Investment Disclosures by Asset Class: Current Practice at Harvard Compared to Other Large Funds

Table 1: Existing Reporting by Asset Class and Examples of Better Disclosure Elsewhere Holdings as of Current Practice Existing Commitments on Disclosure Doing Better 6/30/20i and Decarbonization Full endowment -Audited financials annually. [...] Public line-item disclosure: Only as HMC improvements needed: $41.9 billion -Quarterly mandated 13F required by the SEC (directly-held US -Implement separate workflows for reporting to SEC; captures stock and ETFs) or the IRS (list of related improved disclosure of holdings and directly-purchased US equities, partnerships). [...] -Individual positions for all traded Estimated sub- 6.3% of total public equity domestic and foreign holdings should be groupings, share of positions and only 1.2% of the Decarbonization targets and timelines: listed. [...] HMC improvements needed: $15.2 billion mostly external managers; -Immediate disclosure of funds invested (36.4%) however, as of 6.30.2020iv less Decarbonization targets and timelines: in, their investment strategy, and and than 25% of hedge investments Assumedly part of the school’s net zero their mission. [...] holdings of commercial paper from firms with a large carbon footprint; and the ESG Integration: Per Harvard’s reporting banks with which HMC holds cash can be to the UN PRI, there is no ESG carbon-sensitive or large funders of fossil integration for cash and cash fuel expansion.