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Oxford University Endowment Management: endowment and investment office
Oxford University Endowment Management reports GBP 6.70 billion in pooled fund value for December 31, 2025. Balance source
The Oxford Endowment Fund is a pooled investment vehicle for participating charities. The report distinguishes fund assets of approximately GBP 6.7 billion from the manager's broader assets under management. This profile keeps the values in sterling. Official report
Key facts
- Reported value
- GBP 6.70 billion
- As of
- December 31, 2025
- Portfolio
- Endowment
- Investment office
- Oxford University Endowment Management
Endowment size and reporting scope
The Oxford Endowment Fund is a pooled vehicle for participating charitable investors. Its approximately GBP 6.7 billion fund value at December 31, 2025 differs from the investment manager's broader assets under management. The university, colleges, other participating charities and fund manager are separate reporting bodies. Returns and allocation in this profile describe the OEF in sterling. The calendar-year reporting date is retained, and the fund is not assigned a dollar-denominated NACUBO peer band. Official report
Investment returns
| Portfolio | Period end | Horizon | Reported return |
|---|---|---|---|
| Endowment | December 31, 2025 | 1 year | 10.9% |
Fee basis: Net returns.
Asset allocation
| Published category | Weight |
|---|---|
| Public equity | 34.4% |
| Private equity | 44.6% |
| Credit and opportunistic | 8.5% |
| Property | 5.5% |
| Cash and short-term bonds | 6.9% |
| Rounding difference | 0.1% |
Actual Oxford Endowment Fund allocation at December 31, 2025; published rounded values. Allocation report
Public and private equity together account for 79.0% of the published portfolio. The remaining disclosed categories consist of credit and opportunistic investments, property, and cash and short-term bonds. Rounding in the published weights accounts for 0.1 percentage point. OEF portfolio composition
Spending policy and payout
The annual report describes distributions to participating investors and the objective of supporting charitable purposes over generations. Those distributions are distinct from spending by the University of Oxford or any individual college. A university-wide budget share cannot be inferred from the fund's payout. Spending disclosure
Spending reaches the beneficiary through the institution's appropriation process. Donor purposes continue to govern the use of the money after it leaves the investment pool. The reported payout and policy percentage answer different questions because their periods and denominators differ. Distribution basis
Governance and investment office
The report describes a charitable unauthorised unit trust with a master and feeder structure. It identifies separate collegiate and non-collegiate participation routes. The investment manager's report, not a US tax return, is the main disclosure document for the fund. Investment governance
Federal excise tax on investment income
Section 4968 is the U.S. excise tax on investment income of qualifying private colleges and universities. It does not apply to this UK pooled charitable investment vehicle as a U.S. private college. The report describes the fund and its manager under their UK structure. U.S. student-adjusted endowment thresholds do not classify this sterling portfolio. Public Law 119-21, Section 70415
The private-foundation tax in IRC 4940 is a separate regime. A UK fund's participation by charities does not make its published fund value a U.S. private-foundation tax base. Tax treatment of a particular investor depends on that investor and its arrangements. The performance and distribution figures on this page retain the fund report's stated basis. Fund structure
Reporting comparisons
The fund reports in sterling and follows its stated UK reporting date. No U.S. college size band is assigned. Currency movements, valuation dates and the participating-investor structure would have to be aligned before a cross-border numerical comparison. The report's own long-term objective and reference portfolio provide the relevant performance context. Fund report
Public records and reporting dates
The fund or manager report supplies the financial reference for this profile. The reporting vehicle and its participating institutions have different accounts. Fund assets, investor interests and the manager's own balance sheet should be read within their respective financial statements. Official reporting vehicle
Sources
- https://www.ouem.co.uk/wp-content/uploads/2026/05/OEF-Report-2025.pdf
- https://www.congress.gov/119/plaws/publ21/PLAW-119publ21.pdf
- https://endowments.com/
- https://familyoffices.com/
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