Harvard University, which boasts the world’s largest endowment, has seen its investment returns fall behind Ivy League rivals in recent years.
The university is scrambling to come up with a solution, especially as it aims to take on Yale, which has seen the largest average annual returns over the last five years, according to Bloomberg.
Harvard has a $37.6 billion endowment, including an average return rate nearly 4% off that of Yale, the top Ivy League university by average annual return with 14%. Yale’s endowment is approximately $24 billion.
Harvard’s 5.8% one-year gain up to June, for instance, was behind the Ivy League average by 2%, the publication added.
In October, Bloomberg reported that Wall Street financiers and Harvard Business School alums gathered to discuss how to beat rivals, such as Yale and Princeton.
“It was kind of reassuring,” Stephen Blyth, who drafted a plan to grow the fund as CEO of the Harvard Management Co. in an interview with Bloomberg. “There were people on both sides so I felt we must have it about right.”
“It’s been a period of significant change,” said Blyth of recent management decisions in an attempt to boost the endowment. “This is a new CEO, this is a new executive team, this is a new strategy, this is a new culture.”
Fortune has reached out to Harvard and Yale for comment.
A Fortune analysis from 2013 also showed the university lag behind its competition.