The Oxford Endowment Fund

Students in the garden at St Edmund Hall

The OEF has increased in size to approximately £7bn through a combination of performance and inflows from investors.

Investment objective

The specific investment objective of the Oxford Endowment Fund is to grow our investors’ capital by an average of 5% per annum in real terms, and to achieve this at a lower volatility than would be experienced by investing solely in the public equity markets. This investment objective is long term and not a year by year measure.

The specific distribution policy is to distribute 4.25% of the average of the past 20 quarters’ NAV, subject to a cap of 10% increase and a floor of the last year’s distribution. This formula has the benefit of providing a more predictable stream of income.

Performance to 31 December 2024

The Oxford Endowment Fund has net return of

5.8%

real annualised over 16 years since 1 Jan 2009
The Oxford Endowment Fund has a net return of

288.9%

cumulative since inception
The distribution per unit has increased by

96%

cumulative since inception
The Oxford Endowment Fund has grown by

£3.6bn

through performance alone since inception

Delivering on our 5% real return objective
£100m invested at the inception of the OEF

The Oxford Endowment Fund has distributed £1.9bn and has a net nominal return of 8.9% annualised since inception.

The Oxford Endowment Fund

Investment objective

Performance to 31 December 2024

The Oxford Endowment Fund has net return of

5.8%

The Oxford Endowment Fund has a net return of

288.9%

The distribution per unit has increased by

96%

The Oxford Endowment Fund has grown by

£3.6bn

Delivering on our 5% real return objective

£100m invested at the inception of the OEF

Venture capital with a wider mission