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"Tracking Charles Akre's Akre Capital Management Portfolio - Q1 2017 Update"

"Chuck Akre’s portfolio value increased from $5.45B to $6.08B this quarter.Akre Capital Management substantially increased Moody’s, MasterCard, and Visa.The top three positions are American Tower, Moody’s, and MasterCard and they add up to ~35% of the entire portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Akre Capital Management’s US stock portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 05/15/2017.Charles Akre founded Akre Capital Management in 1989. Assets Under Management are at ~$6.7B spread-out among private funds, the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX), and Separately Managed Accounts. All three have generated significant alpha: a) Separately Managed Accounts compounded at 12.7% over 27 years compared to 9.4% for the S&P 500, b) Private Funds at 15.25% over 23 years compared to 9.2% for the S&P 500, and c) Mutual Fund at 13.8% over 7-years compared to 12.3% for the S&P 500. Their investment philosophy is captured by the “three legged stool” with the legs representing extraordinary business, talented management, and great reinvestment opportunities and histories. Adhering to this theme has resulted in Akre holding businesses that have compounded capital at above average rates of return over a long period of time. He recently disclosed that he has had two 100-baggers (those investments that have returned 100-times their invested capital) in his investing career: Berkshire Hathaway and American Tower.This quarter, Akre’s portfolio value increased ~12% from $5.45B to $6.08B this quarter. The number of positions decreased from 31 to 28. The largest five stakes are American Tower, Moody’s Corporation, MasterCard, Markel Corporation, and Visa Inc. and they together account for ~50% of the total portfolio value.Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:None.Stake Disposals:American International Group (AIG) WTS, Walt Disney (DIS), and Duluth Holdings (DLTH): These are minutely small stakes (less than ~0.25% of the portfolio each) disposed of this quarter.Stake Increases:Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Last quarter saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase this quarter at prices between $95 and $114. It currently trades at $117 and it is now the second-largest stake at ~10.5% of the portfolio.Note: Akre’s cost-basis on MCO is ~$39 (roughly three times return in five years so far).MasterCard (MA): The large (top three) ~10% MA position was first purchased in 2010 in the low-20s price-range and it currently trades at ~$122. The stake saw increases every year thru 2015 but was kept steady last year. This quarter saw a ~13% increase at prices between $105 and $113.Note: Akre’s cost-basis on MA is $22.20 (roughly five times return in six years so far).Visa Inc. (V): V is a large (top five) ~7% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that followed with a 60% increase in Q2 2016 in the high 70s. This quarter also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at $94.67.Dollar Tree (DLTR): DLTR is a 5.41% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at $78.28. The position was kept relatively steady last year although previous years have seen significant buying. There was a marginal increase this quarter.Roper Technologies (ROP): ROP is a fairly large 5.30% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at $227. There was marginal increase this quarter.O’Reilly Automotive (ORLY): ORLY is a 3.66% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time and the current position is at 825K - every year has seen adjustments but overall the position has remained remarkably steady over the twelve year holding period. The stock has returned ~10x and currently trades at $250 compared to his cost-basis in the mid-20s. This quarter saw a marginal increase.Verisk Analytics (VRSK): VRSK is a ~3.5% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at $80.55. There was a marginal increase this quarter.Monro Muffler Brake (MNRO): MNRO is a small 1.35% portfolio stake first purchased in H2 2012 at prices between $32 and $39. H2 2014 saw a 3x stake increase at prices between $48 and $58 and it has since been kept relatively steady. The stock is now at $50.50.Stake Decreases:American Tower (AMT): AMT has been in the portfolio for well over sixteen years. It is the largest stake at 14.52% of the portfolio. Recent activity follow: the last five years saw consistent buying every year. The share count has increased over four times from 1.7M shares to 7.3M shares during that period. The buying happened at prices $65 and $118 and the stock is now at $131. This quarter saw a marginal reduction.Markel Corporation (MKL): MKL is another top five 8.25% portfolio stake that has been in the portfolio for over twenty years. Recent activity follow: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at $968. This quarter saw a marginal reduction.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially a decade ago at a cost-basis of $444 (2.5 times book value) and that portion has only doubled.Enstar Group (ESGR): ESGR is a long-term 4.55% portfolio stake that has been in the portfolio for almost a decade. The bulk of the original stake is from Q1 & Q2 2008 at prices between $89 and $119. The position remained largely untouched until 2015. H2 2015 & Q1 2016 saw a roughly 3x increase at prices between $146 and $165 and the stock is now at $190. There was marginal trimming this quarter.Note: Akre Capital Management has a ~9% ownership stake in Enstar Group (ESGR).Colfax Corp. (CFX): The ~3% CFX position was first purchased in Q3 2012 and built up over the last four years at prices between $20 and $75. Q2 2016 saw an about-turn: ~20% reduction at prices between $25 and $34. There was another ~23% selling last quarter at prices between $29 and $40. The stock is now at $40.60. This quarter saw marginal trimming.Note: Akre Capital Management has a ~4% ownership stake in Colfax Corp.Berkshire Hathaway (BRK.A) (BRK.B) and CSX Corporation (CSX): These two small positions have been in the portfolio since their first 13F filing (Q4 2000). Berkshire Hathaway is now at 1.23% of the portfolio. Last five years have seen only very minor activity. There was minor trimming this quarter. CSX was a minutely small 0.03% stake as of last quarter - it was almost sold out this quarter.Kept Steady:CarMax Inc. (KMX): The ~6% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. The stock is now at ~$64.72.SBA Communications (SBAC): SBAC is a ~5% portfolio stake. The original position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred last quarter as well at prices between $96 and $115. The stock currently trades well above those ranges at $136.Danaher Corporation (DHR): DHR is a 2.33% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at $84.40. Last quarter saw a ~10% increase.Note: The prices quoted above are adjusted for the Fortive spinoff in July last year.Ubiquiti Networks (UBNT): UBNT is a 2.21% portfolio stake built up in H2 2014 at prices between $28 and $46.50. Q1 2015 also saw a ~40% stake increase at prices between $26 and $32. Since then, the position has been kept relatively steady. The stock currently goes for $47.75.TD Ameritrade (AMTD): AMTD is a 1.90% portfolio position first purchased in 2009. The bulk of the current stake was built in 2011 & 2012 at prices between $15 and $22 and the stock is now at $37.91.Dollar General (DG): DG is a 1.72% portfolio stake purchased last quarter at prices between $67 and $80 and the stock is now at $72.32.LKQ Corporation (LKQ): LKQ is a 1.71% position established in 2015 at prices between $24 and $31. Last five quarters have seen a ~12% combined increase at prices between $25 and $36. The stock currently trades at $31.55.AlarmCom Holding (ALRM), Bank of America (BAC) WTS, Diamond Hill Investment Group (DHIL), Fortive Corporation (FTV), Lamar Advertising (LAMR), Primo Water (PRMW), and WMIH Corp. (WMIH): These are very small (less than ~1% of the portfolio each) stakes left untouched this quarter.Note: Akre Capital Management has a ~6% ownership stake in Primo Water (PRMW).Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q1 2017:"

"Tracking Charles Akre's Akre Capital Management Portfolio - Q4 2016 Update"

"Chuck Akre’s portfolio value increased from $5.21B to $5.45B this quarter.Akre Capital Management added Dollar General while reducing Colfax and increasing SBA Communications.The top three positions are American Tower, MasterCard, and Markel.Charles Akre’s Akre Capital Management portfolio value increased ~5% from $5.21B to $5.45B this quarter. The number of positions remained steady at 30. The largest five stakes are American Tower (AMT), MasterCard (MA), Markel Corporation (MKL), Moody’s Corporation (MCO), and CarMax (KMX) and they together account for ~46% of the total portfolio value.Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .Below are the portfolio highlights:American Tower (AMT), MasterCard, and Markel Corporation (MKL): American Tower and Markel positions have been in the portfolio for over sixteen years. AMT is the largest stake at ~14% while MA & MKL are at ~9% of the portfolio each. The MasterCard position was first purchased in 2010 in the low-20s price-range and it currently trades at ~$111. The stake saw increases every year thru 2015 but has been kept relatively steady. AMT saw a ~5% increase this quarter while MA & MKL were marginally reduced.Moody’s Corporation (MCO) and Dollar Tree (DLTR): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position has been doubled at higher prices. It currently trades at $113. This quarter saw a ~15% increase at prices between $94 and $109. DLTR was first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at $75.22. The position was kept relatively steady last year although previous years have seen significant buying.Visa Inc. (V): V is a fairly large ~5% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase at a cost-basis in the low-40s. Q2 2016 saw a huge ~60% increase at prices between $73 and $82. The stock is now at ~$89.06. There was a marginal increase this quarter.Roper Technologies (ROP): ROP is a fairly large 5.24% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters as well. Q2 2016 saw another ~20% increase at prices between $165 and $185. The stock is now at $212. There was marginal trimming this quarter.CarMax Inc. (KMX): The ~6% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. The stock is now at ~$63.81.Colfax Corp. (CFX): The medium-sized ~3% CFX position was first purchased in Q3 2012 and built up over the last four years at prices between $20 and $75. Q2 2016 saw an about-turn: ~20% reduction at prices between $25 and $34. There was another ~23% selling this quarter at prices between $29 and $40. The stock is now at $38.41.Note: Akre Capital Management has a ~9% ownership stake in Enstar Group (ESGR) and a ~6% ownership of Primo Water (PRMW).Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q4 2016. Please check out to have an idea on how the portfolio is progressing:To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book ."

"Tracking Charles Akre's Akre Capital Management Portfolio - Q3 2016 Update"

"Chuck Akre’s portfolio decreased marginally from $5.24B to $5.21B this quarter.A minutely small stake in ANSYS was sold while marginally reducing several other stakes.The top three positions are American Tower, MasterCard, and Markel.Charles Akre’s Akre Capital Management portfolio decreased marginally from $5.24B to $5.21B this quarter. The number of positions decreased from 31 to 30. The largest five stakes are American Tower (AMT), MasterCard (MA), Markel Corporation (MKL), Moody’s Corporation (MCO), and Dollar Tree (DLTR) and they together account for ~48% of the total portfolio value.Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .Below are the portfolio highlights:American Tower (AMT), MasterCard, and Markel Corporation (MKL): American Tower and Markel positions have been in the portfolio for over sixteen years. AMT is the largest stake at ~15% while MKL is at ~9.2% of the portfolio. AMT & MKL currently trade at $103 and $885 respectively. The MasterCard position was first purchased in 2010 in the low-20s price-range and it currently trades at ~$104. The stake saw increases every year thru 2015 but has been kept relatively steady YTD. All three positions saw marginal trimming this quarter.Moody’s Corporation (MCO) and Dollar Tree (DLTR): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position has been doubled at higher prices. It currently trades at $100. DLTR was first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at $87.76. The position has been kept relatively steady so far this year although previous years have seen significant buying. Both stakes saw marginal trimming this quarter.Visa Inc. (V): V is a fairly large 5.74% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase at a cost-basis in the low-40s. Last quarter saw a huge ~58% increase at prices between $73 and $82. The stock is now at ~$79.14. For investors attempting to follow Akre, V is a good option to consider for further research.Roper Technologies (ROP): ROP is a fairly large ~5.5% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters as well. Last quarter saw another ~19% increase at prices between $165 and $185. The stock is now at $186. There was marginal trimming this quarter.CarMax Inc. (KMX): The ~5% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. The stock is now at ~$62.80.Colfax Corp. (CFX): The medium-sized 3.68% CFX position was first purchased in Q3 2012 and built up over the last four years at prices between $20 and $75. Last quarter saw an about-turn: ~20% reduction at prices between $25 and $34. The stock is now at $39.21.Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q3 2016. Please check out to have an idea on how the portfolio is progressing:To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book ."

"Tracking Charles Akre's Akre Capital Management Portfolio - Q2 2016 Update"

"Chuck Akre’s portfolio increased ~10% from $4.75B to $5.24B this quarter.Visa Inc., Roper Technologies, and CarMax were increased while reducing Colfax Corp.The top two positions are American Tower and Markel. They have both been in the portfolio for over sixteen years.Charles Akre’s Akre Capital Management portfolio increased 10.42% from $4.75B to $5.24B this quarter. Of the 34 positions in the portfolio, 21 are fairly large (more than ~0.5% of the portfolio each). The largest five positions are American Tower (AMT), Markel Corporation (MKL), MasterCard (MA), Moody’s Corporation (MCO), and Dollar Tree (DLTR) and they together account for ~48% of the total portfolio value.Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .Below are the highlights of the activity this quarter:Visa Inc. (V): V is a fairly large 5.38% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase at a cost-basis in the low-40s. This quarter saw a huge ~58% increase at prices between $73 and $82. The stock is now at ~$82. For investors attempting to follow Akre, V is a good option to consider for further research.Roper Technologies (ROP): ROP is a fairly large ~5% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters as well. This quarter saw another ~19% increase at prices between $165 and $185. The stock is now at $182.CarMax Inc. (KMX): The 5.51% KMX stake is a very long-term stake first purchased in 2002. The bulk of the current position was built over the last four quarters at prices between $42 and $68. The stock is now at ~$60.Colfax Corp. (CFX): The medium-sized 3.42% CFX position was first purchased in Q3 2012 and built up over the last four years at prices between $20 and $75. This quarter saw an about-turn: ~20% reduction at prices between $25 and $34. The stock is now at $29.84.Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q2 2016. Please check out to have an idea on how the portfolio is progressing:To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book ."

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 8/11/2023. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2023.This quarter, Al Gore’s 13F portfolio value increased ~10% from $18.78B to $20.65B. The number of positions increased from 41 to 44. The top five stakes are Microsoft, Amazon.com, Applied Materials, Analog Devices, and Henry Schein. They account for around ~32% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Waters Corp (WAT), Tigo Energy (TYGO), and Veeva Systems (VEEV): These are the new positions this quarter. WAT is a 1.88% of the portfolio position purchased this quarter at prices between ~$249 and ~$312 and the stock currently trades at ~$271. Tigo came to market in May through a De-SPAC transaction. Generation IM has a 13.8% ownership stake in Tigo Energy. The position goes back to a Series C funding round in 2011. The stock currently trades at $11.21. VEEV is a very small 0.48% stake established this quarter.Stake Increases:Amazon.com (AMZN): AMZN is currently the second largest position at 8.46% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175. There was a ~40% stake increase during H1 2022 at prices between ~$104 and ~$170. The stock currently trades at ~$132. The last four quarters have seen minor increases.Applied Materials (AMAT): The ~6% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase during Q2 2022 at prices between ~$86 and ~$129. There was a ~38% further increase over the last four quarters. The stock currently trades at ~$143.Analog Devices (ADI): ADI position is now at 4.89% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled in the next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. There was a ~80% stake increase in Q2 2022 at prices between ~$144 and ~$169. H2 2022 saw a ~15% further increase while last quarter saw a marginal reduction. The stock currently trades at ~$174. There was a minor ~2% increase this quarter.Thermo Fisher Scientific (TMO): TMO is a ~4% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the two quarters through Q1 2022 at prices between ~$524 and ~$667. The last quarter saw a two-thirds increase at prices between ~$535 and ~$605. That was followed by a ~8% increase this quarter. The stock currently goes for ~$538.Gartner Inc. (IT): The 3.54% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$339. The last several quarters saw minor trimming while this quarter there was a ~2% increase.CBRE Group (CBRE): CBRE is a ~3% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. This quarter saw a similar increase at prices between ~$70 and ~$81. The stock is now at $83.56.Danaher Corp (DHR): DHR is a 2.88% of the portfolio position established during the last two quarters at prices between ~$225 and ~$277 and the stock currently trades at ~$254.Twilio Inc. (TWLO): TWLO is a 2.68% of the portfolio position primarily built during Q2 2022 at prices between ~$79 and ~$175. There was a two-thirds stake increase during H2 2022 at prices between ~$43 and ~$98. The last two quarters also saw a ~19% further increase. The stock is now at ~$59.Cognizant Technology (CTSH), Coupang (CPNG), H World Group (HTHT), Carlisle Companies (CSL), Freshworks Inc. (FRSH), and Microchip Technology (MCHP): These very small (less than ~0.20% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the largest stake at 8.47% of the portfolio. It was primarily built during Q2 2022 at prices between ~$242 and ~$315. The last quarter saw a ~30% stake increase at prices between ~$222 and ~$288. The stock currently trades at ~$320. There was marginal trimming this quarter.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters through Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while in Q1 2020 there was a similar increase at prices between ~$43 and ~$74. Since then, there have only been minor adjustments. The stock is now at $76.20 and the stake at 4.82% of the portfolio.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9% ownership stake in Henry Schein.Equifax Inc. (EFX): The 4.38% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled in the next quarter at prices between ~$208 and ~$286. The stock is now at ~$196. There was a ~20% trimming over the last two quarters.Trane Technologies plc (TT): TT is now at ~4% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase next quarter at prices between ~$121 and ~$155. The stock currently trades at ~$199. There was a ~20% trimming in the last two quarters.Texas Instruments (TXN): The bulk of the 3.76% stake in TXN was established during the two quarters through Q1 2023 at prices between ~$148 and ~$185. The stock is now at ~$166. This quarter saw marginal trimming.Mercadolibre (MELI): The 3.33% of the portfolio stake in MELI was built during the five quarters through Q3 2022 at prices between ~$635 and ~$1950. The stock is now at ~$1215. There was a ~18% trimming in the last two quarters.Jones Lang LaSalle Inc. (JLL): JLL is a 3.26% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake through consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$167.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Palo Alto Networks (PANW): The 3.17% PANW stake saw a ~20% increase last quarter at prices between ~$134 and ~$200. The stock currently trades at ~$227. There was marginal trimming this quarter.MasterCard Inc. (MA): MA is a 2.76% of the portfolio position purchased during Q2 2022 at prices between ~$309 and ~$379 and the stock currently trades at ~$398. There was a ~20% selling this quarter at prices between ~$360 and ~$394.Charles Schwab (SCHW): SCHW is currently at 2.55% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $57.84. There was a ~15% stake increase during Q3 2022 while the last two quarters saw a ~35% reduction.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Becton Dickinson (BDX): The 2.43% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Q2 2022 saw a similar reduction at prices between ~$235 and ~$275. That was followed with a ~40% further selling last quarter at prices between ~$218 and ~$257. The stock currently trades at ~$277. There was marginal trimming in the last two quarters.Nutanix (NTNX): The 2.26% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stock currently trades at ~$30. The last two quarters saw a ~25% trimming.Note: they have a ~7.3% ownership stake in the business.Cooper Companies (COO): The bulk of the 2.12% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Q1 2022 also saw a ~15% selling at prices between ~$380 and ~$428. Q4 2022 saw a ~30% stake increase at prices between ~$249 and ~$334. There was a similar reduction this quarter at prices between ~$346 and ~$392. The stock currently trades at ~$370.Clarivate plc (CLVT): CLVT is a 2.02% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Q1 2022 also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades at $7.10. The last three quarters have seen minor trimming.Note: Generation IM has a ~6.5% ownership stake in Clarivate plc.10x Genomics (TXG), Baxter International (BAX), Dentsply Sirona (XRAY), Ptc Inc. (PTC), Remitly Global (RELY), Salesforce.com (CRM), Steris plc (STE), and Toast Inc. (TOST): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for $2.36. Generation IM’s 0.15% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a ~10.5% ownership stake in the business.Asana Inc. (ASAN), Gogoro Inc. (GGR), Proterra Inc. (PTRAQ) , and SPDR S&P 500 ETF (SPY): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017. Proterra filed for Chapter 11 bankruptcy protection earlier this month.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2023:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/21/2023 to 5/19/2023: None."

"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2023 Update"

"Generation Investment Management’s 13F portfolio value increased from $17.32B to $18.78B this quarter.They increased Microsoft Corporation, Thermo Fisher Scientific, Texas Instruments, and Palo Alto Networks while decreasing Charles Schwab, Toast, Baxter International, and Ptc Inc. They also dropped Alibaba and Trimble.The top three positions are Microsoft, Amazon.com, and Henry Schein, and they add up to ~20% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 5/12/2023. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2022.This quarter, Al Gore’s 13F portfolio value increased ~8% from $17.32B to $18.78B. The number of positions remained steady at 41. The top five stakes are Microsoft, Amazon.com, Henry Schein, Analog Devices, and Applied Materials. They account for around ~30% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Danaher Corp (DHR): DHR is a ~2% of the portfolio position established this quarter at prices between ~$240 and ~$277 and the stock currently trades below that range at ~$230.Stake Disposals:Alibaba Group Holdings (BABA) and Trimble Inc. (TRMB): These small (less than ~2% of the portfolio each) stakes were disposed this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the largest stake at ~8% of the portfolio. It was primarily built during Q2 2022 at prices between ~$242 and ~$315. This quarter saw a ~30% stake increase at prices between ~$222 and ~$288. The stock currently trades at ~$315.Amazon.com (AMZN): AMZN is currently the second largest position at ~7% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175. There was a ~40% stake increase during H1 2022 at prices between ~$104 and ~$170. The stock currently trades at ~$115. The last three quarters have seen minor increases.Applied Materials (AMAT): The ~5% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase during Q2 2022 at prices between ~$86 and ~$129. There was a ~23% further increase over the last three quarters. The stock currently trades at ~$125.Thermo Fisher Scientific (TMO): TMO is a 4.55% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the two quarters through Q1 2022 at prices between ~$524 and ~$667. This quarter saw a two-thirds increase at prices between ~$535 and ~$605. The stock currently goes for ~$525.Texas Instruments (TXN): The bulk of the 4.28% stake in TXN was established during the last two quarters at prices between ~$148 and ~$185. The stock is now at ~$170.Palo Alto Networks (PANW): The 2.76% PANW stake saw a ~20% increase this quarter at prices between ~$134 and ~$200. The stock currently trades at ~$190.Twilio Inc. (TWLO): TWLO is a 2.68% of the portfolio position primarily built during Q2 2022 at prices between ~$79 and ~$175. There was a two-thirds stake increase in the last two quarters at prices between ~$43 and ~$98. This quarter also saw a minor ~4% increase. The stock is now at ~$59.Gogoro Inc. (GGR) and SPDR S&P 500 ETF (SPY): These very small (less than ~0.20% of the portfolio each) stakes were increased this quarter.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters through Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while in Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at ~$77 and the stake at 5.38% of the portfolio. The last three years have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9% ownership stake in Henry Schein.Analog Devices (ADI): ADI position is now at 5.33% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. There was a ~80% stake increase in Q2 2022 at prices between ~$144 and ~$169. The last two quarters saw a ~15% further increase while this quarter saw a marginal reduction. The stock currently trades at ~$188.Trane Technologies plc (TT): TT is now at 4.64% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase next quarter at prices between ~$121 and ~$155. The stock currently trades at ~$168. There was a ~13% trimming this quarter.Equifax Inc. (EFX): The 4.51% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled next quarter at prices between ~$208 and ~$286. The stock is now at ~$210. There was a ~13% trimming this quarter.Mercadolibre (MELI): The 4.34% of the portfolio stake in MELI was built during the five quarters through Q3 2022 at prices between ~$635 and ~$1950. The stock is now at ~$1300. There was a ~13% trimming this quarter.Gartner Inc. (IT): The 3.53% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$325. The last several quarters have seen minor trimming.MasterCard Inc. (MA): MA is a 3.47% of the portfolio position purchased during Q2 2022 at prices between ~$309 and ~$379 and the stock currently trades at ~$374. There was minor trimming in the last three quarters.Jones Lang LaSalle Inc. (JLL): JLL is a 3.40% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake through consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$141.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Charles Schwab (SCHW): SCHW is currently at 3.25% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $52.79. There was a ~15% stake increase during Q3 2022 while this quarter saw a similar reduction.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cooper Companies (COO): The bulk of the 3.24% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Q1 2022 also saw a ~15% selling at prices between ~$380 and ~$428. Last quarter saw a ~30% stake increase at prices between ~$249 and ~$334. The stock currently trades at ~$380. There was marginal trimming this quarter.Nutanix (NTNX): The 2.80% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stock currently trades near the bottom of that range at $25.55. There was a ~9% trimming this quarter.Note: they have a ~9% ownership stake in the business.Becton Dickinson (BDX): The 2.54% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Q2 2022 saw a similar reduction at prices between ~$235 and ~$275. That was followed with a ~40% further selling last quarter at prices between ~$218 and ~$257. The stock currently trades at ~$247. There was marginal trimming this quarter.Clarivate plc (CLVT): CLVT is a 2.24% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Q1 2022 also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades well below those ranges at $7.58. The last two quarters have seen minor trimming.Note: Generation IM has a ~6.6% ownership stake in Clarivate plc.CBRE Group (CBRE): CBRE is a 2.11% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. The stock is now at $76.13. The last two quarters saw marginal trimming.Toast Inc. (TOST): The 1.47% TOST stake saw a ~45% stake increase last quarter at prices between ~$17 and ~$22. There was a ~25% reduction this quarter at prices between ~$16 and ~$26. The stock currently trades at $20.52.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017. They have a 4.7% ownership stake in the business.Baxter International (BAX): BAX is now at 1.44% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a ~50% selling over the last four quarters at prices between ~$50 and ~$87. That was followed with a ~40% reduction this quarter at prices between ~$37 and ~$53. The stock currently trades at $42.50.10x Genomics (TXG), Cognizant Technology (CTSH), Carlisle Companies (CSL), Dentsply Sirona (XRAY), H World Group (HTHT), Microchip Technology (MCHP), Ptc Inc. (PTC), Remitly Global (RELY), Salesforce.com (CRM), and Steris plc (STE): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for $4.96. Generation IM’s 0.18% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a ~10.5% ownership stake in the business.Asana Inc. (ASAN), Freshworks Inc. (FRSH), and Proterra Inc. (PTRA): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2023:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 12/4/2022 to 3/21/2023: 13G/As – 2/13 – TOST – 20.7M shares – 6.19% of business, SOPH – 6.79M shares – 10.57% of business, RELY – 11.08M shares – 6.49% of business, NTNX – 22.08M shares – 9.6% of business, JLL – 4.47M shares – 9.42% of business, HSIC – 12.61M shares – 9.3% of business, CLVT – 45.6M shares – 6.76% of business, XRAY – 4.75M shares – 2.21% of business, ST - zero."

"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2022 Update"

"Generation Investment Management’s 13F portfolio value increased from $16.86B to $17.32B this quarter.They increased Cooper Companies, Texas Instruments, Toast, and Twilio while reducing Becton Dickinson, Salesforce.com, Alibaba Group Holdings, and H World Group. They also dropped Alphabet.The top three positions are Charles Schwab, Amazon.com, and Henry Schein, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 2/13/2023. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2022.This quarter, Al Gore’s 13F portfolio value increased ~3% from $16.86B to $17.32B. The number of positions decreased from 45 to 41. The top five stakes are Charles Schwab, Amazon.com, Henry Schein, Microsoft, and Equifax. They account for around ~29% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Dentsply Sirona (XRAY): XRAY is a 0.87% of the portfolio position purchased this quarter at prices between ~$27 and ~$34 and the stock currently trades above that range at $36.76.Note: XRAY is a frequently traded stock in Generation IM’s portfolio.Stake Disposals:Abiomed Inc. (ABMD): ABMD was a ~2% of the portfolio stake established during Q1 2022. Johnson & Johnson (JNJ) acquired ABMD in a $380 per share all-cash deal that closed in December.Alphabet Inc. (GOOG): The bulk of the 1.68% stake in GOOG was established in the three quarters through Q1 2019 at prices between ~$49 and ~$63. Q2 & Q3 2019 also saw a ~45% stake increase at prices between ~$56 and ~$63. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$53 and ~$91. Q4 2021 saw another ~20% selling at prices between ~$133 and ~$151. That was followed with a ~50% reduction in Q2 2022 at prices between ~$106 and ~$145. Last quarter also saw a ~27% selling at prices between ~$96 and ~$123. The disposal this quarter was at prices between ~$83.50 and ~$105. The stock currently trades at ~$106. They harvested gains.Note: the prices quoted above are adjusted for the 20-for-1 stock split last July.Coupang (CPNG), Shopify (SHOP), and Taiwan Semi (TSM): These small (less than ~0.60% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Charles Schwab (SCHW): SCHW is currently the largest position at ~7% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $52.89. There was a ~15% stake increase last quarter and that was followed with a marginal further increase this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Amazon.com (AMZN): AMZN is currently the second largest position at ~6% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175 and the stock currently trades well below that range at $98.71. There was a ~40% stake increase during H1 2022 at prices between ~$104 and ~$170. The last two quarters have also seen minor increases.Microsoft Corporation (MSFT): The large (top five) 5.59% MSFT stake was primarily built during Q2 2022 at prices between ~$242 and ~$315 and the stock currently trades at ~$278. There was a ~9% trimming last quarter while this quarter saw a ~5% increase.Analog Devices (ADI): ADI position is now at 4.84% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Q2 to Q4 2021 had seen the position reduced by ~47% at prices between ~$146 and ~$189. There was a ~80% stake increase in Q2 2022 at prices between ~$144 and ~$169. The stock currently trades at ~$189. The last two quarters have also seen ~15% further increase.Applied Materials (AMAT): The 3.91% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase during Q2 2022 at prices between ~$86 and ~$129. The stock currently trades at ~$123. There was a ~15% further increase over the last two quarters.Mercadolibre (MELI): The 3.45% of the portfolio stake in MELI was built during the last five quarters at prices between ~$635 and ~$1950. The stock is now at ~$1192. This quarter also saw a minor ~3% further increase.Nutanix (NTNX): The 3.32% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stock currently trades at $25.05. The last several quarters have seen only minor adjustments.Note: they have a ~9.6% ownership stake in the business.Cooper Companies (COO): The bulk of the ~3% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Q1 2022 also saw a ~15% selling at prices between ~$380 and ~$428. This quarter saw a ~30% stake increase at prices between ~$249 and ~$334. The stock currently trades at ~$345.Texas Instruments (TXN): The bulk of the 2.58% stake in TXN was established this quarter at prices between ~$148 and ~$180. The stock is now at the top end of that range at ~$180.Twilio Inc. (TWLO): TWLO is a ~2% of the portfolio position primarily built during Q2 2022 at prices between ~$79 and ~$175. The stock is now well below that range at $62.38. There was a two-thirds stake increase in the last two quarters at prices between ~$43 and ~$98.Toast Inc. (TOST): The ~2% TOST stake saw a ~45% stake increase this quarter at prices between ~$17 and ~$22. The stock currently trades below that range at $16.11.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017. They have a 6.19% ownership stake in the business.Freshworks Inc. (FRSH), Gogoro Inc. (GGR) and Trimble Inc. (TRMB): These small (less than ~0.60% of the portfolio each) stakes were increased this quarter.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters through Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at ~$78 and the stake at ~5% of the portfolio. The last eleven quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9% ownership stake in Henry Schein.Equifax Inc. (EFX): The 5.38% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled next quarter at prices between ~$208 and ~$286. The stock is now at ~$196. The last three quarters have seen only minor adjustments.Trane Technologies plc (TT): TT is now a large 5.30% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase next quarter at prices between ~$121 and ~$155. The stock currently trades at ~$183. The last two quarters have seen only minor adjustments.Jones Lang LaSalle Inc. (JLL): JLL is a 4.11% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake through consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$137.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Gartner Inc. (IT): The ~4% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$309. The last few quarters have seen minor trimming.MasterCard Inc. (MA): MA is a 3.76% of the portfolio position purchased during Q2 2022 at prices between ~$309 and ~$379 and the stock currently trades at ~$354. There was minor trimming in the last two quarters.Baxter International (BAX): BAX is now at 3.20% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a ~50% selling over the last four quarters at prices between ~$50 and ~$87. The stock currently trades at $38.12.Becton Dickinson (BDX): The 2.84% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Q2 2022 saw a similar reduction at prices between ~$235 and ~$275. That was followed with a ~40% further selling this quarter at prices between ~$218 and ~$257. The stock currently trades at ~$236.Thermo Fisher Scientific (TMO): TMO is a 2.82% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the two quarters through Q1 2022 at prices between ~$524 and ~$667. The stock currently goes for ~$555. The last two quarters have seen minor trimming.CBRE Group (CBRE): CBRE is a 2.43% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. The stock is now at $68.91. The last three quarters have seen only minor adjustments.Clarivate plc (CLVT): CLVT is a 2.20% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Q1 2022 also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades below the low end of those ranges at $9.43. The last three quarters have seen only minor adjustments.Note: Generation IM has a ~6.8% ownership stake in Clarivate plc.10x Genomics (TXG), Alibaba Group Holdings (BABA), Carlisle Companies (CSL), Cognizant Technology (CTSH), H World Group (HTHT), Microchip Technology (MCHP), and Palo Alto Networks (PANW), Ptc Inc. (PTC), Salesforce.com (CRM), and Steris plc (STE): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO in September 2021. Shares started trading at ~$38 and currently goes for $16.56. Generation IM’s stake is at 0.73% of the portfolio.Note: Generation IM has a ~6.5% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for $4.42. Generation IM’s 0.08% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a ~10.5% ownership stake in the business.Asana Inc. (ASAN), Proterra Inc. (PTRA), and SPDR S&P 500 ETF (SPY): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2022:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/1/2022 to 12/4/2022: None."

"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2022 Update"

"Generation Investment Management’s 13F portfolio value decreased from $18.35B to $16.86B this quarter.They increased Mercadolibre and Toast while decreasing Alphabet and Shopify. They also dropped Intel.The top three positions are Amazon.com, Charles Schwab, and Microsoft, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/10/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2022.This quarter, Al Gore’s 13F portfolio value decreased ~8% from $18.35B to $16.86B. The number of positions decreased from 46 to 45. The top five stakes are Amazon.com, Charles Schwab, Microsoft, Henry Schein, and Trane Technologies. They account for around ~29% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Freshworks Inc. (FRSH): FRSH had an IPO in September 2021. Shares started trading at ~$47 and currently goes for $15.19. Generation IM’s stake is a minutely small 0.05% of the portfolio position.Stake Disposals:Intel Corporation (INTC): INTC was a ~3% of the portfolio position purchased during Q2 and Q3 2021 at prices between ~$52 and ~$68. There was a ~14% stake increase last quarter. The disposal this quarter was at prices between ~$26 and ~$41. The stock currently trades at $29.41. They realized losses.Illumina Inc. (ILMN): The very small 0.65% stake in ILMN was sold during the quarter.Stake Increases:Amazon.com (AMZN): AMZN is currently the top position at ~8% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175 and the stock currently trades well below that range at ~$94. There was a ~40% stake increase over the last two quarters at prices between ~$104 and ~$170. There was marginal increase this quarter.Charles Schwab (SCHW): SCHW is the second largest position at 6.19% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $82.46. There was a ~15% stake increase this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Trane Technologies plc (TT): TT is now a large (top five) ~5% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase last quarter at prices between ~$121 and ~$155. The stock currently trades at ~$179. This quarter saw a ~9% further increase.Equifax Inc. (EFX): The 4.90% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled next quarter at prices between ~$208 and ~$286. The stock is now at ~$201. Last two quarters have seen minor increases.Analog Devices (ADI): ADI position is now at 4.12% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Q2 to Q4 2021 had seen the position reduced by ~47% at prices between ~$146 and ~$189. There was a ~80% stake increase last quarter at prices between ~$144 and ~$169. The stock currently trades at ~$169. There was a ~12% further increase this quarter.Mercadolibre (MELI): The 3.36% of the portfolio stake in MELI was built during the last five quarters at prices between ~$635 and ~$1950. The stock is now at ~$945.Applied Materials (AMAT): The ~3% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase last quarter at prices between ~$86 and ~$129. The stock currently trades at ~$107. There was a ~10% further increase this quarter.Twilio Inc. (TWLO): TWLO is a ~2% of the portfolio position primarily built last quarter at prices between ~$79 and ~$175. The stock is now at $48.64. There was a ~14% stake increase this quarter.Cognizant Technology (CTSH), and Toast Inc. (TOST): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017.Stake Decreases:Microsoft Corporation (MSFT): The large (top three) 5.32% MSFT stake was primarily built last quarter at prices between ~$242 and ~$315 and the stock currently trades at ~$255. There was a ~9% trimming this quarter.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at ~$83 and the stake at ~5% of the portfolio. Last ten quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9.5% ownership stake in Henry Schein.Becton Dickinson (BDX): The 4.20% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Last quarter saw a similar reduction at prices between ~$235 and ~$275. The stock currently trades at ~$252. There was marginal trimming this quarter.Jones Lang LaSalle Inc. (JLL): JLL is a 4.11% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$167.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Baxter International (BAX): BAX is now the 3.79% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a ~40% selling over the last two quarters at prices between ~$64 and ~$90. The stock currently trades at $53.22. There was another ~9% trimming this quarter.Gartner Inc. (IT): The 3.67% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$352. Last three quarters have seen only minor adjustments.MasterCard Inc. (MA): MA is a 3.35% of the portfolio position purchased last quarter at prices between ~$309 and ~$379 and the stock currently trades at ~$360. There was marginal trimming this quarter.Salesforce.com (CRM): The 2.79% of the CRM position was first purchased in Q4 2016. The bulk of the current stake was built over the last two quarters at prices between ~$156 and ~$256. The stock currently trades at ~$145. There was marginal trimming this quarter.Thermo Fisher Scientific (TMO): TMO is a 2.68% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the two quarters through Q1 2022 at prices between ~$524 and ~$667. The stock currently goes for ~$563. Last two quarters have seen only minor adjustments.Nutanix (NTNX): The 2.60% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stock currently trades at $30.53. Last several quarters have seen only minor adjustments.Clarivate plc (CLVT): CLVT is a 2.57% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Q1 2022 also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades below the low end of those ranges at $10.12. Last two quarters have seen only minor adjustments.Note: Generation IM has a ~6.5% ownership stake in Clarivate plc.CBRE Group (CBRE): CBRE is a 2.22% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. The stock is now at $79.25. Last two quarters have seen only minor adjustments.Alibaba Group Holdings (BABA): BABA is a 2.14% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over H1 2021 at prices between ~$206 and ~$271. That was followed with a ~25% stake increase next quarter at prices between ~$140 and ~$222. Q4 2021 saw a ~20% reduction while next quarter there was a similar increase. The stock currently trades at ~$90. Last two quarters have seen only minor adjustments.Cooper Companies (COO): The bulk of the ~2% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Q1 2022 also saw a ~15% selling at prices between ~$380 and ~$428. The stock currently trades at ~$322. Last two quarters also saw minor trimming.Carlisle Companies (CSL) and Ptc Inc. (PTC): These two stakes were established in Q4 2021. CSL is a 1.90% of the portfolio position established at prices between ~$201 and ~$248 and it is now at ~$260. This quarter saw a one-third reduction at prices between ~$241 and ~$316. The 1.72% PTC position was purchased over the last three quarters at prices between ~$98 and ~$130 and it now goes for ~$127. There was marginal trimming this quarter.Alphabet Inc. (GOOG): GOOG stake is currently at 1.68% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between ~$49 and ~$63. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between ~$56 and ~$63. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$53 and ~$91. Q4 2021 saw another ~20% selling at prices between ~$133 and ~$151. That was followed with a ~50% reduction last quarter at prices between ~$106 and ~$145. This quarter also saw a ~27% selling at prices between ~$96 and ~$123. The stock currently trades at ~$101. They are harvesting gains.Note: the prices quoted above are adjusted for the 20-for-1 stock split in July.Steris plc (STE): STE is a 1.18% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. There was a ~60% selling over the last three quarters at prices between ~$193 and ~$253. The stock currently trades at ~$192. This quarter saw marginal trimming.10x Genomics (TXG), Abiomed Inc. (ABMD), Coupang (CPNG), H World Group (HTHT), Microchip Technology (MCHP), Palo Alto Networks (PANW), Shopify (SHOP), Taiwan Semi (TSM), Texas Instruments (TXN), and Trimble Inc. (TRMB): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO last September. Shares started trading at ~$38 and currently goes for $10.49. Generation IM’s stake is at 0.73% of the portfolio.Note: Generation IM has a 6.75% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for $2.29. Generation IM’s 0.11% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a 10.6% ownership stake in the business.Asana Inc. (ASAN), Gogoro Inc. (GGR), Proterra Inc. (PTRA), and SPDR S&P 500 ETF (SPY): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2022:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/28/2022 to 9/1/2022: None."

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2022 Update"

"Generation Investment Management’s 13F portfolio value decreased from $21.84B to $18.35B this quarter.They added MasterCard and increased Amazon.com, Microsoft, Trane Technologies, and Analog Devices while reducing Baxter International, Becton Dickinson, and Alphabet. They also dropped Visa.The top three positions are Amazon.com, Microsoft, and Henry Schein, and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 8/12/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2022.This quarter, Al Gore’s 13F portfolio value decreased ~16% from $21.84B to $18.35B. The number of positions remained steady at 46. The top five stakes are Amazon.com, Microsoft, Henry Schein, Equifax, and Baxter International. They account for around ~27% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:MasterCard Inc. (MA): MA is a 3.44% of the portfolio position purchased this quarter at prices between ~$309 and ~$379 and the stock currently trades at ~$336.10x Genomics (TXG), Coupang (CPNG), and Gogoro Inc. (GGR): These are very small (less than ~0.65% of the portfolio each) stakes established during the quarter.Stake Disposals:Visa Inc. (V): The 2.86% V stake was purchased in Q4 2021 at prices between ~$190 and ~$234 and the stock currently trades at ~$205. The disposal this quarter was at prices between ~$189 and ~$228.Dentsply Sirona (XRAY): XRAY was a 1.41% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. H1 2021 saw a ~63% reduction at prices between ~$52 and ~$69 while in Q4 2021 there was a similar increase at prices between ~$48 and ~$59. There was a ~45% selling last quarter at prices between ~$48 and ~$59. The elimination this quarter was at prices between ~$35 and ~$49. The stock is now at ~$34.Sensata Technologies (ST): The bulk of the 1.37% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. The position was reduced by ~45% last quarter at prices between ~$50.50 and ~$65. The disposal this quarter was at prices between ~$41 and ~$51. The stock currently goes for ~$42.TE Connectivity (TEL): TEL was a 1.63% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. The three quarters through Q2 2021 saw a ~40% selling at prices between ~$96 and ~$139. Last five quarters saw the stake dropped at prices between ~$111 and ~$165. The stock currently trades at ~$129.Stake Increases:Amazon.com (AMZN): AMZN is currently the top position at 6.65% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175 and the stock currently trades well below that range at ~$133. There was a ~40% stake increase over the last two quarters at prices between ~$104 and ~$170.Note: the prices quoted above are adjusted for the 20-for-1 stock split in June.Microsoft Corporation (MSFT): The large (top three) ~6% MSFT stake was primarily built this quarter at prices between ~$242 and ~$315 and the stock currently trades at ~$264.Equifax Inc. (EFX): The large (top five) 4.64% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled last quarter at prices between ~$208 and ~$286. The stock is now at ~$197. This quarter saw a minor ~5% increase.Jones Lang LaSalle Inc. (JLL): JLL is a 4.39% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$176.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Charles Schwab (SCHW): SCHW is a fairly large stake at 4.36% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at ~$74. Last four quarters have seen only minor adjustments.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Trane Technologies plc (TT): TT is now a 3.72% of the portfolio position. The stake saw a ~150% stake increase last quarter at prices between ~$143 and ~$195. That was followed with a ~40% increase this quarter at prices between ~$121 and ~$155. The stock currently trades at ~$164.Analog Devices (ADI): ADI position is now at 3.54% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Q2 to Q4 2021 had seen the position reduced by ~47% at prices between ~$146 and ~$189. There was a ~80% stake increase this quarter at prices between ~$144 and ~$169. The stock currently trades at ~$154.Clarivate plc (CLVT): CLVT is a 3.50% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Last quarter also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades near the low end of those ranges at $12.31. There was a minor ~2% increase this quarter.Note: Generation IM has a ~6.5% ownership stake in Clarivate plc.Applied Materials (AMAT): The ~3% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase this quarter at prices between ~$86 and ~$129. The stock currently trades at $96.51.Intel Corporation (INTC): INTC is a ~3% of the portfolio position purchased during Q2 and Q3 2021 at prices between ~$52 and ~$68 and the stock currently trades well below that range at $31.46. There was a ~14% stake increase this quarter.Gartner Inc. (IT): The ~3% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$306. Last two quarters have seen only minor adjustments.Salesforce.com (CRM) and Twilio Inc. (TWLO): These two stakes were built over the last two quarters. The ~3% of the CRM stake was built at prices between ~$156 and ~$256. The stock currently trades near the low end of that range at ~$163. TWLO is a ~2% of the portfolio position primarily built this quarter at prices between ~$79 and ~$175. The stock is now below that range at ~$72.Alibaba Group Holdings (BABA): BABA is a 2.81% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over H1 2021 at prices between ~$206 and ~$271. That was followed with a ~25% stake increase next quarter at prices between ~$140 and ~$222. Q4 2021 saw a ~20% reduction while last quarter there was a similar increase. The stock currently trades at ~$92. There was a minor ~2% increase this quarter.Thermo Fisher Scientific (TMO): TMO is a 2.65% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the last two quarters at prices between ~$524 and ~$667. The stock currently goes for ~$569. This quarter saw a minor ~2% stake increase.Carlisle Companies (CSL) and Ptc Inc. (PTC): These two stakes were established in Q4 2021. CSL is a 2.22% of the portfolio position established at prices between ~$201 and ~$248 and it is now at ~$309. There were minor increases in the last two quarters. The 1.62% PTC position was purchased over the last three quarters at prices between ~$98 and ~$130 and it now goes for ~$120.CBRE Group (CBRE): CBRE is a 2.22% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at ~$81. There was a ~45% selling over the last four quarters at prices between ~$80 and ~$109. This quarter saw a minor ~2% stake increase.Abiomed Inc. (ABMD), Cognizant Technology (CTSH), Mercadolibre (MELI), Microchip Technology (MCHP), Nutanix (NTNX), Palo Alto Networks (PANW), Shopify (SHOP), SPDR S&P 500 ETF (SPY), Texas Instruments (TXN), Trimble Inc. (TRMB), and Toast Inc. (TOST): These small (less than ~2% of the portfolio each) stakes were increased this quarter.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $74.30 and the stake at 5.42% of the portfolio. Last nine quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9.5% ownership stake in Henry Schein.Baxter International (BAX): BAX is now the second largest 13F position at 4.56% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a ~40% selling over the last two quarters at prices between ~$64 and ~$90. The stock currently trades at $59.53.Becton Dickinson (BDX): The 4.30% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. This quarter saw a similar reduction at prices between ~$235 and ~$275. The stock currently trades at ~$263.Alphabet Inc. (GOOG): GOOG stake is currently at 2.42% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between ~$49 and ~$63. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between ~$56 and ~$63. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$53 and ~$91. Q4 2021 saw another ~20% selling at prices between ~$133 and ~$151. That was followed with a ~50% reduction this quarter at prices between ~$106 and ~$145. The stock currently trades at ~$112.Note: the prices quoted above are adjusted for the 20-for-1 stock split in July.Cooper Companies (COO): The bulk of the 2.15% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Last quarter also saw a ~15% selling at prices between ~$380 and ~$428. The stock currently trades at ~$315. This quarter saw a ~8% trimming.Steris plc (STE): STE is a 1.35% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. There was a ~60% selling over the last three quarters at prices between ~$193 and ~$253. The stock currently trades at ~$210.Huazhu Group (HTHT), Illumina Inc. (ILMN), and Taiwan Semi (TSM): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO last September. Shares started trading at ~$38 and currently goes for ~$11.75. Generation IM’s stake is at 0.46% of the portfolio.Note: Generation IM has a 6.75% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for ~$3. Generation IM’s 0.13% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a 10.6% ownership stake in the business.Asana Inc. (ASAN) and Proterra Inc. (PTRA): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2022:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 2/17/2022 to 5/28/2022: None."

"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2022 Update"

"Generation Investment Management’s 13F portfolio value decreased from $24.33B to $21.84B this quarter.They increased Equifax, Clarivate plc, Trane Technologies, Twilio, and Salesforce.com while reducing Dentsply Sirona & Sensata Technologies.The top three positions are Amazon.com, Baxter International, and Becton Dickinson, and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 5/13/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2021.This quarter, Al Gore’s 13F portfolio value decreased from $24.33B to $21.84B. The number of positions decreased from 47 to 46. The top five stakes are Amazon.com, Baxter International, Becton Dickinson, Henry Schein, and Jones Lang LaSalle. They account for around ~28% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Abiomed Inc. (ABMD) and Shopify (SHOP): ABMD is a ~2% of the portfolio position purchased this quarter at prices between ~$277 and ~$366 and the stock currently trades just below that range at ~$270. SHOP is a minutely small 0.26% of the portfolio stake established during the quarter.Stake Disposals:Cisco Systems (CSCO): CSCO was a 2.29% of the portfolio position built in H2 2020 at prices between ~$35.50 and ~$48. There was a ~35% selling in Q3 2021 at prices between ~$53 and ~$60. That was followed with a ~42% selling last quarter at prices between ~$53 and ~$64. The disposal this quarter was at around the same price range. The stock currently trades at $45.79.Guidewire Software (GWRE): The ~1% GWRE stake was established in H1 2021 at prices between ~$95 and ~$131. The stake was eliminated this quarter at prices between ~$84 and ~$113. It is now at $82.28.Stone Co (STNE): STNE was a 0.34% stake established last quarter at prices between ~$15 and ~$39.50. It was sold this quarter at prices between $8.25 and $19.32. It currently trades at ~$12.50.Stake Increases:Amazon.com (AMZN): AMZN is currently the top position at 6.52% of the portfolio. It was purchased during H1 2021 at prices between ~$3152 and ~$3505 and the stock currently trades at ~$2525. Last two quarters had seen minor trimming while this quarter there was a ~6% increase.Equifax Inc. (EFX): The 4.79% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Last three quarters saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled this quarter at prices between ~$208 and ~$286. The stock is now at ~$204.Clarivate plc (CLVT): CLVT is a 3.48% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase last quarter at prices between ~$20.50 and ~$25.25. This quarter also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades at $14.93.Note: Generation IM has a ~6.5% ownership stake in Clarivate plc.Trane Technologies plc (TT): TT is now a 2.60% of the portfolio position. The stake saw a ~150% stake increase this quarter at prices between ~$143 and ~$195. The stock currently trades just below that range at ~$139.Nutanix (NTNX): NTNX is a 2.54% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now well below that range at $16.61. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Nutanix.Mercadolibre (MELI): The 2.40% MELI stake saw a ~170% stake increase over the last two quarters at prices between ~$1297 and ~$1954. There was a stake doubling this quarter at prices between ~$882 and ~$1333. The stock currently trades well below those ranges at ~$837.Alibaba Group Holdings (BABA): BABA is a 2.21% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over H1 2021 at prices between ~$206 and ~$271. That was followed with a ~25% stake increase next quarter at prices between ~$140 and ~$222. Last quarter saw a ~20% reduction while this quarter there was a similar increase. The stock currently trades at ~$97.50.Carlisle Companies (CSL) and Ptc Inc. (PTC): These two stakes were established last quarter. CSL is a 1.88% of the portfolio position established last quarter at prices between ~$201 and ~$248 and it is now at ~$262. There was a marginal increase this quarter. The ~1% PTC position was purchased over the last two quarters at prices between ~$102 and ~$130 and it now goes for ~$120.Salesforce.com (CRM) and Twilio Inc. (TWLO): These two stakes were built this quarter. The 1.75% of the CRM stake saw a ~175% increase during the quarter at prices between ~$191 and ~$256. The stock currently trades at ~$188. TWLO is a 1.88% of the portfolio position primarily built this quarter at prices between ~$125 and ~$262. The stock is now at ~$109.Cognizant Technology (CTSH), Microchip Technology (MCHP), Taiwan Semi (TSM), Texas Instruments (TXN), and Toast Inc. (TOST): These very small (less than ~0.75% of the portfolio each) positions were increased this quarter.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017.Stake Decreases:Baxter International (BAX): BAX is now the second-largest 13F position at 5.82% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a similar reduction this quarter at prices between ~$77 and ~$90. The stock currently trades at $74.26.Becton Dickinson (BDX): The 5.48% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase last quarter at prices between ~$236 and ~$257. The stock currently trades at ~$254. This quarter saw minor trimming.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at ~$85 and the stake at ~5% of the portfolio. Last two years have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9.5% ownership stake in Henry Schein.Jones Lang LaSalle Inc. (JLL): JLL is a ~5% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$195.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Alphabet Inc. (GOOG): GOOG stake is currently at ~5% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. Last quarter saw another ~20% selling at prices between ~$2665 and ~$3014. The stock currently trades at ~$2355. There was a minor ~7% trimming this quarter.Charles Schwab (SCHW): SCHW is a fairly large stake at 4.45% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $71.67. There was minor trimming in the last three quarters.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Visa Inc. (V): The 2.86% V stake was purchased last quarter at prices between ~$190 and ~$234 and the stock currently trades at ~$215. There was marginal trimming this quarter.Gartner Inc. (IT): The ~3% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. Last five quarters had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$269. There was marginal trimming this quarter.Intel Corporation (INTC): INTC is a ~3% of the portfolio position purchased during the last two quarters at prices between ~$52 and ~$68 and the stock currently trades below that range at $44.84. Last two quarters have seen only minor adjustments.Cooper Companies (COO): The bulk of the 2.63% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. This quarter also saw a ~15% selling at prices between ~$380 and ~$428. The stock currently trades at ~$353.Applied Materials (AMAT): The 2.57% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. The stock currently trades at ~$117. Last several quarters have seen only minor adjustments.Steris plc (STE): STE is a 2.41% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. There was a ~20% selling last quarter at prices between ~$204 and ~$245. The stock currently trades at ~$227. This quarter also saw a ~12% trimming.Thermo Fisher Scientific (TMO): TMO is a 2.38% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the last two quarters at prices between ~$524 and ~$667. The stock currently goes for ~$570.CBRE Group (CBRE): CBRE is a 2.27% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at $82.49. There was a ~45% selling over the last four quarters at prices between ~$80 and ~$109.Analog Devices (ADI): ADI position is now at 1.86% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Last three quarters had seen the position reduced by ~47% at prices between ~$146 and ~$189. The stock currently trades at ~$169. This quarter saw marginal trimming.TE Connectivity (TEL): TEL is a 1.63% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. The three quarters through Q2 2021 saw a ~40% selling at prices between ~$96 and ~$139. Last four quarters have seen a ~55% reduction at prices between ~$120 and ~$165. The stock currently trades at ~$132.Illumina Inc. (ILMN): ILMN is a 1.52% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Q4 2020 saw a two-thirds increase at prices between ~$293 and ~$371 while in the next three quarters there was a ~52% reduction at prices between ~$361 and ~$525. The stock is now at ~$249. Last two quarters have seen only minor adjustments.Dentsply Sirona (XRAY): XRAY is a 1.41% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. H1 2021 saw a ~63% reduction at prices between ~$52 and ~$69 while last quarter there was a similar increase at prices between ~$48 and ~$59. There was a ~45% selling this quarter at prices between ~$48 and ~$59. The stock is now at $41.80.Sensata Technologies (ST): The bulk of the 1.37% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. The position was reduced by ~45% this quarter at prices between ~$50.50 and ~$65. The stock currently goes for $49.34.Huazhu Group (HTHT), Microsoft Corporation (MSFT), Palo Alto Networks (PANW), SPDR S&P 500 ETF (SPY), and Trimble Inc. (TRMB): These small (less than ~1.20% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO last September. Shares started trading at ~$38 and currently goes for ~$11.75. Generation IM’s stake is at 0.50% of the portfolio.Note: Generation IM has a 6.75% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO in July. Shares started trading at ~$16.75 and currently goes for $3.80. Generation IM’s 0.24% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a 10.6% ownership stake in the business.Asana Inc. (ASAN) and Proterra Inc. (PTRA): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2022:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q4 2021 and Q1 2022.6/15/2021: Proterra investment made in 2017 ~$55M raised. Details: . - Generation IM led the small $55M round but valuation was not disclosed.Regulatory filings from 11/22/2021 to 2/17/2022: 13G/A – 2/14 – SOPH – 6.79M shares – 10.6% of business – 13G – 1/6 - same, RELI – Remitly Global – 11.08M shares – 6.75% of business, IT – 2.21M shares – 2.68% of business, EFX – 2.2M sharew – 1.8% of business, AYI – 0, ASAN – 1M shares – 1% of business, XRAY – 11.5M shares – 5.26% of business – 13G – 12/30 - same, ST – 11.06M shares – 6.98% of business, NTNX – 19.81M sharres – 9.23% of business, JLL – 4.75M shares – 9.41% of business, HSIC – 13.48M shares – 9.72% of business, TOST – 7.35M shares – 9.45% of business - This amount includes the 4,082,612 shares of Class A Common Stock that the Reporting Person currently has the right to acquire upon conversion of Class B Common Stock, 13G & 13G/A – 1/24 – CLVT – 36.8M shares – 5.4% of business, 33.07M shares – 4.8% of business – 13G – 12/7 – 32.41M shares – 5.1% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2021 Update"

"Generation Investment Management’s 13F portfolio value increased from $24.05B to $24.33B this quarter.They increased Becton Dickinson, Clarivate, and Dentsply Sirona while reducing Alphabet, Thermo Fisher Scientific, Gartner, and Equifax.The top three positions are Baxter International, Amazon.com, and Jones Lang LaSalle, and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 2/11/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2021.This quarter, Al Gore’s 13F portfolio value increased marginally from $24.05B to $24.33B. The number of positions increased from 45 to 47. The top five stakes are Baxter International, Amazon.com, Jones Lang LaSalle, Becton Dickinson, and Alphabet. They account for around ~29% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Visa Inc. (V), Carlisle Companies (CSL), Ptc Inc. (PTC), and Stone Co (STNE): These are the new positions this quarter. The 2.86% V stake was purchased at prices between ~$190 and ~$234 and the stock currently trades at $223. CSL is a 1.66% of the portfolio position established at prices between ~$201 and ~$248 and it is now at ~$234. The 0.42% PTC position was purchased at prices between ~$106 and ~$130 and it now goes for ~$109. STNE is a 0.34% stake established at prices between ~$15 and ~$39.50 and it currently trades well below that range at $10.71.Stake Disposals:Synopsis Inc. (SNPS): The 1.21% SNPS stake was established in Q2 2021 at prices between ~$229 and ~$277. There was a ~22% selling last quarter at prices between ~$275 and ~$338. The disposal this quarter was at prices between ~$289 and ~$376. The stock currently trades at ~$288.Acuity Brands (AYI): The small 0.75% stake in AYI was disposed during the quarter.Stake Increases:Baxter International (BAX): BAX is now the largest 13F position at 7.47% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. The stock currently trades at $82.35. Last three quarters have seen only minor adjustments.Jones Lang LaSalle Inc. (JLL): JLL is a 5.26% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$243.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Becton Dickinson (BDX): The 3.88% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase this quarter at prices between ~$236 and ~$257. The stock currently trades at ~$264.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $83.47 and the stake at 4.29% of the portfolio. Last seven quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9.7% ownership stake in Henry Schein.Clarivate plc (CLVT): CLVT is a 3.20% of the portfolio stake purchased last quarter at prices between ~$21.50 and ~$27.15. There was a one-third stake increase this quarter at prices between ~$20.50 and ~$25.25. The stock currently trades well below those ranges at ~$16.Note: Generation IM has a ~5% ownership stake in Clarivate plc.Cooper Companies (COO): The bulk of the 2.81% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. The stock currently trades at ~$389. This quarter saw a minor ~2% increase.Sensata Technologies (ST): The bulk of the 2.81% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last few years have seen only minor adjustments. The stock currently goes for $57.15.Note: Generation IM has a ~7% ownership stake in Sensata Technologies NV.Intel Corporation (INTC): INTC is a 2.76% of the portfolio position purchased during the last two quarters at prices between ~$52 and ~$68 and the stock currently trades below that range at ~$45. There was a minor ~5% stake increase this quarter.Dentsply Sirona (XRAY): XRAY is a 2.64% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. H1 2021 saw a ~63% reduction at prices between ~$52 and ~$69 while this quarter there was a similar increase at prices between ~$48 and ~$59. The stock is now at ~$55.Note: Generation IM has a ~5.3% ownership stake in Dentsply Sirona.Nutanix (NTNX): NTNX is a 2.59% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $25.10. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Nutanix.Illumina Inc. (ILMN): ILMN is a 1.49% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Q4 2020 saw a two-thirds increase at prices between ~$293 and ~$371 while in the last three quarters there was a ~52% reduction at prices between ~$361 and ~$525. The stock is now at ~$312. There was a minor ~2% increase this quarter.Huazhu Group (HTHT) and Mercadolibre (MELI): These two positions saw large increases last quarter. The ~1% HTHT stake was primarily built last quarter at prices between ~$41 and ~$54. The stock currently trades at $43.76. The 1.17% MELI stake saw a ~170% stake increase over the last two quarters at prices between ~$1297 and ~$1954. The stock currently trades below that range at ~$937. Both stakes saw marginal increases this quarter.Cognizant Technology (CTSH), Guidewire Software (GWRE), Microchip Technology (MCHP), Microsoft Corporation (MSFT), Proterra Inc. (PTRA), Salesforce.com (CRM), SPDR S&P 500 ETF (SPY), Taiwan Semi (TSM), Toast Inc. (TOST), Trane Technologies plc (TT), Trimble Inc. (TRMB), and Twilio Inc. (TWLO): These small (less than ~1% of the portfolio each) stakes were increased this quarter.Note: Generation IM’s original investments in Proterra & Toast go back to funding rounds in 2017. They have a 9.45% ownership (7.35M shares) stake in Toast Inc. Around 4M shares are not in the 13F as they are Class B shares with conversion rights.Stake Decreases:Amazon.com (AMZN): AMZN is a large (top three) 5.65% of the portfolio position purchased during H1 2021 at prices between ~$3152 and ~$3505 and the stock currently trades at ~$3052. Last two quarters have seen minor trimming.Alphabet Inc. (GOOG): GOOG stake is currently at ~5% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. This quarter saw another ~20% selling at prices between ~$2665 and ~$3014. The stock currently trades at ~$2609.Charles Schwab (SCHW): SCHW is a fairly large stake at 4.12% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $85.61. There was minor trimming in the last two quarters.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Thermo Fisher Scientific (TMO): TMO is a 3.30% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~30% reduction this quarter at prices between ~$569 and ~$667. The stock currently goes for ~$537.Gartner Inc. (IT): The ~3% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. Last five quarters have seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$288.Applied Materials (AMAT): The 2.76% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. The stock currently trades at ~$133. Last several quarters have seen only minor adjustments.CBRE Group (CBRE): CBRE is a 2.76% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at ~$100. There was a ~30% selling in Q2 2021 at prices between ~$78 and ~$90. Last two quarters have seen minor trimming.Equifax Inc. (EFX): The 2.65% EFX stake was purchased in Q1 2019 at prices between $91 and $115. The stock has doubled and currently trades at ~$213. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. That was followed with another ~20% stake increase next quarter at prices between ~$162 and ~$193. Last three quarters saw the position sold down by ~70% at prices between ~$181 and ~$297.Steris plc (STE): STE is a 2.48% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. There was a ~20% selling this quarter at prices between ~$204 and ~$245. The stock currently trades at ~$226.TE Connectivity (TEL): TEL is a 2.40% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. The three quarters through Q2 2021 saw a ~40% selling at prices between ~$96 and ~$139. That was followed with a ~20% reduction this quarter at prices between ~$137 and ~$166. The stock currently trades at ~$144.Cisco Systems (CSCO): CSCO is a 2.29% of the portfolio position built in H2 2020 at prices between ~$35.50 and ~$48. There was a ~35% selling last quarter at prices between ~$53 and ~$60. That was followed with a ~42% selling this quarter at prices between ~$53 and ~$64. The stock currently trades at $57.21.Palo Alto Networks (PANW): PANW is a 2.24% of the portfolio stake purchased in Q1 2020 at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$482. Last six quarters have seen a ~70% selling at prices between ~$221 and ~$562.Analog Devices (ADI): ADI position is now at 2.24% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Last three quarters have seen the position reduced by ~47% at prices between ~$146 and ~$189. The stock currently trades at ~$160.Alibaba Group Holdings (BABA): BABA is a 1.86% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over H1 2021 at prices between ~$206 and ~$271. That was followed with a ~25% stake increase last quarter at prices between ~$140 and ~$222. This quarter saw the pattern reverse - ~20% reduction at prices between ~$112 and ~$178. The stock currently trades at ~$119.Asana Inc. (ASAN) and Texas Instruments (TXN): These very small (less than ~0.5% of the portfolio each) stakes were reduced this quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO last September. Shares started trading at ~$38 and currently goes for ~$10.45. Generation IM’s stake is at 0.94% of the portfolio.Note: Generation IM has a 6.75% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO in July. Shares started trading at ~$16.75 and currently goes for $11.65. Generation IM’s 0.39% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a 10.6% ownership stake in the business.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2021:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 9/23/2021 to 11/22/2021: 13G – 10/4 – TOST – 2.52M shares – 9.45% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2021 Update"

"Generation Investment Management’s 13F portfolio value decreased from $24.11B to $24.05B this quarter.They increased Alibaba Group Holdings, Intel, Mercadolibre, and Huazhu Group while reducing Cisco Systems, Equifax, Texas Instruments and Cognizant.The top three positions are Baxter International, Alphabet, and Amazon.com, and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/12/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2021.This quarter, Al Gore’s 13F portfolio value decreased marginally from $24.11B to $24.05B. The number of positions increased from 40 to 45. The top five stakes are Baxter International, Amazon.com, Alphabet, Cisco Systems, and Equifax. They account for around ~28% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Clarivate plc (CLVT) and Remitly Global (RELY): CLVT is a 2.27% of the portfolio stake purchased this quarter at prices between ~$21.50 and ~$27.15 and the stock currently trades at $23.29. RELY had an IPO in September. Shares started trading at ~$38 and currently goes for ~$24.60. Generation IM’s stake is at 1.69% of the portfolio.Sophia Genetics (SOPH), Toast Inc. (TOST), SPDR S&P 500 ETF (SPY), and Proterra Inc. (PTRA): These are very small (less than ~0.5% of the portfolio each) stakes established this quarter. Sophia Genetics had an IPO in July. Shares started trading at ~$16.75 and currently goes for $14.33. Generation IM’s stake goes back to a funding round in 2019. Toast had an IPO in September. Shares started trading at ~$56 and is currently at ~$41.50. Generation IM’s stake goes back to a funding round in 2017. They control ~9.5% of the business.Note: Generation IM’s investment in Proterra goes back to a funding round in 2017.Stake Disposals:Penumbra Inc. (PEN): The very small 0.52% stake in Penumbra was disposed during the quarter.Stake Increases:Nutanix (NTNX): NTNX is a ~3% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $32.58. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Alibaba Group Holdings (BABA): BABA is a ~3% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over the last two quarters at prices between ~$206 and ~$271. That was followed with a ~25% stake increase this quarter at prices between ~$140 and ~$222. The stock currently trades below those ranges at ~$134.Intel Corporation (INTC): INTC is a 2.74% of the portfolio position purchased during the last two quarters at prices between ~$52 and ~$68 and the stock currently trades below that range at $49.10.Huazhu Group (HTHT) and Mercadolibre (MELI): These two positions saw large increases this quarter. The 1.30% HTHT stake was primarily built this quarter at prices between ~$41 and ~$54. The stock currently trades at ~$47. The 1.44% MELI stake saw a ~170% stake increase over the last two quarters at prices between ~$1297 and ~$1954. The stock currently trades below that range at ~$1285.Microchip Technology (MCHP): The minutely small 0.26% MCHP stake saw a minor increase this quarter.Stake Decreases:Baxter International (BAX): BAX is now the largest 13F position at ~7% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. The stock currently trades at $78.41. Last two quarters have seen only minor adjustments.Alphabet Inc. (GOOG): GOOG stake is currently at 5.85% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. The stock currently trades at ~$2935. Last three quarters have seen only minor adjustments.Amazon.com (AMZN): AMZN is a large (top three) 5.64% of the portfolio position purchased over the last two quarters at prices between ~$3152 and ~$3505 and the stock currently trades at ~$3580. There was minor trimming this quarter.Jones Lang LaSalle Inc. (JLL): JLL is a 4.79% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$261.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Cisco Systems (CSCO): CSCO is a large (top five) 4.33% of the portfolio position built in H2 2020 at prices between ~$35.50 and ~$48. There was a ~35% selling this quarter at prices between ~$53 and ~$60. The stock currently trades at $55.30.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $76.90 and the stake at 4.18% of the portfolio. Generation IM has a ~9.5% ownership stake in Henry Schein. Last six quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Thermo Fisher Scientific (TMO): TMO is a ~4% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. Last year had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt last quarter at prices between ~$441 and ~$509. The stock currently goes for ~$633. There was minor trimming this quarter.Charles Schwab (SCHW): SCHW is a fairly large stake at 3.91% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction last quarter at prices between ~$63.50 and ~$76. The stock is now at $82.94. There was minor trimming this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Becton Dickinson (BDX): The 3.88% BDX position was built last year at prices between $201 and $284. The stock currently trades at ~$247. Last three quarters have seen only minor adjustments.Gartner Inc. (IT): The 3.56% of the portfolio IT stake was built last year at prices between ~$83 and ~$164. Last four quarters have seen a ~50% selling at prices between ~$120 and ~$323. The stock is now at ~$324.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These two positions established in Q1 2020 were reduced over the last five quarters. PANW is a 3.22% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$533. Last five quarters have seen a ~50% selling at prices between ~$221 and ~$491. TRMB is a 1.13% of the portfolio position purchased at prices between ~$21 and ~$46. Last five quarters have seen a ~70% selling at prices between ~$42.50 and ~$96. TRMB currently goes for $85.83.Equifax Inc. (EFX): The ~3% EFX stake was purchased in Q1 2019 at prices between $91 and $115. The stock has doubled and currently trades at ~$283. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. That was followed with another ~20% stake increase next quarter at prices between ~$162 and ~$193. Last two quarters saw the position sold down by ~60% at prices between ~$181 and ~$278.CBRE Group (CBRE): CBRE is a 2.76% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at ~$104. There was a ~30% selling last quarter at prices between ~$78 and ~$90. This quarter also saw minor trimming.Cooper Companies (COO): The bulk of the 2.75% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction last quarter at prices between ~$372 and ~$412. The stock currently trades at ~$398. This quarter saw minor trimming.Analog Devices (ADI): ADI position is now at 2.67% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Last two quarters have seen the position reduced by ~30% at prices between ~$146 and ~$179. The stock currently trades at ~$183.Steris plc (STE): STE is 2.65% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. The stock currently trades at ~$229. Last two quarters have seen only minor adjustments.TE Connectivity (TEL): TEL is a 2.61% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. Last three quarters saw a ~40% selling at prices between ~$96 and ~$139. The stock currently trades at ~$161. This quarter saw minor trimming.Sensata Technologies (ST): The bulk of the 2.47% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last few years have seen only minor adjustments. The stock currently goes for ~$61.Note: Generation IM has a 7.5% ownership stake in Sensata Technologies NV.Applied Materials (AMAT): The 2.34% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. The stock currently trades at ~$149. Last several quarters have seen only minor adjustments.Dentsply Sirona (XRAY): XRAY is a 1.65% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. Last two quarters saw a ~63% reduction at prices between ~$52 and ~$69. The stock is now at ~$52. This quarter also saw minor trimming.Illumina Inc. (ILMN): ILMN is a 1.57% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Q4 2020 saw a two-thirds increase at prices between ~$293 and ~$371 while in the last three quarters there was a ~52% reduction at prices between ~$361 and ~$525. The stock is now at ~$366.Synopsis Inc. (SNPS): The 1.21% SNPS stake was established last quarter at prices between ~$229 and ~$277. There was a ~22% selling this quarter at prices between ~$275 and ~$338. The stock currently trades at ~$345.Acuity Brands (AYI), Asana Inc. (ASAN), Cognizant Technology (CTSH), Guidewire Software (GWRE), Microsoft Corporation (MSFT), Salesforce.com (CRM), Texas Instruments (TXN), Trane Technologies plc (TT), and Twilio Inc. (TWLO): These small (less than ~1.25% of the portfolio each) stakes were reduced this quarter.Kept Steady:Taiwan Semi (TSM): The minutely small 0.05% of the portfolio stake in TSM was kept steady this quarter.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2021:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q2 2021 and Q3 2021.6/15/2021: Proterra investment made in 2017 ~$55M raided. Details:Regulatory filings from 6/15/2021 thru 9/23/2021: None."

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2021 Update"

"Generation Investment Management’s 13F portfolio value increased from $23.86B to $24.11B this quarter.They increased Amazon.com, Alibaba Group Holdings, and Thermo Fisher Scientific while reducing Equifax, Gartner, and Dentsply Sirona.The top three positions are Baxter International, Amazon.com, and Alphabet, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 8/16/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2021.This quarter, Al Gore’s 13F portfolio value increased from $23.86B to $24.11B. The number of positions remained steady at 40. The top five stakes are Baxter International, Amazon.com, Alphabet, Cisco Systems, and Equifax. They account for around ~29% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Intel Corporation (INTC) and Synopsis Inc. (SNPS): These are the new positions this quarter. INTC is a 1.65% of the portfolio position purchased at prices between ~$53.50 and ~$68 and the stock currently trades near the bottom of that range at $54.03. The 1.43% SNPS stake was established at prices between ~$229 and ~$277 and it is now well above that range at ~$323.Stake Disposals:Aon plc (AON) and Waters Corp. (WAT): These are very small (less than ~0.55% of the portfolio each) stakes disposed this quarter.Stake Increases:Baxter International (BAX): BAX is now the largest 13F position at ~7% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Last quarter saw another ~20% stake increase at prices between ~$76 and ~$86. The stock currently trades at $80.79. There was a marginal increase this quarter.Amazon.com (AMZN): AMZN is a large (top three) 6.31% of the portfolio position purchased over the last two quarters at prices between ~$3152 and ~$3505 and the stock currently trades at ~$3416.Alphabet Inc. (GOOG): GOOG stake is currently at 5.56% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. The stock currently trades at ~$2837. Last two quarters have seen only minor adjustments.Cisco Systems (CSCO): CSCO is a large (top five) 5.42% of the portfolio position built in H2 2020 at prices between ~$35.50 and ~$48. The stock currently trades at $56.69. Last two quarters have seen only minor adjustments.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $77.60 and the stake at 4.12% of the portfolio. Generation IM has a ~9.5% ownership stake in Henry Schein. Last five quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Becton Dickinson (BDX): The 3.88% BDX position was built last year at prices between $201 and $284. The stock currently trades at ~$254. Last two quarters have seen only minor adjustments.Jones Lang LaSalle Inc. (JLL): JLL is a 3.82% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$247.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Alibaba Group Holdings (BABA): BABA is a 3.69% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over the last two quarters at prices between ~$206 and ~$271. The stock currently trades at ~$151.Thermo Fisher Scientific (TMO): TMO is a 3.57% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. Last year had seen another ~60% selling at prices between ~$255 and ~$528. This quarter saw a similar increase at prices between ~$441 and ~$509. The stock currently goes for ~$608.Nutanix (NTNX): NTNX is a ~3% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $42.50. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Steris plc (STE): STE is 2.70% of the portfolio stake primarily built last quarter at prices between ~$171 and ~$203. The stock currently trades at ~$220. There was a marginal increase this quarter.Applied Materials (AMAT): The 2.62% AMAT stake saw a marginal increase this quarter. The position was established in Q2 2019 at prices between ~$39 and ~$45. The stock currently trades at ~$141.Guidewire Software (GWRE), Huazhu Group (HTHT), Microsoft Corporation (MSFT), Mercadolibre (MELI), Microchip Technology (MCHP), and Salesforce.com (CRM): These small (less than ~1.2% of the portfolio each) stakes were increased this quarter.Stake Decreases:Equifax Inc. (EFX): The large 4.66% EFX stake was purchased in Q1 2019 at prices between $91 and $115. The stock has doubled and currently trades at ~$265. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. That was followed with another ~20% stake increase last quarter at prices between ~$162 and ~$193. This quarter saw the position sold down by around one-third at prices between ~$181 and ~$241.Charles Schwab (SCHW): SCHW is a fairly large stake at 4.30% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Last quarter saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction this quarter at prices between ~$63.50 and ~$76. The stock is now at $74.30.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Analog Devices (ADI): ADI position is now at 3.47% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. The stock currently trades at ~$177. There was a ~12% trimming this quarter.Gartner Inc. (IT): The 3.39% of the portfolio IT stake was built last year at prices between ~$83 and ~$164. Last three quarters have seen a ~40% selling at prices between ~$117 and ~$248. The stock is now at ~$324.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These two positions established in Q1 2020 were reduced over the last four quarters. PANW is a ~3% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$483. Last four quarters have seen a ~45% selling at prices between ~$220 and ~$397. TRMB is a 1.38% of the portfolio position purchased at prices between ~$21 and ~$46. Last four quarters have seen a two-thirds selling at prices between ~$42.50 and ~$83. TRMB currently goes for $89.59.TE Connectivity (TEL): TEL is a 2.73% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. Last three quarters saw a ~40% selling at prices between ~$96 and ~$139. The stock currently trades at ~$144.Cooper Companies (COO): The bulk of the 2.66% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction this quarter at prices between ~$372 and ~$412. The stock currently trades at ~$439.Sensata Technologies (ST): The bulk of the 2.64% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last two years have seen only minor adjustments. The stock currently goes for $56.46.Note: Generation IM has a 7.5% ownership stake in Sensata Technologies NV.CBRE Group (CBRE): CBRE is a 2.46% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at $96.05. There was a ~30% selling this quarter at prices between ~$78 and ~$90.Illumina Inc. (ILMN): ILMN is a 2.15% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Q4 2020 saw a two-thirds increase at prices between ~$293 and ~$371 while in the last two quarters there was a ~50% reduction at prices between ~$362 and ~$505. The stock is now at ~$433.Dentsply Sirona (XRAY): XRAY is a 1.84% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. Last two quarters saw a ~63% reduction at prices between ~$52 and ~$69. The stock is now at $59.60.Acuity Brands (AYI), Asana Inc. (ASAN), Cognizant Technology (CTSH), Penumbra Inc. (PEN), Taiwan Semi (TSM), Trane Technologies plc (TT), Twilio Inc. (TWLO), and Texas Instruments (TXN): These small positions (less than ~1.5% of the portfolio each) were reduced this quarter.Note: Generation IM controls ~4.5% of Acuity Brands.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2021:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q1 2021 and Q2 2021.6/15/2021: Proterra investment made in 2017 ~$55M raided. Details:Regulatory filings from 3/8/2021 thru 6/15/2021: None."

