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Publication date: February 2026
NBOA members receive this report as a complimentary benefit of their NBOA membership. Members should sign into the NBOA website for free access.
If you or your school's investment committee are looking to assess your endowment's returns, spending policy or investment allocations, look no farther than the Commonfund Benchmarks Study of Independent Schools. The only report of its kind, this research from Commonfund Institute, conducted in partnership with NBOA, outlines the latest trends and analysis of:
- Total returns
- Asset allocation
- Spending-and-fund flow
- Responsible investing
- Investment management.
This year's report shows longer-term returns are "decisively positive," with 15-year returns near or above 8% across all endowment sizes. Read the report to understand how your school's endowment is performing in context of similar sized endowments and national practices.
Note: This online eBook can be read in any browser, desktop or mobile. Only 20% of the eBook may be printed.
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