BOSTON - Harvard University's endowment fund, the world's largest university endowment, posted a small investment gain that bested several other top U.S. universities' returns but saw the value of the fund shrink as more was paid to university operations.
Returns from these schools are watched closely because they pioneered putting money into hedge and private equity funds.However, with only an 11% allocation to stocks, "the endowment's FY23 return does not reflect a significant impact from public equity movements," Harvard Management's Chief Executive Officer N.P. "Narv" Narvekar wrote in a letter.
The portfolio is designed to "brace against significant swings in either direction, as it did last year when the FY22 return was not meaningfully impacted by an overall double-digit public equity decline," Narvekar added.Rival Yale University returned 1.8% while the University of Pennsylvania returned 1.3%. The Massachusetts Institute of Technology reported a loss of 2.9%. Columbia University gained 4.7% and Stanford earned a 4.4% return.
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