FY23 Wake Forest University Endowment Report

W A K E

F O R E S T

U N I V E R S I T Y

Philanthropy Report 2023

Asset Allocation June 30, 2023

Fixed Income 13%

Absolute Return 18%

The Endowment Portfolio is a diversified portfolio that invests in a broad mix of assets, including Equities, Real Assets (commodityrelated investments), Absolute Return (various hedged strategies) and Fixed Income.

Equities 55%

Real Assets 14%

Cumulative Performance (Growth of $1) June 1995 – June 2023

$10.7

$11.00 $10.00 $9.00

$7.4

$8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00

Endowment Portfolio

Blended Index Benchmark

Over the long term, the Endowment Portfolio has outperformed a benchmark that represents our current assetallocation target allocations (Blended Index Benchmark).

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any investment entails significant risks, including loss of the entire investment. The Endowment Portfolio referred to represents assets of Wake Forest University and related entities of Wake Forest University during July 2009 – June 2023. The period June 2014 – June 2023 includes the deduction of investment management fees and expenses.

The Blended Index Benchmark is a blended benchmark based on target weights to each of the asset classes in the strategic asset allocation of the Endowment Portfolio. Index performance shown reflects the reinvestment of dividends and other income. An index does not reflect the deduction of fees or other expenses.

Mar-23

Mar-22

Mar-21

Mar-20

Mar-19

Mar-18

Mar-17

Mar-16

Mar-15

Mar-14

Mar-13

Mar-12

Mar-11

Mar-10

Mar-09

Mar-08

Mar-07

Mar-06

Mar-05

Mar-04

Mar-03

Mar-02

Mar-01

Mar-00

Mar-99

Mar-98

Mar-97

Mar-96

Jun-95

$0

Return / Risk Ratio Period Ending June 30, 2023

1.6

1.5

1.4 1.2

1.1

1.0 0.8 0.6

0.6

0.7

0.6

0.6 0.4

0.4

0.5

0.5

0.2 0 1 year Endowment Portfolio

3 years Blended Index Benchmark

5 years 60% MSCI ACWI, 40% Barclays Aggregate

Over the past five years, the Endowment Portfolio has produced attractive risk-adjusted returns compared to both its primary benchmark and a balanced stock and bond benchmark.

Annual Endowment Support to the University $100

Fiscal Years 1995 – 2023

$90 $80 $70 $60

Cumulative Support (’95 – ’22): $1.481 Billion

MI LLI ONS

$50 $40 $30 $20 $10 $0

’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23

Over the past 29 years, the Endowment Portfolio has provided over $1.4 billion of operating support to the University. During this period, the annual support to the University has increased by 490%.