How we currently invest

The University’s cash and cash equivalents and investment holdings totalled £389m as of 30 September 2025. This is made up of:

  • Operating Fund cash and cash equivalents holdings at £101m. These are used for short-term operational spend.
  • Mid-term and liquidity portfolio holdings at £151m. These are used for operational spend for up to a year and capital investment aligned to the University's capital plan.
  • Long-Term Investment Portfolio at £137m, which includes endowments. The income generated by endowment investments is 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 30 September 2025.

View detailed investment portfolio data (Excel - 43Kb)

 

Chart 1 shows the split of the University’s Long-Term Fund between asset classes, as at 30 September 2025. The Long-Term Fund is split: 41% Equities, 26% Fixed Income, 15% Infrastructure, 0% Property, 11% Private Credit, 6% Private Equity and 1% Alternative Investments.

The chart shows the total portfolio value at £137m, as at 30 September 2025.

Chart 2 shows the split of the University’s Long-Term Fund between external investment managers, as at 30 September 2025. The Long-Term Fund is split: £56m 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, £6m HarbourVest private Equity Fund, £6m HPS Corporate Lending Fund and £10m Barings Private Credit Fund.

 

 

Chart 3 shows the University's cash and cash equivalents split between liquidity funds and cash holdings, as at 30 September 2025. The University's cash and cash equivalents is split: 67% to Liquidity Funds and 33% cash holdings.

The chart shows the total value of the University's cash and cash equivalents at £252m, as at 30 September 2025.

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.

View our glossary for more information on these terms