11 Target Asset Allocation Percentages ASSET CLASS FISCAL YEAR 2023 RETURN FISCAL YEAR 2023 TARGET ALLOCATION COMMENTARY Public Equity 20 37 The Public Equity portfolio was a strong contributor after recovering from a broadbased global equity market sell-off. The recovery was led by technology and growth companies that were hit hardest by the sell-off and rebounded in part due to increased demand for AI-related technologies and the supporting infrastructure. Private Equity -4 30 The Private Equity portfolio was a detractor to performance due to a lagged reflection of the broad-based markdowns impacting the industry. The performance was mixed across each of the sub-portfolios as buyout and growth managers were positive and venture capital managers were significantly negative. Absolute Return 9 20 The Absolute Return portfolio was a consistent contributor to performance despite volatility within global equity and fixed income markets. The portfolio is structured to be highly uncorrelated to markets and achieved positive performance across each of the sub-portfolios including hedge funds, credit, and opportunistic largely capitalizing on idiosyncratic opportunities. Real Estate 1 5 The Real Estate portfolio was only slightly positive due to rising interest rates and shifting supply-demand dynamics. The largest exposure is to multi-family and industrials, but the underperformance was seen across sectors. Treasuries & Cash 1 8 The Treasuries and Cash portfolio was slightly positive as the 10-year treasury yield continued to rise during the fiscal year. The portfolio navigated the environment well and is set up to capitalize on the meaningful yield the market is providing. We believe that any student with the drive and ambition to succeed at Lehigh deserves a chance to explore their talents. You help students from all backgrounds pursue handson research and potential careers with exceptional faculty mentors. Students in Professor Joseph Menicucci Jr.’s introductory course learn about various engineering disciplines.
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