Crimson staff writer
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’s Faculty of Arts and Sciences reported a surplus of $62 million for fiscal year 2023, according to a report presented at a faculty meeting Tuesday.
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.
Harvard ended fiscal year 2023 with a $186 million budget surplus — less than half of last year’s value — as the school faced rising costs from investments in its workforce and renewed activity on campus following the pandemic.
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.