Trustees of the University of Pennsylvania
Philadelphia, PA
$104m in 5 US stocks at the end of 30 June 2026. The top 10 are 100.0% of the money. It changed about 33.4% of the portfolio this quarter.
Value
$104m
Stocks
5
Top 10 share
100.0%
Turnover
33.4%
What changed this quarter
New
Bought for the first time this quarter.
- Cerebras SystemsCBRS6.8% of the fund
- Amprius TechnologiesAMPX0.1% of the fund
Added
Bought more of a stock they already held.
None this quarter.
Cut
Sold some of their stake.
- Karman HoldingsKRMN79.1% of the fund-15%
- USA Rare EarthUSAR10.2% of the fund-90%
- Intuitive MachinesLUNR3.7% of the fund-94%
Sold out
Sold their entire stake.
- Krispy KremeDNUT-100%
Holdings
- Cerebras SystemsCBRS
- Share
- 6.8%
- Value
- $7m
- Shares
- 32,135
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Karman HoldingsKRMN | 79.1% | $82m | 1,652,568 | -15% |
| USA Rare EarthUSAR | 10.2% | $11m | 493,094 | -90% |
| Cerebras SystemsCBRS | 6.8% | $7m | 32,135 | New |
| Intuitive MachinesLUNR | 3.7% | $4m | 179,994 | -94% |
| Amprius TechnologiesAMPX | 0.1% | $151,476 | 10,929 | New |
Over time and by industry
Value over time
Dec '25
Jun '26
Value is down 48.8% since 31 December 2025.
Where the money is
Industrials82.8%
Materials10.2%
Technology7.0%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.