"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2021 Update"

"Generation Investment Management’s 13F portfolio value increased from $22.41B to $23.86B this quarter.They added Amazon.com and increased Alibaba Group Holdings & Steris plc while reducing Dentsply Sirona & Illumina.The top three positions are Baxter International, Equifax, and Cisco Systems, and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 5/17/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2020.This quarter, Al Gore’s 13F portfolio value increased ~6% from $22.41B to $23.86B. The number of positions decreased from 41 to 40. The top five stakes are Baxter International, Equifax, Cisco Systems, Charles Schwab, and Alphabet. They account for around ~27% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Amazon.com (AMZN): AMZN is a fairly large 3.92% of the portfolio position purchased this quarter at prices between ~$2952 and ~$3380 and the stock currently trades just above that range at ~$3383.Guidewire Software (GWRE) and Aon plc (AON): These are very small (less than ~0.65% of the portfolio each) new stakes established during the quarter.Stake Disposals:Airbnb (ABNB), Aptiv plc (APTV), Cerner Corporation (CERN), and Workday Inc. (WDAY): These small (less than ~1.10% of the portfolio each) stakes were disposed this quarter.Stake Increases:Baxter International (BAX): BAX is now the largest 13F position at 7.42% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. This quarter saw another ~20% stake increase at prices between ~$76 and ~$86. The stock currently trades at ~$82.Equifax Inc. (EFX): The large (top three) 5.22% EFX stake was purchased in Q1 2019 at prices between $91 and $115. The stock has doubled and currently trades at ~$231. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. That was followed with another ~20% stake increase this quarter at prices between ~$162 and ~$193.Alibaba Group Holdings (BABA): BABA is a 2.85% of the portfolio position purchased last quarter at prices between ~$222 and ~$317. The stake was almost doubled this quarter at prices between ~$223 and ~$271. The stock currently trades at ~$210Steris plc (STE): STE is 2.52% of the portfolio stake primarily built this quarter at prices between ~$171 and ~$203. The stock currently trades at ~$198.Nutanix (NTNX): NTNX is a ~2% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $37.60. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Huazhu Group (HTHT) and Microchip Technology (MCHP): These two minutely small (less than ~0.25% of the portfolio each) stakes saw marginal increases during the quarter.Stake Decreases:Cisco Systems (CSCO): CSCO is a large (top three) ~5% of the portfolio position built over the last two quarters at prices between ~$35.50 and ~$48. The stock currently trades at $53.79. This quarter saw marginal trimming.Charles Schwab (SCHW): SCHW is a large top-five stake at 6.62% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. This quarter saw a ~37% selling at prices between ~$51.50 and ~$68. The stock is now at $72.54.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Alphabet Inc. (GOOG): GOOG stake is currently at 4.34% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. Last five quarters saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. The stock currently trades at ~$2521. There was marginal trimming this quarter.Cognizant Technology (CTSH): The ~4% of the portfolio CTSH stake was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the next two quarters at prices between $58.75 and $66.50. Last two quarters saw a ~20% selling at prices between ~$69 and ~$82. The stock currently trades at $70.35.Becton Dickinson (BDX): The 3.91% BDX position was built last year at prices between $201 and $284. The stock currently trades near the middle of that range at ~$241. This quarter saw marginal trimming.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $78.40 and the stake at 3.87% of the portfolio. Generation IM has a 9.4% ownership stake in Henry Schein. Last four quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Dentsply Sirona (XRAY): XRAY is a 3.81% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. This quarter saw a ~25% reduction at prices between ~$52 and ~$64. The stock is now at $65.89.Note: Generation IM has a ~5% ownership stake in Dentsply Sirona.Gartner Inc. (IT): The 3.76% of the portfolio IT stake was built last year at prices between ~$83 and ~$164. It is now at ~$235. Last two quarters have seen a ~15% trimming.Note: Generation IM owns ~5% of the business.Analog Devices (ADI): ADI position is now at 3.57% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Last two quarters have seen only minor adjustments. The stock currently trades at ~$168.Jones Lang LaSalle Inc. (JLL): JLL is a 3.53% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$206.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Cooper Companies (COO): The bulk of the 3.48% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$377. Last few quarters have seen only minor adjustments.TE Connectivity (TEL): TEL is a 3.32% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. Last two quarters saw a ~30% selling at prices between ~$96 and ~$135. The stock currently trades at ~$137.CBRE Group (CBRE): CBRE is a 3.27% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at ~$89. Last two quarters have seen only minor adjustments.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These two positions established in Q1 2020 were reduced over the last three quarters. PANW is a ~3% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$361. Last three quarters have seen a ~40% selling at prices between ~$221 and ~$397. TRMB is a 1.81% of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for ~$78. Last three quarters have seen a two-thirds selling at prices between ~$41.50 and ~$84.Sensata Technologies (ST): The bulk of the 2.81% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last two years have seen only minor adjustments. The stock currently goes for $59.43.Note: Generation IM has a 7.5% ownership stake in Sensata Technologies NV.Illumina Inc. (ILMN): ILMN is a 2.17% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Last quarter saw a two-thirds increase at prices between ~$293 and ~$371 while this quarter there was a ~30% reduction at prices between ~$361 and ~$505. The stock is now at ~$452.Thermo Fisher Scientific (TMO): TMO is a ~2% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. Last four quarters had seen another ~60% selling at prices between ~$255 and ~$528. The stock currently goes for ~$470. There was marginal trimming this quarter.Texas Instruments (TXN): The vast majority of the 1.79% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$189. Last two years have seen a ~60% selling at prices between ~$98 and ~$192.Acuity Brands (AYI), Applied Materials (AMAT), Asana Inc. (ASAN), Mercadolibre (MELI), Microsoft Corporation (MSFT), Penumbra Inc. (PEN), Salesforce.com (CRM), Taiwan Semi (TSM), Trane Technologies plc (TT), Twilio Inc. (TWLO), and Waters Corp. (WAT): These small positions (less than ~2% of the portfolio each) were reduced this quarter.Note 1: Generation IM controls ~8% of Acuity Brands.Note 2: Penumbra stock dropped in February following fraud by Quintessential Capital Management.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2021:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/7/2021: 13G – 2/26 – EFX – 6.2M shares – 5.1% of business. 13G/As – 2/16 – XRAY – 18.77M shares – 7.3% of business, ST – 11.71M shares – 7.5% of business, JLL – 4.88M shares – 9.5% of business, HSIC – 13.38M shares – 9.4% of business, Acuity Brands – ACY – 3.34M shares – 9.1% of business, ASAN – 6.25M shares – 7.8% of business, NTNX – 17.23M shares – 9.1% of business, IT – 5.42M shares – 6.1% of business, COO – 1.53M shares – 3.1% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2020 Update"

"Generation Investment Management’s 13F portfolio value increased from $18.84B to $22.41B this quarter.They increased Baxter International and Equifax while reducing Aptiv plc.The top three positions are Charles Schwab, Baxter International, and Cognizant Technology, and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 2/16/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2020.This quarter, Al Gore’s 13F portfolio value increased ~19% from $18.84B to $22.41B. The number of positions decreased from 42 to 41. The top five stakes are Charles Schwab, Baxter International, Cognizant Technology, Equifax, and Cisco Systems. They account for around ~28% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Alibaba Group Holdings (BABA) and Airbnb (ABNB): These are the two new stakes this quarter. BABA is a 1.60% of the portfolio position purchased this quarter at prices between ~$222 and ~$317 and the stock currently trades at ~$236. ABNB had an IPO in December. Shares started trading at ~$157 and currently goes for ~$192. Generation IM’s position is minutely small at 0.11% of the portfolio.Stake Disposals:A O Smith (AOS), Stericycle Inc. (SRCL), and Varian Medical Systems (VAR): These very small (less than ~1.2% of the portfolio each) stakes were disposed this quarter.Stake Increases:Baxter International (BAX): BAX is a large (top three) 6.24% of the portfolio stake established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. The stock currently trades at ~$80. Last three quarters have seen only minor adjustments.Equifax Inc. (EFX): The large (top five) 4.87% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at ~$173. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. H1 2020 had seen another ~20% reduction while last quarter there was a ~8% stake increase. This quarter saw a whopping ~175% stake increase at prices between ~$137 and ~$195.Note: Regulatory filings since the quarter ended show them owning 6.2M shares (5.1% of the business) of Equifax. This is compared to 5.66M shares in the 13F report.Cisco Systems (CSCO): CSCO is a large (top five) 4.66% of the portfolio position built over the last two quarters at prices between ~$35.50 and ~$48. The stock currently trades at $48.80.Becton Dickinson (BDX): The 4.29% BDX position was built last year at prices between $201 and $284. The stock currently trades near the middle of that range at ~$239.Analog Devices (ADI): ADI position is now at 3.86% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the next two quarters at prices between $104 and $125. Last quarter saw a stake doubling at prices between ~$112 and ~$125. The stock currently trades at ~$150. This quarter saw minor trimming.Illumina Inc. (ILMN): ILMN is a 3.24% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. This quarter saw a two-thirds increase at prices between ~$293 and ~$371. The stock is now at ~$409.CBRE Group (CBRE): CBRE is a 2.76% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at $78.35. There was a marginal increase this quarter.Microchip Technology (MCHP) and Taiwan Semi (TSM): These minutely small (less than ~0.25% of the portfolio each) stakes were increased this quarter.Stake Decreases:Charles Schwab (SCHW): SCHW is currently the largest position at 6.62% of the portfolio. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The six quarters through Q1 2020 had also seen a ~180% stake increase at prices between ~$30 and ~$50. There was a ~18% reduction in Q2 2020 at prices between ~$32 and ~$43 while last quarter there was a ~12% stake increase. The stock is now at $66.07. This quarter saw a ~6% trimming.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cognizant Technology (CTSH): The ~5% of the portfolio CTSH stake is now the largest 13F position. It was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the next two quarters at prices between $58.75 and $66.50. The stock currently trades at $76.40. There was a ~14% trimming this quarter.Dentsply Sirona (XRAY): XRAY is a large 4.39% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. Last two quarters had also seen minor increases. The stock is now at $63.05. There was a ~3% trimming this quarter.Note: Generation IM has a 7.3% ownership stake in Dentsply Sirona.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These two positions established in Q1 2020 were reduced over the last two quarters. PANW is a 4.30% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$318. Last two quarters have seen a ~20% trimming. TRMB is a 2.21% of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for $74.62. Last two quarters have seen a ~40% selling at prices between ~$41.50 and ~$67.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $67.69 and the stake at ~4% of the portfolio. Generation IM has a 9.4% ownership stake in Henry Schein. Last three quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Alphabet Inc. (GOOG): GOOG stake is currently at 3.92% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. Last five quarters saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. The stock currently trades at ~$2036.Gartner Inc. (IT): The 3.87% of the portfolio IT stake was built last year at prices between ~$83 and ~$164. It is now at ~$183. This quarter saw a ~4% trimming.Note: Generation IM owns ~6% of the business.Cooper Companies (COO): The bulk of the 3.64% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$379. The first three quarters of 2019 had seen a ~53% selling at prices between $246 and $342 while the last three quarters saw a similar increase at prices between ~$243 and ~$360. This quarter saw marginal trimming.Note: regulatory filings since the quarter ended show them owning 1.53M shares (3.1% of the business) of Cooper Companies. This is compared to 2.24M shares in the 13F report.TE Connectivity (TEL): TEL is a 3.58% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. Q2 2020 saw a ~11% increase and that was followed with a marginal further increase last quarter. This quarter saw a ~20% selling at prices between ~$96 and ~$121. The stock currently trades at ~$132.Jones Lang LaSalle Inc. (JLL): JLL is a 3.23% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$178.Note: Generation IM has a 9.5% ownership stake in Jones Lang LaSalle.Sensata Technologies (ST): The bulk of the 2.78% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last two years have seen only minor adjustments. The stock currently goes for $63.36.Note: Generation IM has a 7.5% ownership stake in Sensata Technologies NV.Nutanix (NTNX): NTNX is a 2.45% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now near the low end of that range at $25.65. There was a ~12% stake increase last quarter at prices between ~$20 and ~$29. Generation IM has a ~9% ownership stake in Nutanix. This quarter saw minor trimming.Texas Instruments (TXN): The vast majority of the 2.30% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$174. The four quarters thru Q2 2020 had seen a combined ~20% selling and that was followed with a similar reduction last quarter at prices between ~$125 and ~$148. This quarter also saw a ~15% trimming.Thermo Fisher Scientific (TMO): TMO is a 2.12% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. Last four quarters have seen another ~60% selling at prices between ~$255 and ~$528. The stock currently goes for ~$446.Acuity Brands (AYI), Applied Materials (AMAT), Aptiv plc (APTV), Asana Inc. (ASAN), Cerner Corporation (CERN), Huazhu Group (HTHT), Mercadolibre (MELI), Microsoft Corporation (MSFT), Penumbra Inc. (PEN), Salesforce.com (CRM), Steris plc (STE), Trane Technologies plc (TT), Twilio Inc. (TWLO), Waters Corp. (WAT), and Workday Inc. (WDAY): These small positions (less than ~1.5% of the portfolio each) were reduced this quarter.Note 1: Generation IM controls ~9% of Acuity Brands.Note 2: Penumbra stock dropped last month following fraud by Quintessential Capital Management.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2020:Regulatory filings thru 8/28/2020: Form 4 – 9/30 – ASAN – 3M shares disposed at ~27.5, 9/23 – 9.75M shares Class B to E preferred stock converted, 9/21 – 9.75M in convertible preferred stock.."

"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2020 Update"

"Generation Investment Management’s 13F portfolio value increased from $17.34B to $18.84B this quarter.They increased Becton Dickinson and Analog Devices while decreasing Alphabet, Varian Medical Systems, and Workday during the quarter. They also added Cisco Systems.The top three positions are Cognizant Technology, Charles Schwab, and Baxter International and they add up to ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/16/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2020.This quarter, Al Gore’s 13F portfolio value increased ~9% from $17.34B to $18.84B. The number of positions increased from 39 to 42. The top five stakes are Cognizant Technology, Charles Schwab, Baxter International, Dentsply Sirona, and Becton Dickinson. They account for around ~26% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Cisco Systems (CSCO), Asana Inc. (ASAN), and Steris plc (STE): These are the new positions this quarter. CSCO is a large 3.85% of the portfolio position purchased at prices between ~$38 and ~$48 and the stock currently trades at $44.69. Asana had a direct listing on September 30th. Generation IM’s stake goes back to 2018 when they started leading Asana’s funding rounds. The STE stake is a minutely small 0.42% of the portfolio position.Note: Regulatory filings since the quarter ended show them owning 6.75M shares of Asana. This is compared to ~9.75M shares in the 13F report. Around 3M shares were sold at an average price of ~$27.50. The stock is now at ~$32.Stake Disposals:None.Stake Increases:Cognizant Technology (CTSH): The ~6% of the portfolio CTSH stake is now the largest 13F position. It was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the next two quarters at prices between $58.75 and $66.50. The stock currently trades at $79.01. Last three quarters have seen a minor increase.Charles Schwab (SCHW): SCHW is a large (top three) 5.73% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The six quarters through Q1 2020 had also seen a ~180% stake increase at prices between ~$30 and ~$50. The stock is now at $50.55. There was a ~18% reduction last quarter at prices between ~$32 and ~$43 while this quarter there was a ~12% stake increase.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Baxter International (BAX): BAX is a large (top three) ~5% of the portfolio stake established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. The stock currently trades at $79.30. Last quarter saw a ~4% stake increase and that was followed with a ~12% increase this quarter.Dentsply Sirona (XRAY): XRAY is a large (top five) 4.49% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. Last two quarters have also seen minor increases. The stock is now at $54.50.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Becton Dickinson (BDX): The top five 4.41% BDX position was built this year at prices between $201 and $286. The stock currently trades at ~$240.TE Connectivity (TEL): TEL is a 4.35% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. The stock currently trades at ~$119. Last quarter saw a ~11% increase and that was followed with a marginal further increase this quarter.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $71.15 and the stake at 4.19% of the portfolio. Generation IM has a ~9% ownership stake in Henry Schein. Last two quarters have seen marginal increases.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Cooper Companies (COO): The bulk of the ~4% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$343. The first three quarters of last year had seen a ~53% selling at prices between $246 and $342 while the last three quarters saw a similar increase at prices between ~$243 and ~$360.Gartner Inc. (IT): The 3.73% of the portfolio IT stake was built this year at prices between ~$83 and ~$164. It is now at ~$155.Analog Devices (ADI): ADI position is now at 3.62% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the next two quarters at prices between $104 and $125. There was a stake doubling this quarter at prices between ~$112 and ~$125. The stock currently trades at ~$142.Sensata Technologies (ST): The bulk of the 2.84% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last seven quarters have seen only minor adjustments. The stock currently goes for $49.61.Note: Generation IM has a ~7% ownership stake in Sensata Technologies NV.Jones Lang LaSalle Inc. (JLL): JLL is a 2.49% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$150.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Nutanix (NTNX): NTNX is a ~2% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $29.73. There was a ~12% stake increase this quarter at prices between ~$20 and ~$29. Generation IM has a ~9% ownership stake in Nutanix.Trane Technologies plc (TT) previously Ingersoll-Rand plc: TT was a 2.16% portfolio position first purchased in 2015 at prices between $51 and $71. The position had wavered. Recent activity follows: 2019 saw a ~27% selling at prices between $93 and $135. Q1 2020 saw another ~18% reduction at prices between ~$71 and ~$147. The stock is now at $141. There was a ~63% stake increase last quarter at prices between $77 and $102. This quarter also saw a marginal increase.Equifax Inc. (EFX): The 1.71% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at ~$180. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Last two quarters had seen another ~20% reduction while this quarter there was a ~8% stake increase.Acuity Brands (AYI), Applied Materials (AMAT), CBRE Group (CBRE), Microsoft Corporation (MSFT), Penumbra Inc. (PEN), Stericycle Inc. (SRCL), Waters Corp. (WAT), and Taiwan Semi (TSM): These small (less than ~2.5% of the portfolio each) positions were increased this quarter.Note 1: Generation IM controls ~8% of AYI.Note 2: Penumbra stock lost ~23% over the last month following fraud by Quintessential Capital Management.Stake Decreases:Alphabet Inc. (GOOG): GOOG stake is currently at 4.25% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at ~$1784. Last four quarters saw the stake reduced by ~50% at prices between $1055 and $1728.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These medium-sized positions established in Q1 2020 were reduced this quarter. PANW is a ~4% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third last quarter at prices between ~$163 and ~$240. The stock currently trades at ~$302. This quarter saw a ~6% trimming. TRMB is a 2.38% of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for $63.24. This quarter saw a ~20% reduction at prices between $41.50 and $54.30.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.25% position. It was first purchased in Q4 2016 at prices between $46 and $55. The stake has wavered. Recent activity follows: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase next quarter at prices between $64 and $91. There was a ~15% stake increase in Q1 2020 at prices between $33.50 and $96. The stock currently trades at ~$124. Last quarter saw a ~7% further increase while this quarter saw similar trimming.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Texas Instruments (TXN): The vast majority of the 2.80% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$163. Last four quarters had seen a combined ~20% selling and that was followed with a similar reduction this quarter at prices between ~$125 and ~$148.Thermo Fisher Scientific (TMO): TMO is a 2.77% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling last year at prices between $221 and $327. Last three quarters have seen another ~42% selling at prices between ~$255 and ~$441. The stock currently goes for ~$461.Illumina Inc. (ILMN): ILMN is a 1.93% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. The stock is now at ~$338. There was a ~30% selling last quarter at prices between $257 and $373. This quarter saw marginal trimming.Mercadolibre (MELI): The 1.19% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$1537. The four quarters thru Q3 2019 had seen a ~42% selling at prices between $285 and $690. Last two quarters saw another ~70% reduction at prices between ~$447 and ~$1225. Generation IM is harvesting gains.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Cerner Corporation (CERN): CERN is a 1.17% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. The position has wavered. Recent activity follows: There was a ~50% stake increase in Q4 2019 at prices between $65 and $73.50 and that was followed with a ~15% stake increase next quarter. The stock currently trades at $74.41. Last two quarters saw a ~40% selling at prices between ~$61 and ~$75.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. Q3 2019 saw a stake doubling at prices between $140 and $160. The stock currently trades at ~$221 and the stake is at ~1% of the portfolio. Last three quarters saw a two-thirds selling at prices between $124 and $281.Twilio Inc. (TWLO): TWLO is a 0.74% of the portfolio stake established in Q3 2019 at prices between $107 and $150 and increased by ~260% next quarter at prices between $91 and $117. The stock currently trades at ~$313. Last three quarters saw a ~85% reduction at prices between ~$72 and ~$284.A O Smith (AOS), Varian Medical Systems (VAR), and Workday Inc. (WDAY): These three small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:Huazhu Group (HTHT) and Microchip Technology (MCHP): These minutely small (less than ~0.25% of the portfolio each) stakes were kept steady during the quarter.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2020:Regulatory filings thru 8/28/2020: 13G – 6/12 – AYI – 2.47M shares – 6.2% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2020 Update"

"Generation Investment Management’s 13F portfolio value increased from $14.09B to $17.34B this quarter.They increased Palo Alto Networks and Gartner while decreasing Mercadolibre and Twilio.The top three positions are Alphabet, Cognizant Technology, and Baxter International and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 08/14/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2020.This quarter, Al Gore’s 13F portfolio value increased ~23% from $14.09B to $17.34B. The number of positions decreased from 41 to 39. The top five stakes are Alphabet, Cognizant Technology, Baxter International, Charles Schwab, and Dentsply Sirona. They account for around ~28% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:None.Stake Disposals:NVidia Corp (NVDA) and SPDR Trust (SPY): These minutely small (less than ~0.1% of the portfolio each) positions were disposed this quarter.Stake Increases:Cognizant Technology (CTSH): The large (top three) 5.27% of the portfolio CTSH stake was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the next two quarters at prices between $58.75 and $66.50. The stock currently trades at $65.59. Last two quarters have seen a minor increase.Baxter International (BAX): BAX is a large (top three) 5.27% of the portfolio stake established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% last quarter at prices between ~$72 and ~$93. The stock currently trades at $81.29. This quarter saw a ~4% stake increase.Dentsply Sirona (XRAY): XRAY is a large (top five) ~5% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at ~$43.67. Q2 2019 saw a ~20% selling at prices between $49 and $59 while last quarter there was a ~15% stake increase at prices between ~$32 and $61. This quarter saw a ~4% stake increase.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while last quarter there was a similar increase at prices between ~$43 and ~$74. The stock is now at $63.74 and the stake at ~4.51% of the portfolio. Generation IM has a ~9% ownership stake in Henry Schein. There was a marginal increase this quarter.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Palo Alto Networks (PANW), Gartner Inc. (IT), and Trimble Inc. (TRMB): These medium-sized positions established last quarter saw increases this quarter. PANW is a 4.42% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third this quarter at prices between ~$163 and ~$240. The stock currently trades at ~$234. The 3.53% of the portfolio IT stake was established at prices between ~$83 and ~$164. This quarter saw a ~27% stake increase at prices between ~$92 and ~$138. It is now at ~$129. TRMB is a 2.86 % of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for $49.14. There was a marginal increase this quarter.TE Connectivity (TEL): TEL is a medium-sized 3.93% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase last quarter at prices between $53 and $100. The stock currently trades at $95.40. This quarter also saw a ~11% increase.Becton Dickinson (BDX): The 3.56% BDX position was built last quarter at prices between $201 and $286. This quarter saw a ~50% stake increase at prices between $225 and $270. The stock currently trades at ~$234.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.28% position. It was first purchased in Q4 2016 at prices between $46 and $55. The stake has wavered. Recent activity follows: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase next quarter at prices between $64 and $91. There was a ~15% stake increase last quarter at prices between $33.50 and $96. The stock currently trades at $84.66. This quarter saw a ~7% further increase.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Cooper Companies (COO): The bulk of the 3.27% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$318. The first three quarters of last year had seen a ~53% selling at prices between $246 and $342. Last two quarters have seen a one-third stake increase at prices between $243 and $360.Jones Lang LaSalle Inc. (JLL): JLL is a 2.91% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$101.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Sensata Technologies (ST): The bulk of the 2.65% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last six quarters have seen only minor adjustments. The stock currently goes for ~$41.Note: Generation IM has a ~7% ownership stake in Sensata Technologies NV.Nutanix (NTNX): NTNX is a 2.11% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now near the low end of that range at ~$25. Last few quarters have seen only minor adjustments. Generation IM has a ~8% ownership stake in Nutanix.Analog Devices (ADI): ADI position is now at ~2% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the next two quarters at prices between $104 and $125. The stock currently trades at ~$113. Last two quarters have seen only minor adjustments.Trane Technologies plc (TT) previously Ingersoll-Rand plc: TT was a 1.71% portfolio position first purchased in 2015 at prices between $51 and $71. The position had wavered. Recent activity follows: 2019 saw a ~27% selling at prices between $93 and $135. Last quarter saw another ~18% reduction at prices between ~$71 and ~$147. The stock is now at $116. There was a ~63% stake increase this quarter at prices between $77 and $102.A O Smith (AOS), Acuity Brands (AYI), Applied Materials (AMAT), CBRE Group (CBRE), Microsoft Corporation (MSFT), Penumbra Inc. (PEN), Stericycle Inc. (SRCL), Varian Medical Systems (VAR), Waters Corp. (WAT), and Workday Inc. (WDAY): These small (less than ~2.5% of the portfolio each) positions were increased this quarter.Note: Generation IM controls ~6% of AYI.Stake Decreases:Alphabet Inc. (GOOG): GOOG is currently the largest position at 7.34% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at ~$1524. Last three quarters have seen a combined ~23% reduction.Charles Schwab (SCHW): SCHW is a large (top five) ~5% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Last six quarters had also seen a ~180% stake increase at prices between ~$30 and ~$50. The stock is now at $34.65. There was a ~18% reduction this quarter at prices between ~$32 and ~$43.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Thermo Fisher Scientific (TMO): TMO is a 3.44% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling last year at prices between $221 and $327. The stock currently goes for ~$112. Last two quarters have seen another ~20% selling at prices between $82 and $110.Texas Instruments (TXN): The vast majority of the 3.41% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$136. Last four quarters have seen a combined ~19% selling.Illumina Inc. (ILMN): ILMN is a 2.53% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% last quarter at prices between $209 and $336. The stock is now at ~$341. There was a ~30% selling this quarter at prices between $257 and $373.Mercadolibre (MELI): The ~2% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$1023. The four quarters thru Q3 2019 had seen a ~42% selling at prices between $285 and $690. There was another similar reduction this quarter at prices between $447 and $986. Generation IM is harvesting gains.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Equifax Inc. (EFX): The 1.88% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at ~$164. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Last two quarters saw another ~20% reduction.Cerner Corporation (CERN): CERN is a 1.82% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The four quarters thru Q3 2019 had also seen a ~60% selling at prices between $49 and $76. Q4 2019 saw an about turn: ~50% stake increase at prices between $65 and $73.50 and that was followed with a ~15% stake increase last quarter. The stock currently trades at ~$70. This quarter saw a ~12% trimming.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. Q3 2019 saw a stake doubling at prices between $140 and $160. The stock currently trades at ~$241 and the stake is at 1.37% of the portfolio. Last two quarters saw a ~50% selling at prices between $124 and $193.Twilio Inc. (TWLO): TWLO is a 1.20% of the portfolio stake established in Q3 2019 at prices between $107 and $150 and increased by ~260% next quarter at prices between $91 and $117. The stock currently trades at ~$226. Last two quarters saw a ~72% reduction at prices between ~$72 and $228.Huazhu Group (HTHT) and Microchip Technology (MCHP): These minutely small (less than ~0.25% of the portfolio each) stakes were decreased during the quarter.Kept Steady:Taiwan Semi (TSM): The minutely small 0.02% stake in TSM was kept steady this quarter.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2020:Regulatory filings thru 5/28/2020: 13G – 4/28 – IT – 4.63M shares – 5.2% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2020 Update"

"Generation Investment Management’s 13F portfolio value decreased from $15.64B to $14.09B this quarter.They added Palo Alto Networks, Gartner, & Trimble while dropping Credicorp, Automatic Data Processing, & Trane Technologies.The top three positions are Alphabet, Charles Schwab, and Baxter International and they add up to ~22% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 05/15/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2019.This quarter, Al Gore’s 13F portfolio value decreased ~10% from $15.64B to $14.09B. The number of positions increased from 39 to 41. The top five stakes are Alphabet, Charles Schwab, Baxter International, Cognizant Technology, and Dentsply Sirona. They account for around one-third of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Palo Alto Networks (PANW), Gartner Inc. (IT), and Trimble Inc. (TRMB): These are medium-sized new positions established during the quarter. PANW is a ~3% of the portfolio stake purchased at prices between ~$133 and ~$250 and the stock currently trades at ~$227. The 2.81% of the portfolio IT stake was established at prices between ~$83 and ~$164 and it is now at ~$131. TRMB is a 2.56% of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for ~$43.Note: Regulatory filings since the quarter ended show them owning 4.63M sharers (5.2% of the business) of Gartner Inc. This is compared to 3.98M shares in the 13F report. Generation IM is continuing to build the position.Varian Medical Systems (VAR), A O Smith (AOS), and Workday Inc. (WDAY): These are small (less than ~1.3% of the portfolio each) new positions established this quarter.Stake Disposals:Credicorp Ltd. (BAP): BAP was a ~2% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. The four quarters thru Q3 2018 had seen a combined ~44% increase at prices between $192 and $236. Q1 2019 saw a ~18% selling at prices between $222 and $251. The elimination this quarter was at prices between ~$124 and ~$220. The stock is now at ~$155.Automatic Data Processing (ADP): ADP was a 1.55% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The four quarters thru Q3 2019 had seen a ~50% selling at prices between $122 and $173. That was followed with another one-third selling last quarter at prices between $156 and $172. The disposal this quarter was at prices between ~$109 and ~$181. The stock is now at ~$150.Deere & Co. (DE): DE was a large top five 5% portfolio stake as of Q3 2019. The position was from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the next three quarters at prices between $131 and $162. Q3 2019 saw a ~11% trimming and that was followed with a ~85% reduction last quarter at prices between $163 and $180. The small remainder stake was disposed this quarter. The stock is now at ~$161.Amazon.com (AMZN): The very small 0.52% of the portfolio position in AMZN was sold during the quarter.Stake Increases:Charles Schwab (SCHW): SCHW is a large (top three) ~9% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Last six quarters have also seen a ~180% stake increase at prices between ~$30 and ~$50. The stock is now at $41.68.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Baxter International (BAX): BAX is a large (top three) 5.86% of the portfolio stake established last quarter at prices between $76.50 and $88.50 and increased by ~50% this quarter at prices between ~$72 and ~$93. The stock currently trades at $88.63.Cognizant Technology (CTSH): The large (top five) 5.28% of the portfolio CTSH stake was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the last two quarters at prices between $58.75 and $66.50. The stock currently trades near the low end of those ranges at $55.60. This quarter also saw a ~7% further increase.Dentsply Sirona (XRAY): XRAY is a large (top five) ~5% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at ~$48. Q2 2019 saw a ~20% selling at prices between $49 and $59 while this quarter there was a ~15% stake increase at prices between ~$32 and $61.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while this quarter there was a similar increase at prices between ~$43 and ~$74. The stock is now at $63.28 and the stake at ~5.75% of the portfolio. Generation IM has a ~9% ownership stake in Henry Schein.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Cooper Companies (COO): The bulk of the 3.54% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$314. The first three quarters of last year had seen a ~53% selling at prices between $246 and $342. This quarter saw a ~18% stake increase at prices between $243 and $360.Jones Lang LaSalle Inc. (JLL): JLL is a 3.44% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$117.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.TE Connectivity (TEL): TEL is a medium-sized 3.37% position purchased in Q4 2018 at prices between $71 and $87. Last quarter saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase this quarter at prices between $53 and $100. The stock currently trades at $88.82Illumina Inc. (ILMN): ILMN is a 3.25% of the portfolio position purchased last quarter at prices between $288 and $336 and increased by ~185% this quarter at prices between $209 and $336. The stock is now at ~$358.Becton Dickinson (BDX): The 2.80% BDX position was built this quarter at prices between $201 and $286. The stock currently trades at ~$244.Sensata Technologies (ST): The bulk of the 2.51% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last five quarters have seen only minor adjustments. The stock currently goes for $39.29.Note: Generation IM has a ~7% ownership stake in Sensata Technologies NV.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 2.38% position. It was first purchased in Q4 2016 at prices between $46 and $55. The stake has wavered. Recent activity follows: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase next quarter at prices between $64 and $91. There was a ~15% stake increase this quarter at prices between $33.50 and $96. The stock currently trades at $83.69.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Cerner Corporation (CERN): CERN is a 2.33% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The four quarters thru Q3 2019 had also seen a ~60% selling at prices between $49 and $76. Last quarter saw an about turn: ~50% stake increase at prices between $65 and $73.50 and that was followed with a ~15% stake increase this quarter. The stock currently trades at $71.37.Huazhu Group (HTHT), CBRE Group (CBRE), Microchip Technology (MCHP), Penumbra Inc. (PEN), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Alphabet Inc. (GOOG): GOOG is currently the largest position at ~8.25% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at ~$1412. Last two quarters have seen a combined ~12% trimming.Thermo Fisher Scientific (TMO): TMO is a 3.85% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling last year at prices between $221 and $327. The stock currently goes for ~$348. This quarter also saw a ~7% trimming.Texas Instruments (TXN): The vast majority of the 3.38% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$129. Last three quarters have seen a combined ~17% trimming.Mercadolibre (MELI): The 2.30% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$840. The four quarters thru Q3 2019 had seen a ~42% selling at prices between $285 and $690. Generation IM is harvesting gains. There was a ~5% trimming this quarter.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. Q3 2019 saw a stake doubling at prices between $140 and $160. The stock currently trades at ~$171 and the stake is at 1.94% of the portfolio. This quarter saw a ~15% trimming.Equifax Inc. (EFX): The 1.88% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at ~$177. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Last quarter saw a ~7% stake increase while this quarter there was a similar reduction.Analog Devices (ADI): ADI position is now at 1.76% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the next two quarters at prices between $104 and $125. The stock currently trades at ~$122. There was a marginal reduction this quarter.Nutanix (NTNX): NTNX is a 1.57% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now below that range at $24.28. This quarter saw a ~4% trimming. Generation IM has a ~8% ownership stake in Nutanix.Twilio Inc. (TWLO): TWLO is a 1.45% of the portfolio stake established in Q3 2019 at prices between $107 and $150 and increased by ~260% last quarter at prices between $91 and $117. The stock currently trades at ~$193. This quarter saw a one-third selling at prices between ~$71 and ~$132.Trane Technologies plc (TT) previously Ingersoll-Rand plc: TT was a ~2% portfolio position first purchased in 2015 at prices between $51 and $71. The position had wavered. Recent activity follows: Last year saw a ~27% selling at prices between $93 and $135. This quarter saw another ~18% reduction at prices between ~$71 and ~$147. The stock is now at $95.54.Acuity Brands (AYI), Applied Materials (AMAT), Microsoft Corporation (MSFT), NVidia Corp (NVDA), SPDR Trust (SPY), Stericycle Inc. (SRCL), and Taiwan Semi (TSM): These small (less than ~1% of the portfolio each) positions were reduced this quarter.Note: Generation IM controls ~5% of AYI.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2020:Regulatory filings thru 02/25/2020: 13G/As – 2/14 – XRAY – 16.22M shares – 7.3% of business, ST – 11.7M shares – 7.4% of business, NTNX – 14.53M shares – 8.3% of business, JLL – 4.78M shares – 9.3% of business, HSIC – 10.3M shares – 7% of business, COO – 1.53M shares – 3.1% of business, AY – 1.94M shares – 4.9% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2019 Update"

"Generation Investment Management’s 13F portfolio value increased 7.5% from $14.54B to $15.64B this quarter.They added Baxter International and increased Twilio while decreasing Analog Devices and Deere.The top three positions are Alphabet, Charles Schwab, and Cognizant Technology and they add up to ~24% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 02/14/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2019.This quarter, Al Gore’s 13F portfolio value increased 7.5% from $14.54B to $15.64B. The number of positions increased from 36 to 39. The top five stakes are Alphabet, Charles Schwab, Cognizant Technology, Dentsply Sirona, and Jones Lang LaSalle. They account for ~35% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Baxter International (BAX): BAX is a medium-sized 3.65% of the portfolio stake established this quarter at prices between $76.50 and $88.50 and the stock currently trades at $87.65.Illumina Inc. (ILMN): ILMN is a small 1.24% of the portfolio position purchased this quarter at prices between $288 and $336 and the stock is now below that range at $276.Penumbra Inc. (PEN) and CBRE Group (CBRE): These are minutely small (less than 0.5% of the portfolio each) stakes established this quarter.Stake Disposals:Allegion Pub (ALLE): The ALLE stake saw a ~350% increase in Q2 2018 at prices between $75 and $87 and that was followed with a ~20% increase next quarter at prices between $77 and $91. Q1 2019 saw an about turn: ~22% selling at prices between $81 and $94. That was followed with a ~60% selling over the last two quarters at prices between $92 and $112. The disposal this quarter was at prices between $100 and $126. The stock is currently at $123.Stake Increases:Charles Schwab (SCHW): SCHW is a large (top three) ~9% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Last five quarters have also seen a ~160% stake increase at prices between $35.50 and $51.50. The stock is now near the low end of those ranges at $34.80. For investors attempting to follow, SCHW is a good option to consider for further research.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cognizant Technology (CTSH) and Nutanix (NTNX): These two positions established in Q2 2019 were increased over the last two quarters. The large (top three) 5.93% of the portfolio CTSH stake was purchased at prices between $57 and $75. There was a ~42% stake increase over the last two quarters at prices between $58.75 and $66.50. The stock currently trades near the low end of those ranges at $59.93. For investors attempting to follow, CTSH is a good option to consider for further research. NTNX is a medium-sized 2.90% position established at prices between $24.50 and $43.50 and it is now below that range at $21.64. Last two quarters saw marginal increases. Generation IM has a ~8.3% ownership stake in Nutanix.Jones Lang LaSalle Inc. (JLL): JLL is a 5.32% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$149.Note: Generation IM has a 9.3% ownership stake in Jones Lang LaSalle.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw selling: a combined ~30% reduction at prices between $58 and $71. The stock is now at $59.25 and the stake at 4.40% of the portfolio. Generation IM has a ~7% ownership stake in Henry Schein. This quarter saw a ~3% stake increase.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Sensata Technologies (ST): The bulk of the ~4% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. The stock currently goes for $38.37. Q4 2018 saw a ~28% increase at prices between $41 and $49.50. Last four quarters have seen only minor adjustments.Note: Generation IM has a ~7.4% ownership stake in Sensata Technologies NV.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.59% position. It was first purchased in Q4 2016 at prices between $46 and $55. The stake has wavered. Recent activity follows: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase next quarter at prices between $64 and $91. The stock currently trades at ~$78.50. Last two quarters have seen minor increases.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Cooper Companies (COO): The bulk of the ~3% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$325. Last three quarters had seen a ~53% selling at prices between $246 and $342. Generation IM is harvesting gains. There was a marginal increase this quarter.Note: Generation IM has a 3.1% ownership stake in Cooper Companies.TE Connectivity (TEL): TEL is a medium-sized 3.30% position purchased in Q4 2018 at prices between $71 and $87 and the stock currently trades at $81.37. Last three quarters had seen only minor adjustments. This quarter saw a ~18% stake increase at prices between $85.50 and $96.Mercadolibre (MELI): The 2.55% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$628. Last four quarters had seen a ~42% selling at prices between $285 and $690. Generation IM is harvesting gains. This quarter saw a marginal increase.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. Last quarter saw a stake doubling at prices between $140 and $160. The stock currently trades at ~$170 and the stake is at 2.29% of the portfolio. There was a marginal increase this quarter.Equifax Inc. (EFX): The ~2% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at $158. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while last quarter there was similar selling at prices between $135 and $147. This quarter saw a ~7% stake increase.Twilio Inc. (TWLO) and Huazhu Group (HTHT): These two positions established last quarter saw increases this quarter. TWLO is a 2.11% of the portfolio stake established at prices between $107 and $150 and increased by ~260% this quarter at prices between $91 and $117. The stock currently trades at ~$106. For investors attempting to follow, TWLO is a good option to consider for further research. The minutely small 0.32% HTHT position was purchased at prices between $30 and $38.50 and increased by ~50% this quarter at prices between $32 and $38.50. It is now at ~$34.90.Cerner Corporation (CERN): CERN is a 2.11% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. Last four quarters had also seen a ~60% selling at prices between $49 and $76. This quarter saw an about turn: ~50% stake increase at prices between $65 and $73.50. The stock currently trades at ~$72.50.Credicorp Ltd. (BAP): BAP is a ~2% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. The four quarters thru Q3 2018 had seen a combined ~44% increase at prices between $192 and $236. The stock is now at ~$192. Q1 2019 saw a ~18% selling at prices between $222 and $251. Last three quarters have seen only minor adjustments.Becton Dickinson (BDX), Microchip Technology (MCHP), SPDR Trust (SPY), Stericycle Inc. (SRCL), and Waters Corp. (WAT): These very small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Alphabet Inc. (GOOG): GOOG is currently the largest position at ~9% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Last two quarters had also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at $1319. This quarter saw a ~7% trimming.Dentsply Sirona (XRAY): XRAY is a large (top three) ~6% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at $45.32. Q2 2019 saw a ~20% selling at prices between $49 and $59 and that was followed with minor trimming over the last two quarters.Note: Generation IM has a ~7.3% ownership stake in Dentsply Sirona.Thermo Fisher Scientific (TMO): TMO is a fairly large 4.30% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling over the last four quarters at prices between $221 and $327. The stock currently goes for ~$313.Texas Instruments (TXN): The vast majority of the ~4% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at $115. Last two quarters have seen a combined ~15% trimming.Microsoft Corporation (MSFT): MSFT is a 2.76% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at ~$166. Q4 2018 saw a one-third reduction at prices between $94 and $116. This quarter saw another ~25% selling at prices between $135 and $159. Generation IM is harvesting gains.Trane Technologies plc (TT) previously Ingersoll-Rand plc (IR): TT is a ~2% portfolio position first purchased in 2015 at prices between $51 and $71. The position has wavered. Recent activity follows: there was a ~17% increase in Q2 2018 at prices between $80 and $93 while Q4 2018 saw similar selling at prices between $86 and $106. The stock is now at ~$112. Last year saw a ~27% selling at prices between $93 and $135.Note: Trane Technologies shareholders received approximately 0.88861 shares of the new Ingersoll-Rand (IR) for each share held in a transaction with Gardner Denver that closed earlier this month.Analog Devices (ADI): ADI position is now at 2.10% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. The stock currently trades at ~$109. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the last two quarters at prices between $104 and $125.Acuity Brands (AYI): AYI is a 1.71% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently well below those ranges at ~$101. There was a ~22% selling last quarter at prices between $120 and $140 and that was followed with a ~25% selling this quarter at prices between $115 and $138.Note: Generation IM controls ~5% of AYI.Applied Materials (AMAT): The small 1.65% AMAT stake was purchased in Q2 2019 at prices between $38.50 and $45.50 and it currently goes for ~$59. Last quarter saw a marginal increase while this quarter there was a ~8% trimming.Automatic Data Processing (ADP): ADP is a 1.55% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The next two quarters had also seen a ~16% increase at prices between $114 and $151. Last four quarters saw a ~50% selling at prices between $122 and $173. That was followed with another one-third selling this quarter at prices between $156 and $172. The stock is now at $161.Deere & Co. (DE): DE was a large top five 5% portfolio stake as of last quarter. The position was from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the next three quarters at prices between $131 and $162. Last quarter saw a ~11% trimming and that was followed with a ~85% reduction this quarter at prices between $163 and $180. The stock is now at ~$159.NVidia Corp (NVDA): A 1.40% NVDA stake was established in Q4 2018 at prices between $127 and $289. Last quarter saw the position reduced by ~90% to a minutely small stake at prices between $149 and $185. The stock currently trades at $273. This quarter saw the position almost sold out at prices between $173 and $239.Amazon.com (AMZN) and Taiwan Semi (TSM): These two very small (less than ~0.5% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2019:"

"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2019 Update"

"Generation Investment Management’s 13F portfolio value increased marginally from $14.51B to $14.54B this quarter.They increased Alphabet, Charles Schwab, Cognizant, and Salesforce.com while decreasing Nvidia.The top three positions are Alphabet, Charles Schwab, and Dentsply Sirona and they add up to ~24% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/18/2019. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2019.This quarter, Al Gore’s 13F portfolio value increased marginally from $14.51B to $14.54B. The number of positions increased from 34 to 36. The top five stakes are Alphabet, Charles Schwab, Dentsply Sirona, Cognizant Technology, and Deere & Co. They account for ~34% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Twilio Inc. (TWLO) and Huazhu Group (HTHT): These are the two new positions this quarter. TWLO is a small 0.70% of the portfolio stake established at prices between $107 and $150 and the stock currently trades below that range at $96.23. For investors attempting to follow, TWLO is a good option to consider for further research. The minutely small 0.19% HTHT position was purchased at prices between $30 and $38.50 and it is now at ~$34.Stake Disposals:None.Stake Increases:Alphabet Inc. (GOOG): The bulk of the 9.58% GOOG position was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Last two quarters have also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at $1345.Charles Schwab (SCHW): SCHW is a large (top three) 7.79% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Last four quarters have also seen a ~130% stake increase at prices between $36 and $59.50. The stock is now at $49.60. For investors attempting to follow, SCHW is a good option to consider for further research.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cognizant Technology (CTSH), Nutanix (NTNX), and Applied Materials (AMAT): These three positions established last quarter saw increases this quarter. The large (top five) 5.41% of the portfolio CTSH stake was purchased at prices between $57 and $75. There was a ~25% stake increase this quarter at prices between $58.75 and $66.50. The stock currently trades at $60.68. For investors attempting to follow, CTSH is a good option to consider for further research. NTNX is a medium-sized 2.61% position established at prices between $24.50 and $43.50 and it is now at $31.91. This quarter saw a marginal increase. The small 1.58% AMAT stake was purchased at prices between $38.50 and $45.50 and it currently goes for $59.04. This quarter saw a marginal increase.Jones Lang LaSalle Inc. (JLL): JLL is a 4.57% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at ~$169. Last two years have seen only minor adjustments. This quarter saw a ~12% stake increase.Note: Generation IM has a ~10% ownership stake in Jones Lang LaSalle.Sensata Technologies (ST): The bulk of the ~4% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. The stock currently goes for $52.05. Q4 2018 saw a ~28% increase at prices between $41 and $49.50. Last three quarters have seen only minor adjustments.Note: Generation IM has a ~8% ownership stake in Sensata Technologies NV.Microsoft Corporation (MSFT): MSFT is a 3.49% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at ~$152. Q4 2018 saw a one-third reduction at prices between $94 and $116 and that was followed with a ~8% trimming next quarter. Last two quarters have seen only minor adjustments.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.41% position. It was first purchased in Q4 2016 at prices between $46 and $55. The position has wavered. Recent activity follow: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase last quarter at prices between $64 and $91. The stock currently trades at ~$93. There was a marginal increase this quarter.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.TE Connectivity (TEL): TEL is a medium-sized ~3% position purchased in Q4 2018 at prices between $71 and $87 and the stock currently trades at ~$93. Last three quarters have seen only minor adjustments.Ingersoll-Rand plc (IR): IR is a 2.41% portfolio position first purchased in 2015 at prices between $51 and $71. The position has wavered. Recent activity follow: there was a ~17% increase in Q2 2018 at prices between $80 and $93 while Q4 2018 saw similar selling at prices between $86 and $106. The stock is now at ~$133. Last two quarters had seen a combined ~17% selling at prices between $90 and $128. This quarter saw minor trimming.Credicorp Ltd. (BAP): BAP is a ~2% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. The four quarters thru Q3 2018 had seen a combined ~44% increase at prices between $192 and $236. The stock is now at ~$205. Q1 2019 saw a ~18% selling at prices between $222 and $251. Last two quarters have seen only minor adjustments.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. This quarter saw a stake doubling to a 2.25% of the portfolio stake at prices between $140 and $160. The stock currently trades at $156.Becton Dickinson (BDX), Microchip Technology (MCHP), SPDR Trust (SPY), and Stericycle Inc. (SRCL): These very small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Dentsply Sirona (XRAY): XRAY is a large (top three) ~6% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follow: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at $56.78. Last quarter saw a ~20% selling at prices between $49 and $59 and that was followed with a ~2% trimming this quarter.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Deere & Co. (DE): DE is a large (top five) ~5% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the next three quarters at prices between $131 and $162. The stock is now at ~$170. This quarter saw a ~11% trimming.Texas Instruments (TXN): The vast majority of the 4.87% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades well above that range at $124. Last three quarters have seen only minor adjustments.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. Last five quarters have seen selling: a combined ~30% reduction at prices between $58 and $71. The stock is now at $69.10 and the stake at 4.36% of the portfolio. Generation IM has a ~7% ownership stake in Henry Schein.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. in January. Also, HSIC split 2-for-1 last September.Thermo Fisher Scientific (TMO): TMO is a fairly large 4.29% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a combined ~30% selling over the last three quarters at prices between $212 and $305. The stock currently goes for ~$318.Analog Devices (ADI): ADI position is now at 3.59% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. The stock currently trades above those ranges at ~$116. There was a ~50% selling last quarter at prices between $96 and $117. This quarter also saw a ~7% trimming.Cooper Companies (COO): The bulk of the ~3% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$307. Last three quarters have seen a ~53% selling at prices between $246 and $342. Generation IM is harvesting gains.Mercadolibre (MELI): The 2.64% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$580. Last four quarters have seen a ~42% selling at prices between $285 and $690. Generation IM is harvesting gains.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Acuity Brands (AYI): AYI is a 2.43% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently well below those ranges at ~$132. There was a ~22% selling this quarter at prices between $120 and $140.Note: Generation IM controls ~6% of AYI.Automatic Data Processing (ADP): ADP is a 2.42% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The next two quarters had also seen a ~16% increase at prices between $114 and $151. Last four quarters saw a ~50% selling at prices between $122 and $173. The stock is now at $167.Equifax Inc. (EFX): The ~2% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at $136. Last quarter saw a ~27% stake increase at prices between $116 and $136.Cerner Corporation (CERN): CERN is a 1.42% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. Last four quarters have also seen a ~60% selling at prices between $49 and $76. The stock currently trades at $71.50.Allegion Pub (ALLE): The ALLE stake saw a ~350% increase in Q2 2018 at prices between $75 and $87 and that was followed with a ~20% increase next quarter at prices between $77 and $91. Q1 2019 saw an about turn: ~22% selling at prices between $81 and $94. That was followed with a ~60% selling over the last two quarters at prices between $92 and $112. The stock is currently at $126 and the stake is now small at ~1%.NVidia Corp (NVDA): A 1.40% NVDA stake was established in Q4 2018 at prices between $127 and $289. This quarter saw the position reduced by ~90% to a minutely small 0.16% stake at prices between $149 and $185. The stock currently trades at $217.Amazon.com (AMZN), Taiwan Semi (TSM), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2019:"

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2019 Update"

"Generation Investment Management’s 13F portfolio value increased ~6% from $13.68B to $14.51B this quarter.They added Cognizant and increased Alphabet while reducing Analog Devices.The top three positions are Alphabet, Dentsply Sirona, and Charles Schwab, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 08/14/2019. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2019.This quarter, Al Gore’s 13F portfolio value increased ~6% from $13.68B to $14.51B. The number of positions increased from 33 to 34. The top five stakes are Alphabet, Dentsply Sirona, Charles Schwab, Deere & Co., and Henry Schein. They account for ~30% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Cognizant Technology (CTSH), Nutanix (NTNX), and Applied Materials (AMAT): These are the new positions this quarter. The fairly large 4.57% of the portfolio CTSH stake was purchased at prices between $57 and $75 and the stock currently trades near the low end of that range at $61.48. NTNX is a medium-sized 2.58% position established at prices between $24.50 and $43.50 and it is now below that at $22.88. The small 1.41% AMAT stake was purchased at prices between $38.50 and $45.50 and it currently goes for $47.61.Stake Disposals:Covetrus Inc. (CVET): The 0.89% CVET stake came about as a result of its spinoff from Henry Schein in January. Terms called for Henry Schein shareholders to receive CVET shares in the ratio 1:0.4. Generation IM had a ~11M share position in Henry Schein for which they received ~4.4M shares. They sold ~15% of the position last quarter at prices between $31.50 and $46. The remaining stake was disposed this quarter at prices between $23 and $33. The stock is now at $13.46.Colgate-Palmolive (CL): The very small 0.67% CL position was disposed during the quarter.Stake Increases:Alphabet Inc. (GOOG): The 6.84% GOOG position saw a stake doubling in Q4 2018 at prices between $975 and $1203 and that was followed with a ~75% increase last quarter at prices between $1016 and $1232. Q3 2018 had also seen a two-thirds increase at prices between $1102 and $1268. The stock currently trades at $1168. For investors attempting to follow, GOOG is a good option to consider for further research. This quarter also saw a ~15% stake increase.Texas Instruments (TXN): The vast majority of the 4.58% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades well above that range at $122. Last two quarters saw marginal increases.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.15% position. It was first purchased in Q4 2016 at prices between $46 and $55. The position has wavered. Recent activity follow: last quarter saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase this quarter at prices between $64 and $91. The stock currently trades at $81.56.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Equifax Inc. (EFX): The ~3% EFX stake was purchased last quarter at prices between $91 and $115 and the stock currently trades well above that range at $146. This quarter saw a ~27% stake increase at prices between $116 and $136.Microchip Technology (MCHP): The minutely small 0.25% of the portfolio stake in MCHP saw a ~9% stake increase this quarter.Stake Decreases:Dentsply Sirona (XRAY): XRAY is a large (top three) 6.79% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follow: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at $51.73. This quarter saw a ~20% selling at prices between $49 and $59.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Charles Schwab (SCHW): SCHW is a large (top three) 5.79% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Q4 2018 saw a ~22% stake increase at prices between $38 and $52 and that was followed with a ~50% stake increase last quarter at prices between $40.50 and $48. The stock is now at $37.96. For investors attempting to follow, SCHW is a good option to consider for further research. There was marginal trimming this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Deere & Co. (DE): DE is a large (top five) 5.44% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the next three quarters at prices between $131 and $162. The stock is now at ~$151. Last two quarters have seen only minor adjustments.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. Last four quarters have seen selling: a combined ~25% reduction at prices between $57 and $71. The stock is now at $61.56 and the stake at ~5% of the portfolio. Generation IM has a ~7.5% ownership stake in Henry Schein.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. in January. Also, HSIC split 2-for-1 last September.Thermo Fisher Scientific (TMO): TMO is a fairly large 4.59% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The next six quarters saw only minor activity. Last quarter saw a ~16% selling at prices between $212 and $276 and that was followed with a ~11% trimming this quarter. The stock currently goes for ~$284.Cooper Companies (COO): The bulk of the fairly large 4.37% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$300. Last two quarters have seen a ~43% selling at prices between $246 and $340. Generation IM is harvesting gains.Note: Generation IM has a ~3.5% ownership stake in Cooper Companies.Jones Lang LaSalle Inc. (JLL): JLL is a ~4% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at ~$132. Last seven quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Sensata Technologies (ST): The bulk of the ~4% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. The stock currently goes for $45.41. Q4 2018 saw a ~28% increase at prices between $41 and $49.50. Last two quarters have seen only minor adjustments.Note: Generation IM has a ~8% ownership stake in Sensata Technologies NV.Analog Devices (ADI): ADI position is now at 3.89% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. The stock currently trades above those ranges at ~$106. There was a ~50% selling this quarter at prices between $96 and $117.Mercadolibre (MELI): The 3.40% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$581. Last three quarters have seen a one-third selling at prices between $258 and $641. Generation IM is harvesting gains.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Microsoft Corporation (MSFT): MSFT is a 3.37% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at ~$136. Q4 2018 saw a one-third reduction at prices between $94 and $116 and that was followed with a ~8% trimming last quarter. There was marginal trimming this quarter.Acuity Brands (AYI): AYI is a 3.21% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently well below those ranges at ~$121. There was a ~12% increase in Q4 2017 at prices between $156 and $178. For investors attempting to follow Generation IM, AYI is a good option to consider for further research. Last three quarters have seen only minor changes.Note: Generation IM controls ~8% of AYI.NVidia Corp (NVDA) and TE Connectivity (TEL): These two new stakes were established in Q4 2018. TEL is a medium-sized ~3% position purchased at prices between $71 and $87 and the stock currently trades at $89.05. The 1.40% NVDA stake was established at prices between $127 and $289 and it is now at ~$164. Last two quarters saw only minor changes to these two positions.Automatic Data Processing (ADP): ADP is a ~3% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The next two quarters had also seen a ~16% increase at prices between $114 and $151. Last three quarters saw a ~40% selling at prices between $122 and $170. The stock is now at $167.Ingersoll-Rand plc (IR): IR is a 2.49% portfolio position first purchased in 2015 at prices between $51 and $71. The position has wavered. Recent activity follow: there was a ~17% increase in Q2 2018 at prices between $80 and $93 while Q4 2018 saw similar selling at prices between $86 and $106. The stock is now at ~$119. Last two quarters have seen a combined ~17% selling at prices between $90 and $128.Credicorp Ltd. (BAP): BAP is a ~2% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. The four quarters thru Q3 2018 had seen a combined ~44% increase at prices between $192 and $236. The stock is now at ~$205. Last quarter saw a ~18% selling at prices between $222 and $251. There was marginal trimming this quarter.Cerner Corporation (CERN): CERN is a 1.67% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The stock currently trades at $67.39. Last two quarters had also seen a ~60% selling at prices between $49 and $65. There was marginal trimming this quarter.Allegion Pub (ALLE): The ALLE stake saw a ~350% increase in Q2 2018 at prices between $75 and $87 and that was followed with a ~20% increase next quarter at prices between $77 and $91. Last quarter saw an about turn: ~22% selling at prices between $81 and $94. That was followed with a ~45% selling this quarter at prices between $92 and $112. The stock is currently at $95.33 and the stake is now small at ~1.5%.Stericycle Inc. (SRCL): SRCL is a very small 0.84% of the portfolio position established last quarter at prices between $37 and $52 and it now goes for $44.51. This quarter saw marginal trimming.Amazon.com (AMZN), Becton Dickinson (BDX), SPDR Trust (SPY), Salesforce.com (CRM), Taiwan Semi (TSM), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2019:Regulatory Filings thru 6/8/2019: 13G – 5/13 – NTNX – 8.6M shares – 5.8% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2019 Update"

"Generation Investment Management’s 13F portfolio value increased ~15% from $11.92B to $13.68B this quarter.They increased Alphabet and Charles Schwab while decreasing Cooper Companies and Cerner Corporation during the quarter.The top three positions are Analog Devices, Dentsply Sirona, and Alphabet Inc., and they add up to ~22% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 05/15/2019. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2018.This quarter, Al Gore’s 13F portfolio value increased ~15% from $11.92B to $13.68B. The number of positions increased from 32 to 33. The top five stakes are Analog Devices, Dentsply Sirona, Alphabet, Charles Schwab, and Deere & Co. They account for ~34% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Equifax Inc. (EFX), Stericycle Inc. (SRCL), and Covetrus Inc. (CVET): These three are the new positions this quarter. The 2.22% EFX stake was purchased at prices between $91 and $115 and the stock currently trades well above that range at $130. SRCL is a ~1% of the portfolio position established at prices between $37 and $52 and it now goes for $45.37. The 0.89% CVET stake came about as a result of its spinoff from Henry Schein in January. Terms called for Henry Schein shareholders to receive CVET shares in the ratio 1:0.4. Generation IM had a ~11M share position in Henry Schein for which they received ~4.4M shares. They sold ~15% of the position since the spinoff at prices between $31.50 and $46. The stock is now at $25.80.Stake Disposals:Chipotle Mexican Grill (CMG) and DocuSign Inc. (DOCU): These two very small (less than ~0.70% of the portfolio each) stakes were disposed this quarter.Stake Increases:Alphabet Inc. (GOOG): The 6.78% GOOG position saw a stake doubling last quarter at prices between $975 and $1203 and that was followed with a ~75% increase this quarter at prices between $1016 and $1232. Q3 2018 had also seen a two-thirds increase at prices between $1102 and $1268. The stock currently trades at $1066. For investors attempting to follow, GOOG is a good option to consider for further research.Charles Schwab (SCHW): SCHW is a large (top five) 6.54% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The stock is now at $43. Last quarter saw a ~22% stake increase at prices between $38 and $52 and that was followed with a ~50% stake increase this quarter at prices between $40.50 and $48. For investors attempting to follow, SCHW is a good option to consider for further research.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Deere & Co. (DE): DE is a large (top five) 5.59% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the last three quarters at prices between $131 and $162. The stock is now at ~$149. This quarter saw a marginal increase.Jones Lang LaSalle Inc. (JLL): JLL is a 4.82% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at ~$132. Last six quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Texas Instruments (TXN): The vast majority of the 4.48% TXN stake was purchased last quarter at prices between $88 and $109. The stock currently trades at $111. This quarter saw a marginal increase.Sensata Technologies (ST): The bulk of the 3.86% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. The stock currently goes for $45.79. Last quarter saw a ~28% further increase at prices between $41 and $49.50 and that was followed with a marginal increase this quarter.Note: Generation IM has a ~8% ownership stake in Sensata Technologies NV.Acuity Brands (AYI): AYI is a ~3% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently well below those ranges at ~$131. There was a ~12% increase in Q4 2017 at prices between $156 and $178. For investors attempting to follow Generation IM, AYI is a good option to consider for further research. There was a ~9% trimming last quarter and that was followed with a marginal increase this quarter.Note: Generation IM controls ~8% of AYI.NVidia Corp (NVDA) and TE Connectivity (TEL): These two new stakes established last quarter were increased this quarter. TEL is a medium-sized 2.71% position established at prices between $71 and $87 and the stock currently trades at $90.91. This quarter saw a marginal increase. The 1.76% NVDA stake was purchased at prices between $127 and $289 and it is now at ~$146. There was a minor ~3% increase this quarter.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 2.45% position. It was first purchased in Q4 2016 at prices between $46 and $55. The following quarter saw a ~28% selling at prices between $50 and $65 while Q2 2017 saw a ~60% increase at prices between $57 and $72. The stock currently trades at $73.40. Q1 2018 saw a ~12% stake increase while in Q3 2018 there was a ~25% selling at prices between $84 and $99. This quarter saw a ~40% stake increase at prices between $60.50 and $82.50.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Amazon.com (AMZN), Becton Dickinson (BDX), Microchip Technology (MCHP), and SPDR Trust (SPY): These small (less than ~1.5% of the portfolio each) positions were increased this quarter.Stake Decreases:Analog Devices (ADI): ADI is now the largest position at 7.78% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Last quarter saw another ~25% stake increase at prices between $78 and $94. The stock currently trades above those ranges at ~$101. This quarter saw a ~5% trimming.Dentsply Sirona (XRAY): XRAY is a large (top three) 7.58% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follow: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at $55.94. Last two quarters have seen only minor adjustments.Note: Generation IM has a ~10% ownership stake in Dentsply Sirona.Thermo Fisher Scientific (TMO): TMO is a large ~5% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The stock currently goes for ~$282. Last six quarters had seen only minor activity. This quarter saw a ~16% selling at prices between $212 and $276.Cooper Companies (COO): The bulk of the fairly large ~5% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at $322. The stake was reduced by ~30% this quarter at prices between $246 and $297.Note: Generation IM has a ~4.5% ownership stake in Cooper Companies.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The stock is now at $69.76 and the stake is at 4.84% of the portfolio. Last three quarters have seen a combined ~22% reduction at prices between $58 and $71. Generation IM has a ~8% ownership stake in Henry Schein.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. in January. Also, HSIC split 2-for-1 last September.Automatic Data Processing (ADP): ADP is a 3.53% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The stock currently trades well above those ranges at ~$167. The next two quarters had also seen a ~16% increase at prices between $114 and $151 while last quarter saw similar selling at prices between $122 and $152. There was another ~15% selling this quarter at prices between $126 and $160.Microsoft Corporation (MSFT): MSFT is a 3.31% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at $131. Last quarter saw a one-third reduction at prices between $94 and $116 and that was followed with a ~8% trimming this quarter.Mercadolibre (MELI): The 3.18% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$605. Last two quarters have seen a ~27% selling at prices between $258 and $508.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Ingersoll-Rand plc (IR): IR is a 2.60% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction in 2016 at prices between $50.50 and $78.50 and that was followed with another ~50% selling during Q1 to Q3 2017 at prices between $75 and $93. The stock is now at ~$125. There was a ~17% increase in Q2 2018 at prices between $80 and $93 while last quarter saw similar selling at prices between $86 and $106. There was a minor ~4% trimming this quarter.Allegion Pub (ALLE): The ALLE stake saw a ~350% increase in Q2 2018 at prices between $75 and $87 and that was followed with a ~20% increase last quarter at prices between $77 and $91. This quarter saw an about turn: ~22% selling at prices between $81 and $94. The stock is currently at ~$104 and the stake is at 2.36%.Credicorp Ltd. (BAP): BAP is a 2.24% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. The four quarters thru Q3 2018 had seen a combined ~44% increase at prices between $192 and $236. The stock is now at ~$229. This quarter saw a ~18% selling at prices between $222 and $251.Cerner Corporation (CERN): CERN is a 1.38% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The stock currently trades at $72.74. Last two quarters have also seen a ~60% selling at prices between $49 and $65.Colgate-Palmolive (CL), Salesforce.com (CRM), Taiwan Semi (TSM), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Note: Regulatory filings since the quarter ended show them owning 8.6M shares (5.8% of business) of Nutanix Corporation (NTNX).Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2019:Regulatory Filings thru 3/7/2019: 13G/A – 2/14 – COO – 3.28M shares – 6.66%, ST – 11.6M shares – 7.08%, JLL – 4.25M shares – 9.32%, HSIC – 12.5M shares – 8.2%, AYI – 3.35M shares – 8.34%, XRAY – 21.7M shares -9.75%."

