A recently released quarterly holdings report, which accounts for just under half a percentage of the University’s $26.1B endowment, reveals University investments in seven companies, including the rideshare app Uber, aerospace component manufacturer TransDigm, and plant-based meat substitute producer Beyond Meat.
The Princeton University Investment Company (PRINCO) filed its holdings with the U.S. Securities and Exchange Commission (SEC) on Feb. 11. The filing listed around $127.6M in University holdings, which comprise about 0.49 percent of the total endowment.
Quarterly filings back to 2018 are available online. The most recent filing showed more stock value than the four reports filed in 2019, each of which listed under $80M in University holdings.
In the most recent filing, shares in the D.C.-based real estate firm JBG Smith comprise the largest portion. According to the report, the University holds 1,759,817 shares of JBG SMITH. Past filings show the University holding the same number of JBG SMITH shares since May 2018. The shares have increased in value by $10.9M in the last 21 months, rising from $59.3M to $70.2M.
According to JBG SMITH’s website, the University is the 17th largest investor in the company, behind BlackRock Inc., Vanguard Group Inc., JP Morgan Asset Management, and various other investment firms. PRINCO is also not the only Ivy League university fund invested in JBG SMITH, as Yale University Investments possesses over $24M worth of the company’s stock.
Uber represents the University’s second largest listed investment, with over 1M shares amounting to $32,419,000. Uber’s stock price has risen over 30 percent since the start of the year.
Number three on the list is aerospace company TransDigm, of which the University possesses over $13M in shares. The Cleveland-based business produces various pumps, valves, motors, actuators, batteries, audio systems, and safety restraints for commercial and military aircraft. TransDigm contracts with the U.S. Department of Defense.
The University also possesses around $6.4M of stock the Utah-based consulting and training company Franklin Covey, around $2.8M of stock in the cancer research company Forty Seven, and around $1.6M of stock in the genetic medicines company Audentes Therapeutics.
Ten thousand shares, worth $821,000, comprise the University’s investment in in Beyond Meat. Beyond Meat’s stock has risen over 68 percent since the start of the year, and Campus Dining began serving Beyond Burgers in the Frist Gallery last semester.
The SEC requires investment managers with more than $100 million of assets, such as PRINCO, to disclose securities holdings annually. Though managers are not required to report mutual fund holdings, they must include exchange-traded funds.
Both Deputy University Spokesperson Michael Hotchkiss and PRINCO President Andrew Golden declined to comment.
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