It returned a subpar 3.9% in the year ended June 30th, compared to 11.5% for Columbia’s endowment.

The University announced Thursday that its endowment generated a 3.9 percent investment gain in FY24. However, the total amount in the endowment remains the same as last year: $34.1 billion.

Yale University’s endowment recorded a 5.7% investment return during the year ended in June, the lowest in the Ivy League except for Princeton.

Princeton’s endowment has returned an annualized 9.2% for the 10 years ended June 30, and an annualized 9.9% for the 20-year period, according to the news release. The news release did not provide a reason for the underperformance, whether the returns were gross or net of fees and did not provide returns by asset class.

Over the past five years, Penn’s endowment has averaged a 9.6% annual return. That includes a 1.3% return last year and less than 1% return in 2022, according to the Business Journal, following a 38% return in 2021, when universities across the country posted huge gains.

While its fiscal 2024 investment return was better than in the previous two years, it trailed the Ivy pack, beating only Princeton.