"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2018 Update"

"Generation Investment Management’s 13F portfolio value decreased ~5% from $12.53B to $11.92B this quarter.They increased Texas Instruments, Alphabet, and Salesforce.com while dropping MasterCard and Nike during the quarter.The top three positions are Henry Schein, Analog Devices, and Cooper Companies, and they add up to ~23% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 02/14/2019. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2018.This quarter, Al Gore’s 13F portfolio value decreased ~5% from $12.53B to $11.92B. The number of positions increased from 31 to 32. The top five stakes are Henry Schein, Analog Devices, Cooper Companies, Dentsply Sirona, and Deere & Co. They account for ~36% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:TE Connectivity (TEL), NVidia Corp (NVDA), and DocuSign Inc. (DOCU): These are the new stakes this quarter. TEL is a medium-sized 2.88% position established at prices between $71 and $87 and the stock currently trades at $81.12. The 1.44% NVDA stake was purchased at prices between $127 and $289 and it is now at $149. DOCU is a minutely small 0.01% position.Stake Disposals:MasterCard Inc. (MA) and Nike Inc. (NKE): These small (less than ~1.5% of the portfolio each) positions were reduced last quarter and disposed this quarter.Stake Increases:Analog Devices (ADI): ADI is now a large (top three) 7.69% position. It was established in Q2 2018 at prices between $87 and $102 and doubled last quarter at prices between $91 and $100. This quarter saw another ~25% stake increase at prices between $78 and $94. The stock currently trades above those ranges at $106.Dentsply Sirona (XRAY): XRAY is a large (top five) ~7% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follow: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Last quarter saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at $48.22. For investors attempting to follow Generation IM, XRAY is a good option to consider for further research. There was a marginal increase this quarter.Note: Generation IM has a 9.75% ownership stake in Dentsply Sirona.Deere & Co. (DE): DE is a large (top five) ~6% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the last three quarters at prices between $131 and $162. The stock is now at ~$158.Charles Schwab (SCHW): SCHW is a fairly large ~5% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The stock is now at $44.02. This quarter saw a ~22% stake increase at prices between $38 and $52.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Texas Instruments (TXN): The vast majority of the 4.51% TXN stake was purchased this quarter at prices between $88 and $109. The stock currently trades at $105.Sensata Technologies (ST): The bulk of the 4.37% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. The stock currently goes for $48.91. This quarter saw a ~28% further increase at prices between $41 and $49.50.Note: Generation IM has a 7.8% ownership stake in Sensata Technologies NV.Alphabet Inc. (GOOG): The ~4% GOOG stake saw a stake doubling this quarter at prices between $975 and $1203. Last quarter had also seen a two-thirds increase at prices between $1102 and $1268. The stock currently trades at $1143.Allegion Pub (ALLE): The ALLE stake saw a ~350% increase in Q2 2018 at prices between $75 and $87 and that was followed with a ~20% increase this quarter at prices between $77 and $91. The stock is currently at ~$88 and the stake is at 3.05%.Credicorp Ltd. (BAP): BAP is a 2.88% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. Last four quarters had seen a combined ~44% increase at prices between $192 and $236. There was a marginal further increase this quarter. The stock is now at ~$236.Amazon.com (AMZN) and Salesforce.com (CRM): These small (less than ~1.5% of the portfolio each) positions were increased this quarter.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $66.50 and $84.50. There was another ~22% increase next quarter at prices between $63 and $79.50. The stock is now well below those ranges at $57.40 and the stake is at 8.24% of the portfolio. For investors attempting to follow Generation IM, HSIC is a good option to consider for further research. Last two quarters saw minor trimming.Note: HSIC stock split 2-for-1 last September. Generation IM has a ~8.2% ownership stake in Henry Schein.Cooper Companies (COO): The bulk of the large (top three) ~7% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at $288. This quarter saw a marginal increase.Note: Generation IM has a 6.66% ownership stake in Cooper Companies.Thermo Fisher Scientific (TMO): TMO is a large 5.67% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The stock currently goes for ~$251. Last six quarters have seen only minor activity.Jones Lang LaSalle Inc. (JLL): JLL is a 4.51% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at ~$159. Last five quarters have seen only minor adjustments.Note: Generation IM has a 9.32% ownership stake in Jones Lang LaSalle.Automatic Data Processing (ADP): ADP is a 3.92% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The stock currently trades well above those ranges at ~$150. Last two quarters had seen another ~16% increase at prices between $114 and $151 while this quarter saw similar selling at prices between $122 and $152.Microsoft Corporation (MSFT): MSFT is a 3.53% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at $110. Last three quarters had seen minor increases while this quarter saw a one-third reduction at prices between $94 and $116.Acuity Brands (AYI): AYI is a 3.23% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently well below those ranges at ~$132. There was a ~12% increase in Q4 2017 at prices between $156 and $178. For investors attempting to follow Generation IM, AYI is a good option to consider for further research. There was a ~9% trimming this quarter.Note: Generation IM controls 8.34% of AYI.Cerner Corporation (CERN): CERN is a 2.77% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The stock currently trades at $55.40. This quarter also saw a ~20% selling at prices between $49 and $65.Mercadolibre (MELI): The 2.69% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$451. There was a ~10% selling this quarter.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Ingersoll-Rand plc (IR): IR is a 2.63% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction in 2016 at prices between $50.50 and $78.50 and that was followed with another ~50% selling during Q1 to Q3 2017 at prices between $75 and $93. The stock is now at ~$104. There was a ~17% increase in Q2 2018 at prices between $80 and $93 while this quarter saw similar selling at prices between $86 and $106.Aptiv plc (APTV) previously Delphi Automotive: APTV is a small 1.55% position. It was first purchased in Q4 2016 at prices between $46 and $55. The following quarter saw a ~28% selling at prices between $50 and $65 while Q2 2017 saw a ~60% increase at prices between $57 and $72. The stock currently trades well above those ranges at ~$82. Q1 2018 saw a ~12% stake increase while last quarter there was a ~25% selling at prices between $84 and $99. There was marginal trimming this quarter.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Becton Dickinson (BDX), Chipotle Mexican Grill (CMG), Colgate-Palmolive (CL), Microchip Technology (MCHP), SPDR Trust (SPY), Taiwan Semi (TSM), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2018:"

"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2018 Update"

"Generation Investment Management’s 13F portfolio value increased ~11% from $11.33B to $12.53B this quarter.They increased Analog Devices, Deere, and Dentsply Sirona during the quarter.The top three positions are Henry Schein, Cooper Companies, and Dentsply Sirona and they add up to ~23% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/14/2018. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2018.This quarter, Al Gore’s 13F portfolio value increased ~11% from $11.33B to $12.53B. The number of positions decreased from 33 to 31. The largest five stakes are Henry Schein, Cooper Companies, Dentsply Sirona, Analog Devices, and Thermo Fisher Scientific and they together account for just over one-third of the total portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:None.Stake Disposals:JD.com (JD): The original JD purchase in 2014 was in the low-20s. H1 2017 had seen a ~40% selling at prices between $25.50 and $43. There was an about turn in Q3 2017: ~73% increase at prices between $38 and $48 and that was followed with a ~52% increase next quarter at prices between $36.50 and $43. The pattern reversed last quarter: ~55% reduction at prices between $35 and $44 and the disposal this quarter was at prices between $24.50 and $39.50. The stock is currently at $19.27.Visa Inc. (V): Visa was a small 1.64% portfolio stake disposed this quarter. The position was established in Q3 2017 at prices between $94 and $106 and the elimination was at prices between $131 and $151. The stock is now at $133.Stake Increases:Cooper Companies (COO): The bulk of the large (top three) 7.28% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase last quarter at prices between $218 and $237. The stock is now at $270. This quarter saw a marginal increase.Dentsply Sirona (XRAY): XRAY is a large (top three) 6.50% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follow: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase last quarter at prices between $42 and $51. This quarter saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades just below the low end of those ranges at $36.51. For investors attempting to follow Generation IM, XRAY is a good option to consider for further research.Analog Devices (ADI) and Mercadolibre (MELI): These new positions established last quarter were increased this quarter. ADI is now a large (top five) 6.38% position. It was purchased at prices between $87 and $102 and doubled this quarter at prices between $91 and $100. The stock currently trades at $88.64. The 3.29% MELI stake was established at prices between $285 and $356 and it now goes for ~$310. There was a minor ~3% increase this quarter.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Thermo Fisher Scientific (TMO): TMO is a large (top five) 5.88% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The stock currently goes for ~$235. Last five quarters have seen only minor activity.Microsoft Corporation (MSFT): MSFT is a large 5.58% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at $103. Last three quarters have seen minor increases.Automatic Data Processing (ADP): ADP is a large 5.17% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The stock currently trades well above those ranges at ~$141. Last two quarters have seen another ~16% increase at prices between $114 and $151.Deere & Co. (DE): DE is a 5.07% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the last two quarters at prices between $135 and $159. The stock is now at ~$143.Jones Lang LaSalle Inc. (JLL): JLL is a 4.90% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at ~$140. Last four quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Charles Schwab (SCHW): SCHW is a 4.54% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The stock is now at $44.08. Last three quarters have seen a combined ~16% increase.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cerner Corporation (CERN): CERN is a ~4% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The stock currently trades at $56.91. Last two quarters have seen marginal buying.Sensata Technologies (ST): The bulk of the 3.59% ST position was purchased in Q2 2016 at prices between $33.50 and $39. Q2 2017 saw a two-thirds increase at prices between $39 and $43.50 and that was followed with ~12% increases each in the next two quarters. The stock currently goes for $46.43. Last three quarters have also seen minor increases.Note: Generation IM has a ~5% ownership stake in Sensata Technologies NV.Ingersoll-Rand plc (IR): IR is a 3.49% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction in 2016 at prices between $50.50 and $78.50 and that was followed with another ~50% selling during Q1 to Q3 2017 at prices between $75 and $93. The stock is now at ~$102. There was a ~17% increase last quarter at prices between $80 and $93. This quarter saw marginal buying.Allegion Pub (ALLE): The ALLE stake saw a ~350% increase last quarter at prices between $75 and $87 and that was followed with a ~20% increase this quarter at prices between $77 and $91. The stock is currently at $89.11 and the stake is at 3.29%.Credicorp Ltd. (BAP): BAP is a 2.76% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. It is now at ~$218. Last four quarters have seen a combined ~44% increase at prices between $192 and $236.Alphabet Inc. (GOOG): The ~2% GOOG stake saw a two-thirds increase this quarter at prices between $1102 and $1268. The stock currently trades at $1024.Colgate-Palmolive (CL), Microchip Technology (MCHP), Texas Instruments (TXN), and Waters Corp. (WAT): These are very small (less than ~1% of the portfolio each) positions increased this quarter.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $66.50 and $84.50. There was another ~22% increase next quarter at prices between $63 and $79.50. The stock is now at $83.94 and the stake is at 9.20% of the portfolio. For investors attempting to follow Generation IM, HSIC is a good option to consider for further research. There was a ~5% increase last quarter while this quarter saw a ~4% trimming.Note: HSIC stock split 2-for-1 last September. Generation IM has a ~9% ownership stake in Henry Schein.Acuity Brands (AYI): AYI is a 4.63% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently below those ranges at ~$123. There was a ~12% increase in Q4 2017 at prices between $156 and $178. Last three quarters have seen only minor adjustments. For investors attempting to follow Generation IM, AYI is a good option to consider for further research.Note: Generation IM controls ~9% of AYI.Aptiv plc (APTV) previously Delphi Automotive: APTV is a ~2% position. It was first purchased in Q4 2016 at prices between $46 and $55. The following quarter saw a ~28% selling at prices between $50 and $65 while Q2 2017 saw a ~60% increase at prices between $57 and $72. The stock currently trades at ~$73. Q1 2018 saw a ~12% stake increase while this quarter saw a ~25% selling at prices between $84 and $99.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff last November.Amazon.com (AMZN), Becton Dickinson (BDX), Chipotle Mexican Grill (CMG), MasterCard Inc. (MA), Nike Inc. (NKE), Salesforce.com (CRM), SPDR Trust (SPY), and Taiwan Semi (TSM): These small (less than ~1.5% of the portfolio each) positions saw reductions this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2018:"

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2018 Update"

"Generation Investment Management’s 13F portfolio value increased ~11% from $10.26B to $11.33B this quarter.They increased Dentsply Sirona & Cooper Companies while reducing JD.com and dropping Infosys.The top three positions are Henry Schein, Dentsply Sirona, and Cooper Companies and they add up to ~23% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 08/14/2018. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2018.This quarter, Al Gore’s 13F portfolio value increased ~11% from $10.26B to $11.33B. The number of positions increased from 31 to 33. The largest five stakes are Henry Schein, Dentsply Sirona, Cooper Companies, Jones Lang LaSalle, and Thermo Fisher Scientific and they together account for about one-third of the total portfolio value.Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Analog Devices (ADI) and Mercadolibre (MELI): These are medium-sized new positions established this quarter. ADI is a 3.52% position purchased at prices between $87 and $102 and the stock currently trades at $98.85. The 3.10% MELI stake was established at prices between $285 and $356 and it now goes for $342.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed last quarter at prices between $315 and $414.Colgate-Palmolive (CL) and Microchip Technology (MCHP): These are very small (less than ~1% of the portfolio each) positions established this quarter.Stake Disposals:MuleSoft (MULE): MULE was a very small 1.55% of the portfolio established last quarter. In March, Salesforce.com agreed to buy MuleSoft in a cash-and-stock deal ($36 per share cash and 0.0711 shares of Salesforce.com for each share held) and that transaction closed in May.Infosys Ltd. (INFY): The 3.34% INFY position saw a ~145% increase in Q4 2017 at prices between $14.50 and $16.25. The disposal this quarter was at prices between $16.50 and $20. The stock is now at $20.77.Stake Increases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $66.50 and $84.50. There was another ~22% increase last quarter at prices between $63 and $79.50. The stock is now at $77.68 and the stake is at ~9% of the portfolio. For investors attempting to follow Generation IM, HSIC is a good option to consider for further research. There was a ~5% increase this quarter.Note: HSIC stock split 2-for-1 last September. Generation IM has a ~9% ownership stake in Henry Schein.Dentsply Sirona (XRAY): XRAY is a large (top three) 6.74% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follow: Last quarter saw a ~18% stake increase and that was followed with a ~65% increase this quarter at prices between $42 and $51. The stock currently trades below those ranges at $39.92. For investors attempting to follow Generation IM, XRAY is a good option to consider for further research.Cooper Companies (COO): The bulk of the large (top five) 6.71% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled last quarter at prices between $218 and $251 and that was followed with a ~37% increase this quarter at prices between $218 and $237. The stock is now at $256.Thermo Fisher Scientific (TMO): TMO is a large (top five) 5.44% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The stock currently goes for ~$239. Last four quarters have seen only minor activity.Microsoft Corporation (MSFT): MSFT is a large 5.32% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at $112. Last two quarters have seen minor increases.Automatic Data Processing (ADP): ADP is a ~5% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% last quarter at prices between $108 and $124. The stock currently trades well above those ranges at ~$147. This quarter also saw a ~15% increase.Charles Schwab (SCHW): SCHW is a 4.71% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The stock is now at $50.79. Last two quarters have seen minor increases.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cerner Corporation (CERN): CERN is a ~4% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction last quarter at prices between $56.50 and $73. The stock currently trades at $65.11. This quarter saw a ~2% increase.Acuity Brands (AYI): AYI is a ~4% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is now well below those ranges at ~$153. There was a ~12% increase in Q4 2017 at prices between $156 and $178. Last two quarters have also seen minor increases. For investors attempting to follow Generation IM, AYI is a good option to consider for further research.Note: Generation IM controls ~9% of AYI.Sensata Technologies (ST): The bulk of the 3.72% ST position was purchased in Q2 2016 at prices between $33.50 and $39. Q2 2017 saw a two-thirds increase at prices between $39 and $43.50 and that was followed with ~12% increases each in the next two quarters. The stock currently goes for $52.95. Last two quarters have also seen marginal increases.Note: Generation IM has a ~5% ownership stake in Sensata Technologies NV.Ingersoll-Rand plc (IR): IR is a 3.33% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction in 2016 at prices between $50.50 and $78.50 and that was followed with another ~50% selling during Q1 to Q3 2017 at prices between $75 and $93. The stock is now at $101. There was a ~17% increase this quarter at prices between $80 and $93.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.31% position. It was first purchased in Q4 2016 at prices between $46 and $55. The following quarter saw a ~28% selling at prices between $50 and $65 while Q2 2017 saw a ~60% increase at prices between $57 and $72. The stock currently trades at ~$88. Last quarter saw a ~12% stake increase and this quarter a marginal further increase.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff last November.Credicorp Ltd. (BAP): BAP is a ~3% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. It is now at ~$218. Last three quarters have seen a combined ~32% increase at prices between $192 and $237.Deere & Co. (DE): DE is a 2.70% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Last quarter saw another ~41% selling at prices between $148 and $172 while this quarter there was a ~20% increase at prices between $135 and $159. The stock is now at $144.Allegion Pub (ALLE): The ALLE stake saw a ~350% increase this quarter to a 2.62% portfolio stake at prices between $75 and $87. The stock is currently at $87.22.Alphabet Inc. (GOOG), Amazon.com (AMZN), MasterCard Inc. (MA), SPDR Trust (SPY), Taiwan Semi (TSM), Texas Instruments (TXN), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) positions saw increases this quarter.Stake Decreases:Jones Lang LaSalle Inc. (JLL): JLL is a top-five 6.12% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in H1 2016: ~200% increase at prices between $96 and $141. H2 2016 also saw a ~50% stake increase at prices between $91 and $120. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at ~$153. Last three quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.JD.com (JD): The original JD purchase in 2014 was in the low-20s. H1 2017 had seen a ~40% selling at prices between $25.50 and $43. There was an about turn in Q3 2017: ~73% increase at prices between $38 and $48 and that was followed with a ~52% increase next quarter at prices between $36.50 and $43. The pattern reversed this quarter: ~55% reduction at prices between $35 and $44. The stock is currently at $31.30.Becton Dickinson (BDX), Chipotle Mexican Grill (CMG), Nike Inc. (NKE), Salesforce.com (CRM), and Visa Inc. (V): These small (less than ~2% of the portfolio each) positions saw reductions this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2018:Regulatory Filings thru 5/26/2018: 13G – 4/26 – XRAY – 11.8M shares – 5.2% of business, 13G – 4/26 – COO – 2.5M shares – 5.2% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2018 Update"

"Generation Investment Management’s 13F portfolio value decreased marginally from $10.32B to $10.26B this quarter.They increased Cooper Companies & Automatic Data Processing while reducing Cerner & Deere.The top three positions are Henry Schein, Jones Lang LaSalle, and Thermo Fisher Scientific and they add up to ~22% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 05/15/2018. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2017.This quarter, Al Gore’s 13F portfolio value decreased marginally from $10.32B to $10.26B. The number of positions decreased from 34 to 31. The largest five stakes are Henry Schein, Jones Lang LaSalle, Thermo Fisher Scientific, JD.com, and Cooper Comapnies and they together account for about one-third of the total portfolio value.Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:MuleSoft (MULE): MULE is a very small 1.55% of the portfolio established this quarter. In March, Salesforce.com agreed to buy MuleSoft in a cash-and-stock deal ($36 per share cash and 0.0711 shares of Salesforce.com for each share held). The transaction closed earlier this month.Stake Disposals:Delphi Technologies (DLPH) and Mercadolibre Inc. (MELI): These two positions established last quarter were disposed this quarter. The very small 0.61% DLPH position came about as a result of the spinoff from Delphi Automotive (now Aptiva plc) last November. Terms called for shareholders to receive one share of Delphi Technologies for every three shares of Delphi Automotive held. Generation IM held ~3.6M shares of Delphi Automotive for which they received ~1.2M shares of Delphi Technologies. The position was eliminated this quarter at prices between $46.50 and $59.50 and the stock is now at $51.18. MELI was a very small 0.51% stake established at prices between $222 and $329 and disposed at prices between $315 and $414. The stock is now at ~$315.Ansys Inc. (ANSS) and Facebook Inc. (FB): These two very small (less than ~1.5% of the portfolio each) positions were reduced last quarter and eliminated this quarter.Stake Increases:Henry Schein (HSIC): HSIC became the largest position last quarter as it saw a ~550% increase at prices between $66.50 and $84.50. There was another ~22% increase this quarter at prices between $63 and $79.50. Q3 2017 had also seen a ~30% increase at prices between $79 and $93. The stock is now at $70.43 and the stake is at ~9% of the portfolio. For investors attempting to follow Generation IM, HSIC is a good option to consider for further research.Note: HSIC stock split 2-for-1 last September. Generation IM has a ~8.5% ownership stake in Henry Schein.Jones Lang LaSalle Inc. (JLL): JLL is a top-three 7.35% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in H1 2016: ~200% increase at prices between $96 and $141. H2 2016 also saw a ~50% stake increase at prices between $91 and $120. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at $170. Last two quarters have seen only minor adjustments.Note: Generation IM has a 9.4% ownership stake in Jones Lang LaSalle.Thermo Fisher Scientific (TMO): TMO is a large (top three) 5.83% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The stock currently goes for ~$214. Last three quarters have seen only minor activity.JD.com (JD): The original JD purchase in 2014 was in the low-20s. H1 2017 had seen a ~40% selling at prices between $25.50 and $43. There was an about turn in Q3 2017: ~73% increase at prices between $38 and $48 and that was followed with a ~52% increase last quarter at prices between $36.50 and $43. The stock is at $36.87 and it is now a top-five stake at 5.28% of the portfolio. There was a marginal increase this quarter. For investors attempting to follow Generation IM, JD is a good option to consider for further research.Cooper Companies (COO): The bulk of the large (top five) 5.25% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled this quarter at prices between $218 and $251. The stock is now at ~$228.Note: Regulatory Filings since the quarter ended show them owning ~2.5M shares (5.2% of the business) of Cooper Companies. This is compared to ~2.4M shares in the 13F Report.Dentsply Sirona (XRAY): XRAY is a large 5.22% portfolio stake built in 2014 at prices between $44 and $56. 2015 saw a ~10% stake increase while last year saw a similar reduction. There was a ~20% selling in Q1 2017 at prices between $55.50 and $64.50. Q3 2017 saw an about turn: ~43% increase at prices between $52.50 and $65 and that was followed with a ~115% increase last quarter at prices between $55.50 and $68.50. The stock is now near the low end of their purchase price ranges at $46.57. This quarter also saw a ~18% stake increase. For investors attempting to follow Generation IM, XRAY is a good option to consider for further research.Note: Regulatory Filings since the quarter ended show them owning 11.8M shares (5.2% of the business) of Dentsply Sirona. This is compared to 10.6M shares in the 13F report.Microsoft Corporation (MSFT): MSFT is a fairly large 5.20% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction last quarter at prices between $74 and $87. The stock is now at $98.36. There was a marginal increase this quarter.Acuity Brands (AYI): AYI is a fairly large 5.18% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is now well below those ranges at ~$120. There was a ~12% increase last quarter at prices between $156 and $178. This quarter also saw a marginal increase. For investors attempting to follow Generation IM, AYI is a good option to consider for further research.Note: Generation IM controls ~9% of AYI.Charles Schwab (SCHW): SCHW is a 5.18% portfolio position. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The stake is from Q4 2016 at prices between $31 and $40.50. The stock is now at $57.30. There was a very minor stake increase this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Sensata Technologies (ST): The bulk of the 4.35% ST position was purchased in Q2 2016 at prices between $33.50 and $39. Q2 2017 saw a two-thirds increase at prices between $39 and $43.50 and that was followed with ~12% increases each in the next two quarters. The stock currently goes for $52.08. This quarter saw a marginal increase.Note: Generation IM has a ~5% ownership stake in Sensata Technologies NV.Automatic Data Processing (ADP): ADP is a ~4% portfolio stake purchased last quarter at prices between $109 and $119 and increased by ~160% this quarter at prices between $108 and $124. The stock currently trades above those ranges at ~$131.Infosys Ltd. (INFY): The 3.34% INFY position saw a ~145% increase last quarter at prices between $14.50 and $16.25. The stock is now at $18.32. This quarter saw a ~7% stake increase.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.31% DPH position. It was first purchased in Q4 2016 at prices between $46 and $55. The following quarter saw a ~28% selling at prices between $50 and $65 while Q2 2017 saw a ~60% increase at prices between $57 and $72. The stock currently trades at $97.65. Last two quarters had seen marginal trimming while this quarter saw a ~12% stake increase.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff last November.Credicorp Ltd. (BAP): BAP is a ~3% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. It is now at ~$224. There was a ~10% increase last quarter and that was followed with a ~16% increase this quarter.Ingersoll-Rand plc (IR): IR is a ~3% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction in 2016 at prices between $50.50 and $78.50 and that was followed with another ~50% selling during Q1 to Q3 2017 at prices between $75 and $93. The stock is now at $89.81. Last quarter saw a marginal reduction while there was a similar increase this quarter.Chipotle Mexican Grill (CMG): CMG is a 2.47% stake established in Q4 2016 at prices between $360 and $438 and increased by ~53% in Q3 2017 at prices between $297 and $417. The stock currently trades at ~$429. There was a ~17% reduction last quarter at prices between $269 and $329. This quarter saw a marginal increase.Allegion Pub (ALLE), Salesforce.com (CRM), SPDR Trust (SPY) and Texas Instruments (TXN): These small (less than ~2% of the portfolio each) positions saw increases this quarter.Stake Decreases:Cerner Corporation (CERN): CERN is a 4.24% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling last quarter at prices between $64.50 and $73.50 and that was followed with a one-third reduction this quarter at prices between $56.50 and $73. The stock currently trades at $59.94.Becton Dickinson (BDX): BDX is a ~3% long-term position that has been in the portfolio since their first 13F filing in 2006. The position saw a two-thirds increase in Q2 2017 at prices between $177 and $195. Last quarter saw a reversal: ~28% selling at prices between $194 and $228. The stock is now at ~$224. There was a ~4% trimming this quarter.Deere & Co. (DE): DE is a 2.75% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a ~40% reduction in Q1 2017 at prices between $103 and $111 and that was followed with a ~20% selling over the next two quarters at prices between $107 and $132. The stock is now at $159. This quarter saw a ~41% selling at prices between $148 and $172.Visa Inc. (V): Visa is a ~2% portfolio stake purchased in Q3 2017 at prices between $93 and $106 and the stock currently trades at ~$131. There was a ~17% selling last quarter at prices between $105 and $114 and that was followed with a similar reduction this quarter at prices between $114 and $126.MasterCard Inc. (MA): MA is a 1.42% stake built in H1 2016 in the low-90s price-range. Q4 2016 also saw a one-third increase at prices between $100 and $107. The stock is now well above those ranges at $191. There was a ~50% selling last quarter at prices between $143 and $154 and that was followed with another ~55% reduction this quarter at prices between $152 and $183. Generation IM is realizing huge gains.Alphabet Inc. (GOOG), Amazon.com (AMZN), Nike Inc. (NKE), Taiwan Semi (TSM), and Waters Corp. (WAT): These are very small (less than ~1.5% of the portfolio each) positions that saw reductions this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management US long stock portfolio as of Q1 2018:Regulatory Filings thru 2/26/2018: 13G/As – 2/14 – JLL – 4.26M shares – 9.4% of business, HSIC – 11.03M shares – 7% of business, CERN – 10.9M shares – 3.3% of business, AYI – 3.77M shares – 8.9% of business, 13G – 1/12 – ST – 8.61M shares – 5% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2017 Update"

"Generation Investment Management’s 13F portfolio value decreased from $10.41B to $10.32B this quarter.They increased Henry Schein & Dentsply Sirona while reducing Facebook & Alphabet.The top three positions are Henry Schein, Cerner, and Acuity Brands and they add up to ~21% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 02/14/2018. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2017.This quarter, Al Gore’s 13F portfolio value decreased marginally from $10.41B to $10.32B. The number of positions remained steady at 34. The largest five stakes are Henry Schein, Cerner Corporation, Acuity Brands, Jones Lang LaSalle, and Dentsply Sirona and they together account for about one-third of the total portfolio value.Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Automatic Data Processing (ADP), Delphi Technologies (DLPH), and Mercadolibre Inc. (MELI): These are the new positions this quarter. ADP is a small 1.61% portfolio stake purchased this quarter at prices between $109 and $119 and the stock currently trades at $118. The very small 0.61% DLPH position came about as a result of the spinoff from Delphi Automotive (now Aptiva plc) in November. Terms called for shareholders to receive one share of Delphi Technologies for every three shares of Delphi Automotive held. Generation IM held ~3.6M shares of Delphi Automotive for which they received ~1.2M shares of Delphi Technologies. MELI is a very small 0.51% stake established this quarter at prices between $222 and $329 and it is now well above that range at $387.Stake Disposals:VWR Corp. (VWR): The 2.55% VWR position was first purchased in Q4 2016 at prices between $24.50 and $28.50. There was a ~17% increase in the following quarter at prices between $24.50 and $28.50. In May 2017, Avantor agreed to buy VWR for $33.25 cash and the transaction closed in November. Generation IM had controlled 6.1% of the business.PayPal Holdings (PYPL): The ~2% PYPL stake was purchased in Q2 2017 at prices between $42.50 and $54.50 and reduced by ~27% last quarter at prices between $53 and $65. The disposal this quarter was at prices between $64 and $79. The stock currently trades at $79.69.National Instruments Corp. (NATI): The very small 1.23% NATI position was eliminated this quarter.Stake Increases:Henry Schein (HSIC): The small HSIC stake saw a ~550% increase to a ~7.5% portfolio (largest 13F position) stake this quarter at prices between $66.50 and $84.50. Last quarter had also seen a ~30% increase at prices between $79 and $93. The stock is now at $68.05. For investors attempting to follow Generation IM, HSIC is a good option to consider for further research.Note: HSIC stock split 2-for-1 last September. Generation IM has a 7% ownership stake in Henry Schein.Acuity Brands (AYI): AYI is a top three 6.42% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is now at $147. There was a ~12% increase this quarter at prices between $156 and $178.Note: Generation IM controls 8.9% of AYI.Dentsply Sirona (XRAY): XRAY is a large (top five) 5.75% portfolio stake built in 2014 at prices between $44 and $56. 2015 saw a ~10% stake increase while last year saw a similar reduction. There was a ~20% selling in Q1 2017 at prices between $55.50 and $64.50. Last quarter saw an about turn: ~43% increase at prices between $52.50 and $65 and that was followed with a ~115% increase this quarter at prices between $55.50 and $68.50. The stock is now at $57.67.Note: Generation IM has a ~3.9% ownership stake in Dentsply Sirona.JD.com (JD): The original JD purchase in 2014 was in the low-20s. H1 2017 had seen a ~40% selling at prices between $25.50 and $43. There was an about turn last quarter: ~73% increase at prices between $38 and $48 and that was followed with a ~52% increase this quarter at prices between $36.50 and $43. The stock is now at $48.35.Sensata Technologies (ST): The bulk of the 4.21% ST position was purchased in Q2 2016 at prices between $33.50 and $39. Q2 2017 saw a two-thirds increase at prices between $39 and $43.50 and that was followed ~12% increases each in the last two quarters. The stock currently goes for $54.05.Note: Generation IM has a ~5% ownership stake in Sensata Technologies NV.Infosys Ltd. (INFY): The 2.83% INFY position saw a ~145% increase this quarter at prices between $14.50 and $16.25. The stock is now at $17.96.Credicorp Ltd. (BAP): BAP is a 2.39% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% last quarter at prices between $179 and $213. It is now at $218. There was a ~10% increase this quarter.SPDR Trust (SPY) and Texas Instruments (TXN): These are minutely (less than ~0.5% of the portfolio each) positions that saw increases this quarter.Stake Decreases:Cerner Corporation (CERN): CERN is currently the second-largest position at 7.12% of the portfolio. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling this quarter at prices between $64.50 and $73.50. The stock currently trades at $64.53.Note: Generation IM has a 3.3% ownership stake in Cerner Corporation.Jones Lang LaSalle Inc. (JLL): JLL is a top-five 6.15% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in H1 2016: ~200% increase at prices between $96 and $141. H2 2016 also saw a ~50% stake increase at prices between $91 and $120. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at $160. There was a marginal trimming this quarter.Note: Generation IM has a 9.4% ownership stake in Jones Lang LaSalle.Thermo Fisher Scientific (TMO): TMO is a large 5.26% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The stock currently goes for $212. Last two quarters have seen marginal trimming.Charles Schwab (SCHW): SCHW is a ~5% portfolio position. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase last quarter at around the same price range. The stake is from Q4 2016 at prices between $31 and $40.50. The stock is now at $52.74.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Microsoft Corporation (MSFT): MSFT is a fairly large 4.78% portfolio position. The position was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The stake saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction this quarter at prices between $74 and $87. The stock is now at $94.06. Generation IM is harvesting long-term gains.Deere & Co. (DE): DE is a fairly large 4.65% stake. The position is from 2015 at prices between $75 and $97. There was a ~40% reduction in Q1 2017 at prices between $103 and $111 and that was followed with a ~20% selling over the next two quarters at prices between $107 and $132. The stock is now at $166. This quarter saw marginal trimming.Ingersoll-Rand plc (IR): IR is a ~3% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction in 2016 at prices between $50.50 and $78.50 and that was followed with another ~50% selling during Q1 to Q3 2017 at prices between $75 and $93. The stock is now at $90.15. There was a marginal reduction this quarter.Becton Dickinson (BDX): BDX is a ~3% long-term position that has been in the portfolio since their first 13F filing in 2006. The position saw a two-thirds increase in Q2 2017 at prices between $177 and $195. This quarter saw a reversal: ~28% selling at prices between $194 and $228. The stock is now at ~$220.Aptiv plc (APTV) previously Delphi Automotive: DLPH is a 2.94% DLPH position. It was first purchased in Q4 2016 at prices between $46 and $55. The following quarter saw a ~28% selling at prices between $50 and $65 while Q2 2017 saw a ~60% increase at prices between $57 and $72. The stock currently trades at $93.06. Last two quarters saw marginal trimming.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff last November.MasterCard Inc. (MA): MA is a 2.66% stake built in H1 2016 in the low-90s price-range. Q4 2016 also saw a one-third increase at prices between $100 and $107. The stock is now well above those ranges at $176. There was a ~50% selling this quarter at prices between $143 and $154.Cooper Companies (COO): The bulk of the 2.59% position in COO was purchased in Q4 2016 at prices between $159 and $183 and the stock currently trades well above that range at $231. There was a marginal reduction in the last two quarters.Visa Inc. (V): Visa is a 2.19% portfolio stake purchased last quarter at prices between $93 and $106 and the stock currently trades at $123. There was a ~17% selling this quarter at prices between $105 and $114.Chipotle Mexican Grill (CMG): CMG is a 2.16% stake established in Q4 2016 at prices between $360 and $438 and increased by ~53% last quarter at prices between $297 and $417. The stock currently trades at $316. There was a ~17% reduction this quarter at prices between $269 and $329.Allegion Pub (ALLE), Alphabet Inc. (GOOG), Amazon.com (AMZN), Ansys Inc. (ANSS), Facebook Inc. (FB), Nike Inc. (NKE), Salesforce.com (CRM), Taiwan Semi (TSM), and Waters Corp. (WAT): These are very small (less than ~1.5% of the portfolio each) positions that saw reductions this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management US long stock portfolio as of Q4 2017:Regulatory Filings thru 8/24/2017: 13G – 11/24 – HSIC – Henry Schein – 8M Shares – 5.1% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2017 Update"

"Generation Investment Management portfolio value increased from $9.8B to $10.41B this quarter.They added Visa and substantially increased Charles Schwab, JD.com, & Chipotle.The top three positions are Cerner, Acuity Brands, and Microsoft and they add up to ~23% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s US stock portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/14/2017. Please visit our Portfolio series to get an idea of their investment philosophy and the fund’s moves in Q2 2017.This quarter, Al Gore’s 13F portfolio value increased ~6% from $9.82B to $10.41B this quarter. The number of positions increased from 33 to 34. The largest five stakes are Cerner Corporation, Acuity Brands, Microsoft Corporation, Thermo Fisher Scientific, and Jones Lang LaSalle and they together account for about one-third of the total portfolio value.Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Visa Inc. (V) and Texas Instruments (TXN): These are the two new positions this quarter. Visa is a 2.42% portfolio stake purchased at prices between $93 and $106 and the stock currently trades at $112. TXN is a minutely small 0.23% position purchased this quarter.Stake Disposals:Banco Santander Chile (BSAC): The very small ~1% portfolio position in BSAC was disposed this quarter.Stake Increases:Jones Lang LaSalle Inc. (JLL): JLL is a top-five 5.15% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in H1 2016: ~200% increase at prices between $96 and $141. H2 2016 also saw a ~50% stake increase at prices between $91 and $120. That was followed with a ~30% increase last quarter at prices between $103 and $125. The stock currently trades at $150. There was a marginal increase this quarter.Note: Generation IM controls 9.6% of the business.Charles Schwab (SCHW): SCHW is a 4.30% portfolio position. Last quarter saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase this quarter at around the same price range. The stake is from Q4 2016 at prices between $31 and $40.50. The stock is now at $45.78.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Sensata Technologies (ST): The bulk of the 3.52% ST position was purchased in Q2 2016 at prices between $33.50 and $39. Last quarter saw a two-thirds increase at prices between $39 and $43.50 and that was followed with a ~12% increase this quarter. The stock currently goes for $48.84.JD.com (JD): The JD purchase in 2014 was in the low-20s. Last two quarters had seen a combined ~40% selling at prices between $25.50 and $43. There was an about turn this quarter: ~73% increase at prices between $38 and $48. The stock is now at $39.21.Chipotle Mexican Grill (CMG): CMG is a 2.75% stake established in Q4 2016 at prices between $360 and $438 and increased by ~53% this quarter at prices between $297 and $417. The stock currently trades below those ranges at $279.Dentsply Sirono (XRAY): XRAY is a 2.40% portfolio stake built in 2014 at prices between $44 and $56. 2015 saw a ~10% stake increase while last year saw a similar reduction. There was a ~20% selling in Q1 2017 at prices between $55.50 and $64.50 and the stock is now at $67.51. This quarter saw a ~43% increase at prices between $52.50 and $65.Credicorp Ltd. (BAP): BAP is a 2.14% of the portfolio position established last quarter at prices between $152 and $183 and increased by ~22% this quarter at prices between $179 and $213. It is now at $214.Henry Schein (HSIC): The small 1.31% HSIC stake saw a ~28% increase this quarter at prices between $79 and $93. The stock is now below that range at $69.97.Note 1: Regulatory Filings since the quarter ended show them owning 8M shares of HSIC (5.1% of the business). This is compared to 1.67M shares in the 13F. For investors attempting to follow Generation IM, HSIC is a good option to consider for further research.Note 2: HSIC stock split 2-for-1 in September.Stake Decreases:Cerner Corporation (CERN): CERN is currently the largest position at 11.80% of the portfolio. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. The stock currently trades above those ranges at $70.57. There was a marginal reduction this quarter.Note: Generation IM controls 5.2% of CERN.Acuity Brands (AYI): AYI is a top three 5.51% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% last quarter at prices between $163 and $204. The stock is now below those ranges at $158. This quarter saw marginal selling.Note: Generation IM controls 8% of AYI.Microsoft Corporation (MSFT): MSFT is a top three 5.48% portfolio position. The stake saw a ~50% selling last quarter at prices between $65 and $72.50. The position was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The stock is now at $83.26. Generation IM is harvesting long-term gains. There was a very minor reduction this quarter.Thermo Fisher Scientific (TMO): TMO is a top five 5.29% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Last quarter saw another ~20% increase at prices between $152 and $176. The stock currently goes for $194. This quarter saw very minor trimming.MasterCard Inc. (MA): MA is large ~5% stake built in H1 2016 in the low-90s price-range. Q4 2016 also saw a one-third increase at prices between $100 and $107. The stock is now well above that range at $153. This quarter saw a ~7% trimming.Facebook Inc. (FB): FB is a ~4% portfolio stake purchased in Q4 2016 at prices between $115 and $133. The following quarter saw a ~23% increase at prices between $115 and $143. The stock is now well above those ranges at $183. This quarter saw marginal trimming.Deere & Co. (DE): DE is a fairly large 3.78% stake. The position is from 2015 at prices between $75 and $97. There was a ~40% reduction in Q1 2017 at prices between $103 and $111 and that was followed with a ~20% selling over the last two quarters at prices between $107 and $132. The stock is now at $146.Becton Dickinson (BDX): BDX is a 3.73% long-term position that has been in the portfolio since their first 13F filing in 2006. The position saw a two-thirds increase last quarter at prices between $177 and $195 and the stock is now at $226. There was a marginal trimming this quarter.Delphi Automotive (DLPH): The 3.45% DLPH position saw a ~60% increase last quarter at prices between $74 and $89. The original position is from Q4 2016 at prices between $63 and $72. Q1 2017 had seen a ~28% selling at prices between $67 and $82. The stock currently trades at $101. This quarter saw a marginal reduction.Ingersoll-Rand plc (IR): IR is a 3.11% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction last year at prices between $50.50 and $78.50 and that was followed with another ~50% selling this year at prices between $75 and $93. The stock is now at $84.23.Cooper Companies (COO): The bulk of the 2.85% position in COO was purchased in Q4 2016 at prices between $159 and $183 and the stock currently trades well above that range at $242. There was a marginal reduction this quarter.VWR Corp. (VWR): The 2.55% VWR position was first purchased in Q4 2016 at prices between $24.50 and $28.50. There was a ~17% increase in Q1 2017 at prices between $24.50 and $28.50. In May, Avantor agreed to buy VWR for $33.25 cash and the transaction closed this week. Generation IM controlled 6.1% of the business.Nike Inc. (NKE): NKE is a 2.47% of the portfolio stake built up over the last three years at prices between $38 and $67. There was a ~18% increase last quarter as well at prices between $51 and $59. The stock is now at $59.32. This quarter saw marginal selling.Alphabet Inc. (GOOG): The original position in GOOG was purchased in 2014 at prices between $510 and $610. The following year saw a large reduction but the position was built back up in H1 2016 at prices between $675 and $760. There was a ~55% selling last quarter at prices between $823 and $984. The stock is currently at $1041. There was marginal trimming this quarter.PayPal Holdings (PYPL): The ~2% PYPL stake was purchased last quarter at prices between $42.50 and $54.50 and reduced by ~27% this quarter at prices between $53 and $65. The stock currently trades at $78.57.Allegion Pub (ALLE), Amazon.com (AMZN), Ansys Inc. (ANSS), Infosys Ltd. (INFY), National Instruments Corp. (NATI), Salesforce.com (CRM), SPDR Trust (SPY), Taiwan Semi (TSM), and Waters Corp. (WAT): These are very small (less than ~1.5% of the portfolio each) positions that saw reductions this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management US long stock portfolio as of Q3 2017:Regulatory Filings thru 8/24/2017: 13G – 6/9/2017 – JLL - 3.5M shares – 7.74% of business. 13G – 5/22/2017 – AYI – 2.6M shares – 5.92% of business. 13G/A – 2/14/2017 – VWR – 6.8M shares – 5.2% of business. 13G/A – 2/14/2017 – XRAY – 3.46M shares – 1.5% of business. 13G – 1/23/2017 – CERN – 17.2M shares – 5.1% of business. 13G – 2/17/2015 – WAT – 3.7M shares – 4.5% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2017 Update"

"Generation Investment Management portfolio value increased from $9.1B to $9.8B this quarter.They substantially increased Acuity Brands & Jones Lang LaSalle while decreasing Microsoft and dropping Varian Medical Systems.The top three positions are Cerner, Acuity Brands, and Jones Lang LaSalle and they add up to ~24% of the entire portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Generation Investment Management’s US stock portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 08/14/2017.Al Gore and David Blood founded Generation IM in 2004 with the first outside money accepted the following year. Assets Under Management are at ~$17B and spread-out among four areas: Global Equity, Asia Equity, Growth Equity, and Global Credit. The performance of the flagship long-only global equity strategy stunned the hedge fund world when it was reported at the 10th year anniversary in 2015 that their alpha against the MSCI World Index was 5.59% (12.14% annualized return compared to 6.55% for MSCI World Index) – an outsider had come in and beaten most of the hedge funds over a ten year period – Al Gore was introduced to money-management when he joined Metropolitan West Asset Management in Los Angeles after the 2000 presidential run. Generation IM’s value investing philosophy is based around bottom-up stock picking with one important restriction: they maintain a focus-list of 100-or-so businesses from which they invest and to get into that list the businesses have to pass their sustainability analysis. The performance so far must have intimidated many veterans as even the legendary Charlie Munger the following recently, which is close to being a put-down: “…he's not very smart…his partner is a good value investor…no CO2 and so the value investor picked the best service companies…all of a sudden he made 100s of millions…but he is an idiot…”This quarter, Al Gore’s 13F portfolio value increased 7.52% from $9.1B to $9.8B this quarter. The number of positions decreased from 34 to 33. The largest five stakes are Cerner Corporation, Acuity Brands, Jones Lang LaSalle, Microsoft Corporation, and Thermo Fisher Scientific and they together account for ~35% of the total portfolio value.Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in getting started on investing after filtering ideas through a sustainability analysis.New Stakes:PayPal Holdings (PYPL) and Credicorp Ltd. (BAP): These are the two new positions this quarter. The 2.54% PYPL stake was purchased at prices between $42.50 and $54.50 and the stock currently trades well above that range at $59.97. BAP is a 1.62% of the portfolio position established at prices between $152 and $183 and it is now above that at $206.Stake Disposals:Varian Medical (VAR): A small position in VAR was first purchased in 2007 and disposed the following year. A much larger 3.3M share stake was built in 2009 in the high-30s. The position had wavered since with the sizing peaking at ~4.5M shares in 2014. The stake was sold down by two-thirds over the next two years at prices between $75 and $100. Last quarter saw an about turn: ~75% increase at prices between $77.50 and $92.50. The ~2.5% portfolio stake as of last quarter was disposed of this quarter at prices between $88 and $105. The stock is now at $102.Mercadolibre Inc. (MELI) and Qualcomm Inc. (QCOM): These are very small (less than ~1% of the portfolio each) stakes disposed of this quarter. The QCOM stake was first purchased in 2010 while the MELI position was from 2012.Stake Increases:Cerner Corporation (CERN): CERN is currently the largest position at 11.73% of the portfolio. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. Last two quarters have also seen marginal increases. The stock currently trades above those ranges at $65.25.Note: Generation IM controls 5.2% of CERN.Acuity Brands (AYI): AYI is a top three ~7% of the portfolio stake purchased last quarter at prices between $199 and $240 and increased by ~85% this quarter at prices between $163 and $204. The stock is now at $177.Note: Generation IM controls 8% of AYI.Jones Lang LaSalle Inc. (JLL): JLL is a top-three 5.5% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in H1 2016: ~200% increase at prices between $96 and $141. H2 2016 also saw a ~50% stake increase at prices between $91 and $120. That was followed with a ~30% increase this quarter at prices between $103 and $125. The stock currently trades at $119.Note: Generation IM controls 9.6% of the business.Thermo Fisher Scientific (TMO): TMO is a top five 5.2% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. This quarter saw another ~20% increase at prices between $152 and $176. The stock currently goes for $177.MasterCard Inc. (MA): MA is large ~5% stake built in H1 2016 in the low-90s price-range. Q4 2016 also saw a one-third increase at prices between $100 and $107. The stock is now well above that range at $133. This quarter saw a marginal increase.Becton Dickinson (BDX): BDX is a fairly large ~4% long-term position that has been in the portfolio since their first 13F filing in 2006. The position saw a two-thirds increase this quarter at prices between $177 and $195 and the stock is now at $199. The large increase in a long-term stake indicates a clear bullish bias.Facebook Inc. (FB): FB is a 3.84% portfolio stake purchased in Q4 2016 at prices between $115 and $133. Last quarter saw a ~23% increase at prices between $115 and $143 and that was followed with a marginal increase this quarter. The stock is now at $166.Delphi Automotive (DLPH): The 3.28% DLPH position saw a ~60% increase this quarter at prices between $74 and $89. The original position is from Q4 2016 at prices between $63 and $72. Last quarter had seen a ~28% selling at prices between $67 and $82. The stock currently trades at $94.26.Charles Schwab (SCHW): SCHW is a ~3.2% portfolio position. This quarter saw a two-thirds increase at prices between $37.50 and $43. The stake is from Q4 2016 at prices between $31 and $40.50. The stock is now at $39.76.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cooper Companies (COO): The bulk of the ~3% position in COO was purchased in Q4 2016 at prices between $159 and $183 and the stock currently trades well above that range at $246. There was a marginal increase this quarter.Nike Inc. (NKE): NKE is a ~3% of the portfolio stake built up over the last three years at prices between $38 and $67. There was a ~18% increase this quarter as well at prices between $51 and $59. The stock is now at $53.90.Sensata Technologies (ST): The bulk of the ~3% ST position was purchased in Q2 2016 at prices between $33.50 and $39. This quarter saw a two-thirds increase at prices between $39 and $43.50. The stock currently goes for $44.28.VWR Corp. (VWR): The 2.71% VWR position was first purchased in Q4 2016 at prices between $24.50 and $28.50. There was a ~17% increase last quarter at prices between $24.50 and $28.50 and that was followed with a marginal increase this quarter. The stock is now at $33.08.Note: In May, Avantor agreed to buy VWR for $33.25 cash. Generation IM controls 6.1% of the business.Chipotle Mexican Grill (CMG): CMG is a 2.57% stake established in Q4 2016 at prices between $360 and $438 and the stock currently trades well below that range at $309. This quarter saw a ~7% increase.Infosys Ltd. (INFY): The 2.23% INFY position was purchased last quarter at prices between $13.50 and $16 and increased by ~280% this quarter at around the same price range. The stock is now at $15.15.Dentsply Sirono (XRAY): XRAY is a ~2% portfolio stake built in 2014 at prices between $44 and $56. 2015 saw a ~10% stake increase while last year saw a similar reduction. There was a ~20% selling last quarter at prices between $55.50 and $64.50 and the stock is now at $54.80. There was a marginal increase this quarter.Amazon.com (AMZN), Salesforce.com (CRM), Schein Henry (HSIC), SPDR Trust (SPY), and Taiwan Semi (TSM): These are very small (less than ~1.5% of the portfolio each) positions that saw increases this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is a top five 5.41% portfolio position. The stake saw a ~50% selling this quarter at prices between $65 and $72.50. The position was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The stock is now at $72.82. Generation IM is harvesting long-term gains.Deere & Co. (DE): DE is a fairly large 4.35% stake. The position is from 2015 at prices between $75 and $97. There was a ~40% reduction last quarter at prices between $103 and $111 and that was followed with a ~7% trimming this quarter. The stock is now at $116.Ingersoll-Rand plc (IR): IR is a 3.40% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction last year at prices between $50.50 and $78.50 and that was followed with another ~50% selling this year at prices between $75 and $93. The stock is now at $84.63.Alphabet Inc. (GOOG) and JD.com (JD): These two ~2% stakes established in 2014 saw large reductions this quarter. The original position in GOOG was purchased at prices between $510 and $610. The following year saw a large reduction but the position was built back up in H1 2016 at prices between $675 and $760. There was a ~55% selling this quarter at prices between $823 and $984. The stock is currently at $916. The JD purchase was in the low-20s. Last quarter saw a ~30% selling at prices between $25.50 and $32 and that was followed with a ~45% reduction this quarter at prices between $31 and $43. The stock is now at $40.87. Generation IM harvested gains.Waters Corp. (WAT), Ansys Inc. (ANSS), National Instruments Corp. (NATI), Banco Santander Chile (BSAC), and Allegion Pub (ALLE): These very small (less than ~1.5% of the portfolio each) positions saw reductions this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management US long stock portfolio as of Q2 2017:"

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 8/14/2023. Jeremy Grantham’s 13F portfolio value increased ~10% from $19.66B to $21.60B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 45 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Meta Platforms, UnitedHealth, Alphabet, and Apple. They add up to ~17% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2023.As of July 31, 2023, GMO’s 7-year asset class real return forecast is for US Large Cap asset class to have a negative 3% annualized return on one end and Emerging Value asset class to have a positive 6% annualized return at the other extreme. The firm currently has ~$75B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.Note 1: It was reported in December 2020 that Jeremy Grantham has a ~4.8M share stake in QuantumScape (QS). The ~$12.5M investment was made 8 years ago as part of a series of bets on early-stage “green technology” companies.Note 2: Jeremy Grantham has repeatedly said the US stock market is in a bubble since June 2020. The latest was in a WealthTrack in July. His estimate of the probability of a market crash has gone down from about 85% likely to 70% likely.Stake Increases:UnitedHealth Group (UNH): The top three ~3% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. That was followed with a ~25% reduction in Q2 2022 at prices between ~$452 and ~$546. This quarter saw a ~20% stake increase at prices between ~$458 and ~$526. The stock is now at ~$498.Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. Recent activity follows. H2 2019 saw a 23% stake increase at prices between $127 and $146. There was another one-third increase in Q3 2022 at prices between ~$161 and ~$180. That was followed with a ~12% further increase this quarter. The stock currently trades at ~$167 and the stake is at 2.58% of the portfolio.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years saw a combined ~50% reduction through minor selling most quarters. The two quarters through Q3 2021 saw another ~24% reduction at prices between ~$295 and ~$415. The last two quarters saw a ~27% increase at prices between ~$246 and ~$324. The stock currently trades at ~$307 and the stake is at 2.18% of the portfolio.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. The stake was rebuilt in H1 2018 at prices between $53 and $63. Q1 2020 saw a ~20% selling at prices between ~$66 and ~$92. The seven quarters through Q1 2022 had seen a ~30% stake increase at prices between ~$69 and ~$88. There was a ~20% reduction next quarter at prices between ~$84 and ~$95.This quarter saw a similar increase at prices between ~$106 and ~$118. The stock currently trades at ~$110, and the stake is at 1.93% of the portfolio.Texas Instruments (TXN): TXN is a 1.83% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. There was a ~20% stake increase in Q1 2022 at prices between ~$163 and ~$191. The stock currently trades at ~$168. The last five quarters have seen only minor adjustments.Elevance Health (ELV): ELV position was first purchased in 2014. The bulk of the current 1.71% portfolio stake was established in 2017 at prices between $144 and $232. There was a roughly one-third selling in H1 2022 at prices between ~$428 and ~$530. There was a ~16% stake increase this quarter at prices between ~$436 and ~$496. The stock currently trades at ~$466.Coca-Cola (KO): KO is a 1.63% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Recent activity follows. Q1 2020 saw a ~75% stake increase at prices between $37.50 and $60. That was followed with a ~37% increase in Q3 2020 at prices between ~$44 and ~$51. Q2 2022 saw a similar reduction at prices between ~$59 and ~$66. The stock is now at $60.43. The last four quarters saw only minor adjustments.Intuitive Surgical (ISRG): ISRG is a 1.40% of the portfolio position purchased in Q2 2022 at prices between ~$191 and ~$306. The stock currently trades at ~$287. There was a ~50% stake increase this quarter at prices between ~$254 and ~$342.US Bancorp (USB): USB stake was purchased in 2017 at prices between $50 and $56. Q1 2020 saw a ~50% stake increase at prices between ~$29 and ~$55. There was a ~30% selling last quarter at prices between ~$33 and ~$50. This quarter saw a ~17% increase at prices between ~$29 and ~$36. The stock is now at $36.76, and the stake is at 1.22% of the portfolio.Abbott Labs (ABT), American Express (AXP), BorgWarner (BWA), Cigna (CI), Constellation Brands (STZ), Darling Ingredients (DAR), Eli Lilly (LLY), Green Plains (GPRE), KLA Corp (KLAC), Kosmos Energy (KOS), Mosaic Inc. (MOS), Otis Worldwide (OTIS), Quest Diagnostics (DGX), Salesforce.com (CRM), SolarEdge Technologies (SEDG), UBS Group AG (UBS), and Visa Inc. (V): These small (less than ~1.75% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 4.79%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: the three years through Q3 2020 saw a ~70% selling at prices between ~$88 and ~$232. There was a ~9% trimming in Q4 2021 while in Q2 2022 there was a similar increase. The stock currently trades at ~$322. This quarter saw a ~8% trimming.Meta Platforms (META): META is a 3.26% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake had seen incremental buying since. The three quarters through Q4 2022 saw a ~125% stake increase at prices between ~$90 and ~$235. The last two quarters saw a ~15% trimming at prices between ~$127 and ~$287. The stock is now at ~$290.Alphabet Inc. (GOOG): GOOG is a 2.73% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked in 2014. Since then, the stake was reduced at prices between ~$25 and ~$150. There was a ~25% stake increase last quarter at prices between ~$87 and ~$109. The stock currently trades at ~$129. There was marginal trimming this quarter.Apple Inc. (AAPL): AAPL is a top five 2.72% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. The four years through 2019 saw a ~75% reduction at prices between ~$23 and ~$82. Q3 2020 saw another ~30% selling at prices between ~$91 and ~$134. That was followed with a ~20% reduction during Q3 2022 at prices between ~$137 and ~$175. The stock is now at ~$176. The last three quarters saw minor trimming.Amazon.com (AMZN): The 2.67% AMZN stake saw a huge ~130% stake increase during Q4 2022 at prices between ~$82 and ~$121. That was followed by a ~25% increase last quarter at prices between ~$83 and ~$113. The stock currently trades at ~$135. There was a ~7% trimming this quarter.Oracle Corporation (ORCL): The 2.43% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters through Q2 2019 saw another ~45% selling at prices between $44 and $57. Q1 2020 also saw a ~18% reduction at prices between ~$40 and ~$56. The three quarters through Q2 2022 saw another ~30% selling at prices between ~$64 and ~$104. The stock is currently at ~$117. The last several quarters have seen minor trimming.Lam Research (LRCX): The 2.32% LRCX stake was built in Q3 2020 at prices between ~$294 and ~$385 and the stock is now at ~$669. The last several quarters saw minor buying while this quarter saw a marginal increase.TJX Companies (TJX): TJX is a 1.82% of the portfolio position that has been in the portfolio for well over fifteen years. The position has wavered. The last major activity was a ~25% stake increase in H1 2020 at prices between ~$37 and ~$63. The stock is now at ~$90. The last four quarters saw only minor adjustments.Wells Fargo (WFC): The 1.49% WFC position was purchased in Q3 2017 at prices between $49.50 and $56. Q1 2020 saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with a ~30% stake increase in Q4 2020 at prices between ~$21 and ~$30. There was a ~18% selling over the next two quarters at prices between ~$30 and ~$48. Q4 2022 saw another ~27% reduction at prices between ~$40 and ~$48. The stock is now at $42.49. There was a ~12% increase last quarter while this quarter saw a similar reduction.Adobe Systems (ADBE), BP plc (BP), Canadian Solar (CSIQ), Livent Corp (LTHM), Medtronic Inc. (MDT), Petroleo Brasileiro (PBR), Sunrun Inc. (RUN), STMicroelectronics (STM), Taiwan Semi (TSM), and Teck Resources (TECK): These small (less than ~1% of the portfolio each) stakes were reduced this quarter.Note: They have a significant ownership stake in Canadian Solar.Kept Steady:Ameresco (AMRC): The small 0.86% of the portfolio stake in AMRC was kept steady this quarter. They have a significant ownership stake in Ameresco.Note: GMO has significant ownership stakes in the following businesses: GrafTech (EAF), Clean Energy Fuels (CLNE), Aemetis (AMTX), and Adecoagro (AGRO).Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q2 2023:Source: John Vincent. Data constructed from GMO Capital's 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 2/17/2023 to 5/18/2023: AMRC – 3.83M shares – 11.27% of business."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q1 2023 Update"

"Jeremy Grantham’s 13F portfolio value increased from $18.77B to $19.66B this quarter.GMO Capital increased Alphabet, Sunrun, Ameresco, and Livent while reducing US Bancorp, American Express, and SolarEdge Technologies.The largest three individual stock positions are Microsoft Corporation, Meta Platforms, and United Health, and they add up to ~11% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 5/12/2023. Jeremy Grantham’s 13F portfolio value increased ~5% from $18.77B to $19.66B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 48 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Meta Platforms, UnitedHealth, Apple, and Alphabet. They add up to ~16% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2022.As of April 30, 2023, GMO’s 7-year asset class real return forecast is for US Large Cap asset class to have a negative 1.8% annualized return on one end and Emerging Value asset class to have a positive 7.6% annualized return at the other extreme. The firm currently has ~$70B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.Note 1: It was reported in December 2020 that Jeremy Grantham has a ~4.8M share stake in QuantumScape (QS). The ~$12.5M investment was made 8 years ago as part of a series of bets on early-stage “green technology” companies.Note 2: Jeremy Grantham has repeatedly said the US stock market is in a bubble since June 2020. The latest was a research in January. The note has turned mildly negative: “The pricking of the supreme overconfidence bubble is behind us, and stocks are now cheaper. But because of the sheer length of the list of important negatives, I believe continued economic and financial problems are likely. I believe they could easily turn out to be unexpectedly dire. I believe therefore that a continued market decline of at least substantial proportions, while not the near certainty it was a year ago, is much more likely than not.”Stake Increases:UnitedHealth Group (UNH): The top three 2.71% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. That was followed with a ~25% reduction in Q2 2022 at prices between ~$452 and ~$546. The stock is now at ~$479. The last three quarters have seen only minor adjustments.Alphabet Inc. (GOOG): GOOG is a 2.64% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked in 2014. Since then, the stake was reduced at prices between ~$25 and ~$150. There was a ~25% stake increase this quarter at prices between ~$87 and ~$109. The stock currently trades at ~$124.Amazon.com (AMZN): The 2.50% AMZN stake saw a huge ~130% stake increase last quarter at prices between ~$82 and ~$121. That was followed by a ~25% increase this quarter at prices between ~$83 and ~$113. The stock currently trades at ~$118.Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. Recent activity follows. H2 2019 saw a 23% stake increase at prices between $127 and $146. There was another one-third increase in Q3 2022 at prices between ~$161 and ~$180. The stock currently trades at ~$159 and the stake is at 2.37% of the portfolio. The last two quarters have seen only minor adjustments.Lam Research (LRCX): The 2.13% LRCX stake was built in Q3 2020 at prices between ~$294 and ~$385 and the stock is now at ~$599. The last several quarters have seen minor buying.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years saw a combined ~50% reduction through minor selling most quarters. The two quarters through Q3 2021 saw another ~24% reduction at prices between ~$295 and ~$415. The stock currently trades at ~$288 and the stake is at ~2% of the portfolio. There was a ~9% trimming in the last two quarters while this quarter saw a ~14% increase.TJX Companies (TJX): TJX is a 1.88% of the portfolio position that has been in the portfolio for well over fifteen years. The position has wavered. The last major activity was a ~25% stake increase in H1 2020 at prices between ~$37 and ~$63. The stock is now at ~$79. The last three quarters saw only minor adjustments.Elevance Health (ELV): ELV position was first purchased in 2014. The bulk of the current 1.68% portfolio stake was established in 2017 at prices between $144 and $232. There was a roughly one-third selling in H1 2022 at prices between ~$428 and ~$530. The stock currently trades at ~$455. The last three quarters saw only minor adjustments.Wells Fargo (WFC): The 1.59% WFC position was purchased in Q3 2017 at prices between $49.50 and $56. Q1 2020 saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with a ~30% stake increase in Q4 2020 at prices between ~$21 and ~$30. There was a ~18% selling over the next two quarters at prices between ~$30 and ~$48. Last quarter saw another ~27% reduction at prices between ~$40 and ~$48. The stock is now at $40.21. There was a ~12% increase this quarter.Intuitive Surgical (ISRG): ISRG is a 0.78% of the portfolio position purchased in Q2 2022 at prices between ~$191 and ~$306. The stock currently trades at ~$312. The last three quarters have seen only minor adjustments.Adobe Systems (ADBE), Ameresco (AMRC), Abbott Labs (ABT), BP plc (BP), Canadian Solar (CSIQ), Constellation Brands (STZ), Darling Ingredients (DAR), Eli Lilly (LLY), Green Plains (GPRE), Livent Corp (LTHM), Otis Worldwide (OTIS), Petroleo Brasileiro (PBR), Quest Diagnostics (DGX), and Sunrun Inc. (RUN): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Note: GMO has significant ownership stakes in the following businesses: Ameresco (AMRC) and Canadian Solar (CSIQ).Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 4.84%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: the three years through Q3 2020 saw a ~70% selling at prices between ~$88 and ~$232. There was a ~9% trimming in Q4 2021 while in Q2 2022 there was a similar increase. The stock currently trades at ~$319. The last few quarters saw only minor adjustments.Meta Platforms (META): META is a ~3% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake had seen incremental buying since. The last three quarters saw a ~125% stake increase at prices between ~$90 and ~$235. The stock is now at ~$247. There was a minor ~5% trimming this quarter.Apple Inc. (AAPL): AAPL is a top five 2.64% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. The four years through 2019 saw a ~75% reduction at prices between ~$23 and ~$82. Q3 2020 saw another ~30% selling at prices between ~$91 and ~$134. That was followed with a ~20% reduction during Q3 2022 at prices between ~$137 and ~$175. The stock is now at ~$175. The last two quarters saw minor trimming.Oracle Corporation (ORCL): The ~2% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters through Q2 2019 saw another ~45% selling at prices between $44 and $57. Q1 2020 also saw a ~18% reduction at prices between ~$40 and ~$56. The three quarters through Q2 2022 saw another ~30% selling at prices between ~$64 and ~$104. The stock is currently at ~$102. The last two quarters have seen minor trimming.Texas Instruments (TXN): TXN is a ~2% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. There was a ~20% stake increase in Q1 2022 at prices between ~$163 and ~$191. The stock currently trades at ~$170. There was minor trimming in the last four quarters.Coca-Cola (KO): KO is a 1.76% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Recent activity follows. Q1 2020 saw a ~75% stake increase at prices between $37.50 and $60. That was followed with a ~37% increase in Q3 2020 at prices between ~$44 and ~$51. Q2 2022 saw a similar reduction at prices between ~$59 and ~$66. The stock is now at $62.80. There was minor trimming in the last three quarters.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. The stake was rebuilt in H1 2018 at prices between $53 and $63. Q1 2020 saw a ~20% selling at prices between ~$66 and ~$92. The seven quarters through Q1 2022 had seen a ~30% stake increase at prices between ~$69 and ~$88. There was a ~20% reduction next quarter at prices between ~$84 and ~$95. The stock currently trades at ~$114, and the stake is at 1.65% of the portfolio. The last three quarters saw only minor adjustments.US Bancorp (USB): USB stake was purchased in 2017 at prices between $50 and $56. Q1 2020 saw a ~50% stake increase at prices between ~$29 and ~$55. There was a ~30% selling this quarter at prices between ~$33 and ~$50. The stock is now at $30.49, and the stake is at 1.25% of the portfolio.AGCO Corp (AGCO), American Express (AXP), BorgWarner (BWA), Cigna (CI), Exxon Mobil (XOM), Kosmos Energy (KOS), KLA Corp (KLAC), Medtronic Inc. (MDT), Mosaic Inc. (MOS), Salesforce.com (CRM), SolarEdge Technologies (SEDG), STMicroelectronics (STM), Taiwan Semi (TSM), Teck Resources (TECK), UBS Group AG (UBS), and Visa Inc. (V): These very small (less than ~1.5% of the portfolio each) positions were reduced this quarter.Note: GMO has significant ownership stakes in the following businesses: GrafTech (EAF), Clean Energy Fuels (CLNE), Aemetis (AMTX), and Adecoagro (AGRO).Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q1 2023:Source: John Vincent. Data constructed from GMO Capital's 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/18/2022 to 2/17/2023: 13Gs – 2/13 – KOS – 21.41M shares – 4.69% of business, GYRO - ~119K shares – 8.04% of business, GPRE – Green Plains – 3.22M shares – 5.43% of business, EAF – GrafTech - ~15M shares – 5.85% of business, CLNE – 11.57M shares – 5.2% of business, CSIQ – 2.92M shares – 4.55% of business, AMRC – 2.86M shares – 8.42% of business, AMTX – Aemetis – 2.04M shares – 5.83% of business, AGRO – Adecoagro – 5.83M shares – 5.23% of business."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q4 2022 Update"

"Jeremy Grantham’s 13F portfolio value increased from $17.33B to $18.77B this quarter.GMO Capital increased Adobe Systems, Amazon.com, Exxon Mobil, and Meta Platforms while reducing Global Payments, Wells Fargo, and Taiwan Semi.The largest three individual stock positions are Microsoft Corporation, United Health, and Johnson & Johnson, and they add up to ~10% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 2/13/2023. Jeremy Grantham’s 13F portfolio value increased ~8% from $17.33B to $18.77B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 48 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, UnitedHealth, Johnson & Johnson, Apple, and US Bancorp. They add up to ~15% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2022.As of December 31, 2022, GMO’s 7-year asset class real return forecast is for US Large Cap asset class to have a negative 0.7% annualized return on one end and Emerging Value asset class to have a positive 9.8% annualized return at the other extreme. The firm currently has ~$70B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.Note 1: It was reported in December 2020 that Jeremy Grantham has a ~4.8M share stake in QuantumScape (QS). The ~$12.5M investment was made 8 years ago as part of a series of bets on early-stage “green technology” companies.Note 2: Jeremy Grantham has repeatedly said the US stock market is in a bubble since June 2020. The latest was a research last August asking to prepare for an “epic finale” to the deflating of the super bubble. Their Q4 2022 letter had a slightly positive hint stating, “lots of assets are cheaper than the broad aggregates, and we would suggest investors should be looking to start moving into those now rather than wait to try to time the market bottom.”Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 4.24%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: the three years through Q3 2020 saw a ~70% selling at prices between ~$88 and ~$232. There was a ~9% trimming in Q4 2021 while in Q2 2022 there was a similar increase. The stock currently trades at ~$258. This quarter also saw a ~6% stake increase.US Bancorp (USB): The 2.22% USB stake was purchased in 2017 at prices between $50 and $56 and the stock currently trades below that range at $48.60. Q1 2020 saw a ~50% stake increase at prices between ~$29 and ~$55. Last several quarters have seen only minor adjustments.Amazon.com (AMZN): The 1.93% AMZN stake saw a huge ~130% stake increase this quarter at prices between ~$82 and ~$121. The stock currently trades at $97.20.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. The stake was rebuilt in H1 2018 at prices between $53 and $63. Q1 2020 saw a ~20% selling at prices between ~$66 and ~$92. The seven quarters through Q1 2022 had seen a ~30% stake increase at prices between ~$69 and ~$88. There was a ~20% reduction next quarter at prices between ~$84 and ~$95. The stock currently trades at ~$110, and the stake is at 1.86% of the portfolio. This quarter saw a marginal increase.Meta Platforms (META): META is a 1.84% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake had seen incremental buying since. Last three quarters saw a ~125% stake increase at prices between ~$90 and ~$235. The stock is now at ~$173.Lam Research (LRCX): The 1.71% LRCX stake was built in Q3 2020 at prices between ~$294 and ~$385 and the stock is now at ~$496. Last few quarters have seen minor buying.Adobe Systems (ADBE), Ameresco (AMRC), BorgWarner (BWA), Darling Ingredients (DAR), Exxon Mobil (XOM), Green Plains (GPRE), KLA Corp (KLAC), Mosaic Inc. (MOS), Otis Worldwide (OTIS), Petroleo Brasileiro (PBR), Salesforce.com (CRM), SolarEdge Technologies (SEDG), STMicroelectronics (STM), Sunrun Inc. (RUN), and Visa Inc. (V): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:UnitedHealth Group (UNH): The top three ~3% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. That was followed with a ~25% reduction in Q2 2022 at prices between ~$452 and ~$546. The stock is now at ~$499. Last two quarters also saw minor trimming. They are harvesting gains.Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. Recent activity follows. H2 2019 saw a 23% stake increase at prices between $127 and $146. There was another one-third increase last quarter at prices between ~$161 and ~$180. The stock currently trades at ~$160 and the stake is at 2.76% of the portfolio. This quarter saw a minor ~2% trimming.Apple Inc. (AAPL): AAPL is a top five 2.22% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. The four years through 2019 saw a ~75% reduction at prices between ~$23 and ~$82. Q3 2020 saw another ~30% selling at prices between ~$91 and ~$134. That was followed with a ~20% reduction last quarter at prices between ~$137 and ~$175. The stock is now at ~$153. This quarter also saw a ~6% trimming.Oracle Corporation (ORCL): The ~2% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters thru Q2 2019 saw another ~45% selling at prices between $44 and $57. Q1 2020 also saw a ~18% reduction at prices between ~$40 and ~$56. The three quarters through Q2 2022 saw another ~30% selling at prices between ~$64 and ~$104. The stock is currently at ~$87. Last two quarters have seen only minor adjustments.TJX Companies (TJX): TJX is a ~2% of the portfolio position that has been in the portfolio for well over fifteen years. The position has wavered. Last major activity was a ~25% stake increase in H1 2020 at prices between ~$37 and ~$63. The stock is now at ~$80. There was minor trimming in the last two quarters.Coca-Cola (KO): KO is a 1.90% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Recent activity follows. Q1 2020 saw a ~75% stake increase at prices between $37.50 and $60. That was followed with a ~37% increase in Q3 2020 at prices between ~$44 and ~$51. Q2 2022 saw a similar reduction at prices between ~$59 and ~$66. The stock is now at ~$60. There was minor trimming in the last two quarters.Elevance Health (ELV): ELV position was first purchased in 2014. The bulk of the current 1.87% portfolio stake was established in 2017 at prices between $144 and $232. There was a roughly one-third selling in H1 2022 at prices between ~$428 and ~$530. The stock currently trades at ~$495. Last two quarters saw minor trimming.Texas Instruments (TXN): TXN is a 1.93% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. There was a ~20% stake increase in Q1 2022 at prices between ~$163 and ~$191. The stock currently trades at ~$175. There was minor trimming in the last three quarters.Alphabet Inc. (GOOGL): GOOG is a 1.88% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked in 2014. Since then, the stake was reduced at prices between ~$25 and ~$150. The stock currently trades at ~$95. There was marginal trimming this quarter.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years had seen a combined ~50% reduction through minor selling most quarters. The two quarters through Q3 2021 saw another ~24% reduction at prices between ~$295 and ~$415. The stock currently trades at ~$277 and the stake is at 1.71% of the portfolio. There was a ~9% trimming in the last two quarters.Wells Fargo (WFC): The 1.64% WFC position was purchased in Q3 2017 at prices between $49.50 and $56. Q1 2020 saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with a ~30% stake increase in Q4 2020 at prices between ~$21 and ~$30. There was a ~18% selling over the next two quarters at prices between ~$30 and ~$48. This quarter saw another ~27% reduction at prices between ~$40 and ~$48. The stock is now at $47.49.Intuitive Surgical (ISRG): ISRG is a 0.83% of the portfolio position purchased in Q2 2022 at prices between ~$191 and ~$306. The stock currently trades at ~$239. Last two quarters have seen only minor adjustments.AGCO Corp (AGCO), Abbott Labs (ABT), American Express (AXP), BP plc (BP), Canadian Solar (CSIQ), Constellation Brands (STZ), Cigna (CI), Eli Lilly (LLY), Global Payments (GPN), Kosmos Energy (KOS), Medtronic Inc. (MDT), Quest Diagnostics (DGX), Teck Resources (TECK), Taiwan Semi (TSM), and UBS Group AG (UBS): These very small (less than ~1.5% of the portfolio each) positions were reduced this quarter.Note: GMO has significant ownership stakes in the following businesses: Gyrodyne (GYRO), GrafTech (EAF), Clean Energy Fuels (CLNE), Canadian Solar (CSIQ), Aemetis (AMTX), and Adecoagro (AGRO).Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q4 2022:Source: John Vincent. Data constructed from GMO Capital's 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/3/2022 to 11/18/2022: None."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q3 2022 Update"

"Jeremy Grantham’s 13F portfolio value decreased from $18.46B to $17.33B this quarter.GMO Capital increased Johnson & Johnson, Meta Platforms, and Teck Resources while reducing Apple.The largest three individual stock positions are Microsoft Corporation, United Health, and Johnson & Johnson, and they add up to ~10% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 11/10/2022. Jeremy Grantham’s 13F portfolio value decreased ~6% from $18.46B to $17.33B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 45 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, UnitedHealth, Johnson & Johnson, Apple, and Wells Fargo. They add up to ~15% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2022.As of September 30, 2022, GMO’s 7-year asset class real return forecast is for US Large Cap asset class to have a positive 0.8% annualized return on one end and Emerging Value asset class to have a positive 10.6% annualized return at the other extreme. The firm currently has ~$65B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.Note 1: It was reported in December 2020 that Jeremy Grantham has a ~4.8M share stake in QuantumScape (QS). The ~$12.5M investment was made 7 years ago as part of a series of bets on early-stage “green technology” companies.Note 2: Jeremy Grantham has repeatedly said the US stock market is in a bubble since June 2020. The latest was a research in early August to prepare for an “epic finale” to the deflating of the super bubble.Stake Increases:Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. Recent activity follows. H2 2019 saw a 23% stake increase at prices between $127 and $146. There was another one-third increase this quarter at prices between ~$161 and ~$180. The stock currently trades at ~$176 and the stake is at 2.83% of the portfolio.Oracle Corporation (ORCL): The 1.69% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters thru Q2 2019 saw another ~45% selling at prices between $44 and $57. Q1 2020 also saw a ~18% reduction at prices between ~$40 and ~$56. Last three quarters saw another ~30% selling at prices between ~$64 and ~$104. The stock is currently at $79.73. There was a marginal increase this quarter.Lam Research (LRCX): The 1.60% LRCX stake was built in Q3 2020 at prices between ~$294 and ~$385 and the stock is now at ~$457. Last few quarters have seen only minor adjustments.Meta Platforms (META) previously Facebook: META is a 1.41% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake had seen incremental buying since. There was a ~25% stake increase last quarter at prices between ~$156 and ~$234. That was followed with a ~12% increase this quarter at prices between ~$134 and ~$183. The stock is now well below their purchase price ranges at ~$112.Intuitive Surgical (ISRG): ISRG is a 0.66% of the portfolio position purchased last quarter at prices between ~$191 and ~$306. The stock currently trades at ~$262. There was a marginal increase this quarter.Abbott Labs (ABT), Adobe Systems (ADBE), AGCO Corp (AGCO), American Express (AXP), Constellation Brands (STZ), Global Payments (GPN), Kosmos Energy (KOS), Mosaic Inc. (MOS), Otis Worldwide (OTIS), Salesforce.com (CRM), SolarEdge Technologies (SEDG), Teck Resources (TECK), Taiwan Semi (TSM), and UBS Group AG (UBS): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 4.22%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: the three years through Q3 2020 saw a ~70% selling at prices between ~$88 and ~$232. There was a ~9% trimming in Q4 2021 while last quarter there was a similar increase. The stock currently trades at ~$241. There was minor ~2% trimming this quarter.UnitedHealth Group (UNH): The top three 3.18% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. That was followed with a ~25% reduction last quarter at prices between ~$452 and ~$546. The stock is now at ~$530. There was marginal trimming this quarter. They are harvesting gains.Apple Inc. (AAPL): AAPL is a top five 2.73% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. The four years through 2019 saw a ~75% reduction at prices between ~$23 and ~$82. Q3 2020 saw another ~30% selling at prices between ~$91 and ~$134. That was followed with a ~20% reduction this quarter at prices between ~$137 and ~$175. The stock is now at ~$151.Wells Fargo (WFC): The 2.37% WFC position was purchased in Q3 2017 at prices between $49.50 and $56. Q1 2020 saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with a ~30% stake increase in Q4 2020 at prices between ~$21 and ~$30. There was a ~18% selling over the next two quarters at prices between ~$30 and ~$48. The stock is now at $46.50. Last few quarters have seen only minor adjustments.US Bancorp (USB): The 2.22% USB stake was purchased in 2017 at prices between $50 and $56 and the stock currently trades well below that range at $43.38. Q1 2020 saw a ~50% stake increase at prices between ~$29 and ~$55. Last several quarters have seen only minor adjustments.Alphabet Inc. (GOOGL): GOOG is a 2.21% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked in 2014. Since then, the stake was reduced at prices between ~$25 and ~$150. The stock currently trades at ~$98. There was a marginal trimming this quarter.Texas Instruments (TXN): TXN is a 2.08% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. There was a ~20% stake increase in Q1 2022 at prices between ~$163 and ~$191. The stock currently trades at ~$175. There was a minor trimming in the last two quarters.Coca-Cola (KO): KO is a 1.90% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Recent activity follows. Q1 2020 saw a ~75% stake increase at prices between $37.50 and $60. That was followed with a ~37% increase in Q3 2020 at prices between ~$44 and ~$51. Last quarter saw a similar reduction at prices between ~$59 and ~$66. The stock is now at ~$61. There was marginal trimming this quarter.Elevance Health (ELV): ELV position was first purchased in 2014. The bulk of the current 1.87% portfolio stake was established in 2017 at prices between $144 and $232. There was a roughly one-third selling over the last two quarters at prices between ~$428 and ~$530. The stock currently trades at ~$495. There was a minor ~2% trimming this quarter.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years had seen a combined ~50% reduction through minor selling most quarters. The two quarters through Q3 2021 saw another ~24% reduction at prices between ~$295 and ~$415. The stock currently trades at ~$287 and the stake is at 1.81% of the portfolio. There was a ~7% trimming this quarter.TJX Companies (TJX): TJX is a 1.72% of the portfolio position that has been in the portfolio for well over fifteen years. The position has wavered. Last major activity was a ~25% stake increase in H1 2020 at prices between ~$37 and ~$63. The stock is now at ~$78. There was marginal trimming this quarter.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. The stake was rebuilt in H1 2018 at prices between $53 and $63. Q1 2020 saw a ~20% selling at prices between ~$66 and ~$92. The seven quarters through Q1 2022 had seen a ~30% stake increase at prices between ~$69 and ~$88. There was a ~20% reduction last quarter at prices between ~$84 and ~$95. The stock currently trades at ~$104, and the stake is at 1.54% of the portfolio. This quarter saw marginal trimming.Amazon.com (AMZN), Ameresco (AMRC), BP plc (BP), Canadian Solar (CSIQ), Cigna (CI), Cisco Systems (CSCO), Darling Ingredients (DAR), Eli Lilly (LLY), KLA Corp (KLAC), Medtronic Inc. (MDT), Quest Diagnostics (DGX), Sociedad Quimica Y Minera (SQM), Sunrun Inc. (RUN), and Visa Inc. (V): These very small (less than ~1.5% of the portfolio each) positions were reduced this quarter.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q3 2022:Source: John Vincent. Data constructed from GMO Capital's 13F filings for Q2 2022 and Q3 2022.8/31/2022 – Jeremey Grantham in a research note said to prepare for an “epic finale” to the deflating of the super bubble -Regulatory filings from 6/18/2022 to 9/3/2022: None."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q2 2022 Update"

"Jeremy Grantham’s 13F portfolio value decreased from $20.73B to $18.46B this quarter.GMO Capital increased Meta Platforms, Salesforce.com, Taiwan Semi, and Amazon.com while reducing UnitedHealth, Coca-Cola, Elevance Health, and Cisco Systems.The largest three individual stock positions are Microsoft Corporation, Apple, & United Health and they add up to ~11% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 8/12/2022. Jeremy Grantham’s 13F portfolio value decreased ~11% from $20.73B to $18.46B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 45 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Apple, UnitedHealth, Alphabet, and US Bancorp. They add up to ~16% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2022.As of June 30, 2022, GMO’s 7-year asset class real return forecast is for US Large Cap asset class to have a negative 1% annualized return on one end and Emerging Value asset class to have a positive 7.9% annualized return at the other extreme. Most of the bond category is also forecasted to have negative annualized real returns over the next 7 years. The firm currently has ~$65B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.Note 1: It was reported in December 2020 that Jeremy Grantham has a ~4.8M share stake in QuantumScape (QS). The ~$12.5M investment was made 7 years ago as part of a series of bets on early-stage “green technology” companies.Note 2: Jeremy Grantham has repeatedly said the US stock market is in a bubble since June 2020. The latest was a research in early August to prepare for an “epic finale” to the deflating of the super bubble.New Stakes:Intuitive Surgical (ISRG): ISRG is a 0.66% of the portfolio position purchased this quarter at prices between ~$191 and ~$306. The stock currently trades at the bottom of that range at ~$191.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 4.44%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: the three years through Q3 2020 saw a ~70% selling at prices between ~$88 and ~$232. There was a ~9% trimming in Q4 2021 while this quarter there was a similar increase. The stock currently trades at ~$238.Alphabet Inc. (GOOGL): GOOG is a top five 2.39% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked in 2014. Since then, the stake was reduced at prices between ~$25 and ~$150. The stock currently trades at ~$99. There was a marginal increase this quarter.Meta Platforms (META) previously Facebook: META is a 1.41% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake had seen incremental buying since. Q4 2021 saw a ~11% trimming while last quarter there was a similar increase. There was a ~25% stake increase this quarter at prices between ~$156 and ~$234. The stock is now at ~$140.Adobe Systems (ADBE), AGCO Corp (AGCO), Ameresco (AMRC), Amazon.com (AMZN), BP plc (BP), Global Payments (GPN), KLA Corp (KLAC), Sunrun Inc. (RUN), Salesforce.com (CRM), Sociedad Quimica Y Minera (SQM), SolarEdge Technologies (SEDG), Taiwan Semi (TSM), Teck Resources (TECK), and Visa Inc. (V): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Apple Inc. (AAPL): AAPL is a top three 3.13% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. The four years through 2019 saw a ~75% reduction at prices between ~$23 and ~$82. Q3 2020 saw another ~30% selling at prices between ~$91 and ~$134. The stock is now at ~$150. Last several quarters have seen only minor adjustments.UnitedHealth Group (UNH): The top three ~3% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. That was followed with a ~25% reduction this quarter at prices between ~$452 and ~$546. The stock is now at ~$514.US Bancorp (USB): The 2.39% USB stake was purchased in 2017 at prices between $50 and $56 and the stock currently trades well below that range at $42.12. Q1 2020 saw a ~50% stake increase at prices between ~$29 and ~$55. Last several quarters have seen only minor adjustments.Wells Fargo (WFC): The 2.19% WFC position was purchased in Q3 2017 at prices between $49.50 and $56. Q1 2020 saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with a ~30% stake increase in Q4 2020 at prices between ~$21 and ~$30. There was a ~18% selling over the next two quarters at prices between ~$30 and ~$48. The stock is now at $40.41. Last few quarters have seen only minor adjustments.Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. The ten quarters thru Q2 2019 also saw minor selling almost every quarter. The pattern reversed in Q3 2019: 23% stake increase in H2 2019 at prices between $127 and $146. H1 2020 saw a ~15% trimming and that was followed with a ~12% reduction this quarter. The stock currently trades at ~$167 and the stake is at 2.19% of the portfolio.Coca-Cola (KO): KO is a ~2% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Recent activity follows. Q1 2020 saw a ~75% stake increase at prices between $37.50 and $60. That was followed with a ~37% increase in Q3 2020 at prices between ~$44 and ~$51. This quarter saw a similar reduction at prices between ~$59 and ~$66. The stock is now at $58.60.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years had seen a combined ~50% reduction through minor selling most quarters. The two quarters through Q3 2021 saw another ~24% reduction at prices between ~$295 and ~$415. The stock currently trades at ~$260 and the stake is at ~2% of the portfolio. Last three quarters have seen only minor adjustments.Texas Instruments (TXN): TXN is a 1.95% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. There was a ~20% stake increase last quarter at prices between ~$163 and ~$191. The stock currently trades at ~$161. There was a minor ~2% trimming this quarter.Elevance Health (ELV): ELV position was first purchased in 2014. The bulk of the current 1.91% portfolio stake was established in 2017 at prices between $144 and $232. There was a roughly one-third selling over the last two quarters at prices between ~$428 and ~$530. The stock currently trades at ~$454.Oracle Corporation (ORCL): The 1.78% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters thru Q2 2019 saw another ~45% selling at prices between $44 and $57. Q1 2020 also saw a ~18% reduction at prices between ~$40 and ~$56. Last three quarters saw another ~30% selling at prices between ~$64 and ~$104. The stock is currently at $64.55.Lam Research (LRCX): The 1.74% LRCX stake was built in Q3 2020 at prices between ~$294 and ~$385 and the stock is now at ~$381. This quarter saw marginal trimming.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. The stake was rebuilt in H1 2018 at prices between $53 and $63. Q1 2020 saw a ~20% selling at prices between ~$66 and ~$92. Last seven quarters had seen a ~30% stake increase at prices between ~$69 and ~$88. There was a ~20% reduction this quarter at prices between ~$84 and ~$95. The stock currently trades at $86.78, and the stake is at 1.54% of the portfolio.TJX Companies (TJX): TJX is a 1.46% of the portfolio position that has been in the portfolio for well over fifteen years. The position has wavered. Last major activity was a ~25% stake increase in H1 2020 at prices between ~$37 and ~$63. The stock is now at $61.27. Last several quarters had seen minor increases while this quarter saw a ~6% trimming.American Express (AXP), Abbott Labs (ABT), Cisco Systems (CSCO), Cigna (CI), Canadian Solar (CSIQ), Clean Energy Fuels (CLNE), Constellation Brands (STZ), Darling Ingredients (DAR), Eli Lilly (LLY), Kosmos Energy (KOS), Lyft Inc. (LYFT), Medtronic Inc. (MDT), Otis Worldwide (OTIS), and Quest Diagnostics (DGX): These very small (less than ~1.5% of the portfolio each) positions were reduced this quarter.Note: Although the position sizes relative to the overall portfolio is very small, it is significant that GMO has sizable ownership stakes in the following businesses: Clean Energy Fuels, Canadian Solar, and Kosmos Energy.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q2 2022:Source: John Vincent. Data constructed from GMO Capital's 13F filings for Q1 2022 and Q2 2022.8/31/2022 – Jeremey Grantham in a research note said to prepare for an “epic finale” to the deflating of the super bubble -Regulatory filings from 2/20/2022 to 6/18/2022: None."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q1 2022 Update"

