HARVARD MANAGEMENT CO INC

Harvard Management Company's $1.82 billion U.S.-listed public portfolio for March 2026 reflects an endowment manager executing a deliberate thematic rotation from crypto-asset exposure into the semiconductor and AI-infrastructure complex — a move that is both analytically conspicuous and consistent with the endowment's technology-investment philosophy. The headline trade in Q1 was a near-doubling of the Taiwan Semiconductor Manufacturing position, the portfolio's largest holding at $232 million (12.8% of assets), from 307,000 shares to 687,000 shares through the addition of 380,000 shares. The $139 million in new capital deployed into TSM at prices between $65 and $75 per share — a level that reflected the stock's appreciation year-to-date entering the quarter — represents the portfolio's highest-conviction deployment. Nvidia was also dramatically increased from 410,000 shares to 744,000 shares — an 81.3% share-count increase worth $53 million in new capital — confirming the endowment's commitment to the AI-capital-expenditure cycle across both the equipment layer (TSM makes the chips for Nvidia's customers) and the chip-design layer (Nvidia). The Goldman Crypto narrative is visible in what the endowment sold: the iShares Bitcoin Trust (IBIT) was reduced by 43.1% from 5.35 million shares to 3.04 million shares, removing $149 million in value, as Bitcoin's own price declined from the highs of late 2024 — taking profits off a position that had been carried at substantial weight. The iShares Ethereum Trust (ETHA) was liquidated completely in Q1 for a $87 million exit, eliminating Harvard's sole pure-play Ethereum exposure. Alphabet was reduced by 23.6% — from 808,000 to 617,000 shares — at the same time the position increased in value from $189 million to $177 million on price, a pure rotation away from a name that had been the portfolio's Information Alphabet-sector anchor. Meanwhile, the endowment added to Microsoft (by 4.8%), Broadcom (by 47.3%), Booking Holdings (by 3.8%), and Union Pacific (by 3.8%) in the face of mixed price action, deploying new capital into quality names rather than reducing to cash. The $263 million AUM contraction — from $2.08 billion to $1.82 billion — was substantially a function of crypto-markdowns (IBIT, ETHA, GLD) and Alphabet's price decline, not of realized losses on the tech core. This is a computer-and-storage thesis playing out inside the walls of one of the world's most recognizable institutional investors.