Word: hmcã
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...group, which has long condemned Harvard Management Company for paying what it says are exorbitant bonuses, called on Harvard to report how much of that money has been retracted after the endowment’s recent underperformance. According to HMC??s policies, which emphasize sustained, long-term growth, internal investment managers are awarded bonuses if they grow the value of the endowment above benchmarks set by the HMC Board, but those bonuses can be retracted in later years if the fund underperforms benchmarks...
...Today, HMC??s Policy Portfolio aims to include a positive cash reserve of 2 percent, whereas the University had previously been borrowing a small percentage of additional money to invest—a practice that can augment gains but also magnify losses...
Absolute return investments, which include some externally managed funds and made up 18 percent of the portfolio at the start of the last fiscal year, fell by 18.6 percent, or 5.4 percent more than the benchmark set by HMC??s board. The value of externally managed private equity holdings, representing 13 percent of the portfolio, dropped by a staggering 31.6 percent—nearly 8 percent more than the benchmark...
These recent hires, along with the policy adjustments made over the past year increasing HMC??s liquidity, have laid the foundation for a “solid, innovative and sustainable investment strategy” that gives “ample cause for optimism” over the next few years, Mendillo wrote. But she also called for “realistic” performance expectations over the next several years...
...Truly, of all the people I’ve ever run across in the investment world, she was the most impressive,” says Andrew B. Evans, treasurer and vice president for finance at Wellesley College, where Mendillo managed the endowment for six years before she took over HMC??s executive position last summer. “Her ability to synthesize a huge collection of data and make it understandable to a lay audience, as well as a sophisticated audience, is remarkable.” While she has been at Harvard in this position for less than...