Word: hmc
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Continuing five years of steady growth, Harvard's endowment grew by 20.5 percent during the fiscal year ending June 30, the Harvard Management Company (HMC) announced in its annual letter yesterday...
Moreover, the returns outperformed the 17.1 - percent goal set by HMC's Board of Directors...
...terrific year when we outperform the benchmark by one point or more," said HMC President Jack R. Meyer. "I don't think it's realistic to expect any institutional fund to do that over more than one year...
...HMC records show 36 percent of the endowment is invested in U.S. stocks. According to Meyer, Harvard lost more on itsdomestic investments during the summer than it didin Russia, where the currency was devalued by morethan 50 percent...
...closed-end funds were more profitablebefore the market crisis, Daniel said, but willbecome profitable again. Since HMC makes long-terminvestments, it will again profit from thesefunds, he predicts...