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How we currently invest

The University’s cash and cash equivalents and investment holdings totalled £483m as of 31 March 2026. This is made up of:

  • Operating Fund cash and cash equivalents holdings at £148m. These are used for short-term operational spend.
  • Liquidity portfolio holdings at £147m. These are used for operational spend for up to a year.
  • Mid-Term Investment Portfolio at £49m, these funds are used for capital investment aligned to the University's capital plan.
  • Long-Term Investment Portfolio at £139m, which includes endowments. The returns generated by endowment investments are used to fund activities across the University, aligned to our charitable objectives.
Read more about endowments

View the figures

The following charts depict the University’s investment funds’ asset allocation, as of 31 March 2026.

View detailed investment portfolio data (Excel - 43Kb)

Long-Term Fund

Chart 1 shows the split of the University’s Long-Term Portfolio between asset classes, as at 31 March 2026. The Long-Term Portfolio is split: 41% Equities, 25% Fixed Income, 15% Infrastructure, 0% Property, 11% Private Credit, 6% Private Equity and 2% Alternative Investments.

The chart shows the total portfolio value at £139m, as at 31 March 2026.

Long-Term Fund

Chart 2 shows the split of the University’s Long-Term Portfolio between external investment managers and fund categories, as at 31 March 2026. The Long-Term Portfolio is split: £57m to Equities Funds, £35m Fixed Income Funds, £2m Campbell Global (CG) Forest Fund, £20m JP Morgan Global Infrastructure Fund, £2m JP Morgan Global Impact Fund II, £7m HarbourVest Private Equity Fund, £6m HPS Corporate Lending Fund and £10m Barings Private Credit Fund.

Cash and Cash Equivalents Holdings

Chart 3 shows the University's cash and cash equivalents split between liquidity funds, a bank term deposit and cash holdings, as at 31 March 2026. The University's cash and cash equivalents are split: 64% to Liquidity Funds, 7% in a 3-month Green Sustainable bank term deposit and 29% cash holdings.

The chart shows the total value of the University's cash and cash equivalents at £295m, as at 31 March 2026.

Individual underlying companies

Each of the pooled funds that we invest, invest in hundreds or thousands of companies. This is common practice and is designed to minimise risk, protecting us from being impacted by adverse events impacting individual companies, markets or sectors. The companies and amounts invested in them can change daily.

Accurate information on University investments

The only true and accurate source of information regarding the University’s investments is here on our website. Information reported online by third parties may be outdated, opinionated, or inaccurate.

Where does the money come from for investments?

We do not invest income from student tuition fees in stocks or shares in our Long-Term Investment Portfolio. We invest tuition fee income into our:

  • Mid-Term Portfolio, used for capital spend, for example buildings and green spaces.
  • Liquidity Portfolio, used for operational running costs.

Money invested in our Long-Term Portfolio comes from endowments – for example, money donated by a benefactor. This money is invested in shares, debt and infrastructure.

Glossary of financial terms