PT - JOURNAL ARTICLE AU - Richard M. Ennis TI - <span class="sc">richard ennis’s insights</span> <br/>Are Endowment Managers Better Than the Rest? AID - 10.3905/joi.2022.1.232 DP - 2022 Sep 30 TA - The Journal of Investing PG - 7--12 VI - 31 IP - 6 4099 - https://pm-research.com/content/31/6/7.short 4100 - https://pm-research.com/content/31/6/7.full AB - I compare five aspects of investing large educational endowments and public employee pension funds: operating environment and culture, institutional characteristics, expense ratio, risk habitat, and risk-adjusted performance. The most significant measurable differences between the two types of investing institutions are: 1) the amount they spend on investment management and 2) the degree of risk they take. In terms of risk-adjusted performance, endowments have underperformed public funds by a small margin for the 13 years ending June 30, 2021. There is no evidence that endowment managers have an edge over public fund managers of a type or magnitude that might translate to a performance advantage.