"Jeremy Grantham’s 13F portfolio value decreased from $20.82B to $20.73B this quarter.GMO Capital increased Texas Instruments, Taiwan Semi, Ameresco, and Amazon.com while reducing Anthem, Oracle, and Cisco Systems.The largest three individual stock positions are Microsoft Corporation, Apple, & United Health and they add up to ~12% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 5/13/2022. Jeremy Grantham’s 13F portfolio value decreased marginally from $20.82B to $20.73B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 42 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Apple, UnitedHealth, Coca Cola, and Alphabet. They add up to ~17% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2021.As of April 30, 2022, GMO’s 7-year asset class real return forecast is for US Large Cap asset class to have a negative 3.5% annualized return on one end and Emerging Value asset class to have a positive 6.9% annualized return at the other extreme. Most of the bond category is also forecasted to have negative annualized real returns over the next 7 years. The firm currently has ~$65B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.Note 1: It was reported in December 2020 that Jeremy Grantham has a ~4.8M share stake in QuantumScape (QS). The ~$12.5M investment was made 7 years ago as part of a series of bets on early-stage “green technology” companies.Note 2: Jeremy Grantham has repeatedly said the US stock market is in a bubble since June 2020. Their Q1 2022 letter urged investors to focus on resource equities to generate strong real returns as long-term supply/demand dynamics in natural resource markets favor high and rising prices.Stake Disposals:3M Company (MMM), Athene Holding (ATH), IHS Markit, Nuance Communications, and Xilinx: These small (less than ~1% of the portfolio each) stakes were disposed this quarter.Stake Increases:Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. The ten quarters thru Q2 2019 also saw minor selling almost every quarter. The pattern reversed in Q3 2019: 23% stake increase in H2 2019 at prices between $127 and $146. H1 2020 saw a ~15% trimming while the last seven quarters have seen only minor adjustments. The stock currently trades at ~$170 and the stake is at 2.21% of the portfolio.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years had seen a combined ~50% reduction through minor selling most quarters. The two quarters through Q3 2021 saw another ~24% reduction at prices between ~$295 and ~$415. The stock currently trades at ~$275 and the stake is at 2.16% of the portfolio. Last two quarters have seen only minor adjustments.Texas Instruments (TXN): TXN is a 2.11% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. There was a ~20% stake increase this quarter at prices between ~$163 and ~$191. The stock currently trades at ~$150.Lam Research (LRCX): The ~2% LRCX stake was built in Q3 2020 at prices between ~$294 and ~$385 and the stock is now well above that range at ~$420. There were minor increases in the last several quarters.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. It was rebuilt in H1 2018 at prices between $53 and $63. Q1 2020 saw a ~20% selling at prices between ~$66 and ~$92. Last seven quarters have seen a ~30% stake increase at prices between ~$69 and ~$88. The stock currently trades at $84.62, and the stake is at 1.52% of the portfolio.TJX Companies (TJX): TJX is a 1.50% of the portfolio position that has been in the portfolio for well over fifteen years. The position has wavered. Last major activity was a ~25% stake increase in H1 2020 at prices between ~$37 and ~$63. The stock is now at $56.62. Last several quarters have also seen minor increases.Meta Platforms (META) previously Facebook: FB is a 1.40% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake had seen incremental buying since. The stock is now near the low end of their purchase price range at ~$164. Last quarter saw a ~11% trimming while this quarter saw a similar increase.Adobe Systems (ADBE), AGCO Corp (AGCO), Amazon.com (AMZN), Ameresco (AMRC), Canadian Solar (CSIQ), Clean Energy Fuels (CLNE), Constellation Brands (STZ), Darling Ingredients (DAR), KLA Corp (KLAC), Otis Worldwide (OTIS), Salesforce.com (CRM), SolarEdge Technologies (SEDG), Sunrun Inc. (RUN), Taiwan Semi (TSM), and Visa Inc. (V): These very small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Note: Although the position sizes relative to the overall portfolio is very small, it is significant that GMO has sizable ownership stakes in the following businesses: Clean Energy Fuels (CLNE) and Canadian Solar (CSIQ).Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 4.48%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: the three years through Q3 2020 saw a ~70% selling at prices between ~$88 and ~$232. The stock currently trades at ~$248. There was a ~9% trimming last quarter and a marginal reduction this quarter.Apple Inc. (AAPL): AAPL is a top three 3.62% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. The four years through 2019 saw a ~75% reduction at prices between ~$23 and ~$82. Q3 2020 saw another ~30% selling at prices between ~$91 and ~$134. The stock is now at ~$132. Last several quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the 4-for-1 stock split last month.UnitedHealth Group (UNH): The top three 3.54% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. The stock is now at ~$452. Last few quarters have seen minor trimming.Coca-Cola (KO): KO is a 2.82% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Recent activity follows. Q1 2020 saw a ~75% stake increase at prices between $37.50 and $60. That was followed with a ~37% increase in Q3 2020 at prices between ~$44 and ~$51. The stock is now at $59.43. Last six quarters have seen only minor adjustments.Alphabet Inc. (GOOGL): GOOG is a top five 2.70% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked at ~2.6M shares in 2014. Since then, the stake was reduced to ~201K shares at prices between ~$510 and ~$3014. The stock currently trades at ~$2143.US Bancorp (USB): The 2.51% USB stake was purchased in 2017 at prices between $50 and $56 and the stock currently trades at $45.41. Q1 2020 saw a ~50% stake increase at prices between ~$29 and ~$55. Last several quarters have seen only minor adjustments.Wells Fargo (WFC): The 2.46% WFC position was purchased in Q3 2017 at prices between $49.50 and $56. Q1 2020 saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with a ~30% stake increase in Q4 2020 at prices between ~$21 and ~$30. There was a ~18% selling over the next two quarters at prices between ~$30 and ~$48. The stock is now at $38.48. Last few quarters have seen only minor adjustments.Anthem Inc. (ANTM): ANTM position was first purchased in 2014. The bulk of the current 2.21% portfolio stake was established in 2017 at prices between $144 and $232. There was a ~15% selling this quarter at prices between ~$428 and ~$503. The stock currently trades at ~$444.Oracle Corporation (ORCL): The 2.11% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters thru Q2 2019 saw another ~45% selling at prices between $44 and $57. Q1 2020 also saw a ~18% reduction at prices between ~$40 and ~$56. Last two quarters saw another ~23% selling at prices between ~$73 and ~$104. The stock is currently at $67.72.Medtronic Inc. (MDT): The very long-term 1.67% MDT stake was sold down in 2014 at prices between $56 and $76. It was built back up next year at prices between $66.50 and $80. Last six years have seen minor adjustments every quarter. The stock currently trades at ~$88.American Express (AXP): AXP became a significant part of the portfolio during the three quarters thru Q2 2016 when around 6.5M shares were purchased at prices between $59.50 and $66. Next year saw a ~50% selling at prices between $52.50 and $75. There was a ~15% selling Q1 2021 at prices between ~$114 and ~$150. Q3 2021 saw another similar reduction at prices between ~$159 and ~$178. Last quarter also saw a ~9% trimming. The stock currently trades at ~$144 and the stake is at 1.46% of the portfolio. There was marginal trimming this quarter.Eli Lilly (LLY): LLY is a very long-term 1.28% of the portfolio position. The stake was minutely small till 2008. The following year saw a ~3.5M share purchase at prices between $30.50 and $38. The position has wavered. Recent activity follows: Q1 2019 saw the position almost sold out at prices between $107 and $116. The stake was rebuilt next quarter at prices between $111 and $129. Q1 2020 saw a ~25% reduction at prices between ~$119 and ~$147. Q4 2020 also saw a ~15% trimming. There was a ~16% selling in Q2 2021 at prices between ~$180 and ~$234. It currently trades at ~$291. Last two quarters have seen minor trimming.Quest Diagnostics (DGX): DGX is a 1.17% of the portfolio stake purchased in Q1 2020 at prices between ~$73 and ~$116 and the stock currently trades at ~$131. Q3 2020 saw a ~22% stake increase at prices between ~$73 and ~$123. The two quarters through Q3 2021 saw another ~15% stake increase at prices between ~$127 and ~$158. Last two quarters have seen only minor adjustments.Cisco Systems (CSCO): CSCO is a 1.12% of the portfolio very long-term stake. The position size peaked at around 37M shares in 2009. Since then, most years saw reductions and by 2019 the share count was down to 4.2M shares. Q1 2020 saw a ~35% stake increase at prices between ~$33 and ~$50. Last two quarters have seen a one-third reduction at prices between ~$53 and ~$64. The stock currently trades at $43.39.Abbott Labs (ABT), Cigna (CI), Global Payments (GPN), Kosmos Energy (KOS), Lyft Inc. (LYFT), and Willis Towers Watson (WLTW): These very small (less than ~1% of the portfolio each) positions were reduced this quarter.Note: Although the position sizes relative to the overall portfolio is very small, it is significant that GMO has sizable ownership stakes in Kosmos Energy and Gyrodyne (GYRO).Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q1 2022:Source: John Vincent. Data constructed from GMO Capital's 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/22/2021 to 2/19/2022: 13Gs – 2/11 – CLNE – Clean Energy Fuels Corp – 12.36M shares – 5.53% of business. CSIQ – 3.22M shares – 5.05% of business, KOS – Kosmos Energy – 28.13M shares – 6.22% of business, GYRO – Gyrodyne – 134K shares – 9.04% of business."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q4 2021 Update"

"Jeremy Grantham’s 13F portfolio value increased from $20.22B to $20.82B this quarter.GMO Capital increased Visa and Taiwan Semi while reducing Alphabet and Xilinx.The largest three individual stock positions are Microsoft Corporation, Apple, & United Health and they add up to ~12% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 2/11/2021. Jeremy Grantham’s 13F portfolio value increased marginally from $20.22B to $20.82B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 41 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Apple, UnitedHealth, Alphabet, and Coca Cola. They add up to ~18% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2021.As of EOY 2021, GMO’s 7-year asset class real return forecast is for US Large Cap asset class to have a negative 7.3% annualized return on one end and Emerging Value asset class to have a positive 5% annualized return at the other extreme. The entire bond category is also forecasted to have negative annualized real returns over the next 7 years. The firm currently has ~$65B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.Note 1: It was reported in December 2020 that Jeremy Grantham has a ~4.8M share stake in QuantumScape (QS). The ~$12.5M investment was made 7 years ago as part of a series of bets on early-stage “green technology” companies.Note 2: Jeremy Grantham has repeated said the US stock market is in a bubble since June 2020. Their Q4 2021 letter identified the following mistakes to avoid in the current environment: “1) piling into growth and the US and out of Chinese and Emerging Equities, 2) piling into private equity and venture capital through copying portfolios of recently successful institutions, 3) assuming that assets that made it through the pandemic will carry low fundamental risk, and 4) using an unrealistically high expected return for your portfolio.”Stake Disposals:Kansas City Southern and Vereit: These two very small (less than ~0.6% of the portfolio each) stakes were eliminated this quarter. Canadian Pacific (CP) acquired Kansas City Southern in a cash-and-stock deal ($90 cash and 2.884 shares of CP for each share held) that closed in December. Realty Income (O) acquired Vereit in an all-stock deal (0.705 shares of Realty Income for each share held) that closed in November.Stake Increases:US Bancorp (USB): The 2.69% USB stake was purchased in 2017 at prices between $50 and $56 and the stock currently trades at $56.16. Q1 2020 saw a ~50% stake increase at prices between ~$29 and ~$55. That was followed with minor increases over the next four quarters. Last three quarters have seen only minor adjustments.Wells Fargo (WFC): The 2.53% WFC position was purchased in Q3 2017 at prices between $49.50 and $56. Q1 2020 saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with a ~30% stake increase in Q4 2020 at prices between ~$21 and ~$30. There was a ~18% selling over the next two quarters at prices between ~$30 and ~$48 while last quarter saw a ~10% increase. The stock is now at $51.14. This quarter also saw a minor increase.Lam Research (LRCX): The 2.49% LRCX stake was built in Q3 2020 at prices between ~$294 and ~$385 and the stock is now well above that range at ~$537. There were minor increases in the last few quarters.Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. The ten quarters thru Q2 2019 also saw minor selling almost every quarter. The pattern reversed in Q3 2019: 23% stake increase in H2 2019 at prices between $127 and $146. H1 2020 saw a ~15% trimming while the last six quarters have seen only minor adjustments. The stock currently trades at ~$176 and the stake is at 2.10% of the portfolio.TJX Companies (TJX): TJX is a 1.87% of the portfolio position that has been in the portfolio for well over fifteen years. The position has wavered. Last major activity was a ~25% stake increase in H1 2020 at prices between ~$37 and ~$63. The stock is now at $60.99. Last few quarters have also seen minor increases.Quest Diagnostics (DGX): DGX is a 1.48% of the portfolio stake purchased in Q1 2020 at prices between ~$73 and ~$116 and the stock currently trades at ~$144. Q3 2020 saw a ~22% stake increase at prices between ~$73 and ~$123. Last two quarters saw another ~15% stake increase at prices between ~$127 and ~$158. This quarter saw a marginal further increase.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. It was rebuilt in H1 2018 at prices between $53 and $63. Q1 2020 saw a ~20% selling at prices between ~$66 and ~$92. The stock currently trades at ~$79 and the stake is at 1.39% of the portfolio. Last six quarters have seen a ~28% stake increase at prices between ~$69 and ~$88.Eli Lilly (LLY): LLY is a very long-term 1.31% of the portfolio position. The stake was minutely small till 2008. The following year saw a ~3.5M share purchase at prices between $30.50 and $38. The position has wavered. Recent activity follows: Q1 2019 saw the position almost sold out at prices between $107 and $116. The stake was rebuilt next quarter at prices between $111 and $129. Q1 2020 saw a ~25% reduction at prices between ~$119 and ~$147. Q4 2020 also saw a ~15% trimming. It currently trades at ~$290. There was a ~16% selling in Q2 2021 at prices between ~$180 and ~$234. Last two quarters have seen only minor adjustments.Constellation Brands (STZ), Darling Ingredients (DAR), Global Payments (GPN), KLA Corp (KLAC), Lyft Inc. (LYFT), Otis Worldwide (OTIS), Salesforce.com (CRM), Taiwan Semi (TSM), and Visa Inc. (V): These very small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 4.95%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: the three years through Q3 2020 saw a ~70% selling at prices between ~$88 and ~$232. The stock currently trades at ~$299. There was a ~9% trimming this quarter.Apple Inc. (AAPL): AAPL is a top three 3.72% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. The four years through 2019 saw a ~75% reduction at prices between ~$23 and ~$82. Q3 2020 saw another ~30% selling at prices between ~$91 and ~$134. The stock is now at ~$165. Last several quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the 4-for-1 stock split last month.UnitedHealth Group (UNH): The top three 3.69% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. The stock is now at ~$508. Last two years have seen only minor adjustments.Alphabet Inc. (GOOGL): GOOG is a top five 2.94% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked at ~2.6M shares in 2014. Since then, the stake was reduced to ~211K shares at prices between ~$510 and ~$3014. The stock currently trades at ~$2730.Coca-Cola (KO): KO is a 2.73% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Recent activity follows. Q1 2020 saw a ~75% stake increase at prices between $37.50 and $60. That was followed with a ~37% increase in Q3 2020 at prices between ~$44 and ~$51. The stock is now at $60.58. Last five quarters have seen only minor adjustments.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years had seen a combined ~50% reduction through minor selling most quarters. Last two quarters saw another ~24% reduction at prices between ~$295 and ~$415. The stock currently trades at ~$325 and the stake is at 2.60% of the portfolio.Oracle Corporation (ORCL): The 2.56% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters thru Q2 2019 saw another ~45% selling at prices between $44 and $57. Q1 2020 also saw a ~18% reduction at prices between ~$40 and ~$56. The stock is currently at ~$81. This quarter also saw a ~11% trimming.Anthem Inc. (ANTM): ANTM position was first purchased in 2014. The bulk of the current ~2% portfolio stake was established in 2017 at prices between $144 and $232. The stock currently trades at ~$476. Last several quarters have seen only minor adjustments.Meta Platforms (FB) previously Facebook: FB is a 1.93% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake had seen incremental buying since. The stock is now at ~$212. This quarter saw a ~11% trimming.Texas Instruments (TXN): TXN is a 1.80% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. The stock currently trades at ~$181. Last several quarters have seen only minor adjustments.Cisco Systems (CSCO): CSCO is a 1.71% of the portfolio very long-term stake. The position size peaked at around 37M shares in 2009. Since then, most years saw reductions and by 2019 the share count was down to 4.2M shares. Q1 2020 saw a ~35% stake increase at prices between ~$33 and ~$50. Since then, the activity had been minor. This quarter saw a ~11% trimming. The stock currently trades at $56.Medtronic Inc. (MDT): The very long-term 1.55% MDT stake was sold down in 2014 at prices between $56 and $76. It was built back up next year at prices between $66.50 and $80. Last six years have seen minor adjustments every quarter. The stock currently trades at ~$109.American Express (AXP): AXP became a significant part of the portfolio during the three quarters thru Q2 2016 when around 6.5M shares were purchased at prices between $59.50 and $66. Next year saw a ~50% selling at prices between $52.50 and $75. There was a ~15% selling Q1 2021 at prices between ~$114 and ~$150. Last quarter saw another similar reduction at prices between ~$159 and ~$178. This quarter also saw a ~9% trimming. The stock currently trades at ~$189 and the stake is at 1.28% of the portfolio.3M Company (MMM), Adobe Systems (ADBE), Abbott Labs (ABT), Alibaba Group Holdings (BABA), Athene Holding (ATH), Change Healthcare (CHNG), Cigna (CI), Eli Lilly (LLY), IHS Markit (INFO), Nuance Communications (NUAN), Willis Towers Watson (WLTW), and Xilinx Inc. (XLNX): These very small (less than ~1% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Note: Although the positions sizes relative to the overall portfolio is very small, it is significant that GMO has sizable ownership stakes in the following businesses: Clean Energy Fuels (CLNE), Canadian Solar (CSIQ), Kosmos Energy (KOS) and Gyrodyne (GYRO).Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q4 2021:Source: John Vincent. Data constructed from GMO Capital's 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 8/15/2021 to 11/22/2021: None."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q3 2021 Update"

"Jeremy Grantham’s 13F portfolio value increased from $20.05B to $20.22B this quarter.GMO Capital increased Cigna and Constellation Brands while reducing Accenture plc, American Express, Alibaba Group Holdings, and Baidu.The largest three individual stock positions are Microsoft Corporation, Alphabet, and Apple and they add up to ~12% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 11/12/2021. Jeremy Grantham’s 13F portfolio value increased marginally from $20.05B to $20.22B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 42 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Alphabet, Apple, UnitedHealth, and Oracle. They add up to ~18% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2021.As of June 30, 2021, GMO’s 7-year asset class real return forecast is for US Large Cap asset class to have a negative 7.5% annualized return on one end and Emerging Value asset class to have a positive 5% annualized return at the other extreme. The entire bond category is also forecasted to have negative annualized real returns over the next 7 years. The firm currently has ~$65B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.Note 1: It was reported last December that Jeremy Grantham has a ~4.8M share stake in QuantumScape (QS). The ~$12.5M investment was made 7 years ago as part of a series of bets on early-stage “green technology” companies.Note 2: Last June, Jeremy Grantham said the US stock market was in a bubble. In November, he reaffirmed it by saying the market is in a ‘real McCoy bubble’. Their Q3 2021 letter had the following on how to invest in this environment: “1) exploit the bubble with a long cheap-value/short expensive-growth equity strategy, 2) avoid the bubble by investing in liquid alternatives, and 3) concentrate assets away from the bubble by investing in EM value, Japan small value (which is benefitting from historically cheap valuations and improving fundamentals), quality cyclicals, and quality, and 4) for fixed income portfolios, keep duration shorter than normal and use active management in credit, where there remains pockets of dislocated pricing and a rich alpha opportunity set.”New Stakes:None.Stake Disposals:Alexion Pharmaceuticals and Slack Technologies: These two very small (less than ~0.6% of the portfolio each) stakes were eliminated this quarter. AstraZeneca (AZN) acquired Alexion and Salesforce.com (CRM) acquired Slack in transactions that closed in July.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 4.68%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: the three years through Q3 2020 saw a ~70% selling at prices between ~$88 and ~$232. The stock currently trades at ~$338. Last four quarters have seen only minor adjustments.Alphabet Inc. (GOOGL): GOOG is a top three 3.86% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked at ~2.6M shares in 2014. Since then, the stake was reduced to ~292K shares at prices between ~$510 and ~$2545. The stock currently trades at ~$2934. There was a ~7% increase this quarter.Apple Inc. (AAPL): AAPL is a top three 3.13% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. The four years through 2019 saw a ~75% reduction at prices between ~$23 and ~$82. Q3 2020 saw another ~30% selling at prices between ~$91 and ~$134. The stock is now at ~$162. Last three quarters saw a ~11% trimming while this quarter there was a ~5% increase.Note: The prices quoted above are adjusted for the 4-for-1 stock split last month.UnitedHealth Group (UNH): The top five ~3% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. The stock is now at ~$450. Last seven quarters have seen only minor adjustments.Oracle Corporation (ORCL): The 2.94% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters thru Q2 2019 saw another ~45% selling at prices between $44 and $57. Q1 2020 also saw a ~18% reduction at prices between ~$40 and ~$56. The stock is currently at $93.58. Last six quarters have seen only minor adjustments.US Bancorp (USB): The 2.89% USB stake was purchased in 2017 at prices between $50 and $56 and the stock currently trades at $59.84. Q1 2020 saw a ~50% stake increase at prices between ~$29 and ~$55. That was followed with minor increases over the next four quarters. Last two quarters have seen only minor adjustments.Coca-Cola (KO): KO is a 2.51% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Recent activity follows. Q1 2020 saw a ~75% stake increase at prices between $37.50 and $60. That was followed with a ~37% increase in Q3 2020 at prices between ~$44 and ~$51. The stock is now at $55.43. Last four quarters have seen only minor adjustments.Wells Fargo (WFC): WFC position was purchased in Q3 2017 at prices between $49.50 and $56. Q1 2020 saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with a ~30% stake increase in Q1 2021 at prices between ~$21 and ~$30. There was a ~18% selling over the last two quarters at prices between ~$30 and ~$48 while this quarter saw a ~10% increase. The stock is now at $51.31.Facebook Inc. (FB): FB is a 2.25% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake has seen incremental buying since. The stock is now at ~$341.Anthem Inc. (ANTM): ANTM position was first purchased in 2014. The bulk of the current ~2% portfolio stake was established in 2017 at prices between $144 and $232. The stock currently trades at ~$425. Last several quarters have seen only minor adjustments.Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. The ten quarters thru Q2 2019 also saw minor selling almost every quarter. The pattern reversed in Q3 2019: 23% stake increase in H2 2019 at prices between $127 and $146. The stock currently trades at ~$160. H1 2020 saw a ~15% trimming while the last five quarters have seen only minor adjustments.Lam Research (LRCX): The ~2% LRCX stake was built in Q3 2020 at prices between ~$294 and ~$385 and the stock is now well above that range at ~$661. There were minor increases in the last few quarters.Medtronic Inc. (MDT): The very long-term 1.94% MDT stake was sold down in 2014 at prices between $56 and $76. It was built back up next year at prices between $66.50 and $80. Last five years have seen minor adjustments every quarter. The stock currently trades at ~$114.Texas Instruments (TXN): TXN is a 1.90% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. The stock currently trades at ~$194. Last several quarters have seen only minor adjustments.Cisco Systems (CSCO): CSCO is a 1.70% of the portfolio very long-term stake. The position size peaked at around 37M shares in 2009. Since then, most years saw reductions and by 2019 the share count was down to 4.2M shares. Q1 2020 saw a ~35% stake increase at prices between ~$33 and ~$50. The stock currently trades at $55.54. Last six quarters have seen only minor adjustments.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. It was rebuilt in H1 2018 at prices between $53 and $63. Q1 2020 saw a ~20% selling at prices between ~$66 and ~$92. The stock currently trades at ~$82 and the stake is at 1.38% of the portfolio. Last five quarters have seen a ~25% stake increase at prices between ~$69 and ~$82.Quest Diagnostics (DGX): DGX is a 1.27% of the portfolio stake purchased in Q1 2020 at prices between ~$73 and ~$116 and the stock currently trades at ~$150. Q3 2020 saw a ~22% stake increase at prices between ~$73 and ~$123. Last two quarters saw another ~15% stake increase at prices between ~$127 and ~$158.Eli Lilly (LLY): LLY is a very long-term 1.15% of the portfolio position. The stake was minutely small till 2008. The following year saw a ~3.5M share purchase at prices between $30.50 and $38. The position has wavered. Recent activity follows: Q1 2019 saw the position almost sold out at prices between $107 and $116. The stake was rebuilt next quarter at prices between $111 and $129. Q1 2020 saw a ~25% reduction at prices between ~$119 and ~$147. Q4 2020 also saw a ~15% trimming. It currently trades at ~$262. There was a ~16% selling last quarter at prices between ~$180 and ~$234. This quarter saw a marginal increase.3M Company (MMM), Adobe Systems (ADBE), Abbott Labs (ABT), Athene Holding (ATH), Change Healthcare (CHNG), Cigna (CI), Constellation Brands (STZ), Global Payments (GPN), KLA Corp (KLAC), Lyft Inc. (LYFT), Nuance Communications (NUAN), Salesforce.com (CRM), TJX Companies (TJX), Vereit (VER), Willis Towers Watson (WLTW), and Xilinx Inc. (XLNX): These very small (less than ~1.2% of the portfolio each) stakes were increased this quarter.Stake Decreases:Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years had seen a combined ~50% reduction through minor selling most quarters. This quarter saw another ~17% reduction at prices between ~$300 and ~$345. The stock currently trades at ~$362 and the stake is at 2.27% of the portfolio.American Express (AXP): AXP became a significant part of the portfolio during the three quarters thru Q2 2016 when around 6.5M shares were purchased at prices between $59.50 and $66. Next year saw a ~50% selling at prices between $52.50 and $75. There was a ~15% selling Q1 2021 at prices between ~$114 and ~$150. This quarter saw another similar reduction at prices between ~$159 and ~$178. The stock currently trades at ~$172 and the stake is at 1.48% of the portfolio.Alibaba Group Holdings (BABA): BABA stake is now at 0.48% of the portfolio. It was established during Q2 & Q3 2016 at prices between $76 and $108. Q1 2017 also saw a two-thirds increase at prices between $94 and $108. Recent activity follows. Q1 2020 saw a ~8% selling while next quarter there was a ~25% stake increase at prices between $187 and $229. Q3 2020 saw a similar reduction at prices between ~$216 and ~$298. That was followed with a ~25% selling in Q1 2021 at prices between ~$223 and ~$271. This quarter saw a ~35% reduction at prices between ~$140 and ~$229. The stock currently trades at ~$137.Baidu Inc. (BIDU): The 0.23% BIDU stake was built in Q1 2021 at prices between ~$204 and ~$340 and the stock currently trades below that range at ~$151. There was a ~70% selling over the last two quarters at prices between ~$137 and ~$227.IHS Markit (INFO), Kansas City Southern (KSU), Otis Worldwide (OTIS), and Visa Inc. (V): These very small (less than ~1% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Note: Although the positions sizes relative to the overall portfolio is very small, it is significant that GMO has sizable ownership stakes in the following businesses: Kosmos Energy (KOS) and Gyrodyne (GYRO).Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q3 2021:Source: John Vincent. Data constructed from GMO Capital's 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 6/24/2021 to 8/15/2021: None.Note for Q1 2021: note that the QuantumScape investment was a personal bet by Jeremy Grantham, not GMO."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q2 2021 Update"

"Jeremy Grantham’s 13F portfolio value increased from $18.31B to $20.05B this quarter.GMO Capital increased Kansas City Southern and Otis Worldwide while reducing Lyft, Baidu, and Charles Schwab.The largest three individual stock positions are Microsoft Corporation, Alphabet, and UnitedHealth and they add up to ~11% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 08/12/2021. Jeremy Grantham’s 13F portfolio value increased ~10% from $18.31B to $20.05B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 45 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Alphabet, UnitedHealth, Apple, and US Bancorp. They add up to ~16% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2021.As of June 30, 2021, GMO’s 7-year asset class real return forecast is for US Small Cap asset class to have a negative 8.5% annualized return on one end and Emerging Value asset class to have a positive 3.3% annualized return at the other extreme. The entire bond category is also forecasted to have negative annualized real returns over the next 7 years. The firm currently has ~$65B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.Note 1: It was reported last December that Jeremy Grantham has a ~4.8M share stake in QuantumScape (QS). The ~$12.5M investment was made 7 years ago as part of a series of bets on early-stage “green technology” companies.Note 2: Last June, Jeremy Grantham said the US stock market was in a bubble. In November, he reaffirmed it by saying the market is in a ‘real McCoy bubble’.New Stakes:Constellation Brands (STZ): STZ is a small 0.66% of the portfolio position established this quarter at prices between ~$221 and ~$243 and the stock currently trades below that range at ~$215.Stake Disposals:Discovery Inc. (DISCA) and Inphi Corp (IPHI): These two very small positions were disposed during the quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 4.33%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: the three years through Q3 2020 saw a ~70% selling at prices between ~$88 and ~$232. The stock currently trades at ~$302. Last three quarters have seen only minor adjustments.UnitedHealth Group (UNH): The top three ~3% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. The stock is now at ~$420. Last six quarters have seen only minor adjustments.Oracle Corporation (ORCL): The 2.55% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters thru Q2 2019 saw another ~45% selling at prices between $44 and $57. Q1 2020 also saw a ~18% reduction at prices between ~$40 and ~$56. The stock is currently at $88.62. Last five quarters have seen only minor adjustments.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years had seen a combined ~50% reduction through minor selling most quarters. The stock currently trades at ~$333 and the stake is at 2.54% of the portfolio. Last few quarters have seen only minor adjustments.Facebook Inc. (FB): FB is a 2.32% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake has seen incremental buying since. The stock is now at ~$368.Lam Research (LRCX): The 2.12% LRCX stake was built in Q3 2020 at prices between ~$294 and ~$385 and the stock is now well above that range at ~$589. There was a marginal increase this quarter.Anthem Inc. (ANTM): ANTM position was first purchased in 2014. The bulk of the current ~2% portfolio stake was established in 2017 at prices between $144 and $232. The stock currently trades at ~$373. Last several quarters have seen only minor adjustments.Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. The ten quarters thru Q2 2019 also saw minor selling almost every quarter. The pattern reversed in Q3 2019: 23% stake increase in H2 2019 at prices between $127 and $146. The stock currently trades at ~$174. H1 2020 saw a ~15% trimming while the last four quarters have seen only minor adjustments.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. It was rebuilt in H1 2018 at prices between $53 and $63. Q1 2020 saw a ~20% selling at prices between ~$66 and ~$92. The stock currently trades at ~$77 and the stake is at 1.39% of the portfolio. Last four quarters have seen a ~20% stake increase at prices between ~$69 and ~$83.Quest Diagnostics (DGX): DGX is a 1.13% of the portfolio stake purchased in Q1 2020 at prices between ~$73 and ~$116 and the stock currently trades at ~$150. Q3 2020 saw a ~22% stake increase at prices between ~$73 and ~$123. This quarter saw another ~12% stake increase at prices between ~$127 and ~$142.Salesforce.com (CRM): CRM is a 0.89% of the portfolio stake established in Q3 2020 at prices between ~$186 and ~$281 and the stock currently trades at ~$261. There was a ~87% stake increase in Q4 2020 at prices between ~$220 and ~$267. This quarter saw a marginal increase.Cigna (CI): CI is a 0.78% of the portfolio position built last quarter at prices between ~$203 and ~$248 and it is now at ~$211. There was a ~6% stake increase this quarter.Adobe Systems (ADBE), Abbott Labs (ABT), IHS Markit (INFO), Kansas City Southern (KSU), Otis Worldwide (OTIS), Renewable Energy Group (REGI), Slack Technologies (WORK), Visa Inc. (V), Willis Towers Watson (WLTW), and Xilinx Inc. (XLNX): These small stakes were increased this quarter.Stake Decreases:Alphabet Inc. (GOOGL): GOOG is a top three 3.36% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked at ~2.6M shares in 2014. Since then, the stake was reduced to ~273K shares at prices between ~$510 and ~$2545. The stock currently trades at ~$2859.Apple Inc. (AAPL): AAPL is a top five 2.91% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. The four years through 2019 saw a ~75% reduction at prices between ~$23 and ~$82. Q3 2020 saw another ~30% selling at prices between ~$91 and ~$134. The stock is now at ~$148. Last three quarters also saw a ~11% trimming.Note: The prices quoted above are adjusted for the 4-for-1 stock split last month.US Bancorp (USB): The 2.74% USB stake was purchased in 2017 at prices between $50 and $56 and the stock currently trades at $57.64. Q1 2020 saw a ~50% stake increase at prices between ~$29 and ~$55. That was followed with minor increases over the next four quarters. There was a marginal reduction this quarter.Coca-Cola (KO): KO is a large 2.53% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Recent activity follows. Q1 2020 saw a ~75% stake increase at prices between $37.50 and $60. That was followed with a ~37% increase in Q3 2020 at prices between ~$44 and ~$51. The stock is now at ~$56. Last three quarters have seen only minor adjustments.Wells Fargo (WFC): WFC position was purchased in Q3 2017 at prices between $49.50 and $56. Q1 2020 saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with a ~30% stake increase last quarter at prices between ~$21 and ~$30. The stock is now at $49.29. There was a ~18% selling over the last two quarters at prices between ~$30 and ~$48.Medtronic Inc. (MDT): The very long-term 1.85% MDT stake was sold down in 2014 at prices between $56 and $76. It was built back up next year at prices between $66.50 and $80. Last five years have seen minor adjustments every quarter. The stock currently trades at ~$135.Texas Instruments (TXN): TXN is a 1.83% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. The stock currently trades at ~$188. Last few quarters had seen only minor adjustments. This quarter saw a ~8% trimming.American Express (AXP): AXP became a significant part of the portfolio during the three quarters thru Q2 2016 when around 6.5M shares were purchased at prices between $59.50 and $66. Next year saw a ~50% selling at prices between $52.50 and $75. There was a ~15% selling last quarter at prices between ~$114 and ~$150. The stock currently trades at ~$166 and the stake is at 1.76% of the portfolio. This quarter saw a ~3% trimming.Cisco Systems (CSCO): CSCO is a 1.58% of the portfolio very long-term stake. The position size peaked at around 37M shares in 2009. Since then, most years saw reductions and by 2019 the share count was down to 4.2M shares. Q1 2020 saw a ~35% stake increase at prices between ~$33 and ~$50. The stock currently trades at $59.35. Last five quarters have seen only minor adjustments.Alibaba Group Holdings (BABA): BABA is a 1.16% of the portfolio stake established during Q2 & Q3 2016 at prices between $76 and $108. Q1 2017 also saw a two-thirds increase at prices between $94 and $108. Recent activity follows. Q1 2020 saw a ~8% selling while next quarter there was a ~25% stake increase at prices between $187 and $229. Q3 2020 saw a similar reduction at prices between ~$216 and ~$298. That was followed with a ~25% selling last quarter at prices between ~$223 and ~$271. The stock currently trades at ~$169. This quarter also saw a ~7% trimming.Eli Lilly (LLY): LLY is a very long-term 1.13% of the portfolio position. The stake was minutely small till 2008. The following year saw a ~3.5M share purchase at prices between $30.50 and $38. The position has wavered. Recent activity follows: Q1 2019 saw the position almost sold out at prices between $107 and $116. The stake was rebuilt next quarter at prices between $111 and $129. Q1 2020 saw a ~25% reduction at prices between ~$119 and ~$147. Q4 2020 also saw a ~15% trimming. It currently trades at ~$264. There was a ~16% selling this quarter at prices between ~$180 and ~$234.3M Company (MMM): The bulk of the original ~4.5M share stake was purchased in 2007 at prices between $74 and $94. The period thru 2014 saw minor adjustments most quarters but the sizing remained remarkably steady. 2017 saw a ~80% selling at prices between $175 and $241. It was rebuilt next year at prices between $184 and $259. Last two quarters have seen a ~40% selling at prices between ~$165 and ~$207. The stock is currently at ~$194 and the stake is at ~1% of the portfolio.Global Payments (GPN): GPN is a 0.75% of the portfolio position established last quarter at prices between ~$177 and ~$216 and the stock currently trades at ~$165. This quarter saw marginal trimming.Baidu Inc. (BIDU): The 0.59% BIDU stake was built last quarter at prices between ~$204 and ~$340 and the stock currently trades below that range at ~$155. There was a ~40% selling this quarter at prices between ~$179 and ~$302.iShares Core S&P 500 ETF (IVV): IVV is a very small 0.59% of the portfolio stake established last quarter at prices between ~$328 and ~$375 and the stock currently trades well above that range at ~$451. There was a ~40% reduction this quarter at prices between ~$407 and ~$432.Alexion Pharmaceuticals (ALXN), Charles Schwab (SCHW), iShares Core MSCI Emerging Market ETF (IEMG), Lyft Inc. (LYFT), Maxim Integrated (MXIM), NetEase Inc. (NTES), Royal Bank Canada Montreal (RBKDF), Royal Dutch Shell plc (RDS.B), STMicroelectronics (STM), TJX Companies (TJX),: These small (less than ~1.25% of the portfolio each) stakes were reduced this quarter.Kept Steady:None.Note: Although the positions sizes relative to the overall portfolio is very small, it is significant that GMO has sizable ownership stakes in the following businesses: Kosmos Energy (KOS) and Gyrodyne (GYRO).Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q2 2021:Source: John Vincent. Data constructed from GMO Capital's 13F filings for Q1 2021 and Q2 2021.Regulatory filings 2/20/2021 thru 6/24/2021: None.Note for Q1 2021: note that the QuantumScape investment was a personal bet by Jeremy Grantham, not GMO."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q1 2021 Update"

"Jeremy Grantham’s 13F portfolio value increased from $16.28B to $18.31B this quarter.GMO Capital added Global Payments and increased Baidu & Cigna while decreasing Raytheon Technologies & NetEase.The largest three individual stock positions are Microsoft Corporation, Alphabet, and UnitedHealth and they add up to ~10% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 05/13/2021. Jeremy Grantham’s 13F portfolio value increased ~13% from $16.28B to $18.31B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 44 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Alphabet, UnitedHealth, US Bancorp, and Apple. They add up to ~16% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2020.As of January 2021, GMO’s 7-year asset class real return forecast is for US Small Cap asset class to have a negative 8.4% annualized return on one end and Emerging Value asset class to have a positive 2.7% annualized return at the other extreme. The entire bond category is also forecasted to have negative annualized real returns over the next 7 years. The firm currently has ~$65B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.Note 1: It was reported last December that Jeremy Grantham has a ~4.8M share stake in QuantumScape (QS). The ~$12.5M investment was made 7 years ago as part of a series of bets on early-stage “green technology” companies.Note 2: Last June, Jeremy Grantham said the US stock market was in a bubble. In November, he reaffirmed it by saying the market is in a ‘real McCoy bubble’.New Stakes:Global Payments (GPN): GPN is a 0.75% of the portfolio position established this quarter at prices between ~$177 and ~$216 and the stock currently trades at ~$192.Stake Disposals:None.Stake Increases:US Bancorp (USB): The 2.43% USB stake was purchased in 2017 at prices between $50 and $56 and the stock currently trades at ~$57. Q1 2020 saw a ~50% stake increase at prices between ~$29 and ~$55. That was followed with minor increases over the last four quarters.Coca-Cola (KO): KO is a large 2.70% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Recent activity follows. Q1 2020 saw a ~75% stake increase at prices between $37.50 and $60. That was followed with a ~37% increase in Q3 2020 at prices between ~$44 and ~$51. The stock is now at $54.39. Last two quarters saw a marginal further increase.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years had seen a combined ~50% reduction through minor selling most quarters. The stock currently trades at ~$292 and the stake is at 2.57% of the portfolio. Last few quarters have seen only minor adjustments.Oracle Corporation (ORCL): The 2.51% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters thru Q2 2019 saw another ~45% selling at prices between $44 and $57. Q1 2020 also saw a ~18% reduction at prices between ~$40 and ~$56. The stock is currently at $77.74. Last four quarters have seen only minor adjustments.Texas Instruments (TXN): TXN is a ~2% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. The stock currently trades at ~$189. Last few quarters have seen only minor adjustments.Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. The ten quarters thru Q2 2019 also saw minor selling almost every quarter. The pattern reversed in Q3 2019: 23% stake increase in H2 2019 at prices between $127 and $146. The stock currently trades at ~$163. H1 2020 saw a ~15% trimming while the last three quarters have seen only minor adjustments.Facebook Inc. (FB): FB is a ~2% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake has seen incremental buying since. The stock is now at ~$343. Last three quarters have seen only minor adjustments.Anthem Inc. (ANTM): ANTM position was first purchased in 2014. The bulk of the current ~2% portfolio stake was established in 2017 at prices between $144 and $232. The stock currently trades at ~$378. Last several quarters have seen only minor adjustments.Cisco Systems (CSCO): CSCO is a 1.71% of the portfolio very long-term stake. The position size peaked at around 37M shares in 2009. Since then, most years saw reductions and by 2019 the share count was down to 4.2M shares. Q1 2020 saw a ~35% stake increase at prices between ~$33 and ~$50. The stock currently trades at $52.78. Last four quarters have seen minor increases.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. It was rebuilt in H1 2018 at prices between $53 and $63. Q1 2020 saw a ~20% selling at prices between ~$66 and ~$92. The stock currently trades at $76.36 and the stake is at 1.38% of the portfolio. Last four quarters have seen only minor adjustments.Eli Lilly (LLY): LLY is a very long-term 1.20% of the portfolio position. The stake was minutely small till 2008. The following year saw a ~3.5M share purchase at prices between $30.50 and $38. The position has wavered. Recent activity follows: Q1 2019 saw the position almost sold out at prices between $107 and $116. The stake was rebuilt next quarter at prices between $111 and $129. Q1 2020 saw a ~25% reduction at prices between ~$119 and ~$147. Last quarter also saw a ~15% trimming. It currently trades at ~$233. There was a marginal increase this quarter.Baidu Inc. (BIDU) and Cigna (CI): These two positions were primarily built this quarter. The 1.18% BIDU stake was purchased at prices between ~$204 and ~$340 and the stock currently trades below that range at ~$195. CI is a 0.81% of the portfolio position established at prices between ~$203 and ~$248 and it is now at ~$235.iShares Core S&P 500 ETF (IVV): IVV is a very small 0.59% of the portfolio stake established last quarter at prices between ~$328 and ~$375 and the stock currently trades well above that range at ~$427. There was a marginal increase this quarter.Adobe Systems (ADBE), Alexion Pharmaceuticals (ALXN), IHS Markit (INFO), Inphi Corp (IPHI), Maxim Integrated (MXIM), Renewable Energy Group (REGI), TJX Companies (TJX), Visa Inc. (V), and Xilinx Inc. (XLNX): These small (less than ~2% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 3.89%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: the three years through Q3 2020 saw a ~70% selling at prices between ~$88 and ~$232. The stock currently trades at ~$267. Last two quarters have seen only minor adjustments.Alphabet Inc. (GOOGL): GOOG is a top three 3.33% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked at ~2.6M shares in 2014. Since then, the stake was reduced to ~295K shares at prices between ~$510 and ~$2138. The stock currently trades at ~$2546.UnitedHealth Group (UNH): The top three ~3% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. The two quarters through Q3 2020 had seen minor increases. The stock is now at ~$399. Last two quarters saw minor trimming.Apple Inc. (AAPL): AAPL is a top five 2.87% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. The four years through 2019 saw a ~75% reduction at prices between ~$23 and ~$82. Q3 2020 saw another ~30% selling at prices between ~$91 and ~$134. The stock is now at ~$133. Last two quarters also saw a ~10% trimming.Note: The prices quoted above are adjusted for the 4-for-1 stock split last month.Wells Fargo (WFC): WFC position was purchased in Q3 2017 at prices between $49.50 and $56. Q1 2020 saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with a ~30% stake increase last quarter at prices between ~$21 and ~$30. The stock is now at ~$45. There was a ~5% trimming this quarter.Lam Research (LRCX): The 2.12% LRCX stake was built in Q3 2020 at prices between ~$294 and ~$385 and the stock is now well above that range at ~$635. Last two quarters saw minor trimming.Medtronic Inc. (MDT): The very long-term 1.92% MDT stake was sold down in 2014 at prices between $56 and $76. It was built back up next year at prices between $66.50 and $80. Last five years have seen minor adjustments every quarter. The stock currently trades at ~$125.American Express (AXP): AXP became a significant part of the portfolio during the three quarters thru Q2 2016 when around 6.5M shares were purchased at prices between $59.50 and $66. Next year saw a ~50% selling at prices between $52.50 and $75. There was a ~15% selling this quarter at prices between ~$114 and ~$150. The stock currently trades at ~$168 and the stake is at 1.70% of the portfolio.Alibaba Group Holdings (BABA): BABA is a 1.37% of the portfolio stake established during Q2 & Q3 2016 at prices between $76 and $108. Q1 2017 also saw a two-thirds increase at prices between $94 and $108. Recent activity follows. Q1 2020 saw a ~8% selling while next quarter there was a ~25% stake increase at prices between $187 and $229. Q3 2020 saw a similar reduction at prices between ~$216 and ~$298. That was followed with a ~25% selling this quarter at prices between ~$223 and ~$271. The stock currently trades at ~$218.3M Company (MMM): The bulk of the original ~4.5M share stake was purchased in 2007 at prices between $74 and $94. The period thru 2014 saw minor adjustments most quarters but the sizing remained remarkably steady. 2017 saw a ~80% selling at prices between $175 and $241. It was rebuilt next year at prices between $184 and $259. There was a ~30% selling this quarter at prices between ~$165 and ~$196. The stock is currently at ~$193 and the stake is at 1.25% of the portfolio.Quest Diagnostics (DGX): DGX is a ~1% of the portfolio stake purchased in Q1 2020 at prices between ~$73 and ~$116 and the stock currently trades at ~$129. Q3 2020 saw a ~22% stake increase at prices between ~$73 and ~$123. Last two quarters have seen only minor adjustments.Salesforce.com (CRM): CRM is a 0.85% of the portfolio stake established in Q3 2020 at prices between ~$186 and ~$281 and the stock currently trades at ~$244. There was a ~87% stake increase last quarter at prices between ~$220 and ~$267. This quarter saw marginal trimming.Raytheon Technologies (RTX): The position came about due to the merger of United Technologies with Raytheon and the separation from Carrier (CARR) & Otis (OTIS) that closed in April. Terms called for United Technologies to be renamed Raytheon Technologies and for United Technologies shareholders to receive one share of CARR and 0.5 shares of OTIS for each share held. GMO had a 1.23M share position in United Technologies. They also increased the resultant stake substantially since. This quarter saw the position almost sold out at prices between ~$65 and ~$80. RTX currently trades at ~$87.Abbott Labs (ABT), Charles Schwab (SCHW), Discovery Inc. (DISCA), iShares Core MSCI Emerging Market ETF (IEMG), Lyft Inc. (LYFT), NetEase Inc. (NTES), Otis Worldwide (OTIS), Royal Bank Canada Montreal (RBKDF), Royal Dutch Shell plc (RDS.B), STMicroelectronics (STM), and Willis Towers Watson (WLTW): These small (less than ~1.25% of the portfolio each) stakes were reduced this quarter.Kept Steady:None.Note: Although the positions sizes relative to the overall portfolio is very small, it is significant that GMO has sizable ownership stakes in the following businesses: Kosmos Energy (KOS) and Gyrodyne (GYRO).Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q1 2021:Source: John Vincent. Data constructed from GMO Capital's 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 2/19/2021: 13G – 2/12 – Kosmos Energy – KOS – 20.33M shares - ~5% of business, GYRO – Gyrodyne – 148K shares – 9.98% of business,Note for Q1 2021: note that the QuantumScape investment was a personal bet by Jeremy Grantham, not GMO."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q4 2020 Update"

"Jeremy Grantham’s 13F portfolio value increased from $14.05B to $16.28B this quarter.GMO Capital increased Wells Fargo, Salesforce.com, and Adobe Systems while dropping Philip Morris and Starbucks.The largest three individual stock positions are Microsoft Corporation, Apple, and UnitedHealth and they add up to ~11% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 02/12/2021. Jeremy Grantham’s 13F portfolio value increased ~16% from $14.05B to $16.28B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 44 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Apple, UnitedHealth, Alphabet, and Coca Cola. They add up to ~17% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2020.As of January 2021, GMO’s 7-year asset class real return forecast is for US Large Cap asset class to have a negative 6.2% annualized return on one end and Emerging Value asset class to have a positive 5% annualized return at the other extreme. The entire bond category is also forecasted to have negative annualized real returns over the next 7 years. The firm currently has ~$65B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.Note 1: It was reported last December that Jeremy Grantham has a ~4.8M share stake in QuantumScape (QS). The ~$12.5M investment was made 7 years ago as part of a series of bets on early-stage “green technology” companies.Note 2: Last June, Jeremy Grantham said the US stock market was in a bubble. In November, he reaffirmed it by saying the market is in a ‘real McCoy bubble’.New Stakes:iShares Core S&P 500 ETF (IVV): IVV is a very small 0.59% of the portfolio stake established this quarter at prices between ~$328 and ~$375 and the stock currently trades at ~$392.Stake Disposals:Philip Morris (PM) and Starbucks Corp (SBUX): The ~1% PM stake was a very long-term position going back to 2008. The elimination this quarter was at prices between ~$70 and ~$86. The stock is now at $85.45. The 0.72% SBUX position was established in Q1 2020 at prices between $56 and $94 and it is now at ~$103. The stake was disposed this quarter at prices between ~$86 and ~$107.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 4.19%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: last three years saw a ~70% selling at prices between ~$88 and ~$232. The stock currently trades at ~$241. This quarter saw a ~4% increase.Coca-Cola (KO): KO is a very long-term top five 3.15% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Since then, the activity had been minor. Q1 2020 saw a ~75% stake increase at prices between $37.50 and $60. That was followed with a ~37% increase last quarter at prices between ~$44 and ~$51. The stock is now at $50.11. This quarter saw a marginal further increase.US Bancorp (USB) and Wells Fargo (WFC): These two positions were built in 2017. The 2.43% USB stake was purchased at prices between $50 and $56 and the stock currently trades at ~$50. Q1 2020 saw a ~50% stake increase at prices between ~$29 and ~$55. That was followed with minor increases over the last three quarters. The bulk of the 2.19% WFC position was purchased in Q3 2017 at prices between $49.50 and $56 and it is now well below that range at $37.83. Q1 2020 saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with a ~30% stake increase this quarter at prices between ~$21 and ~$30. For investors attempting to follow, these two are good options to consider for further research.Alibaba Group Holdings (BABA): BABA is a 2.13% of the portfolio stake established during Q2 & Q3 2016 at prices between $76 and $108. Q1 2017 also saw a two-thirds increase at prices between $94 and $108. Recent activity follows. Q1 2020 saw a ~8% selling while next quarter there was a ~25% stake increase at prices between $187 and $229. Last quarter saw a similar reduction at prices between ~$216 and ~$298. The stock currently trades at ~$264. This quarter saw a marginal increase.3M Company (MMM): The bulk of the original ~4.5M share stake was purchased in 2007 at prices between $74 and $94. The period thru 2014 saw minor adjustments most quarters but the sizing remained remarkably steady. 2017 saw a ~80% selling at prices between $175 and $241. It was rebuilt next year at prices between $184 and $259. Last two years have seen only minor adjustments. The stock is currently at ~$177 and the stake is at 1.77% of the portfolio. For investors attempting to follow, 3M is a good option to consider for further research.Cisco Systems (CSCO): CSCO is a 1.64% of the portfolio very long-term stake. The position size peaked at around 37M shares in 2009. Since then, most years saw reductions and by 2019 the share count was down to 4.2M shares. Q1 2020 saw a ~35% stake increase at prices between ~$33 and ~$50. The stock currently trades at $45.68. Last three quarters have seen minor increases. For investors attempting to follow, CSCO is a good option to consider for further research.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. It was rebuilt in H1 2018 at prices between $53 and $63. Q1 2020 saw a ~20% selling at prices between ~$66 and ~$92. The stock currently trades at $74.31 and the stake is at 1.52% of the portfolio. Last three quarters have seen only minor adjustments.Raytheon Technologies (RTX): The position came about due to the merger of United Technologies with Raytheon and the separation from Carrier (CARR) & Otis (OTIS) that closed in April. Terms called for United Technologies to be renamed Raytheon Technologies and for United Technologies shareholders to receive one share of CARR and 0.5 shares of OTIS for each share held. GMO had a 1.23M share position in United Technologies. They also increased the resultant stake substantially since. RTX currently trades at $74.26. This quarter also saw a ~8% stake increase.Quest Diagnostics (DGX): DGX is a 1.14% of the portfolio stake purchased in Q1 2020 at prices between ~$73 and ~$116 and the stock currently trades at ~$119. Last quarter saw a ~22% stake increase at prices between ~$73 and ~$123. There was a marginal further increase this quarter.Salesforce.com (CRM): CRM is a ~1% of the portfolio stake established last quarter at prices between ~$186 and ~$281 and the stock currently trades at ~$247. There was a ~87% stake increase this quarter at prices between ~$220 and ~$267.Adobe Systems (ADBE), Discovery Inc. (DISCA), iShares Core MSCI Emerging Market ETF (IEMG), Maxim Integrated (MXIM), TJX Companies (TJX), and Willis Towers Watson (WLTW): These small (less than ~2% of the portfolio each) stakes were increased this quarter.Stake Decreases:Apple Inc. (AAPL): AAPL is a top three 3.55% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. The four years through 2019 saw a ~75% reduction at prices between ~$23 and ~$82. Last quarter saw another ~30% selling at prices between ~$91 and ~$134. The stock is now at ~$130. This quarter also saw a ~9% trimming.Note: The prices quoted above are adjusted for the 4-for-1 stock split last month.UnitedHealth Group (UNH): The top three 3.37% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. Last two quarters had seen minor increases while this quarter saw a marginal reduction. The stock is now at ~$325.Alphabet Inc. (GOOGL): GOOG is a top five 3.18% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked at ~2.6M shares in 2014. Since then, the stake was reduced to ~296K shares at prices between ~$510 and ~$1827. The stock currently trades at ~$2101.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years had seen a combined ~50% reduction thru minor selling most quarters. The stock currently trades at ~$254 and the stake is at 2.71% of the portfolio. Last three quarters had seen minor increases while this quarter saw marginal trimming.Oracle Corporation (ORCL): The 2.60% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters thru Q2 2019 saw another ~45% selling at prices between $44 and $57. Q1 2020 also saw a ~18% reduction at prices between ~$40 and ~$56. The stock is currently at $61.13. Last three quarters have seen only minor adjustments.Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. The ten quarters thru Q2 2019 also saw minor selling almost every quarter. The pattern reversed in Q3 2019: 23% stake increase in H2 2019 at prices between $127 and $146. The stock currently trades at ~$163. H1 2020 saw a ~15% trimming while the last two quarters have seen only minor adjustments.Medtronic Inc. (MDT): The very long-term 2.17% MDT stake was sold down in 2014 at prices between $56 and $76. It was built back up next year at prices between $66.50 and $80. Last five years have seen minor adjustments every quarter. The stock currently trades at ~$113.Facebook Inc. (FB): FB is a ~2% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake has seen incremental buying since. The stock is now at ~$262. Last two quarters saw a ~10% trimming.Anthem Inc. (ANTM): ANTM position was first purchased in 2014. The bulk of the current ~2% portfolio stake was established in 2017 at prices between $144 and $232. The stock currently trades at ~$295. Last four quarters have seen only minor adjustments.Lam Research (LRCX): The 1.96% LRCX stake was built last quarter at prices between ~$294 and ~$385 and the stock is now well above that range at ~$598.Texas Instruments (TXN): TXN is a ~2% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. The stock currently trades at ~$178. Last few quarters have seen only minor adjustments.American Express (AXP): AXP became a significant part of the portfolio during the three quarters thru Q2 2016 when around 6.5M shares were purchased at prices between $59.50 and $66. Next year saw a ~50% selling at prices between $52.50 and $75. Since then, there has only been minor adjustments. The stock currently trades at ~$132 and the stake is at 1.92% of the portfolio.Eli Lilly (LLY): LLY is a very long-term 1.20% of the portfolio position. The stake was minutely small till 2008. The following year saw a ~3.5M share purchase at prices between $30.50 and $38. The position has wavered. Recent activity follows: Q1 2019 saw the position almost sold out at prices between $107 and $116. The stake was rebuilt next quarter at prices between $111 and $129. Q1 2020 saw a ~25% reduction at prices between ~$119 and ~$147. This quarter also saw a ~15% trimming. It currently trades at ~$201.Abbott Labs (ABT), British American Tobacco (BTI), Charles Schwab (SCHW), iShares iBoxx Investment Grade Corporate Bond ETF (LQD), Liberty Broadband (LBRDK), Lyft Inc. (LYFT), NetEase Inc. (NTES), Otis Worldwide (OTIS), Royal Bank Canada Montreal (RBKDF), Royal Dutch Shell plc (RDS.B), STMicroelectronics (STM), Vipshop Holdings (VIPS), and Visa Inc. (V): These small (less than ~2% of the portfolio each) stakes saw reductions this quarter.Kept Steady:None.Note: Although the positions sizes relative to the overall portfolio is very small, it is significant that GMO has sizable ownership stakes in the following businesses: 5% of Kosmos Energy (KOS) and ~10% of Gyrodyne (GYRO).Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q4 2020:12/8/2020: : Jeremy Grantham has a personal investment of ~4.8M shares for ~$12.5M in Quantumscape (made 7 years ago) as part of a series of bets on early-stage “green technology”11/13/2020: : Jeremy Grantham called the market is in a ‘real McCoy bubble’ after previously calling it a bubble in June.Regulatory filings thru 12/17/2020: None."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q3 2020 Update"

"Jeremy Grantham’s 13F portfolio value increased from $13.47B to $14.05B this quarter.GMO Capital increased Coca Cola and Lam Research while decreasing Apple, Alibaba Group Holdings, and Honeywell International.The largest three individual stock positions are Microsoft Corporation, Apple, and UnitedHealth and they add up to ~12% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 11/13/2020. Jeremy Grantham’s 13F portfolio value increased ~4% from $13.47B to $14.05B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 46 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Apple, UnitedHealth, Coca Cola, and Alphabet. They add up to ~18% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2020.As of October 2020, GMO’s 7-year asset class real return forecast is for US Large Cap asset class to have a negative 5.2% annualized return on one end and Emerging Value asset class to have a positive 9.1% annualized return at the other extreme. The entire bond category is also forecasted to have negative annualized real returns over the next 7 years. The firm currently has ~$65B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.Note 1: It was reported earlier this month that Jeremy Grantham has a ~4.8M share stake in QuantumScape (QS). The ~$12.5M investment was made 7 years ago as part of a series of bets on early-stage “green technology” companies.Note 2: In June, Jeremy Grantham said the US stock market was in a bubble. Last month, he reaffirmed it by saying the market is in a ‘real McCoy bubble’.New Stakes:Salesforce.com (CRM): CRM is a small 0.71% of the portfolio stake established this quarter at prices between ~$186 and ~$281 and the stock currently trades at ~$226.Stake Disposals:Becton Dickinson (BDX) and Nike Inc. (NKE): These very small (less than ~0.65% of the portfolio each) stakes were reduced last quarter and disposed this quarter.Stake Increases:UnitedHealth Group (UNH): The top three 3.47% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. Last two quarters have seen minor increases. The stock is now at ~$342.Coca-Cola (KO): KO is a very long-term top five 3.21% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Since then, the activity had been minor. Q1 2020 saw a ~75% stake increase at prices between $37.50 and $60. That was followed with a ~37% increase this quarter at prices between ~$44 and ~$51. The stock is now at $53.27.Oracle Corporation (ORCL): The 2.80% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters thru Q2 2019 saw another ~45% selling at prices between $44 and $57. Q1 2020 also saw a ~18% reduction at prices between ~$40 and ~$56. The stock is currently at $63.61. Last two quarters have seen only minor adjustments.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years had seen a combined ~50% reduction thru minor selling most quarters. The stock currently trades at ~$264 and the stake is at 2.74% of the portfolio. Last three quarters have seen minor increases.Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. The ten quarters thru Q2 2019 also saw minor selling almost every quarter. The pattern reversed in Q3 2019: 23% stake increase in H2 2019 at prices between $127 and $146. The stock currently trades at ~$154. Last two quarters saw a ~15% trimming while this quarter saw a minor increase.US Bancorp (USB) and Wells Fargo (WFC): These two positions were built in 2017. The 2.43% USB stake was purchased at prices between $50 and $56 and the stock currently trades at $45.28. Q1 2020 saw a ~50% stake increase at prices between ~$29 and ~$55. That was followed with minor increases over the last two quarters. The bulk of the 1.53% WFC position was purchased in Q3 2017 at prices between $49.50 and $56 and it is now well below that range at $29.47. Q1 2020 saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with minor increases over the last two quarters. For investors attempting to follow, these two stocks are good options to consider for further research.Anthem Inc. (ANTM): ANTM position was first purchased in 2014. The bulk of the current ~2% portfolio stake was established in 2017 at prices between $144 and $232. The stock currently trades at ~$314. Last three quarters have seen minor increases.American Express (AXP): AXP became a significant part of the portfolio during the three quarters thru Q2 2016 when around 6.5M shares were purchased at prices between $59.50 and $66. Next year saw a ~50% selling at prices between $52.50 and $75. Since then, there has only been minor adjustments. The stock currently trades at ~$119 and the stake is at 1.95% of the portfolio.3M Company (MMM): The bulk of the original ~4.5M share stake was purchased in 2007 at prices between $74 and $94. The period thru 2014 saw minor adjustments most quarters but the sizing remained remarkably steady. 2017 saw a ~80% selling at prices between $175 and $241. It was rebuilt next year at prices between $184 and $259. Last seven quarters have seen only minor adjustments. The stock is currently at ~$177 and the stake is at 1.87% of the portfolio. For investors attempting to follow, 3M is a good option to consider for further research.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. It was rebuilt in H1 2018 at prices between $53 and $63. Q1 2020 saw a ~20% selling at prices between ~$66 and ~$92. The stock currently trades at $79.82 and the stake is at 1.78% of the portfolio. Last two quarters have seen only minor adjustments.Cisco Systems (CSCO): CSCO is a 1.65% of the portfolio very long-term stake. The position size peaked at around 37M shares in 2009. Since then, most years saw reductions and by 2019 the share count was down to 4.2M shares. Q1 2020 saw a ~35% stake increase at prices between ~$33 and ~$50. The stock currently trades at $44.82. Last two quarters have seen minor increases. For investors attempting to follow, CSCO is a good option to consider for further research.Eli Lilly (LLY): LLY is a very long-term 1.43% of the portfolio position. The stake was minutely small till 2008. The following year saw a ~3.5M share purchase at prices between $30.50 and $38. The position has wavered. Recent activity follows: Q1 2019 saw the position almost sold out at prices between $107 and $116. The stake was rebuilt next quarter at prices between $111 and $129. Q1 2020 saw a ~25% reduction at prices between ~$119 and ~$147. It currently trades at ~$173. Last two quarters have seen only minor adjustments.Raytheon Technologies (RTX) and Otis Worldwide (OTIS): These two positions came about due to the merger of United Technologies with Raytheon and the separation from Carrier (CARR) & Otis (OTIS) that closed in April. Terms called for United Technologies to be renamed Raytheon Technologies and for United Technologies shareholders to receive one share of CARR and 0.5 shares of OTIS for each share held. GMO had a 1.23M share position in United Technologies. They also increased the resultant stakes substantially since. RTX currently trades at $70.64 and OTIS at $65.79.Lam Research (LRCX): The 1.61% LRCX stake was built this quarter at prices between ~$294 and ~$385 and the stock is now well above that range at ~$486.Abbott Labs (ABT), Adobe Systems (ADBE), Charles Schwab (SCHW), iShares Core MSCI Emerging Market ETF (IEMG), Liberty Broadband (LBRDK), Lyft Inc. (LYFT), NetEase Inc. (NTES), Philip Morris (PM), TJX Companies (TJX), Vipshop Holdings (VIPS), and Visa Inc. (V): These small (less than ~2% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 4.45%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: last eleven quarters saw a ~70% selling at prices between ~$88 and ~$232. The stock currently trades at ~$219. GMO is harvesting huge long-term gains.Apple Inc. (AAPL): AAPL is a top three ~4% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. The four years through 2019 saw a ~75% reduction at prices between ~$23 and ~$82. This quarter saw another ~30% selling at prices between ~$91 and ~$134. The stock is now at ~$129.Note: The prices quoted above are adjusted for the 4-for-1 stock split last month.Alphabet Inc. (GOOGL): GOOG is a top five 3.20% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked at ~2.6M shares in 2014. Since then, the stake was reduced to ~306K shares at prices between ~$510 and ~$1717. The stock currently trades at ~$1741.Alibaba Group Holdings (BABA): BABA is a ~3% of the portfolio stake established during Q2 & Q3 2016 at prices between $76 and $108. Q1 2017 also saw a two-thirds increase at prices between $94 and $108. Recent activity follows. Q1 2020 saw a ~8% selling while last quarter there was a ~25% stake increase at prices between $187 and $229. This quarter saw a similar reduction at prices between ~$216 and ~$298. The stock currently trades at ~$264.Medtronic Inc. (MDT): The very long-term 2.35% MDT stake was sold down in 2014 at prices between $56 and $76. It was built back up next year at prices between $66.50 and $80. Last five years have seen minor adjustments every quarter. The stock currently trades at ~$115.Facebook Inc. (FB): FB is a 2.35% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake has seen incremental buying since. This quarter saw a ~4% reduction. The stock is now at ~$275.Texas Instruments (TXN): TXN is a ~2% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. The stock currently trades at ~$163. Last few quarters have seen only minor adjustments.Quest Diagnostics (DGX) and Starbucks Corp (SBUX): These were small new positions established in Q1 2020. DGX is a 1.26% of the portfolio stake purchased at prices between ~$73 and ~$116 and the stock currently trades at ~$121. Last quarter saw a ~22% stake increase at prices between ~$73 and ~$123. The 0.72% SBUX position was established at prices between $56 and $94 and it is now at ~$103. Both positions saw minor reductions this quarter.British American Tobacco (BTI), Honeywell International (HON), iShares iBoxx Investment Grade Corporate Bond ETF (LQD), Redfin Corp (RDFN), Royal Bank Canada Montreal (RBKDF), Royal Dutch Shell plc (RDS.B), and STMicroelectronics (STM): These very small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:None.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q3 2020:Regulatory filings thru 9/16/2020: None."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q2 2020 Update"

"Jeremy Grantham’s 13F portfolio value increased from $11.99B to $13.47B this quarter.GMO Capital increased Alibaba Group Holdings while dropping Cognizant Technology during the quarter.The largest three individual stock positions are Microsoft Corporation, Apple, and Alphabet and they add up to ~14% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 08/13/2020. Jeremy Grantham’s 13F portfolio value increased ~12% from $11.99B to $13.47B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 45 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Apple, Alphabet, Alibaba Group Holdings, and UnitedHealth. They add up to ~21% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2020.As of July 2020, GMO’s 7-year asset class real return forecast is for US Large Cap asset class to have a negative 5.6% annualized return on one end and Emerging Value asset class to have a positive 9.2% annualized return at the other extreme. The entire bond category is also forecasted to have negative annualized real returns over the next 7 years. The firm currently has ~$65B under management, a far cry from ~$120B that they had at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.New Stakes:Raytheon Technologies (RTX) and Otis Worldwide (OTIS): These two positions came about due to the merger of United Technologies with Raytheon and the separation from Carrier (CARR) & Otis (OTIS) that closed in April. Terms called for United Technologies to be renamed Raytheon Technologies and for United Technologies shareholders to receive one share of CARR and 0.5 shares of OTIS for each share held. GMO had a 1.23M share position in United Technologies. They also increased the resultant RTX stake by ~80% and OTIS stake by ~170%. RTX currently trades at $61.44 and OTIS at $60.30.Stake Disposals:Allergan plc (AGN), Cognizant Technology (CTSH), and United Technologies (UTX): These small (less than ~1.25% of the portfolio each) positions are no longer in the 13F portfolio. Allergan plc got acquired by AbbVie (ABBV) and United Technologies was renamed as Raytheon Technologies after the spin-merger. Cognizant Technology was a very long-term stake established before the financial crisis. It was disposed this quarter at prices between ~$43 and ~$59 and it currently trades at $70.13.Stake Increases:Alibaba Group Holdings (BABA): BABA is a top five 3.37% of the portfolio stake established during Q2 & Q3 2016 at prices between $76 and $108. Q1 2017 also saw a two-thirds increase at prices between $94 and $108. Recent activity follows. Last quarter saw a ~8% selling while this quarter there was a ~25% stake increase at prices between $187 and $229. The stock currently trades at ~$278.Medtronic Inc. (MDT) and UnitedHealth Group (UNH): The very long-term 2.21% MDT stake was sold down in 2014 at prices between $56 and $76. It was built back up next year at prices between $66.50 and $80. Last five years have seen minor adjustments every quarter. The stock currently trades at ~$108. The 3.32% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. Last five years had seen a ~75% selling at prices between $102 and $296. This quarter saw a minor increase. The stock is now at ~$307.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. The next five years had seen a combined ~50% reduction thru minor selling most quarters. The stock currently trades at ~$240 and the stake is at 2.67% of the portfolio. Last quarter saw a ~7% stake increase and that was followed with a marginal further increase this quarter.US Bancorp (USB) and Wells Fargo (WFC): These two positions were built in 2017. The 2.38% USB stake was purchased at prices between $50 and $56 and the stock currently trades well below that range at $37.32. Last quarter saw a ~50% stake increase at prices between ~$29 and ~$55. That was followed with a ~10% increase this quarter. The bulk of the 1.62% WFC position was purchased in Q3 2017 at prices between $49.50 and $56 and it is now well below that range at $24.88. Last quarter saw a ~25% stake increase at prices between ~$25 and ~$49. That was followed with a ~8% stake increase this quarter. For investors attempting to follow, these two stocks are good options to consider for further research.Facebook Inc. (FB): FB is a 2.21% of the portfolio position purchased in Q1 2018 at prices between ~$160 and ~$190. The stake has seen incremental buying since. This quarter saw a minor increase. The stock is now at $272.Coca-Cola (KO): KO is a very long-term 2.20% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Since then, the activity had been minor. Last quarter saw a ~75% stake increase at prices between $37.50 and $60. The stock is now at $51.05. There was a minor increase this quarter.Anthem Inc. (ANTM): ANTM position was first purchased in 2014. The bulk of the current ~2% portfolio stake was established in 2017 at prices between $144 and $232. The stock currently trades at ~$260. Last two quarters have seen minor increases.Cisco Systems (CSCO): CSCO is a ~2% of the portfolio very long-term stake. The position size peaked at around 37M shares in 2009. Most years saw reductions since and by 2019 the share count was down to 4.2M shares. Last quarter saw a ~35% stake increase at prices between ~$33 and ~$50. The stock currently trades at $40.60. There was a marginal increase this quarter. For investors attempting to follow, CSCO is a good option to consider for further research.Texas Instruments (TXN): TXN is a 1.89% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. The stock currently trades at ~$141. Q4 2019 saw a ~10% stake increase while last quarter there was similar trimming. This quarter saw a marginal increase.3M Company (MMM): The bulk of the original ~4.5M share stake was purchased in 2007 at prices between $74 and $94. The period thru 2014 saw minor adjustments most quarters but the sizing remained remarkably steady. 2017 saw a ~80% selling at prices between $175 and $241. It was rebuilt next year at prices between $184 and $259. Last six quarters have seen only minor adjustments. The stock is currently at ~$168 and the stake is at 1.87% of the portfolio.American Express (AXP): AXP became a significant part of the portfolio during the three quarters thru Q2 2016 when around 6.5M shares were purchased at prices between $59.50 and $66. Next year saw a ~50% selling at prices between $52.50 and $75. Since then, there has only been minor adjustments. The stock currently trades at ~$107 and the stake is at 1.87% of the portfolio.Quest Diagnostics (DGX) and Starbucks Corp (SBUX): These were small new positions established last quarter. DGX is a 1.41% of the portfolio stake purchased at prices between ~$73 and ~$116 and the stock currently trades at ~$114. This quarter saw a ~22% stake increase at prices between ~$73 and ~$123. The 0.70% SBUX position was established at prices between $56 and $94 and it is now at $87.71. This quarter saw a marginal increase.Charles Schwab (SCHW), Honeywell International (HON), iShares iBoxx Investment Grade Corporate Bond ETF (LQD), Lyft Inc. (LYFT), NetEase Inc. (NTES), Philip Morris (PM), Royal Dutch Shell plc (RDS.B), TJX Companies (TJX), and Visa Inc. (V): These small (less than ~2% of the portfolio each) positions saw increases this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 5.12%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Recent activity follows: last ten quarters saw a ~37% selling at prices between ~$88 and ~$205. The stock currently trades at ~$209. GMO is harvesting huge long-term gains.Apple Inc. (AAPL): AAPL is a top three 4.57% long-term stake. It was a large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. 2014 saw a ~60% stake increase at prices between ~$18 and ~$30 while the following year saw a ~45% selling at prices between ~$27 and ~$33. The next four years had seen another ~75% reduction at prices between ~$23 and ~$82. The stock is now at ~$116. Last two quarters have seen minor trimming.Note: The prices quoted above are adjusted for the 4-for-1 stock split last month.Alphabet Inc. (GOOGL): GOOG is a top three 3.69% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked at ~2.6M shares in 2014. Last five years have seen the stake reduced to ~351K shares at prices between ~$510 and ~$1525. The stock currently trades at ~$1535.Oracle Corporation (ORCL): The 2.65% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters thru Q2 2019 saw another ~45% selling at prices between $44 and $57. Last quarter also saw a ~18% reduction at prices between ~$40 and ~$56. The stock is currently at $61. There was a ~7% trimming this quarter.Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was at ~170K shares. The sizing peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. The ten quarters thru Q2 2019 also saw minor selling almost every quarter. The pattern reversed in Q3 2019: 23% stake increase over the next two quarters at prices between $127 and $146. The stock currently trades at ~$149. Last two quarters saw a ~15% trimming.Merck & Co. (MRK): MRK is a very long-term stake. In 2014, it was sold down to a very small position at prices between $50 and $62. It was rebuilt in H1 2018 at prices between $53 and $63. Last quarter saw a ~20% selling at prices between ~$66 and ~$92. The stock currently trades at $84.21 and the stake is at 1.70% of the portfolio. There was a ~3% trimming this quarter.Eli Lilly (LLY): LLY is a very long-term 1.62% of the portfolio position. The stake was minutely small till 2008. The following year saw a ~3.5M share purchase at prices between $30.50 and $38. The position has wavered. Recent activity follows: Q1 2019 saw the position almost sold out at prices between $107 and $116. The stake was rebuilt next quarter at prices between $111 and $129. Last quarter saw a ~25% reduction at prices between ~$119 and ~$147. It currently trades at ~$150. This quarter saw marginal trimming.Abbott Labs (ABT), Advanced Disposal Services (ADSW), Becton Dickinson (BDX), British American Tobacco (BTI), Carvana Inc. (CVNA), iShares Core MSCI Emerging Market ETF (IEMG), Nike Inc. (NKE), Royal Bank Canada Montreal (RBKDF), STMicroelectronics (STM), Taiwan Semi (TSM), and Wayfair Inc. (W): These small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:None.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q2 2020:Regulatory filings thru 3/11/2020: 13G – 2/13 – Eventbrite – EB – 890K shares – 1.55% of business, CYOU - ~120K shares – 0.66% of business."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q4 2019 Update"

