Harvard Endowment Bullish on US Equities
Posted March 26, 2011on:
Apparently, Harvard Endowment’s year-end position in 2010 had changed significantly from that of 2009. The way I see it, there are three significant changes:
1. At the end of 2009, Harvard Endowment was extremely bullish on emerging markets; the top 10 positions were emerging market positions. That number was reduced to 5 at the end of 2010. On top of that, the size of each emerging market position has been reduced. Take China for example; the value of shares of FXI was reduced from 365k to 203k.
2. At the end of 2010, Harvard Endowment was bullish on US equities: 5 of the top 10 positions are US stocks. They are ACL, PEB, NAL, Q, BEE. In addition, the iShares S&P 500 index ETF IVV came from nowhere to take the 13th spot.
3. At the end of 2010, Harvard Endowment also seemed to be more bullish on commodities. The S&P GSCI commodity index fund GSG rose to the 12th spot. Many oil-related stocks also have risen in their allocation weights.
It’s important not to read too much into these changes. However, if you have a knack for following smart money, there is no smarter money than Harvard and Yale Endowments.
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|2010 Harvard Endowment Top 15||2009 Harvard Endowment Top 15|
|Symbol||Shares||Value (X1000)||Symbol||Shares||Value (X1000)|