Harvard University reported a 15.4-percent return on investments for the 2014 fiscal year, boosting the value of higher education's biggest endowment to $36.4-billion, writes The Wall Street Journal. Though more than double the Harvard Management Company's target, the showing lagged behind peer institutions such as Dartmouth College, the University of Pennsylvania, and the Massachusetts Institute of Technology.
The nonprofit, in-house management firm, which is searching for a new head to replace departing CEO Jane Mendillo, ticked up allocations for alternative investments like private equity and hedge funds. Harvard's investments gained 11.3 percent in fiscal 2013 after posting flat numbers the year before.
Large endowments and foundations that have reported results for the year ending June 30 are showing a median return of 16.69 percent, according to a review by Wilshire Trust Universe Comparison Service.