Since Harvard Management Company established its current, highly diversified asset mix and investment strategies for the endowment in 1991, financial returns have been strongand handsomely ahead of market results in general. The annualized rate of return for the past five years (even including the losses in fiscal years 2001 and 2002) is 11.8 percentmore than twice market benchmarks. For the past decade, the annualized rate of return has been 15.9 percent, 4 points more than market returns.
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