In 2025-2026, 907 individually named endowments generated $14.7 million in support for scholarships, research, academic chairs, professorships and other vital programs and initiatives across Waterloo.
Waterloo's Endowment in Action
Growth in Waterloo's Endowment
$707,600,000
Market value
Market Value, as at April 30, 2026. The value at which investments in the endowment pool could be sold in the open market.
$525,900,000
Book value
Book Value, as at April 30, 2026. 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 managed to support the University’s future. Our priority is to protect and grow the endowment, ensuring a reliable source of revenue that will benefit students, faculty and programs for generations to come. As part of this commitment, the University integrates environmental, social and governance (ESG) factors into investment decisions, with the belief that this approach can enhance long-term value and reduce the risk of loss.
To learn more about how the University incorporates 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
- CC&L Financial Group
- Fiera Capital Corporation
- Garage Capital
- RBC Global Asset Management
- Sound Point Capital
- TD Global Investment Solutions
- True North
- University of Waterloo
- Velocity
Endowment Fund Returns
The endowment fund total return for the year ending April 30, 2026, was 16.92%. The annualized total return for the 10 years ending April 30, 2026, was 8.51%.
The total return, calculated net of all investment management fees and expenses, 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 2025/26 was 3% of the endowment’s 12-month weighted, average book value. The expendable rate for the current year, ending April 30, 2027, 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.
Remembering Dr. Desta Leavine
For Dr. Desta Leavine, the University of Waterloo was never just a place of higher learning – it was part of her family’s story. Her father, Dr. Stanley Leavine, helped shape the University during its formative years through his service on the Board of Governors, fostering a family connection grounded in leadership, service and a belief in education as a force for good. Inspired by that legacy, Dr. Leavine established an endowment at the University of Waterloo and supported Renison University College programs, creating opportunities that will benefit students for generations to come. Nearly a year after her passing, her generosity continues through a legacy gift that reflects the values connecting her family to Waterloo from its earliest days.
Read Waterloo’s 2025-2026 Report on Giving to learn more about Dr. Leavine’s legacy and discover other inspiring stories that show the lasting difference your generosity makes.