The Investment Scientist

Archive for May 2009

The Harvard Management Company, which oversees the $26 billion Harvard University Endowment, recently filed a 13F-HR quarterly report with the Securities and Exchange Commission (SEC) disclosing its portfolio of publicly traded securities as of the end of Q1 2009.

Here are the most significant changes to Harvard’s portfolio:

Three dropouts

IShares MSCI UK Index Fund, iPath MSCI India Index Fund, and Western Asset Claymore Inflation-Linked Opportunities & Income Fund are no longer in the top 10. In fact, Harvard completely sold its UK index fund holding during Q1 2009.

Three additions

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During the last quarter of 2008, the Harvard University Endowment quietly overhauled its public equity investment portfolio. By the end of the overhaul, the top 10 positions in the portfolio looked like this:

Chart credit: Paul Kedrosky

Most strikingly, seven out of the top 10 are emerging-market exchange trading funds (ETFs), with emerging-market index fund EEM and China index fund FXI the largest and second largest holdings, respectively. Year to date, EEM is up 24.55%, and FXI is up 20.85%. Comparatively, the S&P 500 is flat.

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Michael Zhuang is principal of MZ Capital, a fee-only independent advisory firm based in Washington, DC.


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