Harvard University’s endowment fund, Cambridge, Mass., posted an investment return of 11% for its fiscal year ended June 30, leaving the value of the endowment’s assets at $27.4 billion.
According to an announcement by the university Thursday, that 11% return exceeded the returns of the endowment’s policy portfolio benchmark by 160 basis points.
However, the return was less than the 12.6% gain that a portfolio with a typical mix of 60% in a Standard & Poor’s 500 benchmarked equity index and 40% in fixed income would have returned, and below the 13.3% return for the Trust Universe Comparison Service compiled by Wilshire Associates, according to the Harvard announcement.
Harvard spokesman John Longbrake insisted the double-digit gain represented a strong showing, while conceding the return trailed performance of a typical 60-40 stock/bond investment mix.
Jane Mendillo, president and CEO of Harvard Management Co., which oversees the investment of the endowment portfolio, couldn’t immediately be reached for comment.
For the fiscal year ended June 30, 2009, Harvard’s endowment plunged 27.3% to $26 billion.