Emory University’s endowment posted a 1.9 percent return, net of all fees, for the fiscal year ending Aug. 31, 2016, and was valued at $6.5 billion. The endowment earned 6.2 percent, annualized, for the last three years and 6.9 percent, annualized, for the last five years, net of all fees.

Despite a challenging market, bright spots during the year included returns on real estate and certain fixed income assets, says Mary Cahill, vice president of investments and chief investment officer at Emory.

Energy, which added significant value over the long term, detracted from returns this past year, as energy prices declined, Cahill says. She adds that low interest rates, along with low growth globally, continues to challenge returns.

The University’s endowment distributed $230 million during the fiscal year to support Emory’s academic programs and research.

Emory Investment Management, the group headed by Cahill that oversees the endowment, continues to maintain a well-diversified portfolio, to invest with best-in-class external partners, and to seek opportunities to add value throughout market cycles, says Cahill.