University and college endowments saw their investments slip 0.3 percent on average in fiscal 2012, a year after notching gains averaging 19.2 percent, according to an annual study published Friday.

The largest endowments, with more than $1 billion in assets, performed best, with an average gain of 0.8 percent for the year ended June 30, according to the report. Smaller portfolios fared worst, with those from $51 million to $100 million in assets showing a 1 percent loss.