Endowment markdowns in natural resources have hurt its results
World’s biggest college fund is now valued at $37.1 billion
Harvard University’s endowment reported an 8.1 percent annual investment gain, a lagging performance its new manager said was “a symptom of deep structural problems” that will take years to turn around.
N.P. “Narv” Narvekar, who took over as chief executive officer of Harvard Management Co. in December, said in a five-page letter published Tuesday that the problems “highlight the critical impact of culture, structure, and incentives in an investment organization.”