University of Chicago Investments: Key Changes in Q2 2026

Portfolio Overview

The University of Chicago's portfolio held a substantial value of $419,720,579 as of June 30th, 2026. Technology-focused ETFs dominated the allocation at nearly 81% ($339 million), primarily through its position in the SELECT SECTOR SPDR TR (XLK). This fund experienced a significant increase, with shares growing by over 247,000 and representing a portfolio value change of $33.9 million.

Significant Purchases

This quarter was marked by notable buying activity in several individual stocks. The University added a considerable position to Booking Holdings (BKNG), increasing its stake by 100% through the purchase of an additional 1,525 shares.

Concurrently, there was a substantial increase in holdings for UnitedHealth Group (UNH). The University purchased enough shares to double its position from the previous quarter, acquiring an additional 500 shares.

These purchases signal interest in specific large-cap technology and healthcare companies. Booking Holdings, a major player in online travel, saw its stake grow significantly, while the University's position in health insurance giant UnitedHealth Group was also notably increased.

Major Sales and Exits

The most significant change involved selling shares from the XLC fund. The University disposed of its entire position in SELECT SECTOR SPDR TR (XLC), reducing it by 94.3% ($158,000) and completely exiting this sector exposure.

Other sales occurred but were less pronounced than the exit from XLC. The University sold shares in VANGUARD INDEX FDS (VOO), though the decrease was smaller ($1,456,000). There was also a sale of $279,000 worth of stock from Old Dominion Freight Lines (ODFL) and minor disposals noted for other individual holdings.

Other Portfolio Adjustments

Beyond the major buys and sells, several smaller adjustments were observed. The University maintained its position in Palo Alto Networks (PANW), with no change in shares or value.

There was a slight increase in the international exposure via Vanguard Total Stock Market ETF (VT). Additionally, holdings in Ferrari (RACE), Five Below (FIVE), and S&P Global (SPGI) remained unchanged from the previous quarter.

Strategic Implications

The University of Chicago's portfolio adjustments in Q2 2026 reflect a strategic shift, particularly evident in its complete exit from the XLC fund. This suggests a deliberate reduction or realignment away from communications services stocks during this period.

The simultaneous buying activities indicate confidence in specific sectors and companies outside of Technology. The University bolstered positions in Booking Holdings (Consumer Cyclical) and UnitedHealth Group (Healthcare), adding diversification to its concentrated Technology ETF position.

The overall portfolio shows a continued focus on large-cap US stocks, primarily through the XLK fund. However, the changes highlight active management and responsiveness to market movements or specific investment opportunities identified by the University of Chicago's endowment office during this quarter.