Harvard Management Company made noteworthy changes to its portfolio in the second quarter of 2025, introducing Bitcoin and gold exposure for the first time. The university’s $51 billion endowment allocated $117 million to the iShares Bitcoin Trust ETF and $101.5 million to the SPDR Gold Shares ETF, marking a clear shift toward alternative assets and assets perceived as inflation hedges.
Alongside these new allocations, the endowment significantly reshaped its technology holdings. Harvard sharply reduced positions in several companies: Meta shares were cut by 67%, Broadcom exposure fell by 40%, and the fund fully exited positions in Uber and cybersecurity company Rubrik. These moves reflect a substantial rebalancing away from certain parts of the tech sector.
At the same time, the fund maintained selective confidence in some large-cap technology names. Microsoft positions were increased by 48% and Nvidia holdings rose by 30%, indicating conviction in specific leaders within the industry. The endowment also re-entered Amazon with a sizeable $235 million investment, suggesting a targeted approach rather than a blanket retreat from technology.
The introduction of Bitcoin and gold, together with these targeted shifts among tech stocks, suggests Harvard Management Company is pursuing a diversified strategy that blends inflation protection, alternative exposure, and concentrated bets on market leaders. By adding digital assets and precious metals while trimming or exiting other tech positions, the endowment appears to be balancing risk, seeking uncorrelated returns, and adjusting to evolving macroeconomic expectations.
These portfolio moves are notable for several reasons. First, the purchases of Bitcoin and gold ETFs represent a broader institutional trend toward including nontraditional assets in long-term portfolios. Second, the reallocation within technology—selling down some positions while strengthening others—demonstrates active, selective stock-picking rather than broad sector allocation. Finally, the sizable re-entry into Amazon underscores that the fund is willing to redeploy capital into high-conviction ideas when opportunities arise.
Overall, the second-quarter changes show Harvard Management Company recalibrating its exposure to growth and inflation-sensitive instruments. The endowment’s combination of alternative-asset adoption and concentrated equity adjustments highlights a strategy that seeks diversification, protection against inflationary pressures, and targeted participation in market-leading companies.