"Jeremy Grantham’s 13F portfolio value increased from $14.41B to $14.97B this quarter.GMO Capital increased Johnson & Johnson while decreasing Apple and Taiwan Semi.The largest three individual stock positions are Microsoft Corporation, Alphabet, and Apple and they add up to ~12% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory filed on 02/13/2020. Jeremy Grantham’s 13F portfolio value increased ~4% from $14.41B to $14.97B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. There are 44 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Alphabet, Apple, UnitedHealth, and Oracle Corporation. They add up to ~17% of the portfolio.Jeremy Grantham founded GMO Capital in the early 70s. Their primary capital allocation mechanism relies on their internal prediction of market direction over the long term. The predictions are based on the philosophy that all asset classes and markets revert to mean. Over the years, this strategy has resulted in them vastly underperforming in bull markets and catching up when markets correct. In recent years, they have underweighted US equities and that has caused several years of relative underperformance. As of January 2020, their 7-year asset class real return forecast is for US Equity asset class to have a negative 4.7% annualized return on one end and Emerging Value asset class to have a positive 9.6% annualized return at the other extreme. The entire bond category is also forecasted to have negative annualized real returns over the next 7 years. The firm currently has $62B under management, a far cry from almost double that at the peak. The assets are distributed among separately managed, institutional, and mutual fund accounts. Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund (GBMFX) which was incepted in 2003.New Stakes:Humana Inc. (HUM) and Lyft Inc. (LYFT): These are small new positions established this quarter. HUM is a 0.88% of the portfolio stake purchased at prices between $253 and $371 and the stock currently trades at ~$314. The 0.60% LYFT position was established at prices between $37.70 and $49.50 and it is now well below that range at $24.17.Stake Disposals:Altaba Inc. (AABA), iShares MSCI EAFE ETF (EFA), and SunTrust Banks (STI): These three positions were disposed during the quarter. The original AABA stake was from Q2 2017 and was frequently traded. Altaba made a pre-dissolution distribution of $51.50 per share in September and the stock is no longer traded. Most of the 1.41% EFA position was purchased last quarter at prices between $61 and $67. It was disposed this quarter at prices between $63 and $70 and it is now at $52.91. STI was a 1.41% merger arbitrage stake built during Q2 & Q3 2019. SunTrust Banks merged with BB&T in an all-stock deal to form Truist Financial Corp (TFC) and that transaction closed in December.Stake Increases:Oracle Corporation (ORCL): The ~1% ORCL position is a very long-term stake. The position was already at around 14M shares in 2007. The next two years saw the stake built to a much larger 62M share position at prices between $15.50 and $24.50. Next few years saw selling at higher prices and by 2017 the stake was back at 14M shares. The five quarters thru Q2 2019 saw another ~45% selling at prices between $44 and $57. The stock is currently at $47.93. Last two quarters have seen minor increases.Alibaba Group Holdings (BABA): BABA is a 2.59% of the portfolio stake established during Q2 & Q3 2016 at prices between $76 and $108. Q1 2017 also saw a two-thirds increase at prices between $94 and $108. Since then, the activity has been minor. This quarter saw a ~3% stake increase. The stock currently trades at $194.Johnson & Johnson (JNJ): JNJ is a very long-term stake. In their first 13F filing in 2005, the position was already at ~170K shares. The position size peaked at around 26M shares in 2009. The stake was sold down by ~40% in 2014 at prices between $88 and $109. 2016 saw another ~50% selling at prices between $97 and $125. The ten quarters thru Q2 2019 also saw minor selling almost every quarter. The pattern reversed in Q3 2019: 23% stake increase over the last two quarters at prices between $127 and $146. The stock currently trades at ~$134.Wells Fargo (WFC) and US Bancorp (USB): These two medium-sized positions were built in 2017. The 2.17% USB stake was purchased at prices between $50 and $56 and the stock currently trades well below that range at $37.10. The bulk of the 2.28% WFC position was purchased in Q3 2017 at prices between $49.50 and $56 and it is now well below that range at $30.89. Both positions have seen minor increases in the last two quarters.Texas Instruments (TXN): TXN is a 1.85% of the portfolio position. The majority of the stake was purchased in Q3 & Q4 2016 at prices between $63 and $75. The stock currently trades at ~$106. Last few quarters had seen minor selling while this quarter there was a ~10% stake increase.Eli Lilly (LLY): LLY is a very long-term 1.56% of the portfolio position. The stake was minutely small till 2008. The following year saw a ~3.5M share purchase at prices between $30.50 and $38. The position has wavered. Recent activity follows: Q1 2019 saw the position almost sold out at prices between $107 and $116. The stake was rebuilt next quarter at prices between $111 and $129. It currently trades at ~$139.Coca-Cola (KO): KO is a very long-term 1.24% of the portfolio stake. The position was already a large 7M share stake in 2005. That original stake was built to 23.7M shares during the 2007-2008 timeframe at price between $20 and $32. The sizing peaked at almost 39M shares in 2012. The next five years saw the position sold down by ~90% to a ~3.7M share stake at prices between $37 and $47. Since then, the activity has been minor. The stock is now at $48.50.Abbott Labs (ABT), Becton Dickinson (BDX), British American Tobacco (BTI), Cypress Semiconductors (CY), Honeywell International (HON), MasterCard (MA), Visa Inc. (V), Wellcare Health Plans (WCG), and Wabco Holdings (WBC): These very small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the top position in the portfolio at 4.20%. It is a very long-term stake. The 2007-2008 period saw the stake built from ~5.6M shares to over 59M shares at prices between $19 and $35. The position size peaked in 2011 at ~68M shares. The next four years saw the stake sold down by ~80% at prices between $28 and $56. Since then, the position has wavered. Recent activity follows: last two years saw ~60% selling at prices between $87 and $159. The stock currently trades at $159. GMO is harvesting huge long-term gains.Alphabet Inc. (GOOGL): GOOG is a top three 4.12% position. The long-term stake was built during the 2007-2014 timeframe at low prices. The position size peaked at ~2.6M shares in 2014. Last five years have seen the stake reduced to ~460K shares at prices between $510 and $1362. The stock currently trades at $1214.Apple Inc. (AAPL): AAPL is a top three 3.48% long-term stake. It was a fairly large stake in 2005 but was sold down next year. The position was rebuilt in 2007 but was again sold down next year. Similar trading pattern continued over the next several years. 2014 saw a ~60% stake increase at prices between $71 and $119 while the following year saw a ~45% selling at prices between $106 and $129. Last four years have seen another ~75% reduction at prices between $93 and $298. The stock is now at $278.Medtronic Inc. (MDT), Merck & Co. (MRK), and UnitedHealth Group (UNH): These three medium-sized stakes saw minor trimming this quarter. All three have been in the portfolio for over 15 years. MDT & MRK stakes were reduced to minutely small stakes in 2014. The MRK stake was sold down at prices between $50 and $62. It was rebuilt in H1 2018 at prices between $53 and $63. Last few quarters have seen only minor adjustments. The stock currently trades at $76.76. The ~3% of the portfolio stake in UNH was already a very large ~18M share position in 2005. The position size peaked in 2007 at over 20.5M shares. Last five years have seen a ~75% selling at prices between $102 and $296. The stock is now at $272. The MDT stake was sold down in 2014 at prices between $56 and $76. It was built back up next year at prices between $66.50 and $80. Last five years have seen minor adjustments every quarter. The stock currently trades at $88.82.3M Company (MMM): The bulk of the original ~4.5M share stake was purchased in 2007 at prices between $74 and $94. The period thru 2014 saw minor adjustments most quarters but the sizing remained remarkably steady. Since then, the position was reduced. 2017 saw a ~80% selling at prices between $175 and $241. It was rebuilt next year at prices between $184 and $259. Last four quarters have seen only minor adjustments. The stock is currently at ~$142 and the stake is at ~2% of the portfolio.American Express (AXP): AXP became a significant part of the portfolio during the three quarters thru Q2 2016 when around 6.5M shares were purchased at prices between $59.50 and $66. Next year saw a ~50% selling at prices between $52.50 and $75. Last two years have seen only minor adjustments. The stock currently trades at $99.60 and the stake is at ~2% of the portfolio.Accenture plc (ACN): ACN became a significant part of the portfolio during the 2013-2014 timeframe when around 3.8M shares were purchased at prices between $69 and $85. Last five years have seen a combined ~50% reduction thru minor selling most quarters. The stock currently trades at $167 and the stake is at 2.19% of the portfolio.Anthem Inc. (ANTM): ANTM position was first purchased in 2014. The bulk of the current ~2% portfolio stake was established in 2017 at prices between $144 and $232. The stock currently trades at $270.Booking Holdings (BKNG), Carvana Inc. (CVNA), Cisco Systems (CSCO), Cognizant Technology (CTSH), Costco Wholesale (COST), Facebook Inc. (FB), iShares Core MSCI Emerging Market ETF (IEMG), Philip Morris (PM), Royal Bank Canada Montreal (RBKDF), STMicroelectronics (STM), TJX Companies (TJX), Taiwan Semi (TSM), Toronto Dominion (TD), and United Technologies (UTX): These small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:iShares iBoxx Investment Grade Corporate Bond ETF (LQD): The very small 0.65% stake was kept steady this quarter.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q4 2019:--- below are OFB updates – first FA article in Q4 2019 ---"

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q3 2019 Update"

"Jeremy Grantham’s 13F portfolio value increased from $14.21B to $14.41B this quarter.GMO Capital increased Alibaba Group Holdings (BABA) while decreasing Fiat Chrysler (FCAU) and Glaxosmithkline (GSK) during the quarter.The largest three individual stock positions are Alphabet Inc. (GOOG), Microsoft Corporation (MSFT), and Apple (AAPL) and they add up to ~12% of the portfolio.Jeremy Grantham’s 13F portfolio value increased marginally from $14.21B to $14.41B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Alphabet Inc. (GOOG), Microsoft Corporation (MSFT), Apple (AAPL), Oracle Corporation (ORCL), and Medtronic (MDT) and they add up to ~17% of the portfolio.Note: In January 2018, Jeremy Grantham predicted the market to be in a melt-up (S&P 3400 to 3800 in short order). At the time, he thought emerging markets were a safe bet. As a secondary recommendation, EAFE equities were suggested. Consistent with that call, he increased the iShares MSCI Emerging Market ETF (EEM) allocation to a 3.11% portfolio stake thru Q3 2018. That quarter saw the position reduced by ~80% to a small 0.72% portfolio stake. The position was increased by ~80% in Q1 2019 and is now a 1.48% of the portfolio stake.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q3 2019. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q2 2019 Update"

"Jeremy Grantham’s 13F portfolio value increased from $13.90B to $14.21B this quarter.GMO Capital decreased Costco Wholesale (COST) while increasing UnitedHealth (UNH), Merck (MRK), and Eli Lilly (LLY).The largest three individual stock positions are Microsoft Corporation (MSFT), Alphabet Inc. (GOOG), and Apple (AAPL) and they add up to ~12% of the portfolio.Jeremy Grantham’s 13F portfolio value increased ~2% from $13.90B to $14.21B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Microsoft Corporation (MSFT), Alphabet Inc. (GOOG), Apple (AAPL), Oracle Corporation (ORCL), and UnitedHealth (UNH) and they add up to ~18% of the portfolio.Note: In January 2018, Jeremy Grantham predicted the market to be in a melt-up (S&P 3400 to 3800 in short order). At the time, he thought emerging markets were a safe bet. As a secondary recommendation, EAFE equities were suggested. Consistent with that call, he increased the iShares MSCI Emerging Market ETF (EEM) allocation to a 3.11% portfolio stake thru Q3 2018. That quarter saw the position reduced by ~80% to a small 0.72% portfolio stake. The position was increased by ~80% last quarter and is now a 1.31% of the portfolio stake.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q2 2019. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q1 2019 Update"

"Jeremy Grantham’s 13F portfolio value increased from $12.52B to $13.90B this quarter.GMO Capital decreased Alphabet (GOOG) and United Technologies (UTX) during the quarter.The largest three individual stock positions are Alphabet Inc., Apple, and Microsoft Corporation and they add up to ~13% of the portfolio.Jeremy Grantham’s 13F portfolio value increased ~11% from $12.52B to $13.90B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Alphabet Inc. (GOOG), Apple Inc. (AAPL), Microsoft Corporation (MSFT), Oracle Corporation (ORCL), and 3M (MMM) and they add up to ~19% of the portfolio.Note: In January 2018, Jeremy Grantham predicted the market to be in a melt-up (S&P 3400 to 3800 in short order). At the time, he thought emerging markets were a safe bet. As a secondary recommendation, EAFE equities were suggested. Consistent with that call, he increased the iShares MSCI Emerging Market ETF (EEM) allocation to a 3.11% portfolio stake thru Q3 2018. That quarter saw the position reduced by ~80% to a small 0.72% portfolio stake. The position was increased by ~80% this quarter and is now a 1.32% of the portfolio stake.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q1 2019. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q4 2018 Update"

"Jeremy Grantham’s 13F portfolio value decreased from $14.76B to $12.52B this quarter.GMO Capital increased 3M and Texas Instruments while reducing Qualcomm during the quarter.The largest three individual stock positions are Alphabet Inc., Apple, and Microsoft Corporation and they add up to ~14% of the portfolio.Jeremy Grantham’s 13F portfolio value decreased ~15% from $14.76B to $12.52B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Alphabet Inc. (GOOG), Apple Inc. (AAPL),Microsoft Corporation (MSFT), Oracle Corporation (ORCL), and 3M (MMM) and they add up to ~21% of the portfolio.Note: Last January, Jeremy Grantham predicted the market to be in a melt-up (S&P 3400 to 3800 in short order). At the time, he thought emerging markets were a safe bet. As a secondary recommendation, EAFE equities were suggested. Consistent with that call, he increased the iShares MSCI Emerging Market ETF (EEM) allocation to a 3.11% portfolio stake thru last quarter. That quarter saw the position reduced by ~80% to a small 0.72% portfolio stake.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q4 2018. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q3 2018 Update"

"Jeremy Grantham’s 13F portfolio value increased from $14.08B to $14.76B this quarter.GMO Capital increased Fiat Chrysler while decreasing UnitedHealth Group and Johnson & Johnson.The largest three individual stock positions are Apple, Alphabet Inc., and Microsoft Corporation and they add up to ~14% of the portfolio.Jeremy Grantham’s 13F portfolio value increased ~5% from $14.08B to $14.76B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Apple Inc. (AAPL), Alphabet Inc. (GOOG), Microsoft Corporation (MSFT), Oracle Corporation (ORCL), and United Health (UNH) and they add up to ~21% of the portfolio.Note: In January, Jeremy Grantham predicted the market to be in a melt-up (S&P 3400 to 3800 in short order). At the time, he thought emerging markets were a safe bet. As a secondary recommendation, EAFE equities were suggested. Consistent with that, he increased the iShares MSCI Emerging Market ETF (EEM) allocation by ~60% this quarter to a 3.11% portfolio stake.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q3 2018. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q2 2018 Update"

"Jeremy Grantham’s 13F portfolio value decreased from $16.35B to $14.08B this quarter.GMO Capital increased Visa, Merck, and 3M during the quarter.The largest three individual stock positions are Alphabet Inc., Apple, and Microsoft Corporation and they add up to ~14% of the portfolio.Jeremy Grantham’s 13F portfolio value decreased ~14% from $16.35B to $14.08B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Alphabet Inc. (GOOG), Apple Inc. (AAPL), Microsoft Corporation (MSFT), Oracle Corporation (ORCL), and United Health (UNH) and they add up to ~21% of the portfolio.Note: In January, Jeremy Grantham predicted the market to be in a melt-up (S&P 3400 to 3800 in short order). At the time, he thought emerging markets were a safe bet. As a secondary recommendation, EAFE equities were suggested.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital 13F portfolio holdings as of Q2 2018. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q1 2018 Update"

"Jeremy Grantham’s 13F portfolio value decreased from $16.95B to $16.35B this quarter.GMO Capital reduced Microsoft while increasing US Bancorp.The largest three individual stock positions are Alphabet Inc., Apple, and Microsoft Corporation and they add up to ~13% of the portfolio.Jeremy Grantham’s 13F portfolio value decreased ~4% from $16.95B to $16.35B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Alphabet Inc. (GOOG), Apple Inc. (AAPL), Microsoft Corporation (MSFT), Oracle Corporation (ORCL), and Johnson & Johnson (JNJ) and they add up to ~21% of the portfolio.Note: In a Jan 2018 , Jeremy Grantham predicted the market to be in a melt-up (S&P 3400 to 3800 in short order) – thinks emerging markets is a safe bet. He also said they have a small hedge in FAANG like stocks which they will get out of when S&P gets to that range. As a secondary recommendation, EAFE equities was suggested.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital US long portfolio holdings as of Q1 2018. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book .Regulatory Filings thru 3/18/2018: 13Gs filed on 2/14: ChangYou (CYOU) – 932K shares – 5.4% of business, Media General and DHXM – Zero, Penn Virginia (PVAC) – 252K shares – 1.7% of business.1/26/2018 – : predicted the market to be in a melt-up (S&P 3400 to 3800 in short order) – thinks emerging markets is a safe bet. Said they have a small hedge in FAANG like stocks which they will get out of when S&P gets to that range. As a secondary recommendation, EAFE equities was suggested."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q4 2017 Update"

"Jeremy Grantham’s 13F portfolio value decreased from $17.11B to $16.95B this quarter.GMO Capital reduced iShares MSCI Emerging ETF while adding iShares MSCI South Korea ETF.The largest three individual stock positions are Microsoft Corporation, Alphabet Inc., & Apple and they add up to ~13% of the portfolio.Jeremy Grantham’s 13F portfolio value decreased marginally from $17.11B to $16.95B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Microsoft Corporation (MSFT), Alphabet Inc. (GOOG), Apple Inc. (AAPL), Oracle Corporation (ORCL), and Johnson & Johnson (JNJ) and they add up to ~20% of the portfolio.Note: In a Jan 2018 , Jeremy Grantham predicted the market to be in a melt-up (S&P 3400 to 3800 in short order) – thinks emerging markets is a safe bet. He also said they have a small hedge in FAANG like stocks which they will get out of when S&P gets to that range. As a secondary recommendation, EAFE equities was suggested.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital US long portfolio holdings as of Q4 2017. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book .Regulatory Filings thru 1/27/2018: None."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q3 2017 Update"

"Jeremy Grantham’s 13F portfolio value decreased from $18.12B to $17.11B this quarter.GMO Capital doubled iShares MSCI Emerging ETF while reducing Microsoft and American Express.The largest three individual stock positions are Alphabet Inc., Microsoft Corporation, & Oracle and they add up to ~13% of the portfolio.Jeremy Grantham’s 13F portfolio value decreased ~8% from $18.12B to $17.11B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Alphabet Inc. (GOOG), Microsoft Corporation (MSFT), Oracle Corporation (ORCL), Apple Inc. (AAPL), and Johnson & Johnson (JNJ) and they add up to ~21% of the portfolio.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital US long portfolio holdings as of Q3 2017. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book .Regulatory Filings thru 8/30/2017: None."

"Tracking Jeremy Grantham’s GMO Capital Portfolio – Q2 2017 Update"

"Jeremy Grantham’s 13F portfolio value increased from $17.73B to $18.12B this quarter.GMO Capital added Altaba & Tribune Media while dropping McDonalds.The largest three individual stock positions are Microsoft Corporation, Alphabet Inc., & Oracle and they add up to ~13% of the portfolio.Jeremy Grantham’s 13F portfolio value increased ~2% from $17.73B to $18.12B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Microsoft Corporation (MSFT), Alphabet Inc. (GOOG), Oracle Corporation (ORCL), Apple Inc. (AAPL), and Johnson & Johnson (JNJ) and they add up to ~21% of the portfolio.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital US long portfolio holdings as of Q2 2017. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book .: (03/2013) Known mostly on predicting bubbles accurately. Worries that Bernanke thinks 3% growth is possible as problematic - demographic issue makes this an impossibility - 1.5% population growth. Currently prediction is that natural resources will become scarce. Commodities dropped 70% thru 2002 in hundred years and then gave back the drop in 6-7 years - running out of cheap resources - population growth, China effect (uses vast percentages of commodities the world produces yearly) - oil was 25 in 2000, now 100 - resources are squeezing the rest. Keystone pipeline - against - global warming - carbondioxide effect - pushed temperatures globally by 0.8 degree - two degrees is a flipover point - we have five times the amount required for two degree increase in carbon. Tar sands will be environmentally ruinous - will have no chance - keystone facilitates this. 250 years of civilization is mostly due to energy (oil, coal discovery from 1790 onwards). Bear but still an Optimist - two things that might help us: 1) fertility rate is 1.5 even-though we are rich and 2) Alternative energy - suppresses demand on finite resources - nice. Underweight US except stalwarts, moderately underweight ex-US. Bernanke’s easing policy - very problematic.From Wiki - 5/2017: Investment Philosophy: All asset classes and markets will revert to historical mean from highs and lows. Allocates based on internal prediction of market direction over the longer-term.5/2017 - My Note - Overall, their investment philosophy has resulted in them vastly underperforming at times of general euphoria only to catch up when markets correct. They have also generally been early with their predictions and that has resulted in several years of underperformance. The current view that US equity markets are overvalued has resulted in underweighting in US equities. Unlike other times, this has caused in the firm’s clients to take out substantial money - AUM down from ~$120B at the peak to ~$77B now (3/31/2017).Regulatory Filings thru 6/23/2017:None."

"Tracking Jeremy Grantham’s GMO Capital Portfolio - Q1 2017 Update"

"Jeremy Grantham’s 13F portfolio value decreased from $18.55B to $17.73B this quarter.GMO Capital decreased Apple, Oracle, Cisco, & American Express while increasing Abbott Labs.The largest three individual stock positions are Microsoft Corporation, Alphabet Inc., & Apple and they add up to ~14% of the portfolio.Jeremy Grantham’s 13F portfolio value decreased ~4% from $18.55B to $17.73B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Microsoft Corporation (MSFT), Alphabet Inc. (GOOG), Apple Inc. (AAPL), Oracle Corporation (ORCL), and Johnson & Johnson (JNJ) and they add up to ~21% of the portfolio.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital US long portfolio holdings as of Q1 2017. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book .Regulatory Filings thru 3/13/2017: 13G Filings on 2/13/2017: BLD - 1.2M shares - 3.12%, PBYI - 0, PJT - 440K - 2.5%, MEG - 7.7M shares - 5.9%, DHX - 1.7M shares - 6.5%, 1/29/2017 13G - PVAC - 897K shares - ~6%."

"Tracking Jeremy Grantham’s GMO Capital Portfolio - Q4 2016 Update"

"Jeremy Grantham’s 13F portfolio value decreased from $21.81B to $18.55B this quarter.GMO Capital increased United Technologies & Taiwan Semi while reducing Microsoft during the quarter.The largest three individual stock positions are Microsoft Corporation, Alphabet Inc., & United Health and they add up to ~13% of the portfolio.Jeremy Grantham’s 13F portfolio value decreased ~12% from $21.18B to $18.55B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Microsoft Corporation (MSFT), Alphabet Inc. (GOOG), United Health (UNH), Apple Inc. (AAPL), and Oracle Corporation (ORCL) they add up to ~20% of the portfolio.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital US long portfolio holdings as of Q4 2016. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Jeremy Grantham’s GMO Capital Portfolio - Q3 2016 Update"

"Jeremy Grantham’s 13F portfolio decreased from $24.37B to $21.81B this quarter.GMO Capital increased Microsoft while reducing Johson & Johnson during the quarter.The largest three individual stock positions are Microsoft Corporation, Alphabet Inc., & Johnson & Johnson and they add up to ~12% of the portfolio.Jeremy Grantham’s 13F portfolio decreased ~13% from $24.37B to $21.18B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Microsoft Corporation (MSFT), Alphabet Inc. (GOOG), Johnson & Johnson (JNJ), Cisco Systems (CSCO), and Oracle Corporation (ORCL) they add up to ~18% of the portfolio.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital US long portfolio holdings as of Q3 2016. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Jeremy Grantham’s GMO Capital Portfolio - Q2 2016 Update"

"Jeremy Grantham’s 13F portfolio decreased from $26.78B to $24.37B this quarter.GMO Capital dropped iShares iBoxx High Yield ETF and reduced Amazon Inc., Chipotle Mexican Grill, Charles Schwab, and Wabco Holdings during the quarter.The largest three individual stock positions are Johnson & Johnson, Cisco Systems, and Microsoft Corporation and they add up to ~12% of the portfolio.Jeremy Grantham’s 13F portfolio decreased ~9% from $26.78B to $24.37B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Johnson & Johnson, Cisco Systems, Microsoft Corporation, United Health, and Alphabet Inc. they add up to ~18% of the portfolio.Below is a spreadsheet that shows the changes to Jeremy Grantham's GMO Capital US long portfolio holdings as of Q2 2016. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking John Rogers’ Ariel Investments Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 8/14/2023. John Rogers’ 13F portfolio value increased ~2% from $10.41B to $10.56B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 62 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Baidu, Mattel, Philip Morris, Kennametal, and Generac Holdings. They add up to ~15% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2023.Their flagship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 10.67% compared to 10.34% for the Russell 2500 Index and 10.64% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P 500 index: 9.21% vs 12.86%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Deutsche Boerse AG (DBOEY), Roche Holding AG (RHHBY), Endesa SA (ELEZF), Michelin (MGDDY), Koninklijke Ahold Delhaize (ADRNY), Snam SpA (SNMRY), and Subaru (FUJHY).New Stakes:Sphere Entertainment (SPHR): The SPHR position came about as a result of the spin-out from MSG Entertainment. They had 6.66M shares of MSG Entertainment which now trades under this ticker. The net stake was reduced by ~20% during the quarter. The stock currently trades at $34.11.Stake Increases:Mattel Inc. (MAT): The large (top three) ~3% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw a one-third increase at prices between ~$9.50 and ~$14.50. Q1 2020 saw another ~15% stake increase at prices between $7.25 and $14.75. H2 2021 had also seen a ~17% increase at prices between ~$18 and ~$23. The last several quarters have seen only minor adjustments. The stock currently trades at $21.82.Note: They have ~4.5% ownership stake in the business.Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The three quarters through Q3 2020 saw a ~20% stake increase. Q1 2021 saw another ~15% stake increase at prices between ~$79 and ~$91 while next quarter there was a ~20% selling at prices between ~$88 and ~$101. That was followed by a similar reduction last quarter at prices between ~$90 and ~$105. The stock currently trades at ~$96, and it is at 2.75% of the portfolio. There was a minor ~2% increase this quarter.Generac Holdings (GNRC): GNRC is a 2.47% stake that saw a ~27% increase last quarter at prices between ~$98 and ~$135. The stock is now at ~$119. There was a ~5% further increase this quarter.Jones Lang LaSalle (JLL): The 2.24% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. Most years since have also seen selling. H2 2020 saw a ~25% stake increase at prices between ~$90 and ~$154. That was followed with a ~11% increase last quarter at prices between ~$137 and ~$185. The stock currently trades at ~$170. There was a minor ~5% further increase this quarter.Madison Square Garden Entertainment (MSGE): MSGE is currently at 2.23% of the portfolio. The original MSGE stake was built over the seven quarters through Q4 2021 at prices between ~$27 and ~$79. The stock currently trades at $31.73. There was a minor ~5% increase this quarter.Note: Ariel Investments has a ~5.6% ownership stake in Madison Square Garden Entertainment. The prices quoted above are adjusted for the Sphere Entertainment (SPHR) spin-out in April.Mohawk Industries (MHK): MHK is a ~2% of the portfolio position built over the three years through Q1 2022 at prices between ~$117 and ~$230 and it is now well below that range at ~$98. There were minor increases in the last several quarters.Northern Trust (NTRS): NTRS is a 1.76% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. The last few quarters have seen minor increases. The stock currently trades at $75.53.Leslie’s (LESL): LESL is a 1.47% position built during the last two quarters at prices between ~$9 and ~$17. It currently trades well below their purchase price range at $6.70.ADT Inc. (ADT), Carlyle Group (CG), Charles River Laboratories (CRL), Core Laboratories (CLB), Charles Schwab (SCHW), Equity Commonwealth (EQC), Itau Unibanco (ITUB), Lindblad Expeditions (LIND), Paramount Global (PARA) previously ViacomCBS, Prestige Consumer Healthcare (PBH), and Verizon Communications (VZ): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Baidu Inc. (BIDU): BIDU is currently the largest 13F position at 3.57% of the portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The position has wavered. Recent activity follows. Last year saw a ~18% increase at prices between ~$79 and ~$161. There was a minor ~3% trimming this quarter. The stock currently trades at ~$137.Kennametal Inc. (KMT): KMT is a 2.65% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Q1 2020 saw a ~15% stake increase at prices between $15 and $37. The three quarters through Q3 2021 had seen another ~43% stake increase at prices between ~$33 and ~$42. The stock currently trades at $26.29. The last few quarters have seen minor trimming.Note: Ariel Investments has a ~12% ownership stake in Kennametal Inc.Gentex Corp (GNTX): The 2.34% GNTX stake was purchased in Q3 2021 at prices between ~$27.50 and ~$38 and the stock currently trades at $32.11. The last several quarters have seen only minor adjustments.Resideo Technologies (REZI): The 2.33% REZI stake was built during the three quarters through Q2 2022 at prices between ~$19.50 and ~$28 and the stock currently trades below that range at $16.19. This quarter saw marginal trimming.Note: They have a ~9.3% ownership stake in the business.Microsoft Corp (MSFT): MSFT is now at 2.31% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. The 2020 to 2021 time period saw another ~50% selling at prices between ~$137 and ~$343. The last two quarters also saw a ~28% reduction at prices between ~$222 and ~$348. The stock currently trades at ~$324.Lazard Ltd. (LAZ): LAZ is a 2.20% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Recent activity follows. 2019 saw a ~15% increase at prices between ~$31 and ~$40.50. The three quarters through Q3 2021 saw another ~45% stake increase at prices between $38.70 and $48.75. The stock is now at $33.63. There was a ~20% trimming in the last four quarters.Note: Ariel Investments have a ~7% ownership stake in Lazard.First American Financial (FAF): FAF is a 2.07% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. There was a ~25% stake increase in Q4 2020 at prices between ~$44.50 and ~$54.50. That was followed with a similar increase in Q1 2021 at prices between ~$51 and ~$58. Next quarter saw a ~15% selling at prices between ~$64 and ~$81. The stock is now at $60.32. The last few quarters also saw minor trimming.Aflac Inc. (AFL), Adtalem Global Education (ATGE), Affiliated Managers Group (AMG), Axalta Coating (AXTA), Amdocs Ltd. (DOX), BorgWarner Inc. (BWA), Bristol-Myers Squibb (BMY), Brink’s Co (BCO), Boyd Gaming (BYD), BOK Financial (BOKF), Credicorp Ltd. (BAP), CarMax Inc. (KMX), CBRE Group (CBRE), Check Point Software (CHKP), Envista Holdings (NVST), Gilead Sciences (GILD), Goldman Sachs (GS), Janus Henderson Group (JHG), Interpublic Group (IPG), Johnson & Johnson (JNJ), J M Smucker (SJM), Knowles Corp (KN), Laboratory Corp (LH), Littelfuse Inc. (LFUS), Masco Corp. (MAS), Madison Square Garden Sports (MSGS), Manchester United (MANU), Norwegian Cruise Line Holdings (NCLH), nVent Electric (NVT), OneSpaWorld Holdings (OSW), Royal Caribbean Cruises Ltd. (RCL), Simpson Manufacturing (SSD), Stericycle Inc. (SRCL), Snap-On Inc. (SNA), and Zebra Technologies (ZBRA): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Note: They have significant ownership stakes in Adtalem Global Education, Knowles Corp, Madison Square Garden Sports, Manchester United and OneSpaWorld Holdings.Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q2 2023:Source: John Vincent. Data constructed from Ariel Investments’ 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/22/2023 to 5/22/2023: None."

"Tracking John Rogers’ Ariel Investments Portfolio – Q1 2023 Update"

"Ariel Investments’ 13F portfolio value increased from $9.85B to $10.41B this quarter.They increased Jones Lang LaSalle, Credicorp, Generac Holdings, and Leslie’s while decreasing Philip Morris, Microsoft, and Interpublic Group.The top three positions are Baidu, Madison Square Garden Entertainment, and Mattel, and they add up to ~11% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 5/12/2023. John Rogers’ 13F portfolio value increased ~6% from $9.85B to $10.41B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 60 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Baidu, Madison Square Garden Entertainment, Mattel, Philip Morris, and Kennametal. They add up to ~17% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2022.Their flagship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 10.61% compared to 10.20% for the Russell 2500 Index and 10.48% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P 500 index 8.97 % vs 12.20%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Deutsche Boerse AG (DBOEY), Roche Holding AG (RHHBY), Michelin (MGDDY), Endesa SA (ELEZF), Koninklijke Ahold Delhaize (ADRNY), Snam SpA (SNMRY), and Subaru (FUJHY).Stake Increases:Mattel Inc. (MAT): The large (top three) 2.88% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw a one-third increase at prices between ~$9.50 and ~$14.50. Q1 2020 saw another ~15% stake increase at prices between $7.25 and $14.75. H2 2021 had also seen a ~17% increase at prices between ~$18 and ~$23. The last several quarters have seen only minor adjustments. The stock currently trades at $17.86.Note: They have ~4.5% ownership stake in the business.Resideo Technologies (REZI): The 2.48% REZI stake was built during the three quarters through Q2 2022 at prices between ~$19.50 and ~$28 and the stock currently trades at $16.57. There were minor increases in the last three quarters.Note: They have a ~9.4% ownership stake in the business.Gentex Corp (GNTX): The 2.41% GNTX stake was purchased in Q3 2021 at prices between ~$27.50 and ~$38 and the stock currently trades at $26.61. The last several quarters have seen only minor adjustments.Jones Lang LaSalle (JLL): The ~2% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. Most years since have also seen selling. H2 2020 saw a ~25% stake increase at prices between ~$90 and ~$154. That was followed with a ~11% increase this quarter at prices between ~$137 and ~$185. The stock currently trades at ~$141.Northern Trust (NTRS): NTRS is a ~2% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. The last several quarters have seen only minor adjustments. The stock currently trades at ~$72.Mohawk Industries (MHK): MHK is a ~2% of the portfolio position built over the last three years at prices between ~$117 and ~$230 and it is now well below that range at ~$95. There were minor increases in the last four quarters.Credicorp Ltd. (BAP), Generac Holdings (GNRC), and Leslie’s (LESL): These stakes saw substantial increases this quarter. The 1.85% BAP stake saw a ~40% increase at prices between ~$124 and ~$149 and the stock currently trades at ~$134. GNRC is a 1.73% stake that saw a ~27% increase this quarter at prices between ~$98 and ~$135. The stock is now at ~$116. LESL is a 1.25% position primarily built this quarter at prices between ~$10.50 and ~$16.75. It now goes for $9.24.Adtalem Global Education (ATGE), ADT Inc. (ADT), Aflac Inc. (AFL), Charles Schwab (SCHW), Carlyle Group (CG), CarMax Inc. (KMX), Charles River Laboratories (CRL), Envista Holdings (NVST), Equity Commonwealth (EQC), Janus Henderson Group (JHG), Johnson & Johnson (JNJ), Laboratory Corp (LH), Lindblad Expeditions (LIND), Simpson Manufacturing (SSD), Prestige Consumer Healthcare (PBH), and Verizon Communications (VZ): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.Note: Ariel Investments has a significant ownership stake in Adtalem Global Education.Stake Decreases:Baidu Inc. (BIDU): BIDU is currently the largest 13F position at 4.11% of the portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. H1 2020 had seen a ~50% stake increase at prices between ~$84 and ~$145. Q1 2021 saw a ~18% selling at prices between ~$204 and ~$340 while in Q3 2021 there was a ~12% stake increase at prices between ~$137 and ~$202. Last year saw a ~18% further increase at prices between ~$79 and ~$161. The stock currently trades at ~$119. There was marginal trimming this quarter.Madison Square Garden Entertainment (MSGE): MSGE is currently a large (top three) 13F stake at 3.78% of the portfolio. It was built over the seven quarters through Q4 2021 at prices between ~$27 and ~$79. The stock currently trades at ~$35.71. The last four quarters have seen only minor adjustments.Note: Ariel Investments has a ~5.4% ownership stake in Madison Square Garden Entertainment. The prices quoted above are adjusted for the Sphere Entertainment (SPHR) spin-off in April.Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The three quarters through Q3 2020 saw a ~20% stake increase. Q1 2021 saw another ~15% stake increase at prices between ~$79 and ~$91 while next quarter there was a ~20% selling at prices between ~$88 and ~$101. That was followed with a similar reduction this quarter at prices between ~$90 and ~$105. The stock currently trades at ~$91, and it is at 2.74% of the portfolio.Kennametal Inc. (KMT): KMT is a 2.70% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Q1 2020 saw a ~15% stake increase at prices between $15 and $37. The three quarters through Q3 2021 had seen another ~43% stake increase at prices between ~$33 and ~$42. The stock currently trades at $25.92. The last six quarters saw only minor adjustments.Note: Ariel Investments has a ~12.5% ownership stake in Kennametal Inc.Microsoft Corp (MSFT): MSFT is now at 2.42% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. 2020 to 2021 time period saw another ~50% selling at prices between ~$137 and ~$343. The stock currently trades at ~$326. This quarter saw a ~13% trimming. They are harvesting gains.Lazard Ltd. (LAZ): LAZ is a 2.71% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Recent activity follows. 2019 saw a ~15% increase at prices between ~$31 and ~$40.50. The three quarters through Q3 2021 saw another ~45% stake increase at prices between $38.70 and $48.75. The stock is now at $28.15. There was a ~18% trimming in the last three quarters.Note: Ariel Investments have a ~7% ownership stake in Lazard.First American Financial (FAF): FAF is a 2.14% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. There was a ~25% stake increase in Q4 2020 at prices between ~$44.50 and ~$54.50. That was followed with a similar increase in Q1 2021 at prices between ~$51 and ~$58. Next quarter saw a ~15% selling at prices between ~$64 and ~$81. The stock is now at $54.63. The last four quarters have seen only minor adjustments.Interpublic Group (IPG): The 2.10% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25 while next year saw a ~40% stake increase at prices between $19.50 and $24. There was a ~25% selling over the three quarters through Q1 2022 at prices between ~$31 and ~$39.50. The stock currently trades at $37.49. The next two quarters saw a ~15% increase while the last two quarters saw a one-third reduction.BOK Financial (BOKF): The ~2% BOKF stake was built during the 2019 to 2021 timeframe at prices between ~$37 and ~$116. The stock currently trades at ~$82. There was a ~13% trimming last quarter at prices between ~$89 and ~$110. That was followed with a minor ~3% trimming this quarter.Affiliated Managers Group (AMG), Amdocs Ltd. (DOX), Axalta Coating (AXTA), BorgWarner Inc. (BWA), Boyd Gaming (BYD), Brink’s Co (BCO), Bristol-Myers Squibb (BMY), CBRE Group (CBRE), Check Point Software (CHKP), Core Laboratories (CLB), Gilead Sciences (GILD), Goldman Sachs (GS), Masco Corp. (MAS), Littelfuse Inc. (LFUS), Knowles Corp (KN), Madison Square Garden Sports (MSGS), Manchester United (MANU), nVent Electric (NVT), Norwegian Cruise Line Holdings (NCLH), OneSpaWorld Holdings (OSW), Paramount Global (PARA) previously ViacomCBS, Royal Caribbean Cruises Ltd. (RCL), Snap-On Inc. (SNA), Stericycle Inc. (SRCL), and Zebra Technologies (ZBRA): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Note: They have significant ownership stakes in Knowles Corp, Madison Square Garden Sports, Manchester United and OneSpa World Holdings.Kept Steady:J M Smucker (SJM): The small ~1% stake in SJM was kept steady this quarter.Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q1 2023:Source: John Vincent. Data constructed from Ariel Investments’ 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 12/27/2022 to 3/22/2023: 13G/13Gas – 2/14 – REZI – Resideo Tech. – 13.36M shares – 9.2% of business, OSW – OneSpa World – 16M shares – 20.2% of business, MSGS – 1M shares – 5.4% of business, MSGE – 6.7M shares – 24.2% of business, MAT – 15.9M shares – 4.5% of business, LIND – 6.39M shares – 12% of business, LAZ – 7.7M shares – 7.2% of business, KN – Knowles – 5.19M shares – 5.7% of business, KMT – 10.4M shares – 12.9% of business, GCMG – 3.9M shares – 9.2% of business, EQC – 6M shares – 5.5% of business, CLB – 9.7M shares – 20.9% of business, ATGE – 3.81M shares – 8.4% of business, . 13G/A – 1/10 – MANU – 8.45M shares – 15.5% of business."

"Tracking John Rogers’ Ariel Investments Portfolio – Q4 2022 Update"

"Ariel Investments’ 13F portfolio value increased from $9.11B to $9.85B this quarter.They increased Verizon and Generac Holdings while reducing Manchester United, Credicorp, and KKR.The top three positions are Philip Morris, Baidu, and Madison Square Garden Entertainment and they add up to ~10% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 2/14/2023. John Rogers’ 13F portfolio value increased ~8% from $9.11B to $9.85B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 61 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Philip Morris, Baidu, Madison Square Garden Entertainment, Mattel, and BOK Financial. They add up to ~16% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2022.Their flagship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 10.79% compared to 10.40% for the Russell 2500 Index and 10.38% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P 500 index 9.93 % vs 12.25%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Deutsche Boerse AG (DBOEY), Roche Holding AG (RHHBY), Michelin (MGDDY), Endesa SA (ELEZF), Koninklijke Ahold Delhaize (ADRNY), and Snam SpA (SNMRY).New Stakes:Carlyle Group (CG): CG is a small 0.89% of the portfolio position purchased this quarter at prices between ~$25.50 and ~$31.75 and the stock currently trades at $30.47.Stake Increases:Baidu Inc. (BIDU): BIDU is currently the second largest 13F position at 3.31% of the portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. H1 2020 had seen a ~50% stake increase at prices between ~$84 and ~$145. Q1 2021 saw a ~18% selling at prices between ~$204 and ~$340 while in Q3 2021 there was a ~12% stake increase at prices between ~$137 and ~$202. Last year saw a ~18% further increase at prices between ~$79 and ~$161. The stock currently trades at ~$160.Madison Square Garden Entertainment (MSGE): MSGE is currently a large (top three) 13F stake at ~3% of the portfolio. It was built over the seven quarters through Q4 2021 at prices between ~$64 and ~$116. The stock currently trades well below that range at ~$192. The last three quarters have seen minor increases.Note: Ariel Investments has a ~5.4% ownership stake in Madison Square Garden Entertainment.Mattel Inc. (MAT): The large (top five) 2.88% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw a one-third increase at prices between ~$9.50 and ~$14.50. Q1 2020 saw another ~15% stake increase at prices between $7.25 and $14.75. H2 2021 had also seen a ~17% increase at prices between ~$18 and ~$23. The last few quarters have seen only minor adjustments. The stock currently trades at ~$17.Note: They have ~4.5% ownership stake in the business.Resideo Technologies (REZI): The 2.23% REZI stake was built during the three quarters through Q2 2022 at prices between ~$19.50 and ~$28 and the stock currently trades below that range at $17.40. There were minor increases in the last two quarters.Note: They have a ~9.2% ownership stake in the business.Mohawk Industries (MHK): MHK is a ~2% of the portfolio position built over the last three years at prices between ~$117 and ~$230 and it is now well below that range at $96.23. There were minor increases in the last three quarters.Axalta Coating (AXTA), CarMax Inc. (KMX), Equity Commonwealth (EQC), Generac Holdings (GNRC), Janus Henderson Group (JHG), Knowles Corp (KN), Madison Square Garden Sports (MSGS), Masco Corp. (MAS), Paramount Global (PARA) previously ViacomCBS, Verizon Communications (VZ), and Zebra Technologies (ZBRA): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.Note: Ariel Investments has significant ownership stakes in Knowles Corp, Madison Square Garden Sports, and OneSpa World Holdings.Stake Decreases:Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The three quarters through Q3 2020 had also seen a ~20% stake increase. Q1 2021 saw another ~15% stake increase at prices between ~$79 and ~$91 while next quarter there was a ~20% selling at prices between ~$88 and ~$101. The stock currently trades at ~$94, and it is currently the largest 13F position at 3.66% of the portfolio. The last six quarters have seen only minor adjustments.BOK Financial (BOKF): The 2.79% BOKF stake was built during the 2019 to 2021 timeframe at prices between ~$37 and ~$116. The stock currently trades at ~$85. There was a ~13% trimming this quarter at prices between ~$89 and ~$110.Interpublic Group (IPG): The 2.41% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25 while next year saw a ~40% stake increase at prices between $19.50 and $24. There was a ~25% selling over the three quarters through Q1 2022 at prices between ~$31 and ~$39.50. The stock currently trades at $35.24. The last two quarters saw a ~15% increase while this quarter there was a ~5% trimming.Lazard Ltd. (LAZ): LAZ is a 2.71% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Recent activity follows. 2019 saw a ~15% increase at prices between ~$31 and ~$40.50. The three quarters through Q3 2021 saw another ~45% stake increase at prices between $38.70 and $48.75. The stock is now at $32.31. There was a ~13% trimming in the last two quarters.Note: Ariel Investments have a ~7.2% ownership stake in Lazard.Kennametal Inc. (KMT): KMT is a 2.53% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Q1 2020 saw a ~15% stake increase at prices between $15 and $37. The three quarters through Q3 2021 had seen another ~43% stake increase at prices between ~$33 and ~$42. The stock currently trades at $26.46. The last four quarters also saw further buying while this quarter there was a minor ~3% trimming.Note: Ariel Investments has a ~12.9% ownership stake in Kennametal Inc.Gentex Corp (GNTX): The 2.45% GNTX stake was purchased in Q3 2021 at prices between ~$27.50 and ~$38 and the stock currently trades at ~$27. The last several quarters have seen only minor adjustments.Microsoft Corp (MSFT): MSFT is now at 2.43% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. 2020 to 2021 time period saw another ~50% selling at prices between ~$137 and ~$343. The stock currently trades at ~$275. They are harvesting gains. The last four quarters have seen only minor adjustments.Jones Lang LaSalle (JLL): The 2.10% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. Most years since have also seen selling. H2 2020 saw a ~25% stake increase at prices between ~$90 and ~$154. The stock currently trades at ~$138. The last three quarters saw incremental buying while this quarter saw a ~2% trimming.First American Financial (FAF): FAF is a 2.14% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. There was a ~25% stake increase in Q4 2020 at prices between ~$44.50 and ~$54.50. That was followed with a similar increase in Q1 2021 at prices between ~$51 and ~$58. Next quarter saw a ~15% selling at prices between ~$64 and ~$81. The stock is now at $54.11. The last three quarters have seen only minor adjustments.Northern Trust (NTRS): NTRS is a ~2% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. The last few quarters saw incremental buying while this quarter there was marginal trimming. The stock currently trades at ~$85.Adtalem Global Education (ATGE), ADT Inc. (ADT), Affiliated Managers Group (AMG), Aflac Inc. (AFL), Amdocs Ltd. (DOX), BorgWarner Inc. (BWA), Boyd Gaming (BYD), Brink’s Co (BCO), Bristol-Myers Squibb (BMY), Charles River Laboratories (CRL), Core Laboratories (CLB), Credicorp Ltd. (BAP), CBRE Group (CBRE), Check Point Software (CHKP), Charles Schwab (SCHW), Envista Holdings (NVST), Gilead Sciences (GILD), Goldman Sachs (GS), Johnson & Johnson (JNJ), J M Smucker (SJM), KKR & Company (KKR), Keysight Technologies (KEYS), Laboratory Corp (LH), Littelfuse Inc. (LFUS), Manchester United (MANU), nVent Electric (NVT), Norwegian Cruise Line Holdings (NCLH), OneSpaWorld Holdings (OSW), Prestige Consumer Healthcare (PBH), Royal Caribbean Cruises Ltd. (RCL), Simpson Manufacturing (SSD), Snap-On Inc. (SNA), Stericycle Inc. (SRCL), and Walgreens Boots Alliance (WBA): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Note: They have significant ownership stakes in Manchester United and Adtalem Global Education.Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q4 2022:Source: John Vincent. Data constructed from Ariel Investments’ 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/3/2022 to 12/27/2022: None."

"Tracking John Rogers’ Ariel Investments Portfolio – Q3 2022 Update"

"Ariel Investments’ 13F portfolio value decreased from $10.02B to $9.11B this quarter.They increased Zebra Technologies, Equity Commonwealth, and Generac Holdings while reducing Adtalem Global Education, Snap-on, and J M Smucker.The top three positions are Baidu, Mattel, and Philip Morris, and they add up to ~10% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 11/14/2022. John Rogers’ 13F portfolio value decreased ~9% from $10.02B to $9.11B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 59 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Baidu, Mattel, Philip Morris, Madison Square Garden Entertainment, and BOK Financial. They add up to ~16% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2022.Their flagship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 10.25% compared to 10.09% for the Russell 2500 Index and 10.17% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P 500 index: 9.14 % vs 11.70%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Roche Holding AG (RHHBY), Deutsche Boerse AG (DBOEY), Michelin (MGDDY), Endesa SA (ELEZF), Koninklijke Ahold Delhaize (ADRNY), and Snam SpA (SNMRY).Stake Increases:Madison Square Garden Entertainment (MSGE): MSGE is currently a large (top five) 13F stake at ~3% of the portfolio. It was built over the seven quarters through Q4 2021 at prices between ~$64 and ~$116. The stock currently trades well below that range at $42.72. Last two quarters have seen minor increases.Note: Ariel Investments has a ~23% ownership stake in Madison Square Garden Entertainment.Resideo Technologies (REZI): The 2.69% REZI stake was built during the last three quarters at prices between ~$19.50 and ~$28 and the stock currently trades below that range at $16.33. There was a marginal increase this quarter.Gentex Corp (GNTX): The 2.41% GNTX stake was purchased in Q3 2021 at prices between ~$27.50 and ~$38 and the stock currently trades at $27.12. There was a ~12% stake increase last quarter and a marginal increase this quarter.Interpublic Group (IPG): The 2.41% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25 while next year saw a ~40% stake increase at prices between $19.50 and $24. There was a ~25% selling over the three quarters through Q1 2022 at prices between ~$31 and ~$39.50. The stock currently trades at $33.60. Last two quarters have seen a ~15% increase.Kennametal Inc. (KMT): KMT is a 2.40% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Q1 2020 saw a ~15% stake increase at prices between $15 and $37. The three quarters through Q3 2021 had seen another ~43% stake increase at prices between ~$33 and ~$42. The stock currently trades at $24.54. Last four quarters have also seen further buying.Note: Ariel Investments has a ~12% ownership stake in Kennametal Inc.Jones Lang LaSalle (JLL): The 2.20% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. Most years since have also seen selling. H2 2020 saw a ~25% stake increase at prices between ~$90 and ~$154. The stock currently trades at ~$158. Last three quarters have seen incremental buying.Northern Trust (NTRS): NTRS is a 2.13% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. Last few quarters have seen incremental buying. The stock currently trades at $87.90.Mohawk Industries (MHK): MHK is a ~2% of the portfolio position built over the last three years at prices between ~$117 and ~$230 and it is now well below that range at $98.21. There were minor increases in the last two quarters.Affiliated Managers Group (AMG), Boyd Gaming (BYD), Charles River Laboratories (CRL), Core Laboratories (CLB), Equity Commonwealth (EQC), Generac Holdings (GNRC), Janus Henderson Group (JHG), KKR & Company (KKR), Knowles Corp (KN), Madison Square Garden Sports (MSGS), Norwegian Cruise Line Holdings (NCLH), OneSpaWorld Holdings (OSW), Paramount Global (PARA) previously ViacomCBS, Royal Caribbean Cruises Ltd. (RCL), Simpson Manufacturing (SSD), Stanley Black & Decker (SWK), Stericycle Inc. (SRCL), Verizon Communications (VZ), and Zebra Technologies (ZBRA): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.Note: Ariel Investments has significant ownership stakes in Knowles Corp, Madison Square Garden Sports, and OneSpa World Holdings.Stake Decreases:Baidu Inc. (BIDU): BIDU is currently the largest 13F position at 3.36% of the portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. H1 2020 had seen a ~50% stake increase at prices between ~$84 and ~$145. Q1 2021 saw a ~18% selling at prices between ~$204 and ~$340 while in Q3 2021 there was a ~12% stake increase at prices between ~$137 and ~$202. The stock currently trades at ~$117. Q1 2022 also saw a ~9% increase. Last two quarters have seen only minor adjustments.Mattel Inc. (MAT): The large (top three) 3.28% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw a one-third increase at prices between ~$9.50 and ~$14.50. Q1 2020 saw another ~15% stake increase at prices between $7.25 and $14.75. H2 2021 had also seen a ~17% increase at prices between ~$18 and ~$23. Last two quarters saw a similar trimming. The stock currently trades at $17.02. There was a minor ~2% trimming this quarter.Note: They have ~4.5% ownership stake in the business.Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The three quarters through Q3 2020 had also seen a ~20% stake increase. Q1 2021 saw another ~15% stake increase at prices between ~$79 and ~$91 while next quarter there was a ~20% selling at prices between ~$88 and ~$101. The stock currently trades at ~$103, and it is currently a top three stake at 3.26% of the portfolio. Last five quarters have seen only minor adjustments.BOK Financial (BOKF): The 2.96% BOKF stake was built during the 2019 to 2021 timeframe at prices between ~$37 and ~$116. The stock currently trades at ~$104. Last three quarters have seen only minor adjustments.Lazard Ltd. (LAZ): LAZ is a 2.76% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Recent activity follows. 2019 saw a ~15% increase at prices between ~$31 and ~$40.50. The three quarters through Q3 2021 saw another ~45% stake increase at prices between $38.70 and $48.75. The stock is now at $35.25. There was a ~10% trimming this quarter.Note: Ariel Investments have a ~6.3% ownership stake in Lazard.Microsoft Corp (MSFT): MSFT is now at 2.58% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. 2020 to 2021 time period saw another ~50% selling at prices between ~$137 and ~$343. The stock currently trades at ~$237. They are harvesting gains. Last three quarters have seen only minor adjustments.First American Financial (FAF): FAF is a ~2% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. There was a ~25% stake increase in Q4 2020 at prices between ~$44.50 and ~$54.50. That was followed with a similar increase in Q1 2021 at prices between ~$51 and ~$58. Next quarter saw a ~15% selling at prices between ~$64 and ~$81. The stock is now at $52.58. Last two quarters have seen only minor adjustments.Envista Holdings (NVST): The 1.91% NVST stake was purchased in Q1 2020 at prices between ~$12 and ~$33. There was a ~75% stake increase next quarter at prices between ~$13 and ~$24.50. The stock currently trades at $32.96. Last few quarters have seen minor trimming.Snap-On Inc. (SNA): SNA is a 1.61% of the portfolio stake purchased in 2012 at prices between ~$52 and ~$80. Next year saw a ~50% stake increase at prices between ~$80 and ~$110. There was a ~30% reduction this quarter at prices between ~$196 and ~$233. The stock currently trades at ~$230.J M Smucker (SJM): SJM is a very long-term stake that has been in the portfolio for well over a decade. The original huge stake was sold down in 2008. Q1 2020 saw another ~30% selling at prices between ~$96 and ~$119. Q1 2021 saw a ~40% stake increase at prices between ~$111 and ~$131. Last three quarters saw a ~50% reduction at prices between ~$122 and ~$145. The stock currently trades at ~$160 and the stake is now at 1.11% of the portfolio.ADT Inc. (ADT), Aflac Inc. (AFL), Amdocs Ltd. (DOX), Axalta Coating (AXTA), Adtalem Global Education (ATGE), Brink’s Co (BCO), BorgWarner Inc. (BWA), Bristol-Myers Squibb (BMY), Check Point Software (CHKP), CBRE Group (CBRE), Credicorp Ltd. (BAP), Charles Schwab (SCHW), Gilead Sciences (GILD), Goldman Sachs (GS), Johnson & Johnson (JNJ), Keysight Technologies (KEYS), Laboratory Corp (LH), Littelfuse Inc. (LFUS), Manchester United (MANU), Masco Corp. (MAS), nVent Electric (NVT), and Walgreens Boots Alliance (WBA): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Note: They have significant ownership stakes in Manchester United and Adtalem Global Education.Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q3 2022:Source: John Vincent. Data constructed from Ariel Investments’ 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 6/19/2022 to 9/3/2022: 13G – 8/10 – Lindblad - LIND – 5.68M shares – 11.2% of business."

"Tracking John Rogers’ Ariel Investments Portfolio – Q2 2022 Update"

"Ariel Investments’ 13F portfolio value decreased from $11.27B to $10.02B this quarter.They increased Gentex, Resideo Technologies, and Boyd Gaming while reducing Adtalem Global Education, J M Smucker, Aflac, and Trip.com.The top three positions are Baidu, Philip Morris, and Mattel, and they add up to ~11% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 8/12/2022. John Rogers’ 13F portfolio value decreased ~11% from $11.27B to $10.02B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 59 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Baidu, Philip Morris, Mattel, Madison Square Garden Entertainment, and Lazard. They add up to ~17% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2022.Their flagship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 10.57% compared to 10.25% for the Russell 2500 Index and 10.40% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P index: 10.70% vs 12.96%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Roche Holding AG (RHHBY), Deutsche Boerse AG (DBOEY), Endesa SA (ELEZF), Michelin (MGDDY), Koninklijke Ahold Delhaize (ADRNY), and Snam SpA (SNMRY).Stake Disposals:Nielsen Holdings (NLSN): The 1.63% NLSN stake was purchased in 2017 at prices between ~$36 and ~$45. Next year saw a ~60% stake increase at prices between $22 and $37.50 and that was followed with a ~45% further increase in 2019 at prices between $19.50 and $27. Q4 2020 saw a similar increase at prices between ~$13.50 and ~$21. Last year had seen another ~50% increase at prices between ~$19.50 and ~$28. There was a ~60% selling last quarter at prices between ~$16.50 and ~$27. The disposal this quarter was at prices between ~$22 and ~$28. The stock currently trades at $27.87.Note: In March, Nielsen Holdings entered into an agreement to be acquired by a consortium led by Evergreen and Brookfield for $28 per share cash. The transaction is expected to close next month.Stake Increases:Baidu Inc. (BIDU): BIDU is currently the largest 13F position at ~4% of the portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. H1 2020 had seen a ~50% stake increase at prices between ~$84 and ~$145. Q1 2021 saw a ~18% selling at prices between ~$204 and ~$340 while in Q3 2021 there was a ~12% stake increase at prices between ~$137 and ~$202. The stock currently trades at ~$120. Last quarter saw a ~9% increase and that was followed with a marginal increase this quarter.Madison Square Garden Entertainment (MSGE): MSGE is currently a large (top five) 13F stake at 3.26% of the portfolio. It was built over the seven quarters through Q4 2021 at prices between ~$64 and ~$116. The stock currently trades below that range at ~$50.25. There was a minor ~2% increase this quarter.Note: Ariel Investments has a ~23% ownership stake in Madison Square Garden Entertainment.Lazard Ltd. (LAZ): LAZ is a 2.82% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Recent activity follows. 2019 saw a ~15% increase at prices between ~$31 and ~$40.50. The three quarters through Q3 2021 saw another ~45% stake increase at prices between $38.70 and $48.75. The stock is now at $35.69. Last three quarters have also seen minor increases.Note: Ariel Investments have a ~7% ownership stake in Lazard.Microsoft Corp (MSFT): MSFT is now at 2.64% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. 2020 to 2021 time period saw another ~50% selling at prices between ~$137 and ~$343. The stock currently trades at ~$239. They are harvesting gains. There were minor increases in the last two quarters.Gentex Corp (GNTX): The 2.56% GNTX stake was purchased in Q3 2021 at prices between ~$27.50 and ~$38 and the stock currently trades at $25.45. There was a ~12% stake increase this quarter.BOK Financial (BOKF): The 2.74% BOKF stake was built during the 2019 to 2021 timeframe at prices between ~$37 and ~$116. The stock currently trades at $92.40. There was a marginal increase this quarter.Resideo Technologies (REZI): The 2.47% REZI stake was built during the last three quarters at prices between ~$19.50 and ~$28 and the stock currently trades at $20.12.Kennametal Inc. (KMT): KMT is a 2.46% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Q1 2020 saw a ~15% stake increase at prices between $15 and $37. The three quarters through Q3 2021 had seen another ~43% stake increase at prices between ~$33 and ~$42. The stock currently trades at $21.75. Last three quarters have also seen further buying.Note: Ariel Investments has a ~12% ownership stake in Kennametal Inc.Mohawk Industries (MHK): MHK is a 2.26% of the portfolio position built over the last three years at prices between ~$117 and ~$230 and it is now at $95.46. There was a ~6% stake increase this quarter.Interpublic Group (IPG): The 2.24% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25 while next year saw a ~40% stake increase at prices between $19.50 and $24. There was a ~25% selling over the last three quarters at prices between ~$31 and ~$39.50. The stock currently trades at $26.57. This quarter saw a ~9% stake increase.First American Financial (FAF): FAF is a 2.23% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. There was a ~25% stake increase in Q4 2020 at prices between ~$44.50 and ~$54.50. That was followed with a similar increase in Q1 2021 at prices between ~$51 and ~$58. Last quarter saw a ~15% selling at prices between ~$64 and ~$81. The stock is now at $49.37. There was a minor ~3% stake increase this quarter.Northern Trust (NTRS): NTRS is a 2.15% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. Last few quarters have seen incremental buying. The stock currently trades at $91.18.Jones Lang LaSalle (JLL): The 2.14% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. Most years since have also seen selling. H2 2020 saw a ~25% stake increase at prices between ~$90 and ~$154. The stock currently trades at ~$157. Last two quarters have seen incremental buying.Affiliated Managers Group (AMG), Amdocs Ltd. (DOX), BorgWarner Inc. (BWA), Boyd Gaming (BYD), Brink’s Co (BCO), Bristol-Myers Squibb (BMY), Check Point Software (CHKP), CBRE Group (CBRE), Charles River Laboratories (CRL), Charles Schwab (SCHW), Core Laboratories (CLB), Credicorp Ltd. (BAP), Equity Commonwealth (EQC), Goldman Sachs (GS), Gilead Sciences (GILD), Janus Henderson Group (JHG), Johnson & Johnson (JNJ), KKR & Company (KKR), Keysight Technologies (KEYS), Knowles Corp (KN), Laboratory Corp (LH), Littelfuse Inc. (LFUS), Masco Corp. (MAS), nVent Electric (NVT), Norwegian Cruise Line Holdings (NCLH), OneSpaWorld Holdings (OSW), Paramount Global (PARA) previously ViacomCBS, Simpson Manufacturing (SSD), Stericycle Inc. (SRCL), Royal Caribbean Cruises Ltd. (RCL), Stanley Black & Decker (SWK), Verizon Communications (VZ), and Zebra Technologies (ZBRA): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.Note: Ariel Investments has significant ownership stakes in Knowles Corp and OneSpa World Holdings.Stake Decreases:Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The three quarters through Q3 2020 had also seen a ~20% stake increase. Q1 2021 saw another ~15% stake increase at prices between ~$79 and ~$91 while next quarter there was a ~20% selling at prices between ~$88 and ~$101. The stock currently trades at $96.42, and it is currently a top three stake at 3.59% of the portfolio. Last four quarters have seen only minor adjustments.Mattel Inc. (MAT): The large (top three) 3.57% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw a one-third increase at prices between ~$9.50 and ~$14.50. Q1 2020 saw another ~15% stake increase at prices between $7.25 and $14.75. H2 2021 had also seen a ~17% increase at prices between ~$18 and ~$23. Last two quarters saw a similar trimming. The stock currently trades at $20.96.Note: They have ~4.5% ownership stake in the business.Envista Holdings (NVST): The 2.10% NVST stake was purchased in Q1 2020 at prices between ~$12 and ~$33. There was a ~75% stake increase next quarter at prices between ~$13 and ~$24.50. The stock currently trades at $33.51. Last few quarters have seen minor trimming.Snap-On Inc. (SNA): SNA is a ~2% of the portfolio stake purchased in 2012 at prices between ~$52 and ~$80. Next year saw a ~50% stake increase at prices between ~$80 and ~$110. The stock currently trades at ~$216. Last several years have seen only minor adjustments.J M Smucker (SJM): SJM is a very long-term stake that has been in the portfolio for well over a decade. The original huge stake was sold down in 2008. Q1 2020 saw another ~30% selling at prices between ~$96 and ~$119. Q1 2021 saw a ~40% stake increase at prices between ~$111 and ~$131. Last two quarters saw a one-third reduction at prices between ~$119 and ~$145. The stock currently trades at ~$141 and the stake is at 1.29% of the portfolio.ADT Inc. (ADT), Adtalem Global Education (ATGE), Aflac Inc. (AFL), Axalta Coating (AXTA), Madison Square Garden Sports (MSGS), Manchester United (MANU), Trip.com (TRIP), and Walgreens Boots Alliance (WBA): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Note: They have a ~23% ownership stake in Manchester United. They also have significant ownership stakes in Adtalem Global Education, Lindblad Expeditions Holdings (LIND), and Madison Square Garden Sports.Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q2 2022:Source: John Vincent. Data constructed from Ariel Investments’ 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 3/1/2022 to 6/19/2022: None."

"Tracking John Rogers’ Ariel Investments Portfolio – Q1 2022 Update"

"Ariel Investments’ 13F portfolio value decreased from $11.86B to $11.27B this quarter.They increased Gentex, Resideo Technologies, and Boyd Gaming while reducing Progressive Corp and Berkshire Hathaway.The top three positions are Madison Square Garden Entertainment, Mattel, and Baidu, and they add up to ~11% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 5/13/2022. John Rogers’ 13F portfolio value decreased ~5% from $11.86B to $11.27B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 60 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Madison Square Garden Entertainment, Mattel, Baidu, Philip Morris, and Microsoft. They add up to ~17% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2021.Their flagship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 11.25% compared to 10.91% for the Russell 2500 Index and 11.02% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P index: 12.23% vs 14.64%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Roche Holding AG (RHHBY), Deutsche Boerse AG (DBOEY), Endesa SA (ELEZF), Nintendo Company (NTDOY), Michelin (MGDDY), Koninklijke Ahold Delhaize (ADRNY), and Snam SpA (SNMRY).Stake Disposals:Tegna Inc. (TGNA): The small 1.46% stake in TGNA was disposed this quarter.Note: Standard General is acquiring Tegna in a $24 per share all-cash-deal announced in February.Stake Increases:Baidu Inc. (BIDU): BIDU is currently the third-largest position at ~3% of the portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. H1 2020 had seen a ~50% stake increase at prices between ~$84 and ~$145. Q1 2021 saw a ~18% selling at prices between ~$204 and ~$340 while in Q3 2021 there was a ~12% stake increase at prices between ~$137 and ~$202. The stock currently trades at ~$143. This quarter also saw a ~9% increase.Microsoft Corp (MSFT): MSFT is now at 2.75% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. Last two years saw another ~50% selling at prices between ~$137 and ~$343. The stock currently trades at ~$253. They are harvesting gains. There was a marginal increase this quarter.Lazard Ltd. (LAZ): LAZ is a 2.62% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Recent activity follows. 2019 saw a ~15% increase at prices between ~$31 and ~$40.50. The three quarters through Q3 2021 saw another ~45% stake increase at prices between $38.70 and $48.75. The stock is now at $31.34. Last two quarters have also seen minor increases.Note: Ariel Investments have a ~7% ownership stake in Lazard.Kennametal Inc. (KMT): KMT is a 2.46% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Q1 2020 saw a ~15% stake increase at prices between $15 and $37. The three quarters through Q3 2021 had seen another ~43% stake increase at prices between ~$33 and ~$42. The stock currently trades at $22.93. Last two quarters have also seen minor increases.Note: Ariel Investments has a ~11% ownership stake in Kennametal Inc.Jones Lang LaSalle (JLL): The 2.41% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. Most years since have also seen selling. H2 2020 saw a ~25% stake increase at prices between ~$90 and ~$154. The stock currently trades at ~$170. Last several quarters have seen only minor adjustments.Core Laboratories (CLB): The 2.30% CLB stake was purchased in H2 2021 at prices between ~$22 and ~$44 and the stock currently trades below that range at $19.85. This quarter also saw a ~5% stake increase.Note: They have ~18% ownership stake in the business.Stericycle Inc. (SRCL): SRCL is a 2.27% of the portfolio position established in Q1 2018 at prices between ~$58 and ~$76. The bulk of the current stake was purchased in H2 2018 at prices between ~$36.50 and ~$71. Q1 2021 saw a ~20% stake increase at prices between ~$65 and ~$72.50. Since then, the activity has been minor. The stock currently trades at $40.90.Northern Trust (NTRS): NTRS is a 2.14% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. Last few quarters have seen minor increases. The stock currently trades at $93.36.Manchester United (MANU) and Gentex Corp (GNTX): These two positions purchased in Q3 2021 were increased over the last two quarters. MANU is a 1.58% of the portfolio position established at prices between ~$12.25 and ~$20.50 and the stock currently trades below that range at $11.50 The 2.12% GNTX stake was purchased at prices between ~$27.50 and ~$38 and the stock currently trades near the low end of that range at $27.97.Note: They have a ~24% ownership stake in Manchester United.Snap-On Inc. (SNA): SNA is a ~2% of the portfolio stake purchased in 2012 at prices between ~$52 and ~$80. Next year saw a ~50% stake increase at prices between ~$80 and ~$110. The stock currently trades at ~$197. Last several years have seen only minor adjustments.Mohawk Industries (MHK): MHK is a ~2% of the portfolio position built over the last three years at prices between ~$59 and ~$230 and it is now at ~$123.Adtalem Global Education (ATGE), Affiliated Managers Group (AMG), Axalta Coating (AXTA), Amdocs Ltd. (DOX), BorgWarner Inc. (BWA),Boyd Gaming (BYD), Brink’s Co (BCO), Charles River Laboratories (CRL), Charles Schwab (SCHW), Equity Commonwealth (EQC), Gilead Sciences (GILD), Goldman Sachs (GS), Janus Henderson Group (JHG), Keysight Technologies (KEYS), Masco Corp. (MAS), Johnson & Johnson (JNJ), KKR & Company (KKR), Laboratory Corp (LH), Littelfuse Inc. (LFUS), Madison Square Garden Sports (MSGS), Norwegian Cruise Line Holdings (NCLH), nVent Electric (NVT), OneSpaWorld Holdings (OSW), Paramount Global (PARA) previously ViacomCBS, Resideo Technologies (REZI), Royal Caribbean Cruises Ltd. (RCL), and Stanley Black & Decker (SWK): These small (less than ~2% of the portfolio each) stakes were increased this quarter.Note: Ariel Investments has significant ownership stakes in the following businesses: Adtalem Global Education, Madison Square Garden Sports, and OneSpa World Holdings.Stake Decreases:Madison Square Garden Entertainment (MSGE): MSGE is currently the largest 13F stake at 4.49% of the portfolio. It was built over the last seven quarters at prices between ~$64 and ~$116. The stock currently trades below that range at ~$52.97. There was a marginal reduction this quarter.Note: Ariel Investments has a ~23% ownership stake in Madison Square Garden Entertainment.Mattel Inc. (MAT): The 3.49% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw a one-third increase at prices between ~$9.50 and ~$14.50. Q1 2020 saw another ~15% stake increase at prices between $7.25 and $14.75. Last two quarters had also seen a ~17% increase at prices between ~$18 and ~$23. The stock currently trades at $22.10. This quarter saw a ~3% trimming.Note: They have ~5% ownership stake in the business.Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The three quarters through Q3 2020 had also seen a ~20% stake increase. Q1 2021 saw another ~15% stake increase at prices between ~$79 and ~$91 while next quarter there was a ~20% selling at prices between ~$88 and ~$101. The stock currently trades at ~$99, and it is currently at ~3% of the portfolio. Last three quarters have seen only minor adjustments.BOK Financial (BOKF): The 2.74% BOKF stake was built over the last three years at prices between ~$37 and ~$116. The stock currently trades at $76.28.Envista Holdings (NVST): The 2.49% NVST stake was purchased in Q1 2020 at prices between ~$12 and ~$33. There was a ~75% stake increase next quarter at prices between ~$13 and ~$24.50. The stock currently trades at $36.30. Last seven quarters have seen only minor adjustments.First American Financial (FAF): FAF is a 2.36% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. There was a ~25% stake increase in Q4 2020 at prices between ~$44.50 and ~$54.50. That was followed with a similar increase in Q1 2021 at prices between ~$51 and ~$58. This quarter saw a ~15% selling at prices between ~$64 and ~$81. The stock is now at ~$50.Interpublic Group (IPG): The 2.35% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25 while next year saw a ~40% stake increase at prices between $19.50 and $24. There was a ~25% selling over the last three quarters at prices between ~$31 and ~$39.50. The stock currently trades at $27.23.Credicorp Ltd. (BAP): BAP is a 2.30% of the portfolio position built over the last three quarters at prices between ~$92 and ~$178. The stock currently trades at ~$125. There was a minor ~2% trimming this quarter.Nielsen Holdings (NLSN): The 1.63% NLSN stake was purchased in 2017 at prices between ~$36 and ~$45. Next year saw a ~60% stake increase at prices between $22 and $37.50 and that was followed with a ~45% further increase in 2019 at prices between $19.50 and $27. Q4 2020 saw a similar increase at prices between ~$13.50 and ~$21. Last four quarters had seen another ~50% increase at prices between ~$19.50 and ~$28. There was a ~60% selling this quarter at prices between ~$16.50 and ~$27. The stock currently trades at ~$23.Note: In March, Nielsen Holdings entered into an agreement to be acquired by a consortium led by Evergreen and Brookfield for $28 per share cash.J M Smucker (SJM): SJM is a very long-term stake that has been in the portfolio for well over a decade. The original huge stake was sold down in 2008. Q1 2020 saw another ~30% selling at prices between ~$96 and ~$119. Q1 2021 saw a ~40% stake increase at prices between ~$111 and ~$131. There was a ~14% trimming this quarter. The stock currently trades at ~$124 and the stake is at 1.53% of the portfolio.ADT Inc. (ADT): ADT is a 1.37% of the portfolio position purchased over the two quarters through Q3 2021 at prices between ~$8.50 and ~$11.50 and the stock currently trades below that range at $6.18. This quarter saw a ~17% selling at prices between ~$7 and ~$8.65.Aflac Inc. (AFL), Berkshire Hathaway (BRK.B), CBRE Group (CBRE), Check Point Software (CHKP), Knowles Corp (KN), Progressive Corporation (PGR), Simpson Manufacturing (SSD), Trip.com (TRIP), and Walgreens Boots Alliance (WBA): These small (less than 1.5% of the portfolio each) stakes were reduced during the quarter.Note: Ariel Investments has a significant ownership stake in Knowles Corp.Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q1 2022:Source: John Vincent. Data constructed from Ariel Investments’ 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 12/10/2021 to 3/1/2022: 13G/As – 2/14 – MAT – 18.28M shares – 5.2% of business, SLCA – US Silica Holdings – 1.91M shares – 2.6% of business, OSW – OneSpa World – 14.72M shares – 19.8% of business, MSGS – 1.07M shares – 5.4% of business, MSGE – 6.17M shares – 22.6% of business, MANU – 10.93M shares – 20.7% of business, LAZ – 8.12M shares – 7.2% of business, KN – Knowles Corp – 2.83M shares – 3.1% of business, KMT – 8.92M shares – 10.7% of business, CLB – Core Laboratories – 7.8M shares – 16.9% of business. 13G – 1/10 – ADTE – Adtalem Global Education – 5.03M shares – 10.1% of business ."

