Marc Seidner and Michael Llodra, bond managers for Harvard Management, are leaving after the endowment shunned an investment strategy they advocated. The strategy involves purchasing distressed assets, including mortgage-backed bonds. "Harvard is actively managing its mix of cash and investments with an eye toward the future," said Jane Mendillo, investment chief at the endowment. "We see some enticing investment opportunities today, and have put money back into several of our target markets, but we are holding some cash for even better opportunities down the road."

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