Fairfield University

Key Holdings

• SPDW (SPDR Portfolio Developed World): current position $12.67M, 296,000 shares, 100.0% of reported portfolio. The implied average share price in this filing is approximately $42.80 ($12.67M / 296,000 shares).
• Prior quarter composition (reconstructed from changes): Fairfield exited two previously large positions — VOO (Vanguard S&P 500 ETF) which was $157.05M and VNQ (Vanguard Real Estate ETF) which was $18.66M — and increased SPDW by $7.25M (a 121.1% increase versus its prior $5.42M level). Those three positions sum to the prior $181.14M.

Significance: SPDW provides broad exposure to developed-market equities outside the U.S. (developed ex‑US). By allocating 100% of disclosed 13F assets to SPDW, Fairfield shifted its visible equity exposure from predominantly U.S. large-cap and REIT ETFs to a single developed‑markets ex‑US ETF. The single-ETF approach reduces line-item complexity but increases single-product concentration.