DESCRIBING the results as "disappointing", Harvard University reported on Tuesday that its US$37.1 billion endowment earned an 8.1 per cent return for its most recent fiscal year.
The endowment's new chief executive, NP Narvekar, said that the fund was in the middle of a major revamping and that problems in the endowment would "require time to overcome". That return significantly trails the mean one-year return of 12.7 per cent for more than 400 institutions tracked by Cambridge Associates, which...
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