I write to share with you the endowment’s investment
results for fiscal year 2016, and to report on HMC’s activities to reposition
the portfolio and to strengthen HMC as an organization. I also provide an
update on our strategic asset allocation process and conclude with comments
about our outlook for the future.
For the fiscal year ended June 30, 2016, the return on
the Harvard endowment was (2.0)%, resulting in a relative return to its
benchmark of (300) basis points.
The value of the endowment on June 30, 2016, was $35.7
billion. The low interest rate environment and market volatility of the past
fiscal year presented a number of challenges to generating returns.
However, we recognize that execution was also a key
factor in this year’s disappointing results.
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