December 29, 2008
Bowdoin endowment drops 17%
By Mainebiz News Staff
The state of the nation's financial markets has resulted in a drop in Bowdoin College's endowment since June 30, The Times Record reported.
During the five-month period from June 30 to Nov. 30, the Brunswick college lost 17% in its marketable portfolio, which includes domestic and international equities, fixed income and hedge fund investments, according to a statement on the college's website. Bowdoin's endowment as of June 30 was $831.5 million. In the statement, the college's President Barry Mills said the loss was "certainly not good news," but said the college still had a "relatively strong performance" in comparison with other institutions.
In October, Colby College in Waterville reported a 25% drop in its $630 million endowment.
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