academic study. During the 2008 financial crisis and the Great Recession, the college's endowment lost 31% of market value. The Bates endowment consistently outperformed peers in market returns, particularly against fellow NESCAC colleges and the Ivy League from 2010 to 2018. Its low endowment-to-student ratio increases the college's fee dependency, frequently making Bates one of the most expensive colleges to attend in the country. The college raised around $300 million from 2017 to 2022 as part of a broader capital campaign.
In 2014, members of the student advocacy group, Bates Energy Action Movement (BEAM), requested the college divest from 200 companies that held the largest fossil fuel reserves. In response the college asserted the board of trustees had a fiduciary responsibility to the growth of the endowment and declined to specifically divest from the companies. In accordance with the student's request the college did disclose its full investment strategy, and commented on the long term implications …
