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Harvard's endowment posted returns of approximately 9 percent through the first 10 months of this fiscal year, according to data from the University. The increase puts the endowment's value at around $38 billion as of this April, up from $34.9 billion as of last June...
While the returns fall short of last year's exceptional 23 percent performance for the full 12-month period, they are comparatively strong given that they come amid a bear market that has seen the S&P 500 index, a standard baseline for stock-market performance, lose eight percent during the same July to April period...
While May and June—the months for which data is currently unavailable—were rough for the equity markets (the S&P index fell an additional 8 percent), the endowment weathered a similarly poor five-month stretch from October to March, preserving the gains that it made from July to September...
...monthly values of "endowment units" that Harvard entities can purchase just as investors buy shares of a company's stock. Changes in unit value for the past decade have tracked changes for Harvard's total endowment over the same periods, but lag overall growth by approximately two percent each year...
...account for this discrepancy, monthly unit changes were adjusted upward by one-sixth of a percent for each month in the graph above, and two percent was added to the overall growth in the endowment units. (This two percent differential may reflect deductions for management fees or levies on the endowment like the 0.5 percent tax for development of the new Allston campus. A Harvard spokesman was not immediately available for comment on this difference as well as the endowment's returns for this fiscal year...