Harvard University Loses $8 Billion in Endowment Fund in Four Months

Harvard University announced Wednesday that its endowment has lost $8 billion over the past four months, putting the prestigious school on track for its worst returns in 40 years.

The Harvard endowment, the largest of any university, was at $36.9 billion as of June 30, but suffered losses of 22 percent since then. The loss amounts to about $8 billion, which is more than the entire endowments of most colleges.

In a letter to the university's deans, President Drew Gilpin Faust and Executive Vice President Edward Forst blamed "severe turmoil in the world's financial markets." They're also forecasting a 30 percent drop for the fiscal year ending in June 2009.

The school's endowment grew 8.6 percent for the fiscal year ended June 30, to a new high of $36.9 billion despite double-digit losses in the stock market.

Harvard's endowment is managed by the Harvard Management Company (HMC), Inc., which is run by Jane Mendillo. HMC is wholly-owned by Harvard University.

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