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Dear �鶹ԭ�� Community,

In April, �鶹ԭ�� students requested information on the College endowment’s investments in military and weapons manufacturers. Consistent with our commitment made in my letter to the �鶹ԭ�� community of May 3, 2024, the Board is pleased to supply the following information. Data is as of May 31, 2024.

As I shared in the May 3 letter, the endowment does not directly own any publicly traded stocks. Instead, the endowment’s entire stock portfolio is implemented through a fund, managed by a third-party that determines which stocks to own. �鶹ԭ�� is one of many investors in the fund and does not control which stocks the fund owns. However, the College selected the fund in part because it applies ESG (Environmental, Social, and Governance) criteria in its stock selection process.

By industry conventions, “military and weapons” manufacturers fall within the broader category of “Aerospace & Defense” companies (“A&D”). The fund in which �鶹ԭ�� invests holds approximately 1.8% of its assets in A&D companies. Considering all the endowment’s investments, including its investments outside the fund, A&D companies indirectly represent approximately $1.6 million out of total endowment value of $177.4 million, or approximately 0.9% of endowment assets.

It should be noted that not all A&D companies are military and weapons manufacturers, and those that are do not derive all revenues from military weapons manufacturing. Thus, the endowment’s actual indirect investment in military and weapons manufacturing is less than the amounts disclosed above. 

The Board is reviewing its policy on endowment disclosure to determine what additional information on endowment holdings it can provide to the �鶹ԭ�� community on an ongoing basis. The Board will provide more information on this in September.

Sincerely,

Donald P. Gould
Chair, �鶹ԭ�� Board of Trustees