Market Overview

Yale University Is Bullish On ETFs & Alexion, Sold Twitter Last Quarter


Yale University recently revealed its latest 13F filing. The  value of the university fund's equity portfolio more than quintupled over the second quarter, to $352.5 million.

Eighty one percent of the total assets are allocated to financial stocks, and another 16 percent to health care. 

Same as in the previous quarter, Yale’s top bet was placed on an ETF: the iShares MSCI EAFE Index Fund (ETF) (NYSE: EFA). After almost tripling its exposure over the quarter, the University declared holding 2,389,400 shares of the ETF, worth more than $150 million, which represent 43 percent of its total equity portfolio.

Another investment firm betting on this ETF is Morgan Stanley, which, after purchasing 4,134,217 shares over the quarter, declared holding 16,422,570 shares, worth more than $1 billion.

The second largest stake was also put in an ETF: the Vanguard Emerging Markets Stock Index Fd (NYSE: VWO). This position, comprising 3,258,000 shares, or $133 million in stock, was started over the second quarter, and makes of Yale one of the top 50 institutional investors of record.

The largest stake in this ETF is held by Ray Dalio’s Bridgewater Associates, which last declared holding more than $4.6 billion in stock.

The biggest non-ETF bet was placed on Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN), of which Yale acquired 319,273 shares, worth more than $57 million.

Other interesting moves include the closing of Yale’s stakes in Twitter Inc (NYSE: TWTR) and Demandware Inc (NYSE: DWRE), of which it held $1.72 million in stock (34,345 shares) and $4.72 million in stock (81,647 shares), respectively.


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