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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 since our 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.

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.

2011 Q1

2010 Q2

Symbol

Shares

Value (X1000)

Symbol

Shares

Value (X1000)

EWZ

3,425,653

265,420

FXI

4,719,230

203,352

FXI

3,306,304

148,651

EWZ

2,418,687

187,206

ACL

486,800

80,570

ACL

341,800

55,850

LZ

435,603

58,353

PEB

2,597,352

52,778

PEB

2,597,352

57,531

EWY

622,980

38,120

BEC

600,000

49,842

NAL

2,331,429

34,925

EWY

637,672

41,034

AMX

524,983

30,103

INP

561,484

40,719

EEM

585,558

27,884

GENZ

532,200

40,527

Q

2,808,913

21,376

NAL

2,692,403

39,955

BEE

299,225

18,863

LDSH

645,980

35,303

ECH

228,900

18,220

AMX

465,983

27,074

GSG

515,000

17,562

RSX

637,994

26,553

IVV

128,715

16,250

Q

3,877,019

26,480

PBR

475,000

16,231

ECH

323,900

23,269

VIP

1,047,006

15,747

Source: Harvard Endowment Exercises Caution on U.S. Securities, Selectivity in Emerging Markets