3、對權益類資產的偏好。 因為大學對通脹特別敏感，為了保存基金的購買力，為了獲得高收益率；耶魯捐贈基金將95%的資產配置為權益或者收益率類似權益類的資產，包括domestic
and international securities, absolute return strategies, real
estate, natural resources, and private equity。 *耶魯捐贈基金認為，流動性較差的市場的有效性也較差，因此投資機會比流動性高的市場更多；所以，耶魯大學配置了較多real
estate, natural resources, and private equity.
備註：Absolute
Return的含義 絕對收益策略投資利用市場中的無效性獲利。它包括兩個部分，事件驅動策略和價值驅動策略。 事件驅動策略依靠特殊的公司事件——如合並、剝離、破產重組——以獲利。 價值驅動策略即在價格脫離背後經濟價值的資產中獲得一個被對沖的頭寸。 原文：Absolute
return investments are expected to generate high long-term real
returns by exploiting market ineffciencies. The portfolio is
invested in two broad categories: event-driven strategies and
value-driven strategies. Event-driven strategies rely on a very
specific corporate event, such as a merger, spin-off, or bankruptcy
restructuring, to achieve a target price. Value-driven strategies
involve hedged positions in assets or securities with prices that
diverge from their underlying economic
value.
備註：opportunistic
foreign positions In
addition, Yale dedicates 4.0 percent of the portfolio to
opportunistic foreign positions, with the expectation that holdings
will be concentrated in markets that o≠er the most compelling
long-term opportunities, particularly China, India, and
Brazil.
