Harvard's endowment posts 7.3% gain - edging out rival Yale for 2nd-straight year | Markets Insider

reported, citing Wilshire Associates data. That's less than the S&P 500's 7.5% gain.

Several colleges, including Ivy League institutions, raised funding concerns early in the year as the pandemic forced schools to send students home and pivot to online courses. Some economists posited Harvard's endowment could shrink in 2020, but markets' resurgence through the summer saved the fund from a yearly loss.UBS says the chances of a Democratic sweep have risen to 50% as Trump and Biden square off in their first debate.

Harvard's year-over-year improvement comes as CEO N.P. Narvekar continues to revamp its strategy. The school hired Narvekar from Columbia University in 2016, and the chief executive has since shrunk the endowment's internal trading and moved more capital to external managers. The performance update follows similarly positive reports from other universities. The Massachusetts Institute of Technology notched an 8.3% return over the fiscal year, while the University of California's endowment returned 5% over the period. The University of Virginia gained 5.3%. Dartmouth University's fund returned 7.6%.

Additional information on Harvard's endowment, its performance, and strategy updates are set to be released in October when the university publishes its yearly financial report.

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