Harvard University’s endowment lost $2.3 billion in fiscal 2022, blaming the loss on both the global market downturn as well as the university’s commitment to climate goals.
This is the fund’s first negative return since 2016, according to the University’s Annual Financial Report, published on Thursday. The endowment — comprised of more than 14,000 individual funds invested as a single entity — is managed by a university-owned investment firm called the Harvard Management Company, or HMC. During Harvard’s most recent fiscal year, which ended on June 30, HMC lost 1.8% on its investments, bringing the endowment’s total value down to $50.9 billion.
“HMC did not participate in these returns given the University’s commitment to tackling the impacts of climate change.” Energy stocks rose significantly earlier this year as Russia’s war in Ukraine pushed global oil prices to multi-year highs. Even with oil prices falling since then, the S&P 500 energy sector is still up more than 50% this year. The loss follows a banner year for fund, the largest academic endowment in the world. Its value increased by more than $10 billion to $53.
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