Word: hmc
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Dates: during 2000-2009
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When Jack R. Meyer, former CEO of the Harvard Management Company (HMC), left the University to establish his own hedge fund with a record-setting $6 billion, investors expected him to continue his string of market-beating performance. This past year, however, showed that even veteran investors can struggle in changing markets. Meyer, who headed HMC from 1990 until September 2005, is credited with growing Harvard’s $4.7 billion endowment to $25.9 billion before his departure. His success at Harvard led the University to initially invest $500 million with Meyer’s new fund—Convexity...
...Harvard Management Corporation (HMC) has not divested from PetroChina and Sinopec. Despite declaring in April, 2005 its intentions to withdraw investments from PetroChina due to “the unique pattern of circumstances relating PetroChina to the crisis in Sudan,” and shortly thereafter promising to cut ties with oil giant Sinopec as well, Harvard’s stake in the two companies has actually increased from $10.1 million to $15.7 million. The current holdings come as a result of Harvard’s investments in two index funds managed by the British investment bank Barclay?...
...fairness to HMC, Harvard’s questionable investments do not necessarily signify a moral lapse. The HMC maintains no direct control over the Barclay’s holdings, which, like those of any mutual fund, change over time in response to market fluctuations. However, the University’s financial gurus cannot ignore what is in plain sight. Now that it is clear to Harvard and the world that a sizable portion of Harvard’s endowment is supporting the actions of Sinopec and PetroChina, the HMC should find a way to dispose of the shares...
...Harvard expands its presence to the other side of the Charles River, it’s scaling back its investment on the other side of the globe. The Harvard Management Company (HMC), which steers the school’s $29.2 billion endowment, has sold a minority stake in its 468,000 acre Kaingaroa forest in New Zealand. The buyer is a fund established by the country’s national government to provide for its aging population. The New Zealand Superannuation Fund will acquire a stake of approximately $200 million from HMC, which has owned the forest estate since December...
Harvard’s endowment grew $3.3 billion during the fiscal year ending June 30, reaching an all-time high of $29.2 billion, according to figures released today. The Harvard Management Company (HMC), the internal arm responsible for managing the University’s endowment, returned 16.7 percent on its investments. This year’s performance was “just above the average” for the 25 largest university endowments, HMC President Mohamed A. El-Erian wrote in his first annual “John Harvard” letter. It is down from last year?...