Harvard University announced today that its endowment posted a 5.8 percent return and was valued at $37.6 billion, an all-time high, for the fiscal year that ended June 30.

In a letter published on the website of the Harvard Management Company (HMC), Stephen Blyth, HMC’s president and chief executive officer, detailed the endowment’s performance for fiscal 2015 and the work that has been undertaken at HMC to set a course for the future, including setting clear investment objectives, overhauling its asset allocation framework, reinvigorating its investment decision-making process, and reviewing its compensation plan.

‘It’s a balancing act’

“We have set ambitious investment objectives and undertaken significant initiatives designed to deliver improved investment performance for Harvard University,” Blyth said. “We have challenges ahead and much work to be done, but I believe we have gained significant traction in 2015, and I am highly optimistic that we can achieve our objectives.”

Paul Finnegan, chair of the HMC board of directors, said, “Stephen and his team are moving quickly to strengthen the organization and better position the portfolio. The Harvard Management Company has a powerful investment platform, and I am confident Stephen is making the right changes to set a course for enhanced performance in the years ahead.”

Click here to access the letter in full.