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Yale Investments Take a Hit
Mid-year SEC filing details extent of losses
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Business New Haven
12/9/2002
By: BNH
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Yale University's filing last month with the U.S. Securities & Exchange Commission shows that the university held 25 securities as of September 30, with a value of $326.5 million.
The total value of Yale's investments in the most recent filing is less than half the value of these investments listed in the September 2000 SEC filing. That year, Yale's investments in its own name valued $670.2 million. Last September, the total value of these investments was $436.7 million.
In its previous 13-F form for the quarter ending June 30, Yale held 31 securities with a combined value of $388.2 million. Since that date, the university has sold its shares in nine securities and acquired three new holdings: Omnicell Inc., Synaptics Inc. and Tractor Supply Co.
The Yale Daily News reports that the university sold nine securities since June 30, only three of which it held in the previous quarter ended March 31. (Institutions frequently hold stock only temporarily, such as in cases when the stock is a gift, a temporary holding from venture capital or when the institution assumes ownership of the stocks of a former external manager.)
Yale holds other securities as long-term investments. One is Morgan Stanley Dean Witter funds, in which Yale currently holds $101.3 million, according to the YDN. Since June 30, Yale has decreased its investment in Morgan Stanley's emerging markets fund, but has maintained its investment in the firm's other funds.
One long-held security not appearing on the latest 13-F is Host Marriott Corp., in which Yale held 369,300 shares in June. The stock's value has decreased over the last six months. The stock hit a peak just above $12 per share earlier this year, closing at $11.30 June 28. Recently it has been trading at just above $9 per share.
Yale also sold its shares in Curis Inc., which specializes in developing therapeutics. The value of that company's stock has decreased steadily throughout 2002.
The university has also been shedding its holding in Royce funds. In September 2000, Yale's largest holding was in Royce Value Trust Inc., a closed-end investment trust that buys stock in small, undervalued companies. Yale no longer holds RVT, but invests in two other Royce funds, Royce Focus Trust and Royce Micro Capital Trust Inc.
On September 30 Yale held 3,780,137 shares in the two securities with a total worth of $29.9 million, according to the YDN. But in the quarter ended June 30, Yale held 5,159,927 shares in the Royce funds with a total worth of $49.5 million.
Yale also decreased its holdings in Marriott International Inc. by more than half, from 473,000 shares to 231,000. Marriott first appeared on Yale's 13-F form last September. Marriott's stock, which peaked April 24 at $46.34, dipped to $28.99 September 30. On December 2 it was trading in the $36 range.
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