Word: hmc
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These precautions would include forbidding the Harvard Management Company (HMC) to sell that equity before a certain time. The committee would also prohibit the University from making direct investments in those firms, which are frequently cash-starved early in their history...
According to a source familiar with HMC, one area that hurt the endowment's return was that it was "underweight in technology"--an area which saw a return of about 90 percent--meaning the company did not have enough of its assets invested in technology...
...also echoed the proposal by some long-time HMC critics that the company should reveal how many of its investments involve derivatives...
...annual letter, HMC also reviewed its performance since Meyer and the current management arrived four years...
During this time period, HMC exceeded the consumer price index inflation rate by 10.8 percent--considerably above the company's six percent target. It also bested the Policy Portfolio by two percent, a margin above its goal of between 1.5 and two percent. According to the letter, HMC does not believe such a margin is sustainable