Yale University, New Haven, Conn., more than quadrupled its shares in a Vanguard Group emerging markets exchange-traded fund in the first quarter, according to a 13-F filing with the Securities and Exchange Commission on Thursday.
The university, which oversees a $20.8 billion endowment, purchased 2.46 million shares of the Vanguard FTSE Emerging Markets ETF in the quarter ended March 31, bringing its total holdings in the ETF to 3.15 million shares with a market value of $127.8 million, a total of 72.2% of the university's direct stock holdings.
As of Dec. 31, the university had 686,000 shares of the ETF, which at the time had a market value of $28.2 million.
The market value of the shares as of Thursday's close is $132.6 million.
The university also increased its holdings in BlackRock's iShares MSCI EAFE ETF, to 655,000 shares — with a market value of $44 million as of March 31, from 246,800 shares — with a market value of $16.6 million as of Dec. 31.
Holdings eliminated in the first quarter were the common stocks of Approach Resources Inc., Gogo Inc., Kansas City Southern, Novavax Inc. and PGT Inc.
David Swensen, chief investment officer, did not return phone calls by press time.