At Waterloo, endowed gifts empower current and future leaders to achieve their inspiring goals. Whether they create quantum health technologies, immersive cultural exchanges or cities that address and adapt to climate change, Waterloo researchers and students transform lives around the world. With reliable access to funding, they tackle local and global challenges with confidence, knowing they have steadfast support.”
NENONE DONALDSON, VICE-PRESIDENT, ADVANCEMENT AND EXTERNAL RELATIONS
In 2024-2025, 877 individually named endowments generated $14,200,000 million to support vital resources, including scholarship, programs, research, and more.
Waterloo's Endowment in Action
Growth in Waterloo's Endowment
$608,300,000
Market value
Market Value, as at April 30, 2025. The value at which investments in the endowment pool could be sold in the open market.
$491,500,000
Book value
Book Value, as at April 30, 2025. The value of all contributions and capitalized earnings that have been deposited into the endowment principal.
Endowment Fund Management
The University of Waterloo’s Endowment is invested with the future in mind. Our priority is to protect and grow the endowment to ensure a stable source of revenue. As a result, the University integrates environmental, social and governance (ESG) factors into investment decisions with the belief that this approach is expected to enhance the long-term value of investment performance and reduce the risk of loss.
To learn more about how the University incorporates environmental, social, and governance (ESG) factors into its investment decisions, please visit responsible investing web page.
Portfolio Asset Mix
The Finance and Investment Committee reviews and approves the asset mix.
Asset Managers
- Fiera Capital Corporation
- Garage Capital
- RBC Global Asset Management
- Sound Point Capital
- TD Global Investment Solutions
- University of Waterloo
- Walter Scott & Partners Ltd.
Endowment Fund Returns
The endowment fund total return for the year ending April 30, 2025, was 9.35% and the annualized total return for the 10 years ending April 30, 2025, was 6.72%.
The total return includes both realized returns (interest, dividends, market value gains/losses earned through investment transactions) and unrealized returns (market value increases/decreases in existing investment holdings.)
How funds are allocated and preserved
The amount of investment income allocated for spending is based on an expendable rate, set annually at the start of each fiscal year. The expendable rate considers consistency in practice, spending needs and anticipated endowment realized investment returns. The expendable rate for 2024/25 was 3% of the endowment’s 12-month weighted, average book value. The expendable rate for the current year, ending April 30, 2026, is currently set at 3%.
Waterloo endeavours to annually increase the principal balance of each endowment for inflation, based on Bank of Canada inflation measures (CPI increase). Realized investment income amounts earned in excess of the expendable rate and CPI increase are allocated to an endowment’s reserve account. If sufficient realized income is not earned throughout the year to fund spending at the set expendable rate and the CPI increase, the endowment’s reserve account can be used to fund spending and/or the CPI increase.
For more information about endowment management and spending policy at the University of Waterloo please visit Endowment FAQs web page.
INVESTING IN CREATIVITY, COMMUNITY AND CANADA
For Dr. Andy Houston, theatre is not just performance – it’s a catalyst for healing and cultural change. A scholarship launched his journey, and now he’s giving back through the Houston Theatre and Performance Experiential Learning Fund. This new endowed fund empowers students to explore global theatre, amplify diverse voices and bring fresh perspectives to Canadian stages.
In Waterloo’s 2024-2025 Report on Giving, you can read more about Andy and other inspiring stories about the lasting difference your generosity makes. Together, we’re building a better future for humanity and our planet.