Yale University’s $20.8 billion endowment added to stakes in two of the largest international exchange traded funds, including an emerging markets ETF, in the first quarter.

The endowment held 3.15 million shares of the Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) with a market value of $127.8 million, reports Rob Kozlowski for Pensions & Investments.

VWO is the largest emerging markets ETF. Yale also added to its stake in the iShares MSCI EAFE ETF (NYSEArca: EFA). EFA is the third-largest U.S.-listed ETF. According to a filing with the Securities an Exchange Commission, Yale’s endowment owned 655,000 shares of EFA at the end of the first quarter.

Major pension and endowment funds have recently been showing mixed emotions toward some of the largest ETFs tracking international stocks. For example, last week it was reported that the New Jersey Pension Fund dramatically slashed its position in VWO while maintaining positions in EFA and the iShares MSCI Emerging Markets ETF (NYSEArca: EEM), among other international ETFs. [New Jersey Pension Plan Trims VWO Stake]

Earlier this week, it was revealed that Canada’s Ontario Teachers’ Pension Plan trimmed its exposure to EEM, but added a position in the PowerShares QQQ (NasdaqGM: QQQ). QQQ, the NASDAQ-100 tracking ETF, is the sixth-largest U.S. ETF. [Another Pension Fund Reduces EM ETF Exposure]