University endowments have been going through a rocky road since the 2008 financial crisis. As the economy recovered, average annual return of U.S. endowments saw a handsome uptick in recent years, spiking at 15.5 percent in 2014, according to a January study by the National Association of College and University Business Officers. Then in 2015, the upward trend stalled abruptly and plummeted to 2.4 percent, mainly hurt by the turmoil in commodity prices and natural resources, the study says.

However, as long-term investors, endowments often look beyond one-year data to evaluate true performance. In order to capture a post-recession look at these endowments’ investments, Trusted Insight analyzed more than 900 U.S. school endowments and foundations that manage more than $1 billion and ranked 20 with the highest five-year annualized return. While bigger endowments historically yield higher returns because of economy of scale and the ability to diversify, the rankings may surprise you.

20. Smith College - Smith College Endowment
Asset Under Management (6/30/2015): $1.78B
5-year annualized return: 11.2%
Chief Investment Officer: Outsourced

19. Amherst College - Amherst College Endowment
Asset Under Management (6/30/2015): $2.19B
5-year annualized return:11.4%
Chief Investment Officer: Mauricia A. Geissler

18. Wellesley College - Wellesley College Endowment
Asset Under Management (6/30/2015): $1.85B
5-year annualized return: 11.4%
Chief Investment Officer: Deborah Kuenstner

17. Pomona College
Asset Under Management (6/30/2015): $2.10B
5-year annualized return: 11.4%
Chief Investment Officer: Karen Sisson

16. University of Richmond - Spider Management Company
Asset Under Management (6/30/2015): $2.37B
5-year annualized return: 11.4% *
Chief Investment Officer: Rob Blandford

15. Stanford University - Stanford Management Company
Asset Under Management (6/30/2015): $22.22B
5-year annualized return: 11.6%
Chief Investment Officer: Robert Wallace

14. University of Minnesota - University of Minnesota Endowment
Asset Under Management (6/30/2015): $3.30B
5-year annualized return: 11.7%
Chief Investment Officer: Stuart Mason

13. University of Pennsylvania - University of Pennsylvania Office of Investments
Asset Under Management (6/30/2015): $10.13B
5-year annualized return: 11.7%
Chief Investment Officer: Peter H. Ammo

12. Rice University - Rice Management Company
Asset Under Management (6/30/2015): $5.56B
5-year annualized return: 12.2%
Chief Investment Officer: Allison Thacker

11. Columbia University - Columbia Investment Management Company
Asset Under Management (6/30/2015): $9.64B
5-year annualized return: 12.3%
Chief Investment Officer: Peter Holland

10. Duke University - Duke Management Company
Asset Under Management (6/30/2015): $7.30B
5-year annualized return: 12.4%
Chief Investment Officer: Neal F. Triplett

9. University of Notre Dame - University of Notre Dame Investment Office
Asset Under Management (6/30/2015): $8.57B
5-year annualized return: 12.7%
Chief Investment Officer: Scott Malpass

8. Williams College
Asset Under Management (6/30/2015): $2.40B
5-year annualized return: 12.9%
Chief Investment Officer: Collette Chilton

7. Dartmouth College - Dartmouth College Investment Office
Asset Under Management (6/30/2015): $4.67B
5-year annualized return: 12.9%
Chief Investment Officer: Pamela L. Peedin

6. Princeton University - Princeton University Investment Company
Asset Under Management (6/30/2015): $22.72B
5-year annualized return: 13.6% *
Chief Investment Officer: Andrew K. Golden

5. Virginia Commonwealth University
Asset Under Management (6/30/2015): $1.64B
5-year annualized return: 13.7%
Chief Investment Officer: Bob Hill

4. University of Virginia - University of Virginia Investment Management Company
Asset Under Management (6/30/2015): $6.18B
5-year annualized return: 13.7%
Chief Investment Officer: Lawrence E. Kochard

3. Massachusetts Institute of Technology - MIT Investment Company (MITIMco)
Asset Under Management (6/30/2015): $13.47B
5-year annualized return: 13.8% *
Chief Investment Officer: Seth Alexander

2. Yale University - Yale Investment Office
Asset Under Management (6/30/2015): $25.57B
5-year annualized return: 14.0% 
Chief Investment Officer: David D. Swensen