University of Pittsburgh - Of the Commonwealth System of Higher Education

Key Holdings

The portfolio is overwhelmingly dominated by a single exchange-traded fund: IEMG (iShares Core MSCI Emerging Markets ETF). With a market value of $125.32 million, this position constitutes 99.75% of the total assets. The holding remained stable at 1.90 million shares, indicating no trading activity in this primary asset during the quarter. This massive concentration suggests that the endowment utilizes IEMG as its core vehicle for beta exposure, specifically targeting emerging markets equities rather than domestic developed markets.