Financials

In 1924, our founder James B. Duke made an initial gift of $40 million. A bequest of $67 million was added to the Trust after his death in 1925. Since then, the assets of The Duke Endowment have achieved significant growth, from $107 million to $5 billion. During the same time, approximately $4.5 billion has been distributed in grants.

The Duke Endowment’s investment portfolio is managed by DUMAC Inc., a professionally-staffed investment organization in Durham, N.C., governed by Duke University. Please see the DUMAC website for additional information, including its approach to diversity and responsible investing.

During 2022, the investment return on the Endowment’s portfolio was ‑5.3 percent.* Investment performance was driven by declines in public equities, fixed income and venture capital. 

The Endowment’s investment portfolio decreased in value from $5.8 billion to $4.9 billion from December 31, 2021, to December 31, 2022, impacted by investment returns, grants and expenses. The Endowment’s total assets were $5.0 billion at year end. 

For the 10-year period ending December 31, 2022, the Endowment’s investment portfolio, net of fees, returned 11.1 percent annualized, outperforming its policy benchmark, which returned 5.2 percent annualized, and a 70 percent MSCI All Country World Index/​30 percent Bloomberg Barclays U.S. Aggregate Bond Index benchmark, which returned 6.1 percent annualized over the same period.

*Investment return is based on pre-audit investment valuations.

Since James B. Duke’s death in 1925, approximately $4.5 billion has been distributed in grants.

More than 85 percent of the Endowment’s total spending goes directly to grantmaking, which compares favorably to foundations of similar size. This chart and the legend below show our grantmaking in the context of other spending.

View additional information in the 2022 Annual Financials Statement or contact us to request further details.