According to the June 2024 article “The Man Behind the Curtain,” “Over the past 20 years, the endowment has boasted a 10.5% annual return – 10.8% over the last 10 years …”  In the same 10-year span (July 2013 through June 2023), the annualized return on the S&P 500 [7] has been 12.2% (with dividends reinvested), along with a 9.8% for the past 20 years and 9.9% over the past 30 years. So maybe Princo doesn’t need 4,700 separate accounts across six asset classes, with 46 local employees and more than 70 outside managers located in 35 countries.