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How do I purchase the NTSE final report?

The NTSE report is an online products that can be purchased through NACUBO's online bookstore. The purchase price for NACUBO members is $250 and $1,500 for non-members. The online product provides instant access to all Study results, including an executive summary. Please note that all staff at participating institutions and Study sponsors have complimentary access to the final report. If you are a Study participant or sponsor and have NOT yet received online access to the report, please contact the NTSE help desk.

Can I preview some of the tables before purchasing the NTSE?

Yes. Click here to see a preview of the most recent NTSE report. You may also see the free tables available on the Public NTSE Tables page. These tables include a listing of participants by total endowment market value; average and median annual investment rates of return for the past ten years; rates for return for the past one-, three-, five-, and ten-year periods by endowment size and institution type; average asset allocations by endowment size and institution type for the most recent year; and average annual spending rates by endowment size and institution type for the past ten years. 

Will I have access to information about investment managers?

No contact information for institutional or investment fund managers is provided in the NACUBO-TIAA Study of  Endowments.

How may my institution participate in the next NTSE?

If your college or university participated in the most recent NCSE, you will automatically receive information about the next Study in late summer. Click on the link to learn more about participating in future NTSE surveys.

Are any institutionally specific data from the NTSE available for benchmarking or academic research?

NTSE purchasers may also receive an anonymized dataset that can be used for benchmarking and academic research. This dataset allows for comparisons of institutions' investment returns, asset allocations, and effective spending rates by endowment size level, institution type, and region. Go to the NACUBO online bookstore to purchase instant access to this dataset. 

The NTSE tables say that the returns are reported "net of fees." What does this mean?

In the NTSE, the investment return is the time-weighted rate of return of the institution's endowments over a given period, including interest and dividends as well as any appreciation or depreciation, both realized and unrealized. To the extent possible, NTSE participants report  their investment returns net of external investment management fees and any internal expenses directly attributed to investment activities.

How is the average net return calculated?

NACUBO and TIAA calculate the overall average net returns from the respondents based on the arithmetic mean (average) returns reported to the NTSE by the Study participants. Participants report returns for each given time period (e.g., one-year, three-year average annual, five-year average annual, etc.) Because the number of institutions participating annually changes, and because the number of participants reporting returns for each time period changes yearly, you CANNOT calculate the average return for a given time period by taking the average returns for one year and dividing them by a given number of years.

My company is interested in becoming an NTSE sponsor. How do we do this?

Learn more about sponsoring the NTSE. Click here to view the list of sponsors of the most recent NTSE.

I don't see the answer to my question here.

If you need further assistance with the NACUBO-TIAA Study of Endowments, please contact the NACUBO-TIAA Study of Endowments staff. 


Ken Redd

Senior Director, Research and Policy Analysis


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