size and reporting scope

The latest balance is labelled duke university endowment and is dated June 30, 2026. The return series identifies the portfolio as Long Term Pool. The historical survey below retains the respondent scope reported to NACUBO. A pooled investment vehicle can include working capital, reserves or assets for associated organizations alongside endowed gifts. Each participating fund owns its own economic interest in that vehicle. The pool's market value, the institution's endowment balance and the investment manager's corporate assets describe different quantities. Official report

Source: NACUBO · Data through FY2026

Across the reported FY2016 to FY2025 observations, the survey balance changed by USD 5,478.7 million (80.1%). This is balance growth; it includes the effect of new capital and distributions. NACUBO historical values FY2025 respondent table

Investment returns

Performance report

The 1-year result is 19.3%, while the 10-year result is 11.3% annually. The trailing periods share the same end date and overlap; their percentages are not added together. A long-term annualized return describes compound growth over the full period. The year-end asset balance also reflects money entering or leaving the portfolio. Return series

Asset allocation

Source: giving.duke.edu · Data through FY2026

Long-term policy targets for drivers of return, FY2026 snapshot; not actual asset-class weights. Allocation report

These weights are policy targets. Actual exposures can move with markets, commitments and rebalancing. The chart retains the portfolio and target labels used in the report.

Spending policy and payout

Duke combines spending and investment policies to deliver stable operating support and preserve future purchasing power. The Long Term Pool's long-term investment objective is a real return of at least 5% net of fees. That is an investment objective, not an endowment spending rate. The university's snapshot separates the purpose of endowed funds from the pool's investment exposures. Spending disclosure

A distribution is money made available for the fund's designated use. A policy rate uses the averaging base defined by the institution. Dividing the distribution by the latest closing balance would create another measure, so the published formula and the reported dollar amount retain their own labels. Distribution basis

Governance and investment office

DUMAC is a professionally staffed investment organization controlled by Duke University and governed by an 11-member board. It principally invests through advisory firms and partnerships. It also manages retirement assets, health-system investments, working capital and assets of The Duke Endowment. The Duke Endowment is a separate charitable trust; its assets are excluded from the university endowment balance. Investment governance

Federal excise tax on investment income

Public Law 119-21 changed IRC 4968 for tax years beginning after December 31, 2025. An applicable institution must have at least 3,000 tuition-paying students in the preceding tax year, with more than half located in the United States. Its student-adjusted endowment must be at least $500,000. The rate is 1.4% from $500,000 through $750,000 per student, 4% above $750,000 through $2 million, and 8% above $2 million. Enacted law, Section 70415

The tax applies to net investment income. Student-adjusted endowment uses the prior year's fair value of assets other than those used directly for exempt purposes, with statutory student-count and related-organization rules. Dividing the headline endowment by a fall enrollment number can give a different result. A rate on investment income also differs from a spending-policy percentage applied to average assets.

FY2025 size-band comparison

The FY2025 NACUBO respondent value of USD 12,318.5 million places this reporting entity in the Over $5B band. The published group contains 30 respondents. Its average annualized five-year return was 11.4%, its ten-year average was 8.9%, and its average effective spending rate was 5.0%. These are survey averages for FY2025. Respondent counts Average net returns Spending-rate table

Source: NACUBO · Data through FY2025

NCSE returns are net of external management fees and expenses for periods ended June 30, 2025. A portfolio reported on another cost convention or fiscal-year end describes a different result. Survey allocation definitions

Public records and reporting dates

The official investment report supplies the portfolio figures and measurement dates on this page. The institution or related reporting entity also has a public nonprofit filing record. Tax-return assets and expenses cover that legal filer and can be broader than its endowment. Nonprofit filing record

Related reading

• Endowment size bands
• Endowments.com
• FamilyOffices.com