August 22 - Global alternative asset markets are witnessing significant shifts as Harvard Management Company (HMC), one of the world's largest university endowments, has made its first major allocation to gold and Bitcoin in its investment portfolio. This move reflects traditional capital's renewed assessment of alternative assets and signals diversifying market demand.
According to the latest 13F filing submitted to the Securities and Exchange Commission, HMC purchased 333,000 shares of SPDR Gold ETF (GLD) valued at approximately $101.5 million. The fund also holds 1.906 million shares of BlackRock's Bitcoin trust (IBIT), worth about $117 million. HMC manages total assets of approximately $53.2 billion as of the end of 2024.
Notably, HMC previously allocated only 3% of its assets to commodity-based investments, with natural resources comprising less than 1%. The combined positions in gold and Bitcoin now represent 15% of its publicly traded portfolio, indicating these assets have entered core allocation territory.
From a market performance perspective, both gold and Bitcoin rank among the year's top-performing global assets. Gold surged nearly 30% in the first half of the year, prompting more fund managers to reconsider its role in investment portfolios. According to World Gold Council data, global gold ETFs experienced their largest capital inflows since 2020 in the first half of 2024, adding 170 tons in the second quarter and 227 tons in the first quarter, demonstrating significant warming in investment demand.
Beyond gold and Bitcoin, HMC's latest holdings reveal high concentration in large technology and artificial intelligence-related stocks. Its largest single holding is Microsoft Corporation, with 623,300 shares representing a 48% increase from the previous quarter. The fund increased its NVIDIA position by 30% to 269,000 shares, reflecting confidence in AI core infrastructure. Simultaneously, the fund reduced its Alphabet holdings by 10%, cut Meta positions by 67%, and exited Uber and Rubrik entirely. These moves reflect structural adjustments within the technology sector, focusing on AI leaders while reducing exposure to high-growth companies lacking sustainable competitive advantages.
Overall, Harvard's allocation changes reflect global capital's balance between risk diversification and pursuing high-growth opportunities. With the elevated status of gold and Bitcoin, alongside continued AI technology expansion, alternative assets and core technology sectors are positioned to form a new dual-engine growth framework in the future.