Stanford Sells Apple as Endowment Reduces U.S. Equity Holdings

Stanford University’s endowment liquidated its stake in Apple Inc. in the first three months of 2015 as it trimmed holdings of U.S. equities.

The endowment sold Apple shares worth $174.5 million at the end of last year, according to a regulatory filing. The fund’s publicly disclosed U.S. stock holdings dropped by $250.4 million to $101.2 million at the end of March, as it also exited stakes in Cobalt International Energy Inc. and Bank of America Corp.

The vast portion of the fund, valued at $21.4 billion as of August, is handled by external managers who may be invested in equities.

Stanford revealed the filings in a Form 13F Tuesday. Money managers who oversee more than $100 million in equities in the U.S. must file the form within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non-U.S. securities, holdings that aren’t publicly traded, or cash.

Lisa Lapin, a spokeswoman for Stanford, declined to comment on investment strategy.

Stanford’s endowment has almost doubled in the past decade from $12 billion in 2006, with the investments led by John Powers. The university announced in March that Robert Wallace of Alta Advisers is replacing Powers later this year. Wallace previously worked at Yale University’s investment office.

Yale also cut the value of its public equity holdings in the first quarter, reducing its direct U.S. public equity holdings by nearly half to $69.1 million. The majority of the endowment, which was valued at $23.9 billion last June, is also invested by external managers.

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