Harvard Management Co
Roughly 27 percent of the external asset management firms that oversee parts of Harvard’s $40.9 billion endowment are majority-owned by women and people of color.
In Letter to Bacow, Reps. Cleaver, Kennedy Asks HMC To Disclose Diversity of External Asset Managers
U.S. Representatives Emanuel Cleaver II (D-Mo.) and Joseph P. Kennedy III (D-Mass.) penned a letter to University President Lawrence S. Bacow requesting that Harvard disclose what percentage of its $40.9 billion endowment is managed by firms owned by people of color and women.
University President Lawrence S. Bacow made $570,072 in 2018, the first six months of his term, while former University President Drew G. Faust made $3.6 million in her final six months in office.
In the first quarter of 2020, as the novel coronavirus pandemic began to roil the global economy, the overall value of public securities held by Harvard Management Company plummeted 32 percent, from $945 million to $639 million.
Harvard pledged last month to achieve net-zero greenhouse gas emissions in its endowment by 2050. But experts say a number of intermediate steps may pose logistical and environmental challenges for the University.
Harvard will sell up to $573 million in revenue bonds through a state agency and use the proceeds to refinance outstanding debt, and sell $500 million in taxable bonds for “corporate purposes,” according to a report from Moody’s Investors Service this week.
In Letter to Bacow, Rev. Al Sharpton Calls on Harvard to Disclose Diversity Among Endowment Managers
Civil rights activist Reverend Al Sharpton called on Harvard to disclose whether it employs African American asset managers in a letter to University President Lawrence S. Bacow last month.
The Harvard Management Company indirectly holds an estimated $98,265.08 worth of shares through exchange-traded funds which include tobacco companies, an industry Harvard divested from in 1990, according to The Crimson’s analysis of HMC’s public filings to the Federal Securities and Exchange Commission.
HMC bought stock in Uber, decreased its shares in Facebook, and slightly lowered its overall securities value in the last quarter of 2019.
Georgetown’s Decision to Divest from Fossil Fuels Has Uncertain Implications for Harvard, Experts Say
Though Georgetown University’s administration pledged on Feb. 6 to divest from the fossil fuel industry, legal and environmental experts say the decision provides little insight into the decision-making of Harvard’s top administrators, who have remained opposed to divestment.
Harvard’s Committee on Shareholder Responsibility, which is tasked with handling issues of corporate social responsibility, voted on four resolutions presented to Facebook shareholders during the last fiscal year, according to a Friday report.
Despite declining endowment returns since Harvard Management Company CEO N.P. “Narv” Narvekar took the helm, experts say the recent performance figures are not necessarily indicative of his success in the role.
The Harvard Management Company adjusted its natural resource portfolio this week by purchasing a minority stake in produce company Westfalia Fruit International and selling its investments in two Australian farms.
Harvard Management Company sold its stock in Apple and Microsoft and more than doubled the value of its declared securities investments since the end of the last fiscal year, according to an SEC filing.
After divestment protests at Saturday's Game drew national media attention, several Harvard Business School faculty disagreed on whether the University should divest from fossil fuels.
Divest Harvard — a student group demanding the University divest from fossil fuels — hosted a day of events Monday calling attention to Harvard’s ownership of Brazilian land and reigniting its calls for the school to sell those holdings in the name of environmentalism.
Following Harvard Management Company’s announcement that it returned 6.5 percent on its investments for fiscal year 2019, University President Lawrence S. Bacow said he continues to support HMC CEO N.P. “Narv” Narvekar and the University’s five-year plan to restructure its endowment management.
University of California Divestment Decision Offers Insights Into Feasibility of Divestment at Harvard
As the UC system — which holds a mix of public and private assets — disentangles itself from the fossil fuel industry, some experts say it may offer a glimpse of what it would look like for Harvard to follow a similar path.
Harvard and more than 30 other colleges and universities jointly submitted their formal opposition to the United States Treasury’s proposed rules for implementing a tax on some universities’ endowments that was originally passed into law in December 2017.
The returns were announced in a note from HMC CEO N.P. “Narv” Narvekar to University affiliates Friday morning, and represent the lowest return rate in two years — 2018 saw a 10.1 percent return, while 2017 yielded 8.1 percent. Despite the low rate, the endowment exceeded $40 billion for the first time in its history.
HMC has signed onto the Climate Action 100+, a group of investors committed to pushing greenhouse gas emitters to take action on climate change initiatives.