Word: portfolioã
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Harvard and other universities with large endowments have taken several steps to increase liquidity in their endowments. According to the most recent HMC report, the University has added a cash reserve to its policy portfolio??a model for the University’s investment strategy that serves as a baseline against which the actual performance of the endowment is measured...
...With a few notable exceptions, nearly every asset class did poorly,” Mendillo wrote. “While diversification has been a mainstay and a driver of the portfolio??s return over the long-term, the benefits of diversification did not bear...
...whole, the endowment performed 2.1 percent worse than the Policy Portfolio??a theoretical portfolio set by HMC specifying allocations and setting performance goals among a mix of asset classes. But certain individual assets have performed well. The report noted that the value of Harvard’s real asset holdings fell by 37.7 percent—slightly less than the benchmark—and that internal emerging markets and international fixed income teams outperformed their benchmarks as well...
...endowment consistently generated double-digit yearly investment returns, largely due to its heavy exposure to alternative asset classes, which include real estate, private equity, timber, and other commodities. Such investments added long-term value to the endowment and brought sustained growth in previous years, but also reduced the portfolio??s liquidity—meaning that the University’s assets became more difficult to sell and convert to cash on short notice...
...Mittelman managed domestic bonds—which account for 11 percent of the company’s policy portfolio??and Samuels steered the five percent of the portfolio invested in foreign bonds...