哈佛捐赠基金2026财年回报27.1%、规模升至近680亿美元，为2021年以来最佳年度表现
剑桥（马萨诸塞州）——哈佛大学10月15日发布的年度财务报告显示，截至6月30日的2026财年，学校捐赠基金投资回报率为27.1%，为2021年以来最高；基金规模增长19.3%，升至近680亿美元，增加逾110亿美元。据《巴伦周刊》援引道琼斯市场数据，同期标普500指数涨幅为22.3%；剑桥联合公司（Cambridge Associates）统计的美国高校捐赠基金当财年回报率中位数为16.1%。
报告显示，捐赠基金当财年向学校拨付26亿美元，约占哈佛运营收入的39%。哈佛当财年实现1亿美元运营盈余，运营收入为67亿美元，盈余率约1.5%；但用于一般运营的非限制性资金出现7870万美元赤字。首席财务官里图·卡尔拉（Ritu Kalra）与财务主管蒂莫西·巴拉克特（Timothy R. Barakett）在报告中写道，盈余并不足以衡量哈佛的财务健康状况，因为限制性资金有指定用途、不能任意调配。
持仓方面，哈佛今年8月披露的第二季度持仓文件显示，其持有太空探索技术公司（SpaceX）价值22亿美元的股份，为捐赠基金最大的单一持仓，超过其余全部已披露公开持仓的总和；次席为台积电，价值略低于3.5亿美元。SpaceX已于今年6月上市。据《巴伦周刊》报道，基金最大配置为私募股权，占46%。
税务方面，新法将捐赠基金投资收益税率由1.4%升至8%，自本财年起适用；即便按2026财年适用的1.4%税率，哈佛当财年投资收益相关税额也由4730万美元增至约2.07亿美元。卡尔拉与巴拉克特估计，新税率每年将给学校带来约3亿美元成本。报告还显示，哈佛当财年联邦资助的研究收入下降19.5%，至5.09亿美元。负责管理基金的哈佛管理公司首席执行官纳尔夫·纳维卡（Narv Narvekar）在报告中表示，2026财年的回报是长期组合的短期回报，令人欣慰的是它增强了捐赠基金在未来几十年支持学校的能力。
Harvard Endowment Returns 27.1% in Fiscal 2026 and Rises to Nearly $68 Billion, Its Best Year Since 2021
Cambridge, Massachusetts — Harvard University's endowment returned 27.1% in the fiscal year ended June 30, 2026, its strongest investment return since 2021, according to the university's annual financial report released on October 15. The fund's value rose 19.3% to nearly $68 billion, an increase of more than $11 billion. The S&P 500 gained 22.3% over the same period, according to Dow Jones Market Data cited by Barron's, and the median return for U.S. college and university endowments was 16.1%, according to Cambridge Associates.
The endowment distributed $2.6 billion in the fiscal year, about 39% of Harvard's operating revenue. The university reported a $100 million operating surplus on $6.7 billion in revenue, a margin of about 1.5%, but a $78.7 million deficit in unrestricted funds, which support general operations. Chief Financial Officer Ritu Kalra and Treasurer Timothy R. Barakett wrote in the report that the surplus is an insufficient measure of Harvard's financial health, because restricted funds are designated for specific purposes and cannot be reallocated at will.
In a second-quarter regulatory filing in August, Harvard disclosed a $2.2 billion stake in Space Exploration Technologies (SpaceX) — the endowment's largest single holding, worth more than all of its other reported public holdings combined — followed by Taiwan Semiconductor Manufacturing Company at just under $350 million. SpaceX went public in June. Private equity is the portfolio's largest allocation at 46%, Barron's reported.
On taxes, the endowment's investment-income tax rate rises from 1.4% to 8% starting this fiscal year; even at the 1.4% rate that applied in fiscal 2026, Harvard's taxes on investment income more than quadrupled, from $47.3 million to roughly $207 million. Kalra and Barakett estimated the higher rate will cost roughly $300 million a year. Federally sponsored research revenue fell 19.5% in fiscal 2026 to $509 million. Narv Narvekar, chief executive of Harvard Management Company, which runs the endowment, wrote that fiscal 2026 represents a short-term return on a long-term portfolio and that it is reassuring to see it strengthen the endowment's ability to support the university in the decades ahead.
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图片来源：图：哈佛园及周边航拍（资料图）。图片来源：Nick Allen，Wikimedia Commons，CC BY-SA 4.0。Photo: Aerial view of Harvard Yard and environs (file photo). Image: Nick Allen, via Wikimedia Commons, CC BY-SA 4.0.
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