Word: endowmentã
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...decline brought the total value of the endowment as of June 30 down to $26 billion—on par with 2005 levels—after reaching almost $37 billion in 2008. The negative investment returns, combined with donations received and money paid out for operations, pushed the endowment??s total value down by $11 billion, or almost 30 percent...
...level of volatility and dysfunction in many types of investments that went well beyond all previous experience,” wrote Mendillo, who took the helm at HMC only last summer. The decline—the largest ever experienced at HMC, which manages Harvard’s endowment??was not unexpected, and administrators have been planning for a 30 percent decline since December. Many peer institutions have been anticipating similar losses...
Mendillo partly attributed the endowment??s underperformance to “complications” within the portfolio existing before the financial crisis, including “recent over-sized commitments to illiquid asset classes; within asset classes, a larger proportion of strategies with long holding periods; [and] a lack of ready liquidity in the portfolio to meet our obligations along with the needs of the University.” For years, Harvard has been the subject of scrutiny—and idolatry—as its endowment consistently generated double-digit yearly investment returns, largely...
...like stocks and track major indices such as the Nasdaq and the S&P 500. HMC is responsible for overseeing Harvard’s endowment, which was valued at nearly $37 billion before the market crash last fall. University officials have planned for a 30 percent drop in the endowment??s value for the year ending June 30. Definitive endowment returns for that period are expected to be released in the next few weeks. In the three months leading to June 30, the University increased its holdings in the iShares MSCI Emerging Markets Index Fund?...
...Kennedy School drew a quarter of its operating budget from its endowment??roughly the same fraction seen at the Medical School but only half of that seen at the Faculty of Arts and Sciences. As of June 30 last year, the Kennedy School's endowment stood at $1.1 billion, although University administrators have for months projected a 30 percent decline in Harvard's total endowment over the course of this fiscal year. Current use gifts compose another 20 percent of the Kennedy School's budget—the largest amount at all of Harvard's schools, with...