According to Harvard Management Company’s SEC filing, the increased their position in EWJ by 2 million shares in the 1st quarter (total position of 7.6 million shares). Anyone have a view on Japan? I’m tempted to make a trade just because it’s HMC. One cavet, though, I’m not sure what derivative instruments they may have in place that could material change the nature of the position.

SEC filing available here.

Harvard Management Co Inc Largest Holdings in 1st Quarter: 13F Alert

By Chris Cappucci May 14 (Bloomberg) — The following are Harvard Management Co Inc top 10 holdings by market value as of March 31, according to a filing with the U.S. Securities and Exchange Commission on 05/11/2007.

COMPANY NAME                 TICKER      MARKET VALUE       SHARES       CHANGE
iShares MSCI Emerging Mkt In EEM US       344,989,120    2,961,280     -169,216
iShares MSCI Brazil          EWZ US       275,098,504    5,589,161      305,779
iShares Russell 2000         IWM US       270,095,470    3,397,000       20,000
iShares MSCI Mexico          EWW US       215,351,924    3,961,588     -956,074
iShares MSCI South Korea Ind EWY US       205,140,189    4,056,559       87,586
iShares MSCI South Africa In EZA US       136,974,519    1,128,198     -257,422
iShares MSCI Japan Index Fd  EWJ US       110,732,000    7,600,000    2,000,000
International Paper Co       IP US         82,563,463    2,268,227
Clear Channel Communications CCU US        69,909,460    1,995,133    1,359,476
Douglas Emmett Inc           DEI US        65,059,146    2,548,341