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That said, it would be naive to move into an overly conservative strategy in the wake of the losses of the past year. HMC managers were extraordinarily successful before 2008, and one bad year should not collapse our faith in their investment acumen. In the 10-year period ending in fiscal year 2008, the Harvard endowment outperformed the median institutional fund by 7.7 percent per year. Had it earned the median institutional fund rate, endowment assets would have been $23.5 billion less. Moreover, Harvard’s money czars are far from alone in their shortcomings this year. Yale?...
Students soon learn that due to severe financial distress, HMC was obliged during the summer to sell a controlling stake in the university to celebrated Swedish home products retailer IKEA. Suddenly, that sleek pastel chair you’re sitting in begins to make a lot more sense. But hey, at least you can finally buy that Harvard Yard (TM) armoire to house your Harvard Yard (TM) chinos.--James M. Wilsterman ’10Editorial chair As winter approaches, Harvard will realize that it has pitted hundreds of its students against each other by limiting who is eligible...
Nevertheless, HMC will likely hew to the diversified investment model that it has long championed. Mendillo pointed out that even slumping assets such as private equity have delivered high returns when annualized over the past few years. If HMC had simply invested its portfolio in a 60/40 ratio of stocks and bonds 10 years ago, the endowment today would be $18 billion smaller, she wrote...
Mendillo also emphasized that HMC has taken steps this past year to increase flexibility and control over internal and external funds. The report said that she intends to continue using a “hybrid model” of internal and external managers, but that she is not targeting any specific proportion. Instead, she noted that internal management is highly cost effective and that HMC would look to “increase the share of our internally managed assets under the right conditions...
...HMC cut its workforce by roughly 50 employees in February, citing the need to “re-balance and re-engineer” the organization. Since then, the Company has made a string of managerial hires, adding investment experts to several internal teams while appointing new heads of internal and external management from within. Mendillo said HMC has increased its “depth and breadth of talent” over the past year and will continue searching for further individuals with “unique investment insights...