President Donald Trump reportedly has a "small personal financial interest" in a drugmaker that produces hydroxychloroquine, a drug he has been enthusiastically touting as a possible treatment for the new coronavirus, according to a Monday New York Times report.
"As of last year, Mr. Trump reported that his three family trusts each had investments in a Dodge & Cox mutual fund, whose largest holding was in Sanofi," The Times wrote. Sanofi is a French drugmaker that produces hydroxychloroquine pills under the brand name Plaquenil.
A mutual fund is a portfolio that pools together money from several investors and then invests across various asset classes such as stocks, bonds and other forms of debt.
Business Insider followed the paper trail and concluded that the holding has a maximum value of around $1,300, only slightly larger than similar holdings by Trump funds in Google parent Alphabet, FedEx, and the French bank BNP Paribas.
Here is the logic:
The Dodge & Cox holdings are mentioned in this disclosure form, logged with the US Office of Government Ethics in May 2019.
Each of three family funds list a holding in the Dodge & Cox International Stocks Fund, valued between $1,000 and $15,000.
The funds are managed by JP Morgan without any input from Trump.
According to a prospectus dated December 2019, the Dodge & Cox fund in question has Sanofi as its largest holding at 2.9%.
If all three Dodge & Cox holdings are worth the full $15,000 — $45,000 in total — then a 2.9% share of that is $1,305.
Assuming, each holding is the minimum $1,000 — a total of $3,000 — then the 2.9% stake would equate to $87.