Harvard Management Company
Harvard Management Company (HMC) is the investment management entity responsible for overseeing the endowment and financial assets of Harvard University. It is led by a team of experienced investment professionals, with a reputation for a disciplined, long-term investment approach that focuses on maximizing returns while managing risk. HMC employs a diverse range of strategies across multiple asset classes to support the educational and research objectives of the university.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings β not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares β not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with β₯$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 17 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| TSM | $232.1M | 12.78% | $337.16 | $430.75 | +27.8% | 12.8% | |
| GLD | $199.8M | 11.01% | $430.29 | $377.19 | -12.3% | 11.0% | |
| MSFT | $189.9M | 10.46% | $369.37 | $388.85 | +5.3% | 10.5% | |
| GOOGL | $177.4M | 9.77% | $287.39 | $366.19 | +27.4% | 9.8% | |
| UNP | $153.9M | 8.48% | $241.37 | $283.46 | +17.4% | 8.5% | |
| AMZN | $149.4M | 8.23% | $208.27 | $245.63 | +17.9% | 8.2% | |
| BKNG | $147.1M | 8.10% | $167.99 | $181.35 | +8.0% | 8.1% | |
| AVGO | $146.7M | 8.08% | $309.02 | $369.31 | +19.5% | 8.1% | |
| NVDA | $129.7M | 7.14% | $174.40 | $196.16 | +12.5% | 7.1% | |
| IBIT | $117.0M | 6.44% | $38.42 | $36.13 | -6.0% | 6.4% | |
| META | $111.3M | 6.13% | $571.60 | $614.48 | +7.5% | 6.1% | |
| Z | $23.3M | 1.28% | $41.38 | $32.74 | -20.9% | 1.3% | |
| GENB | $13.9M | 0.76% | $12.50 | $16.53 | +32.2% | 0.8% | |
| ZG | $11.8M | 0.65% | $41.39 | $32.71 | -21.0% | 0.7% | |
| FLUT | $8.2M | 0.45% | $101.95 | $107.99 | +5.9% | 0.5% | |
| TXG | $3.6M | 0.20% | $21.23 | $37.99 | +78.9% | 0.2% | |
| PCTTW | $0.6M | 0.03% | $0.49 | $0.49 | +0.0% | 0.0% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (1)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| GENB | $13.9M | +32.2% |
Exited Positions (3)
| Ticker | Issuer | Notional |
|---|---|---|
| ETHA | $86.8M | |
| KLAR | $13.3M | |
| FIG | $1.9M |
Increased (8)
| Ticker | Issuer | Notional | Shares Ξ | Since Filing |
|---|---|---|---|---|
| TSM | $138.9M | +123.9% | +27.8% | |
| NVDA | $53.2M | +81.3% | +12.5% | |
| AVGO | $35.3M | +47.3% | +19.5% | |
| META | $-8.7M | +7.0% | +7.5% | |
| AMZN | $-7.5M | +5.5% | +17.9% | |
| MSFT | $-46.9M | +4.8% | +5.3% | |
| BKNG | $-33.2M | +3.8% | +8.0% | |
| UNP | $12.5M | +3.8% | +17.4% |
Trimmed (6)
| Ticker | Issuer | Notional | Shares Ξ | Since Filing |
|---|---|---|---|---|
| IBIT | $-148.8M | -43.1% | -6.0% | |
| FLUT | $-16.6M | -30.4% | +5.9% | |
| GLD | $-48.4M | -25.9% | -12.3% | |
| GOOGL | $-75.5M | -23.6% | +27.4% | |
| Z | $-21.9M | -15.1% | -20.9% | |
| ZG | $-8.8M | -5.4% | -21.0% |
Quarter Activity
During the quarter, Harvard Management Company initiated a new position in GENB valued at $14 million and exited positions in ETHA, KLAR, and FIG, with the largest exit being ETHA at $87 million. The fund increased its investments significantly in TSM, NVDA, and AVGO, while reducing holdings in IBIT, FLUT, and GLD, indicating a shift in sector concentration and risk preferences. These adjustments reflect a strategic reallocation of the portfolio's assets.
AI Commentary
<p>The Harvard Management Company's portfolio showcases a strong concentration in technology and commodities, with significant positions in TAIWAN SEMICONDUCTOR MFG LTD (TSM) at 12.8% of the portfolio, and SPDR GOLD TR (GLD) at 11.0%. The technology sector is further emphasized with substantial investments in major firms such as MICROSOFT CORP (MSFT), ALPHABET INC (GOOGL), AMAZON COM INC (AMZN), BROADCOM INC (AVGO), and NVIDIA CORPORATION (NVDA). This sectoral focus is complemented by a notable position in the ISHARES BITCOIN TRUST ETF (IBIT), indicating a diversified approach towards both traditional and digital asset investments.</p> <p>The recent trading activity suggests a strategic shift in the fund's investment thesis. The substantial increase in holdings of TSM, NVDA, and AVGO by 124%, 81%, and 47% respectively, signals a bullish stance on the semiconductor and broader technology sector. Conversely, the significant reduction in positions such as IBIT and GLD, by 43% and 26% respectively, alongside the closure of positions in ETHA, KLAR, and FIG, indicates a recalibration away from certain digital assets and smaller tech enterprises. The opening of a new position in GENB further hints at exploring new growth avenues, possibly within emerging or underrepresented sectors.</p>