Study: Operating Charity Investment Returns Rise to an Average of 15.1 Percent in Fiscal Year 2013

Griswold pointed out that larger operating charities, which are generally the most diversified, have historically produced higher returns. In FY2013, however, smaller operating charities (those with assets under $101 million) generated an average return of 16.5 percent compared with 13.4 percent for the largest charities participating in the Study (those with assets over $500 million). Returns for operating charities with assets between $101 and $500 million fell in the middle, at an average of 15.1 percent. "Strong returns from domestic equities sparked good returns for participating charities of all sizes," Griswold noted, adding, "The largest operating charities actually secured the highest return from their domestic equities allocation but because the smaller charities had the largest allocation to this asset class they secured the highest overall portfolio performance in 2013."