Historical Endowment Performance: FY1978 - 1998

Dollar Value and Percentage Beginning Value Per Unit 
Fiscal Year
Unit Value at Beginning of the Year (1)
Income
Capital Gain
Total Return (2) 
Actual
Distribution
Per Unit (3)
Spending
Rate (4)
1978  124.96  7.12  5.7%  -5.87  -4.7%  1.25  1.0% 6.32  5.06% 
1979  119.09  8.10  6.8%  5.78  4.9%  13.88  11.7% 6.57  5.52% 
1980  124.87  8.72  7.0%  10.23  8.2%  18.95  15.2% 6.77  5.42% 
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%  14.0  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%  101.3  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  * * * * * * 21.90  3.72% 

Average Annual Growth Rate FY1978 - 1998

Unit Value at
Beginning of
the Year 
Actual
Distribution
Per Unit 
20 YEAR  8.1%  6.4% 
10 YEAR  8.7%  9.9% 
5 YEAR  14.8%  9.2% 
1 YEAR  22.1%  10.4% 
(1) Harvard's endowment comprises over 8,300 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