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1、9-201-053REV:FEBRUARY15,2007LUISVICEIRATheHarvardManagementCompanyandInflation–ProtectedBondsInlateFebruary2000,JackMeyer,thePresidentandCEOoftheHarvardManagementCompany(HMC),Inc.,wasfinishingadraftofthechangestotheHarvardPolicyPortfolioforwhichthemanagemen
2、tofHMCwouldbeseekingapprovalattheBoardmeetinginMarch.ThePolicyPortfoliodeterminedthelong-runassetallocationpolicyoftheHarvardendowmentamongdifferentassetclasses.ChangesinthePolicyPortfoliowererareand,whenevertheyoccurred,wereusuallymodestinsize.However,them
3、anagementofHMCbelievedthatsomerecentdevelopmentsinthecapitalmarketsrequiredsomesignificantchangesinthePolicyPortfolio.Ifapproved,thesechangeswouldsharplyreducetheallocationtoU.S.equitiesandU.S.nominalbonds,andleadtoHarvardmakingasignificantinvestmentinthene
4、wU.S.TreasuryInflation-ProtectedSecurities(TIPS).TIPS,whichwereabsentfromtheportfolioonly12monthsago,wouldnowrepresent7%ofthetotalportfolio.TheHarvardManagementCompanyTheHarvardManagementCompany(HMC)hadbeenestablishedin1974.Itwasaseparatelyincorporated,not-
5、for-profitentity,whollyownedbyHarvardUniversity.ItsportfolioincludedmuchoftheUniversity’sendowment,pensionassets,workingcapital,andcertainotherassets.Inthesecondquarteroffiscalyear2000,itoversawthemanagementofmorethan$19billionintotalassets,includingapproxi
6、mately$15.1billioninendowmentfunds.Endowmentincomewasanimportantsourceofincomefortheuniversity.Infiscalyear1999,endowmentincomerepresentedabout25%oftheuniversitytotalincome,almostasmuchastuition,whichrepresentedabout30%ofincome.1Thefractionoftheuniversitybu
7、dgetfinancedbyendowmentincomehadbeensteadilyincreasinginthelasttenyears.Likemanyotheruniversities,Harvardpursuedanactivestrategytomanagingitsendowmentfunds.However,unlikevirtuallyallotheruniversities,Harvardreliedlargelyoninternalmanagement,providedbyHMC,to
8、achieveitsinvestmentgoals.Asoftheendoffiscalyear1999,HMCmanaged68%ofendowmentassetsinternally,andonly32%throughoutsideassetmanagers.HMChad180employees,ofwhom38wereinvestmentprofessionals.1Theothermains
