Howard Hughes Medical Institute
Howard Hughes Medical Institute (HHMI) is an independent, non-profit biomedical research and philanthropic organization headquartered in Chevy Chase, Maryland. Founded in 1953, HHMI advances biomedical research and science education, supporting a vibrant community of researchers, educators, students, and professionals. Its programs fund both pioneering medical research and innovative science education initiatives for the benefit of humanity. HHMI operates as one of the largest private medical research organizations in the world, with approximately 2,800 employees including scientific, administrative, and support staff, and serves researchers, educators, and students globally.
Investment Strategy
HHMI manages its endowment using a risk-based asset framework designed to fund its biomedical research and education programs in perpetuity, balancing long-term portfolio growth with liquidity and stability. Asset allocation ranges across Private Equity, Public Equity, Independent Return (alternative strategies), Real Assets, and Bonds & Net Cash. The investment policy aims to maximize returns without materially exceeding the risk inherent in its strategic benchmark (70% equities and 30% fixed income), with a diversified approach including domestic/international equity, fixed income, private equity, infrastructure, hedge funds, and cash. Recent initiatives include substantial investments in emerging areas such as AI-driven life sciences research.
Top Holdings
Equity Positions (497)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | 95.52% | $239.7M | 387,885 | $518.84 | $617.85 | +$37.9M |
N NVDA | NVIDIA CORPORATION | 0.33% | $835.0K | 5,285 | $157.99 | $157.99 | +$835.0K |
M MSFT | MICROSOFT CORP | 0.32% | $801.3K | 1,611 | $497.41 | $497.41 | +$801.3K |
A AAPL | APPLE INC | 0.26% | $663.1K | 3,232 | $205.17 | $205.17 | +$663.1K |
A AMZN | AMAZON COM INC | 0.18% | $447.3K | 2,039 | $219.39 | $219.39 | +$447.3K |