Yale University's endowment fund gained 22.9% in the last fiscal year to the end of June, largely due to returns on non-US stocks and hedge funds, outdoing Ivy League rival Harvard.

Yale's endowment increased by $3.2bn (€2.51bn) to $18bn in assets. Yale's endowment has returned an annualized 17.2% over the past 10 years, placing the University's investment performance in the top rank of institutional funds, the university said in a statement.