Yale University Buys Vanguard FTSE Emerging Markets, iShares MSCI EAFE, Veeva Systems Inc, Sells JBG SMITH Properties, Invesco BuyBack Achievers ETF, Douglas Emmett Inc

• New Purchases: VEEV, ARVN,
• Added Positions: VWO, EFA,
• Reduced Positions: JBGS, PKW,
• Sold Out: DEI, VIOG,

For the details of David Swensen's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=David+Swensen

1. Vanguard FTSE Emerging Markets (VWO) - 8,473,000 shares, 60.41% of the total portfolio. Shares added by 392.04%
2. iShares MSCI EAFE (EFA) - 1,699,000 shares, 20.09% of the total portfolio. Shares added by 4619.44%
3. Antero Resources Corp (AR) - 4,387,218 shares, 13.51% of the total portfolio.
4. JBG SMITH Properties (JBGS) - 370,958 shares, 2.38% of the total portfolio. Shares reduced by 92.73%
5. Veeva Systems Inc (VEEV) - 120,000 shares, 2.27% of the total portfolio. New Position

Yale University initiated holding in Veeva Systems Inc. The purchase prices were between $75.16 and $108.87, with an estimated average price of $90.71. The stock is now traded at around $90.01. The impact to a portfolio due to this purchase was 2.27%. The holding were 120,000 shares as of 2018-09-30.

Yale University initiated holding in Arvinas Inc. The purchase prices were between $16.05 and $16.87, with an estimated average price of $16.46. The stock is now traded at around $17.05. The impact to a portfolio due to this purchase was 0.54%. The holding were 184,615 shares as of 2018-09-30.

Yale University added to a holding in Vanguard FTSE Emerging Markets by 392.04%. The purchase prices were between $39.98 and $44.11, with an estimated average price of $42.06. The stock is now traded at around $38.17. The impact to a portfolio due to this purchase was 48.13%. The holding were 8,473,000 shares as of 2018-09-30.

Yale University added to a holding in iShares MSCI EAFE by 4619.44%. The purchase prices were between $65.43 and $68.98, with an estimated average price of $67.51. The stock is now traded at around $60.27. The impact to a portfolio due to this purchase was 19.66%. The holding were 1,699,000 shares as of 2018-09-30.

Yale University sold out a holding in Douglas Emmett Inc. The sale prices were between $37.14 and $40.62, with an estimated average price of $38.99.

Yale University sold out a holding in Vanguard S&P Small-Cap 600 Growth. The sale prices were between $163.9 and $179.4, with an estimated average price of $172.52.

Yale University reduced to a holding in JBG SMITH Properties by 92.73%. The sale prices were between $35.12 and $37.81, with an estimated average price of $36.81. The stock is now traded at around $38.26. The impact to a portfolio due to this sale was -47.27%. Yale University still held 370,958 shares as of 2018-09-30.

Yale University reduced to a holding in Invesco BuyBack Achievers ETF by 58.23%. The sale prices were between $56.78 and $62.18, with an estimated average price of $59.69. The stock is now traded at around $55.66. The impact to a portfolio due to this sale was -1.44%. Yale University still held 66,700 shares as of 2018-09-30.