Harvard University’s U.S. stock holdings expanded last quarter, indicating that the University is continuing its buying trend that began last spring after it had sold off the majority of those publicly-traded assets during the financial crisis of 2008.

According to a disclosure form filed quarterly with the Securities and Exchange Commission and released last Friday, the value of Harvard’s publicly-traded stock portfolio grew from $1.8 billion in late September to $2.26 billion at the end of 2009.

While the number of companies and funds in which Harvard holds stock grew—Harvard reported 124 holdings in the SEC’s 13F filing, up from 107 the previous quarter—the majority of the University’s assets remain invested in emerging markets. A large portion—72 percent—of Harvard’s equities remain invested in 15 funds that track markets in countries such as China, Brazil, and South Korea.

The increase in Harvard’s stock holdings is part of a broader reinvestment in the market by the University after it slashed its holdings in late 2008. As the stock market plummeted and Harvard reportedly scrambled for liquidity, the University’s stock holdings dwindled from $2.8 billion in Sept. 2008 to only $571 million three months later. But since then, Harvard has steadily increased its stock holdings, especially in emerging markets and Asia.

Friday’s filing details only a fraction of the University’s endowment—slightly less than 10 percent—and includes only U.S.-traded equities that are directly owned by Harvard. The report lists foreign companies traded on U.S. exchanges, but does not include the University’s investments in private equity, bonds, real assets, or foreign stocks.

Harvard’s internal stock holdings have tended to favor foreign stocks in recent years, and that trend has continued, according to this latest report. While the proportion of Harvard’s equity holdings invested in emerging market funds has actually decreased slightly, the value of those investments has grown by almost $200 million to $1.6 billion.

Last quarter, the University nearly doubled its investment in an index fund tracking Chinese markets, while selling off more than half its holdings in an index fund of Taiwanese companies. But Harvard also sold nearly all its shares of a Japanese index fund, reducing its holdings from $10.6 million to just $1,000.

In tapping into overseas markets, the University has also looked beyond exchange traded funds—which are traded like stocks and track major indices—and has directly purchased shares of foreign companies such as Tata Motors, an Indian car manufacturer, and Baidu, a Chinese search engine.

While last week’s filing was dominated by foreign holdings, it also provided glimpses of HMC’s domestic strategy.

Harvard purchased over $35 million worth of shares in Bank of America and invested several million dollars in other U.S. financial firms as well. Additionally, the University purchased stakes in companies that have been the target of high-profile takeovers, including Burlington Northern Santa Fe Railway, recently purchased by Warren Buffett’s Berkshire Hathaway, and Cadbury PLC, recently acquired by Kraft Foods.

Harvard also invested in some brands well known to students, buying $45 million of stock in Marvel Entertainment and $4,000 of stock in Chipotle Mexican Grill.

University spokesman John D. Longbrake declined to comment for this article.

—Staff writer Elias J. Groll can be reached at egroll@fas.harvard.edu.

—Staff writer William N. White can be reached at wwhite@fas.harvard.edu.