David Swensen (Trades, Portfolio), Yale University’s chief investment officer for the last 30 years, has been a success using an investing strategy he sharpened at Yale. His personal third-quarter transactions reveal an interest in ETFs and health care-related stocks – but not exclusively. Those third-quarter transactions tend to demonstrate the diversity for which he is known.
Swensen’s most noteworthy transaction in the third quarter was his purchase of a 2,703,700-share stake in iShares FTSE/Xinhua China 25 Index (ETF) [FXI]. Swensen paid an average price of $38.9 per share in a deal that had a 29.59% impact on his portfolio.
Swensen is iShares FTSE/Xinhua China 25 Index’s leading shareholder among the gurus. Jeremy Grantham (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Jim Simons (Trades, Portfolio) and John Keeley (Trades, Portfolio) have shares of iShares FTSE/Xinhua China 25 Index in their portfolios.
Wednesday afternoon iShares FTSE/Xinhua China 25 Index sold for $37.78 per share.
Swensen acquired a 33,927-share stake in Palo Alto Networks Inc. (PANW, Financial), a Santa Clara, Calif.-based network security company, for an average price of $177.02 per share. The transaction had a 1.8% impact on Swensen’s portfolio.
Palo Alto Networks has a market cap of $13.91 billion and an enterprise value of $13.61 billion. It has a forward P/E of 108.7, a P/B of 28.5 and a P/S of 14.4. GuruFocus has given Palo Alto Networks a Financial Strength rating of 7/10 and a Profitability and Growth rating of 4/10.
Frank Sands (Trades, Portfolio), Jim Simons (Trades, Portfolio), John Burbank (Trades, Portfolio), Jim Chanos (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), RS Investment Management (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Palo Alto Networks in their portfolios.
Palo Alto Networks sold for $163.67 per share Wednesday afternoon.
Swensen also acquired a 9,260-share stake in Atara Biotherapeutics Inc. (ATRA, Financial), a 4,000-share stake in JPMorgan Chase & Co. (JPM, Financial), a 6,238-share stake in Tesaro Inc. (TSRO, Financial) and a 22,334-share stake in Corcept Therapeutics Inc. (CORT, Financial).
Swensen sold his 319,273-share stake in Alexion Pharmaceuticals Inc. (ALXN, Financial), a Cheshire, Conn.-based pharmaceutical company, for an average price of $182.41 per share. The deal had a -16.37% impact on Swensen’s portfolio.
Alexion Pharmaceuticals has a market cap of $39.8 billion and an enterprise value of $41.99 billion. It has a P/E of 143.7, a forward P/E of 35, a P/B of 4.8 and a P/S of 14.8. GuruFocus has given Alexion Pharmaceuticals a Financial Strength rating of 8/10 and a Profitability and Growth rating of 5/10.
Frank Sands (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ron Baron (Trades, Portfolio) and Pioneer Investments (Trades, Portfolio) have shares of Alexion Pharmaceuticals in their portfolios.
Wednesday afternoon Alexion Pharmaceuticals sold for $176.65 per share.
Swensen divested himself of his 434,566-share stake in LendingClub Corp. (LC, Financial), a San Francisco-based personal finance and software company, for an average price of $13.58 per share. The transaction had a -1.82% impact on Swensen’s portfolio.
LendingClub has a market cap of $4.83 billion and an enterprise value of $8.35 billion. It has a forward P/E of 67.6, a P/B of 4.8 and a P/S of 2.7. GuruFocus has given LendingClub a Financial Strength rating of 4/10 and a Profitability and Growth rating of 3/10.
Frank Sands (Trades, Portfolio), John Griffin (Trades, Portfolio), Chris Davis (Trades, Portfolio) and Chase Coleman (Trades, Portfolio) have shares of LendingClub in their portfolios.
LendingClub sold for $12.79 per share Wednesday afternoon.
Swensen sold his 90,000-share stake in Antero Resources Corp. (AR, Financial), a Denver-based oil and gas company, for an average price of $26.67 per share. The transaction had a -0.88% impact on Swensen’s portfolio.
Antero Resources has a market cap of $6.52 billion and an enterprise value of $12.24 billion. It has a P/E of 4.5, a forward P/E of 45.3, a P/B of 1.1 and a P/S of 1.4. GuruFocus has given Antero Resources a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
Seth Klarman (Trades, Portfolio), Glenn Greenberg (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ron Baron (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Antero Resources in their portfolios.
Wednesday afternoon Antero Resources sold for $23.54 per share.
Swensen also sold his 8,892-share stake in Inogen Inc. (INGN, Financial).
Swensen reduced his stake in iShares MSCI EAFE Index Fund (ETF) [EFA] by nearly 21%. Swensen sold 494,000 shares for an average price of $61.71 per share. The deal had a -8.9% impact on Swensen’s portfolio.
Swensen is iShares MSCI EAFE Index Fund’s leading shareholder among the gurus. First Eagle Investment (Trades, Portfolio), Manning & Napier Advisors Inc., RS Investment Management (Trades, Portfolio), Bill Frels (Trades, Portfolio), Richard Snow (Trades, Portfolio) and John Keeley (Trades, Portfolio) have shares of iShares MSCI EAFE Index Fund in their portfolios.
Wednesday afternoon iShares MSCI EAFE Index Fund sold for $60.75 per share.
Swensen added 152,000 shares to his existing stake in Vanguard MSCI Emerging Markets ETF (VWO) for an average price of $36.34 per share. The transaction had a 1.55% impact on Swensen’s portfolio.
Ray Dalio (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), John Rogers (Trades, Portfolio), Manning & Napier Advisors Inc. and John Keeley (Trades, Portfolio) have shares of Vanguard MSCI Emerging Markets ETF in their portfolios.
Vanguard MSCI Emerging Markets ETF sold for $34.66 per share Wednesday afternoon.
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