The university’s endowment sold 71 percent of its holding in the REIT. : (Bloomberg)—Yale University’s endowment sold 71 percent of its holding in JBG Smith Properties, leaving the school with a nearly $47 million stake in the real estate investment trust, according to a regulatory filing. Yale, at $29.4 billion the country’s third-largest college endowment, typically doesn’t own much in direct U.S. equities and has more than 60 percent of investments in alternatives such as private equity and hedge funds.