Yale's endowment outperforms Harvard's; Harvard still richer

CAMBRIDGE, Mass. (AP) - Yale University's endowment outperformed Harvard's during the latest fiscal year, giving the Connecticut school the latest victory in the longtime rivalry between the Ivy League institutions.

Yale on Friday announced that its endowment earned a 3.4 percent investment return for the year ending June 30, although the endowment's value dropped slightly to $25.4 billion from $25.6 billion as of June 30, 2015.

Harvard on Thursday announced a 2 percent annual investment loss for the year ending June 30, while the endowment dropped in value by nearly $2 billion to $35.7 billion.

The chairman of the board at Harvard Management Co., which oversees the endowment, called the results "disappointing."

Harvard distributed $1.7 billion in endowment funds to its operating budget last year, while Yale spent about $1.2 billion in endowment money.