CARNEGIE MELLON UNIVERSITY

Key Holdings

The portfolio is overwhelmingly dominated by a single security: Duolingo Inc. (DUOL), which comprises 99.99% of the total assets, valued at $94.88 million. The university holds 295,000 shares of the language-learning platform. This level of concentration is rarely seen in institutional endowment portfolios and implies a conviction level in Duolingo’s specific business trajectory that borders on exclusivity. The second holding, Predictive Oncology Inc., is negligible in value at $9.83K (0.01% of the portfolio), representing a residual position rather than a meaningful investment. With 691 shares remaining, this position has largely been liquidated, leaving Duolingo as the sole driver of the portfolio's future performance.