"Tracking John Rogers’ Ariel Investments Portfolio – Q4 2021 Update"

"Ariel Investments’ 13F portfolio value increased from $10.94B to $11.86B this quarter.They increased Nielsen Holdings and Core Laboratories while reducing KKR and dropping Johnson & Johnson.The top three positions are Madison Square Garden Entertainment, Mattel, and First American Financial, and they add up to ~10% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 2/14/2022. John Rogers’ 13F portfolio value increased ~9% from $10.94B to $11.86B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 57 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Madison Square Garden Entertainment, Mattel, First American Financial, Philip Morris, and Baidu. They add up to ~16% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2021.Their flagship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 11.33% compared to 10.88% for the Russell 2500 Index and 11.06% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P index: 12.91% vs 15.42%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Roche Holding AG (RHHBY), Deutsche Boerse AG (DBOEY), Endesa SA (ELEZF), Nintendo Company (NTDOY), Michelin (MGDDY), Koninklijke Ahold Delhaize (ADRNY), and Snam SpA (SNMRY).Stake Disposals:Johnson & Johnson (JNJ) and Meredith Corp (MDP): These two small (less than ~1.25% of the portfolio each) stakes were disposed this quarter.Stake Increases:Madison Square Garden Entertainment (MSGE): MSGE is a 3.66% of the portfolio stake built over the last seven quarters at prices between ~$64 and ~$116 and the stock currently trades at ~$82.Note: Ariel Investments has a ~23% ownership stake in Madison Square Garden Entertainment.Mattel Inc. (MAT): The 3.32% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw a one-third increase at prices between ~$9.50 and ~$14.50. Q1 2020 saw another ~15% stake increase at prices between $7.25 and $14.75. Last two quarters have also seen a ~17% increase at prices between ~$18 and ~$23. The stock currently trades at $22.82.Note: They have ~5% ownership stake in the business.Lazard Ltd. (LAZ): LAZ is a ~3% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Recent activity follows. 2019 saw a ~15% increase at prices between ~$31 and ~$40.50. Last three quarters saw another ~45% stake increase at prices between $38.70 and $48.75. The stock is now at $35.48. There was a marginal further increase this quarter.Note: Ariel Investments have a ~7% ownership stake in Lazard.BOK Financial (BOKF) and Mohawk Industries (MHK): These two stakes were built over the last two years. The 2.94% BOKF stake was built at prices between ~$37 and ~$98. The stock currently trades at $97.16. MHK is a ~2% of the portfolio position established at prices between ~$59 and ~$168 and it is now at ~$132. Both stakes saw minor increases in the last three quarters.Nielsen Holdings (NLSN): The 2.84% NLSN stake was purchased in 2017 at prices between ~$36 and ~$45. Next year saw a ~60% stake increase at prices between $22 and $37.50 and that was followed with a ~45% further increase in 2019 at prices between $19.50 and $27. Q4 2020 saw a similar increase at prices between ~$13.50 and ~$21. Last four quarters have seen another ~50% increase at prices between ~$19.50 and ~$28. The stock currently trades at $22.21.Kennametal Inc. (KMT): KMT is a 2.70% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Q1 2020 saw a ~15% stake increase at prices between $15 and $37. Last three quarters had seen another ~43% stake increase at prices between ~$33 and ~$42. The stock currently trades at $28.88. There was a marginal further increase this quarter.Note: Ariel Investments has a ~11% ownership stake in Kennametal Inc.Envista Holdings (NVST): The 2.38% NVST stake was purchased in Q1 2020 at prices between ~$12 and ~$33. There was a ~75% stake increase next quarter at prices between ~$13 and ~$24.50. The stock currently trades at $50.56. Last six quarters have seen only minor adjustments.Snap-On Inc. (SNA): SNA is a ~2% of the portfolio stake purchased in 2012 at prices between ~$52 and ~$80. Next year saw a ~50% stake increase at prices between ~$80 and ~$110. The stock currently trades at ~$206. Last few years have seen only minor adjustments.Northern Trust (NTRS): NTRS is a 1.93% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. Last several quarters have seen only minor adjustments. The stock currently trades at ~$118.Laboratory Corp (LH): LH is a 1.82% of the portfolio stake first purchased in 2008 at prices between ~$60 and ~$80. That original stake was sold out in 2011 at prices between ~$73 and ~$101. 2014 saw a larger position built at prices between ~$89 and ~$111. Next year also saw a ~30% stake increase at prices between ~$112 and ~$127. 2016-2020 timeframe had seen consistent selling. The stake was reduced by ~70% over that period at prices between ~$105 and ~$215. The stock currently trades at ~$276. Last four quarters have seen only minor adjustments.ADT Inc. (ADT): ADT is a 1.74% of the portfolio position purchased over the last two quarters at prices between ~$8.50 and ~$11.50 and the stock currently trades below that range at $7.45. There was a marginal increase this quarter.J M Smucker (SJM): SJM is a very long-term stake that has been in the portfolio for well over a decade. The original huge stake was sold down in 2008. Q1 2020 saw another ~30% selling at prices between ~$96 and ~$119. Q1 2021 saw a ~40% stake increase at prices between ~$111 and ~$131. The stock currently trades at ~$134 and the stake is at 1.71% of the portfolio. Last three quarters have seen minor increases.Axalta Coating (AXTA): The 1.67% AXTA stake was built in H1 2021 at prices between $26.75 and $33.75 and the stock currently trades at $24.36. Last two quarters have also seen minor increases.Manchester United (MANU) and Gentex Corp (GNTX): These two positions purchased last quarter were increased this quarter. MANU is a 1.31% of the portfolio position established at prices between ~$14 and ~$20.50 and the stock currently trades at $14.65. The 1.25% GNTX stake was purchased at prices between ~$31 and ~$38 and the stock currently trades at $28.96.Note: They have a ~21% ownership stake in Manchester United.Adtalem Global Education (ATGE), Affiliated Managers Group (AMG), Aflac Inc. (AFL), BorgWarner Inc. (BWA), Boyd Gaming (BYD), Brink’s Co (BCO), Core Laboratories (CLB), Credicorp Ltd. (BAP), Janus Henderson Group (JHG), Madison Square Garden Sports (MSGS), Masco Corp. (MAS), OneSpaWorld Holdings (OSW), Resideo Technologies (REZI), Stanley Black & Decker (SWK), Tegna Inc. (TGNA), Trip.coom (TRIP), and Paramount Global (PARA) previously ViacomCBS: These small (less than ~1.75% of the portfolio each) stakes were increased this quarter.Note: Ariel Investments has significant ownership stakes in the following businesses: OneSpa World Holdings, Madison Square Garden Sports, Knowles Corp, Core Laboratories, and Adtalem Global Education.Stake Decreases:First American Financial (FAF): FAF is a 3.21% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. There was a ~25% stake increase in Q4 2020 at prices between ~$44.50 and ~$54.50. That was followed with a similar increase in Q1 2021 at prices between ~$51 and ~$58. The stock is now at $67.12. Last few quarters have seen minor trimming.Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The three quarters through Q3 2020 had also seen a ~20% stake increase. Q1 2021 saw another ~15% stake increase at prices between ~$79 and ~$91 while next quarter there was a ~20% selling at prices between ~$88 and ~$101. The stock currently trades at ~$92, and it is currently at ~3% of the portfolio. Last two quarters have seen only minor adjustments.Baidu Inc. (BIDU): BIDU is currently the second-largest position at ~3% of the portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. H1 2020 had seen a ~50% stake increase at prices between ~$84 and ~$145. Q1 2021 saw a ~18% selling at prices between ~$204 and ~$340 while last quarter there was a ~12% stake increase at prices between ~$137 and ~$202. The stock currently trades at ~$148. There was minor trimming this quarter.Microsoft Corp (MSFT): MSFT is now at 2.84% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. Last two years saw another ~50% selling at prices between ~$137 and ~$343. The stock currently trades at ~$311. They are harvesting gains.Interpublic Group (IPG): The 2.65% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25 while next year saw a ~40% stake increase at prices between $19.50 and $24. There was a ~15% trimming over the last two quarters. The stock currently trades at ~$36.Jones Lang LaSalle (JLL): The 2.55% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. Most years since have also seen selling. H2 2020 saw a ~25% stake increase at prices between ~$90 and ~$154. The stock currently trades at ~$237. Last several quarters have seen only minor adjustments.KKR & Company (KKR): KKR is a 1.83% of the portfolio position purchased in 2011 at prices between $10.50 and $19. The position had remained relatively steady over the years although most quarters had seen minor adjustments. 2020 saw a ~45% selling at prices between ~$18.50 and ~$40.50. There was another ~16% selling this quarter at prices between ~$60 and ~$83. The stock currently trades at $58.58.Amdocs Ltd. (DOX), Berkshire Hathaway (BRK.B), CBRE Group (CBRE), Charles Schwab (SCHW), Charles River Laboratories (CRL), Gilead Sciences (GILD), Goldman Sachs (GS), Keysight Technologies (KEYS), Knowles Corp (KN), Korn Ferry (KFY), Littelfuse Inc. (LFUS), nVent Electric (NVT), Progressive Corporation (PGR), Simpson Manufacturing (SSD), Vail Resorts (MTN), and Walgreens Boots Alliance (WBA): These small (less than 1.5% of the portfolio each) stakes were reduced during the quarter.Note: Ariel Investments has a significant ownership stake in Knowles Corp.Kept Steady:Stericycle Inc. (SRCL): SRCL is a 2.13% of the portfolio position established in Q1 2018 at prices between ~$58 and ~$76. The bulk of the current stake was purchased in H2 2018 at prices between ~$36.50 and ~$71. Since then, the activity had been minor. Q1 2021 saw a ~20% stake increase at prices between ~$65 and ~$72.50. The stock currently trades at ~$57.Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q4 2021:Source: John Vincent. Data constructed from Ariel Investments’ 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 8/23/2021 through 12/10/2021: 13G/A – 12/10 – MANU – 10.6M shares – 20.1% of business, 13G – 9/10 – 5.97M shares – 13.8% of business . 13G – 12/10 – Core Laboratories – CRL – 7.17M shares – 15.5% of business. 13G/A – 11/10 – MIND - zero. 13G/A – 10/8 – TEAM - 326K shares – 1.1% of business. 13G/A – 10/8 – MDP – Meredith – 1.87M shares – 4.6% of business. 13G/A – 9/10 – OSW – OneSpaWorld – 13.8M shares – 18.8% of business. 13G/A – 9/10 – MSGE – 5.83M shares – 21.5% of business. 13G/A – 9/10 – KMT – 8.6M shares – 10.2% of business."

"Tracking John Rogers’ Ariel Investments Portfolio – Q3 2021 Update"

"Ariel Investments’ 13F portfolio value increased from $10.64B to $10.94B this quarter.They increased Madison Square Garden Entertainment, Madison Square Garden Sports, and ADT Inc. while decreasing Meredith Corp, Vail Resorts, and Keysight Technologies.The top three positions are Madison Square Garden Entertainment, Baidu, and Philip Morris and they add up to ~11% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 11/12/2021. John Rogers’ 13F portfolio value increased ~3% from $10.64B to $10.94B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 61 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Madison Square Garden Entertainment, Baidu, Philip Morris, Lazard, and First American Financial. They add up to ~18% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2021.Their flagship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 11.48% compared to 11.14% for the Russell 2500 Index and 11.01% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P index: 15.79% vs 16.63%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Roche Holding AG (RHHBY), Deutsche Boerse AG (DBOEY), Endesa SA (ELEZF), Nintendo Company (NTDOY), Michelin (MGDDY), Koninklijke Ahold Delhaize (ADRNY), and Snam SpA (SNMRY).New Stakes:Manchester United (MANU) and Gentex Corp (GNTX): These are the new positions this quarter. MANU is a 1.17% of the portfolio position established this quarter at prices between $14.75 and $18.30 and the stock currently trades at $14.41. The 0.98% GNTX stake was purchased at prices between $30.75 and $34.10 and the stock currently trades at $34.84.Note: Regulatory filings since the quarter ended show them owning 10.6M shares (20.1% of business). This is compared to 6.58M shares in the 13F report.Stake Disposals:MSG Networks: The MSG Networks position goes back to 2011 when the company was called Madison Square Garden. It was established at prices between $6.75 and $8.50. 2013 saw a one-third selling at prices between $13.50 and $19. Following the Madison Square Garden split-off in 2015, the position was increased from ~1.6M shares to almost 9M shares by 2017 at prices between ~$15 and ~$26. Next year saw a ~23% reduction at prices between ~$19 and ~$27 while 2019 saw a similar increase at prices between ~$14 and ~$25. There was a ~15% selling in Q1 2021 at prices between ~$15 and ~$21 while last quarter there was a ~25% stake increase. The stake was at 1.46% of the portfolio. MSG Entertainment merged with MSG Networks in an all-stock (0.172 shares of MSGE for each MSGN held) deal that closed in July.Stake Increases:Madison Square Garden Entertainment (MSGE): MSGE is a 3.75% of the portfolio stake built over the last six quarters at prices between ~$62.40 and ~$116 and the stock currently trades at $70.94.Note: Ariel Investments has a ~16% ownership stake in Madison Square Garden Entertainment.Baidu Inc. (BIDU): BIDU is currently the second-largest position at 3.66% of the portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. H1 2020 had seen a ~50% stake increase at prices between ~$84 and ~$145. Q1 2021 saw a ~18% selling at prices between ~$204 and ~$340 while this quarter there was a ~12% stake increase at prices between ~$137 and ~$202. The stock currently trades at ~$144.Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The three quarters through Q3 2020 had also seen a ~20% stake increase. Q1 2021 saw another ~15% stake increase at prices between ~$79 and ~$91 while last quarter there was a ~20% selling at prices between ~$88 and ~$101. The stock currently trades at $93.54, and it is currently the third largest position at 3.53% of the portfolio. There was a marginal increase this quarter.Lazard Ltd. (LAZ): LAZ is a 3.35% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Recent activity follows. 2019 saw a ~15% increase at prices between ~$31 and ~$40.50. Last three quarters saw another ~45% stake increase at prices between $38.70 and $48.75. The stock is now at $45.16.Note: Ariel Investments have a ~7% ownership stake in Lazard.Mattel Inc. (MAT): The 2.82% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw another one-third increase at prices between ~$9.50 and ~$14.50. Q1 2020 saw another ~15% stake increase at prices between $7.25 and $14.75. The stock currently trades at $21.11. Last six quarters have seen only minor adjustments.Kennametal Inc. (KMT): KMT is a 2.74% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Q1 2020 saw a ~15% stake increase at prices between $15 and $37. Last three quarters have seen a ~43% stake increase at prices between ~$33 and ~$42. The stock currently trades at $36.31.Note: Ariel Investments has a ~10% ownership stake in Kennametal Inc.BOK Financial (BOKF) and Mohawk Industries (MHK): These two stakes were built over the last two years. The 2.69% BOKF stake was built at prices between ~$37 and ~$98. The stock currently trades at ~$105. MHK is a 2.14% of the portfolio position purchased at prices between ~$59 and ~$168 and it is now at ~$175. Both stakes saw minor increases in the last two quarters.Jones Lang LaSalle (JLL): The 2.56% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. The last decade had also seen consistent selling almost every year. H2 2020 saw a ~25% stake increase at prices between ~$90 and ~$154. The stock currently trades at ~$268. There was a ~12% further increase over the last three quarters.Stericycle Inc. (SRCL): SRCL is a 2.49% of the portfolio position established in Q1 2018 at prices between ~$58 and ~$76. The bulk of the current stake was purchased in H2 2018 at prices between ~$36.50 and ~$71. Since then the activity had been minor. Q1 2021 saw a ~20% stake increase at prices between ~$65 and ~$72.50. The stock currently trades at $59.83. Last two quarters have seen a ~10% further increase.Nielsen Holdings (NLSN): The 2.46% NLSN stake was purchased in 2017 at prices between ~$36 and ~$45. Next year saw a ~60% stake increase at prices between $22 and $37.50 and that was followed with a ~45% further increase in 2019 at prices between $19.50 and $27. Q4 2020 saw a similar increase at prices between ~$13.50 and ~$21. The stock currently trades at $21.21. Last three quarters have seen a combined ~30% increase.Snap-On Inc. (SNA): SNA is a ~2% of the portfolio stake purchased in 2012 at prices between ~$52 and ~$80. Next year saw a ~50% stake increase at prices between ~$80 and ~$110. The stock currently trades at ~$214. Last few years have seen only minor adjustments.Northern Trust (NTRS): NTRS is a 1.89% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. Last several quarters have seen only minor adjustments. The stock currently trades at ~$121.ADT Inc. (ADT) and Progressive Corporation (PGR): ADT is a 1.80% of the portfolio position purchased over the last two quarters at prices between ~$8.50 and ~$11.50 and the stock currently trades at $8.66. The small 0.72% PGR stake was established last quarter at prices between ~$92 and ~$107 and the stock is now at ~$103. There was a minor increase this quarter.Note: Progressive is back in the portfolio after a quarter’s gap.Gilead Sciences (GILD): A very small stake in GILD was first purchased in 2012. The position had seen consistent increases every year since. 2014-2015 and 2017 saw bulk buying at prices between ~$65 and ~$120. There was a ~40% stake increase in Q3 2020 at prices between ~$62 and ~$78. That was followed with a ~15% further increase in Q4 2020. Last two quarters saw a similar reduction while this quarter there was a minor increase. The stock currently trades at $72.87, and the stake is at 1.67% of the portfolio.Axalta Coating (AXTA): The 1.54% AXTA stake was built over the last two quarters at prices between $26.75 and $33.75 and the stock currently trades at $32.42. There was a ~3% increase this quarter.J M Smucker (SJM): SJM is a very long-term stake that has been in the portfolio for well over a decade. The original huge stake was sold down in 2008. Q1 2020 saw another ~30% selling at prices between ~$96 and ~$119. Q1 2021 saw a ~40% stake increase at prices between ~$111 and ~$131. The stock currently trades at ~$134 and the stake is at 1.52% of the portfolio. Last two quarters have seen minor increases.Adtalem Global Education (ATGE), Affiliated Managers Group (AMG), Aflac Inc. (AFL), Amdocs Ltd. (DOX), BorgWarner Inc. (BWA), Brink’s Co (BCO), Check Point Software (CHPK), Credicorp Ltd. (BAP), Cardinal Health (CAH), CBRE Group (CBRE), Core Laboratories (CLB), Johnson & Johnson (JNJ), Madison Square Garden Sports (MSGS), Masco Corp. (MAS), nVent Electric (NVT), OneSpaWorld Holdings (OSW), Simpson Manufacturing (SSD), Stanley Black & Decker (SWK), Tegna Inc. (TGNA), Trip.coom (TRIP), Walgreens Boots Alliance (WBA), and Zimmer Biomet Holdings (ZBH): These small (less than ~1.5% of the portfolio each) positions were increased this quarter.Note: Ariel Investments has significant ownership stakes in OneSpaWorld and Core Laboratories. They increased their position in Core Laboratories (~4.3M shares to ~7.2M shares – 15.5% of business) after the quarter ended.Stake Decreases:First American Financial (FAF): FAF is a 3.23% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. There was a ~25% stake increase in Q4 2020 at prices between ~$44.50 and ~$54.50. That was followed with a similar increase in Q1 2021 at prices between ~$51 and ~$58. The stock is now at $77.91. Last two quarters have seen only minor adjustments.Interpublic Group (IPG): The 2.89% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25 while next year saw a ~40% stake increase at prices between $19.50 and $24. Since then, the activity had been minor. There was a ~12% trimming this quarter. The stock currently trades at $37.89.Microsoft Corp (MSFT): MSFT is now at 2.80% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. Last seven quarters saw another ~55% selling at prices between ~$137 and ~$305. The stock currently trades at ~$343. They are harvesting gains.Envista Holdings (NVST): The 2.33% NVST stake was purchased in Q1 2020 at prices between ~$12 and ~$33. There was a ~75% stake increase next quarter at prices between ~$13 and ~$24.50. The stock currently trades at $46.74. Last five quarters have seen only minor adjustments.KKR & Company (KKR): KKR is a 1.93% of the portfolio position purchased in 2011 at prices between $10.50 and $19. The position had remained relatively steady over the years although most quarters had seen minor adjustments. Last year saw a ~45% selling at prices between ~$18.50 and ~$40.50. The stock currently trades at $77.25. Last three quarters have seen only minor adjustments.Laboratory Corp (LH): LH is a 1.63% of the portfolio stake first purchased in 2008 at prices between ~$60 and ~$80. That original stake was sold out in 2011 at prices between ~$73 and ~$101. 2014 saw a larger position built at prices between ~$89 and ~$111. Next year also saw a ~30% stake increase at prices between ~$112 and ~$127. 2016-2020 timeframe had seen consistent selling. The stake was reduced by ~70% over that period at prices between ~$105 and ~$215. The stock currently trades at ~$307. Last three quarters have seen a ~10% trimming.ViacomCBS Inc. (VIAC) previously CBS Corporation: The original CBS position goes back to 2006 when around 6.2M shares were purchased at prices between $24 and $32. The position size peaked at over 13M shares in 2008. That year saw a ~175% stake increase at prices between $5 and $25. Last December, CBS Corporation merged with Viacom to form ViacomCBS. Ariel Investments also had a position in Viacom for which they got shares in the combined business in the ratio 1:0.59625. Including that, Q4 2019 saw a minor stake increase. There was a ~55% stake increase in Q1 2020 at prices between ~$11 and ~$42. The three quarters through Q1 2021 saw a ~88% selling at prices between ~$22 and ~$100 while last quarter saw an about turn: ~300% stake increase at prices between ~$38 and ~$45. The stock is currently at $30.12, and the stake is at ~1% of the portfolio. There was a minor ~2% trimming this quarter.Berkshire Hathaway (BRK.B), Charles Schwab (SCHW), Charles River Laboratories (CRL), Goldman Sachs (GS), Janus Henderson Group (JHG), Littelfuse Inc. (LFUS), Keysight Technologies (KEYS), Korn Ferry (KFY), Knowles Corp (KN), Meredith Corp (MDP), Vail Resorts (MTN), and Zebra Technology (ZBRA): These small (less than ~1.25% of the portfolio each) stakes were reduced during the quarter.Note: Ariel Investments has significant ownership stakes in the following businesses: Meredith Corp and Knowles Corp.Kept Steady:None.Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q3 2021:Source: John Vincent. Data constructed from Ariel Investments’ 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 6/25/2021 through 8/23/2021: 13G/As – 7/9 – MSGE – 3.2M shares – 16.3% of business, Mind Technology – MIND – 1.29M shares – 9.3% of business, GlassBridge Enterprises – GLAE – zero, Cumberland Pharma – CPIX - ~12K shares – 0.1% of business."

"Tracking John Rogers’ Ariel Investments Portfolio – Q2 2021 Update"

"Ariel Investments’ 13F portfolio value increased from $10.15B to $10.64B this quarter.They added ADT Inc. and increased ViacomCBS while decreasing Philip Morris and Meredith Corp.The top three positions are Baidu, Philip Morris, and Lazard and they add up to ~11% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 08/13/2021. John Rogers’ 13F portfolio value increased ~14% from $8.88B to $10.15B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 61 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Baidu, Philip Morris, Lazard, First American Financial, and Microsoft. They add up to ~18% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2021.Their flagship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 11.57% compared to 11.32% for the Russell 2500 Index and 11.07% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P index by a substantial margin: 11.97% vs 14.84%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Roche Holding AG (RHHBY), Deutsche Boerse AG (DBOEY), Nintendo Company (NTDOY), Michelin (MGDDY), Koninklijke Ahold Delhaize (ADRNY), Snam SpA (SNMRY), and Subaru (FUJHY).New Stakes:ADT Inc. (ADT) and Progressive Corporation (PGR): ADT is a 1.55% of the portfolio position purchased this quarter at prices between ~$8.50 and ~$11.50 and the stock currently trades just below the low end of that range at $8.34. The small 0.78% PGR stake was established at prices between ~$92 and ~$107 and the stock is now at $96.15.Note: Progressive is back in the portfolio after a quarter’s gap.Stake Disposals:FLIR Systems (FLIR): The very small 0.53% stake in FLIR was disposed during the quarter.Stake Increases:Lazard Ltd. (LAZ): LAZ is a 3.26% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Recent activity follows. 2019 saw a ~15% increase at prices between ~$31 and ~$40.50. Last two quarters saw another ~38% stake increase at prices between ~$38.50 and ~$48. The stock is now at $48.17.Note: Ariel Investments have a ~6.5% ownership stake in Lazard.First American Financial (FAF): FAF is a 3.17% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. There was a ~25% stake increase in Q4 2020 at prices between ~$44.50 and ~$54.50. That was followed with a similar increase last quarter at prices between ~$51 and ~$58. The stock is now at ~$71. There was a marginal further increase this quarter.Mattel Inc. (MAT): The 2.95% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw another one-third increase at prices between ~$9.50 and ~$14.50. Q1 2020 saw another ~15% stake increase at prices between $7.25 and $14.75. The stock currently trades at ~$21.70. Last five quarters have seen only minor adjustments.Nielsen Holdings (NLSN): The 2.81% NLSN stake was purchased in 2017 at prices between ~$36 and ~$45. Next year saw a ~60% stake increase at prices between $22 and $37.50 and that was followed with a ~45% further increase in 2019 at prices between $19.50 and $27. Q4 2020 saw a similar increase at prices between ~$13.50 and ~$21. The stock currently trades at $21.38. Last two quarters have seen a combined ~10% increase.Kennametal Inc. (KMT): KMT is a 2.58% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Q1 2020 saw a ~15% stake increase at prices between $15 and $37. That was followed with a similar increase last quarter at prices between ~$35 and ~$42. The stock currently trades at $37.54. This quarter also saw a ~8% stake increase.Note: Ariel Investments has a ~8.5% ownership stake in Kennametal Inc.Stericycle Inc. (SRCL): SRCL is a 2.55% of the portfolio position established in Q1 2018 at prices between ~$58 and ~$76. The bulk of the current stake was purchased in H2 2018 at prices between ~$36.50 and ~$71. Since then the activity had been minor. Last quarter saw a ~20% stake increase at prices between ~$65 and ~$72.50. The stock currently trades at $68.53. This quarter saw a minor ~3% further increase.BOK Financial (BOKF) and Mohawk Industries (MHK): These two stakes were built over the last two years. The 2.63% BOKF stake was built at prices between ~$37 and ~$98. The stock currently trades at ~$87. MHK is a 2.38% of the portfolio position purchased at prices between ~$59 and ~$168 and it is now at ~$202. Both stakes saw minor increases this quarter.Madison Square Garden Entertainment (MSGE): MSGE is a 2.53% of the portfolio stake built over the last five quarters at prices between ~$64 and ~$116 and the stock currently trades at ~$78.Note: Ariel Investments has a ~16% ownership stake in Madison Square Garden Entertainment.Northern Trust (NTRS): NTRS is a ~2% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. Last several quarters have seen only minor adjustments. The stock currently trades at ~$118.KKR & Company (KKR): KKR is a ~2% of the portfolio position purchased in 2011 at prices between $10.50 and $19. The position had remained relatively steady over the years although most quarters had seen minor adjustments. Last year saw a ~45% selling at prices between ~$18.50 and ~$40.50. The stock currently trades at $64.31. There was a minor ~2% stake increase last quarter and a marginal increase this quarter.Jones Lang LaSalle (JLL): The 1.94% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. The last decade had also seen consistent selling almost every year. H2 2020 saw a ~25% stake increase at prices between ~$90 and ~$154. The stock currently trades at ~$243. There was a minor ~4% further increase over the last two quarters.J M Smucker (SJM): SJM is a very long-term stake that has been in the portfolio for well over a decade. The original huge stake was sold down in 2008. Q1 2020 saw another ~30% selling at prices between ~$96 and ~$119. Last quarter saw a ~40% stake increase at prices between ~$111 and ~$131. The stock currently trades at ~$122 and the stake is at 1.64% of the portfolio. This quarter saw a marginal increase.Axalta Coating (AXTA): The 1.60% AXTA stake was built over the last two quarters at prices between $26.75 and $33.75 and the stock currently trades at ~$31.MSG Networks (MSGN): The MSG Networks position goes back to 2011 when the company was called Madison Square Garden. It was established at prices between $6.75 and $8.50. 2013 saw a one-third selling at prices between $13.50 and $19. Following the Madison Square Garden split-off in 2015, the position was increased from ~1.6M shares to almost 9M shares by 2017 at prices between ~$15 and ~$26. Next year saw a ~23% reduction at prices between ~$19 and ~$27 while 2019 saw a similar increase at prices between ~$14 and ~$25. There was a ~15% selling last quarter at prices between ~$15 and ~$21 while this quarter there was a ~25% stake increase. The stake is at 1.46% of the portfolio.Note: MSG Entertainment merged with MSG Networks in an all-stock (0.172 shares of MSGE for each MSGN held) deal that closed last month.ViacomCBS Inc. (VIAC) previously CBS Corporation: The original CBS position goes back to 2006 when around 6.2M shares were purchased at prices between $24 and $32. The position size peaked at over 13M shares in 2008. That year saw a ~175% stake increase at prices between $5 and $25. Last December, CBS Corporation merged with Viacom to form ViacomCBS. Ariel Investments also had a position in Viacom for which they got shares in the combined business in the ratio 1:0.59625. Including that, Q4 2019 saw a minor stake increase. There was a ~55% stake increase in Q1 2020 at prices between ~$11 and ~$42. Last three quarters saw a ~88% selling at prices between ~$22 and ~$100 while this quarter saw an about turn: ~300% stake increase at prices between ~$38 and ~$45. The stock is currently at ~$40 and the stake is at 1.26% of the portfolio.nVent Electric (NVT): NVT is a 1.12% of the portfolio stake purchased over the last two quarters at prices between ~$22 and ~$33 and the stock currently trades at $34.51.Adtalem Global Education (ATGE), Affiliated Managers Group (AMG), Brink’s Co (BCO), CBRE Group (CBRE), Cardinal Health (CAH), Credicorp Ltd. (BAP), Janus Henderson Group (JHG), Keysight Technologies (KEYS), Korn Ferry (KFY), Knowles Corp (KN), Littelfuse Inc. (LFUS), Masco Corp. (MAS), OneSpaWorld Holdings (OSW), Simpson Manufacturing (SSD), Tegna Inc. (TGNA), and Walgreens Boots Alliance (WBA): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Note: Ariel Investments have significant ownership stakes in the following businesses: Knowles Corp and OneSpaWorld.Stake Decreases:Baidu Inc. (BIDU): BIDU is currently the top position at 4.44% of the portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. H1 2020 had seen a ~50% stake increase at prices between ~$84 and ~$145. Last quarter saw a ~18% selling at prices between ~$204 and ~$340. That was followed with a minor ~4% trimming this quarter. The stock currently trades at ~$153.Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The three quarters through Q3 2020 had also seen a ~20% stake increase. Last quarter saw another ~15% stake increase at prices between ~$79 and ~$91 while this quarter there was a ~20% selling at prices between ~$88 and ~$101. The stock currently trades at ~$103 and it is currently the second largest position at 3.73% of the portfolio.Microsoft Corp (MSFT): MSFT is a top five position at 3.04% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. Last six quarters saw another ~43% selling at prices between ~$137 and ~$270. The stock currently trades at ~$304. They are harvesting gains.Interpublic Group (IPG): The ~3% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Since then, the stake has wavered. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25. 2019 had seen a ~40% stake increase at prices between $19.50 and $24. The stock currently trades at $36.54. Last six quarters have seen only minor adjustments.Envista Holdings (NVST): The 2.50% NVST stake was purchased in Q1 2020 at prices between ~$12 and ~$33. There was a ~75% stake increase next quarter at prices between ~$13 and ~$24.50. The stock currently trades at $42.74. Last four quarters have seen only minor adjustments.Snap-On Inc. (SNA): SNA is a 2.11% of the portfolio stake purchased in 2012 at prices between ~$52 and ~$80. Next year saw a ~50% stake increase at prices between ~$80 and ~$110. The stock currently trades at ~$226. Last few years have seen only minor adjustments.Laboratory Corp (LH): LH is a 1.79% of the portfolio stake first purchased in 2008 at prices between ~$60 and ~$80. That original stake was sold out in 2011 at prices between ~$73 and ~$101. 2014 saw a larger position built at prices between ~$89 and ~$111. Next year also saw a ~30% stake increase at prices between ~$112 and ~$127. Last five years had seen consistent selling. The stake was reduced by ~70% over that period at prices between ~$105 and ~$215. The stock currently trades at ~$303. Last two quarters have seen only minor adjustments.Gilead Sciences (GILD): A very small stake in GILD was first purchased in 2012. The position had seen consistent increases every year since. 2014-2015 and 2017 saw bulk buying at prices between ~$65 and ~$120. There was a ~40% stake increase in Q3 2020 at prices between ~$62 and ~$78. That was followed with a ~15% further increase next quarter. Last two quarters saw a similar reduction. The stock currently trades at ~$72 and the stake is at 1.62% of the portfolio.Aflac Inc. (AFL), Amdocs Ltd. (DOX), Berkshire Hathaway (BRK.B), BorgWarner Inc. (BWA), Charles Schwab (SCHW), Check Point Software (CHPK), Core Laboratories (CLB), Charles River Laboratories (CRL), Goldman Sachs (GS), Johnson & Johnson (JNJ), Meredith Corp (MDP), NetApp Inc. (NTAP), Stanley Black & Decker (SWK), US Silica (SLCA), Vail Resorts (MTN), Verizon Communications (VZ), Zebra Technology (ZBRA), and Zimmer Biomet Holdings (ZBH): These small (less than ~1.5% of the portfolio each) stakes were reduced this quarter.Note: Ariel Investments have significant ownership stakes in the following businesses: Meredith Corp and US Silica Holdings.Kept Steady:None.Note: Although the position sizes relative to the 13F portfolio are very small, Ariel Investments have significant ownership stakes in the following small-cap businesses: 180 degree capital (TURN), Ballantyne Strong (BTN), GSI Technology (GSIT), and Mind Technology (MIND).Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q2 2021:Source: John Vincent. Data constructed from Ariel Investments’ 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 2/22/2021 thru 6/25/2021: 13G/As – 4/12: 180 degree digital – TURN -~179K shares – 1.7% of business, US Silica – SLCA – 5.26M shares – 7.1% of business. 13G/As – 3/10: RealNetworks- RNWK – 617K shares – 1.6% of business, Mind Technology – MIND – 1.77M shares – 14.5% of business, Ballantyne Strong – BTN – 867K shares – 4.8% of business."

"Tracking John Rogers’ Ariel Investments Portfolio – Q1 2021 Update"

"Ariel Investments’ 13F portfolio value increased from $8.88B to $10.15B this quarter.They increased First American Financial & Lazard while decreasing Baidu, Berkshire Hathaway, & ViacomCBS.The top three positions are Baidu, Philip Morris, and Microsoft and they add up to ~13% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 05/14/2021. John Rogers’ 13F portfolio value increased ~14% from $8.88B to $10.15B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 59 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Baidu, Philip Morris, Microsoft, Mattel, and First American Financial. They add up to ~19% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2020.Their flagship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 11.67% compared to 11.31% for the Russell 2500 Index and 11.03% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P index by a substantial margin: 12% vs 14.38%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Deutsche Boerse AG (DBOEY), Nintendo Company (NTDOY), Roche Holding AG (RHHBY), Koninklijke Ahold Delhaize (ADRNY), Michelin (MGDDY), Snam SpA (SNMRY), Endesa SA (ELEZF), and Subaru (FUJHY).New Stakes:nVent Electric (NVT): NVT is a small 0.83% of the portfolio stake purchased this quarter at prices between ~$22 and ~$30 and the stock currently trades at $30.82.Stake Disposals:Progressive Corp (PGR): The very small 0.69% of the portfolio position in PGR was disposed during the quarter.Stake Increases:Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The three quarters through Q3 2020 had also seen a ~20% stake increase. This quarter saw another ~15% stake increase at prices between ~$79 and ~$91. The stock currently trades at $98.67 and it is currently the second largest position at 4.48% of the portfolio.First American Financial (FAF): FAF is a ~3% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. There was a ~25% stake increase last quarter at prices between ~$44.50 and ~$54.50. That was followed with a similar increase this quarter at prices between ~$51 and ~$58. The stock is now at $62.29.Lazard Ltd. (LAZ): LAZ is a ~3% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Recent activity follows. 2019 saw a ~15% increase at prices between ~$31 and ~$40.50. This quarter saw another ~25% stake increase at prices between ~$38.50 and ~$47. The stock is now at $44.15.Note: Ariel Investments have a ~6% ownership stake in Lazard.Interpublic Group (IPG): The 2.86% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Since then, the stake has wavered. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25. 2019 had seen a ~40% stake increase at prices between $19.50 and $24. The stock currently trades at $31.86. Last five quarters have seen only minor adjustments.Nielsen Holdings (NLSN): The 2.78% NLSN stake was purchased in 2017 at prices between ~$36 and ~$45. Next year saw a ~60% stake increase at prices between $22 and $37.50 and that was followed with a ~45% further increase in 2019 at prices between $19.50 and $27. Last quarter saw a similar increase at prices between ~$13.50 and ~$21. The stock currently trades at $24.61. There was a minor ~2% stake increase this quarter.Kennametal Inc. (KMT): KMT is a 2.78% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Q1 2020 saw a ~15% stake increase at prices between $15 and $37. That was followed with a similar increase this quarter at prices between ~$35 and ~$42. The stock currently trades at $35.83.Note: Ariel Investments has a ~8% ownership stake in Kennametal Inc.BOK Financial (BOKF) and Mohawk Industries (MHK): These two stakes were built over the last two years. The 2.63% BOKF stake was built at prices between ~$37 and ~$98. The stock currently trades at $87.79. MHK is a 2.38% of the portfolio position purchased at prices between ~$59 and ~$168 and it is now at ~$190.Stericycle Inc. (SRCL): SRCL is a 2.45% of the portfolio position established in Q1 2018 at prices between ~$58 and ~$76. The bulk of the current stake was purchased in H2 2018 at prices between ~$36.50 and ~$71. Since then the activity had been minor. This quarter saw a ~20% stake increase at prices between ~$65 and ~$72.50. The stock currently trades at ~$71.Madison Square Garden Entertainment (MSGE): MSGE is a ~2% of the portfolio stake built over the last four quarters at prices between ~$64 and ~$118 and the stock currently trades at ~$83.Note: Ariel Investments has a ~13% ownership stake in Madison Square Garden Entertainment.Northern Trust (NTRS): NTRS is a 1.83% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. Recent activity follows: last three quarters saw minor trimming while this quarter there was a ~3% increase. The stock currently trades at ~$115.Jones Lang LaSalle (JLL): The 1.83% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. The last decade had also seen consistent selling almost every year. Last two quarters had seen a ~25% stake increase at prices between ~$90 and ~$154. The stock currently trades at ~$202. There was a minor ~2% further increase this quarter.Laboratory Corp (LH): LH is a 1.78% of the portfolio stake first purchased in 2008 at prices between ~$60 and ~$80. That original stake was sold out in 2011 at prices between ~$73 and ~$101. 2014 saw a larger position built at prices between ~$89 and ~$111. Next year also saw a ~30% stake increase at prices between ~$112 and ~$127. Last five years had seen consistent selling. The stake was reduced by ~70% over that period at prices between ~$105 and ~$215. The stock currently trades at ~$270. There was a marginal increase this quarter.KKR & Company (KKR): KKR is a 1.68% of the portfolio position purchased in 2011 at prices between $10.50 and $19. The position had remained relatively steady over the years although most quarters had seen minor adjustments. Last four quarters saw a ~45% selling at prices between ~$18.50 and ~$40.50. The stock currently trades at $60.52. There was a minor ~2% stake increase this quarter.J M Smucker (SJM): SJM is a very long-term stake that has been in the portfolio for well over a decade. The original huge stake was sold down in 2008. Q1 2020 saw another ~30% selling at prices between ~$96 and ~$119. This quarter saw a ~40% stake increase at prices between ~$111 and ~$131. The stock currently trades at ~$131 and the stake is at 1.66% of the portfolio.Adtalem Global Education (ATGE), Affiliated Managers Group (AMG), Aflac Inc. (AFL), Amdocs Ltd. (DOX), Brink’s Co (BCO), Cardinal Health (CAH), Charles Schwab (SCHW), Check Point Software (CHPK), Janus Henderson Group (JHG), Knowles Corp (KN), Masco Corp. (MAS), OneSpaWorld Holdings (OSW), Simpson Manufacturing (SSD), Tegna Inc. (TGNA), Vail Resorts (MTN), and Walgreens Boots Alliance (WBA): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Note: Ariel Investments have significant ownership stakes in the following businesses: Knowles Corp and OneSpaWorld.Stake Decreases:Baidu Inc. (BIDU): BIDU is currently the top position at 5.18% of the portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. H1 2020 had seen a ~50% stake increase at prices between ~$84 and ~$145. This quarter saw a ~18% selling at prices between ~$204 and ~$340. The stock currently trades at ~$205.Microsoft Corp (MSFT): MSFT is a top three position at 3.14% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. Last four quarters saw another ~35% selling at prices between ~$135 and ~$232. The stock currently trades at ~$269. This quarter also saw a ~5% trimming. They are harvesting gains.Mattel Inc. (MAT): The top five ~3% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw another one-third increase at prices between ~$9.50 and ~$14.50. Q1 2020 saw another ~15% stake increase at prices between $7.25 and $14.75. The stock currently trades at $19.70. Last four quarters have seen only minor adjustments.Envista Holdings (NVST): The 2.70% NVST stake was purchased in Q1 2020 at prices between ~$12 and ~$33. There was a ~75% stake increase next quarter at prices between ~$13 and ~$24.50. The stock currently trades at $43.63. Last three quarters have seen only minor adjustments.Snap-On Inc. (SNA): SNA is a 2.35% of the portfolio stake purchased in 2012 at prices between ~$52 and ~$80. Next year saw a ~50% stake increase at prices between ~$80 and ~$110. The stock currently trades at ~$219. Last few years have seen only minor adjustments.Gilead Sciences (GILD): A very small stake in GILD was first purchased in 2012. The position had seen consistent increases every year since. 2014-2015 and 2017 saw bulk buying at prices between ~$65 and ~$120. There was a ~40% stake increase in Q3 2020 at prices between ~$62 and ~$78. That was followed with a ~15% further increase last quarter. The stock currently trades at $67.70 and the stake is at 1.80% of the portfolio. There was a ~5% trimming this quarter.Johnson & Johnson (JNJ): The 1.42% JNJ position was established in 2015. The stake has stayed remarkably steady since. The stock currently trades at ~$164.MSG Networks (MSGN): The MSG Networks position goes back to 2011 when the company was called Madison Square Garden. It was established at prices between $6.75 and $8.50. 2013 saw a one-third selling at prices between $13.50 and $19. Following the Madison Square Garden split-off in 2015, the position was increased from ~1.6M shares to almost 9M shares by 2017 at prices between ~$15 and ~$26. Next year saw a ~23% reduction at prices between ~$19 and ~$27 while 2019 saw a similar increase at prices between ~$14 and ~$25. There was a ~15% selling this quarter at prices between ~$15 and ~$21. The stock is currently at $14.33 and the stake is at 1.27% of the portfolio.Note: Ariel Investments has a ~20% ownership stake in MSG Networks.Berkshire Hathaway (BRK.B): BRK.B is a long-term position first purchased in 2011. Recent activity follows. Q2 2020 saw a ~25% stake increase at prices between $169 and $202. Last two quarters had seen a ~12% trimming. That was followed with a ~30% reduction this quarter at prices between ~$227 and ~$264. The stock is now at ~$277 and the stake is at 1.19% of the portfolio.ViacomCBS Inc. (VIAC) previously CBS Corporation: The original CBS position goes back to 2006 when around 6.2M shares were purchased at prices between $24 and $32. The position size peaked at over 13M shares in 2008. That year saw a ~175% stake increase at prices between $5 and $25. Last December, CBS Corporation merged with Viacom to form ViacomCBS. Ariel Investments also had a position in Viacom for which they got shares in the combined business in the ratio 1:0.59625. Including that, Q4 2019 saw a minor stake increase. There was a ~55% stake increase in Q1 2020 at prices between ~$11 and ~$42. Last three quarters saw a ~88% selling at prices between ~$22 and ~$100. The stock is currently at ~$46 and the stake is now minutely small at 0.33% of the portfolio.BorgWarner Inc. (BWA), CBRE Group (CBRE), Charles River Laboratories (CRL), Core Laboratories (CLB), FLIR Systems (FLIR), Goldman Sachs (GS), Keysight Technologies (KEYS), Korn Ferry (KFY), Littelfuse Inc. (LFUS), Meredith Corp (MDP), NetApp Inc. (NTAP), Stanley Black & Decker (SWK), Tapestry (TPR), US Silica (SLCA), Vanguard FTSE Dev Mkts ETF (VEA), Verizon Communications (VZ), Zebra Technology (ZBRA), and Zimmer Biomet Holdings (ZBH): These small (less than ~1.5% of the portfolio each) stakes were reduced this quarter.Ariel Investments have significant ownership stakes in the following businesses: Meredith Corp and US Silica Holdings.Kept Steady:None.Note: Although the position sizes relative to the 13F portfolio are very small, Ariel Investments have significant ownership stakes in the following small-cap businesses: 180 degree capital (TURN), Ballantyne Strong (BTN), Cumberland Pharma (CPIX), Glassbridge Enterprises (GLAE), GAIA Inc. (GAIA), GSI Technology (GSIT), RealNetworks (RNWK), and Mind Technology (MIND).Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q1 2021:Source: John Vincent. Data constructed from Ariel Investments’ 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 2/21/2021: 13G/A’s – 2/12 – LAZ – 5.54M shares – 5.3% of business, Knowles – KN – 4.65M shares – 5.1% of business, KMT – 6.11M shares – 7.3% of business, Glassbridge – GLAE – 2.2K/25.17K – 8.8% of business, GAIA – 541K/12.5K – 4.3% of business, Cumberland Pharma – CPIX – 821K/15M – 5.5% of business, Core Laboratories – CLB – 4.52M shares – 10.2% of business, Ballantyne Strong – BTN – 2.58M/14.79M – 17.5% of business, 180 degree capital – TURN – 2.32M/31.1M – 7.4% of business, Atlassian – TEAM – 2.12M/360M – 6.9% of business, US Silica – SLCA – 8.96M/73.95M – 12.1% of business, RealNetworks – RNWK – 3.38M/38.28M – 8.8% of business, Perceptron – PRCP – 0, OneSpa World – OSW – 8.18M/67.78M – 12.1% of business, MSGN – 10.13M/43.46M = 23.3% of business, MSGE – 2.11/19.6M – 10.7% of business, Mind Technology – MIND – 2.63M/12.18M – 21.6% of business, Meredith Corp – MDP – 4.45M/40.48M – 11% of business, 13G/A – 1/11 – MTS Systems – MTSC – 301K/19.3M – 1.6% of business."

"Tracking John Rogers’ Ariel Investments Portfolio – Q4 2020 Update"

"Ariel Investments’ 13F portfolio value increased from $6.89B to $8.88B this quarter.They increased Nielsen Holdings, First American Financial, Madison Square Garden Entertainment, & FLIR Systems while decreasing Nokia and dropping Generac Holdings.The top three positions are Baidu, Philip Morris, and Microsoft and they add up to ~15% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 02/12/2021. John Rogers’ 13F portfolio value increased ~29% from $6.89B to $8.88B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 59 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Baidu, Philip Morris, Microsoft, Mattel, and Envista Holdings. They add up to ~21% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2020.Their flagship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 11% compared to 10.76% for the Russell 2500 Index and 10.78% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P index by a substantial margin: 10.04% vs 13.88%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Deutsche Boerse AG (DBOEY), Nintendo Company (NTDOY), Roche Holding AG (RHHBY), Koninklijke Ahold Delhaize (ADRNY), Michelin (MGDDY), Snam SpA (SNMRY), and Endesa SA (ELEZF).Stake Disposals:Generac Holdings (GNRC): The very small 0.65% GNRC position was first purchased in Q1 2019 in the low-50s price range. The disposal this quarter was at prices between ~$196 and ~$233. The stock is now at $337.Stake Increases:Baidu Inc. (BIDU): BIDU is currently the top position at 7.14% of the portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. H1 2020 had seen a ~50% stake increase at prices between ~$84 and ~$145. The stock currently trades at ~$336. Last two quarters have also seen minor increases.Envista Holdings (NVST): The 2.69% NVST stake was purchased in Q1 2020 at prices between ~$12 and ~$33. There was a ~75% stake increase next quarter at prices between ~$13 and ~$24.50. That was followed with minor increases in the last two quarters. The stock currently trades at $38.30Lazard Ltd. (LAZ): LAZ is a 2.64% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Since then, the stake has remained relatively steady although adjustments were made every quarter. 2019 saw a ~15% combined increase at prices between ~$31 and ~$40.50. The stock is now at ~$41. Last four quarters have seen only minor adjustments.Note: Ariel Investments have a ~5% ownership stake in Lazard.Interpublic Group (IPG): The 2.58% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Since then, the stake has wavered. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25. 2019 had seen a ~40% stake increase at prices between $19.50 and $24. The stock currently trades at $26.49. Last four quarters have seen only minor adjustments.Nielsen Holdings (NLSN): The 2.57% NLSN stake was purchased in 2017 at prices between ~$36 and ~$45. Next year saw a ~60% stake increase at prices between $22 and $37.50 and that was followed with a ~45% further increase in 2019 at prices between $19.50 and $27. This quarter saw a similar increase at prices between ~$13.50 and ~$21. The stock currently trades at $23.60.First American Financial (FAF): FAF is a 2.54% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. There was a ~25% stake increase this quarter at prices between ~$44.50 and ~$54.50. The stock is now at $56.34.Kennametal Inc. (KMT): KMT is a 2.50% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Q1 2020 saw a ~15% stake increase at prices between $15 and $37. There was a ~10% trimming in Q2 2020 while last two quarters saw minor increases. The stock currently trades at $36.95.Note: Ariel Investments has a ~7% ownership stake in Kennametal Inc.Madison Square Garden Entertainment (MSGE): MSGE is a 2.49% of the portfolio stake built over the last three quarters at prices between ~$64 and ~$105 and the stock currently trades at $96.31.Note: Ariel Investments has a ~11% ownership stake in Madison Square Garden Entertainment.Stericycle Inc. (SRCL): SRCL is a 2.42% of the portfolio position established in Q1 2018 at prices between ~$58 and ~$76. The bulk of the current stake was purchased in H2 2018 at prices between ~$36.50 and ~$71. The stock currently trades at $67.78. Last two years have seen only minor activity.Snap-On Inc. (SNA): SNA is a 2.08% of the portfolio stake purchased in 2012 at prices between ~$52 and ~$80. Next year saw a ~50% stake increase at prices between ~$80 and ~$110. The stock currently trades at ~$194. Last few years have seen only minor adjustments.Gilead Sciences (GILD): A very small stake in GILD was first purchased in 2012. The position had seen consistent increases every year since. 2014-2015 and 2017 saw bulk buying at prices between ~$65 and ~$120. There was a ~40% stake increase last quarter at prices between ~$62 and ~$78. That was followed with a ~15% further increase this quarter. The stock currently trades at $64.11. The stake is currently at ~2% of the portfolio. For investors attempting to follow, GILD is a good option to consider for further research.Jones Lang LaSalle (JLL): The 1.70% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. The last decade had also seen consistent selling almost every year. Last two quarters have seen a ~25% stake increase at prices between ~$90 and ~$154. The stock currently trades at ~$167.MSG Networks (MSGN): The MSG Networks position goes back to 2011 when the company was called Madison Square Garden. It was established at prices between $6.75 and $8.50. 2013 saw a one-third selling at prices between $13.50 and $19. Following the Madison Square Garden split-off in 2015, the position was increased from ~1.6M shares to almost 9M shares by 2017 at prices between ~$15 and ~$26. Next year saw a ~23% reduction at prices between ~$19 and ~$27 while 2019 saw a similar increase at prices between ~$14 and ~$25. The stock is currently at $16.87 and the stake is at 1.68% of the portfolio. Last two quarters have seen minor increases.Note: Ariel Investments has a ~23% ownership stake in MSG Networks.Johnson & Johnson (JNJ): The ~2% JNJ position was established in 2015. The stake has stayed remarkably steady since. The stock currently trades at ~$162.Affiliated Managers Group (AMG), BOK Financial (BOKF), Brink’s Co (BCO), Cardinal Health (CAH), Core Laboratories (CLB), FLIR Systems (FLIR), Janus Henderson Group (JHG), Knowles Corp (KN), Masco Corp. (MAS), Meredith Corp (MDP), Mohawk Industries (MHK), OneSpaWorld Holdings (OSW), Simpson Manufacturing (SSD), Tegna Inc. (TGNA), US Silica (SLCA), Vanguard FTSE Dev Mkts ETF (VEA), and Walgreens Boots Alliance (WBA): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Note: Ariel Investments have significant ownership stakes in the following businesses: ~5% of Knowles Corp, ~12% of OneSpaWorld, ~11% of Meredith Corp, and ~12% of US Silica Holdings.Stake Decreases:Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The stock currently trades at $86.50 and it is currently the second largest position at ~4% of the portfolio. Last three quarters had also seen a ~20% stake increase. For investors attempting to follow, PM is a good option to consider for further research. There was a ~4% trimming this quarter.Microsoft Corp (MSFT): MSFT is a top three position at 3.57% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. Last four quarters saw another ~35% selling at prices between ~$135 and ~$232. The stock currently trades at ~$235. They are harvesting gains.Mattel Inc. (MAT): The top five 3.13% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw another one-third increase at prices between ~$9.50 and ~$14.50. Q1 2020 saw another ~15% stake increase at prices between $7.25 and $14.75. The stock currently trades at $19.46. For investors attempting to follow, MAT is a good option to consider for further research. Last three quarters have seen only minor adjustments.Northern Trust (NTRS): NTRS is a 1.80% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. Recent activity follows: last three quarters saw minor trimming. The stock currently trades at $97.63.Berkshire Hathaway (BRK.B): BRK.B is a long-term position first purchased in 2011. Recent activity follows. Q2 2020 saw a ~25% stake increase at prices between $169 and $202. The stock is now at ~$245. Last two quarters have seen a ~12% trimming.Laboratory Corp (LH): LH is a 1.59% of the portfolio stake first purchased in 2008 at prices between ~$60 and ~$80. That original stake was sold out in 2011 at prices between ~$73 and ~$101. 2014 saw a larger position built at prices between ~$89 and ~$111. Next year also saw a ~30% stake increase at prices between ~$112 and ~$127. Last five years has seen consistent selling. The stake was reduced by ~70% over that period at prices between ~$105 and ~$215. The stock currently trades at ~$244.KKR & Company (KKR): KKR is a 1.56% of the portfolio position purchased in 2011 at prices between $10.50 and $19. The position had remained relatively steady over the years although most quarters had seen minor adjustments. Last four quarters saw a ~45% selling at prices between ~$18.50 and ~$40.50. The stock currently trades at $45.35.ViacomCBS Inc. (VIAC) previously CBS Corporation: The original CBS position goes back to 2006 when around 6.2M shares were purchased at prices between $24 and $32. The position size peaked at over 13M shares in 2008. That year saw a ~175% stake increase at prices between $5 and $25. Last December, CBS Corporation merged with Viacom to form ViacomCBS. Ariel Investments also had a position in Viacom for which they got shares in the combined business in the ratio 1:0.59625. Including that, Q4 2019 saw a minor stake increase. There was a ~55% stake increase in Q1 2020 at prices between ~$11 and ~$42. Last two quarters saw another ~45% selling at prices between ~$22 and ~$37. The stock is currently at $66.14 and the stake is at 1.55% of the portfolio.J M Smucker (SJM): SJM is a very long-term stake that has been in the portfolio for well over a decade. The original huge stake was sold down in 2008. Q1 2020 saw another ~30% selling at prices between ~$96 and ~$119. The stock currently trades at ~$114 and the stake is at 1.25% of the portfolio. There was a ~12% trimming over the last two quarters.Adtalem Global Education (ATGE), Aflac Inc. (AFL), Amdocs Ltd. (DOX), BorgWarner Inc. (BWA), CBRE Group (CBRE), Charles River Laboratories (CRL), Charles Schwab (SCHW), Goldman Sachs (GS), Keysight Technologies (KEYS), Littelfuse Inc. (LFUS), NetApp Inc. (NTAP), Nokia Corp (NOK), Progressive Corp (PGR), Stanley Black & Decker (SWK), Tapestry (TPR), Vail Resorts (MTN), Verizon Communications (VZ), Zebra Technology (ZBRA), and Zimmer Biomet Holdings (ZBH): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:None.Note: Although the position sizes relative to the 13F portfolio are very small, Ariel Investments have significant ownership stakes in the following small-cap businesses: 180 degree capital (TURN), Atlassian (TEAM, Ballantyne Strong (BTN), Cumberland Pharma (CPIX), Glassbridge Enterprises (GLAE), GAIA Inc. (GAIA), GSI Technology (GSIT), RealNetworks (RNWK), Mind Technology (MIND), and MTS Systems (MTSC).Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q4 2020:Regulatory filings thru 12/19/2020:13G/A – 12/9 – STRT (Strattec Security) – 41K shares – 1.1% of business. 13G – 12/9 – MSGE – 1.91M shares – 10.2% of business. 13G – 12/9 – CLB (Core Laboratories) – 4.57M shares – 10.3% of business. 13G – 11/10 – OSW (OneSpaWorld Holdings) – 7.47M shares – 11% of business. 13G – 11/10 – MDP (Meredith Corp) – 4.62M shares – 11.4% of business."

"Tracking John Rogers’ Ariel Investments Portfolio – Q3 2020 Update"

"Ariel Investments’ 13F portfolio value increased from $6.57B to $6.89B this quarter.They increased Gilead Sciences while reducing ViacomCBS during the quarter.The top three positions are Baidu, Philip Morris, and Microsoft and they add up to ~15% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 11/13/2020. John Rogers’ 13F portfolio value increased ~5% from $6.57B to $6.89B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 62 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Baidu, Philip Morris, Microsoft, Mattel, and Stericycle. They add up to ~21% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2020.Their flag ship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 10.19% compared to 10.28% for the Russell 2500 Index and 10.49% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P index by a substantial margin: 8.43% vs 13.74%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Deutsche Boerse AG (DBOEY), Nintendo Company (NTDOY), Roche Holding AG (RHHBY), Koninklijke Ahold Delhaize (ADRNY), Michelin (MGDDY), Snam SpA (SNMRY), and Endesa SA (ELEZF).Stake Increases:Baidu Inc. (BIDU): BIDU is currently the top position at 5.24% of the portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. Last two quarters had seen a ~50% stake increase at prices between ~$84 and ~$145. The stock currently trades at ~$193. This quarter also saw a ~4% stake increase.Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The stock currently trades at ~$86 and it is currently the third largest position at ~5% of the portfolio. Last three quarters have also seen a ~20% stake increase. For investors attempting to follow, PM is a good option to consider for further research.Stericycle Inc. (SRCL): SRCL is a 2.71% of the portfolio position established in Q1 2018 at prices between ~$58 and ~$76. The bulk of the current stake was purchased in H2 2018 at prices between ~$36.50 and ~$71. The stock currently trades at $70.45. Last year had seen a ~10% trimming. Since then, the activity has been minor.Lazard Ltd. (LAZ): LAZ is a 2.64% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Since then, the stake has remained relatively steady although adjustments were made every quarter. Last year saw a ~15% combined increase at prices between ~$31 and ~$40.50. The stock is now at $40.62. Last three quarters have seen only minor adjustments.Note: Ariel Investments have a ~5% ownership stake in Lazard.First American Financial (FAF): FAF is a 2.61% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. Q1 2020 saw a ~10% trimming while this quarter there was a similar increase. The stock is now at $53.16.Kennametal Inc. (KMT): KMT is a 2.61% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Q1 2020 saw a ~15% stake increase at prices between $15 and $37. The stock currently trades at $37.16. There was a ~10% trimming last quarter while this quarter there was a ~2% increase.Note: Ariel Investments has a ~7% ownership stake in Kennametal Inc.Envista Holdings (NVST) and Vail Resorts (MTN): These two positions were established in Q1 2020. The ~2% NVST stake was purchased at prices between ~$12 and ~$33 and the stock currently trades at $32.69. There was a ~75% stake increase last quarter at prices between ~$13 and ~$24.50. That was followed with a ~12% increase this quarter. MTN is a 1.19% of the portfolio position established at prices between ~$142 and ~$252 and it is now at ~$274. Last quarter saw a ~20% stake increase at prices between ~$132 and ~$207. This quarter also saw a ~2% increase.Gilead Sciences (GILD): A very small stake in GILD was first purchased in 2012. The position had seen consistent increases every year since. 2014-2015 and 2017 saw bulk buying at prices between ~$65 and ~$120. There was a ~40% stake increase this quarter at prices between ~$62 and ~$78. The stock currently trades well below those ranges at $59.08. The stake is currently at 2.39% of the portfolio. For investors attempting to follow, GILD is a good option to consider for further research.Interpublic Group (IPG): The 2.32% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Since then, the stake has wavered. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25. Last year had seen a ~40% stake increase at prices between $19.50 and $24. The stock currently trades at $23.94. Last three quarters have seen only minor adjustments.Snap-On Inc. (SNA): SNA is a 2.15% of the portfolio stake purchased in 2012 at prices between ~$52 and ~$80. Next year saw a ~50% stake increase at prices between ~$80 and ~$110. The following years saw minor selling while last year there was a ~12% stake increase. The stock currently trades at ~$170. Last three quarters have seen only minor adjustments.MSG Networks (MSGN): The MSG Networks position goes back to 2011 when the company was called Madison Square Garden. It was established at prices between $6.75 and $8.50. 2013 saw a one-third selling at prices between $13.50 and $19. Following the Madison Square Garden split-off in 2015, the position was increased from ~1.6M shares to almost 9M shares by 2017 at prices between ~$15 and ~$26. Next year saw a ~23% reduction at prices between ~$19 and ~$27 while 2019 saw a similar increase at prices between ~$14 and ~$25. The stock is currently at $14.43 and the stake is at 1.39% of the portfolio. There was a ~7% stake increase this quarter.Jones Lang LaSalle (JLL): The 1.26% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. The last decade had also seen consistent selling almost every year. The stock currently trades at ~$148. There was a ~12% stake increase this quarter.Adtalem Global Education (ATGE), Affiliated Managers Group (AMG), Aflac Inc. (AFL), Amdocs Ltd. (DOX), BOK Financial (BOKF), Brink’s Co (BCO), Cardinal Health (CAH), Charles Schwab (SCHW), Core Laboratories (CLB), Goldman Sachs (GS), Janus Henderson Group (JHG), Meredith Corp (MDP), Madison Square Garden Entertainment (MSGE), Mohawk Industries (MHK), NetApp Inc. (NTAP), OneSpaWorld Holdings (OSW), and Tegna Inc. (TGNA): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Note 1: Ariel Investments have significant ownership stakes in the following businesses: ~10% of Madison Squarer Garden Entertainment, ~11% of OneSpaWorld, and 11.4% of Meredith Corp.Note 2: OneSpaWorld came to market last year through a De-SPAC deal with Haymaker Acquisition. The same sponsor has a new SPAC Haymaker Acquisition II (HYAC). They are looking for a target in consumer & consumer-related products & services, retail, media, and hospitality industries.Stake Decreases:Microsoft Corp (MSFT): MSFT is a top three position at 4.81% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. Last three quarters saw another ~24% selling at prices between ~$135 and ~$232. The stock currently trades at ~$219. They are harvesting gains.Mattel Inc. (MAT): The top five 2.92% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw another one-third increase at prices between ~$9.50 and ~$14.50. Q1 2020 saw another ~15% stake increase at prices between $7.25 and $14.75. The stock currently trades at $18.12. For investors attempting to follow, MAT is a good option to consider for further research. Last two quarters have seen only minor adjustments.Berkshire Hathaway (BRK.B): BRK.B is a long-term position first purchased in 2011. Recent activity follows. Last quarter saw a ~25% stake increase at prices between $169 and $202. The stock is now at ~$224. This quarter saw a ~5% trimming.Northern Trust (NTRS): NTRS is a ~2% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. Recent activity follows: last two quarters saw minor trimming. The stock currently trades at $91.90.Laboratory Corp (LH): LH is a 1.90% of the portfolio stake first purchased in 2008 at prices between ~$60 and ~$80. That original stake was sold out in 2011 at prices between ~$73 and ~$101. 2014 saw a larger position built at prices between ~$89 and ~$111. Next year also saw a ~30% stake increase at prices between ~$112 and ~$127. Last four years had seen consistent selling. The stake was reduced by ~50% over that period at prices between ~$103 and $190. The stock currently trades at ~$205. Last three quarters have also seen a ~22% trimming.Johnson & Johnson (JNJ): The ~2% JNJ position was established in 2015. The stake has stayed remarkably steady since. The stock currently trades at ~$155.KKR & Company (KKR): KKR is a 1.78% of the portfolio position purchased in 2011 at prices between $10.50 and $19. The position had remained relatively steady over the years although most quarters had seen minor adjustments. Last three quarters saw a ~40% selling at prices between ~$18.50 and ~$37. The stock currently trades at $40.04.J M Smucker (SJM): SJM is a very long-term stake that has been in the portfolio for well over a decade. The original huge stake was sold down in 2008. Q1 2020 saw another ~30% selling at prices between ~$96 and ~$119. The stock currently trades at ~$116 and the stake is at 1.70% of the portfolio. There was a ~6% trimming this quarter.ViacomCBS Inc. (VIAC) previously CBS Corporation: The original CBS position goes back to 2006 when around 6.2M shares were purchased at prices between $24 and $32. The position size peaked at over 13M shares in 2008. That year saw a ~175% stake increase at prices between $5 and $25. Last December, CBS Corporation merged with Viacom to form ViacomCBS. Ariel Investments also had a position in Viacom for which they got shares in the combined business in the ratio 1:0.59625. Including that, Q4 2019 saw a minor stake increase. There was a ~55% stake increase in Q1 2020 at prices between ~$11 and ~$42. The stock is currently at $35.26 and the stake is at 1.66% of the portfolio. This quarter saw ~33% selling at prices between ~$22 and ~$31.Nielsen Holdings (NLSN): The 1.56% NLSN stake was purchased in 2017 at prices between ~$36 and ~$45. Next year saw a ~60% stake increase at prices between $22 and $37.50 and that was followed with a ~45% further increase in 2019 at prices between $19.50 and $27. The stock currently trades near the low end of their purchase price ranges at ~$20. Last three quarters have seen only minor adjustments.Bio-Rad Laboratories (BIO), BorgWarner Inc. (BWA), CBRE Group (CBRE), CarMax Inc. (KMX), Charles River Laboratories (CRL), Generac Holdings (GNRC), GlaxoSmithKline plc (GSK), Keysight Technologies (KEYS), Knowles Corp (KN), Littelfuse Inc. (LFUS), Masco Corp. (MAS), Nokia Corp (NOK), Progressive Corp (PGR), Simpson Manufacturing (SSD), Stanley Black & Decker (SWK), Verizon Communications (VZ), Zebra Technology (ZBRA), and Zimmer Biomet Holdings (ZBH): These small (less than ~1.75% of the portfolio each) stakes were reduced during the quarter.Kept Steady:None.Note: Although the position sizes relative to the 13F portfolio are very small, Ariel Investments have significant ownership stakes in the following small-cap businesses: 180 degree capital (TURN), Acacia Research (ACTG), Ballantyne Strong (BTN), Capital Southwest (CSWC), Cowen Inc. (COWN), Century Casinos (CNTY), Core Laboratories (CLB), Cumberland Pharma (CPIX), EMCORE (EMKR), GAIA Inc. (GAIA), GSI Technology (GSIT), Kindred Biosciences (KIN), MTS Systems (MTSC), Meredith Corp (MDP), Orion Energy (OESX), Perceptron (PRCP), RealNetworks (RNWK), Rubicon Technology (RBCN), Strattec Security (STRT), Synacor (SYNC), and U.S. Silica Holdings (SLCA).Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q3 2020:Regulatory filings thru 8/31/2020: 13G/A – 8/10 – Perceptron – PRCP – 515K shares – 5.3% of business. 13G/A – 7/10 – Glassbridge Enterprises – GLAE -2351 shares – 9.3% of business. 13G/A – Ballantyne Strong – BTN – 2.65M shares – 18.1% of business."

"Tracking John Rogers’ Ariel Investments Portfolio – Q2 2020 Update"

"Ariel Investments’ 13F portfolio value increased from $5.70B to $6.57B this quarter.They added Madison Square Garden Entertainment and increased Baidu & Envista during the quarter.The top three positions are Microsoft, Baidu, and Philip Morris and they add up to ~15% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 08/14/2020. John Rogers’ 13F portfolio value increased ~15% from $5.70B to $6.57B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 63 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corp, Baidu Inc., Philip Morris, Mattel, and Kennametal. They add up to ~20% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2020.Their flag ship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has a lifetime annualized return of 10.12% compared to 10.17% for the Russell 2500 Index and 10.29% for the S&P 500 Index. In the most recent 10-year period, it has underperformed the S&P index by a substantial margin: 9.80% vs 13.99%. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Deutsche Boerse AG (DBOEY), Nintendo Company (NTDOY), Roche Holding AG (RHHBY), Koninklijke Ahold Delhaize (ADRNY), Nippon Telegraph & Telephone (NTTYY), Michelin (MGDDY), and Snam SpA (SNMRY).New Stakes:Madison Square Garden Entertainment (MSGE) and Core Laboratories (CLB): These are small new stakes established this quarter.Stake Disposals:Quest Diagnostics (DGX): The very small 0.83% DGX stake was disposed this quarter at prices between ~$73 and ~$123. The stock currently trades at ~$113. It was a long-term position that was first purchased in 2012.Stake Increases:Baidu Inc. (BIDU): BIDU is a top-three position at 5% of the 13F portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. The stock currently trades at ~$125. Last two quarters have seen a ~50% stake increase at prices between ~$84 and ~$145. For investors attempting to follow, BIDU is a good option to consider for further research.Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. 2019 had seen another ~20% stake increase at prices between $70 and $91. The stock currently trades at $79.47 and it is currently the third largest position at 4.69% of the portfolio. Last two quarters have also seen a ~15% stake increase. For investors attempting to follow, PM is a good option to consider for further research.Mattel Inc. (MAT): The 2.61% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw another one-third increase at prices between ~$9.50 and ~$14.50. Last quarter saw another ~15% stake increase at prices between $7.25 and $14.75. The stock currently trades at $11.86. For investors attempting to follow, MAT is a good option to consider for further research. There was a marginal increase this quarter.Stericycle Inc. (SRCL): SRCL is a 2.49% of the portfolio position established in Q1 2018 at prices between ~$58 and ~$76. The bulk of the current stake was purchased in H2 2018 at prices between ~$36.50 and ~$71. The stock currently trades at $62.96. Last year had seen a ~10% trimming. Since then, the activity has been minor.Lazard Ltd. (LAZ): LAZ is a 2.35% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Since then, the stake has remained relatively steady although adjustments were made every quarter. Last year saw a ~15% combined increase at prices between ~$31 and ~$40.50. The stock is now at $34.40. Last two quarters have seen only minor adjustments.Note: Ariel Investments have a ~5% ownership stake in Lazard.Berkshire Hathaway (BRK.B): BRK.B is a long-term position first purchased in 2011. Recent activity follows. Last few quarters had seen minor buying and that was followed with a ~25% stake increase this quarter at prices between $169 and $202. The stock is now at ~$218.Envista Holdings (NVST) and Vail Resorts (MTN): These two positions were established last quarter. The ~2% NVST stake was purchased at prices between ~$12 and ~$33 and the stock currently trades at $25.64. There was a ~75% stake increase this quarter at prices between ~$13 and ~$24.50. MTN is a ~1% of the portfolio position established at prices between ~$142 and ~$252 and it is now at ~$219. This quarter saw a ~20% stake increase at prices between ~$132 and ~$207.Johnson & Johnson (JNJ): The ~2% JNJ position was established in 2015. The stake has stayed remarkably steady since. Last quarter saw a ~9% trimming while this quarter there was a ~4% increase. The stock currently trades at $147.Nielsen Holdings (NLSN): The 1.72% NLSN stake was purchased in 2017 at prices between ~$36 and ~$45. Next year saw a ~60% stake increase at prices between $22 and $37.50 and that was followed with a ~45% further increase in 2019 at prices between $19.50 and $27. The stock currently trades well below the low end of their purchase price ranges at $15.47. Last two quarters have seen only minor adjustments.MSG Networks (MSGN): The MSG Networks position goes back to 2011 when the company was called Madison Square Garden. It was established at prices between $6.75 and $8.50. 2013 saw a one-third selling at prices between $13.50 and $19. Following the Madison Square Garden split-off in 2015, the position was increased from ~1.6M shares to almost 9M shares by 2017 at prices between ~$15 and ~$26. Next year saw a ~23% reduction at prices between ~$19 and ~$27 while 2019 saw a similar increase at prices between ~$14 and ~$25. The stock is currently at $9.64 and the stake is at 1.41% of the portfolio. Last two quarters saw a minor increase.Jones Lang LaSalle (JLL): The 1.42% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. The last decade had also seen consistent selling almost every year while the last four quarters saw a combined ~10% stake increase. The stock currently trades at ~$106. There was marginal trimming this quarter.Affiliated Managers Group (AMG), Amdocs Ltd. (DOX), BOK Financial (BOKF), CBRE Group (CBRE), Goldman Sachs (GS), Janus Henderson Group (JHG), Knowles Corp (KN), Littelfuse Inc. (LFUS), Meredith Corp (MDP), Mohawk Industries (MHK), Stanley Black & Decker (SWK), Tegna Inc. (TGNA), and Zimmer Biomet Holdings (ZBH): These small (less than ~1.5% of the portfolio each) positions were increased this quarter.Stake Decreases:Microsoft Corp (MSFT): MSFT is a top three position at ~5% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Recent activity follows: 2019 had seen a ~22% reduction at prices between ~$100 and $160. Last two quarters saw another ~22% selling at prices between ~$135 and ~$205. The stock currently trades at ~$203. They are harvesting gains.Kennametal Inc. (KMT): KMT is a 2.54% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. Last quarter saw a ~15% stake increase at prices between $15 and $37. The stock currently trades at $33.43. There was a ~10% trimming this quarter.Note: Ariel Investments has a ~7% ownership stake in Kennametal Inc.Interpublic Group (IPG): The 2.36% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Since then, the stake has wavered. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25. Last year had seen a ~40% stake increase at prices between $19.50 and $24. The stock currently trades at $18.29. Last two quarters have seen only minor adjustments.First American Financial (FAF): FAF is a 2.31% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: 2019 had seen a ~20% selling at prices between ~$45 and ~$64. Last quarter also saw a ~10% trimming. The stock is now at $52.88. There was a marginal reduction this quarter.KKR & Company (KKR): KKR is a 2.19% of the portfolio position purchased in 2011 at prices between $10.50 and $19. The position has remained relatively steady over the years although most quarters have seen minor adjustments. Last two quarters saw a ~22% selling at prices between $18.50 and $34. The stock currently trades at $35.40.Northern Trust (NTRS): NTRS is a 2.19% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. Recent activity follows: 2018 saw a ~7% trimming at prices between ~$79 and ~$111 while the last five quarters saw a minor increase. The stock currently trades at $82.90. There was a ~6% trimming this quarter.Gilead Sciences (GILD): A very small stake in GILD was first purchased in 2012. The position had seen consistent increases every year since. 2014-2015 and 2017 saw bulk buying at prices between ~$65 and ~$120. The stock currently trades at $65.04 and it is at 2.17% of the portfolio. Last quarter saw a ~6% stake increase while this quarter there was a ~30% reduction at prices between $70 and $84.ViacomCBS Inc. (VIAC) previously CBS Corporation: The original CBS position goes back to 2006 when around 6.2M shares were purchased at prices between $24 and $32. The position size peaked at over 13M shares in 2008. That year saw a ~175% stake increase at prices between $5 and $25. Last December, CBS Corporation merged with Viacom to form ViacomCBS. Ariel Investments also had a position in Viacom for which they got shares in the combined business in the ratio 1:0.59625. Including that, Q4 2019 saw a minor stake increase. There was a ~55% stake increase last quarter at prices between ~$11 and ~$42. The stock is currently at $30.26 and the stake is at 2.15% of the portfolio. This quarter saw marginal trimming.Snap-On Inc. (SNA): SNA is a ~2% of the portfolio stake purchased in 2012 at prices between ~$52 and ~$80. Next year saw a ~50% stake increase at prices between ~$80 and ~$110. The following years saw minor selling while last year there was a ~12% stake increase. The stock currently trades at ~$149. Last two quarters have seen only minor adjustments.Laboratory Corp (LH): LH is a 1.89% of the portfolio stake first purchased in 2008 at prices between ~$60 and ~$80. That original stake was sold out in 2011 at prices between ~$73 and ~$101. 2014 saw a larger position rebuilt at prices between ~$89 and ~$111. Next year also saw a ~30% stake increase at prices between ~$112 and ~$127. Last four years had seen consistent selling. The stake was reduced by ~50% over that period at prices between ~$103 and $190. The stock currently trades at ~$183. Last two quarters have also seen a ~17% trimming.J M Smucker (SJM): SJM is a very long-term stake that has been in the portfolio for well over a decade. The original huge stake was sold down in 2008. Last quarter saw another ~30% selling at prices between ~$96 and ~$119. The stock currently trades at ~$110 and the stake is at 1.73% of the portfolio. There was a marginal reduction this quarter.Adtalem Global Education (ATGE), Aflac Inc. (AFL), Bio-Rad Laboratories (BIO), BorgWarner Inc. (BWA), Cardinal Health (CAH), CarMax Inc. (KMX), Charles River Laboratories (CRL), China Mobile (CHL), EOG Resources (EOG), GlaxoSmithKline plc (GSK), Generac Holdings (GNRC), Houlihan Lokey (HLI), Keysight Technologies (KEYS), Masco Corp. (MAS), Molson Coors (TAP), Nokia Corp (NOK), Omnicom Group (OMC), Progressive Corp (PGR), Royal Caribbean Cruises (RCL), Simpson Manufacturing (SSD), The Madison Square Garden Sports (MSGS), Verizon Communications (VZ), Willis Towers Watson (WLTW), and Zebra Technology (ZBRA): These small positions (less than ~1.5% of the portfolio each) were reduced during the quarter.Kept Steady:None.Note: Although the position sizes relative to the 13F portfolio are very small, Ariel Investments have significant ownership stakes in the following small-cap businesses: 180 degree capital (TURN), Acacia Research (ACTG), Ballantyne Strong (BTN), Brink’s Co (BCO), Capital Southwest (CSWC), Cumberland Pharma (CPIX), Cowen Inc. (COWN), Century Casinos (CNTY), EMCORE (EMKR), GAIA Inc. (GAIA), Glassbridge Enterprises (GLAE), GSI Technology (GSIT), Kindred Biosciences (KIN), MTS Systems (MTSC), Orion Energy (OESX), Perceptron (PRCP), RealNetworks (RNWK), Rubicon Technology (RBCN), Strattec Security (STRT), Synacor (SYNC), and U.S. Silica Holdings (SLCA).Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q2 2020:Regulatory filings thru 6/14/2020: 13G/A – 6/10 – RNWK – 3.45M shares - ~9% of business."

