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Yale University Bought China Exchange-Traded Fund Last Quarter

Yale University, whose endowment strategy has been a model for U.S. schools, bought new shares of a China exchange-traded fund last quarter.

The stake, valued at $23.2 million as of Dec. 31, was Yale’s biggest new purchase during the three months, according to a filing today with the U.S. Securities and Exchange Commission. Its second-biggest new purchase was a $382,255 holding in Zipcar Inc., the U.S. car-sharing service based in Cambridge, Massachusetts, that completed an initial public offering last year.

Yale, the second-richest school after Harvard University of Cambridge, said foreign stocks beat benchmarks and its private equity and real-asset investments rebounded in the year ended June 30. David Swensen, Yale’s chief investment officer, pioneered an investing style that helped endowments beat market indexes by relying on such hard-to-sell assets as real estate and private equity.

The report doesn’t show the New Haven, Connecticut, school’s investments in stocks traded outside of the U.S. or in hedge funds, private equity, commodities, real estate and cash. It also excludes U.S. stocks overseen by external fund managers.

Tom Conroy, a spokesman for Yale, couldn’t immediately be reached for comment.

TiVo Selloff

Yale sold its stake in TiVo Inc. (TIVO), the Alviso, California- based digital-video recording provider, valued at $798,112.

Yale’s investments returned 22 percent in the past fiscal year. The endowment’s value rose to $19.4 billion as of June 30, from $16.7 billion a year earlier. The school trailed its Ivy League rivals in the previous fiscal year after a second straight year of losses on real estate, timber and oil and gas holdings.

Managers who oversee more than $100 million in equities must file a Form 13F within 45 days of each quarter’s end to list their U.S.-traded stocks, options and convertible bonds.

To contact the reporter on this story: Kelly Bit in New York at kbit@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net.

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