Yale, Stanford Led Endowments in Paring Asia Bets Last Quarter
- Biggest moves involved ETFs in trend toward passive investing
- Harvard sold stakes in Chinese firms Alibaba, Weibo and JD.com
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Some of the biggest U.S. college endowments withdrew almost $700 million of Asia-focused investments in the second quarter.
Yale University executed the largest sale, according to data compiled by Bloomberg, pulling $345.2 million from the Vanguard FTSE Emerging Markets exchange-traded fund dominated by Chinese companies including Tencent Holdings Ltd. The fund returned 15 percent through the first half of the year and an additional 4.7 percent since.