Harvard Management Co
Harvard University President Lawrence S. Bacow earned $1.13 million in 2020, a pay cut from his compensation during the first full year of his presidency in 2019.
After Initial Sell-Off, Harvard Endowment Has Slowly Increased Number of Public Holdings Under Narvekar
The number of stocks in the Harvard endowment has slowly crept back up in recent years after the Harvard Management Company sold off the vast majority of its public holdings when N.P. “Narv” Narvekar took over as its CEO.
As the Harvard Managment Company works toward achieving its pledge, climate and financial experts weighed in on the challenges the company faces, including difficulties obtaining data on and measuring the emissions of its partners.
HMC’s acquisitions and liquidations were reported in its latest filings with the Securities and Exchange Commission, which requires investment managers who oversee more than $100 million in assets to disclose their public securities portfolio each quarter.
At Harvard, 2021 was a year marked by change. The school’s long-awaited return to in-person operations injected new life into a campus that had been left dormant for over a year by Covid-19. And in an unexpected shift, the University announced its intention to divest its endowment from fossil fuels after a decade of public pressure. Separately, faculty controversies — including a federal conviction and a high-profile departure — ignited debates that rippled across academia. Below, The Crimson looks back at the 10 stories that shaped the last year at Harvard.
Harvard chief financial officer Thomas J. Hollister said the University’s finances are “moving in the right direction” in a Wednesday interview, though he cautioned that officials remain alert in the ever-changing landscape of the Covid-19 pandemic.
Harvard’s Committees on Shareholder Responsibility voted on three resolutions presented to Facebook shareholders during the last fiscal year, according to a report published earlier this month.
HMC sold its holdings in several technology and pharmaceutical companies while increasing its investments in Facebook in the third quarter of 2021.
Though the Harvard Management Company reported record-breaking returns last Thursday, several financial experts said it still lags behind the performance of key financial indices and its peer institutions.
Harvard finished the fiscal year ending in June 2021 with a budget surplus of $283 million, despite a $124 million drop in revenue, according to the University’s annual financial report released Thursday.
Harvard Management Company returned 33.6 percent on its investments for the fiscal year ending in June 2021, skyrocketing the value of the University’s endowment to $53.2 billion, the largest sum in its history.
Several financial experts predicted that the Harvard endowment will post returns of at least 20 percent for fiscal year 2021, which would bring the endowment to its largest sum in history.
Harvard became entangled in a feud over olive oil earlier this year when the California Legislature moved to regulate how the community is labeled — in part in response to the business practices of a company previously owned by Harvard Management Company.
Following years of public pressure, Harvard said Thursday that it would allow its remaining investments in the fossil fuel industry to expire, meaning that it will eventually divest from the sector.
Massachusetts State Reps. Michael L. Connolly and Rep. Erika Uyterhoeven introduced a bill this week that would seek to use the state’s constitutional oversight authority to compel Harvard to divest its holdings in the fossil fuel industry.
University President Lawrence S. Bacow earned $1,224,889 in 2019, his first full year as Harvard’s president, according to financial documents filed by the University earlier this month.
CFO Hollister Predicts Harvard’s Second Consecutive Year of Declining Revenues for First Time Since Great Depression
Vice President for Finance and Chief Financial Officer Thomas J. Hollister forecasted in a Tuesday interview with The Crimson that Harvard will experience its second consecutive year of declining revenues for the first time since the Great Depression of the 1930s.
TPRV Capital, LP — a hedge-fund which launched with $400 million in seed capital from Harvard Management Company in 2017 — announced that it will cease operations, liquidate all assets, and return all of its capital to its investors in an update sent to the Securities and Exchange Commission on March 9.
Harvard Divinity School faculty voted late last year to approve a statement asking University President Lawrence S. Bacow and the Harvard Management Company to divest Harvard’s holdings in the private prison industry, Divinity School Acting Dean David F. Holland announced Wednesday.
A significant majority of respondents to The Crimson’s annual survey of Harvard’s Faculty of Arts and Sciences — 73 percent — believe the Harvard Corporation’s commitment to achieve net-zero greenhouse gas emissions from its endowment by 2050 is “too slow.”
Endowment Sells Off Stocks in Major Technology Companies, Invests in Microsoft and Biopharmaceutical Companies in Fourth Quarter
In the final months of 2020, Harvard Management Company sold its shares in multiple major technology companies, including Google’s Alphabet, Inc., and made new investments in others, like Microsoft, while maintaining portfolio growth from the previous quarter.
Harvard Management Company Has Reduced Exposure to Fossil Fuels By 80 Percent Since 2008, Per Report
The Harvard Management Company has reduced its investments in fossil fuels by 80 percent since 2008 as it works to achieve net-zero greenhouse gas emissions associated with the University's endowment by 2050, according to a company report published Thursday.
The Undergraduate Council endorsed a statement calling on all Ivy League institutions to divest from fossil fuels at a Sunday meeting.
Experts said that while early indicators of the success of Harvard Management Company’s “five-year” plan are promising, it will take years for the long-term impacts of the plan to become clear.
Harvard Management Company has completed its “five-year” organizational and investment restructuring plan more than one year ahead of schedule, HMC CEO N.P. “Narv” Narvekar announced in a message to University affiliates Tuesday.