<p>Penn is claiming a 13% return</p>
<p>The University of Pennsylvania, the Ivy League school founded by Benjamin Franklin, said the fund that manages most of its endowment gained 13 percent in the past year, helped by investments in credit and public equities.</p>
<p>The Associated Investments Fund outperformed its benchmark by 3.6 percentage points in the year ended June 30, the university, in Philadelphia, said today in an e-mail.</p>
<p>The $5.7 billion endowment benefited from “strong double- digit returns in credit” within the absolute-return portfolio, Kristin Gilbertson, Penn’s chief investment officer, wrote in an e-mail. Penn is one of the eight private schools in the northeastern U.S. that make up the Ivy League.</p>