University of Chicago Cut Stake in For-Profit DeVry Educationby
Chicago's endowment valued at $7.6 billion as of June 2015
DeVry faces U.S. suit accusing it of job-prospect deception
Chicago’s endowment, valued at $7.6 billion as of June 2015, sold 1,300 shares in the quarter, according to regulatory filings. Its remaining stake as of Dec. 31 was 30,500 shares valued at $771,000. The school has been reducing its stake for at least a year.
DeVry’s stock price dropped as much as 21 percent on Jan. 27, when the FTC filed a complaint accusing the school of lying about the likelihood its students would find better jobs and earn more than those at other schools. DeVry, based in the Chicago suburb of Downers Grove, has denied the claims. The shares were down 0.6 percent to $17 at 12:55 p.m. in New York.
Direct holdings by the universities, reported quarterly on Form 13F, often account for less than 5 percent of their portfolios and aren’t indicative of broader investment strategies. The filings show directly held U.S. securities and don’t include cash, holdings that aren’t publicly traded or assets held indirectly by outside money managers.