David Swensen

Last Update: 08-14-2017

Number of Stocks: 4
Number of New Stocks: 2

Total Value: $406 Mil
Q/Q Turnover: 78%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

David Swensen Watch

  • T. Boone Pickens’ Top 4 New Buys

    T Boone Pickens (Trades, Portfolio)’ BP Capital Fund established seven new positions in the second quarter. His four largest new purchases are Phillips 66 Partners LP (NYSE:PSXP), Alcoa Corp. (NYSE:AA), Antero Midstream GP LP (NYSE:AMGP) and Quanta Services Inc. (NYSE:PWR).


    Managing a portfolio of 49 stocks valued at $209 million, Pickens invests largely in oil and gas companies. The energy sector accounts for 85.3% of his overall portfolio followed by basic materials with 10.6%, consumer cyclical with 2.2%, industrials with 1.9% and ETFs, options and preferred with 1.9%.

      


  • David Swensen Sells 5 Holdings, Buys 2 Others

    David Swensen (Trades, Portfolio) is responsible for managing Yale University's endowment assets and investment funds. He manages a portfolio of six stocks worth $495 million. During the first quarter, the guru traded shares in the following stocks:


    Swensen's Antero Resources Corp. (NYSE:AR) stake was increased by 71.91%, impacting the portfolio by 7.69%.

      


  • What I Learned From Charlie Munger and Ted Williams

    I recently re-read Charlie Munger (Trades, Portfolio)'s great book, "Poor Charlie's Almanack," to remind myself of the mental models of one of the greatest investors of all time.


    In his wonderful book, filled with knowledge and wisdom, it has a page entirely dedicated to baseball legend Ted Williams, his 77-cell strike zone and his incredible discipline and patience.

      


  • David Swensen's Largest 2nd Quarter Trades

    David Swensen (Trades, Portfolio) has been the chief investment officer at Yale University since 1985. The following are the largest trades by the university during the second quarter:


    The guru closed its stake in Salesforce.com Inc. (CRM) with an impact of -0.95% on the portfolio.

      


  • David Swensen Acquires Stake in Teladoc

    David Swensen (Trades, Portfolio), Yale’s chief investment officer, purchased a 16,963-share stake in Teladoc Inc. (NYSE:TDOC) during the first quarter.


    Teladoc is the nation's first and largest telehealth platform. It provides its patients with on-demand health care any time, anywhere, via mobile devices, Internet, video and phone.

      


  • David Swensen Invests in Antero Resources

    David Swensen (Trades, Portfolio), chief investment officer at Yale University, made two new buys in the fourth quarter, one of which was large enough to become the top stake in his portfolio – his purchase of an 8,740,871-share stake in Antero Resources Corp. (NYSE:AR).


    Swensen bought the stake in Antero, a Denver-based oil and natural gas company, for an average price of $22.26 per share. The transaction had a 56% impact on Swensen’s portfolio.

      


  • David Swensen Bets on Antero Resources

    David Swensen (Trades, Portfolio), the chief investment officer at Yale University since 1985, is responsible for managing and investing the university's endowment assets and investment funds, which total over $22 billion. The following are his heavily weighted trades during the fourth quarter.


    He acquired a new position and bought 8,740,871 shares in Antero Resources Corp. (AR) with an impact of 56% on the portfolio.

      


  • Alexion Pharmaceuticals Loses Position in Swensen's Portfolio

    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.

      


  • David Swensen's Transactions Show Diversity of Portfolio

    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.

      


  • Hillhouse Capital's Lei Zhang's Lecture at Columbia Business School

    In the high-flying world of investing, Lei Zhang maintains a relatively low profile. Yet since he was seeded by David Swensen (Trades, Portfolio) of Yale Endowment with $20 million in 2005, he has achieved a ~40% compounded annual return (28x not adjusting for inflation), making him one of the best-performing investment managers. To put it into perspective, Warren Buffett (Trades, Portfolio) has achieved a compounded annual return of ~22%, albeit for the past 50 years.


    Today Lei Zhang’s Hillhouse Capital, named after a street near Yale where Lei received his MBA and master’s in public policy, manages ~$18 billion. Thought not just focused on tech, Lei is best known for backing several most successful Chinese Internet entrepreneurs and startups (e.g. Tencent [TCEHY], JD.com [JD]). On April 29, Lei paid a visit to the “temple of value investing,” Columbia Business School, to share his investing and life lessons. Below are my syntheses of his wisdom.

      


  • Third Avenue International Value Fund's Letter Part 1

    Dear Fellow Shareholders,


    Investing is sometimes analogized to long distance running. People say things like "This is not a sprint; it’s a marathon." While I do not care much for clichés I do enjoy running. I ran the New York City Marathon in 2010, and I do believe there are a number of parallels to be drawn between investing and this type of endurance sport.

