Commentary: Harvard endowment shows power of diversification, real assets

Harvard University's endowment, which generated returns between 7% and 9% in its fiscal year ended June 30, illustrates sound asset management, writes James B. Stewart in a Wall Street Journal commentary. While the S&P 500 fell about 15% for the period, Harvard's 33% allocation to real assets, which included real estate and commodities, salvaged the portfolio's performance.

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