Word: hmc
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Meyer wrote in the annual report that Harvard’s ten-year performance has surpassed its peers and outperformed the market averages, or benchmarks, that HMC uses to judge the endowment’s performance...
...endowment dropped from $18.3 billion to just over $17.5 billion, hurt by a 0.5 percent decline in investment returns and an increase in endowment pay-outs, according to Jack E. Meyer, president of the Harvard Management Company (HMC), the group responsible for investing Harvard’s endowment...
...figures that HMC released yesterday indicate that the endowment performed relatively well in a rough economic environment that has characterized recent years...
...endowment’s performance relative to benchmarks—not its absolute returns—determines compensation of HMC investors...
...With HMC investments returns dropping only 0.5 percent relative to benchmarks of a 4.5 percent drop, Meyer said it “makes a lot of sense” for HMC managers to receive bonuses in the down market...