I asked my PhD analyst John Want to pull the Harvard Endowment 13F filing for the first quarter of 2011 and find out what has changed sinceour last examination three months ago. From the table of the top 15 holdings that is attached, we can see three changes:

1. The iShare S&P 500 Index ETF is no longer among the top 15 holdings. Though there are still a number of individual U.S. stocks among the top 15, their relative weights have decreased. Does that signify Harvard is a tad less bullish on U.S. equities over all?

2. The iShare S&P GSCI Commodity Index ETF has been dropped from the top 15 holdings. This index is dominated by energy.

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3. The iShare MSCI Emerging Market Index ETF has also been dropped from the top 15 holdings, but a number of individual emerging market ETFs have seen their weights increased: Brazil, Russia, India, and South Korea. But China has seen significant decrease, albert still the second largest holding (last quarter it was the largest).

My overall impression is that Harvard has grown a bit cautious about commodities and U.S. equities and more selective in emerging markets.