(Bloomberg) The Harvard University endowment’s biggest publicly traded holding is a high-yield bond exchange-traded fund, a move into a cheap, passive investment as the school replaces some of its own traders with external money managers. Harvard Management Co. disclosed in a filing that it held 9.6 million shares of iShares iBoxx High Yield Corporate Bond ETF valued at $841 million in the first quarter. The ETF gained 1.9 percent for the three months. The fund also purchased options with a face value of almost $500 million for two other ETFs and sold out of 30 positions, including real estate developer Howard Hughes Corp.
Harvard Endowment’s Biggest Public Holding Is a High-Yield ETF
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