David Swensen (Trades, Portfolio) has been the chief investment officer of Yale University's endowment fund since 1985. He is responsible for managing and investing the university's endowment assets and investment funds. Here are his most weighted stocks that got new positions or lost their positions in the portfolio during the third quarter.
During the second quarter Swensen bought 319,273 shares of Alexion Pharmaceuticals Inc. (ALXN) for an average price of $172.57; in the third quarter he sold his shares for more than its purchase price at $182.41 and gained 6%. The deal had an impact of -16.37% on his portfolio.
Alexion has a market cap of $41.06 billion and an enterprise value of $43.25 billion. The company is a biopharmaceutical company serving patients with severe and rare disorders through the development and commercialization of therapeutic products. It has a P/E of 148.27, a forward P/E of 37.31, a P/B of 5.01 and a P/S of 15.24. GuruFocus has given Alexion a Financial Strength rating of 8/10 and a Profitability and Growth rating of 5/10.
Alexion also lost its position in the portfolios of Paul Tudor Jones (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Lee Ainslie (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio).
Swensen bought 434,566 shares of LendingClub Corp. (LC) in the second quarter at an average price of $17.88; in the third quarter he sold his stake below his purchase price, $13.58 per share, and lost 24%. The deal had an impact of -1.82% on his portfolio.
LendingClub has a market cap of $4.75 billion and an enterprise value of $8.27 billion. The company is an online marketplace connecting borrowers and investors. The marketplace is where borrowers and investors engage in transactions relating to standard or custom program loans. It has a forward P/E of 66.23, a P/B of 4.66 and a P/S of 2.62. GuruFocus has given LendingClub a Financial Strength rating of 4/10 and a Profitability and Growth rating of 3/10.
Paul Tudor Jones (Trades, Portfolio), Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio) and George Soros (Trades, Portfolio) were other gurus who sold out their stakes in LendingClub.
Swensen acquired 90,000 shares of Antero Resources Corp. (AR) in the second quarter at $39.69. In the third quarter he sold his stake below his purchase price at $26.67and lost 33%; the deal had an impact of -0.88% on his portfolio.
Antero Resources is engaged in the exploration, development and acquisition of natural gas, NGLs and oil properties located in the Appalachian Basin. The company has a market cap of $5.92 billion and an enterprise value of $11.63 billion. It has a P/E of 4.10, a forward P/E of 42.37, a P/B of 1.02 and a P/S of 1.28. GuruFocus has given Antero Resources a Financial Strength rating of 6/10 and a Profitability and Growth rating of 10/10.
Alan Fournier (Trades, Portfolio) sold out his stake in Antero Resources in the third quarter.
Inogen Inc. (INGN) is another stock that lost its position in Swensen's portfolio. It was established in Q3 of 2014, but Swensen sold out his stake in the first quarter. Swensen bought 8,892 shares in the second quarter at an average price of $38.37 per share; in the third quarter he sold his shares at higher than their purchase price at $47.39 and gained 24%. The deal had an impact of -0.11% on his portfolio.
Inogen is a medical technology company that develops, manufactures and markets portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. The company has a market cap of $742.86 million and an enterprise value of $669.15 million. It has a P/E of 71.16, a P/B of 5.66 and a P/S of 5.27. GuruFocus has given Inogen a Financial Strength rating of 8/10 and a Profitability and Growth rating of 3/10.
Among the gurus Swensen was the only one who sold out his Inogen stake, but Chuck Royce (Trades, Portfolio), Ron Baron (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) reduced their holdings.
Following are the stocks that got new positions in Swensen's portfolio.
Swensen acquired a 2,703,700-share stake in iShares FTSE/Xinhua China 25 Index (ETF). (FXI). He paid an average price of $38.9 per share, and the deal had a 29.59% impact on his portfolio.
Louis Moore Bacon (Trades, Portfolio) and Jim Simons (Trades, Portfolio) had iShares FTSE/Xinhua China 25 Index as new buys in their portfolios, but the position also saw a huge increase of 440.23% by Jeremy Grantham (Trades, Portfolio).
Swensen acquired 33,927 shares of Palo Alto Networks Inc. (PANW), which offers an enterprise network security platform that allows enterprises, service providers and government entities to secure their networks and safely enable applications running on their networks. Swensen paid an average price of $177.02 per share; the deal had a 1.8% impact on his portfolio.
Palo Alto Networks has a market cap of $15.56 billion and an enterprise value of $15.38 billion. It has a forward P/E of 99.01, a P/B of 28.79 and a P/S of 14.69. GuruFocus has given Palo Alto Networks a Financial Strength rating of 7/10 and a Profitability and Growth rating of 4/10.
RS Investment Management (Trades, Portfolio) made Palo Alto Networks a new buy in the third quarter.Ă‚ Frank Sands (Trades, Portfolio), Jim Simons (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Jim Chanos (Trades, Portfolio) increased their stakes in Palo Alto Networks.
Swensen bought 9,260 shares of Atara Biotherapeutics Inc. (ATRA), which is a clinical-stage biopharmaceutical company. It develops novel therapeutics with an initial focus on muscle-wasting conditions and oncology. Swensen paid an average price of $48.87 per share. The deal had a 0.09% impact on his portfolio.
Atara Biotherapeutics has a market cap of $1.1 billion and an enterprise value of $765.74 million. It has a P/B of 3.30, and GuruFocus has given Atara Biotherapeutics a Financial Strength rating of 8/10 and a Profitability and Growth rating of 3/10.
Swensen was the only guru who had Atara Biotherapeutics as a new buy while Seth Klarman and Ron Baron (Trades, Portfolio) increased their stakes in Atara.
Swensen acquired 33,927 shares of Tesaro Inc. (TSRO), an oncology-focused biopharmaceutical company dedicated to improving the lives of cancer patients. He paid an average price of $54.68 per share, and the deal had a 0.08% impact on his portfolio.
Tesaro has a market cap of $2.03 billion and an enterprise value of $1.85 billion. It has a P/B of 13.50 and a P/S of 22287.27. GuruFocus has given Tesaro a Financial Strength rating of 7/10 and a Profitability and Growth rating of 5/10.
Paul Tudor Jones (Trades, Portfolio) made Tesaro a new buy while Steven Cohen (Trades, Portfolio) and Pioneer Investments (Trades, Portfolio) increased their stakes.
Swensen also bought 4,000 shares of JPMorgan Chase & Co. (JPM), a financial services firm and banking institution with operations around the world. He paid an average price of $65.57 per share. The deal had a 0.08% impact on his portfolio.
JPMorgan Chase has a market cap of $246.12 billion and an enterprise value of $214.51 billion. It has a P/E of 11.40, a forward P/E of 10.72, a P/B of 1.12 and a P/S of 2.71. GuruFocus has given JPMorgan Chase a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.
Louis Moore Bacon (Trades, Portfolio) and Ray Dalio (Trades, Portfolio) made JPMorgan Chase new buys in the third quarter.
Swensen acquired 33,927 shares of Corcept Therapeutics Inc. (CORT), a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic and psychiatric and oncologic disorders. He paid an average price of $5.07 per share and the deal had a 0.03% impact on his portfolio.
Corcept Therapeutics has a market cap of $571.07 million and an enterprise value of $564.26 million. It has a P/B of 43.74 and a P/S of 12.42. GuruFocus has given Corcept Therapeutics a Financial Strength rating of 4/10 and a Profitability and Growth rating of 4/10.
Joel Greenblatt (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) were other investors who got new positions in the company while First Eagle Investment (Trades, Portfolio) increased his stake in Corcept Therapeutics.
