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91.5 percent of U. security filings in one real estate company

<h6>22 Chambers Street, the building that houses PRINCO.</h6>
<h6>Ben Ball / The Daily Princetonian</h6>
22 Chambers Street, the building that houses PRINCO.
Ben Ball / The Daily Princetonian

Princeton University Investment Company (PRINCO), the University’s investment arm, invests 91.5 percent of its total securities in the real estate firm JBG Smith Properties, according to the most recent quarterly U.S. Securities and Exchange Commission (SEC) filings.

The University filed its SEC holdings on Thursday, Feb. 14. Looking to the rest of its securities, the University invests 2.5 percent of its holdings in Rhythm Pharmaceuticals Inc., and the remaining six percent in the technology companies Carbon Black Inc., Appian Corp., and DocuSign Inc.

The nearly $66 million the University reported in securities last quarter make up a relatively small portion of the total endowment, valued at $25.9 billion. The SEC filings include the investments PRINCO manages directly.

The shares in JBG Smith alone add up to a value of around $61 million.

JBG Smith is a D.C.-based real estate firm that, according to its website, owns, operates, develops, and invests in nearly 19 million square feet of operating assets. Yale University and MIT also have substantial holdings in JBG Smith, while Harvard University has no direct holdings there according to filings of the same time period.

The SEC requires investment managers like PRINCO with more than $100 million under management to disclose securities holdings annually. Managers are not required to report mutual fund holdings, but they must include their exchange-traded funds.

The SEC filings represent only a small portion of the University’s total endowment and are only the funds that PRINCO manages directly.

Of the top five University endowments — the other four being Harvard, Yale, Stanford University, and the University of Texas system — the University ranks second in investment to technology companies. Harvard ranks first by a wide margin, with 83 percent of its holdings in technology companies.

Last year, the University earned the greatest endowment return of any Ivy, at 14.2 percent.

The amount in reported securities is also small compared to those in other Ivies’ filings. Harvard, for example, reported $475 million in securities, while Yale reported $681 million. 

Deputy University Spokesperson Michael Hotchkiss and President Andrew Golden of PRINCO declined to comment.

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