Most of the stock received by Vanderbilt University, Nashville -- in one of the largest donations ever made to a university -- didn't stay in the school's endowment portfolio very long.
The university's $1.5 billion endowment fund sold 1.2 million of the 2 million shares of Ingram Micron Inc. stock it has received so far, as part of an ultimate donation of 8 million shares, said William T. Spitz, treasurer.
The endowment received $50 million from the sale to a private buyer. It worked with the Ingram family, which donated the stock, to help arrange the transaction.
The endowment is retaining 800,000 shares for now because the price of the stock has dropped considerably, Mr. Spitz said. It was trading recently in the high teens. The fund sold the stock at about $41 a share.
The fund eventually will receive another 6 million shares of the stock, although no timetable has been set for when the donation will be made.
The $50 million was allocated proportionally to existing managers, maintaining the fund's asset allocation of 26% domestic equities, 19% international equities, 15% fixed income, 25% private equities and 15% absolute return strategies, including market neutral.
Mr. Spitz said the fund could sell all of the Ingram Micron stock upon receipt, allocating the proceeds among existing managers.
