Endowment
Harvard Climate Advocates Cautiously Optimistic After Release of Climate Report
Harvard affiliates gave mixed reactions to Harvard Management Company’s publication of its annual climate report. The report, released last week, details a drop in the Harvard fossil fuel investments, which are now less than 2 percent of the endowment.
Ivy League Federal Lobbying Expenditure Rose 12% in 2023, Harvard Spent $530,000
Harvard spent $530,000 on lobbying the federal government in 2023, the lowest amount spent by the University in the past nine years.
Harvard Endowment’s Fossil Fuel Investments Drop Below 2%
The Harvard Management Company — which stewards the University’s $50.7 billion endowment — reported the endowment’s investments in fossil fuels have fallen below 2 percent, as the University remains on pace to fully divest from the industry by 2050.
Harvard Attracts Investors, Selling $750 Million in Taxable Bonds
After two credit rating agencies affirmed the University’s AAA rating, Harvard sold $750 million in taxable bonds at an advantageous rate, demonstrating strong investor faith in the school despite weathering a series of scandals last fall.
Harvard Slashes Healthcare Investments, Tech Rises to 98% of Portfolio
The Harvard Management Company increased its direct holdings of Alphabet and Meta and continued its major sell off of biopharma holdings — which now make up less than 1 percent of the portfolio — during the last three months of 2023.
Proposed Mass. Bill Would Impose 2.5% Tax on Harvard Endowment
The Massachusetts Joint Committee on Revenue held a hearing Wednesday on a bill which would introduce a tax on Harvard’s endowment.
Harvard Endowment Executives Meet with Silicon Valley Investors Amid University Turmoil
Harvard Management Company executives met with leading venture capital and private equity investors in Silicon Valley last week amid investor concerns over the University’s response to the Israel-Hamas war and allegations of antisemitism on campus.
House Committee Suggests Harvard Could Lose Tax-Exempt Status in Letter to Garber
The House Ways and Means Committee suggested Harvard’s tax-exempt status could be at risk over its response to Hamas’ Oct. 7 attack against Israel and concerns of antisemitism on campus in a letter to interim President Alan M. Garber ’76 on Wednesday.
Ten Stories That Shaped 2023
In 2023, Harvard had a tumultuous year. Claudine Gay’s first semester ended amid a leadership crisis as she came under fire for her response to tensions on a campus divided by the Israel-Hamas war and faced allegations of plagiarism. Harvard’s legacy and donor preferences in admissions also faced national scrutiny following the Supreme Court’s landmark ruling striking down the University’s affirmative action policy. Across campus, scandal after scandal hit parts of the University. Here, The Crimson looks back at the 10 stories that shaped 2023 at Harvard.
D. Ronald Daniel, Former Harvard Treasurer Who Saw Endowment Quadruple During 15-Year Tenure, Dead at 93
D. Ronald Daniel, a longtime treasurer of Harvard University who saw the University’s endowment quadruple in value during his 15-year tenure, died on Dec. 16 at his home in New York City. He was 93.
HMC Managing Director Joined Business Leaders and Investors in Exclusive Israel Trip
Managing Director of Investment for the Harvard Management Company, Adam Goldstein, joined 65 business leaders and investors for a five day trip to Israel this week.
New Harvard CFO Ritu Kalra Says University Has ‘Repair Work To Do’ Amid Controversy Over Israel-Hamas Response
Harvard Chief Financial Officer Ritu Kalra acknowledged that officials tasked with fundraising have their work cut out for them as they rebuild relationships with donors dismayed by the controversy enveloping the University over its messaging on the Israel-Hamas war.
Harvard Management Co. Decreased Investments in Meta and Alphabet, Sold Biopharma Holdings in Q3
The Harvard Management Company sold a significant percentage of its direct holdings in Meta and Alphabet, as well as the entirety of its direct holdings in several acquired biomedical and pharmaceutical companies, during the third quarter of 2023.
Harvard Endowment Value Falls For Second Consecutive Year, Records Modest 2.9% Return During FY2023
The value of Harvard’s endowment fell for the second consecutive year, despite delivering a 2.9 percent return for fiscal year 2023, as distributions to school operations outpaced investment gains and new contributions.
By the Numbers: Harvard’s Fiscal Year 2023 Financials
Harvard released its Annual Financial Report on Thursday, which offers a rare glimpse into the University’s finances and investment strategy. Here’s a closer look at the data revealed by this year’s disclosures.
Outgoing Harvard CFO Says ‘It’s Time to be Very Cautious’ Amid Rising Economic Turmoil
Outgoing Harvard Vice President for Finance and Chief Financial Officer Thomas J. Hollister said in a Thursday interview that the University should be “very cautious” in its financial management as the school confronts an increasingly uncertain economic climate.
Harvard Endowment Fossil Fuel Investments Rose In Value During Fiscal Year 2022
The value of fossil fuel investments in Harvard’s endowment ticked up during fiscal year 2022 as energy prices soared, according to a Harvard Management Company report released Thursday.
Missing from Harvard’s Annual Endowment Report This Year: Underlying Data
Each fall, Harvard releases an annual financial report that provides insights into the University’s budget and investment strategy. For years, the endowment section of the report looked largely the same, with data on HMC’s targets, as well as returns across asset categories. But this fall, it abandoned the longtime practice of disclosing investment performance by asset class.
Harvard Endowment Value Falls $2.3 Billion Following First Negative Returns Since 2016
The value of Harvard University’s endowment fell by $2.3 billion in fiscal year 2022 after the Harvard Management Company delivered a 1.8 percent loss on its investments — its first year of negative returns since 2016.
Harvard Has Reported Positive Endowment Returns for Five Straight Years. That Could Change this Year.
With high inflation and rising interest rates rattling financial markets, the Harvard Management Company, the University’s investment arm, could be on the brink of delivering its first negative annual returns in five years.
Harvard Says the Endowment Tax Is a Blow to Higher Education. Is It?
Harvard has decried a bill passed under the Trump administration that includes a tax on wealthy university endowments. But is the impact of the provision as significant as the University claims it to be?
Harvard Bolsters Investments in Google, Semiconductor Industry
The Harvard Management Company shored up its investments in the technology industry last quarter, boosting its shares of Alphabet — the parent company of Google — by nearly 40 percent while increasing its holdings in the semiconductor companies.
Harvard Management Company Endorses Some Environmental Regulations in SEC Letter
The Harvard Management Company advocated for new environmental disclosure rules under consideration by the U.S. Securities and Exchange Commission, while pushing back against the proposal’s broadest reporting mandate in a letter to the SEC.
GOP Congressman Takes Aim at Harvard’s Potential Endowment Links to Chinese Companies
U.S. Representative Gregory F. Murphy (R-N.C.) called on Harvard to disclose and divest its endowment from any potential holdings in Chinese companies deemed a threat to national security by the federal government in a letter to the school last week.
Harvard Endowment Shares of Meta, Google Balloon in First Quarter
The Harvard Management Company more than tripled its shares of Meta Platforms — formerly known as Facebook — as it saw nearly all of its stock holdings decline in value during the first three months of 2022.