Harvard Magazine reports, "Harvard Management Company (HMC) recorded a negative 2.0 percent investment return on endowment assets during fiscal 2016, following positive returns of 5.8 percent in the prior year and 15.4 percent in fiscal 2014. (The return figures take investment fees and expenses into account.) Weak results, in a challenging investment environment for most endowments, were foreshadowed during the summer, as previously reported. The results modeled there assumed a modestly positive return on Harvard’s endowment investments; the results reported today—the (2.0) percent return—trail that estimate. Updated September 23, 2016, 11:40 A.M.: Yale reported a positive 3.4 percent investment return for fiscal 2016, enabling it to report an 8.1 percent cumulative annualized rate of return during the past decade. Given the positive investment return, the value of the Yale endowment decreased minimally, from $25.6 billion to $25.4 billion, after accounting for distributions, which appear to have exceeded $1 billion. Updated September 28, 2016, 11:00 A.M.: Stanford reported an investment return of negative 0.4 percent; after accounting for endowment distibutions ($1.13 billion) and gifts received, the endowment rose 0.8 percent in value, to $22.4 billion..."