Word: hmc
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...suggests that in rebounding from recent market turmoil, Harvard Management Company has been boosting its investments in foreign markets by increasing shares in private companies and exchange-traded funds, which are traded like stocks and track major indices such as the Nasdaq and the S&P 500. HMC is responsible for overseeing Harvard’s endowment, which was valued at nearly $37 billion before the market crash last fall. University officials have planned for a 30 percent drop in the endowment’s value for the year ending June 30. Definitive endowment returns for that period are expected...
...have been one of the few well-performing assets in Harvard's investment portfolio. Over the past year, the Dow Jones CBOT Treasury Index—a real-time, broad-based indicator of bond market performance—returned over 8 percent, while the S&P 500, which HMC often cites in comparisons with its own endowment performance, dropped over 30 percent...
According to Harvard's year-end financial report from 2008, HMC had over $7 billion invested in fixed-income assets as of June 30. Those assets included nearly $2 billion worth of domestic bonds—which had produced returns of 16.1 percent for that fiscal year, beating the HMC board-approved benchmark of 12.7 percent—as well as foreign bonds, inflation-indexed bonds, and high-yield bonds...
...financial report also noted that a combination of internal and external investment managers oversee HMC's domestic bond portfolio, focusing on arbitrage situations—or buying inexpensive securities while simultaneously selling overvalued securities of similar characteristics. While internal managers "sharply" outperformed their benchmark in 2008, the report said that external managers delivered mixed results...
Seidner, who was the company's second-highest paid official in 2008 with $6.3 million in compensation, was hired in 2006 after an exodus of investment managers left HMC with a substantial vacuum in its bond division. Former bond managers Maurice Samuels and David R. Mittelman, who earned $25.3 million and $25.4 million respectively in 2004, left the company with legendary HMC CEO Jack R. Meyer in 2005 to form a private hedge fund, Convexity Capital Management, after enduring repeated public criticism for what some considered to be exorbitant...