Friday, December 5, 2008

Harvard’s endowment down $8 billion

Even Harvard is singing the Wall Street blues.

The vernerable university’s endowment, the nation’s largest — and much envied for its typically outsized portfolio gains — lost 22% of its value, or $8 billion, from July through October.

The endowment’s domestic stock and foreign equity portfolios were particularly hard hit, according to university officials.

The endowment was worth $36.9 billion as of June 30, the end of its fiscal year.

The Cambridge, Mass.-based university should also plan for a 30% drop in endowment value by the end of next June, university officials added.

  • FBI Investigating Companies at Heart of Meltdown
  • Trees That Stand Up to Storms
  • Mutual fund pioneer John Templeton dies
  • Pimco names new CEO
  • UBS to raise funds via share offering
  • No comments: