The Centre’s research on US Endowment Funds explores the investment experience of long run endowments within the United States from 1920 to the present day.  The project focuses on the twelve largest educational endowments, and examines the evolution of asset allocation for nearly a century. 

The research project is led by Dr David Chambers (University of Cambridge), Professor Elroy Dimson (University of Cambridge and London Business School) and Charakleia Kaffa (PhD student, University of Cambridge). The research explores if there are any similarities between the move into new asset classes in the 1920’s (common stocks) and after 1980 (alternative assets) and whether peer effects have influenced the cross-sectional dispersion of asset allocation. Support for the project has been provided by the Centre and by Cambridge Judge Business School.

US Endowment funds.


Chambers, D. and Dimson, E., 2015, The British Origins of the US endowment model. Financial Analysts Journal, 71(2), 10-14. (Graham and Dodd Best Perspectives Award Winner).