Word: endowmentã
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...University’s annual “Financial Report to the Board of Overseers of Harvard College,” Harvard’s sources of income—only one of which is the endowment??are detailed...
...Each year, the Corporation sets the endowment distribution, for which the “targeted spending rate” is between 4.5 and 5 percent of the endowment??s market value, according to official University policy...
...Mehrling says the 5 percent standard is based on the historical average return of a portfolio between stocks and bonds. But with the endowment??s high returns in the past two decades, he says such logic is outdated...
...Harvard hires the best portfolio managers it can find, offers them multi-million dollar compensation packages and gives them wide autonomy to invest its endowment??with almost a quarter of HMC’s funds going into high-risk assets like venture capital and real estate...
...time, many industry experts considered HMC’s move risky, but Cabot recognized that the endowment??s long-term view could withstand the day-to-day volatility of the market...