Harvard's endowment swells by $11.3 billion as 20% of US households lose all savings during pandemic
Fox News
Harvard's endowment boasted a 34% return on its investments, growing it to $53 billion. Meanwhile, 20% of US households reported losing their entire savings during the pandemic.
"We always knew there was going to be an uneven recovery," Robert Wood Johnson Foundation Vice President Avenel Joseph said, according to Bloomberg. "The safety net always had holes, and the pandemic ripped those holes even wider."
N.P. "Narv" Narvekar, the CEO of Harvard Management Company, which manages the endowment, said in the university's report: "Public and private markets both continued their strong performance, which allowed the endowment to not only increase its distribution to the university, but also continue to grow during this critical time when pandemic-related financial pressures challenge all of higher education."
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