Harvard University endowment earns 21.4 percent return for fiscal year
Harvard University announced today that its endowment earned a 21.4 percent return and was valued at $32 billion for the fiscal year that ended June 30, 2011. Jane Mendillo, president and CEO of Harvard Management Company (HMC), said, “At HMC we focus on actively managing our investments to satisfy three primary long-term objectives for the endowment: growth, liquidity, and risk management. We are pleased to report that our progress in fiscal year 2011 was significant along each of these dimensions. We are committed to our stance as long-term investors, refining our edge and maintaining our discipline, through up and down markets.” Harvard’s endowment helps to fund operations critical to the University’s educational and research objectives. In fiscal 2011, distributions from the endowment contributed almost a third of the operating budget. Endowment income supports Harvard’s academic programs, science and medical research, and student financial aid programs, which allow the University to admit qualified...