14
FY
21
ANNUAL
FINANCIAL
REPORT
Fiscal-Year Summary
The College of New Jersey's investment program, characterized and driven by conservative investment goals
that stress a well-diversified and high-quality portfolio of investments, experienced steady earnings growth again
this fiscal year. For the fiscal year ended June 30, 2021, TCNJ's investments returned 19.5%, following earnings
of 4.8% in the previous fiscal year. With low domestic interest rates, a historically flat yield curve, and enhanced
volatility in global equity markets, TCNJ's thoughtful and balanced approach to investing produced strong
returns that helped to strengthen the college's balance sheet and further position the college for future success.
TCNJ Non-Endowment Pool
The investment strategies for each component have been structured and implemented to align with each
component's respective goals. TCNJ holds its Working Capital funds in overnight liquidity accounts. e college
invests its Contingency Cash funds in high quality short- and intermediate-term fixed income investments, and
its Core Cash funds in a multi-asset class ("MACM") strategy which consists of approximately 70% equity and
30% core fixed income investments. e table below summarizes the ranges and targets for each component, as
prescribed by the college's Investment Policy Statement.
