Harvard University's endowment, the largest in the world, beat the average return for large schools but lagged the S&P 500 stock index
Harvard’s return, according to people familiar with the matter, beat the average for large school endowments but, like many universities, trailed the U.S.
stock market. The muted showing of the typical endowment is the lowest yearly return since 2016 and bodes new challenges for universities at a time of ultralow interest rates.
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