The $57 billion endowment slashed its holdings in Amazon, Microsoft, Bitcoin and Nvidia, while raising its stakes in Alphabet and Taiwan Semiconductor.
Citing the economic and political climate and ‘steadily declining’ long-term returns among Ivy League peers, the school is shifting its investment strategy to focus from growth.
A private markets secondaries sale cost the fund 90 basis points, but strong digital asset performance helped it exceed last year’s return.
The endowment’s new investment chief previously held the role at the South Carolina Retirement System Investment Commission.
The bill proposes slight changes to the House version and nixed some provisions, such as the private foundation tax.
He succeeds the retiring Susan Manske to oversee the nearly $9 billion endowment.
