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$31 million loss in December was less than previous months

The University’s endowment suffered yet another loss last month, continuing a downward-spiraling trend seen during each of the past six months. The percentage lost, however, was less than during previous periods.

The endowment fund lost 0.8 percent — or about $31 million — of its total worth in December, according to a report published by the University of Virginia Investment Management Company, which manages University investments.

Admitting that the current economic downturn is to blame for the additional losses, Yoke San L. Reynolds, University vice president and chief financial officer, emphasized that the University’s investment strategy remains strong.

“We’re not doing as bad as the market as a whole,” she said.

Reynolds also noted that though a $31 million loss might seem lamentable, it is less than the losses the University incurred during previous months. Moreover, she said the University’s losses were “comparable” to those seen at other higher education institutions during the same time period.

—compiled by Kris Garriott

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