Harvard University's endowment returned 6.5% for the fiscal year ended June 30, bringing the value of the fund to $40.9 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 10% for the previous fiscal year ended June 30, 2018.
"We are now halfway through our five-year transition of both the structure of HMC and the University's investment portfolio," Mr. Narvekar wrote in the brief three-paragraph note. "I am encouraged by the progress our team has made to date, but we are mindful that there is much left to accomplish in the years ahead to resolve legacy issues and position the endowment for long-term success."
Since taking over as CEO in December 2016, Mr. Narvekar has reorganized HMC's investment strategy from a specialized approach to a generalist model in which all members of the investment team take ownership of the entire portfolio.
Mr. Narvekar added that the university's financial report will be available next month.
