Harvard Management Company, the investment manager of the largest U.S. college endowment, reduced some of its exposure to emerging markets exchange traded funds during the third quarter.

The endowment fund sold its remaining 200,000 shares in the iShares MSCI Emerging Markets ETF (NYSEArca: EEM), the second-largest emerging markets ETF by assets, during the third quarter.

Some other institutional investors have been adding to EEM positions, including Ray Dalio’s Bridgewater Associates LP, one of the world’s largest hedge funds. Bridgewater added 4.5 million shares of EEM during the third quarter. [Bridgewater Boosts EEM Stake]

Harvard Management also reduced its stakes in the Market Vectors Indonesia Index ETF (NYSEArca: IDX) and the iShares China Large-Cap ETF (NYSEArca: FXI), selling a combined 60,000 sharesacross the two ETFs. The endowment manager owned 8,500 put options on FXI at the end of the third quarter.

Those adjustments do not mean Harvard Management has soured on all emerging markets ETFs. The fund maintains a small position in the Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO), the largest emerging markets ETF.

Additionally, Harvard Management added a new position of 50,000 shares in the iShares MSCI Turkey ETF (NYSEArca: TUR) while adding over 154,500 shares of the iShares MSCI South Korea Capped ETF (NYSEArca: EWY). Harvard Management owned 701,262 shares of EWY, the largest South Korea ETF, at the end of the third quarter.

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