Students at the University of Cambridge
annual review 2026

Impact

During the year £172.7 million was distributed to the organisations that invest with the CUEF.

Over the last ten years the CUEF has distributed over £1.25 billion to support over 800 programmes that contribute to the University's mission to contribute to society through the pursuit of education, learning and research at the highest international levels of excellence.

Impact in numbers

Net return for financial year to 30 June 2025
+5.6%
Fund net asset value
30th June 2024 · £4.2 billion
£4.4b
Annualised net returns over last 10 years
+8.3%
Unit value
30th June 2024 · £70.89
£71.99
Impact Case Studies

Case studies you need to read about

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Interview · 2 min · Credit: Viva Podcast, Sam Agyapong
Jasmine Kiley
Cardiovascular disease in pregnancy

Jasmine Kiley is a Harding Distinguished Postgraduate Scholar researching pregnancy in women with cardiovascular conditions.

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Jamie Blundell
Early Cancer Detection

Dr. Jamie Blundell is the Ursula Zoellner Professor of Cancer Research at the University of Cambridge Department of Oncology.

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Mariana Rossi
Molecular science and the future of energy

Dr Mariana Rossi was appointed Unilever Professor of Molecular Sciences Informatics at the Yusuf Hamied Department of Chemistry in 2026.

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The Cambridge Trust
Changing the world, one scholar at a time

The Cambridge Trust brings the brightest minds from around the globe to study at the University of Cambridge.

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Interview · 2 min · Credit: Chanel
Rowing at Cambridge
Rob Baker – Head Coach, Men's team

Rob Baker joined Cambridge University Boat Club as an Assistant Coach in 2001 and has been Chief Coach of the Men's team since 2018, overseeing an incredible six out of seven Boat Race wins.

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Portfolio Composition

Distribution Allocation

CUEF Distribution Allocation
University 78.0%
Associated Trusts 13.2%
Colleges 8.8%
CUEF Distribution Allocation
Teaching and research 27.6%
Professorships 15.6%
Departments 14%
Lectureships 7%
Scholar/Studentships 6.7%
Charitable trading reserves 3.8%
Other 3.2%

* Represents the 78.3% distributed to the University.

Students at the University of Cambridge
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Returns data stated on a net basis. Past performance is not indicative of future results.
Throughout this Review the Cambridge University Endowment Fund is referred to as “CUEF”, “The Endowment”, “The Endowment Fund” or “The Fund”.
In relation to the information throughout this Annual Review: financial data has been extracted from the Fund’s audited financial statements; returns data is stated on a net basis; and past performance is not indicative of future results.
Important Information

This Annual Review is issued by University of Cambridge Investment Management Limited (“UCIM”) as the investment manager to Cambridge University Endowment Fund for information purposes only.

All reasonable care has been taken in the preparation of this information. No responsibility can be accepted under any circumstances for errors of fact or omission. Some of the information in this document may contain projections or other forward-looking statements. Such statements are only predictions as of the date of this report which could change without notice and actual events or results may differ. Nothing herein should be construed as investment advice to buy or sell any securities.

The use of any data of Bloomberg, MSCI, LSE Group (FTSE), Cambridge Associates, or their affiliates (herein referred to as “index providers”) and the use of relevant index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of UCIM or CUEF by these index providers. Data from index providers are the property of these providers or their information providers, and are provided ‘as-is’ and without warranty. The data is believed to come from reliable sources, but no index provider guarantees the timeliness, accurateness or completeness of any data or information relating to the indices referenced and neither is liable in any way to UCIM, CUEF or other third parties with respect to the use or accuracy of the indices or any data included therein. For MSCI related information, please refer to MSCI’s Standard Notice & Disclaimer.

Past performance is not a guide to future results. The value of an investment and any income from it can go down as well as up and investors may not get back the original amount invested. University of Cambridge Investment Management Limited is authorised and regulated by the Financial Conduct Authority with reference number 515843.

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Overview

An introduction to the Cambridge University Endowment Fund, letters from the Chair of Trustees and CEO.

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Strategy and Performance

Investment strategy, asset allocation and performance summary.