After the financial crisis, Finra reduced the risk and increased the liquidity of its investments after losing $568 million, or 26.5 percent, on its endowment-model portfolio in 2008, which had significant exposure to alternatives.
As of December 31, 2015, the portfolio was 54 percent in bonds and cash, 30 percent in stocks, 12 percent in alternatives and 4 percent in real assets.