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Harvard’s invested endowment assets took a 27.3 percent hit this past fiscal year, amidst an economic maelstrom that Harvard Management Company CEO and President Jane L. Mendillo called “very likely the most challenging period in modern times for the financial markets as well as for the Harvard portfolio...
...down to $26 billion—on par with 2005 levels—after reaching almost $37 billion in 2008. The negative investment returns, combined with donations received and money paid out for operations, pushed the endowment’s total value down by $11 billion, or almost 30 percent...
...well beyond all previous experience,” wrote Mendillo, who took the helm at HMC only last summer. The decline—the largest ever experienced at HMC, which manages Harvard’s endowment—was not unexpected, and administrators have been planning for a 30 percent decline since December. Many peer institutions have been anticipating similar losses...
...unprecedented drop has dramatic ramifications for Harvard’s schools, some of which rely on annual payments from the endowment for more than half their income. The Faculty of Arts and Sciences, the University’s largest school and home of Harvard College, drew 52 percent of its revenues from the endowment last year. Planning for a precipitous drop in endowment size has already resulted in $77 million in budget cuts at FAS, and administrators are looking to cut another $143 million this year from a budget of just over $1 billion...
Absolute return investments, which include some externally managed funds and made up 18 percent of the portfolio at the start of the last fiscal year, fell by 18.6 percent, or 5.4 percent more than the benchmark set by HMC’s board. The value of externally managed private equity holdings, representing 13 percent of the portfolio, dropped by a staggering 31.6 percent—nearly 8 percent more than the benchmark...