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How tiny Houghton college beat Harvard

For the second year, the smallest college endowments have outperformed their million-dollar-plus rivals.

FALLING BEHIND: The campus of Harvard University in Cambridge, Massachusetts. Harvard said its investments declined 2 per cent, and its endowment total dropped by US$2 billion because of the investment losses and spending.

THE hotly competitive returns of college endowment performance are out, and the results have again shaken the higher education elite down to their Ivy League roots: The smallest endowments - those with total assets under US$25 million - outperformed their billion-dollar-plus rivals for the

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