Harvard University's endowment returned 10% for the fiscal year ended June 30, bringing the value of the fund to $39.2 billion, said a note sent to Harvard associates written by Nirmal P. "Narv" Narvekar, president and CEO of Harvard Management Co., which oversees the Cambridge, Mass.-based university endowment.
No further data were provided.
The endowment returned 8.1% return for the previous fiscal year ended June 30, 2017.
"As is well known, HMC, as an organization, and the endowment portfolio are still in the early stages of a multiyear transition, with much work ahead," Mr. Narvekar wrote in the brief three-paragraph note. "Thanks to the exceptional team we have at HMC, we are confident in the direction of the organization and the long-term prospects for the endowment."
Since taking over as CEO in December 2016, Mr. Narvekar has reduced and reorganized HMC's staff to change its investment strategy from a specialized or "silo" approach to a generalist investment model in which all members of the investment team take ownership of the entire portfolio. Several management teams have spun out from Harvard to manage the endowment's assets externally.
Mr. Narvekar added that the university's financial report will be available next month.
