Harvard University's endowment earned a 5.8-percent return for the year ending June 30, beating internal goals and the median for similar funds but still likely to trail some its rivals among elite institutions, writes The Wall Street Journal.
The investment performance, marking the first measure of new fund chief Stephen Blyth's management, exceeded the median 3.6-percent return for large endowments and foundations, as tracked by the Wilshire Trust Universe Comparison Service, and raised Harvard's fund to an all-time high of $37.6 billion. But it was the worst showing in percentage terms since 2012 and among the lowest in the last 10 years.
Mr. Blyth, who took office January 1, said in a letter released Tuesday that Harvard is unlikely to improve its rank among the 10 largest university endowments based on rolling five-year results. He said the fund has "overhauled" its asset-allocation approach following a review. Harvard consistently topped the list before the 2008 financial crisis but has fallen to fourth, and last year it trailed its Ivy League peers, which have yet to report 2015 results.