Penn’s disclosed stock portfolio is heavily concentrated in a single space and defense contractor, according to the University’s second-quarter securities filing.
As of June 30, Karman Holdings accounted for the bulk of Penn’s reported $104 million stock holdings — a position that included nearly 1.7 million shares valued at more than $82 million. Other disclosed investments spanned artificial intelligence, space exploration, mining, and battery technology.
The figures are drawn from the University’s Aug. 10 Form 13F report — a mandatory quarterly disclosure of stock holdings submitted to the United States Securities and Exchange Commission by all institutional investment managers overseeing at least $100 million.
Chief Investment Officer Peter Ammon declined to comment.
The total value of Penn’s holdings fell during the most recent quarter, as the University reduced its shares in companies it was already investing in and purchased new shares.
Karman Holdings made up by far the largest portion of Penn’s stock investments by value over the last three quarters, comprising around $143 million at the end of 2025 and $156 million in March.
The American aerospace and defense technology company debuted on the New York Stock Exchange in February 2025, selling 23 million shares for $22 each in its first public offering. Karman Holdings develops and manufactures payload protection systems, propulsion components, and aerodynamic interstage structures for space launch vehicles and missile defense programs.
While the number of shares in Karman Holdings was consistent between the last quarter of 2025 and the first quarter of 2026, Penn disclosed 300,000 fewer shares in its latest report.
According to the data, Intuitive Machines — an American company specializing in infrastructure for space exploration — has appeared in every 13F filing submitted by Penn since the third fiscal quarter of 2023. The University held $3.9 million worth of shares in the company as of June.
In the first quarter of 2026, Penn recorded holding 3.2 million shares in Intuitive Machines Inc. worth over $60 million. That figure plummeted to 180,000 shares in the second quarter of 2026, a 94% decrease.
USA Rare Earth, which extracts rare-earth elements and manufactures magnets, has held the second-highest market value in Penn’s portfolio for the past two quarters, valued at $10.6 million in June.
In January, the Trump administration announced a $1.6 billion investment in USA Rare Earth — which Secretary of Commerce Howard Lutnick described at the time as an opportunity for the United States to ensure its “supply chains are resilient and no longer reliant on foreign nations.”
In the most recent quarter, Penn invested in two new companies: $7 million in Cerebras Systems, which develops semiconductors and supercomputers to power AI applications, and $151,000 in Amprius Technologies, which specializes in batteries for aviation and robotics.
Krispy Kreme, an American doughnut and coffeehouse chain, is absent from Penn’s holdings this quarter despite previously appearing in every 13F filing submitted by the University since the last quarter of 2022.
