CAMBRIDGE (AP) — Harvard University says its endowment has grown to nearly $41 billion after gaining 6.5% in the last fiscal year.

The school announced the growth in a campus message Friday. Endowment chief Narv Narvekar said he is encouraged by the progress but says he remains “mindful that there is much left to accomplish.”

It follows returns of 10% in the 2018 fiscal year and 8% the year before that. Further details about the endowment’s recent performance are expected to be released in October.

Harvard’s endowment is the largest in the nation but has lagged some in recent years. Narvekar was hired from Columbia University in 2016 to turn it around.

He said his team is halfway through a five-year transition but that there are still “legacy issues” to be resolved.

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