Harvard Endowment Back In The Saddle

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A year after a disastrous 27 percent decline that prompted layoffs, salary freezes and a halt to some campus expansion, the Harvard endowment on Thursday reported a solid 11 percent increase in its $27.4 billion endowment portfolio for its fiscal year ended June 30. In her first year as head of the Harvard Management Company, which oversees the endowment, Jane Mendillo struggled as the portfolio she had inherited faced heavy cash demands in the area of alternative investments when the stock and commodities markets tanked, The New York Times’s Geraldine Fabrikant reports. Since then, Ms. Mendillo has put her stamp on the endowment, increasing its readily available cash and generating a respectable, if not spectacular return, several endowment experts said of the latest performance. The return lags that of stock market averages for the period, though it is better than the internal benchmark used by the endowment.

Harvard Endowment Posts 11% Return For The Year [Dealbook]

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