Harvard University’s endowment logged a 2.9% investment return for its fiscal year ended June 30, while the value of the portfolio declined to $50.7 billion from $50.9 billion the year before.
The return was not enough, however, to completely cover the more than $2.2 billion the fund contributed to the university’s operating budget for the period.
The latest positive investment return followed a 1.8% decline for the prior fiscal year and a 33.6% surge for the 12 months through June 30, 2021.
N.P. “Narv” Narvekar, CEO of Harvard Management Co., which oversees the Cambridge, Mass.-based university’s investments, in his annual letter to the Harvard community said, “Fiscal year 2023 was a year of generally muted returns for asset classes outside of public equities. While public markets were flat or negative during the first half of FY23, the dramatic equity rally during the second half of FY23 (i.e., the first six months of calendar year 2023) changed the picture meaningfully.”