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The Wall Street Journal: Harvard Endowment drops 2% in 2016, worst since financial crisis

Harvard University’s endowment delivered its worst investment performance since 2009, and its interim chief warned in an annual report that “returns could be muted for some time to come.”

The 2% loss for fiscal 2016 fell short of the university’s goals and contributed to a $1.9 billion drop in the value of the world’s wealthiest endowment. Harvard Management Company, as the endowment is formally known, now manages $35.7 billion. It provides more than one-third of the university’s operating budget.

The pullback, the largest since a 27.3% loss during the last financial crisis, is the latest setback for an institution that has struggled with leadership changes and lagging performance when compared with its Ivy League peers.

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