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 $702.10 in September, Bloomberg reported.
The University, which is based in Cambridge, Massachusetts, and has a $30.7bn endowment, sold shares valued at about $304,000, according to a quarterly filing with the US 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 $1.1bn 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 $42.3m 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.