Yale University, whose endowment strategy has been a model for U.S. schools, said its investments returned 22 percent in the year ended June 30.

The endowment’s value rose to $19.4 billion from $16.7 billion a year earlier, after investment gains of $3.6 billion and distributions of $1 billion to the New Haven, Connecticut university, according to an e-mail from spokesman Tom Conroy. Harvard University, the world’s richest school, said Sept. 22 its investments rose 21 percent.