Data sourced from Dakota Marketplace, the global LP and GP intelligence platform trusted by thousands of investment professionals. Learn More | Book a Demo
Only six endowments in Dakota Marketplace report direct positions in the most widely used international equity ETFs, together holding $792.4 million across 15 positions as of their latest 13F filings. Most endowments build international exposure through outside managers, which never shows up as an ETF line on a 13F. That makes the few holding low-cost international index exposure directly worth a closer look for any manager raising capital for an international or emerging-markets strategy.
This breakdown screens Dakota Marketplace 13F holdings for endowment positions in 11 international equity ETFs: iShares Core MSCI EAFE ETF (IEFA), Vanguard FTSE Developed Markets ETF (VEA), iShares MSCI EAFE ETF (EFA), Schwab International Equity ETF (SCHF), SPDR Portfolio Developed World ex-US ETF (SPDW), Vanguard Total International Stock ETF (VXUS), iShares Core MSCI Total International Stock ETF (IXUS), Vanguard FTSE All-World ex-US ETF (VEU), iShares MSCI ACWI ex US ETF (ACWX), iShares Core MSCI Emerging Markets ETF (IEMG), and Vanguard FTSE Emerging Markets ETF (VWO).
Endowments Ranked by Combined International Equity ETF Exposure
|
Rank
|
Endowment
|
Combined Balance
|
ETFs Held
|
|
1
|
West Virginia University Foundation
|
$240,303,012
|
VEA, VWO
|
|
2
|
Adventist Health System/West, Inc.
|
$213,558,903
|
VEA, IEMG, IEFA, IXUS
|
|
3
|
UNC Management Company
|
$210,551,000
|
IEFA, IEMG
|
|
4
|
University of Massachusetts Foundation
|
$72,088,269
|
IEMG, IEFA
|
|
5
|
Fairfield University Endowment
|
$46,833,021
|
SPDW, VWO
|
|
6
|
University System of Maryland Foundation
|
$9,086,000
|
IEMG, VWO, VEA
|
Data reflects each endowment's positions in Dakota Marketplace 13F holdings as of November 2026, aggregated at the account level across each position's most recent filing.
1. West Virginia University Foundation and UNC Hold the Largest Current Positions
West Virginia University Foundation tops the list with $240.3 million across two Vanguard funds, both reported in its August 2026 filing: $175.5 million in VEA and $64.8 million in VWO. UNC Management Company holds $210.6 million across two iShares Core funds as of May 2026, with $133.2 million in IEFA and $77.4 million in IEMG. Together the two account for 57% of the total on this list, and both positions are current.
2. Every Holder Pairs Developed and Emerging Markets
All six endowments hold at least one developed-markets fund alongside an emerging-markets fund. Across the list, developed-markets ETFs account for about $493 million, or 62% of the total, and emerging-markets ETFs for about $271 million, or 34%, with the remaining $29 million in a total international fund. The splits vary: West Virginia University Foundation runs roughly 73% developed and 27% emerging, while UNC carries the heaviest emerging-markets weighting of the large holders at roughly 37%.
3. Adventist Health System/West Is the Most Diversified Holder
Adventist Health System/West, Inc. holds four different international ETFs across both iShares and Vanguard, more than any other endowment here. Its February 2026 filing shows $70.7 million in VEA and 28.8millioninIXUS.ItsIEMG(57.6 million) and IEFA ($56.4 million) positions were last reported in 2025 and 2024, so its current mix may lean further toward Vanguard and total international exposure than the combined figure suggests.
4. iShares and Vanguard Core Funds Dominate, and Five Tickers Show No Endowment Holders
Every dollar on this list sits in six funds: IEFA, VEA, IEMG, VWO, IXUS, and SPDW. EFA, SCHF, VXUS, VEU, and ACWX returned no endowment holders at all. Endowments buying international index exposure are going to the lowest-cost core products rather than the older or broader funds.
Data Note
13F filings report only US-listed securities an institution holds directly, so they capture none of the international exposure endowments hold through commingled funds, separate accounts, or outside managers. A missing ETF position does not mean an endowment has no international allocation. Some positions in this dataset were last reported more than a year ago, including Fairfield University Endowment's VWO position (2023) and most of University System of Maryland Foundation's holdings (2020 and 2025). A stale filing date may mean a position has since been sold, so combined balances reflect each position's most recent filing, not a single point in time.
Dakota's Robust Data Collection
The endowments above have already decided they want international and emerging-markets exposure. The open question is whether an active manager can earn a place alongside or in place of the index sleeve. Dakota Marketplace tracks 745 endowment accounts and 5,317 endowment contacts, each filterable by 13F holdings, ETF positions, AUM, metro area, and named investment staff. If you manage an international equity or emerging-markets strategy, that's a call list of allocators who already own the asset class, just not your product.
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