      


  • David Swensen Buys Stake in Vanguard MSCI Emerging Markets ETF

    In 30 years as chief investment officer at Yale University, David Swensen (Trades, Portfolio) has been quite successful. In the last decade, he has enjoyed an annual return of more than 17.2% on his investments. In his personal investments, Swensen applies knowledge he has gained in that role as well as in his six years on Wall Street prior to taking the job at Yale


    Swensen’s most significant second-quarter transaction was his purchase of a 3,258,000-share stake in Vanguard MSCI Emerging Markets ETF (VWO). Swensen paid an average price of $42.57 per share in a deal that had a 37.78% impact on Swensen’s portfolio.

      


  • Notes From Hillhouse Capital's Lei Zhang's Lecture At Columbia Business School

    In the high flying world of investing, Lei Zhang maintains a relatively low profile. Yet since he was seeded by David Swensen of Yale Endowment with $20 million in 2005, he has achieved a ~40% compounded annual return (28x not adjusting for inflation), making him one of the best performing investment managers. To put it into perspective, Warren Buffett has achieved a compounded annual return of ~22%, albeit for the past 50 years. Today, Lei Zhang’s Hillhouse Capital, named after a street nearby Yale where Lei received his MBA and master’s in public policy, manages ~$18 billion. Though not just focused on tech, Lei is best known for backing several most successful Chinese internet entrepreneurs and startups (e.g. Tencent, JD.com). On April 29, Lei paid a visit to the “Temple of Value Investing” Columbia Business School to share his investing and life lessons. Below are my summaries of his wisdom:



      


  • 7 Quirky Dividend Stocks

    With bond yields in the gutter for these past six years, investors have grown accustomed to looking in… shall we say… “nonconventional” places for yield. Whether in odd corners of the stock market or in dodgy-looking private placements, anything offering a respectable current income is bound to get at least a little attention.


    It’s easy enough to understand why. The 10-year Treasury yields barely more than 2%, and traditionally high-yielding sectors like utilities and REITs yield less than 4%. Even “high-yield” junk bonds (and yes, you have to write “high-yield” in quotation marks these days) yield only 5.9%, and these come with the not-so-insignificant risk of default.

      


  • Swensen Takes All-Or-Nothing Approach to First-Quarter Transactions

    In the first quarter of 2015, as is frequently the case for him, guru David Swensen (Trades, Portfolio)’s stock transactions amounted to all or nothing. Not entirely, though. Swensen, the chief investment officer for Yale University since 1985, bought or sold stock in 11 companies in the quarter, and one – iShares MSCI EAFE Index Fund ETF (EFA) – was a reduction in an existing stake.


    The rest, though, were either new stakes or divestitures for Swensen, who has been responsible for bringing in more than $16 billion in revenue for Yale during his tenure.

      


  • How To Dress For A Rainy Day – The Absolute Return Letter

    “It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait.”


    Charlie Munger

      


  • Lessons from Jean-Marie Eveillard

    Over the past few years, I've had the fortune to learn from a legendary value investor - Jean-Marie Eveillard (Trades, Portfolio). Below are the notes from my various meetings with him.


    On value investing - Value investing either clicks with you or not and perhaps only 5% of the market participants are genuine value investors.The important thing to remember is that value investing works, over the long run. He gave an example of a Japanese stock that was flat for 4 years before tripling in price. Non-value investors may say too bad it was flat for four years before it worked out. Genuine value investors would say if you think the stock will worth three times 5 years from now, it does not matter whether it triples during the last year or progressively throughout the 5 year period. This way of thinking cannot be taught.

      


  • David Swensen bought PBPB and GE

    David Swensen (Trades, Portfolio) has been the chief investment officer at Yale University since 1985. He is responsible for managing and investing the university's endowment assets and investment funds, which total over $22 billion. Realizing an annual return of more than 17.2% on his investments over the last ten years, Swensen has added more than $16 billion to Yale's coffers. Swensen also outperformed 99% of U.S.-based mutual funds.


    He is chiefly noted for having invented what has become known as The Yale Model, a mechanism for Multi-Asset Class Investing. He purposely diversifies the portfolio across a broad range including typical stocks, bonds, real estate, timber and private investments like venture capital and leverage plans.

      


  • Swensen Buys Two Stocks in Third Quarter

    The third quarter of 2014 was the least active trading quarter for guru David Swensen (Trades, Portfolio) in five years. Swensen, the chief investment officer at Yale University, traded in only five stocks in the third quarter.


    Perhaps Swensen has been devoting most of his attention to his job. A Wall Street veteran when he took the post at Yale in 1985, Swensen is credited with raising the value of the school’s endowment assets and investment funds to nearly $24 billion, which is worth more than 15 times its value when Swensen took the job.

      


  • Creating an 11.2% Portfolio from Andreas Halvorsen, David Swensen, Steve Mandel, John Griffin and Lee Ainslee Top Dividend Picks

    Ask most income-seeking investors what they like best about dividend stocks, and they'll tell you the obvious answer: their current yield. But if you want to be a smarter long-term dividend investor, you have to go beyond current yields to learn the secret of dividend longevity — in order to make sure those payouts will keep coming year after year, decade after decade. That is why it is essential to evaluate each company's dividend history, payout ratio and business stability.

    It's easy to let those high yields tempt you into being short-sighted with your dividend investing. But for most investors, it's just as important to keep dividends coming far into the future as it is to reap rewards right now.  


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