Harvard’s Endowment Shrinks by Nearly $2B

COURTESY OF COLLEGE.HARVARD.EDU

CAMBRIDGE, Mass. (AP) — Harvard University’s largest-in-the-nation endowment shrunk by nearly $2 billion during the latest fiscal year to $35.7 billion.

Harvard Management Co., which oversees the endowment, reported Thursday that it posted a 2 percent annual investment loss for the year ending June 30.

It was the endowment’s worst performance since 2009 when it lost about $11 billion of value. It was valued at $37.6 billion at the end of the 2015 fiscal year.

Paul Finnegan, chair of HMC’s board, called the results “disappointing” in a statement.

HMC’s leadership has been in transition. After Jane Mendillo stepped down as chief executive, Stephen Blyth took over, but resigned after 17 months.

Robert Ettl was named interim CEO during the search for a new head.

The endowment distributed $1.7 billion to Harvard in the fiscal year.