Harvard University's endowment returned a net 7.3% for the fiscal year ended June 30, bringing the value of the fund to $41.9 billion, said a note to Harvard associates written by Nirmal P. "Narv" Narvekar, president and CEO of Harvard Management Co., which oversees the Cambridge, Mass.-based university's endowment.
No further data were provided.
"As we continue to make progress in the five-year transition of HMC and our investment portfolio, we are mindful that there is much left for us to accomplish," Mr. Narvekar wrote in the three-paragraph note. "Our team remains confident that the changes being made to both the portfolio and the organization's systems, structure and culture will serve the university well and generate the long-term returns on which Harvard relies."
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.
The endowment returned a net 6.5% for the previous fiscal year ended June 30, 2019.