"Tracking John Rogers’ Ariel Investments Portfolio – Q1 2020 Update"

"Ariel Investments’ 13F portfolio value decreased from $7.97B to $5.70B this quarter.They added Envista and Vail Resorts during the quarter.The top three positions are Philip Morris, Microsoft, and Baidu and they add up to ~14% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 05/14/2020. John Rogers’ 13F portfolio value decreased ~30% from $7.97B to $5.70B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 66 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Philip Morris, Microsoft Corp, Baidu Inc., Gilead Sciences, and Mattel. They add up to ~20% of the portfolio. Please visit our Portfolio series to get an idea of their investment philosophy and the fund’s moves during Q4 2019.Their flag ship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has produced alpha during its lifetime – 11.02% annualized return compared to 10.72% for the Russell 2500 Index and 10.56% for the S&P 500 Index. It has however underperformed in the most recent 10-year period. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Deutsche Boerse AG (DBOEY), Roche Holding AG (RHHBY), Nintendo Company (NTDOY), Koninklijke Ahold Delhaize (ADRNY), Michelin (MGDDY), NTT Docomo (DCMYY), and Nippon Telegraph & Telephone (NTTYY).New Stakes:Envista Holdings (NVST) and Vail Resorts (MTN): These two new positions were established during the quarter. The 0.91% NVST stake was purchased at prices between ~$12 and ~$33 and the stock currently trades at $19.54. MTN is a 0.81% of the portfolio position established at prices between ~$142 and ~$252 and it is now at ~$184.Stake Disposals:Anixter International (AXE), Fluor Corp (FLR), National Oilwell Varco (NOV), and Pioneer Natural Resources (PNQ): These small (less than ~1% of the portfolio each) stakes were disposed this quarter.Stake Increases:Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the stake was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. Last four quarters had seen another ~20% stake increase at prices between $70 and $91. The stock currently trades at $70.42 and it is currently the top position at 5.36% of the portfolio. This quarter also saw a ~10% stake increase. For investors attempting to follow, PM is a good option to consider for further research.Baidu Inc. (BIDU): BIDU is a top-three position at 3.79% of the 13F portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. This quarter saw another ~20% stake increase at prices between ~$84 and ~$145. The stock currently trades at ~$116.Gilead Sciences (GILD): A very small stake in GILD was first purchased in 2012. The position has seen consistent increases every year since. 2014-2015 and 2017 saw bulk buying at prices between ~$65 and ~$120. The stock currently trades at $73.20 and it is a top five position at 3.50% of the portfolio. This quarter saw a ~6% stake increase.Mattel Inc. (MAT): The 2.72% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw another one-third increase at prices between ~$9.50 and ~$14.50. This quarter saw another ~15% stake increase at prices between $7.25 and $14.75. The stock currently trades at $9.62. For investors attempting to follow, MAT is a good option to consider for further research.Interpublic Group (IPG): The 2.63% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Since then, the stake has wavered. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25. Last four quarters had seen a ~40% stake increase at prices between $19.50 and $24. The stock currently trades at $17.28. This quarter saw a marginal further increase.Northern Trust (NTRS): NTRS is a 2.38% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. Recent activity follows: 2018 saw a ~7% trimming at prices between ~$79 and ~$111 while the last five quarters have seen a minor increase. The stock currently trades at $83.61.Kennametal Inc. (KMT): KMT is a 2.13% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position had seen minor buying over the years. This quarter saw a ~15% stake increase at prices between $15 and $37. The stock currently trades at $27.80.Note: Ariel Investments has a ~8% ownership stake in Kennametal Inc.Snap-On Inc. (SNA): SNA is a ~2% of the portfolio stake purchased in 2012 at prices between ~$52 and ~$80. Next year saw a ~50% stake increase at prices between ~$80 and ~$110. The following years saw minor selling while last year there was a ~12% stake increase. The stock currently trades at ~$135. This quarter saw a marginal increase.MSG Networks (MSGN): The MSG Networks position goes back to 2011 when the company was called Madison Square Garden. It was established at prices between $6.75 and $8.50. 2013 saw a one-third selling at prices between $13.50 and $19. Following the Madison Square Garden split-off in 2015, the position was increased from ~1.6M shares to almost 9M shares by 2017 at prices between ~$15 and ~$26. Next year saw a ~23% reduction at prices between ~$19 and ~$27 while the last four quarters saw a similar increase at prices between ~$14 and ~$25. The stock is currently at $11.29. This quarter saw another ~6% stake increase.ViacomCBS Inc. (VIAC) previously CBS Corporation: The original CBS position goes back to 2006 when around 6.2M shares were purchased at prices between $24 and $32. The position size peaked at over 13M shares in 2008. That year saw a ~175% stake increase at prices between $5 and $25. Last December, CBS Corporation merged with Viacom to form ViacomCBS. Ariel Investments also had a position in Viacom for which they got shares in the combined business in the ratio 1:0.59625. Including that, last quarter saw a minor stake increase. There was a ~55% stake increase this quarter at prices between ~$11 and ~$42. The stock is currently at $22.90 and the stake is at 1.52% of the portfolio.Adtalem Global Education (ATGE), Affiliated Managers Group (AMG), Berkshire Hathaway (BRK.B), BOK Financial (BOKF), BorgWarner Inc. (BWA), Cardinal Health (CAH), EOG Resources (EOG), GlaxoSmithKline plc (GSK), Janus Henderson Group (JHG), Keysight Technologies (KEYS), Knowles Corp (KN), Mohawk Industries (MHK), The Madison Square Garden (MSG), Meredith Corp (MDP), Royal Caribbean Cruises (RCL), US Silica Holdings (SLCA), Verizon Communications (VZ), and Zebra Technology (ZBRA): These small (less than ~1.5% of the portfolio each) positions were increased during the quarter.Stake Decreases:Microsoft Corp (MSFT): MSFT is a top three position at ~5% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Since then, the stake has wavered. Recent activity follows: last four quarters had seen a ~22% reduction at prices between ~$100 and $160. This quarter saw another ~15% selling at prices between ~$135 and ~$189. The stock currently trades at ~$188. They are harvesting gains.Stericycle Inc. (SRCL): SRCL is a 2.48% of the portfolio position established in Q1 2018 at prices between ~$58 and ~$76. The bulk of the current stake was purchased in H2 2018 at prices between ~$36.50 and ~$71. The stock currently trades at $56.75. Last four quarters had seen a ~10% trimming. This quarter also saw similar trimming.First American Financial (FAF): FAF is a 2.40% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The position has seen consistent reductions since 2015. Recent activity follows: last four quarters had seen a ~20% selling at prices between ~$45 and ~$64. This quarter also saw a ~10% trimming. The stock is now at $50.38.Lazard Ltd. (LAZ): LAZ is a top-five 2.18% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Since then, the stake has remained relatively steady although adjustments were made every quarter. Last year saw a ~15% combined increase at prices between ~$31 and ~$40.50. The stock is now at $28.52. There was a ~3% trimming this quarter.Note: Ariel Investments have a ~5% ownership stake in Lazard.J M Smucker (SJM): SJM is a very long-term stake that has been in the portfolio for well over a decade. The original huge stake was sold down in 2008. This quarter saw another ~30% selling at prices between ~$96 and ~$119. The stock currently trades at ~$105 and the stake is at 2.15% of the portfolio.KKR & Company (KKR): KKR is a ~2% of the portfolio position purchased in 2011 at prices between $10.50 and $19. The position has remained relatively steady over the years although most quarters have seen minor adjustments. This quarter saw a ~14% reduction. The stock currently trades at $29.15.Johnson & Johnson (JNJ): The ~2% JNJ position was established in 2015. The stake has stayed remarkably steady since. This quarter saw a ~9% trimming. The stock currently trades at $142.Laboratory Corp (LH): LH is a ~2% of the portfolio stake first purchased in 2008 at prices between ~$60 and ~$80. That original stake was sold out in 2011 at prices between ~$73 and ~$101. 2014 saw a larger position rebuilt at prices between ~$89 and ~$111. Next year also saw a ~30% stake increase at prices between ~$112 and ~$127. Last four years had seen consistent selling. The stake was reduced by ~50% over that period at prices between ~$103 and $190. The stock currently trades at ~$168. This quarter also saw a ~5% trimming.Nielsen Holdings (NLSN): The ~2% NLSN stake was purchased in 2017 at prices between ~$36 and ~$45. Next year saw a ~60% stake increase at prices between $22 and $37.50 and that was followed with a ~45% further increase over the last four quarters at prices between $19.50 and $27. The stock currently trades well below the low end of their purchase price ranges at $15.12. This quarter also saw a ~5% trimming.Jones Lang LaSalle (JLL): The 1.42% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. The last decade had also seen consistent selling almost every year while the last four quarters saw a combined ~10% stake increase. The stock currently trades at ~$109. There was marginal trimming this quarter.Aflac Inc. (AFL), Amdocs Ltd. (DOX), Bio-Rad Laboratories (BIO), CBRE Group (CBRE), Charles River Laboratories (CRL), China Mobile (CHL), Generac Holdings (GNRC), Houlihan Lokey (HLI), Illinois Tool Works (ITW), Littelfuse Inc. (LFUS), Masco Corp. (MAS), MTS Systems (MTSC), Molson Coors (TAP), Nokia Corp (NOK), Omnicom Group (OMC), Progressive Corp (PGR), Schlumberger Ltd. (SLB), Simpson Manufacturing (SSD), Stanley Black & Decker (SWK), Tegna Inc. (TGNA), Willis Towers Watson (WLTW), Western Union (WU), and Zimmer Biomet Holdings (ZBH): These small positions (less than ~1% of the portfolio each) were reduced during the quarter.Kept Steady:None.Note: Although the position sizes relative to the 13F portfolio are very small, Ariel Investments have significant ownership stakes in the following small-cap businesses: 180 degree capital (TURN), Acacia Research (ACTG), Alithya Group (ALYA), Ballantyne Strong (BTN), Brink’s Co (BCO), CarMax (KMX), Capital Southwest (CSWC), Cumberland Pharma (CPIX), Cowen Inc. (COWN), Century Casinos (CNTY), Emcore (EMKR), GAIA Inc. (GAIA), GSI Technology (GSIT), Kindred Biosciences (KIN), Lake Industries (LAKE), Lazard Ltd. (LAZ), MTS Systems (MTSC), Mitcham Industries (MIND), Orion Energy (OESX), Perceptron (PRCP), RealNetworks (RNWK), Rubicon Technology (RBCN), Strattec Security (STRT), Synacor (SYNC), and U.S. Silica Holdings (SLCA).Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q1 2020:Regulatory filings thru 3/18/2020: 13G/As – 2/14/2020: KIN – 1.78M shares – 4.6% of business, GLAE – Glassbridge Enterprises – 3883 shars – 15.4% of business, GAIA – 803K shares – 6.4% of business, EMKR – Emcore - 982K shares – 3.4% of business, CVU – CPI Aerostructures – 207K shares – 1.7% of business, CSWC – Capital Southwest – 161K shares – 0.9% of business, CPIX – Cumberland Pharma – 1M shares – 6.7% of business, COWN – Cowen Inc. – 718K shares – 2.5% of business, CNTY – Century Casinos - 1.2M shares – 4.1% of business, BTN – Ballantyne Strong – 3.37M shares – 23.2% of business, ALOT – Atronova – 340K shares – 4.8% of business, ACTG – Acacia Research – 2.2M shares – 4.4% of business, TURN – 180 degree capital – 2.98M shares – 9.6% of business, STRT – Strattec Security – 230.5K shares – 6.1% of business, SLCA – U.S. Silica Holdings – 10.8M shares – 14.7% of business, RNWK – RealNetworks – 6M shares – 15.8% of business, RBCN – Rubicon Technology – 78K shares – 2.9% of business, PRCP – Perceptron – 1.1M shares – 11.5% of business, OESX – Orion Energy – 436k shares – 1.4% of business, MTSC – MTS Systems – 1.44M shares – 7.5% of business, MSGN – MSG Networks – 8.7M shares – 18.7% of business, MIND – Mitcham Industries – 2.87M shares – 23.6% of business, LAZ – 5.45M shares – 5.2% of business, KMT – Kennametal – 5.75M shares – 6.9% of business. 13G/As – 2/10: LAKE – Lakeland Industries – 139K shares – 1.7% of business, 541K shares – 6.85 of business, 13G/As – 1/10: SYNC – Syancor – 1.34M shares – 3.4% of business, GSIT – GSI Technology – 549K shares – 2.4% of business, 13G/A – 12/10 – ALYA – Alithya Group – 1.04M shares – 2.1% of business."

"Tracking John Rogers’ Ariel Investments Portfolio – Q4 2019 Update"

"Ariel Investments’ 13F portfolio value increased from $7.51B to $7.97B this quarter.They increased Nielson Holdings while dropping Thermo Fisher Scientific during the quarter.The top three positions are Microsoft, Philip Morris, and Baidu and they add up to ~12% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory filed on 02/14/2020. John Rogers’ 13F portfolio value increased ~6% from $7.51B to $7.97B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 68 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corp, Philip Morris, Baidu Inc., Lazard Ltd., and Kennametal Inc. They add up to ~17% of the portfolio.John Rogers founded Ariel Investments in 1983 as a small and mid-cap value investment firm. They currently have ~$13B under management. The assets are now distributed among several mutual funds and separately managed accounts with the bulk invested in the small and mid-cap areas. Their flag ship mutual fund is the Ariel Fund (ARGFX) incepted in 1986. Ariel Fund has produced alpha during its lifetime – 11.02% annualized return compared to 10.72% for the Russell 2500 Index and 10.56% for the S&P 500 Index. It has however underperformed in the most recent 10-year period. The other mutual funds in the group are Ariel Appreciation Fund (CAAPX), Ariel Focus Fund (ARFFX), Ariel International Fund (AINTX), and Ariel Global Fund (AGLOX).Note: Some of the top holdings in their International and Global funds are not in the 13F report as they are not 13F securities. They are Deutsche Boerse AG (DBOEY), Roche Holding AG (RHHBY), Nintendo Company (NTDOY), Koninklijke Ahold Delhaize (ADRNY), Michelin (MGDDY), NTT Docomo (DCMYY), Nippon Telegraph & Telephone (NTTYY).New Stakes:None.Stake Disposals:Thermo Fisher Scientific (TMO) and Viacom (VIAB): TMO was a huge position first purchased in 2006 at prices between ~$30 and ~$45. By EOY 2018, that original stake was sold down from 3.4M shares to just over 180K shares thru periodic selling. Last four quarters saw the remaining stake disposed at prices between $220 and $328. The stock currently trades at $281. Ariel Investments harvested huge long-term gains. The Viacom stake got disposed as CBS Corporation merged with Viacom to form ViacomCBS (exchange ratio 1:0.59625) in an all-stock transaction that closed in December.Stake Increases:Philip Morris (PM): A very small position in PM was first purchased in 2013. By 2017, the position was built to a ~1M share stake. Next year saw the position increased by ~220% at prices between $66 and $110. Last four quarters have seen another ~20% stake increase at prices between $70 and $91. The stock currently trades near the low end of those ranges at $66.43 and it is a top-three stake at ~4% of the portfolio.Kennametal Inc. (KMT): KMT is a top-five 2.66% of the portfolio position. It was established in 2014 at prices between $34 and $52. The position has seen minor buying over the years. Last four quarters saw a ~6% stake increase. The stock currently trades at well below their purchase price ranges at $17.69.Note: Ariel Investments has a ~7% ownership stake in Kennametal Inc.Interpublic Group (IPG): The 2.63% IPG stake is a very long-term position that goes back almost two decades. It was first purchased in 2001 and the position was built to over 41M shares by 2005 at prices between $9 and $42. Since then, the stake has wavered. Recent activity follows: 2018 saw a ~20% selling at prices between $20 and $25. Last four quarters have seen a ~40% stake increase at prices between $19.50 and $24. The stock currently trades at $14.10.KKR & Company (KKR): KKR is a ~2% of the portfolio position purchased in 2011 at prices between $10.50 and $19. The position has remained relatively steady over the years although most quarters have seen minor adjustments. Last four quarters saw a ~4% stake increase. The stock currently trades at $20.60.ViacomCBS Inc. (VIAC) previously CBS Corporation (CBS): The original CBS position goes back to 2006 when around 6.2M shares were purchased at prices between $24 and $32. The position size peaked at over 13M shares in 2008. That year saw a ~175% stake increase at prices between $5 and $25. Last December, CBS Corporation merged with Viacom to form ViacomCBS. Ariel Investments also had a position in Viacom for which they got shares in the combined business in the ratio 1:0.59625. Including that, the quarter saw a minor stake increase during the quarter. The stock is currently at $12.62.Snap-On Inc. (SNA): SNA is a ~2% of the portfolio stake purchased in 2012 at prices between ~$52 and ~$80. Next year saw a ~50% stake increase at prices between ~$80 and ~$110. The next few years saw minor selling while last year there was a ~12% stake increase. The stock currently trades at $107.Gilead Sciences (GILD): A very small stake in GILD was first purchased in 2012. The position has seen consistent increases every year since. 2014-2015 and 2017 saw bulk buying at prices between ~$65 and ~$120. The stock currently trades at $78.55.Nielsen Holdings (NLSN): The ~2% NLSN stake was purchased in 2017 at prices between ~$36 and ~$45. Next year saw a ~60% stake increase at prices between $22 and $37.50 and that was followed with a ~45% further increase over the last four quarters at prices between $19.50 and $27. The stock currently trades well below the low end of their purchase price ranges at $15.14.MSG Networks (MSGN): The MSG Networks position goes back to 2011 when the company was called Madison Square Garden. It was established at prices between $6.75 and $8.50. 2013 saw a one-third selling at prices between $13.50 and $19. Following the Madison Square Garden split-off in 2015, the position was increased from ~1.6M shares to almost 9M shares by 2017 at prices between ~$15 and ~$26. Next year saw a ~23% reduction at prices between ~$19 and ~$27 while the last four quarters saw a similar increase at prices between ~$14 and ~$25. The stock is currently at $12.14.Jones Lang LaSalle (JLL): The 1.77% JLL position is a very long-term stake first purchased in 2001. Next year saw a huge stake build-up at prices between ~$14.50 and ~$25. The position has seen selling since 2004. The bulk of the selling happened in 2006 at prices between ~$55 and ~$93. The last decade had also seen consistent selling almost every year while the last four quarters saw a combined ~10% stake increase. The stock currently trades at ~$100.Johnson & Johnson (JNJ), Berkshire Hathaway (BRK.B), Charles River Laboratories (CRL), BOK Financial (BOKF), Tegna Inc. (TGNA), Molson Coors (TAP), Mohawk Industries (MHK), Verizon Communications (VZ), Royal Caribbean Cruises (RCL), and BorgWarner Inc. (BWA): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Bio-Rad Laboratories (BIO), Littelfuse Inc. (LFUS), Masco Corp. (MAS), Adtalem Global Education (ATGE), The Madison Square Garden (MSG), Affiliated Managers Group (AMG), Brink’s Co (BCO), National Oilwell Varco (NOV), Western Union (WU), and CarMax (KMX): These very small (less than ~1% of the portfolio each) positions saw increases during the quarter.Stake Decreases:Microsoft Corp (MSFT): MSFT is currently the top position at 4.14% of the 13F portfolio. It was a very small stake first purchased in 2010. The 2013-2015 timeframe saw a 2.2M share build-up at prices between ~$26 and ~$56. Since then, the stake has wavered. Recent activity follows: last four quarters have seen a ~22% reduction at prices between ~$100 and $160. The stock currently trades at $143.Baidu Inc. (BIDU): BIDU is a top-three position at ~3% of the 13F portfolio. It was established in 2013 with the bulk of the current position purchased in 2015 at prices between ~$134 and ~$234. The interim years had seen minor buying and in 2018 there was a ~25% increase at prices between $157 and $273. Q1 to Q3 2019 saw another one-third increase at prices between ~$97 and ~$142. The stock currently trades at $89.62. This quarter saw minor trimming.Lazard Ltd. (LAZ): LAZ is a top-five 2.73% of the portfolio position first purchased in 2009 at prices between ~$19 and ~$38. Next year saw a stake-tripling at prices between ~$25 and ~$36. The interim period saw further buying but in 2014 there was a ~25% selling at prices between ~$39 and ~$50. Since then, the stake has remained relatively steady although adjustments were made every quarter. Last year saw a ~15% combined increase at prices between ~$31 and ~$40.50. The stock is now at $24.90.Note: Ariel Investments have a ~5% ownership stake in Ariel Investments.First American Financial (FAF): FAF is a 2.63% of the portfolio stake established in 2011 at prices between ~$11 and ~$17. 2013 also saw a ~25% stake increase at prices between ~$21 and ~$28. The stake has seen consistent reductions since 2015. Recent activity follows: last four quarters have seen a ~20% selling at prices between ~$45 and ~$64. The stock is now at $37.43.Stericycle Inc. (SRCL): SRCL is a 2.62% of the portfolio position established in Q1 2018 at prices between ~$58 and ~$76. The bulk of the current stake was purchased in H2 2018 at prices between ~$36.50 and ~$71. The stock currently trades at $48.85. Last four quarters have seen a ~10% trimming.Mattel Inc. (MAT): The 2.60% MAT position was first purchased in 2016 at prices between ~$25 and ~$34. Next year saw a stake doubling at prices between ~$13 and ~$30.50. 2018 also saw a one-third stake increase at prices between ~$9.50 and ~$18. Q1 2019 saw a ~12% trimming while the next two quarters saw another one-third increase at prices between ~$9.50 and ~$14.50. The stock currently trades at $8.50.Northern Trust (NTRS): NTRS is a 2.38% very long-term position first purchased in 2002. The 2002-2004 timeframe saw a ~10M share stake built at prices between ~$30 and ~$60. The position has since been sold down. The bulk of the selling was in the 2005-2007 timeframe at prices between ~$42 and ~$81. Recent activity follows: 2018 saw a ~7% trimming at prices between ~$79 and ~$111 while the last four quarters have seen a minor increase. The stock currently trades at $67.41.Laboratory Corp (LH): LH is a ~2% of the portfolio stake first purchased in 2008 at prices between ~$60 and ~$80. That original stake was sold out in 2011 at prices between ~$73 and ~$101. 2014 saw a larger position rebuilt at prices between ~$89 and ~$111. Next year also saw a ~30% stake increase at prices between ~$112 and ~$127. Last four years have seen consistent selling. The stake was reduced by ~50% over that period at prices between ~$103 and $190. The stock currently trades at ~$115.Keysight Technologies (KEYS), Zebra Technology (ZBRA), CBRE Group (CBRE), Simpson Manufacturing (SSD), Stanley Black & Decker (SWK), and Aflac Inc. (AFL): These small positions (less than ~1.5% of the portfolio each) were reduced during the quarter.Zimmer Biomet Holdings (ZBH), Knowles Corp (KN), Amdocs Ltd. (DOX), Schlumberger Ltd. (SLB), MTS Systems (MTSC), Progressive Corp (PGR), Nokia Corp (NOK), US Silica Holdings (SLCA), Pioneer Natural Resources (PNQ), GlaxoSmithKline plc (GSK), Willis Towers Watson (WLTW), Houlihan Lokey (HLI), Omnicom Group (OMC)m and Janus Henderson Group (JHG): These very small positions (less than ~1% of the portfolio each) were reduced during the quarter.Quest Diagnostics (DGX), Illinois Tool Works (ITW), Generac Holdings (GNRC), China Mobile (CHL), Cardinal Health (CAH), Fluor Corp (FLR), and Anixter International (AXE): These minutely small (less than ~0.5% of the portfolio each) stakes were reduced this quarter.Kept Steady:None.Note: Although the position sizes relative to the 13F portfolio are very small, Ariel Investments have significant ownership stakes in the following small-cap businesses - 4.6% of Kindred Biosciences (KIN), 15.4% of Glassbridge Enterprises (GLAE), 6.4% of GAIA Inc. (GAIA), 3.4% of Emcore (EMKR), 1.7% of CPI Aerostructures (CVU), ~1% of Capital Southwest (CSWC), 6.7% of Cumberland Pharma (CPIX), 2.5% of Cowen Inc. (COWN), 4.1% of Century Casinos (CNTY), 23.2% of Ballantyne Strong (BTN), 4.8% of Atronova (ALOT), 4.4% of Acacia Research (ACTG), 9.6% of 180 degree capital (TURN), 6.1% of Strattec Security (STRT), 14.7% of U.S. Silica Holdings (SLCA), 15.8% of RealNetworks (RNWK), 2.9% of Rubicon Technology (RBCN), 11.5% of Perceptron (PRCP), 1.4% of Orion Energy (OESX), 7.5% of MTS Systems (MTSC), 18.7% of MSG Networks (MSGN), 23.6% of Mitcham Industries (MIND), 5.2% of Lazard Ltd. (LAZ), 6.9% of Kennametal Inc. (KMT), 1.7% of Lake Industries (LAKE), 3.4% of Synacor (SYNC), 2.4% of GSI Technology (GSIT), and 2.1% of Alithya Group (ALYA).Below is a spreadsheet that shows the changes to John Rogers’ Ariel Investments 13F portfolio holdings as of Q4 2019:"

"Tracking Mario Gabelli’s Gabelli Funds 13F Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Gabelli Funds’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/14/2023. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2023.GAMCO’s (GAMI) (GGN) (GNT) Assets Under Management (AUM) is at around $35B. Their 13F portfolio is diversified with over 1200 positions in recent reports. Around 40 of them are sized above 0.5% of the portfolio and they are the focus of this article.This quarter, Gabelli Funds’ (GAB) (GDV) (GUT) (GGT) (GLU) (GRX) (GCV) 13F portfolio value remained almost steady at $13.20B. The top five holdings are at ~7% of the 13F assets: NextEra Energy, Microsoft, MasterCard, Ametek, and Genuine Parts Company.Stake Increases:American Express (AXP): AXP is a 1.11% long-term position that saw a ~50% selling over the 2017-2020 timeframe at prices between ~$74 and ~$135. The seven quarters through Q3 2022 saw a ~17% further reduction at prices between ~$114 and ~$198. The stock is now at ~$159. The last three quarters saw only minor adjustments.National Fuel Gas (NFG): The ~1% of the portfolio NFG stake was built in the 2011-12 timeframe at prices between ~$43 and ~$75. The stake had seen minor trimming since. The ten quarters through Q2 2022 saw a ~25% reduction at prices between ~$38 and ~$74. The stock currently trades at $52.73. The last four quarters have seen only minor adjustments.Diageo plc (DEO): DEO was a fairly large stake that has been sold down over the last decade through minor trimming in most quarters. Recent activity follows. 2020 saw a ~12% selling at prices between ~$110 and ~$171. The stock is now at ~$167 and the stake is at 0.76% of the portfolio. The last several quarters saw only minor adjustments.Amazon.com (AMZN): AMZN is a very long-term stake. The original position was sold down in 2011 and rebuilt in the 2013-14 timeframe in the mid-teens price-range. The stake has wavered. Recent activity follows. 2020 saw a ~10% stake increase at prices between ~$89 and ~$170. The six quarters through Q2 2022 had seen a similar increase at prices between ~$104 and ~$185 through consistent buying in most quarters. The stock is now at ~$134 and the stake is at 0.70% of the portfolio. The last two quarters saw minor increases.CNH Industrial (CNHI), Herc Holdings (HRI), Madison Square Garden Sports (MSGS), Meta Platforms (META), Southwest Gas Holdings (SWX), and Textron Inc. (TXT): These very small (less than ~0.75% of the portfolio each) stakes saw minor increases this quarter.Stake Decreases:NextEra Energy (NEE): NEE is currently the largest 13F position at 1.60% of the portfolio. It was built during 2011 in the low-teens price range. The next several years saw minor trimming at higher prices. 2020 saw an about turn: ~250% stake increase at prices between ~$48 and ~$77. The five quarters through Q1 2022 had seen a ~10% trimming at prices between ~$71 and ~$93. The two quarters through Q3 2022 saw a ~16% stake increase at prices between ~$69 and ~$91. The stock currently trades at $67.52. There was minor trimming in the last three quarters.Microsoft Corp (MSFT): MSFT is a 1.57% long-term stake. The last major activity was in the 2011-12 timeframe when there was a ~20% reduction in the high-20s. There has been minor selling since. There was a ~10% reduction last quarter at prices between ~$222 and ~$288. The stock currently trades at ~$322. This quarter saw a ~3% trimming.MasterCard Inc. (MA): The 1.42% of the portfolio MA stake saw a ~47% selling during the 2016-20 timeframe at prices between ~$85 and ~$365. 2021-22 timeframe also saw a ~17% reduction at prices between ~$283 and ~$393. The stock currently trades at ~$398. They are harvesting gains. There was marginal trimming in the last two quarters.Ametek Inc. (AME): AME is a 1.31% of the portfolio position built in the 2011-12 timeframe at prices between ~$22 and ~$40. Since 2015, there has been a ~50% selling at prices between ~$44 and ~$162. The stock is now at ~$155. They are harvesting gains.Genuine Parts Company (GPC): GPC is a 1.21% of the portfolio stake built in 2011 in the high-50s price-range. Recent activity follows. The last two years saw a ~10% trimming. The stock is now at ~$153.Alphabet Inc. (GOOG): GOOG is currently at 1.20% of the portfolio. It was established in 2016 at prices between ~$34 and ~$40. The position has wavered. Recent activity follows. The seven quarters through Q3 2022 saw a ~20% trimming at prices between ~$87 and ~$150. That was followed with a ~40% reduction next quarter at prices between ~$83.50 and ~$105. The last quarter saw the stake rebuilt at prices between ~$87 and ~$109. The stock currently trades at ~$130. There was a minor ~2% trimming this quarter.Deere & Company (DE): DE is a 1.18% of the portfolio long-term stake. The period since 2010 saw the original position reduced by ~80% at prices between ~$75 and ~$445. The stock is currently at ~$385. They are harvesting gains. There was a ~4% trimming this quarter.GATX Corp. (GATX): GATX has been in the portfolio for well over a decade. 2011 saw a roughly one-third stake increase at prices between ~$31 and ~$44. The 2014-16 timeframe saw a ~11% selling at prices between ~$36 and ~$63. The period since 2018 has seen another ~27% reduction at prices between ~$55 and ~$129. The stock is now at ~$118.Apple Inc. (AAPL): AAPL is a long term 1.14% of the portfolio stake. 2016 saw a ~50% stake increase in the mid-20s price range. 2017-2019 timeframe saw a ~60% reduction at prices between ~$30 and ~$74. Since then, the activity had been minor. There was a one-third reduction over the last three quarters at prices between ~$126 and ~$175. The stock currently trades at ~$177. This quarter saw marginal trimming.Sony Group (SONY): The ~1% of the portfolio SONY stake was built in the 2013-14 timeframe at prices between ~$11 and ~$22. Since 2019, there have been a 44% selling at prices between ~$53 and ~$126. The stock currently trades at ~$82. They are harvesting gains.Newmont Corporation (NEM): NEM is a 0.77% of the portfolio long-term stake that has been in the portfolio for well over a decade. The position has wavered. Recent activity follows. Q2 2020 saw a ~12% selling at prices between ~$47 and ~$68. The last three years have seen only minor adjustments. The stock currently trades at $38.60.Honeywell International (HON): HON is a 0.65% of the portfolio long-term stake that has seen selling since 2015. The 2016-2019 timeframe saw a combined ~55% reduction at prices between ~$104 and ~$182. Next year saw another ~38% selling at prices between ~$113 and ~$215. 2021 had also seen minor trimming while H1 2022 saw a marginal increase. The stock currently trades at ~$186. There was minor trimming in the last four quarters.Crane Holdings Company (CR): The 0.58% of the portfolio CR stake is a long-term position. The sizing peaked at ~1.35M shares in 2011 but has seen selling since. Recent activity follows. There was a ~13% selling in 2020 at prices between ~$40 and ~$88. The stock is now at $85.77. The last several quarters saw minor trimming.American Electric Power (AEP), Aerojet Rocketdyne (AJRD), Bank of New York Mellon (BK), Berkshire Hathaway (BRK.B), Brown Forman (BF.B), Evergy Inc. (EVRG), Eversource Energy (ES), Exxon Mobil (XOM), Lennar Holdings (LEN.B), Mondelez International (MDLZ), Mueller Industries (MLI), O’Reilly Automotive (ORLY), PNM Resources (PNM), Republic Services (RSG), WEC Energy Group (WEC), and Xylem Inc. (XYL): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:AES Corporation (AES): AES is a 0.59% of the portfolio long-term stake that has remained remarkably steady although adjustments were made in most quarters. The stock currently trades at $17.96.The spreadsheet below highlights changes to Gabelli Funds’ 13F holdings in Q2 2023:Source: John Vincent. Data constructed from Gabelli Funds’ 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 2/24/2023 to 5/18/2023: None."

"Tracking Mario Gabelli’s Gabelli Funds 13F Portfolio – Q1 2023 Update"

"Gabelli Funds’ 13F portfolio value increased from $12.87B to $13.19B this quarter.They increased Alphabet while decreasing Microsoft Corporation.The top five positions are NextEra Energy, Microsoft, MasterCard, Ametek, and Deere & Company, and they add up to ~7% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Gabelli Funds’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/12/2023. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2022.GAMCO’s (GAMI) (GGN) (GNT) Assets Under Management (AUM) is at around $35B. Their 13F portfolio is diversified with over 1200 positions in recent reports. Around 43 of them are sized above 0.5% of the portfolio and they are the focus of this article.This quarter, Gabelli Funds’ (GAB) (GDV) (GUT) (GGT) (GLU) (GRX) (GCV) 13F portfolio value increased ~3% from $12.87B to $13.19B. The top five holdings are at ~7% of the 13F assets: NextEra Energy, Microsoft, MasterCard, Ametek, and Deere & Company.Stake Increases:National Fuel Gas (NFG): The ~1% of the portfolio NFG stake was built in the 2011-12 timeframe at prices between ~$43 and ~$75. The stake had seen minor trimming since. The ten quarters through Q2 2022 saw a ~25% reduction at prices between ~$38 and ~$74. The stock currently trades at ~$52. The last three quarters have seen only minor adjustments.Alphabet Inc. (GOOG): GOOG is currently at ~1% of the portfolio. It was established in 2016 at prices between ~$34 and ~$40. There had been minor selling since. Recent activity follows. The seven quarters through Q3 2022 saw a ~20% trimming at prices between ~$87 and ~$150. That was followed with a ~40% reduction last quarter at prices between ~$83.50 and ~$105. This quarter saw the stake rebuilt at prices between ~$87 and ~$109. The stock currently trades at ~$123.Diageo plc (DEO): DEO was a fairly large stake that has been sold down over the last decade through minor trimming in most quarters. Recent activity follows. 2020 saw a ~12% selling at prices between ~$110 and ~$171. The stock is now at ~$179 and the stake is at 0.78% of the portfolio. The last several quarters saw only minor adjustments.Amazon.com (AMZN): AMZN is a very long-term stake. The original position was sold down in 2011 and rebuilt in the 2013-14 timeframe in the mid-teens price-range. The stake has wavered. Recent activity follows. 2020 saw a ~10% stake increase at prices between ~$89 and ~$170. The six quarters through Q2 2022 had seen a similar increase at prices between ~$104 and ~$185 through consistent buying in most quarters. The stock is now at ~$116 and the stake is at 0.56% of the portfolio. There was a ~7% trimming in the last two quarters while this quarter saw a marginal increase.AES Corporation (AES): AES is a 0.68% of the portfolio long-term stake that has remained remarkably steady although adjustments were made in most quarters. The stock currently trades at $20.81.AES Corp (AES), CNH Industrial (CNHI), Eversource Energy (ES), Madison Square Garden Sports (MSGS), PNM Resources (PNM), Southwest Gas Holdings (SWX) and Textron Inc. (TXT): These two very small (less than ~0.75% of the portfolio each) stakes saw minor increases this quarter.Stake Decreases:NextEra Energy (NEE): NEE is currently the largest 13F position at 1.72% of the portfolio. It was built during 2011 in the low-teens price range. The next several years saw minor trimming at higher prices. 2020 saw an about turn: ~250% stake increase at prices between ~$48 and ~$77. The five quarters through Q1 2022 had seen a ~10% trimming at prices between ~$71 and ~$93. The two quarters through Q3 2022 saw a ~16% stake increase at prices between ~$69 and ~$91. The stock currently trades at $74.48. There was minor trimming in the last two quarters.Microsoft Corp (MSFT): MSFT is a 1.36% long-term stake. The last major activity was in the 2011-12 timeframe when there was a ~20% reduction in the high-20s. There had been minor selling since. There was a ~10% reduction this quarter at prices between ~$222 and ~$288. The stock currently trades at ~$318.MasterCard Inc. (MA): The 1.32% of the portfolio MA stake saw a ~47% selling during the 2016-20 timeframe at prices between ~$85 and ~$365. 2021-22 timeframe also saw a ~17% reduction at prices between ~$283 and ~$393. The stock currently trades at ~$386. They are harvesting gains. There was marginal trimming this quarter.Ametek Inc. (AME): AME is a 1.31% of the portfolio position built in the 2011-12 timeframe at prices between ~$22 and ~$40. Since 2015, there has been a ~40% selling at prices between ~$44 and ~$148. The stock is now at ~$148. They are harvesting gains.Deere & Company (DE): DE is a 1.25% of the portfolio long-term stake. The last decade has seen consistent selling every year. The period since 2010 saw the original position reduced by ~80% at prices between ~$75 and ~$445. The stock is currently at ~$364. They are harvesting gains. There was marginal trimming this quarter.Genuine Parts Company (GPC): GPC is a 1.21% of the portfolio stake built in 2011 in the high-50s price-range. Recent activity follows. The last seven quarters saw a ~8% trimming. The stock is now at ~$165.American Express (AXP): AXP is a ~1% long-term position that saw a ~50% selling over the 2017-2020 timeframe at prices between ~$74 and ~$135. The seven quarters through Q3 2022 saw a ~17% reduction at prices between ~$114 and ~$198. The stock is now at ~$153. The last two quarters saw only minor adjustments.Sony Group (SONY): The ~1% of the portfolio SONY stake was built in the 2013-14 timeframe at prices between ~$11 and ~$22. Since 2019, there have been a 43% selling at prices between ~$42 and ~$126. The stock currently trades at ~$98. They are harvesting gains.GATX Corp. (GATX): GATX has been in the portfolio for well over a decade. 2011 saw a roughly one-third stake increase at prices between ~$31 and ~$44. The 2014-16 timeframe saw a ~11% selling at prices between ~$36 and ~$63. The period since 2018 has seen another ~24% reduction at prices between ~$55 and ~$125. The stock is now at ~$114.Apple Inc. (AAPL): AAPL is a long term ~1% of the portfolio stake. 2016 saw a ~50% stake increase in the mid-20s price range. 2017-2019 timeframe saw a ~60% reduction at prices between ~$30 and ~$74. Since then, the activity had been minor. There was a one-third reduction over the last three quarters at prices between ~$126 and ~$175. The stock currently trades at ~$175.Newmont Corporation (NEM): NEM is a 0.90% of the portfolio long-term stake that has been in the portfolio for well over a decade. The position has wavered. Recent activity follows. Q2 2020 saw a ~12% selling at prices between ~$47 and ~$68. The last eleven quarters have seen only minor adjustments. The stock currently trades at $43.66.Crane Holdings Company (CR): The 0.76% of the portfolio CR stake is a long-term position. The sizing peaked at ~1.35M shares in 2011 but has seen selling since. Recent activity follows. There was a ~13% selling in 2020 at prices between ~$40 and ~$88. The stock is now at $74.45. The last several quarters saw minor trimming.Honeywell International (HON): HON is a 0.61% of the portfolio long-term stake that has seen selling since 2015. The 2016-2019 timeframe saw a combined ~55% reduction at prices between ~$104 and ~$182. Next year saw another ~38% selling at prices between ~$113 and ~$215. 2021 had also seen minor trimming while H1 2022 saw a marginal increase. The stock currently trades at ~$197. There was minor trimming in the last three quarters.Liberty Global (LBTYK): LBTYK is a 0.53% of the portfolio stake. The bulk of the current stake was built in 2014 at prices between ~$30 and ~$40. It was sold down by ~30% next year at prices between ~$33 and ~$43. The last major activity was a ~16% stake increase in H2 2021 at prices between ~$25 and ~$30. The stock is now at $17.81. There was minor trimming in the last few quarters.Aerojet Rocketdyne (AJRD), Bank of New York Mellon (BK), Berkshire Hathaway (BRK.B), Brown Forman (BF.B), Chevron Corp (CVX), ConocoPhillips (COP), CVS Health (CVS), Evergy Inc. (EVRG), Exxon Mobil (XOM), Herc Holdings (HRI), Lennar Holdings (LEN.B), Mueller Industries (MLI), Mondelez International (MDLZ), Republic Services (RSG), WEC Energy Group (WEC), and Xylem Inc. (XYL): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:American Electric Power (AEP) and O’Reilly Automotive (ORLY): These two very small (less than ~0.60% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Gabelli Funds’ 13F holdings in Q1 2023:Source: John Vincent. Data constructed from Gabelli Funds’ 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/10/2022 to 2/24/2023: None.3/1/2023: Note: Add Gamco Investors (GAMI) and all other Gabelli and Gamco related tickers from the next round. Some of them have a fixed payment and so it is beneficial on that count as well."

"Tracking Mario Gabelli’s Gabelli Funds 13F Portfolio – Q4 2022 Update"

"Gabelli Funds’ 13F portfolio value increased from $12.13B to $12.87B this quarter.They decreased Apple, Alphabet, PNM Resources, Brown Forman, UnitedHealth, and Verizon during the quarter.The top five positions are NextEra Energy, Deere & Company, MasterCard, Genuine Parts Company, and Ametek, and they add up to ~7% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Gabelli Funds’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 2/13/2023. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2022.Assets Under Management (AUM) is at around $33B. Their 13F portfolio is diversified with over 1200 positions in recent reports. Around 47 of them are sized above 0.5% of the portfolio and they are the focus of this article.This quarter, Gabelli Funds’ 13F portfolio value increased ~6% from $12.13B to $12.87B. The top five holdings are at ~7% of the 13F assets: NextEra Energy, Deere & Company, MasterCard, Genuine Parts Company, and Ametek.Stake Disposals:Allegheny Corp: The small 0.57% stake in Allegheny was eliminated as the $848.02 per share cash deal by Berkshire Hathaway closed last October.Stake Increases:American Express (AXP): AXP is a ~1% long-term position that saw a ~50% selling over the 2017-2020 timeframe at prices between ~$74 and ~$135. Last seven quarters saw a ~17% reduction at prices between ~$114 and ~$198. The stock is now at ~$176. There was a marginal increase this quarter.Southwest Gas Holdings (SWX) and Textron Inc. (TXT): These two very small (less than ~0.60% of the portfolio each) stakes saw minor increases this quarter.Stake Decreases:NextEra Energy (NEE): NEE is currently the largest 13F position at 1.94% of the portfolio. It was built during 2011 in the low-teens price range. The next several years saw minor trimming at higher prices. 2020 saw an about turn: ~250% stake increase at prices between ~$48 and ~$77. The five quarters through Q1 2022 had seen a ~10% trimming at prices between ~$71 and ~$93. Last two quarters saw a ~16% stake increase at prices between ~$69 and ~$91. The stock currently trades at ~$70. There was a minor 2% trimming this quarter.Deere & Company (DE): DE is a 1.34% of the portfolio long-term stake. The last decade has seen consistent selling every year. The period since 2010 saw the original position reduced by ~80% at prices between ~$75 and ~$445. The stock is currently at ~$420. They are harvesting gains.MasterCard Inc. (MA): The 1.31% of the portfolio MA stake saw a ~47% selling during the 2016-20 timeframe at prices between ~$85 and ~$365. Last two years have also seen a ~17% reduction at prices between ~$283 and ~$393. The stock currently trades at ~$354. They are harvesting gains.Genuine Parts Company (GPC): GPC is a 1.31% of the portfolio stake built in 2011 in the high-50s price-range. The stake had seen trimming since. Last six quarters have seen a ~7% trimming. The stock is now at ~$170.Ametek Inc. (AME): AME is a 1.30% of the portfolio position built in the 2011-12 timeframe at prices between ~$22 and ~$40. Since 2015, there has been a ~40% selling at prices between ~$44 and ~$148. The stock is now at ~$142. They are harvesting gains. There was marginal trimming this quarter.Microsoft Corp (MSFT): MSFT is a 1.29% long-term stake. Last major activity was in the 2011-12 timeframe when there was a ~20% reduction in the high-20s. There has been minor selling since. Last two years have seen a ~8% trimming. The stock currently trades at ~$246.National Fuel Gas (NFG): The 1.19% of the portfolio NFG stake was built in the 2011-12 timeframe at prices between ~$43 and ~$75. The stake had seen minor trimming since. The ten quarters through Q2 2022 had seen a ~25% reduction at prices between ~$38 and ~$74. The stock currently trades at $57.41. There was marginal trimming in the last two quarters.GATX Corp. (GATX): GATX has been in the portfolio for well over a decade. 2011 saw a roughly one-third stake increase at prices between ~$31 and ~$44. The 2014-16 timeframe saw a ~11% selling at prices between ~$36 and ~$63. The period since 2018 have seen another ~23% reduction at prices between ~$55 and ~$125. The stock is now at ~$110.Sony Group (SONY): The 0.89% of the portfolio SONY stake was built in the 2013-14 timeframe at prices between ~$11 and ~$22. Since 2019, there have been a 42% selling at prices between ~$42 and ~$126. The stock currently trades at $83.63. They are harvesting gains.Newmont Corporation (NEM): NEM is a 0.88% of the portfolio long-term stake that has been in the portfolio for well over a decade. The position has wavered. Recent activity follows. Q2 2020 saw a ~12% selling at prices between ~$47 and ~$68. Last ten quarters have seen only minor adjustments. The stock currently trades at $44.10.Apple Inc. (AAPL): AAPL is a long term 0.87% of the portfolio stake. 2016 saw a ~50% stake increase in the mid-20s price range. 2017-2019 timeframe saw a ~60% reduction at prices between ~$30 and ~$74. Since then, the activity had been minor. There was a ~20% reduction over the last two quarters at prices between ~$126 and ~$175. The stock currently trades at ~$145.Diageo plc (DEO): DEO was a fairly large stake that has been sold down over the last decade through minor trimming in most quarters. Recent activity follows. 2020 saw a ~12% selling at prices between ~$110 and ~$171. The stock is now at ~$173 and the stake is at 0.77% of the portfolio. There was marginal trimming in the last two quarters.Honeywell International (HON): HON is a 0.73% of the portfolio long-term stake that has seen selling since 2015. The 2016-2019 timeframe saw a combined ~55% reduction at prices between ~$104 and ~$182. Next year saw another ~38% selling at prices between ~$113 and ~$215. 2021 had also seen minor trimming while H1 2022 saw a marginal increase. The stock currently trades at ~$193. There was marginal trimming in the last two quarters.Crane Holdings Company (CR): The 0.71% of the portfolio CR stake is a long-term position. The sizing peaked at ~1.35M shares in 2011 but has seen selling since. Recent activity follows. There was a ~13% selling in 2020 at prices between ~$40 and ~$88. The stock is now at ~$121. There was marginal trimming this quarter.Alphabet Inc. (GOOG): GOOG is currently the largest 13F position at 0.58% of the portfolio. It was established in 2016 at prices between ~$34 and ~$40. There had been minor selling since. Recent activity follows. Last seven quarters had seen a ~20% trimming at prices between ~$87 and ~$150. That was followed with a ~40% reduction this quarter at prices between ~$83.50 and ~$105. The stock currently trades at ~$91.Liberty Global (LBTYK): LBTYK is a 0.53% of the portfolio stake. The bulk of the current stake was built in 2014 at prices between ~$30 and ~$40. It was sold down by ~30% next year at prices between ~$33 and ~$43. Last major activity was a ~16% stake increase in H2 2021 at prices between ~$25 and ~$30. The stock is now at $21.12. There was minor trimming in the last few quarters.Amazon.com (AMZN): AMZN is a very long-term stake. The original position was sold down in 2011 and rebuilt in the 2013-14 timeframe in the mid-teens price-range. The stake has wavered. Recent activity follows. 2020 saw a ~10% stake increase at prices between ~$89 and ~$170. The six quarters through Q2 2022 had seen a similar increase at prices between ~$104 and ~$185 through consistent buying in most quarters. The stock is now at ~$92 and the stake is at 0.46% of the portfolio. There was a ~7% trimming in the last two quarters.S&P Global Inc. (SPGI): SPGI is a 0.46% of the portfolio long-term stake. The position had been sold down through consistent trimming. The 2016-2020 timeframe saw a ~38% reduction at prices between ~$85 and ~$365. Recent activity follows. There was a ~10% stake increase in Q1 2021 at prices between ~$306 and ~$363. That was followed with a ~8% increase in Q1 2022 at prices between ~$373 and ~$461. This quarter saw a ~10% trimming at prices between ~$287 and ~$363. The stock currently trades at ~$338.Aerojet Rocketdyne (AJRD), American Electric Power (AEP), Bank of New York Mellon (BK), Berkshire Hathaway (BRK.B), Brown Forman (BF.B), Chevron Corp (CVX), CNH Industrial (CNHI), ConocoPhillips (COP), CVS Health (CVS), Evergy Inc. (EVRG), Eversource Energy (ES), Exxon Mobil (XOM), Herc Holdings (HRI), Lennar Holdings (LEN.B), Madison Square Garden Sports (MSGS), Mondelez International (MDLZ), Mueller Industries (MLI), O’Reilly Automotive (ORLY), PNM Resources (PNM), Republic Services (RSG), Rollins Inc. (ROL), UnitedHealth (UNH), Verizon Inc. (VZ), WEC Energy Group (WEC), and Xylem Inc. (XYL): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:AES Corporation (AES): AES is a 0.84% of the portfolio long-term stake that has remained remarkably steady although adjustments were made in most quarters. The stock currently trades at $24.63.The spreadsheet below highlights changes to Gabelli Funds’ 13F holdings in Q4 2022:Source: John Vincent. Data constructed from Gabelli Funds’ 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/4/2022 to 11/10/2022: None."

"Tracking Mario Gabelli’s Gabelli Funds 13F Portfolio – Q3 2022 Update"

"Gabelli Funds’ 13F portfolio value decreased from $13.02B to $12.13B this quarter.They increased UnitedHealth while decreasing PNM Resources.The top five positions are NextEra Energy, Microsoft, National Fuel Gas, Genuine Parts Company, and MasterCard, and they add up to ~7% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Gabelli Funds’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 11/10/2022. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2022.Assets Under Management (AUM) is at around $33B. Their 13F portfolio is diversified with over 1400 positions in recent reports. Around 42 of them are sized above 0.5% of the portfolio and they are the focus of this article.This quarter, Gabelli Funds’ 13F portfolio decreased ~7% from $13.02B to $12.13B. The top five holdings are at ~7% of the 13F assets: NextEra Energy, Microsoft, National Fuel Gas, Genuine Parts Company, and MasterCard.Stake Increases:NextEra Energy (NEE): NEE is currently the largest 13F position at ~2% of the portfolio. It was built during 2011 in the low-teens price range. The next several years saw minor trimming at higher prices. 2020 saw an about turn: ~250% stake increase at prices between ~$48 and ~$77. The five quarters through Q1 2022 had seen a ~10% trimming at prices between ~$71 and ~$93. Last two quarters saw a ~16% stake increase at prices between ~$69 and ~$91. The stock currently trades at $84.32.Newmont Corporation (NEM): NEM is a 0.86% of the portfolio long-term stake that has been in the portfolio for well over a decade. The position has wavered. Recent activity follows. Q2 2020 saw a ~12% selling at prices between ~$47 and ~$68. Last nine quarters have seen only minor adjustments. The stock currently trades at $45.49.Paramount Global (PARA): The 0.41% of the portfolio position in PARA has been in the portfolio for well over a decade. The bulk of the current position was purchased in 2019 at prices between ~$36 and ~$53. There was a ~10% trimming next year at prices between ~$12 and ~$41. That was followed with a one-third selling in Q1 2021 at prices between ~$36 and ~$97. Since then, the activity has been minor. The stock currently trades at ~$18.Aerojet Rocketdyne (AJRD), Allegheny Corp, Bank of New York Mellon (BK), Lennar Holdings (LEN.B), Southwest Gas Holdings (SWX), and UnitedHealth (UNH): These small (less than ~0.75% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Microsoft Corp (MSFT): MSFT is a top-three 1.34% long-term stake. Last major activity was in the 2011-12 timeframe when there was a ~20% reduction in the high-20s. There has been minor selling since. Last seven quarters have seen a ~7% trimming. The stock currently trades at ~$242.National Fuel Gas (NFG): The 1.23% of the portfolio NFG stake was built in the 2011-12 timeframe at prices between ~$43 and ~$75. The stake had seen minor trimming since. Last ten quarters had seen a ~25% reduction at prices between ~$38 and ~$74. The stock currently trades at $63.40. There was marginal trimming this quarter.Genuine Parts Company (GPC): GPC is a 1.22% of the portfolio stake built in 2011 in the high-50s price-range. The stake had seen trimming since. Last four quarters have seen a ~5% trimming. The stock is now at ~$180.MasterCard Inc. (MA): The 1.15% of the portfolio MA stake saw a ~47% selling during the 2016-20 timeframe at prices between ~$85 and ~$365. Last seven quarters have also seen a ~14% reduction at prices between ~$283 and ~$393. The stock currently trades at ~$343. They are harvesting gains.Deere & Company (DE): DE is a 1.14% of the portfolio long-term stake. The last decade has seen consistent selling every year. The period since 2010 saw the original position reduced by ~75% at prices between ~$75 and ~$445. The stock is currently at ~$406. They are harvesting gains.Ametek Inc. (AME): AME is a 1.14% of the portfolio position built in the 2011-12 timeframe at prices between ~$22 and ~$40. Since 2015, there has been a ~40% selling at prices between ~$44 and ~$148. The stock is now at ~$139. They are harvesting gains. There was marginal trimming this quarter.Apple Inc. (AAPL): AAPL is a long term 1.13% of the portfolio stake. 2016 saw a ~50% stake increase in the mid-20s price range. 2017-2019 timeframe saw a ~60% reduction at prices between ~$30 and ~$74. Since then, the activity had been minor. The stock currently trades at ~$149. There was a ~6% trimming this quarter.Alphabet Inc. (GOOG): GOOG is currently the largest 13F position at 1.12% of the portfolio. It was established in 2016 at prices between ~$34 and ~$40. There has been minor selling since. Recent activity follows. Last seven quarters have seen a ~20% trimming at prices between ~$87 and ~$150. The stock currently trades at ~$99.American Express (AXP): AXP is a ~1% long-term position that saw a ~50% selling over the 2017-2020 timeframe at prices between ~$74 and ~$135. Last seven quarters have also seen a ~17% reduction at prices between ~$114 and ~$198. The stock is now at ~$153.GATX Corp. (GATX): GATX has been in the portfolio for well over a decade. 2011 saw a roughly one-third stake increase at prices between ~$31 and ~$44. The 2014-16 timeframe saw a ~11% selling at prices between ~$36 and ~$63. The period since 2018 have seen another ~22% reduction at prices between ~$55 and ~$125. The stock is now at ~$109.Sony Group (SONY): The 0.82% of the portfolio SONY stake was built in the 2013-14 timeframe at prices between ~$11 and ~$22. Since 2019, there have been a 40% selling at prices between ~$42 and ~$126. The stock currently trades at $81.14. They are harvesting gains.Diageo plc (DEO): DEO was a fairly large stake that has been sold down over the last decade through minor trimming in most quarters. Recent activity follows. 2020 saw a ~12% selling at prices between ~$110 and ~$171. Last few quarters had seen minor increases. The stock is now at ~$176 and the stake is at 0.78% of the portfolio. There was marginal trimming this quarter.AES Corporation (AES): AES is a 0.70% of the portfolio long-term stake that has remained remarkably steady although adjustments were made in most quarters. The stock currently trades at ~$28.Amazon.com (AMZN): AMZN is a very long-term stake. The original position was sold down in 2011 and rebuilt in the 2013-14 timeframe in the mid-teens price-range. The stake has wavered. Recent activity follows. 2020 saw a ~10% stake increase at prices between ~$89 and ~$170. Last six quarters had seen a similar increase at prices between ~$104 and ~$185 through consistent buying in most quarters. The stock is now at ~$97 and the stake is at 0.68% of the portfolio. There was a ~4% trimming this quarter.Honeywell International (HON): HON is a 0.60% of the portfolio long-term stake that has seen selling since 2015. The 2016-2019 timeframe saw a combined ~55% reduction at prices between ~$104 and ~$182. Next year saw another ~38% selling at prices between ~$113 and ~$215. 2021 had also seen minor trimming while the last two quarters saw a marginal increase. The stock currently trades at ~$214. There was marginal trimming this quarter.S&P Global Inc. (SPGI): SPGI is a 0.50% of the portfolio long-term stake. The position had been sold down through consistent trimming. The 2016-2020 timeframe saw a ~38% reduction at prices between ~$85 and ~$365. Recent activity follows. There was a ~10% stake increase in Q1 2021 at prices between ~$306 and ~$363. That was followed with a ~8% increase in Q1 2022 at prices between ~$373 and ~$461. The stock currently trades at ~$354. Last two quarters saw minor trimming.Liberty Global (LBTYK): LBTYK is a 0.48% of the portfolio stake. The bulk of the current stake was built in 2014 at prices between ~$30 and ~$40. It was sold down by ~30% next year at prices between ~$33 and ~$43. Last major activity was a ~16% stake increase in H2 2021 at prices between ~$25 and ~$30. The stock is now at $20.43. There was minor trimming in the last two quarters.Berkshire Hathaway (BRK.B), Brown Forman (BF.B), CNH Industrial (CNHI), CVS Health (CVS), Eversource Energy (ES), Evergy Inc. (EVRG), Mondelez International (MDLZ), Mueller Industries (MLI), PNM Resources (PNM), Republic Services (RSG), Rollins Inc. (ROL), Verizon Inc. (VZ), WEC Energy Group (WEC), and Xylem Inc. (XYL): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Crane Holdings Company (CR): The 0.66% of the portfolio CR stake is a long-term position. The sizing peaked at ~1.35M shares in 2011 but has seen selling since. Recent activity follows. There was a ~13% selling in 2020 at prices between ~$40 and ~$88. The stock is now at ~$105.American Electric Power (AEP): The very small 0.96% stake in AEP was kept steady this quarter.The spreadsheet below highlights changes to Gabelli Funds’ 13F holdings in Q3 2022:Source: John Vincent. Data constructed from Gabelli Funds’ 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 6/22/2022 to 9/4/2022: None."

"Tracking Mario Gabelli’s Gabelli Funds 13F Portfolio – Q2 2022 Update"

"Gabelli Funds’ 13F portfolio value decreased from $15.22B to $13.02B this quarter.They increased NextEra Energy while decreasing Chevron.The top five positions are NextEra Energy, Microsoft, Alphabet, National Fuel Gas, and MasterCard, and they add up to ~7% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Gabelli Funds’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/12/2022. Please visit our series to get an idea of their investment philosophy and the fund’s moves during Q1 2022.Assets Under Management (AUM) is at around $35B. Their 13F portfolio is diversified with over 1400 positions in recent reports. Around 42 of them are sized above 0.5% of the portfolio and they are the focus of this article.This quarter, Gabelli Funds’ 13F portfolio decreased ~14% from $15.22B to $13.02B. The number of holdings decreased from 1435 to 1393. The top five holdings are at ~7% of the 13F assets: NextEra Energy, Microsoft, Alphabet, National Fuel Gas, and MasterCard.Stake Increases:NextEra Energy (NEE): NEE is currently the largest 13F position at 1.65% of the portfolio. It was built during 2011 in the low-teens price range. The next several years saw minor trimming at higher prices. 2020 saw an about turn: ~250% stake increase at prices between ~$48 and ~$77. Last five quarters had seen a ~10% trimming at prices between ~$71 and ~$93. This quarter saw a ~6% stake increase. The stock currently trades at $82.82.Diageo plc (DEO): DEO was a fairly large stake that has been sold down over the last decade through minor trimming in most quarters. Recent activity follows. 2020 saw a ~12% selling at prices between ~$110 and ~$171. Last few quarters have seen minor increases. The stock is now at ~$176 and the stake is at 0.74% of the portfolio.Amazon.com (AMZN): AMZN is a very long-term stake. The original position was sold down in 2011 and rebuilt in the 2013-14 timeframe in the mid-teens price-range. The stake has wavered. Recent activity follows. 2020 saw a ~10% stake increase at prices between ~$89 and ~$170. Last six quarters have seen a similar increase at prices between ~$104 and ~$185 through consistent buying in most quarters. The stock is now at ~$121 and the stake is at 0.61% of the portfolio.AES Corporation (AES): AES is a 0.60% of the portfolio long-term stake that has remained remarkably steady although adjustments were made in most quarters. The stock currently trades at $25.27.Honeywell International (HON): HON is a 0.59% of the portfolio long-term stake that has seen selling since 2015. The 2016-2019 timeframe saw a combined ~55% reduction at prices between ~$104 and ~$182. Next year saw another ~38% selling at prices between ~$113 and ~$215. 2021 had also seen minor trimming while the last two quarters saw a marginal increase. The stock currently trades at ~$178.Paramount Global (PARA): The 0.47% of the portfolio position in PARA has been in the portfolio for well over a decade. The bulk of the current position was purchased in 2019 at prices between ~$36 and ~$53. There was a ~10% trimming next year at prices between ~$12 and ~$41. That was followed with a one-third selling in Q1 2021 at prices between ~$36 and ~$97. Since then, the activity has been minor. The stock currently trades at ~$20.Aerojet Rocketdyne (AJRD), CVS Health (CVS), Herc Holdings (HRI), and Mondelez International (MDLZ): These small (less than ~0.55% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Microsoft Corp (MSFT): MSFT is a top-three 1.42% long-term stake. Last major activity was in the 2011-12 timeframe when there was a ~20% reduction in the high-20s. There has been minor selling since. Last six quarters have seen a ~4% trimming. The stock currently trades at ~$249.Alphabet Inc. (GOOG): GOOG is currently the largest 13F position at 1.32% of the portfolio. It was established in 2016 at prices between ~$34 and ~$40. There has been minor selling since. Recent activity follows. Last six quarters have seen a ~8% trimming at prices between ~$87 and ~$150. The stock currently trades at ~$102.National Fuel Gas (NFG): The 1.23% of the portfolio NFG stake was built in the 2011-12 timeframe at prices between ~$43 and ~$75. The stake had seen minor trimming since. Last ten quarters have seen a ~25% reduction at prices between ~$38 and ~$74. The stock currently trades at $65.82.MasterCard Inc. (MA): The 1.20% of the portfolio MA stake saw a ~47% selling during the 2016-20 timeframe at prices between ~$85 and ~$365. Last six quarters have also seen a ~13% reduction at prices between ~$311 and ~$393. The stock currently trades at ~$301. They are harvesting gains.Newmont Corporation (NEM): NEM is a 1.11% of the portfolio long-term stake that has been in the portfolio for well over a decade. The position has wavered. Recent activity follows. Q2 2020 saw a ~12% selling at prices between ~$47 and ~$68. Last two years have seen only minor adjustments. The stock currently trades at $44.53.Apple Inc. (AAPL): AAPL is a long term 1.11% of the portfolio stake. 2016 saw a ~50% stake increase in the mid-20s price range. 2017-2019 timeframe saw a ~60% reduction at prices between ~$30 and ~$74. Since then, the activity has been minor. The stock currently trades at ~$146.Ametek Inc. (AME): AME is a ~1% of the portfolio position built in the 2011-12 timeframe at prices between ~$22 and ~$40. Since 2015, there has been a ~40% selling at prices between ~$44 and ~$148. The stock is now at ~$121. They are harvesting gains.Sony Group (SONY): The ~1% of the portfolio SONY stake was built in the 2013-14 timeframe at prices between ~$11 and ~$22. Since 2019, there have been a 36% selling at prices between ~$42 and ~$126. The stock currently trades at $68.24. They are harvesting gains.Deere & Company (DE): DE is a 0.96% of the portfolio long-term stake. The last decade has seen consistent selling every year. The period since 2010 saw the original position reduced by ~75% at prices between ~$75 and ~$445. The stock is currently at ~$360. They are harvesting gains.American Express (AXP): AXP is a 0.93% long-term position that saw a ~50% selling over the 2017-2020 timeframe at prices between ~$74 and ~$135. Last six quarters have also seen a ~16% reduction at prices between ~$114 and ~$198. The stock is now at ~$146.GATX Corp. (GATX): GATX has been in the portfolio for well over a decade. 2011 saw a roughly one-third stake increase at prices between ~$31 and ~$44. The 2014-16 timeframe saw a ~11% selling at prices between ~$36 and ~$63. The period since 2018 have seen another ~22% reduction at prices between ~$55 and ~$125. The stock is now at ~$90.40.Crane Holdings Company (CR): The 0.61% of the portfolio CR stake is a long-term position. The sizing peaked at ~1.35M shares in 2011 but has seen selling since. Recent activity follows. There was a ~13% selling in 2020 at prices between ~$40 and ~$88. Last six quarters have seen only minor adjustments. The stock is now at $94.92.Liberty Global (LBTYK): LBTYK is a 0.60% of the portfolio stake. The bulk of the current stake was built in 2014 at prices between ~$30 and ~$40. It was sold down by ~30% next year at prices between ~$33 and ~$43. Last major activity was a ~16% stake increase in H2 2021 at prices between ~$25 and ~$30. The stock is now at $17.84.S&P Global Inc. (SPGI): SPGI is a 0.53% of the portfolio long-term stake. The position had been sold down through consistent trimming. The 2016-2020 timeframe saw a ~38% reduction at prices between ~$85 and ~$365. Recent activity follows. There was a ~10% stake increase in Q1 2021 at prices between ~$306 and ~$363. That was followed with a ~8% increase last quarter at prices between ~$373 and ~$461. The stock currently trades at ~$324. This quarter saw marginal trimming.Chevron Corp (CVX): CVX is a 0.45% long-term position that had seen consistent selling over the last several years. There was a ~17% selling this quarter at prices between ~$142 and ~$181. The stock currently trades at ~$158.Bank of New York Mellon (BK), Brown Forman (BF.B), CNH Industrial (CNHI), Evergy Inc. (EVRG), Eversource Energy (ES), Genuine Parts Company (GPC), Lennar Holdings (LEN.B), Mueller Industries (MLI), Meta Platforms (META), Nvidia Corp (NVDA), PNM Resources (PNM), Republic Services (RSG), Southwest Gas Holdings (SWX), Verizon Inc. (VZ), and WEC Energy Group (WEC): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:American Electric Power (AEP) and Berkshire Hathaway (BRK.B): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Gabelli Funds’ 13F holdings in Q2 2022:Source: John Vincent. Data constructed from Gabelli Funds’ 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 11/15/2021 to 6/22/2022: None."

