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Filed by the Harvard Management Company (HMC), which manages Harvard’s $18 billion endowment, Thursday’s suit challenges fund manager J. Mark Mobius’ handling of the China World and Dragon funds. Harvard holds a combined $115 million in these funds and is the largest minority shareholder in both...
...added this action fits into the pattern of aggressive investing employed by HMC described in the Templeton complaint...
...past, HMC has proposed various plans to raise share prices, including displacing management and liquidating the fund. Its latest proposal is to merge the China and Dragon funds into an interval fund, in which Templeton would slowly liquidate the fund by gradually buying back shares, preventing share prices from dropping...
...HMC has also proposed making the funds open-ended to raise their share price, according to Templeton. However, HMC reversed that position in the January letter...
...HMC declined to comment for this story...