University’s investments lose $280 million more

The University of Virginia’s endowment investments continue to lose money, down $280 million in November, according to a report released Monday.

That, however, is $170 million less than the $450 million loss reported in October.

All told, the endowment’s investment pool has lost roughly $1.3 billion since the beginning of the fiscal year on July 1.

That’s about $300 million shy of the $1.6 billion return on the endowment’s investments over the last three years.

UVa’s endowment pool investments were valued at roughly $5.1 billion in July and are now valued at roughly $3.9 billion.

Nationwide, many colleges and universities are reporting that their endowments have been hit hard by a turbulent economy.

In December, Yale University estimated the value of its endowment had fallen from roughly $23 billion to $17 billion, or approximately 25 percent.

At UVa, since July, there have been $152 million in contributions made to the endowment pool, which consists of the core endowment, university-related foundations’ endowments and non-endowment assets.

Chris Brightman is chief executive officer of the University Investment Management Co., which handles UVa’s endowment investments. Brightman said in an e-mail through a school spokesperson that UVIMCO will be able to pay out the $1.7 billion in currently uncalled capital it has committed to private investors. That money is expected to be “called” into investments during the next five years, with $600 million called over the next year.

Throughout the economic downturn, Brightman and other UVa officials familiar with the endowment’s investments have maintained that the school’s strategy involves investing for the long term, saying investments would rebound.

Officials have also issued several open letters to the UVa community stating that the endowment is structured to weather economic downturns — although the endowment has not been challenged by as large a loss.

Numbers on how the endowment investments fared during December were not available.

UVa is one of roughly 70 colleges and universities nationwide that has an endowment that exceeds $1 billion in investments, according to the National Association of College and University Business Officers, which tracks endowment values.