(Bloomberg) -- Columbia University’s endowment fell 7.6% in its latest fiscal year, joining the list of US schools to report investment setbacks.

The fund’s value dropped to $13.3 billion as of June 30, the Ivy League university in New York City said Wednesday in a statement. The fund reported a gain of 32% a year earlier. The S&P 500 slipped about 12% in the latest fiscal year.

“Results were negatively impacted by the dramatic reversal in the equity markets during the second half of the year,” Kim Lew, chief executive officer of Columbia Investment Management Co., which runs the endowment, said in the statement. “Many of the investments that outperformed over the past few years suffered steep declines, even if on a long-term basis they remain positive contributors.”

College funds across the US are turning in some of their worst annual results since the 2008 financial crisis, with a median loss of 10.2% before fees, according to Wilshire Trust Universe Comparison Service. 

Other Ivy League schools that have already reported fiscal 2022 returns include Cornell University and Dartmouth College, which posted losses of 1.3% and 3.1%, respectively. The University of Pennsylvania broke even in the period and Yale University gained 0.8%.

On Tuesday, a spokeswoman for Washington University in St. Louis said in an email that its endowment lost 10.6%. The fund is now valued at $13.3 billion, down about $2.2 billion from a year earlier. 

Endowments typically need annual gains of at least 7% to keep pace with spending and inflation. 

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