In this article, we will discuss Harvard University Stock Portfolio 2026: Top 10 Picks.
Harvard Management Company manages the investment portfolio of Harvard University. The fund returned 11.9% in fiscal year 2025, ending June 30, 2025. The total endowment rose to $56.9 billion. Over the past eight years, returns have averaged 9.6% annually.
HMC’s gains last year were driven by public equities, hedge funds, and private investments, with both hedge funds and public equities beating their benchmarks.
An interesting point is that Harvard Management Company has a heavy exposure to private markets, which make up about 41% of its portfolio. Hedge funds account for roughly 31%, while public equities represent about 14%.
The fund also uses a large allocation to “uncorrelated assets” to reduce risk and smooth returns across different market conditions.
This approach is similar in spirit to the “all-weather” strategy used by billionaire investor Ray Dalio, which is designed to keep a portfolio resilient across different economic cycles.
For this article, we scanned HMC’s Q1 portfolio and picked its top 10 holdings. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Insider Monkey’s quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 599.2% since May 2014, beating its benchmark by 372 percentage points (see more details here).
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10. Flutter Entertainment (NYSE:FLUT)
Harvard’s Stake: $8,190,765
Flutter Entertainment (NYSE:FLUT) is the world’s largest online sports betting and iGaming company. Its most valuable asset is FanDuel, the dominant sports betting platform in the United States. The stock is down over 55% this year, hurt by two main fears. The first is the rise of prediction markets like Polymarket and Kalshi, which are pulling users away from traditional sportsbooks. An overall downturn in the sportsbook industry is also impacting the stock.
However, some believe the stock is undervalued and can rebound. Based on management’s full-year 2026 EBITDA guidance of $2.86 billion, the stock now trades at just 10.5x EV/EBITDA with a free cash flow yield above 10%, well below its historical average.
The upcoming FIFA World Cup could be a catalyst. Some indicators show that over 60% of American soccer fans plan to bet on the tournament, and 29% of Americans plan to place their first-ever sports bet during the event.
iGaming — online casino games like slots and poker played over the internet — is another underappreciated growth driver. Unlike sportsbook betting, which is seasonal, iGaming generates revenue all year round. It is currently only legal in 7 US states, meaning expansion into new states is a significant untapped opportunity. Flutter Entertainment’s (NYSE:FLUT) iGaming segment already grew 28% year over year in Q1 2026.
Flutter Entertainment (NYSE:FLUT) is not ignoring the prediction market threat. The company announced it will launch FanDuel Predicts, its own prediction market product, backed by an initial $40 million investment.
9. Zillow (NASDAQ:Z)
Harvard’s Stake: $23,257,422
Zillow (NASDAQ:Z) has been one of the biggest losers in the market, down about 50% over the past year. But bulls believe the stock can rebound from here.
A key growth driver is rentals. In Q1, rental revenue jumped 42% year-over-year. The company had 2.7 million average monthly active rental listings on its platform. It is becoming the default destination for renters across the U.S.
Bulls also believe Zillow (NASDAQ:Z) is evolving into a full housing transaction platform. Purchase loan originations nearly doubled in Q1 to $1.55 billion. Zillow is no longer just a place to browse homes. It is now involved in the mortgage, the tour, and the closing.
AI is also weighing on the stock. The fear is straightforward — if AI agents like Gemini or ChatGPT can scrape listings, answer housing questions, and connect buyers directly to agents, why would anyone need Zillow? The worry is that Zillow (NASDAQ:Z) becomes irrelevant as the search layer of real estate gets commoditized.
But Zillow (NASDAQ:Z) bulls say these fears are overdone. The company’s moat is not in search listings — it is in deeply embedded workflow software that powers the entire transaction. ShowingTime supports roughly 90% of U.S. home tours. Follow-Up Boss is the CRM for about 80% of the top 50 highest-volume agent teams. These tools are deeply integrated into how agents and buyers operate daily. An AI chatbot cannot easily replicate that.
The losses have made the valuation attractive. The stock trades at roughly 10 times forward EBITDA and about 2.6 times forward revenue — modest multiples for a company growing revenue at nearly 20% in a housing market that is barely moving.
