A report from JLens, now part of the Anti-Defamation League (ADL), suggests that the endowments of the top 100 U.S. universities could face a collective loss of $33.2 billion over the next decade if they boycott companies doing business with Israel.

The ADL’s “first of its kind” report analyzed two hypothetical large-cap U.S. equity portfolios: one broadly diversified and another excluding companies targeted by the Boycott, Divestment, and Sanctions (BDS) movement against Israel. The findings revealed a significant financial gap between the two portfolios, with the one boycotting Israel lagging behind by 1.8 percentage points in returns—11.1% compared to 12.9%.

Major companies affected by BDS campaigns include Alphabet (Google’s parent company), Amazon, Caterpillar, Lockheed Martin, and Microsoft. According to the ADL, universities that choose to divest from such companies could face substantial financial setbacks.

“Harvard, Yale, Stanford, and Princeton are projected to collectively lose more than $8 billion in estimated returns on their endowments over the decade,” the report stated. Brown University, which is considering demands for Israel divestment, could miss out on approximately $309.8 million in returns on its $6 billion endowment.

ADL CEO Jonathan Greenblatt warned of both moral and financial consequences if universities choose to boycott Israel. “Calls for universities to divest from companies doing business in Israel are not only morally dangerous, but may also be financially dangerous. University investment committees have a fiduciary responsibility to prudently steward institutional resources,” Greenblatt said.

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