Contrary to a blog report, the Harvard University endowment has made no change in its stand on investing in Israel.
The university disclosed in a securities filing Friday that it had rebalanced some of its $26 billion portfolio in the latest quarter. The changes took place after a firm that manages stock indexes shifted Israel out of an emerging country index into a developed country index in May. Israel was moved from the MSCI to the EAFE index, major indexes that institutional investors use as benchmarks.
In a statement, Harvard said, “The management company’s most recent SEC filing details changes in holdings, as is routine, but no change in policy. The university has not divested from Israel.”
The university disclosed in a securities filing Friday that it had rebalanced some of its $26 billion portfolio in the latest quarter. The changes took place after a firm that manages stock indexes shifted Israel out of an emerging country index into a developed country index in May. Israel was moved from the MSCI to the EAFE index, major indexes that institutional investors use as benchmarks.
In a statement, Harvard said, “The management company’s most recent SEC filing details changes in holdings, as is routine, but no change in policy. The university has not divested from Israel.”
Harvard Management runs the university’s endowment.
MSCI Inc., which maintains indexes, said that in late May its Israel Index was taken out of the MSCI Emerging Markets Index and became a component of the MSCI World Index.
Harvard said: “Our emerging markets holdings were rebalanced accordingly. We have holdings in developed markets, including Israel, through outside managers in commingled accounts and indexes, which are not reported in the filing in question.”
