(Bloomberg) -- The Ontario Teachers’ Pension Plan is abandoning its multibillion-dollar bet on exchange-traded funds covering emerging markets.

The C$141 billion ($129 billion) fund cut holdings of BlackRock Inc.’s iShares MSCI Emerging MarketsETF to $390 million as of March 31, from $1.6 billion three months earlier, according to regulatory filing data compiled by Bloomberg. The reduction was more than eight times its second-largest divestiture. The ETF wager had climbed to as much as $2.5 billion by the end of 2012.

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