Harvard University fund sells all Israel holdings

Harvard University

In another blow to Israeli shares, the Harvard Management Company notified the US Securities and Exchange Commission (SEC) on Friday that it had sold all its holdings in Israeli companies during the second quarter of 2010. No reason for the sale was mentioned. The Harvard Management Company manages Harvard University’s endowment.

IOA Editor:The Harvard Management Company — a subsidiary of Harvard University charged with managing the university’s endowment, pension assets, working capital, and non-cash gifts — is best known for managing the university’s $26 billion endowment, the largest endowment in US higher education. Historically, the HMC has been the leading university investment management company, receiving a great deal of attention from all other university funds. More on the HMC on Wikipedia.

This is probably the first reported university endowment divestment from all Israeli holdings. Coming from Harvard, it sets a very important precedent: it is likely to be reviewed, scrutinized, and possibly followed, by other universities. Because Harvard, or HMC, has yet to make a public statement on the decision, one can only assume that it took place as a preventive measure, to avoid becoming the “next Berkeley.”


 

By Hillel Koren, Globes – 15 Aug 2010
www.globes.co.il/serveen/globes/docview.asp?did=1000581912&fid=1725

No reason for the sale was mentioned in the report to the SEC.

In another blow to Israeli shares, the Harvard Management Company notified the US Securities and Exchange Commission (SEC) on Friday that it had sold all its holdings in Israeli companies during the second quarter of 2010. No reason for the sale was mentioned. The Harvard Management Company manages Harvard University’s endowment.

Harvard Management Company stated in its 13-F Form that it sold 483,590 shares in Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) for $30.5 million; 52,360 shares in NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) for $1.67 million; 102,940 shares in Check Point Software Technologies Ltd. (Nasdaq: CHKP) for $3.6 million; 32,400 shares in Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) for $1.1 million, and 80,000 (Nasdaq: Partner Communications Ltd.PTNR; TASE: PTNR) shares for $1.8 million.

Harvard Management Company’s 13-F Form shows some interesting investments. Its two largest holdings, each worth $295 million, are in iShares ETFs, one on Chinese equities, and the other on emerging markets. Harvard also owns $181 million in a Brazilian ETF.

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