Harvard University fund sells all Israel holdings

[Salander]

No reason for the sale was mentioned in the report to the SEC.
15 August 10 17:15, Hillel Koren
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 Partner Communications Ltd. (Nasdaq: 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.

Published by Globes , Israel business news - www.globes-online.com - on August 15, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

http://www.globes.co.il/serveen/globes/docview.asp?did=1000581912

[dixiegrrrrl]

1. thank you for sharing this news.

[azurnoir]

2. Thanks n/t

[damntexdem]

3. Good.

[Sinistrous]

4. Thank you for posting this, and

Welcome aboard!

[Mosby]

5. The anti-Jew hate sites are really digging this non-story "story"

just check out My Catbird Seat, what really happened or stormfront, they are all estatic.

[oberliner]

6. "The university has not divested from Israel."

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."

http://www.boston.com/business/ticker/2010/08/harvard_rebalan.html

[henank]

7. Not so fast. It wasn't a divestment at all

Harvard Explains Israel Share Sales: It Wasn't Divestment, It's Just That Israel Is No Longer An Emerging Market

Here's the official word we got from Harvard Management Company spokesman John Longbrake:

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. Israel was moved from the MSCI, our benchmark in emerging markets, to the EAFE index in May due to its successful growth.

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.

Read more: http://www.businessinsider.com/harvard-explains-israel-sales-israel-is-no-longer-an-emerging-market-2010-8#ixzz0woJX4cYv

Sorry to pop y'all balloons and all.

Not. :-)

[azurnoir]

8. the excuse is noted but the results are the same

and here we've been being told how Israel is not affected by the global recession

[henank]

10. LOL! Deny away as much as you want

The end result is most definitely not the same. I know it makes you very happy to think that a) Israel's economy is in the tank, and that b) institutions like Harvard are divesting.

I am happy to disabuse you of these facts. You will no doubt continue to deny until you're blue in the face. Enjoy your new complexion.

From Reuters: Harvard is not divesting from Israel

From Ynet: Israel's economy is financing the US and not the other way around

via Solomonia (yes, you'll dismiss this as a pro-Israel website and therefore undeserving of any credibility. However an email from the Senior Communications manager at Harvard is reliable, to whomever it is sent.

The following is the email that people are receiving in response to inquiries from John Longbrake, Senior Communications manager at the Harvard Management Company:

Thank you for taking the time to write.

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. Israel was moved from the MSCI, our benchmark in emerging markets, to the EAFE index in May due to its successful growth. 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.

I hope that this is helpful.

Sincerely,

John

[azurnoir]

13. No I really do not give a rip about Israel's economy except that

it is being funded by my taxes the US funds 25% of Israels defense budget and no I have no illusions about what will be claimed Israel is supporting the US economy LOL then they should do a better job

[shira]

14. That Ynet article WRT Israel financing America & not the other way around should be an eye-opener...

...for many at DU.

Of course, when haters can't use the excuse that America is financing Israel they'll just use the excuse of Israel financing America as a strike against the Jewish State.

[azurnoir]

15. the article was about loan guarantees US guarantees on Israeli loans

why do need to so rely on disinformation and or false impression ?

[Salander]

9. Tha article didn't say it was divestment, but folks made assumptions because

we all know that divestment and boycott will slowly, slowly grow among people of conscience.

[shira]

12. Why would people of conscience go the BSD route?

What could Israel possibly do in response to BSD?

Israel made credible offers of peace in 2000 and 2008 without so much as a Palestinian counter-offer and they disengaged from Gaza in 2005.

All they got in return were rockets and suicide bombers.

[bemildred]

11. Seems like a rather "aggressive" portfolio being made more so. nt