New Jersey Backs Off $3.2 Billion Emerging-Markets Bet
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No other U.S. pension, endowment or foundation manager has invested as heavily in emerging-market ETFs as the New Jersey Pension Fund, a $3.2 billion gamble at its height. Now the state’s reversing course.
The $76.8 billion fund, the 12th largest public pension manager in the U.S., has cut its holding of developing-nation exchange-traded funds to less than $1.8 billion, according to filings through March 31 compiled by Bloomberg. The fund’s managers had boosted the position from just $115 million in 2009 to more than $3 billion by the end of 2012.