Word: portfolios
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...invested endowment assets took a 27.3 percent hit this past fiscal year, amidst an economic maelstrom that Harvard Management Company CEO and President Jane L. Mendillo called “very likely the most challenging period in modern times for the financial markets as well as for the Harvard portfolio...
Stock prices usually reflect underlying value. But stocks can also be affected by things like summer vacations among hedge fund managers, or by late-December window-dressing by mutual-fund managers who want to have the hot performers in their portfolio at year's end. Brian Belski, chief investment strategist at Oppenheimer, tells TIME's John Curran why these seasonal tea leaves are now bullish...
...there's good seasonal karma right through December? In this seasonal scenario, December actually turns in the strongest performance, on average. There's a bit of seasonality to that too, since in a rising market you will typically see mutual-fund managers rush to add hot stocks to their portfolio at the end of the year so it shows up in their portfolio statements. There's much more performance pressure on money managers today than there used...
...firm's chief advocate for taking risks but also its chief risk watchdog. He has a far different perspective from that of most of the previous Goldman bosses. In December 2006, Viniar led a meeting of senior Goldman executives to examine ongoing daily losses in the firm's mortgage portfolio. Goldman had already underwritten and sold billions of dollars' worth of mortgage-backed securities, much of it labeled investment grade by ratings agencies. It was, in fact, junk. But Goldman realized earlier than most that rot was setting in and famously decided to pull back from the mortgage market...
...value of Harvard’s publicly traded equity portfolio has nearly doubled in recent months as the University reinvests—particularly in emerging markets and in Asia—after dramatically slashing stock holdings last fall amidst the global financial crisis. According to a Securities and Exchange Commission disclosure report released in August, Harvard had 112 publicly traded equity holdings valued at over $1.4 billion as of June 30. The figures represent a significant increase from the 99 holdings worth $771 million reported three months earlier. The SEC’s 13F report only discloses a small fraction...