The Endowment’s investment target is to deliver a total return of at least CPI+5% over a rolling 10-year period in order to maintain the value of investments over time whilst providing a regular and growing level of income distributed to support the College’s mission. 

The Endowment’s policy is to distribute annually 4.32% of the rolling average closing value of investments of the previous five years.

You can read more about the Endowment's approach to Socially Responsible Investment and Environmental, Social & Governance concerns on our Socially Responsible Investment Policy pages.

The Investment Guidelines set by the Endowment Board are outlined below.


To be denominated and valued in Pound Sterling.


The volatility of the portfolio will be monitored and reported against an historical Value at Risk benchmark.


At least 30% of the whole portfolio should be realisable within three months. The liquidation period shall be deemed from time of instruction to the receipt of proceeds. An amount equivalent to at least 6 months of distributions to unitholders must always be held in cash by the executive.

Market Timing

The portfolio will be invested at the discretion of each manager.

Income Requirements

No specific income targets have been set.

Ethical investments

The College’s policy is to ensure that any investment decisions take into account the same social, environmental and governance concerns as the College, including pursuing an active approach to engagement with its investments in all asset classes.


No investment (directly or indirectly) in companies that manufacture tobacco.

Illegal Munitions Manufacture

No investment (directly or indirectly) in companies which manufacture arms that are illegal under Arms Control Treaties to which the UK is a signatory.

Fossil Fuels

No investment (directly or indirectly) in companies engaged in thermal coal and tar sand extraction.


Managers shall not enter into contracts or investments where the Endowment may be subject to unlimited liability.