Harvard University, the world’s wealthiest university, has liquidated its stake in Apple Inc. as the iPhone maker’s shares tumbled after reaching a record high of US$702.10 in September.
The university, which is based in Cambridge, Massachusetts, and has a US$30.7-billion endowment, sold shares valued at about US$304,000, according to a quarterly filing with the U.S. Securities and Exchange Commission.
The sale comes as growth in demand for the iPhone has lost steam and investors and consumers await new products from Tim Cook, the chief executive officer who replaced Steve Jobs.
Harvard’s endowment owns about US$1.1-billion of publicly- traded securities, according to the filing that was released today and reflects the university’s holdings as of March 31. It also liquidated US$42.3-million of shares in Warnaco Group Inc., as well as a number of exchange-traded funds.
Kevin Galvin, a spokesman for Harvard, declined to comment in an e-mail.
Among acquisitions by Harvard Management Co. in the first quarter was a US$136.2-million stake in HJ Heinz Co., which is being acquired by Warren Buffett’s Berkshire Hathaway Inc. and Jorge Paulo Lemann’s 3G Capital.
Bloomberg.com
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Harvard University dumps Apple stake after iPhone sales lose steam – National Post