Our investment management strategy is based on long-term diversification of Harvard’s investments, a strategy that has provided the University strong returns on its endowment over several decades. Annual returns have averaged 8.9% over the past ten years and 6.2% over the last five years ended June 30, 2009. By comparison, the median fund, as measured by the Trust Universe Comparison Service (TUCS), had an average annual return of 3.2% over the last ten years.