Friday, September 23, 2016
UC Beats Harvard
The Harvard University endowment reported a 2 percent loss on its investments for fiscal 2016 and warned that returns may be lackluster for some time. The world’s largest college endowment, which is in transition as it searches for a new chief executive, had its worst year since 2009. Over the past decade, it would have made more money if it had simply invested in a big basket of US stocks and bonds.
“This has been a challenging year for endowments and clearly these are disappointing results,” Paul Finnegan, chair of the Harvard Management Co. board, said in a statement. He said the board and staff of the fund are “taking the steps necessary to ensure HMC can continue to most effectively support the mission of Harvard University over the long term.”
Executives at Harvard Management declined to say when a new leader would be named. Stephen Blyth stepped down as chief in July, after a medical leave and just 17 months in the role. He had been promoted to the job in January 2015, succeeding Jane Mendillo, who had led the fund through steep losses in the financial crisis...
Full story at http://www.bostonglobe.com/business/2016/09/22/harvard-endowment-investment-return-drops-percent/e6Jj6GYxhpLOnpVH6kPI3L/story.html