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Nir Kaissar

Harvard Should Ignore the Freshman Slump

Nirmal P. Narvekar is going to need some time and patience to repeat the success he had at Columbia.
Photographer: Victor J. Blue /Bloomberg

It’s becoming an annual tradition. Harvard is coping with another disappointing year for its $37.1 billion endowment.

In a recent letter to the Harvard community, the newly installed chief executive officer of the Harvard Management Company, Nirmal P. Narvekar, reported that the endowment returned 8.1 percent for the fiscal year ended June 2017. He called the performance “disappointing and not where it needs to be.”