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Harvard University Endowment Fund | Harvard Management Company

Name: Harvard Management Company

Assets Under Management: $32.7 Billion (Source: Harvard Management Company )

harvard piePortfolio Allocation Insights:

“Harvard Management Company is unique among investment management firms in our singular mission to support Harvard by investing and enhancing the University’s financial resources for the long term.”  Source

“Our internal investment expertise in fixed income, foreign exchange, and equity markets provides flexibility to the portfolio and informs the investment debate within the endowment and the University.” Stephen Blyth Head of Public Markets Source

Management Team:

Team Member Position Title
Andrew G. Wiltshire Managing Director, Head of Alternative Assets No Picture
Stephen Blyth Head of Public Markets No Picture

Robert A. Ettl

Managing Director, Chief Operating Officer No Picture

Kathryn I. Murtagh

Chief Compliance Officer No Picture

Jennifer A. Pline

Chief Trusts & Gifts Officer Pine

Contact Details:  For complete contact details for the Harvard Endowment Fund investment staff please access your copy of our Endowment Database.

Background on the Harvard Endowment Fund:

The Harvard Management company is unique in their use of management teams not only within the company but also outside of the company to broaden their capabilities. The use of diverse marketing groups, keeps the company open to many possibilities for the best option to bring a profit. The company has a portfolio to find “less-traditional and less-liquid asset categories” to benefit Harvard University in the best way for the long term.

“HMC, with the support of Harvard University, is the first university endowment in the United States to become a signatory to the United Nations-supported Principles for Responsible Investment (PRI). The PRI is a network of international investors who are committed to integrating ESG issues into their investment practices and ownership policies.” Source

Our team, the Endowment Fund Association (EFA) and Endowments.com is the #1 community and most visited website dedicated to endowment fund professionals.  We provide endowment funds with buy-side co-investment and direct investment deal origination services, outsourced chief investment officer selection help,  and also provide Endowment 500 research and Endowment Database Solutions.

Top Harvard Endowment Fund Headlines:

1) Six months after announcing that Harvard would not divest its endowment from the fossil fuel industry, President Drew Faust unveiled several new initiatives today to strengthen the university’s commitment to environmental sustainability and renewable energy. “Harvard has a vital leadership role to play in this work,” Faust wrote in a letter to the Harvard community. “As a university, it has a special obligation and accountability to the future, to the long view needed to anticipate and alter the trajectory and impact of climate change.” Harvard will become the first university endowment in the United States to sign on to a United Nations-supported organization, Principles for Responsible Investment. The principles provide the university’s fund managers with a method for considering environmental and social factors from water scarcity to human rights. But it does not require Harvard to sell specific funds, so it will be sure to leave the environmental activists who have been pressing for divestment unsatisfied. (Source)

2) HIGHLIGHTS: Endowment valued at $32.7 billion as of June 30, up $2.0 billion (6.5 percent) from $30.7 billion a year earlier.Harvard Management Company records 11.3 percent investment return on endowment assets during fiscal year 2013, after negative return in prior year.Public-equity assets lead positive returns; positive fixed-income returns despite a down bond market; real assets only category to trail benchmarks.Harvard’s overall performance exceeds its market benchmarks by 223 basis points and comes close to returns recently reported by some other institutions. AS THE UNIVERSITY set about raising a lot of money (launching its $6.5-billion Harvard Campaign on September 21), it was also earning a fair amount: the endowment rose 6.5 percent, to $32.7 billion, as of the end of fiscal year 2013, this past June 30, Harvard Management Company (HMC) reported today. The endowment was valued at $30.7 billion at the end of fiscal 2012. (Source)

3) Harvard Management Company, the in-house management firm that oversees the University’s $32.7 billion endowment, has continued its strategy of investing in natural resources by purchasing millions of dollars’ worth of vineyard land in central California, according to University tax filings and recent reports of purchases in the region. Brodiaea, a Delaware-based corporation that is entirely owned by the University, paid $10.1 million in February for more than 7,500 acres in Santa Barbara County, according to a report last month by the Farmland Investor Center, a market research firm. David Hamel, an appraiser quoted in the report, estimated that the University, through Brodiaea, has so far paid $61 million for more than 10,000 acres in the Santa Barbara and San Luis Obispo Counties. Kevin Galvin, a spokesperson for the University, confirmed that HMC owns the land described in the reports. Galvin declined to comment on how much was paid for the acres.  (Source)

4) Looks like the Ivy League’s investment chiefs started doing their homework again. Harvard, Yale, and the University of Pennsylvania have all reported double-digit endowment returns for their most recent fiscal year, a big improvement over the mediocre year earlier, when Harvard managed to lose money in an up market. Harvard gained 11.3 percent to bring its endowment to $32.7 billion, the biggest in the country. Yale gained 12.5 percent and now has $20.8 billion, and Penn returned 14.4 percent. Their returns in the prior year were a negative 0.05 percent, a plus 5.8 percent, and a plus 1.6 percent, respectively. The other members of the conference have yet to announce their figures. Schools beyond the Ivy League did well, too: The Massachusetts Institute of Technology gained 11.1 percent, and Bowdoin’s 16 percent return pushed its endowment above the $1 billion mark for the first time. Still, if we’re grading on a curve, these universities underperformed the broader market. The Standard & Poor’s 500-stock index gained 17.9 percent in the 12 months through June 30, when the schools’ fiscal year ends. (Source)

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About Richard C. Wilson