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Historical Endowment Performance: FY1981 - FY2001
| Dollar Value and Percentage Beginning Value | |||||||||
| Fiscal
Year |
Unit Value
at Beginning of the Year(1) |
Income(&) |
Per Unit
Capital Gain(&) |
Total Return(2) |
Actual
Distribution Per Unit (3) |
Spending
Rate (4) |
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| 1981 | 135.10 | 9.52 | 7.0% | 5.40 | 4.0% | 14.92 | 11.0% | 6.97 | 5.16% |
| 1982 | 140.50 | 12.34 | 8.8% | -12.46 | -8.9% | -0.12 | -0.1% | 7.18 | 5.11% |
| 1983 | 128.04 | 10.83 | 8.5% | 43.01 | 33.6% | 53.84 | 42.0% | 7.40 | 5.78% |
| 1984 | 171.05 | 10.71 | 6.3% | -16.92 | -9.9% | -6.21 | -3.6% | 7.40 | 4.33% |
| 1985 | 154.13 | 11.52 | 7.5% | 28.34 | 18.4% | 39.86 | 25.9% | 7.58 | 4.92% |
| 1986 | 182.47 | 12.53 | 6.9% | 42.28 | 23.2% | 54.81 | 30.0% | 7.86 | 4.31% |
| 1987 | 224.75 | 11.16 | 5.0% | 32.03 | 14.3% | 43.19 | 19.2% | 8.09 | 3.60% |
| 1988 | 256.78 | 10.41 | 4.1% | 3.57 | 1.4% | 13.98 | 5.4% | 8.49 | 3.31% |
| 1989 | 260.35 | 13.94 | 5.4% | 18.27 | 7.0% | 32.21 | 12.4% | 10.16 | 3.90% |
| 1990 | 278.62 | 14.57 | 5.2% | 6.04 | 2.2% | 20.61 | 7.4% | 10.65 | 3.82% |
| 1991 | 284.66 | 12.75 | 4.5% | -9.72 | -3.4% | 3.03 | 1.1% | 11.96 | 4.20% |
| 1992 | 274.94 | 11.87 | 4.3% | 20.26 | 7.4% | 32.13 | 11.7% | 12.44 | 4.52% |
| 1993 | 295.20 | 11.70 | 4.0% | 36.68 | 12.4% | 48.38 | 16.4% | 14.08 | 4.77% |
| 1994 | 331.88 | 13.19 | 4.0% | 19.05 | 5.7% | 32.24 | 9.7% | 15.01 | 4.52% |
| 1995 | 350.93 | 11.90 | 3.4% | 45.87 | 13.1% | 57.77 | 16.5% | 16.07 | 4.58% |
| 1996 | 396.80 | 15.23 | 3.8% | 86.03 | 21.7% | 101.26 | 25.5% | 17.20 | 4.33% |
| 1997 | 482.83 | 14.60 | 3.0% | 106.53 | 22.1% | 121.13 | 25.1% | 19.84(5) | 4.11% |
| 1998 | 589.36 | 10.64 | 1.8% | 108.45 | 18.4% | 119.09 | 20.2% | 21.90 | 3.72% |
| 1999 | 697.81 | 21.57 | 3.1% | 60.94 | 8.7% | 82.51 | 11.8% | 23.14 | 3.32% |
| 2000 | 758.75 | $14.42 | 1.9% | $227.20 | 29.9% | $241.62 | 31.8% | 30.15 | 3.97% |
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2001
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*
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*
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*
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*
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*
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$32.92
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3.34%
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Average Annual Growth Rate FY1981 - FY2001
| Unit Value at
Beginning of the Year |
Actual
Distribution Per Unit |
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| 20 YEAR | 10.4% | 8.1% |
| 10 YEAR | 13.2% | 10.7% |
| 5 YEAR | 20.0% | 13.9% |
| 1 YEAR | 29.9% | 9.2% |
| (1) | Harvard's endowment comprises over 9,100 separate funds. Each fund has been unitized and the separate funds hold "units of the endowment" as their value. Column one shows the value of units as of July 1. (Back to data) |
| (2) | The total return percentage reported by the Harvard Management Company is slightly higher than the one listed above as it is calculated based on reinvestment of all earnings on a monthly basis. (Back to data) |
| (3) | As of July 1, from income earned the previous fiscal year. (Back to data) |
| (4) | Distribution per unit (actual or effective) divided by beginning of year unit value (actual or effective). (Back to data) |
| (5) | Net of the $1.28 per unit fringe supplement, the FY97 payout is $18.56, and the spending rate is 3.84%. (Back to data) |
| * Value determined at fiscal year end. | |
| SOURCE: INTERNAL ENDOWMENT REPORTS
Updated 2/27/01 |
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