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A British Trust Managing $39M In Assets Sells DoorDash And VMware Holdings

A British Trust Managing $39M In Assets Sells DoorDash And VMware Holdings

What happened: A British medical charity that manages $39 billion in assets has disclosed changes to its U.S. traded stock holdings during the second quarter.

A filing with the Securities and Exchange Commission shows Wellcome Trust significantly reduced its investment in DoorDash (NYSE: DASH), and sold off holdings in VMware (NYSE: VMW), while buying more Linde (NYSE: LIN) shares, and taking a new position in ServiceNow (NYSE: NOW), according to Barron's.

Why it’s important: London-based Wellcome Trust is one of the largest foundations in the world and is known for its investment expertise, and insight into the healthcare industry. The director of the trust, Jeremy Farrar, provided a warning to a group of money managers in January of 2020 that the coronavirus would have a dramatic impact world markets.

Wellcome sold 2.8 million shares of DoorDash shares in the second quarter, and now holds 7.3 million shares of the company's stock.

The trust also sold all 1.7 million VMware shares it had owned at the end of March. Dell Technologies Inc (NYSE: DELL) owns 80.6% of the cloud-software firm, and plans to spin off those shares to its shareholders in the fourth quarter.

What’s next: The filing indicates Wellcome purchased 2.8 million more shares of Linde for a total investment of 3.3 million shares. The foundation also initiated a stake of 456,927 ServiceNow shares in the second quarter. The company is a provider of workflow-management software.


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