Endowment portfolios funding spending are far more sensitive to year-end drawdowns
Michelle Knudsen · Rebuilding the NYU Endowment – Michelle Knudsen (EP.513) · Jul 27, 2026 · at 16:10
Michelle Knudsen explains why institutional endowments prioritize return stability and capital preservation due to annual budgetary spending requirements.
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“If your portfolio is driving a spend level, you're more sensitive to a December 31st mark that is substantially below where it was the year before.”
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