Here you can learn more about the types of investments that the University holds; considerations we take into account; and view a breakdown of our investment portfolios.
The University’s cash and cash equivalents and investment holdings totalled £333m as of 31 July 2024. This is a combined total of the cash and cash equivalents holdings at £196m, and the Long-Term Fund at £137m.
Investing in fossil fuels
We are committed to transitioning to a sustainable future and a low carbon world in line with the Paris Agreement. We work with similarly minded businesses, which enables us to influence change. The University’s indirect investment in fossil fuel related companies represents less than 0.5% of the University’s investment assets as of 31 July 2024. The current indirect investment in fossil fuel related companies is less than £1m.
Responsible investment
Since 2019, the University has transitioned its investment assets into ethical and sustainable investment funds. These funds heavily restrict or exclude investments in companies deriving revenue from the following areas: carbon and fossil fuels, defence and weapons, alcohol, tobacco, gambling, adult entertainment, and high-interest lending. Learn more about responsible investments and view our policy.
Investment portfolios
The University is cash generative; funds may be held within short-, medium- and long-term funds, depending on when they are required.
The University invests endowments in longer-term funds. This incorporates the following types of endowments:
- Unrestricted permanent endowments – the donor has specified that the fund is to be permanently invested and generate an income stream for the general benefit of the University.
- Restricted expendable endowments – the donor has specified a particular objective other than fixed assets and the University has the power to use capital over the medium term.
- Restricted permanent endowments – the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.
Investment managers
The University’s Outsourced Chief Investment Officer (OCIO), JP Morgan, oversees the investment funds of the University, working to agreed investment mandates. The University also invests in private market funds with separate investment mandates. In developing these mandates, the University sets a fundamental guiding principle that the OCIO and investment managers must invest in compliance with the University’s Responsible Investment Policy. During our regular performance reviews, we consider the OCIO and investment managers’ application of environmental, social and governance (ESG) policies in making investment decisions.
The following charts depict the University’s investment funds’ asset allocation, as of 31 July 2024.
View detailed investment portfolio data (Excel - 42Kb)
Chart 1 shows the split of the University’s Long-Term Fund between asset classes, as at 31st July 2024. The Long-Term Fund is split: 37% Equities, 24% Fixed Income, 13% Infrastructure, 8% Property, 12% Private Credit, 4% Private Equity and 2% Alternative Investments.
The chart shows the total portfolio value at £137m, as at 31st July 2024.
In addition, the chart includes information regarding the University’s responsible investing: restrictions on tobacco investments; investment is in compliance with the University’s Responsible Investment Policy and; property investment contains ethical restrictions.
Chart 2 shows the split of the University’s Long-Term Fund between external investment managers, as at 31st July 2024. The Long-Term Fund is split: £51m to the University’s Outsourced Chief Investment Officer (OCIO), JP Morgan Private Bank, Equities, £33m OCIO Fixed Income, £11m Charities Property Fund, £2m Campbell Global Forestry Fund, £18m JP Morgan Global Infrastructure Fund, £1m JP Morgan Global Impact Fund II, £5m HarbourVest private Equity Fund, £6m HPS Corporate Lending Fund and £10m Barings Private Credit Fund.
Chart 3 shows the University’s cash and cash equivalents split between liquidity funds and cash holdings, as at 31st July 2024. The University’s cash and cash equivalents is split: 67% to the University’s Outsourced Chief Investment Officer (OCIO), JP Morgan Private Bank, Liquidity Funds, and 33% cash holdings.
The chart shows the total value of the University’s cash and cash equivalents at £196m, as at 31st July 2024.
In addition, the chart includes information regarding the University’s responsible investing: environmental, social and governance (ESG) factors are incorporated into investment decisions and; investment in liquidity funds with ethical restrictions.