Word: portfolios
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Dates: during 1970-1979
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...difference between the interest that it pays to borrow and the income that it collects from mortgages and fees. Lately that difference has been precariously small. According to its latest figures, at the end of September the corporation was receiving an average 7% return on its $14.9 billion portfolio of residential mortgage loans, the nation's largest, but paying an average 7.64% interest on $14.8 billion of debt. Only the fees paid by the mortgage men who sell loans to Fannie Mae kept its books in the black...
...deficit this year suggests that it is nearly through as a private university. Yale, which had been spending out of its capital gains in the bullmarket days, has now lost great chunks of its operating income as stocks fall and prices rise. The market value of Harvard's own portfolio-2/3 in equities, 1/3 in bond and other debt securities-dropped 18 per cent this last year, even though the income yield recalled a new high. The University has chosen less risky stocks like IBM and Middle South Utilities and financed much of its endowment increase through drives...
Unfortunately, this promising theme-the alternative machinery for managing Harvard's budget and portfolio-is gingerly broached and often quite airily dismissed. Had the memorandum tried to detail one new way for voting the proxy or reviewing the portfolio, it would have necessarily clarified the case for institutional reform. The GM proxy issue could have provided this opportunity. In a confused meeting last spring, the Faculty argued that the University had some moral responsibility for the 100 or so corporations which made up the $1 billion portfolio. Apparently ignoring this commotion, the Corporation voted as the Treasurer Mr. Bennett directed...
...clear guidelines"-though academics will always wish for the impossible-but one can at least hope for an easily accessible public tribunal to handle future wranglings. A committee independent of the Corporation which has the power to vote the proxy and to recommend dropping sundry items from the portfolio would more efficiently channel the political energies of the community. The committee could be triggered to respond whenever the political heat reached a certain intensity. It would consult directly with the Corporation on a case-by-case basis, and even if the Corporation had the right to overrule it, some communication...
...Malkiel Report tried to evaluate the school's investments in companies operating in South Africa. This Princeton effort illustrates the complexity of drawing up moral criteria to judge the different ranges of financial involvement in South Africa. Directly or indirectly, the committee found, almost every company in the portfolio was contaminated-companies which had affiliates or subsidiaries operating in South Africa became the focus of a compromise criterion. But this particular standard overlooked some companies which did a great deal of trading in South Africa without having either a sales subsidiary or an affiliate. And so the exercise went...