![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEHyEtzpcJ9Jfka9UbN9PYbTfu6ARnGgwdx_XDo_GNOBvhzY-woNfw4QmX6p9nhJCFGhukfseAxz0cE5h7F_bZDLhdj6mhGw2_ex2hrVV3xia-AmByM41RGZxilMIJFzX-fisTyQQRSLM/s400/Harvard+Management+Performance.png)
source: HMC
For the 08-09 academic year (which is how endowments tend to measure performance) they are down 27.3%, bringing their 5-year annualized return to 6.2%. iShares 7-10-year US treasury ETF's (IEF) annualized return was 6.4% over the same period. Except one doesn't need a highly overpaid staff to manage a portfolio of medium-term maturity bonds.
Here is the latest asset allocation of Harvard's portfolio. It surely will do well given the current market euphoria, until the next time.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwgebJzW6KGh5JeV0uFLjZdc9R2PP3DvbdiL1CN4OLMBHOOBoLCS4K3SmZ8EZtHRra3b1JAXBAqKi5IXGUU6heXW8qKxJNhlVcjjmw_pBbdd-tRNRn1pGx1pWK0mmQ4jNFfZTPGzlvg8k/s400/Harvards+Asset+Allocation.png)
source: HMC