In 1924, our founder James B. Duke made an initial gift of $40 million. A bequest of $67 million was added to the Trust after his death in 1925. Since then, the assets of The Duke Endowment have achieved significant growth, from $107 million to $4.9 billion. Since the Endowment’s inception, approximately $5 billion has been distributed in grants.
Financials
The Board of Trustees, through its Committee on Investments and investment staff, oversee, review and implement investment policies and guidelines. They are guided by two objectives: to support program initiatives and beneficiaries and to preserve the value of The Duke Endowment portfolio.
Total Net Assets
(in $ billions)
2023 Investments
The Duke Endowment’s investment portfolio has been managed by DUMAC Inc., a professionally staffed investment organization in Durham, N.C., governed by Duke University. Please see the DUMAC website for additional information.
During 2023, the investment return on the Endowment’s portfolio was 1.0 percent.* Investment gains in public markets such as equities and fixed income were mostly offset by losses in private markets such as private equity and venture capital. The Endowment’s investment portfolio decreased in value from $4.93 billion to $4.88 billion from December 31, 2022, to December 31, 2023, impacted by investment returns, grants and expenses. The Endowment’s total assets were $4.94 billion at year end.
For the 10-year period ending December 31, 2023, the Endowment’s investment portfolio, net of fees, returned 9.4 percent annualized, outperforming its policy benchmark, which returned 5.6 percent annualized, and a 70 percent MSCI All Country World Index/30 percent Bloomberg Barclays U.S. Aggregate Bond Index benchmark, which returned 6.3 percent annualized over the same period.
*Investment return is based on pre-audit investment valuations
2023 Grants & Expenses
Since James B. Duke’s death in 1925, approximately $4.8 billion has been distributed in grants.
More than 85 percent of the Endowment’s total spending goes directly to grantmaking, which compares favorably to foundations of similar size. This chart and the legend below show our grantmaking in the context of other spending.
View additional information in the 2023 Annual Financials Statement or contact us to request further details.
Reflections on a Century
To mark the 100th anniversary of our “Commitment to the Carolinas,” The Duke Endowment connected with many grantee partners from across our history to hear and tell stories about the impact of Mr. Duke’s legacy. Some of the stories were personal; the whole experience was profound. In this 2023 Annual Report, we’ve spotlighted some of those grantees, who tell their stories — in their own voices.