Word: hmc
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...pack, both in overall endowment value and in percentage decrease. Over the last two and a half months, Harvard's endowment, quoted at an all-time high of $13 billion in June, has lost $1.3 billion, or ten percent of its value. The Boston-based Harvard Management Company (HMC), the University's wholly-owned subsidiary which manages Harvard's investments, released these statistics in its annual letter two weeks...
Following on the heels of five consecutive years of higher-than expected endowment growth, the drop over the last two-and-a-half month period was 3 percentage points below HMC's benchmark. The group forecasted a drop of only 7 percent...
...only thing I'm really worried about is that three points," said Jack R. Meyer president and CEO of HMC in an interview yesterday. "It is unusual for us to under-perform." Meyer said HMC aims to outperform the benchmarks even in down markets...
University officials blame the recent stock market turmoil, not losses in alumni giving or difficulties with the Capital Campaign, for the 10 percent decrease. Meyer singled out two major HMC strategies that have aggravated the endowment's decline...
Meyer refused to comment as to whether HMC wasdeviating from its policy portfolio, whichdictates how HMC distributes its investmentsacross asset classes, in response to emergingmarkets' poor performance...