Maybe the folks at Harvard (and Yale) really are smarter than everyone else. Harvard’s $35 billion endowment returned 7-9% for the fiscal year ending in June, easily outperforming a down market and dozens of hedge funds.
Where was Harvard’s money?
- Commodities–the university began the year with 17% invested in commodities, including timber and farmland (that’s a very high percentage for an endowment)
- Hedge Funds (including some strong performers)
- Credit-default swaps
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