The largest portion of Harvard's endowment, 36 percent, is invested in domestic equities. HMC's domestic equity investments outperformed even the S&P 500, returning 39.4 percent.
Though Harvard's overall return is down 0.2 percent from last year, returns on domestic equities were up 4.9 percent.
HMC's performance in recent years has been stellar, but the organization has not always performed so well.
During the mid- to late-'80s, HMC's returns were mediocre to dismal. In 1991 and 1992, Harvard's endowment grew more slowly than the large majority of college and university funds.
The S&P 500 outperformed Harvard's overall return this year, which is not atypical. But Meyer said this is a consequence of a well-balanced portfolio.
"If we were smart enough to know beforehand that domestic stocks are going to outperform all other areas, we would put all our money into that area, but no one's that smart," he said.
While official figures will not be available until the spring, the performance of the past two years suggests hefty increases in salary are forthcoming for at least some of the investors, as compensation for fund managers is based in large part on performance relative to predetermined benchmarks. Last year, the top manager made $4.7 million.
But University officials think HMC's investors earn their keep.
"These guys are really pros," said Elizabeth C. Huidekoper, vice president of finance. "They add real dollar value to the endowment."