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Compensation Dips for HMC

-Jeffrey Larson, $5.03 million, working in foreign portfolio.

Almost all compensation at HMC is based on returns, in the form of bonuses for managers' performance in comparison to benchmarks for their individual portfolios.

HMC's system of compensation includes "clawback" provisions, which withhold portions of bonuses contingent on future performance. Managers could lose the withheld portions if future investments perform below benchmark.

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"I think we have a fair and adequate compensation," Meyer said. "[Harvard money managers] get paid no more or less than they should."

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