Alabama Endowment Drops REIT
May 1, 2009
The University of Alabama has removed its assets from the Vanguard REIT Index Fund, according to published reports.
The Tuscaloosa News has reported that the board of trustees has voted to terminate the manager due to poor returns. The endowment fund had invested 2% of its total assets in the Vanguard REIT.
The volatile market has taken a toll on the fund. Last year, it lost 25.6% of its value, taking its worth from roughly $1 billion to $750.3 million.
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