Tracking David Swensen's Yale Endowment Holdings - Q1 2016 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q1 2016. To have an idea of how the endowment's holdings have progressed click on our previous update:

 To learn more about Yale's Endowment and other Ivy League endowment portfolios, check-out The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets by Mebane T. Faber and Eric W. Richardson.


To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy . 

Tracking David Swensen's Yale Endowment Holdings - Q4 2015 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q4 2015. To have an idea of how the endowment's holdings have progressed click on our previous update:

To learn more about Yale's Endowment and other Ivy League endowment portfolios, check-out The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets by Mebane T. Faber and Eric W. Richardson.


To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy . 

Tracking David Swensen's Yale Endowment Holdings - Q3 2015 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q3 2015. To have an idea of how the endowment's holdings have progressed click on our previous update:

  To learn more about Yale's Endowment and other Ivy League endowment portfolios, check-out The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets by Mebane T. Faber and Eric W. Richardson.


To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking David Swensen's Yale Endowment Holdings - Q2 2015 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q2 2015. To have an idea of how the endowment's holdings have progressed click on our previous update:

 To learn more about Yale's Endowment and other Ivy League endowment portfolios, check-out The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets by Mebane T. Faber and Eric W. Richardson.


To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking David Swensen's Yale Endowment Holdings - Q1 2015 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q1 2015. To have an idea of how the endowment's holdings have progressed click on our previous update:

To learn more about Yale's Endowment and other Ivy League endowment portfolios, check-out The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets by Mebane T. Faber and Eric W. Richardson.



To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking David Swensen's Yale Endowment Holdings - Q4 2014 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q4 2014. To have an idea of how the endowment's holdings have progressed click on our previous update:

To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking David Swensen's Yale Endowment Holdings - Q3 2014 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q3 2014. To have an idea of how the endowment's holdings have progressed click on our previous update:

To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .
 

Tracking David Swensen's Yale Endowment Holdings - Q2 2014 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q2 2014. To have an idea of how the endowment's holdings have progressed click on our previous update:

To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .
 

Tracking David Swensen's Yale Endowment Holdings - Q1 2014 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q1 2014. To have an idea of how the endowment's holdings have progressed click on our previous update:

To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking David Swensen's Yale Endowment Holdings - Q4 2013 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q4 2013. To have an idea of how the endowment's holdings have progressed click on our previous update:

To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking David Swensen's Yale Endowment Holdings - Q3 2013 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q3 2013. To have an idea of how the endowment's holdings have progressed click on our previous update:

 To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking David Swensen's Yale Endowment Holdings - Q2 2013 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q2 2013. To have an idea of how the endowment's holdings have progressed click on our previous update:

To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking David Swensen's Yale Endowment Holdings - Q1 2013 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q1 2013. To have an idea of how the endowment's holdings have progressed click on our previous update:

Note: Yale's 13F holdings are very small (less than 1%) compared to the endowment's overall portfolio value.

 

Tracking David Swensen's Yale Endowment Holdings - Q4 2012 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q4 2012. To have an idea of how the endowment's holdings have progressed click on our previous update:

 The US long-portfolio continues to be a minute portion (0.1%) of the endowment's over $30B under management. There were several new positions and eliminations along with a couple of minor adjustments. None of the trades were of any significance as the values involved were insignificantly small compared to the overall portfolio value.

Tracking David Swensen's Yale Endowment Holdings - Q3 2012 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q3 2012. To have an idea of how the endowment's holdings have progressed click on our previous update:

After reducing Yale Endowment's US long portfolio to an insignificant amount of just under $30M last quarter compared to the Endowment total value of well over $20B, this quarter saw some very minor adjustments. The US long portfolio is a little bit higher, as new but still rather insignificant positions were established in Carter's Inc. (CRI), China Kanghui Holdings (KH), Insulet Corporation (PODD), Marsh & McLennan (MMC), and Qihoo 360 (QIHU). KH was acquired by Medtronic (MDT) on 9/28/2012 for $31.75 cash - it might have been an arbitrage position to capture the price difference between the market price after the deal announcement and the price it traded at. The only other trade of any significance was the ~70% reduction in the iShares MSCI EAFE ETF (EFA) position.

Tracking David Swensen's Yale Endowment Holdings - Q2 2012 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q1 2012. To have an idea of how the endowment's holdings have progressed click on our previous update:

Yale's Endowment's 13F long positions have come down to an insignificant amount of just over $29M compared to their overall portfolio value of around $20B. The endowment almost sold off its 87.5% of the 13F portfolio stake in Vanguard MSCI Emerging Markets ETF (VWO) and that single trade accounts for most of the reduction in the overall value of the 13F long portion of the portfolio. There was activity with the other positions in the portfolio as well but the values involved are too small to indicate any bias.

Tracking David Swensen’s Yale Endowment Holdings – Q1 2012 Update

This article is the first of a series that provides ongoing analysis of the changes made to Yale Endowment’s US stock portfolio on a quarterly basis. Yale Endowment had 6.7% of its assets allocated to US equities as of 06/30/2011. The total value of the endowment is just shy of $20B, about 15% below the all-time high of $23B reached in 2008. It’s ten-year performance of over 10% places it in the top one percent of large institutional investors. As of Q4 2011, the US long portfolio had $198.83M invested and that has come down over 35% to $128.39M as of Q1 2012. The relatively large shift in allocation indicates a bearish bias towards US equities as an asset class. The portfolio is very concentrated with just ten issues and the number of equities did not change this quarter – the fund sold out of three positions but added three others.

The spreadsheet below highlights changes to Swensen's US stock holdings in Q1 2012:

Below is a summary of his new stakes:

 

Linkedin Corporation (LNKD): LNKD is a 2.25% stake that was established this quarter when the price-per-share varied between $61 and $104. LNKD had the biggest internet IPO since Google (2004) on May 19, 2011 and its stock promptly doubled from its IPO price of $45. The stock saw a sell-off following lockup expiration on November 19, 2011 and it traded in the $59 range in late November. Since then, the stock has produced a stunning return of over 85% in the last six months – the stock trades around $110 currently.

Pandora Media (P): P is a very small 0.7% stake that was established this quarter when the price-per-share varied between $10 and $15. P is another internet stock that IPOed mid-last-year (June 15, 2011). The stock fell below $10 following lockup expiration in December and it currently trades around the same price-range. Following a weak Q4 report and anemic forecast on March 7, 2012, the stock fell 25% but has since recovered a little.

Hallador Energy (HNRG): HNRG is a very small 0.3% stake that was established this quarter when the price-per-share varied between $8.7 and $10.83. The stock currently trades at around $7.8. HNRG is a small-cap stock engaged in the production of steam coal from a single mine in Western Indiana. The allocation is very small to indicate a bullish bias.