"Tracking Mario Gabelli’s Gabelli Funds 13F Portfolio – Q1 2022 Update"

"Gabelli Funds’ 13F portfolio value decreased from $15.84B to $15.22B this quarter.They increased Paramount Global and S&P Global while decreasing PNM Resources.The top five positions are Alphabet, Microsoft, NextEra Energy, Newmont Mining, and Apple, and they add up to ~7% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Gabelli Funds’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/18/2022.GAMCO Investors (formerly Gabelli Asset Management) was founded by Mario Gabelli in 1976. The company (GBL) had an IPO in 1999. The firm includes two businesses: GAMCO Asset Management which manages the institutional and separate accounts and Gabelli Funds which includes a number of ETFs, Mutual Funds, and Closed End Funds.Assets Under Management (AUM) is at around $35B. Their 13F portfolio is diversified with over 1400 positions in recent reports. Around 38 of them are sized above 0.5% of the portfolio and they are the focus of this article.This quarter, Gabelli Funds’ 13F portfolio decreased ~4% from $15.84B to $15.22B. The number of holdings increased from 1430 to 1435. The top five holdings are at ~7% of the 13F assets: Alphabet, Microsoft, NextEra Energy, Newmont Mining, and Apple.Stake Increases:Newmont Mining Corp (NEM): NEM is a 1.34% of the portfolio long-term stake that has been in the portfolio for well over a decade. The position has wavered. Recent activity follows. Q2 2020 saw a ~12% selling at prices between ~$47 and ~$68. Last seven quarters have seen only minor adjustments. The stock currently trades at $57.94.Amazon.com (AMZN): AMZN is a very long-term stake. The original position was sold down in 2011 and rebuilt in the 2013-14 timeframe in the mid-teens price-range. The stake has wavered. Recent activity follows. 2020 saw a ~10% stake increase at prices between ~$89 and ~$170. Last five quarters have seen a similar increase at prices between ~$150 and ~$185 through consistent buying in most quarters. The stock is now at ~$109 and the stake is at 0.78% of the portfolio.Diageo plc (DEO): DEO was a fairly large stake that has been sold down over the last decade through minor trimming in most quarters. Recent activity follows. 2020 saw a ~12% selling at prices between ~$110 and ~$171. Last five quarters have seen only minor adjustments. The stock is now at ~$172 and the stake is at 0.72% of the portfolio.Crane Holdings Company (CR): The 0.61% of the portfolio CR stake is a long-term position. The sizing peaked at ~1.35M shares in 2011 but has seen selling since. Recent activity follows. There was a ~13% selling in 2020 at prices between ~$40 and ~$88. Last five quarters have seen only minor adjustments. The stock is now at $89.86.Liberty Global (LBTYK): LBTYK is a 0.61% of the portfolio stake. The bulk of the current stake was built in 2014 at prices between ~$30 and ~$40. It was sold down by ~30% next year at prices between ~$33 and ~$43. Last major activity was a ~16% stake increase in H2 2021 at prices between ~$25 and ~$30. The stock is now at $21.74.Paramount Global (PARA): The 0.60% of the portfolio position in PARA has been in the portfolio for well over a decade. The bulk of the current position was purchased in 2019 at prices between ~$36 and ~$53. There was a ~10% trimming next year at prices between ~$12 and ~$41. That was followed with a one-third selling in Q1 2021 at prices between ~$36 and ~$97. Since then, the activity has been minor. The stock currently trades at ~$25.Honeywell International (HON): HON is a 0.56% of the portfolio long-term stake that has seen selling since 2015. The 2016-2019 timeframe saw a combined ~55% reduction at prices between ~$104 and ~$182. Next year saw another ~38% selling at prices between ~$113 and ~$215. Last four quarters had also seen minor trimming while this quarter there was a marginal increase. The stock currently trades at ~$174.S&P Global Inc. (SPGI): SPGI is a 0.55% of the portfolio long-term stake. The position had been sold down through consistent trimming. The 2016-2020 timeframe saw a ~38% reduction at prices between ~$85 and ~$365. Recent activity follows. There was a ~10% stake increase in Q1 2021 at prices between ~$306 and ~$363. That was followed with a ~8% increase this quarter at prices between ~$373 and ~$461. The stock currently trades at ~$346.Chevron Corp (CVX): The 0.51% CVX position saw a ~3% stake increase this quarter at prices between ~$119 and ~$171. It is a long-term position that had seen consistent selling over the last several years. The stock currently trades at ~$139.Stake Decreases:Alphabet Inc. (GOOG): GOOG is currently the largest 13F position at 1.48% of the portfolio. It was established in 2016 at prices between ~$675 and ~$800. There has been minor selling since. Recent activity follows. Last five quarters have seen a ~5% trimming at prices between ~$1735 and ~$3000. The stock currently trades at ~$2297.Microsoft Corp (MSFT): MSFT is a top-three 1.48% long-term stake. Last major activity was in the 2011-12 timeframe when there was a ~20% reduction in the high-20s. There has been minor selling since. Last five quarters have seen a ~3% trimming. The stock currently trades at ~$254.NextEra Energy (NEE): The top-three 1.46% NEE stake was built during 2011 in the low-teens price range. The next several years saw minor trimming at higher prices. 2020 saw an about turn: ~250% stake increase at prices between ~$48 and ~$77. Last five quarters have seen a ~10% trimming at prices between ~$71 and ~$93. The stock currently trades at ~$80.Apple Inc. (AAPL): AAPL is a long term top-five 1.24% of the portfolio stake. 2016 saw a ~50% stake increase in the mid-20s price range. 2017-2019 timeframe saw a ~60% reduction at prices between ~$30 and ~$74. Since then, the activity has been minor. The stock currently trades at ~$146.MasterCard Inc. (MA): The 1.17% of the portfolio MA stake saw a ~47% selling during the 2016-20 timeframe at prices between ~$85 and ~$365. Last five quarters have also seen a ~12% reduction at prices between ~$315 and ~$395. The stock currently trades at ~$323. They are harvesting gains.Deere & Company (DE): DE is a 1.17% of the portfolio long-term stake. The last decade has seen consistent selling every year. The period saw the original position reduced by ~75% at prices between ~$75 and ~$435. The stock is currently at ~$296. They are harvesting gains.National Fuel Gas (NFG): The 1.10% of the portfolio NFG stake was built in the 2011-12 timeframe at prices between ~$43 and ~$75. The stake had seen minor trimming since. Last two years have seen a ~24% reduction at prices between ~$35 and ~$70. The stock currently trades at $65.33.American Express (AXP): AXP is a 1.10% long-term position that saw a ~50% selling over the 2017-2020 timeframe at prices between ~$74 and ~$135. Last five quarters have also seen a ~11% reduction at prices between ~$115 and ~$195. The stock is now at ~$139.Sony Group (SONY): The ~1% of the portfolio SONY stake was built in the 2013-14 timeframe at prices between ~$11 and ~$22. Last four years have seen a ~50% selling at prices between ~$40 and ~$130. The stock currently trades at ~$82. They are harvesting gains.Ametek Inc. (AME): AME is a ~1% of the portfolio position built in the 2011-12 timeframe at prices between ~$22 and ~$40. Last six years have seen a ~45% selling at prices between ~$45 and ~$145. The stock is now at ~$110. They are harvesting gains.GATX Corp. (GATX): GATX has been in the portfolio for well over a decade. 2011 saw a roughly one-third stake increase at prices between ~$31 and ~$44. The 2014-16 timeframe saw a ~11% selling at prices between ~$36 and ~$63. Last four years have seen another ~25% reduction at prices between ~$55 and ~$125. The stock is now at ~$91.Bank of New York Mellon (BK), Berkshire Hathaway (BRK.B), Brown Forman (BF.B), CNH Industrial (CNHI), Evergy Inc. (EVRG), Eversource Energy (ES), Genuine Parts Company (GPC), Herc Holdings (HRI), Lennar Holdings (LEN.B), Meta Platforms (META), Mueller Industries (MLI), Nvidia Corp (NVDA), PNM Resources (PNM), Republic Services (RSG), Southwest Gas Holdings (SWX), Verizon Inc. (VZ), and Xylem Inc. (XYL): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.Kept Steady:AES Corporation (AES): AES is a 0.63% of the portfolio long-term stake that has remained remarkably steady although adjustments were made in most quarters. The stock currently trades at $21.07.The spreadsheet below highlights changes to Gabelli Funds’ 13F holdings in Q1 2022:Source: John Vincent. Data constructed from Gabelli Funds’ 13F filings for Q4 2021 and Q1 2022."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q2 2023 Update"

".........This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 08/08/2023. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q1 2023.This quarter, Fisher’s 13F portfolio value increased ~10% from ~$165B to ~$181B. The number of holdings increased from 1144 to 1169. Significantly large positions remained steady at 69. The five largest individual stock positions are Apple, Microsoft, Amazon.com, Alphabet, and Nvidia. Together, they account for ~18% of the 13F stock portfolio.Note: Fisher manages ~100,000 client accounts with a total AUM of ~$210B. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Apple Inc. (AAPL): AAPL is currently the top position at 5.66% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has since been increased substantially through incremental buying. The stock currently trades at ~$180. Q3 2022 saw a ~10% trimming and that was followed with a ~13% selling last quarter. There was a marginal increase this quarter.ASML Holdings (ASML): ASML became a significant part of the portfolio in Q1 2018 when there was a ~10% stake increase at prices between ~$175 and ~$215. Next major activity was in Q1 2020 when there was a roughly one-third stake increase at prices between ~$214 and ~$318. The stock currently trades at ~$679 and the stake is now at 1.92% of the portfolio. The position has seen a ~40% stake increase since Q1 2020 through incremental buying most quarters. They are continuing to build their position.Advanced Micro Devices (AMD): AMD is currently a 1.70% of the portfolio stake. The original position is from Q1 2020 purchased at prices between $40 and $57. It saw a ~25% stake increase in Q4 2021 at prices between ~$100 and ~$162. That was followed by a ~22% increase next quarter at prices between ~$103 and ~$150. Q3 2022 saw a similar reduction at prices between ~$63 and ~$104. There was a roughly one-third stake increase next quarter at prices between ~$56 and ~$78. The stock currently trades at ~$113. The last two quarters also saw minor increases.Note: they built this position after dropping Intel (INTC).Taiwan Semiconductor (TSM): TSM is a very long-term 1.65% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters through Q4 2018 saw periodic buying while the next seven quarters saw minor selling. The stock currently trades at $94.49. There was a ~17% stake increase this quarter at prices between ~$82 and ~$107.Home Depot (HD): HD is a 1.47% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another ~28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal in the next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234. The period since has also seen minor buying. The stock is now at ~$328.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$239. The size of the stake had more than tripled in the following eight years through incremental purchases almost every quarter. Q3 2021 saw an about turn: ~45% selling over the next three quarters at prices between ~$190 and ~$251. That was followed with a ~40% reduction during Q3 2022 at prices between ~$178 and ~$217. The position is now at 1.12% of the portfolio. The last three quarters have seen only minor adjustments.Goldman Sachs (GS) and Morgan Stanley (MS): GS is a ~1% of the portfolio stake that saw a ~45% increase during Q3 2022 at prices between ~$282 and ~$356 and the stock currently trades at ~$348. The ~1% MS position was built during Q3 2022 at prices between ~$75 and ~$92 and it is now at $88.47. Both stakes saw minor increases in the last three quarters.Charles Schwab (SCHW): SCHW is a 0.56% of the portfolio stake built during Q3 2022 at prices between ~$61 and ~$77 and the stock currently trades at $65.52. The last three quarters have seen minor increases.Abbot Labs (ABT), Bank of America (BAC), BlackRock Inc. (BLK), Boeing (BA), Broadcom (AVGO), BHP Billiton (BBL), Boeing Company (BA), Booking Holdings (BKNG), Caterpillar (CAT), Chevron Corp (CVX), Citigroup (C ), Costco Wholesale (COST), Danaher Corp (DHR), Eli Lilly (LLY), Ford Motor (F), Freeport-McMoRan (FCX), Intuit (INTU), Intuitive Surgical (ISRG), Invesco QQQ (QQQ), iShares Broad USD High Yield Bond ETF (USHY), iShares Treasury 7-10 Yr. Bond, JP Morgan Chase (JPM), Johnson & Johnson (JNJ), Lam Research (LRCX), Merck Inc. (MRK), Nike Inc. (NKE), Oracle Corporation (ORCL), Rio Tinto (RIO), RTX Corporation (RTX), Shell plc (SHEL), SPDR Bloomberg BRCLYS LG TRS E, Starbucks Inc. (SBUX), Stryker Corp (SYK), Thermo Fisher Scientific (TMO), TotalEnergies (TTE), Toyota Motor (TM), Union Pacific (UNP), Vanguard Intermediate-Term Corporate Bond ETF (VCIT), and Wal-Mart Stores (WMT): These stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is a top-three 4.60% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years through Q2 2019 had seen a combined ~30% increase at prices between ~$69 and ~$137. The period through Q3 2022 saw another ~40% increase at prices between ~$135 and ~$343. The stock is now at ~$326. There was a ~13% trimming last quarter and that was followed by a marginal reduction this quarter.Amazon.com (AMZN): AMZN is a top three ~3% of the portfolio position. The stake is from 2011 at a cost-basis of ~$10. Q2 2016 saw a ~20% selling at prices between ~$29 and ~$36. There was another ~16% selling in Q2 2017 at prices between ~$44 and ~$51. The three quarters through Q1 2018 had seen a ~15% increase at prices between ~$47 and ~$80 while the following quarter saw a similar reduction at prices between ~$69 and ~$88. There was a ~22% stake increase over the two quarters through Q1 2022 at prices between ~$136 and ~$185. The stock currently trades at ~$140. There was a ~18% reduction last quarter at prices between ~$82 and ~$113. This quarter saw a minor ~2% trimming.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between ~$12 and ~$15. Recent activity follows. Q3 2020 saw a ~8% selling at prices between ~$71 and ~$86 while next quarter there was a ~17% stake increase at prices between ~$73 and ~$92. The seven quarters through Q3 2022 also saw minor increases. The stock is now at ~$132. The position stands at 2.83% of the portfolio. Q4 2022 saw a ~9% trimming while last quarter there was a similar increase. This quarter saw a ~6% trimming.Nvidia Corp (NVDA): NVDA is a ~2% of the portfolio position built during Q3 2022 at prices between ~$121 and ~$192. There was a ~17% selling next quarter at prices between ~$112 and ~$181. That was followed with a ~15% reduction this quarter at prices between ~$262 and ~$438. The stock is now at ~$447.Salesforce.com (CRM): The 1.62% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. Q3 2022 saw a ~20% selling while in the next quarter there was a ~9% stake increase. The stock is now at ~$212. The last two quarters have seen only minor adjustments.Adobe Inc. (ADBE): ADBE is a 1.30% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$521. The seven quarters through Q4 2021 saw minor buying while in the last six quarters there was a ~37% selling.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 11.52M shares. The two years through Q2 2020 saw a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$166 and the stake is at 1.11% of the portfolio. The last two quarters saw a ~20% reduction at prices between ~$146 and ~$181.Netflix (NFLX): The ~1% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Q4 2021 saw a ~30% stake increase at prices between ~$587 and ~$692. That was followed with a ~17% increase next quarter at prices between ~$331 and ~$597. The stock currently trades at ~$438. The two quarters through Q3 2022 saw minor increases while the last quarter saw a ~35% selling at prices between ~$295 and ~$368. This quarter also saw marginal trimming.Meta Platforms (META): The META stake was built in Q1 2020 at prices between ~$150 and ~$222. Q3 2021 saw a ~50% stake increase at prices between ~$337 and ~$382. That was followed with a ~25% stake increase next quarter at prices between ~$307 and ~$348. Q1 2022 also saw a ~17% increase at prices between ~$187 and ~$339. There was a ~23% selling during Q4 2022 at prices between ~$89 and ~$140. That was followed with a ~42% reduction last quarter at prices between ~$123 and ~$206. The stock is now at ~$313 and the stake is at 0.77% of the portfolio. This quarter also saw a ~8% trimming.PayPal Holdings (PYPL): The 0.22% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades below the low end of that range at $63.19. Q4 2021 saw a ~20% stake increase at prices between ~$179 and ~$272. That was followed with a ~16% increase next quarter at prices between ~$94 and ~$195. There was a ~23% selling during Q4 2022 at prices between ~$68 and ~$94. That was followed by a ~60% reduction this quarter at prices between ~$59 and ~$77.BNP Paribas (BNPQF), Capital One Financial (COF), iShares Expanded Tech ETF (IGV), iShares iBoxx (LQD), LVMH Moet Hennessy ADR (LVMUY), L Oreal Co. ADR (LRLCY), MasterCard Inc. (MA), Novo-Nordisk A S ADR (NVO), Siemens AG (SIEGY), Schlumberger (SLB), and Target Corp (TGT): These small (less than ~1% of the portfolio each) stakes were decreased this quarter.The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q2 2023:Source: John Vincent. Data constructed from Fisher Asset Management’s 13F filings for Q1 2023 and Q2 2023.Regulatory Filings from 2/5/2023 to 5/2/2023: 13G – 2/6 – Revolve Group ownership related. 13G/A – 2/6 – Winnebago Inds. ownership related. 13G/A – 2/6 – G1 Therapeutics ownership related."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q1 2023 Update"

"Fisher’s 13F portfolio value increased from ~$148B to ~$165B in Q1 2023.They increased Boeing Company, Booking Holdings, and Citigroup while decreasing Netflix, Meta Platforms, Apple, Microsoft, and Amazon.The top three positions are Apple, Microsoft, and Alphabet. They add up to ~13% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 05/01/2023. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q4 2022.This quarter, Fisher’s 13F portfolio value increased ~12% from ~$148B to ~$165B. The number of holdings increased from 1025 to 1144. Significantly large positions increased from 66 to 69. The five largest individual stock positions are Apple, Microsoft, Alphabet, Amazon.com, and ASML Holding. Together, they account for ~17% of the 13F stock portfolio.Note: Fisher manages ~100,000 client accounts with a total AUM of ~$210B. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between ~$12 and ~$15. Recent activity follows. Q3 2020 saw a ~8% selling at prices between ~$71 and ~$86 while next quarter there was a ~17% stake increase at prices between ~$73 and ~$92. The seven quarters through Q3 2022 also saw minor increases. The stock is now at ~$106. The position stands at 2.85% of the portfolio. Last quarter saw a ~9% trimming while this quarter there was a similar increase.ASML Holdings (ASML): ASML became a significant part of the portfolio in Q1 2018 when there was a ~10% stake increase at prices between ~$175 and ~$215. Next major activity was in Q1 2020 when there was a roughly one-third stake increase at prices between ~$214 and ~$318. The stock currently trades at ~$634 and the stake is now at 1.95% of the portfolio. The last three years have seen a ~38% further increase. They are continuing to build their position.Salesforce.com (CRM): The 1.70% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. Q3 2022 saw a ~20% selling while last quarter there was a ~9% stake increase. The stock is now at ~$194. There was a marginal increase this quarter.Nvidia Corp (NVDA): NVDA is a 1.69% of the portfolio position built during Q3 2022 at prices between ~$121 and ~$192. There was a ~17% selling last quarter at prices between ~$112 and ~$181. The stock is now at ~$282. There was a marginal increase this quarter.Advanced Micro Devices (AMD): AMD is currently a 1.56% of the portfolio stake. The original position is from Q1 2020 purchased at prices between $40 and $57. It saw a ~25% stake increase in Q4 2021 at prices between ~$100 and ~$162. That was followed with a ~22% increase next quarter at prices between ~$103 and ~$150. Q3 2022 saw a similar reduction at prices between ~$63 and ~$104. There was a roughly one-third stake increase last quarter at prices between ~$56 and ~$78. The stock currently trades at ~$90. There was a minor ~2% increase this quarter.Note: they built this position while dropping Intel (INTC).Home Depot (HD): HD is a 1.50% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another ~28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal in the next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234. The period since has also seen minor buying. The stock is now at ~$294.Taiwan Semiconductor (TSM): TSM is a very long-term 1.42% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters through Q4 2018 saw periodic buying while the next seven quarters saw minor selling. The stock currently trades at ~$83. The last ten quarters have seen only minor adjustments.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$227. The size of the stake had more than tripled in the following eight years through incremental purchases almost every quarter. Q3 2021 saw an about turn: ~45% selling over the next three quarters at prices between ~$190 and ~$251. That was followed with a ~40% reduction during Q3 2022 at prices between ~$178 and ~$217. The position is now at 1.15% of the portfolio. The last two quarters have seen only minor adjustments.Goldman Sachs (GS) and Morgan Stanley (MS): GS is a ~1% of the portfolio stake that saw a ~45% increase during Q3 2022 at prices between ~$282 and ~$356 and the stock currently trades at ~$333. The ~1% MS position was built during Q3 2022 at prices between ~$75 and ~$92 and it is now at $86.29. Both stakes saw minor increases in the last two quarters.PayPal Holdings (PYPL): The 0.64% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades below the low end of that range at $72.28. Q4 2021 saw a ~20% stake increase at prices between ~$179 and ~$272. That was followed with a ~16% increase next quarter at prices between ~$94 and ~$195. There was a ~23% selling last quarter at prices between ~$68 and ~$94. There was a minor ~3% stake increase this quarter.Charles Schwab (SCHW): SCHW is a 0.53% of the portfolio stake built during Q3 2022 at prices between ~$61 and ~$77 and the stock currently trades below that range at ~$50. The last two quarters have seen minor increases.3M Corp (MMM), Abbot Labs (ABT), BHP Billiton (BBL), BlackRock Inc. (BLK), Boeing Company (BA), Booking Holdings (BKNG), Capital One Financial (COF), Caterpillar (CAT), Citigroup (C ), ConocoPhillips (COP), Costco Wholesale (COST), Chevron Corp (CVX), Danaher Corp (DHR), Eli Lilly (LLY), Freeport-McMoRan (FCX), Intuitive Surgical (ISRG), Intuit (INTU), iShares Broad USD High Yield Bond ETF (USHY), Johnson & Johnson (JNJ), JP Morgan Chase (JPM), Lam Research (LRCX), MasterCard Inc. (MA), Merck Inc. (MRK), NextEra Energy (NEE), Nike Inc. (NKE), Oracle Corporation (ORCL), Rio Tinto (RIO), Raytheon Technologies (RTX), Schlumberger (SLB), Shell plc (SHEL), Starbucks Inc. (SBUX), Stryker Corp (SYK), Target Corp (TGT), Thermo Fisher Scientific (TMO), Toyota Motor (TM), Union Pacific (UNP), Vanguard Intermediate-Term Corporate Bond ETF (VCIT), and Wal-Mart Stores (WMT): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Apple Inc. (AAPL): AAPL is currently the top position at 5.23% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has since been increased substantially through incremental buying. The stock currently trades at ~$169. Q3 2022 saw a ~10% trimming and that was followed with a ~13% selling this quarter.Microsoft Corporation (MSFT): MSFT is a top-three 4.27% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years through Q2 2019 had seen a combined ~30% increase at prices between ~$69 and ~$137. The period through Q3 2022 saw another ~40% increase at prices between ~$135 and ~$343. The stock is now at ~$305. There was a ~13% trimming this quarter.Amazon.com (AMZN): AMZN is a top five 2.59% of the portfolio position. The stake is from 2011 at a cost-basis of ~$10. Q2 2016 saw a ~20% selling at prices between ~$29 and ~$36. There was another ~16% selling in Q2 2017 at prices between ~$44 and ~$51. The three quarters through Q1 2018 had seen a ~15% increase at prices between ~$47 and ~$80 while the following quarter saw a similar reduction at prices between ~$69 and ~$88. There was a ~22% stake increase over the two quarters through Q1 2022 at prices between ~$136 and ~$185. The stock currently trades at ~$104. There was a ~18% reduction this quarter at prices between ~$82 and ~$113.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 14.51M shares. The two years through Q2 2020 had seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$153 and the stake is at 1.28% of the portfolio. The last several quarters saw minor trimming and that was followed with a ~12% selling this quarter.Adobe Inc. (ADBE): ADBE is a 1.15% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$369. The seven quarters through Q4 2021 saw minor buying while in the last five quarters there was a ~35% selling.Netflix (NFLX): The 0.85% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Q4 2021 saw a ~30% stake increase at prices between ~$587 and ~$692. That was followed with a ~17% increase next quarter at prices between ~$331 and ~$597. The stock currently trades at ~$318. The last two quarters through Q3 2022 saw minor increases while this quarter saw a ~35% selling at prices between ~$295 and ~$368.Meta Platforms (META): The META stake was built in Q1 2020 at prices between ~$150 and ~$222. Q3 2021 saw a ~50% stake increase at prices between ~$337 and ~$382. That was followed with a ~25% stake increase next quarter at prices between ~$307 and ~$348. Q1 2022 also saw a ~17% increase at prices between ~$187 and ~$339. There was a ~23% selling last quarter at prices between ~$89 and ~$140. That was followed with a ~42% reduction this quarter at prices between ~$123 and ~$206. The stock is now at ~$239 and the stake is at 0.68% of the portfolio.BNP Paribas (BNPQF), iShares iBoxx (LQD), iShares Expanded Tech ETF (IGV), iShares Treasury 7-10 Yr. Bond, Invesco QQQ (QQQ), L Oreal Co. ADR (LRLCY), LVMH Moet Hennessy ADR (LVMUY), Novo-Nordisk A S ADR (NVO), Siemens AG (SIEGY), SPDR Bloomberg BRCLYS LG TRS E, and TotalEnergies (TTE): These small (less than ~1% of the portfolio each) stakes were decreased this quarter.The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q1 2023:Source: John Vincent. Data constructed from Fisher Asset Management’s 13F filings for Q4 2022 and Q1 2023.Regulatory Filings from 11/8/2022 to 2/5/2023: None."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q4 2022 Update"

"Fisher’s 13F portfolio value increased from ~$133B to ~$148B in Q4 2022.They increased Advanced Micro Devices, Lam Research, and Intuit while decreasing Nvidia, Meta Platforms, PayPal Holdings, and Broadcom.The top three positions are Apple, Microsoft, and Amazon. They add up to ~13% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 02/03/2023. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q3 2022.This quarter, Fisher’s 13F portfolio value increased ~11% from ~$133B to ~$148B. The number of holdings decreased from 1079 to 1025. Significantly large positions decreased from 73 to 66. The five largest individual stock positions are Apple, Microsoft, Amazon.com, Alphabet, and Home Depot. Together, they account for ~17% of the 13F stock portfolio.Note: Fisher manages ~100,000 client accounts with a total AUM of ~$197B. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Apple Inc. (AAPL): AAPL is currently the top position at 5.26% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has since been increased substantially through incremental buying. The stock currently trades at ~$155. Last quarter saw a ~10% trimming while this quarter there was a marginal increase.Amazon.com (AMZN): AMZN is a large (top three) 2.87% of the portfolio position. The stake is from 2011 at a cost-basis of ~$10. Q2 2016 saw a ~20% selling at prices between ~$29 and ~$36. There was another ~16% selling in Q2 2017 at prices between ~$44 and ~$51. The three quarters thru Q1 2018 had seen a ~15% increase at prices between ~$47 and ~$80 while the following quarter saw a similar reduction at prices between ~$69 and ~$88. There was a ~22% stake increase over the two quarters through Q1 2022 at prices between ~$136 and ~$185. The stock currently trades at ~$103. Last three quarters have also seen minor increases.Home Depot (HD): HD is a 1.77% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another ~28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234. The stock is now at ~$332. Last three years have also seen minor buying.ASML Holdings (ASML): ASML became a significant part of the portfolio in Q1 2018 when there was a ~10% stake increase at prices between ~$175 and ~$215. Next major activity was in Q1 2020 when there was a roughly one-third stake increase at prices between ~$214 and ~$318. The stock currently trades at ~$680 and the stake is now at 1.74% of the portfolio. Last eleven quarters have seen a ~38% further increase. They are continuing to build the position.Salesforce.com (CRM): The 1.24% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. Last quarter saw a ~20% selling while this quarter there was a ~9% stake increase. The stock is now at ~$171.Goldman Sachs (GS) and Morgan Stanley (MS): These two positions were built in Q3 2022. GS is a 1.14% of the portfolio stake that saw a ~45% increase last quarter at prices between ~$282 and ~$356 and the stock currently trades at ~$370. The 1.09% MS position was built at prices between ~$75 and ~$92 and it is now at $99.43. Both stakes saw ~3% stake increases each this quarter.Advanced Micro Devices (AMD): AMD is currently a 1.13% of the portfolio stake. The original position is from Q1 2020 purchased at prices between $40 and $57. It saw a ~25% stake increase in Q4 2021 at prices between ~$100 and ~$162. That was followed with a ~22% increase next quarter at prices between ~$103 and ~$150. Last quarter saw a similar reduction at prices between ~$63 and ~$104. There was a roughly one-third stake increase this quarter at prices between ~$56 and ~$78. The stock currently trades at ~$86.Note: they built this position while dropping Intel (INTC).Charles Schwab (SCHW): SCHW is a 0.91% of the portfolio stake built last quarter at prices between ~$61 and ~$77 and the stock currently trades at ~$79. There was a ~5% stake increase this quarter.3M Corp (MMM), Abbot Labs (ABT), BlackRock Inc. (BLK), BHP Billiton (BBL), BNP Paribas (BNPQF), Capital One Financial (COF), Chevron Corp (CVX), Caterpillar (CAT), Costco Wholesale (COST), Danaher Corp (DHR), Eli Lilly (LLY), Freeport-McMoRan (FCX), Intuitive Surgical (ISRG), Intuit (INTU), iShares Broad USD High Yield Bond ETF (USHY), iShares Treasury 7-10 Yr. Bond, Invesco QQQ (QQQ), JP Morgan Chase (JPM), Johnson & Johnson (JNJ), Lam Research (LRCX), MasterCard Inc. (MA), Merck Inc. (MRK), NextEra Energy (NEE), Nike Inc. (NKE), Oracle Corporation (ORCL), Raytheon Technologies (RTX), Rio Tinto (RIO), Schlumberger (SLB), Shell plc (SHEL), SPDR Bloomberg BRCLYS LG TRS E, Starbucks Inc. (SBUX), Stryker Corp (SYK), Target Corp (TGT), Thermo Fisher Scientific (TMO), TotalEnergies (TTE), Toyota Motor (TM), Union Pacific (UNP), Vanguard Intermediate-Term Corporate Bond ETF (VCIT), and Wal-Mart Stores (WMT): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is a top-three 4.57% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between ~$69 and ~$137. The period since have seen another ~40% increase at prices between ~$135 and ~$343. There was a ~3% trimming this quarter. The stock is now at ~$258.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between ~$12 and ~$15. Recent activity follows. Q3 2020 saw a ~8% selling at prices between ~$71 and ~$86 while next quarter there was a ~17% stake increase at prices between ~$73 and ~$92. Last seven quarters had also seen minor increases while this quarter there was a ~9% trimming. The stock is now at ~$105. The position stands at 2.49% of the portfolio.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 14.51M shares. The two years thru Q2 2020 had seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$179 and the stake is at 1.45% of the portfolio. Last several quarters have seen minor trimming.Netflix (NFLX): The 1.28% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Q4 2021 saw a ~30% stake increase at prices between ~$587 and ~$692. That was followed with a ~17% increase next quarter at prices between ~$331 and ~$597. The stock currently trades at ~$366. Last two quarters had seen minor increases while this quarter there was a minor ~4% trimming.Taiwan Semiconductor (TSM): TSM is a very long-term 1.23% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the next seven quarters saw minor selling. The stock currently trades at ~$95. Last nine quarters have seen only minor adjustments.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$230. The size of the stake had more than tripled in the following eight years through incremental purchases almost every quarter. Q3 2021 saw an about turn: ~45% selling over the next three quarters at prices between ~$190 and ~$251. That was followed with a ~40% reduction last quarter at prices between ~$178 and ~$217. The position is now at 1.17% of the portfolio. There was marginal trimming this quarter.Adobe Inc. (ADBE): ADBE is a 1.15% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$379. The seven quarters through Q4 2021 had seen minor buying while in the last four quarters there was a ~30% selling.Nvidia Corp (NVDA): NVDA is a ~1% of the portfolio position built last quarter at prices between ~$121 and ~$192. There was a ~17% selling this quarter at prices between ~$112 and ~$181. The stock is now at ~$211.Meta Platforms (META): The META stake was built in Q1 2020 at prices between ~$150 and ~$222. Q3 2021 saw a ~50% stake increase at prices between ~$337 and ~$382. That was followed with a ~25% stake increase next quarter at prices between ~$307 and ~$348. Q1 2022 also saw a ~17% increase at prices between ~$187 and ~$339. There was a ~23% selling this quarter at prices between ~$89 and ~$140. The stock is now at ~$187 and the stake is at 0.74% of the portfolio.PayPal Holdings (PYPL): The 0.65% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades near the low end of that range at ~$86. Q4 2021 saw a ~20% stake increase at prices between ~$179 and ~$272. That was followed with a ~16% increase next quarter at prices between ~$94 and ~$195. There was a ~23% selling this quarter at prices between ~$68 and ~$94.Broadcom (AVGO), ConocoPhillips (COP), iShares iBoxx (LQD), iShares Expanded Tech ETF (IGV), LVMH Moet Hennessy ADR (LVMUY), L Oreal Co. ADR (LRLCY), Novo-Nordisk A S ADR (NVO), and Siemens AG (SIEGY): These small (less than ~1.2% of the portfolio each) stakes were decreased this quarter.The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q4 2022:Source: John Vincent. Data constructed from Fisher Asset Management’s 13F filings for Q3 2022 and Q4 2022.Regulatory Filings from 8/10/2022 to 11/8/2022: None."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2022 Update"

"Fisher’s 13F portfolio value decreased from ~$141B to ~$133B in Q3 2022.They added Charles Schwab and increased Nvidia, Morgan Stanley, and Goldman Sachs while decreasing Salesforce.com, Visa, Alibaba Group Holdings, Novartis, Verizon, and Tencent Holdings.The top three positions are Apple, Microsoft, and Amazon. They add up to ~15% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 11/8/2022. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q2 2022.This quarter, Fisher’s 13F portfolio value decreased ~6% from ~$141B to ~$133B. The number of holdings increased from 1066 to 1079. Significantly large positions increased from 66 to 73. The five largest individual stock positions are Apple, Microsoft, Amazon.com, Alphabet, and Home Depot. Together, they account for ~21% of the 13F stock portfolio.Note: Fisher manages ~100,000 client accounts with a total AUM of ~$197B. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .New Stakes:Charles Schwab (SCHW) and iShares Broad USD High Yield Bond ETF (USHY): SCHW is a 0.83% of the portfolio stake built this quarter at prices between ~$61 and ~$77 and the stock currently trades at $78.27. The 0.53% USHY position was established at prices between ~$33.50 and ~$37 and it is now at $33.74.Stake Increases:Microsoft Corporation (MSFT): MSFT is a top-three ~5% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between ~$69 and ~$137. The period since have seen another ~40% increase at prices between ~$135 and ~$343. The stock is now at ~$225.Amazon.com (AMZN): AMZN is a large (top three) 4.23% of the portfolio position. The stake is from 2011 at a cost-basis of ~$10. Q2 2016 saw a ~20% selling at prices between ~$29 and ~$36. There was another ~16% selling in Q2 2017 at prices between ~$44 and ~$51. The three quarters thru Q1 2018 had seen a ~15% increase at prices between ~$47 and ~$80 while the following quarter saw a similar reduction at prices between ~$69 and ~$88. There was a ~22% stake increase over the two quarters through Q1 2022 at prices between ~$136 and ~$185. The stock currently trades at ~$86. Last two quarters have also seen minor increases.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between ~$12 and ~$15. Recent activity follows. Q3 2020 saw a ~8% selling at prices between ~$71 and ~$86 while next quarter there was a ~17% stake increase at prices between ~$73 and ~$92. Last seven quarters also saw minor increases. The stock is now at $87.40. The position stands at 3.29% of the portfolio.ASML Holdings (ASML): ASML became a significant part of the portfolio in Q1 2018 when there was a ~10% stake increase at prices between ~$175 and ~$215. Next major activity was in Q1 2020 when there was a roughly one-third stake increase at prices between ~$214 and ~$318. The stock currently trades at ~$489 and the stake is now at 1.46% of the portfolio. Last ten quarters have seen a ~35% further increase. They are continuing to build the position.Meta Platforms (META) previously Facebook: The META stake was built in Q1 2020 at prices between ~$150 and ~$222. Q3 2021 saw a ~50% stake increase at prices between ~$337 and ~$382. That was followed with a ~25% stake increase next quarter at prices between ~$307 and ~$348. Q1 2022 also saw a ~17% increase at prices between ~$187 and ~$339. The stock is now at ~$101 and the stake is at 1.20% of the portfolio. Last two quarters have also seen a minor increase.Netflix (NFLX): The 1.18% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Q4 2021 saw a ~30% stake increase at prices between ~$587 and ~$692. That was followed with a ~17% increase next quarter at prices between ~$331 and ~$597. The stock currently trades well below their purchase price-ranges at ~$255. Last two quarters have also seen minor increases.PayPal Holdings (PYPL): The 1.14% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades near the low end of that range at ~$79. Q4 2021 saw a ~20% stake increase at prices between ~$179 and ~$272. That was followed with a ~16% increase next quarter at prices between ~$94 and ~$195. Last two quarters have also seen minor increases.Goldman Sachs (GS), Morgan Stanley (MS), and Nvidia Corp (NVDA): These three positions were built this quarter. GS is a ~1% of the portfolio stake that saw a ~45% increase this quarter at prices between ~$282 and ~$356 and the stock currently trades at ~$362. The ~1% MS position was built at prices between ~$75 and ~$92 and it is now at $83.45. NVDA is a 1.10% of the portfolio position built at prices between ~$121 and ~$192 and it is now at ~$138.3M Corp (MMM), BlackRock Inc. (BLK), Broadcom (AVGO), Capital One Financial (COF), Chevron Corp (CVX), ConocoPhillips (COP), Danaher Corp (DHR), Freeport-McMoRan (FCX), iShares iBoxx (LQD), iShares Expanded Tech ETF (IGV), Johnson & Johnson (JNJ), Lam Research (LRCX), Nike Inc. (NKE), Oracle Corporation (ORCL), Raytheon Technologies (RTX), Schlumberger (SLB), Shell plc (SHEL), Starbucks Inc. (SBUX), Stryker Corp (SYK), Target Corp (TGT), Toyota Motor (TM), Union Pacific (UNP), and Wal-Mart Stores (WMT): These small (less than ~1% of the portfolio each) stakes were increased this quarter.Stake Decreases:Apple Inc. (AAPL): AAPL is currently the top position at 6.13% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has since been increased substantially through incremental buying. The stock currently trades at ~$135. This quarter saw a ~10% trimming.Home Depot (HD): HD is a 1.69% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another ~28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234 while next quarter there was minor trimming. The stock is now at ~$287. Last ten quarters had seen minor increases while this quarter saw a ~2% trimming.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 15.36M shares. The two years thru Q2 2020 had seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$146 and the stake is at 1.52% of the portfolio. Last few quarters have seen minor trimming.Salesforce.com (CRM): The 1.37% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. This quarter saw a ~20% selling at prices between ~$144 and ~$191. The stock is now at ~$142.Taiwan Semiconductor (TSM): TSM is a very long-term 1.29% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the next seven quarters saw minor selling. The stock currently trades at ~$65. Last two years have seen only minor adjustments.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$194. The size of the stake had more than tripled in the following eight years through incremental purchases almost every quarter. Q3 2021 saw an about turn: ~45% selling over the next three quarters at prices between ~$190 and ~$251. That was followed with a ~40% reduction this quarter at prices between ~$178 and ~$217. The position is now at 1.12% of the portfolio.Adobe Inc. (ADBE): ADBE is a ~1% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$299. The seven quarters through Q4 2021 had seen minor buying while in the last three quarters there was a ~28% selling.Advanced Micro Devices (AMD): The 0.92% of the portfolio stake in AMD saw a ~25% stake increase in Q4 2021 at prices between ~$100 and ~$162. That was followed with a ~22% increase next quarter at prices between ~$103 and ~$150. This quarter saw a similar reduction at prices between ~$63 and ~$104. The stock currently trades at ~$60. The original position is from Q1 2020 purchased at prices between $40 and $57.Note: they built this position while dropping Intel (INTC). The bulk of that selling happened during the last two quarters.Alibaba Group Holdings (BABA): BABA is now a very small 0.25% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. There was a ~35% stake increase over the three years through 2020 at prices between ~$132 and ~$317. This quarter saw an about turn: ~70% selling at prices between ~$78 and ~$122. The stock currently trades at $64.84.Tencent Holdings ADR (TCEHY): The majority of the original TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The next two years had also seen incremental purchases. There was a ~23% stake increase in Q3 2019 at prices between $40.50 and $47.50. Q1 2020 also saw a ~23% stake increase at prices between $42 and $54. The position was almost sold out this quarter at prices between ~$34 and ~$45. The stock is now at $29.33.AstraZeneca plc (AZN), Abbot Labs (ABT), BHP Billiton (BBL), Caterpillar (CAT), Costco Wholesale (COST), Eli Lilly (LLY), GSK plc (GSK), iShares Treasury 7-10 Yr. Bond, Intuit (INTU), Intuitive Surgical (ISRG), Invesco QQQ (QQQ), JP Morgan Chase (JPM), L Oreal Co. ADR (LRLCY), LVMH Moet Hennessy ADR (LVMUY), MasterCard Inc. (MA), Merck Inc. (MRK), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), NextEra Energy (NEE), Rio Tinto (RIO), SPDR Bloomberg BRCLYS LG TRS E, SAP AG ADR (SAP), and Sanofi ADR (SNY), TotalEnergies (TTE), Thermo Fisher Scientific (TMO), Vanguard Intermediate-Term Corporate Bond ETF (VCIT), and Verizon Communications (VZ): These small (less than ~1.5% of the portfolio each) stakes were decreased this quarter.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), Autodesk (ADSK), Banco Bilbao Vizcaya (BBVA), Banco Santander SA (SAN), Bank of America (BAC), Block Inc. (SQ) previously Square, BNP Paribas (BNPQF), BP plc (BP), Chart Industries (GTLS), Cleveland Cliffs (CLF), Compagnie Financière Richemont (CFRUY), Crown Castle (CCI), CSX Corp (CSX), Deere (DE), Deutsche Post (DPSGY), Devon Energy Corp (DVN), Disney Walt (DIS), DocuSign (DOCU), Dover Corp (DOV), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), Ford (F), Globant SA (GLOB), Halliburton Company (HAL), HDFC Bank (HDB), Hermes Intl., Hess Corp (HES), Honda Motor (HMC), Illinois Tool Works (ITW), Infosys (INFY), ING Groep (ING), Ingersoll Rand (IR), Intesa Sanpaolo Spa ADR (ISNPY), JD.com (JD), Johnson Controls (JCI), Kering SA (PPRUY), Lyft Inc. (LYFT), Marathon Oil (MRO), Marvell Technology (MRVL), Medtronic plc (MDT), Mercadolibre Inc. (MELI), Murata Mfg. (MRAAY), Nestle (NSRGY), Norfolk Southern (NSC), NXP Semi (NXPI), Petroleo Brasileiro (PBR), Pinduoduo (PDD), Roche Holding (RHHDY), Sandvik AB (SDVKY), Schneider Electric (SBGSY), ServiceNow (NOW), SMC Corp Japan (SMCAY), Southern Copper (SCCO), SVB Financial (SIVB), Siemens AG (SIEGY), Sony Corp (SONY), Tokyo Electronics (TOELY), Trip.com (TCOM), Uber Technologies (UBER), Unilever plc (UL), Vale SA (VALE), Vinci SA (VCISY), Volkswagen AG (VWAGY), and Zoom Video (ZM).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q3 2022:Source: John Vincent. Data constructed from Fisher Asset Management’s 13F filings for Q2 2022 and Q3 2022.Regulatory Filings from 5/6/2022 to 8/10/2022: None."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q2 2022 Update"

"Fisher’s 13F portfolio value decreased from ~$165B to ~$141B in Q2 2022.Johnson & Johnson and Capital One Financial were increased while reducing Eli Lilly and Novo-Nordisk this quarter.The top three positions are Apple, Microsoft, and Amazon. They add up to ~15% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 8/9/2022. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q1 2022.This quarter, Fisher’s 13F portfolio value decreased ~14% from ~$165B to ~$141B. The number of holdings decreased from 1087 to 1066. Significantly large positions decreased from 70 to 66. The five largest individual stock positions are Apple, Microsoft, Amazon.com, Alphabet, and Visa. Together, they account for ~21% of the 13F stock portfolio.Note: Fisher manages ~100,000 client accounts with a total AUM of ~$197B. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Apple Inc. (AAPL): AAPL is currently the top position at 6.35% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has since been increased substantially through incremental buying. The stock currently trades at ~$169.Note: Apple stock split 4-for-1 in August 2020 and 7-for-1 in June 2014. The prices quoted above are adjusted.Microsoft Corporation (MSFT): MSFT is a top-three 5.22% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between ~$69 and ~$137. Last three years have seen another ~38% increase at prices between ~$135 and ~$343. The stock is now at ~$289.Amazon.com (AMZN): AMZN is a large (top three) 3.66% of the portfolio position. The stake is from 2011 at a cost-basis of ~$10. Q2 2016 saw a ~20% selling at prices between ~$29 and ~$36. There was another ~16% selling in Q2 2017 at prices between ~$44 and ~$51. The three quarters thru Q1 2018 had seen a ~15% increase at prices between ~$47 and ~$80 while the following quarter saw a similar reduction at prices between ~$69 and ~$88. There was a ~22% stake increase over the last two quarters at prices between ~$136 and ~$185. The stock currently trades at ~$143. This quarter also saw a minor ~3% increase.Note: the prices quoted above are adjusted for the 20-for-1 stock-split in June.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between ~$12 and ~$15. The position stands at 3.49% of the portfolio. Recent activity follows. Q3 2020 saw a ~8% selling at prices between ~$71 and ~$86 while next quarter there was a ~17% stake increase at prices between ~$73 and ~$92. Last six quarters also saw minor increases. The stock is now at ~$121.Note: the prices quoted above are adjusted for the 20-for-1 stock-split last Month.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$212. The size of the stake had more than tripled in the following eight years through incremental purchases almost every quarter. Q3 2021 saw an about turn: ~45% selling over the last three quarters at prices between ~$190 and ~$251. The position is now at 1.90% of the portfolio. There was a minor ~3% increase this quarter.Salesforce.com (CRM): The 1.83% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. The stock is now at ~$189. Last nine quarters have also seen minor buying.Home Depot (HD): HD is a 1.62% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another ~28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234 while next quarter there was minor trimming. The stock is now at ~$312. Last ten quarters have seen minor increases.ASML Holdings (ASML): ASML became a significant part of the portfolio in Q1 2018 when there was a ~10% stake increase at prices between ~$175 and ~$215. Next major activity was in Q1 2020 when there was a roughly one-third stake increase at prices between ~$214 and ~$318. The stock currently trades at ~$566 and the stake is now at 1.55% of the portfolio. Last nine quarters have seen a one-third further increase. They are continuing to build the position.Taiwan Semiconductor (TSM): TSM is a very long-term 1.52% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the next seven quarters saw minor selling. The stock currently trades at ~$89. Last seven quarters have seen only minor adjustments.Advanced Micro Devices (AMD): The 1.36% of the portfolio stake in AMD saw a ~25% stake increase in Q4 2021 at prices between ~$100 and ~$162. That was followed with a ~22% increase last quarter at prices between ~$103 and ~$150. This quarter also saw a minor ~3% increase. The stock currently trades at ~$99. The original position is from Q1 2020 purchased at prices between $40 and $57.Note: they built this position while dropping Intel (INTC). The bulk of that selling happened during the last two quarters.Meta Platforms (META) previously Facebook: The META stake was built in Q1 2020 at prices between ~$150 and ~$222. Q3 2021 saw a ~50% stake increase at prices between ~$337 and ~$382. That was followed with a ~25% stake increase next quarter at prices between ~$307 and ~$348. Last quarter also saw a ~17% increase at prices between ~$187 and ~$339. This quarter also saw a minor ~3% increase. The stock is now at ~$178 and the stake is at 1.32% of the portfolio.Tencent Holdings ADR (TCEHY): The majority of the original TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The next two years had also seen incremental purchases. There was a ~23% stake increase in Q3 2019 at prices between $40.50 and $47.50. Q1 2020 also saw a ~23% stake increase at prices between $42 and $54. The current position is at ~39.87M shares. The stock is now at $38.25, and the stake is at 1.27% of the portfolio. Last several quarters have seen only minor adjustments.Alibaba Group Holdings (BABA): BABA is a 1.16% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. There was a ~35% stake increase over the three years through 2020 at prices between ~$132 and ~$317. The stock currently trades at $92.43. Last six quarters have seen only minor adjustments.PayPal Holdings (PYPL): The 0.86% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades near the low end of that range at ~$99. Q4 2021 saw a ~20% stake increase at prices between ~$179 and ~$272. That was followed with a ~16% increase last quarter at prices between ~$94 and ~$195. This quarter also saw a minor ~3% increase.Netflix (NFLX): The 0.81% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Q4 2021 saw a ~30% stake increase at prices between ~$587 and ~$692. That was followed with a ~17% increase last quarter at prices between ~$331 and ~$597. The stock currently trades well below their purchase price-ranges at ~$244. This quarter saw a minor ~3% further increase.3M Corp (MMM), Abbot Labs (ABT), AstraZeneca plc (AZN), BHP Billiton (BBL), Broadcom (AVGO), Capital One Financial (COF), Caterpillar (CAT), Chevron Corp (CVX), Costco Wholesale (COST), Danaher Corp (DHR), Edwards Lifesciences (EW), Freeport-McMoRan (FCX), Goldman Sachs (GS), GSK plc (GSK), Intuit (INTU), Intuitive Surgical (ISRG), Invesco QQQ (QQQ), iShares Treasury 7-10 Yr. Bond, JP Morgan Chase (JPM), Johnson & Johnson (JNJ), Lam Research (LRCX), Morgan Stanley (MS), MasterCard Inc. (MA), Merck Inc. (MRK), NextEra Energy (NEE), Nike Inc. (NKE), Nvidia Corp (NVDA), Novartis A G ADR (NVS), Oracle Corporation (ORCL), Raytheon Technologies (RTX), Rio Tinto (RIO), SPDR Bloomberg BRCLYS LG TRS E, Shell plc (SHEL), Stryker Corp (SYK), Thermo Fisher Scientific (TMO), TotalEnergies (TTE), Toyota Motor (TM), Uber Technologies (UBER), Union Pacific (UNP), Vanguard Intermediate-Term Corporate Bond ETF (VCIT), and Verizon Communications (VZ): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Adobe Inc. (ADBE): ADBE is a 1.60% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$438. The seven quarters through Q4 2021 had seen minor buying while in the last two quarters there was a ~8% trimming.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 15.36M shares. The two years thru Q2 2020 had seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$162 and the stake is at 1.51% of the portfolio. Last two years have seen only minor adjustments.Eli Lilly (LLY), iShares iBoxx (LQD), LVMH Moet Hennessy ADR (LVMUY), L Oreal Co. ADR (LRLCY), Novo-Nordisk A S ADR (NVO), SAP AG ADR (SAP), and Sanofi ADR (SNY): These small (less than ~1.5% of the portfolio each) stakes were decreased this quarter.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), Alcoa (AA), Align Technology (ALGN), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), Autodesk (ADSK), Banco Bilbao Vizcaya (BBVA), Banco Santander SA (SAN), Block Inc. (SQ) previously Square, BNP Paribas (BNPQF), BP plc (BP), Chart Industries (GTLS), Cleveland Cliffs (CLF), Compagnie Financière Richemont (CFRUY), ConocoPhillips (COP), Crown Castle (CCI), CSX Corp (CSX), Deere (DE), Devon Energy Corp (DVN), DocuSign (DOCU), Domino’s Pizza (DPZ), Exxon Mobil (XOM), Fanuc Corp. (FANUF), Globant SA (GLOB), Halliburton Company (HAL), HDFC Bank (HDB), Hess Corp (HES), Honda Motor (HMC), Infosys (INFY), ING Groep (ING), Intesa Sanpaolo Spa ADR (ISNPY), JD.com (JD), Kering SA (PPRUY), Marathon Oil (MRO), Medtronic plc (MDT), Mercadolibre Inc. (MELI), Murata Mfg. (MRAAY), Nestle (NSRGY), NetEase (NTES), Norfolk Southern (NSC), NXP Semi (NXPI), Petroleo Brasileiro (PBR), Pinduoduo (PDD), Roche Holding (RHHDY), Sandvik AB (SDVKY), Schlumberger (SLB), Schneider Electric (SBGSY), ServiceNow (NOW), SMC Corp Japan (SMCAY), Southern Copper (SCCO), SVB Financial (SIVB), Tokyo Electronics (TOELY), Trip.com (TCOM), Unilever plc (UL), Vale SA (VALE), Vinci SA (VCISY), and Zoom Video (ZM).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q2 2022:Source: John Vincent. Data constructed from Fisher Asset Management’s 13F filings for Q1 2022 and Q2 2022.Regulatory Filings from 2/3/2022 to 5/6/2022: 13G/A – 2/14 – YELP – 3.05M shares – 4.17% of business. 13Gs – 2/7 – GTHX – G1 Therapeutics – 2.27M shares – 5.34% of business, WGO – Winnebago – 1.69M shares – 5.07% of business."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q1 2022 Update"

"Fisher’s 13F portfolio value decreased from ~$179B to ~$165B in Q1 2022.Nvidia, Intuit, Broadcom, Verizon, Uber, AMD, & Meta Platforms were increased while reducing Intel, Wal-Mart, Walt Disney, Cisco, UnitedHealth, Starbucks, & Visa this quarter.The top three positions are Apple, Microsoft, and Amazon. They add up to ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 5/5/2022. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q4 2021.This quarter, Fisher’s 13F portfolio value decreased ~8% from ~$179B to ~$165B. The number of holdings increased from 1067 to 1087. Significantly large positions increased from 59 to 70. The five largest individual stock positions are Apple, Microsoft, Amazon.com, Alphabet, and Salesforce.com. Together, they account for ~23% of the 13F stock portfolio.Note: Fisher manages ~80,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Microsoft Corporation (MSFT): MSFT is a top-three 5.22% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $69 and $137. Last eleven quarters have seen another one-third increase at prices between ~$135 and ~$343. The stock is now at ~$275.Amazon.com (AMZN): AMZN is a large (top three) 4.68% of the portfolio position. The stake is from 2011 at a cost-basis of ~$200. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. There was a ~22% stake increase over the last two quarters at prices between ~$2720 and ~$3696. The stock currently trades at ~$2295.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock has returned roughly 9x and currently trades at ~$2313. The position stands at 3.72% of the portfolio. Recent activity follows. Q3 2020 saw a ~8% selling at prices between $1414 and $1728 while next quarter there was a ~17% stake increase at prices between ~$1450 and ~$1830. Last five quarters also saw minor increases.Salesforce.com (CRM): The ~2% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. The stock is now at ~$170. Last two years have also seen minor buying.ASML Holdings (ASML): ASML became a significant part of the portfolio in Q1 2018 when there was a ~10% stake increase at prices between ~$175 and ~$215. Next major activity was in Q1 2020 when there was a roughly one-third stake increase at prices between ~$214 and ~$318. The stock currently trades at ~$551 and the stake is now at 1.81% of the portfolio. Last two years have seen a ~30% further increase.Taiwan Semiconductor (TSM): TSM is a very long-term 1.66% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the next seven quarters saw minor selling. The stock currently trades at ~$92. Last six quarters have seen only minor adjustments.Advanced Micro Devices (AMD): The 1.62% of the portfolio stake in AMD saw a ~25% stake increase last quarter at prices between ~$100 and ~$162. That was followed with a ~22% increase this quarter at prices between ~$103 and ~$150. The stock currently trades at ~$95. The original position is from Q1 2020 purchased at prices between $40 and $57.Meta Platforms (FB) previously Facebook: The FB stake was built in Q1 2020 at prices between ~$150 and ~$222. Q3 2021 saw a ~50% stake increase at prices between ~$337 and ~$382. That was followed with a ~25% stake increase last quarter at prices between ~$307 and ~$348. This quarter also saw a ~17% increase at prices between ~$187 and ~$339. The stock is now at ~$204 and the stake is at 1.51% of the portfolio.Home Depot (HD): HD is a 1.48% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another ~28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234 while next quarter there was minor trimming. The stock is now at ~$294. Last nine quarters have seen minor increases.Netflix (NFLX): The 1.45% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Last quarter saw a ~30% stake increase at prices between ~$587 and ~$692. That was followed with a ~17% increase this quarter at prices between ~$331 and ~$597. The stock currently trades well below their purchase price-ranges at ~$181.PayPal Holdings (PYPL): The 1.18% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades below the low end of that range at ~$82. Last quarter saw a ~20% stake increase at prices between ~$179 and ~$272. That was followed with a ~16% increase this quarter at prices between ~$94 and ~$195.Tencent Holdings ADR (TCEHY): The majority of the original TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The next two years had also seen incremental purchases. There was a ~23% stake increase in Q3 2019 at prices between $40.50 and $47.50. Q1 2020 also saw a ~23% stake increase at prices between $42 and $54. The current position is at ~38.60M shares. The stock is now at ~$43 and the stake is at 1.12% of the portfolio. Last several quarters have seen only minor adjustments.Alibaba Group Holdings (BABA): BABA is a 0.96% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. There was a ~35% stake increase over the three years through 2020 at prices between ~$132 and ~$317. The stock currently trades at ~$90. Last five quarters have seen only minor adjustments.3M Corp (MMM), Abbot Labs (ABT), AstraZeneca plc (AZN), BHP Billiton (BBL), Broadcom (AVGO), Capital One Financial (COF), Caterpillar (CAT), Costco Wholesale (COST), Danaher Corp (DHR), Edwards Lifesciences (EW), Eli Lilly (LLY), Freeport-McMoRan (FCX), GlaxoSmithKline (GSK), Goldman Sachs (GS), Intuit (INTU), Intuitive Surgical (ISRG), Invesco QQQ (QQQ), iShares Treasury 7-10 Yr Bond, JP Morgan Chase (JPM), Lam Research (LRCX), MasterCard Inc. (MA), Merck Inc. (MRK), Morgan Stanley (MS), NextEra Energy (NEE), Nike Inc. (NKE), Novartis A G ADR (NVS), Nvidia Corp (NVDA), Oracle Corporation (ORCL), Rio Tinto (RIO), Stryker Corp (SYK), Shell plc (SHEL), SPDR Bloomberg BRCLYS LG TRS E, Thermo Fisher Scientific (TMO), TotalEnergies (TTE), Toyota Motor (TM), Uber Technologies (UBER), Union Pacific (UNP), and Verizon Communications (VZ): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Apple Inc. (AAPL): AAPL is currently the top position at 6.79% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has since been increased substantially through incremental buying. The stock currently trades at ~$157.Note: Apple stock split 4-for-1 in August 2020 and 7-for-1 in June 2014. The prices quoted above are adjusted.Adobe Inc. (ADBE): ADBE is a 1.81% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$391. Last seven quarters had seen minor buying while this quarter there was a ~3% trimming.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$203. The size of the stake had more than tripled in the following eight years through incremental purchases almost every quarter. Q3 2021 saw an about turn: ~45% selling over the last three quarters at prices between ~$190 and ~$251. The position is now at 1.79% of the portfolio.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 15.69M shares. The two years thru Q2 2020 had seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$167 and the stake is at 1.78% of the portfolio. Last seven quarters have seen only minor adjustments.Intel Corporation (INTC): The bulk of the original INTC stake was built in 2008 in the high-teens. The position had also seen consistent buying during the 2013-2017 timeframe. There was a ~55% reduction last quarter at prices between ~$48 and ~$56. The position was reduced to a minutely small stake this quarter at prices between ~$44 and ~$56. The stock is currently at ~$44.30.Wal-Mart Stores (WMT): The bulk of the WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 also saw a ~45% stake increase at prices between $78 and $100. The stake was sold down by ~60% last quarter at prices between ~$135 and ~$151. The stake was sold down by ~90% to a minutely small stake this quarter at prices between ~$134 and ~$150. The stock is now at ~$150.Cisco Systems (CSCO): The CSCO stake saw a ~35% increase in Q4 2018 at prices between $40 and $49. There was an almost one-third selling in Q1 2020 at prices between $33 and $50. Last quarter saw another ~45% selling at prices between ~$53 and ~$64. This quarter saw the position almost sold out at prices between ~$53 and ~$63. The stock is now at $49.33.Chevron Corp (CVX), iShares iBoxx (LQD), LVMH Moet Hennessy ADR (LVMUY), L Oreal Co. ADR (LRLCY), Novo-Nordisk A S ADR (NVO), SAP AG ADR (SAP), Sanofi ADR (SNY), Siemens AG (SIEGY), Starbucks Corp (SBUX), UnitedHealth (UNH), Vanguard Intermediate-Term Corporate Bond ETF (VCIT), and Walt Disney (DIS): These small (less than ~1.10% of the portfolio each) stakes were decreased this quarter.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), Alcoa (AA), Align Technology (ALGN), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), ASE Technology (ASX), Autodesk (ADSK), Banco Bilbao Vizcaya (BBVA), Banco Santander SA (SAN), Block Inc. (SQ) previously Square, BNP Paribas (BNPQF), BP plc (BP), Chart Industries (GTLS), Cleveland Cliffs (CLF), Compagnie Financière Richemont (CFRUY), ConocoPhillips (COP), Crown Castle (CCI), CSX Corp (CSX), Devon Energy Corp (DVN), DocuSign (DOCU), Fanuc Corp. (FANUF), Globant SA (GLOB), Halliburton Company (HAL), HDFC Bank (HDB), Hess Corp (HES), Honda Motor (HMC), Infosys (INFY), ING Groep (ING), Intesa Sanpaolo Spa ADR (ISNPY), JD.com (JD), Kering SA (PPRUY), Marathon Oil (MRO), Medtronic plc (MDT), Mercadolibre Inc. (MELI), Murata Mfg. (MRAAY), Nestle (NSRGY), Norfolk Southern (NSC), NXP Semi (NXPI), Petroleo Brasileiro (PBR), Raytheon Tech (RTX), Roche Holding (RHHDY), Sandvik AB (SDVKY), Schlumberger (SLB), Schneider Electric (SBGSY), ServiceNow (NOW), SMC Corp Japan (SMCAY), Southern Copper (SCCO), SVB Financial (SIVB), Synaptics Inc. (SYNA), Tokyo Electronics (TOELY), Trip.com (TCOM), Unilever plc (UL), Vale SA (VALE), Vinci SA (VCISY), and Zoom Video (ZM).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q1 2022:Source: John Vincent. Data constructed from Fisher Asset Management’s 13F filings for Q4 2021 and Q1 2022.Regulatory Filings from 10/28/2021 to 2/3/2022: None."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q4 2021 Update"

"Fisher’s 13F portfolio value increased from ~$161B to ~$179B in Q4 2021.Amazon, Netflix, Meta Platforms, and PayPal Holdings were increased while reducing Visa, Cisco Systems, Walt Disney, Intel, Wal-Mart, UnitedHealth, and Starbucks this quarter.The top three positions are Apple, Microsoft, and Amazon. They add up to ~15% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 2/2/2022. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q3 2021.This quarter, Fisher’s 13F portfolio value increased ~11% from ~$161B to ~$179B. The number of holdings increased from 1028 to 1067. Significantly large positions decreased from 60 to 59. The five largest individual stock positions are Apple, Microsoft, Amazon.com, Alphabet, and Adobe. Together, they account for ~21% of the 13F stock portfolio.Note: Fisher manages ~80,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Amazon.com (AMZN): AMZN is a large (top three) ~4% of the portfolio position. The stake is from 2011 at a cost-basis of ~$200. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. There was a ~12% stake increase this quarter at prices between ~$3221 and ~$3696. The stock currently trades at ~$3263.Netflix (NFLX): The 1.83% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Last six quarters had also seen minor increases. This quarter saw a ~30% stake increase at prices between ~$587 and ~$692. The stock currently trades well below their recent purchase price-range at ~$406.Meta Platforms (FB) previously Facebook: The FB stake was built in Q1 2020 at prices between ~$150 and ~$222. Last quarter saw a ~50% stake increase at prices between ~$337 and ~$382. That was followed with a ~25% stake increase this quarter at prices between ~$307 and ~$348. The stock is now at ~$241 and the stake is at 1.81% of the portfolio.Advanced Micro Devices (AMD): The 1.61% of the portfolio stake in AMD saw a ~25% stake increase this quarter at prices between ~$100 and ~$162. The stock currently trades at ~$120. The original position is from Q1 2020 purchased at prices between $40 and $57.PayPal Holdings (PYPL): The 1.53% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades at ~$124. Last five quarters saw minor increases and that was followed with a ~20% stake increase this quarter at prices between ~$179 and ~$272.Apple Inc. (AAPL): AAPL is currently the top position at 6.36% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has since been increased substantially through incremental buying. The stock currently trades at ~$173. Last few quarters have seen only minor adjustments.Note: Apple stock split 4-for-1 in August 2020 and 7-for-1 in June 2014. The prices quoted above are adjusted.Microsoft Corporation (MSFT): MSFT is a top-three ~5% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $69 and $137. Last ten quarters have seen another similar increase at prices between ~$135 and ~$343. The stock is now at ~$301.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock has returned roughly 10x and currently trades at ~$2853. The position stands at 3.43% of the portfolio. Recent activity follows. Q3 2020 saw a ~8% selling at prices between $1414 and $1728 while next quarter there was a ~17% stake increase at prices between ~$1450 and ~$1830. Last year also saw minor increases.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions had seen large increases over the six quarters thru Q1 2020. The ~2% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. The stock is now at ~$213. ADBE is a 2.14% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$511. Both stocks saw minor buying over the last seven quarters.ASML Holdings (ASML): ASML became a significant part of the portfolio in Q1 2018 when there was a ~10% stake increase at prices between ~$175 and ~$215. Next major activity was in Q1 2020 when there was a roughly one-third stake increase at prices between ~$214 and ~$318. The stock currently trades at ~$646 and the stake is now at 1.91% of the portfolio. Last seven quarters have seen a ~20% further increase.Home Depot (HD): HD is a 1.82% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another ~28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234 while next quarter there was minor trimming. The stock is now at ~$365. Last two years have seen minor increases.Taiwan Semiconductor (TSM): TSM is a very long-term 1.75% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the next seven quarters saw minor selling. The stock currently trades at ~$122. Last five quarters have seen only minor adjustments.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 15.75M shares. The two years thru Q2 2020 had seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$184 and the stake is at 1.44% of the portfolio. Last six quarters have seen only minor adjustments.3M Corp (MMM), AstraZeneca plc (AZN), Abbot Labs (ABT), Danaher Corp (DHR), Caterpillar (CAT), Costco Wholesale (COST), Eli Lilly (LLY), Freeport-McMoRan (FCX), Goldman Sachs (GS), iShares iBoxx (LQD), Intuitive Surgical (ISRG), JP Morgan Chase (JPM), Lam Research (LRCX), MasterCard Inc. (MA), Merck Inc. (MRK), Morgan Stanley (MS), Nvidia Corp (NVDA), NextEra Energy (NEE), Nike Inc. (NKE), Novartis A G ADR (NVS), Oracle Corporation (ORCL), Rio Tinto (RIO), Sanofi ADR (SNY), Thermo Fisher Scientific (TMO), TotalEnergies (TTE), Toyota Motor (TM), Union Pacific (UNP), and Vanguard Intermediate-Term Corporate Bond ETF (VCIT): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$232. The size of the stake had more than tripled in the following eight years through incremental purchases almost every quarter. Last quarter saw an about turn: ~23% selling at prices between ~$220 and ~$251. That was followed with a ~15% selling this quarter at prices between ~$190 and ~$234. The position is now at 1.88% of the portfolio.Tencent Holdings ADR (TCEHY): The majority of the original TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The next two years had also seen incremental purchases. There was a ~23% stake increase in Q3 2019 at prices between $40.50 and $47.50. Q1 2020 also saw a ~23% stake increase at prices between $42 and $54. The current position is at ~37.14M shares. The stock is now at ~$62 and the stake is at 1.22% of the portfolio. There were minor increases over the last six quarters.Alibaba Group Holdings (BABA): BABA is a 0.94% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. There was a ~35% stake increase over the three years through 2020 at prices between ~$132 and ~$317. The stock currently trades at ~$124. Last four quarters have seen only minor adjustments.Wal-Mart Stores (WMT): The bulk of the WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 also saw a ~45% stake increase at prices between $78 and $100. The stake was sold down by ~60% this quarter at prices between ~$135 and ~$151. The stock is now at ~$141 and the stake is at 0.41% of the portfolio.Intel Corporation (INTC): The bulk of the original INTC stake was built in 2008 in the high-teens. The position had also seen consistent buying during the 2013-2017 timeframe. There was a ~55% reduction this quarter at prices between ~$48 and ~$56. The stock is currently at ~$48 and the stake is at 0.43% of the portfolio.Cisco Systems (CSCO): The CSCO stake saw a ~35% increase in Q4 2018 at prices between $40 and $49. There was an almost one-third selling in Q1 2020 at prices between $33 and $50. Last six quarters had seen only minor adjustments while this quarter saw a ~45% selling at prices between ~$53 and ~$64. The stock is now at $55.20, and the stake is at 0.45% of the portfolio.BHP Billiton (BBL), LVMH Moet Hennessy ADR (LVMUY), L Oreal Co. ADR (LRLCY), Novo-Nordisk A S ADR (NVO), SAP AG ADR (SAP), Siemens AG (SIEGY), Starbucks Corp (SBUX), UnitedHealth (UNH), and Walt Disney (DIS): These small (less than ~1.5% of the portfolio each) stakes were decreased this quarter.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), Alcoa (AA), Align Technology (ALGN), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), ASE Technology (ASX), Atlassian Corp (TEAM), Autodesk (ADSK), Banco Bilbao Vizcaya (BBVA), Banco Santander SA (SAN), Block Inc. (SQ) previously Square, BNP Paribas (BNPQF), BP plc (BP), BP Plc (BP), Broadcom (AVGO), Capital One Financial (COF), Chevron Corp (CVX), Cleveland Cliffs (CLF), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Crown Castle (CCI), CSX Corp (CSX), Docusign (DOCU), Domino’s Pizza (DPZ), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), GlaxoSmithKline (GSK), Globant SA (GLOB), HDFC Bank (HDB), Hess Corp (HES), Honda Motor (HMC), Infosys (INFY), ING Groep (ING), Intesa Sanpaolo Spa ADR (ISNPY), Intuit (INTU), JD.com (JD), Kering SA (PPRUY), Medtronic plc (MDT), Mercadolibre Inc. (MELI), Murata Mfg. (MRAAY), Nestle (NSRGY), Norfolk Southern (NSC), NXP Semi (NXPI), Petroleo Brasileiro (PBR), Pinduoduo (PDD), PJSC Lukoil ADR (LUKOY), Raytheon Tech (RTX), Roche Holding (RHHDY), Sandvik AB (SDVKY), Schlumberger (SLB), Schneider Electric (SBGSY), ServiceNow (NOW), Shell plc (SHEL), SMC Corp Japan (SMCAY), Southern Copper (SCCO), Stryker Corp (SYK), SVB Financial (SIVB), Synaptics Inc. (SYNA), Tokyo Electronics (TOELY), Trip.com (TCOM), Uber Technologies (UBER), Unilever plc (UL), Vale SA (VALE), Verizon Communications (VZ), Vinci SA (VCISY), Yandex SA (YNDX), and Zoom Video (ZM).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q4 2021:Source: John Vincent. Data constructed from Fisher Asset Management’s 13F filings for Q3 2021 and Q4 2021.Regulatory Filings from 7/28/2021 to 10/27/2021: None."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2021 Update"

"Fisher’s 13F portfolio value increased from ~$159B to ~$161B in Q3 2021.Advanced Micro Devices, Facebook, and Lam Research were increased while reducing Visa this quarter.The top three positions are Apple, Microsoft, and Amazon. They add up to ~14% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 10/26/2021. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q2 2021.This quarter, Fisher’s 13F portfolio value increased marginally from ~$159B to ~$161B. The number of holdings increased from 1010 to 1028. Significantly large positions increased from 57 to 60. The five largest individual stock positions are Apple, Microsoft, Amazon.com, Vanguard Intermediate-Term Corporate Bond ETF, and Visa. Together, they account for ~20% of the 13F stock portfolio.Note: Fisher manages ~80,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Microsoft Corporation (MSFT): MSFT is a top-three 4.47% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $69 and $137. The stock is now at ~$324. Last nine quarters have seen a combined ~25% further increase.Amazon.com (AMZN): AMZN is the third-largest individual stock position at 3.94% of the portfolio. The stake is from 2011 and the stock price has risen over fifteen-fold during the holding period: the cost-basis is ~$200 compared to the current price of ~$3268. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. Since then, the changes have been minor.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock has returned roughly 10x and currently trades at ~$2917. The position stands at 3.34% of the portfolio. Recent activity follows. Q3 2020 saw a ~8% selling at prices between $1414 and $1728 while next quarter there was a ~17% stake increase at prices between ~$1450 and ~$1830. Last three quarters also saw minor increases.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions had seen large increases over the six quarters thru Q1 2020. The 2.34% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. The stock is now at ~$299. ADBE is a 2.30% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$639. Both stocks saw minor buying over the last six quarters.PayPal Holdings (PYPL): The 1.94% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades at ~$237. Last five quarters saw minor increases.ASML Holdings (ASML): ASML became a significant part of the portfolio in Q1 2018 when there was a ~10% stake increase at prices between ~$175 and ~$215. Next major activity was in Q1 2020 when there was a roughly one-third stake increase at prices between ~$214 and ~$318. The stock currently trades at ~$813 and the stake is now at 1.90% of the portfolio. Last six quarters have seen a ~17% further increase.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 15.62M shares. The two years thru Q2 2020 had seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$175 and the stake is at 1.63% of the portfolio. Last five quarters have seen only minor adjustments.Facebook (FB): The FB stake was built in Q1 2020 at prices between ~$150 and ~$222. This quarter saw a ~50% stake increase at prices between ~$337 and ~$382. The stock is now at ~$317 and the stake is at 1.60% of the portfolio.Netflix (NFLX): The 1.58% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Last six quarters have also seen minor increases. The stock currently trades at ~$674.Home Depot (HD): HD is a 1.53% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another 28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234 while next quarter there was minor trimming. The stock is now at ~$372. Last seven quarters have seen minor increases.Tencent Holdings ADR (TCEHY): The majority of the original TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The next two years had also seen incremental purchases. There was a ~23% stake increase in Q3 2019 at prices between $40.50 and $47.50. Q1 2020 also saw a ~23% stake increase at prices between $42 and $54. The current position is at ~37.90M shares. The stock is now at ~$63 and the stake is at 1.40% of the portfolio. There were minor increases over the last six quarters.Alibaba Group Holdings (BABA): BABA is a 1.31% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. There was a ~35% stake increase over the three years through 2020 at prices between ~$132 and ~$317. The stock currently trades at ~$170. Last three quarters have seen only minor adjustments.Wal-Mart Stores (WMT): The bulk of the 1.13% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 also saw a ~45% stake increase at prices between $78 and $100. Since then the activity has been minor. The stock is now at ~$149.Intel Corporation (INTC): The bulk of the 1.08% portfolio stake in INTC was built in 2008 in the high-teens. The position had also seen consistent buying during the 2013-2017 timeframe. Last significant activity was in Q1 2018 when the stake saw a ~10% increase at prices between $42.50 and $52.50. The stock is currently at ~$48.Cisco Systems (CSCO): The small 0.77% CSCO stake saw a ~35% increase in Q4 2018 at prices between $40 and $49 and the stock is currently at $56.28. There was an almost one-third selling in Q1 2020 at prices between $33 and $50. Last six quarters have seen only minor adjustments.3M Corp (MMM), Abbot Labs (ABT), Advanced Micro Devices (AMD), AstraZeneca plc (AZN), BHP Billiton (BBL), Caterpillar (CAT), Costco Wholesale (COST), Danaher Corp (DHR), Eli Lilly (LLY), Freeport-McMoRan (FCX), Intuitive Surgical (ISRG), iShares iBoxx (LQD), JP Morgan Chase (JPM), MasterCard Inc. (MA), Merck Inc. (MRK), NextEra Energy (NEE), Nike Inc. (NKE), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Oracle Corporation (ORCL), Rio Tinto (RIO), Starbucks Corp (SBUX), Sanofi ADR (SNY), Thermo Fisher Scientific (TMO), Total SA (TOT), UnitedHealth (UNH), Union Pacific (UNP), and Walt Disney (DIS): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Apple Inc. (AAPL): AAPL is currently the top position at 5.35% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position had been increased by around 50% since. The stock currently trades at ~$153. This quarter saw a ~6% trimming.Note: Apple stock split 4-for-1 last August and 7-for-1 in June 2014. The prices quoted above are adjusted.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$210. The size of the stake had more than tripled in the last eight years through incremental purchases almost every quarter. This quarter saw an about turn: ~23% selling at prices between ~$220 and ~$251. The position is now at 2.54% of the portfolio.Taiwan Semiconductor (TSM): TSM is a very long-term 1.76% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the next seven quarters saw minor selling. The stock currently trades at ~$116. Last four quarters have seen only minor adjustments.LVMH Moet Hennessy ADR (LVMUY), SAP AG ADR (SAP), L Oreal Co. ADR (LRLCY), Nvidia Corp (NVDA), Siemens AG (SIEGY), and Vale SA (VALE): These small positions (less than ~1.5% of the 13F portfolio) were decreased this quarter.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), Align Technology (ALGN), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), ASE Technology (ASX), Atlassian Corp (TEAM), Autodesk (ADSK), Banco Bilbao Vizcaya (BBVA), Banco Santander SA (SAN), BNP Paribas (BNPQF), BP plc (BP), BP Plc (BP), Capital One Financial (COF), Chart Industries (GLTS), Chevron Corp (CVX), Cleveland Cliffs (CLF), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Crown Castle (CCI), CSX Corp (CSX), Domino’s Pizza (DPZ), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), GlaxoSmithKline (GSK), Globant SA (GLOB), HDFC Bank (HDB), Hess Corp (HES), Honda Motor (HMC), Infosys (INFY), ING Groep (ING), Intesa Sanpaolo Spa ADR (ISNPY), JD.com (JD), Kering SA (PPRUY), Medtronic plc (MDT), Mercadolibre Inc. (MELI), Murata Mfg (MRAAY), Nestle (NSRGY), NXP Semi (NXPI), Omron Corp (OMRNY), Petroleo Brasileiro (PBR), Pinduoduo (PDD), PJSC Lukoil ADR (LUKOY), Raytheon Tech (RTX), Roche Holding (RHHDY), Royal Dutch Shell (RDS.A), Schlumberger (SLB), Schneider Electric (SBGSY), ServiceNow (NOW), SMC Corp Japan (SMCAY), Southern Copper (SCCO), Square Inc. (SQ), Stryker Corp (SYK), SVB Financial (SIVB), Synaptics Inc. (SYNA), Tokyo Electronics (TOELY), Trip.com (TCOM), Unilever plc (UL), Vale SA (VALE), Vinci SA (VCISY), and Yandex SA (YNDX).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q3 2021:Source: John Vincent. Data constructed from Fisher Asset Management’s 13F filings for Q2 2021 and Q3 2021."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q2 2021 Update"

"Fisher’s 13F portfolio value increased from ~$142B to ~$159B in Q2 2021.The Vanguard Intermediate-Term Corporate Bond ETF stake was increased substantially this quarter.The top three positions are Apple, Microsoft, and Amazon. They add up to ~14% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 07/27/2021. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q1 2021.This quarter, Fisher’s 13F portfolio value increased ~12% from ~$142B to ~$159B. The number of holdings increased from 999 to 1010. Significantly large positions decreased from 58 to 57. The five largest individual stock positions are Apple, Microsoft, Amazon.com, Visa, and Vanguard Intermediate-Term Corporate Bond ETF. Together, they account for ~20% of the 13F stock portfolio.Note: Fisher manages ~80,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Apple Inc. (AAPL): AAPL is currently the top position at 5.58% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has been increased by around 50% since. The stock currently trades at ~$146.Note: Apple stock split 4-for-1 last August and 7-for-1 in June 2014. The prices quoted above are adjusted.Microsoft Corporation (MSFT): MSFT is a top-three 4.22% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $69 and $137. The stock is now at ~$287. Last two years have seen a combined ~20% further increase.Amazon.com (AMZN): AMZN is the third-largest individual stock position at 3.60% of the portfolio. The stake is from 2011 and the stock price has risen over fifteen-fold during the holding period: the cost-basis is ~$200 compared to the current price of ~$3355. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. Since then, the changes have been minor.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$248. The size of the stake has more than tripled in the last eight years through incremental purchases almost every quarter. The position is now the fourth-largest stake at 3.47% of the portfolio.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock has returned roughly 10x and currently trades at ~$2715. The position stands at ~3% of the portfolio. Recent activity follows. Q3 2020 saw a ~8% selling at prices between $1414 and $1728 while next quarter there was a ~17% stake increase at prices between ~$1450 and ~$1830. Last two quarters also saw minor increases.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions had seen large increases over the six quarters thru Q1 2020. The ~2% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. The stock is now at ~$244. ADBE is a 2.28% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$622. Both stocks saw minor buying over the last five quarters.PayPal Holdings (PYPL): The 1.12% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades at ~$283. Last four quarters saw minor increases.Alibaba Group Holdings (BABA): BABA is a ~2% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. There was a ~35% stake increase over the three years through 2020 at prices between ~$132 and ~$317. The stock currently trades at ~$198. Last two quarters have seen only minor adjustments.ASML Holdings (ASML): ASML became a significant part of the portfolio in Q1 2018 when there was a ~10% stake increase at prices between ~$175 and ~$215. Next major activity was in Q1 2020 when there was a roughly one-third stake increase at prices between ~$214 and ~$318. The stock currently trades at ~$766 and the stake is now at 1.76% of the portfolio. Last five quarters have seen a ~15% further increase.Tencent Holdings ADR (TCEHY): The majority of the original TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The next two years had also seen incremental purchases. There was a ~23% stake increase in Q3 2019 at prices between $40.50 and $47.50. Q1 2020 also saw a ~23% stake increase at prices between $42 and $54. The current position is at ~37.14M shares. The stock is now at ~$62 and the stake is at 1.75% of the portfolio. There were minor increases over the last five quarters.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 15.37M shares. The two years thru Q2 2020 had seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$172 and the stake is at 1.59% of the portfolio. Last four quarters have seen only minor adjustments.Home Depot (HD): HD is a 1.46% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another 28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234 while next quarter there was minor trimming. The stock is now at ~$327. Last six quarters have seen minor increases.Netflix (NFLX): The 1.32% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Last five quarters have also seen minor increases. The stock currently trades at ~$511.Wal-Mart Stores (WMT): The bulk of the 1.12% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 also saw a ~45% stake increase at prices between $78 and $100. Since then the activity has been minor. The stock is now at ~$142.Intel Corporation (INTC): The bulk of the 1.11% portfolio stake in INTC was built in 2008 in the high-teens. The position had also seen consistent buying during the 2013-2017 timeframe. Last significant activity was in Q1 2018 when the stake saw a ~10% increase at prices between $42.50 and $52.50. The stock is currently at ~$54.Cisco Systems (CSCO): The small 0.74% CSCO stake saw a ~35% increase in Q4 2018 at prices between $40 and $49 and the stock is currently at ~$55. There was an almost one-third selling in Q1 2020 at prices between $33 and $50. Last five quarters have seen only minor adjustments.3M Corp (MMM), Abbot Labs (ABT), Advanced Micro Devices (AMD), AstraZeneca plc (AZN), BHP Billiton (BBL), Caterpillar (CAT), Costco Wholesale (COST), Danaher Corp (DHR), Eli Lilly (LLY), Facebook (FB), Freeport-McMoRan (FCX), Intuitive Surgical (ISRG), iShares iBoxx (LQD), JP Morgan Chase (JPM), MasterCard Inc. (MA), Merck Inc. (MRK), NextEra Energy (NEE), Nike Inc. (NKE), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Nvidia Corp (NVDA), Oracle Corporation (ORCL), Rio Tinto (RIO), SAP AG ADR (SAP), Starbucks Corp (SBUX), Thermo Fisher Scientific (TMO), Total SA (TOT), UnitedHealth (UNH), Union Pacific (UNP), and Walt Disney (DIS): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Taiwan Semiconductor (TSM): TSM is a very long-term ~2% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the next seven quarters saw minor selling. The stock currently trades at ~$116. Last three quarters have seen only minor adjustments.LVMH Moet Hennessy ADR (LVMUY), L Oreal Co. ADR (LRLCY), Sanofi ADR (SNY), Siemens AG (SIEGY), and Vale SA (VALE): These small positions (less than ~1.5% of the 13F portfolio) were decreased this quarter.Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW), Veeco Instruments (VECO), Stamps.com (STMP), and Yelp (YELP). Earlier this month, Thoma Bravo announced a $6.6B all-cash ($330 per share) deal for Stamps.com.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), Align Technology (ALGN), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), Autodesk (ADSK), BP plc (BP), BP Plc (BP), BNP Paribas (BNPQF), Banco Bilbao Vizcaya (BBVA), Banco Santander SA (SAN), CSX Corp (CSX), Capital One Financial (COF), Chevron Corp (CVX), Cleveland Cliffs (CLF), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Crown Castle (CCI), Domino’s Pizza (DPZ), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), GlaxoSmithKline (GSK), HDFC Bank (HDB), Hess Corp (HES), Honda Motor (HMC), Infosys (INFY), ING Groep (ING), Intesa Sanpaolo Spa ADR (ISNPY), JD.com (JD), Kering SA (PPRUY), LAM Research (LRCX), Medtronic plc (MDT), Mercadolibre Inc. (MELI), Murata Mfg (MRAAY), Nestle (NSRGY), NetEase Inc. (NTES), Norfolk Southern (NSC), Petroleo Brasileiro (PBR), Pinduoduo (PDD), PJSC Lukoil ADR (LUKOY), Raytheon Tech (RTX), Royal Dutch Shell (RDS.A), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Schlumberger (SLB), Schneider Electric (SBGSY), ServiceNow (NOW), Southern Copper (SCCO), Square Inc. (SQ), Stryker Corp (SYK), Synaptics Inc. (SYNA), Tokyo Electronics (TOELY), Trip.com (TCOM), Toyota (TM ), Vinci SA (VCISY), Globant SA (GLOB), NXP Semi (NXPI), and Yandex SA (YNDX).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q2 2021:Source: John Vincent. Data constructed from Fisher Asset Management’s 13F filings for Q1 2021 and Q2 2021.Regulatory Filings thru 4/28/2021: 13G – 2/11 – YELP – 4.05M shares – 5.48% of business."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q1 2021 Update"

"Fisher’s 13F portfolio value increased from ~$133.5B to ~$142B in Q1 2021.They increased Walt Disney & Eli Lilly while trimming Taiwan Semi, JD.com, and Pinduoduo.Fisher has a number of small positions in several ETFs/ETNs.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 04/27/2021. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q4 2020.This quarter, Fisher’s 13F portfolio value increased ~6% from ~$133.5B to ~$142B. The number of holdings decreased from 1010 to 999. Significantly large positions increased from 57 to 58. The five largest individual stock positions are Apple, Microsoft, Amazon.com, Visa, and Alphabet. Together, they account for ~20% of the 13F stock portfolio.Note: Fisher manages ~80,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Apple Inc. (AAPL): AAPL is currently the top position at 5.40% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has been increased by around one-third since. The stock currently trades at ~$133. Last seven quarters have seen only minor adjustments.Note: Apple stock split 4-for-1 last August. The prices quoted above are adjusted.Microsoft Corporation (MSFT): MSFT is a top-three ~4% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $69 and $137. The stock is now at ~$253. Last seven quarters have seen only minor adjustments.Amazon.com (AMZN): AMZN is the third-largest individual stock position at 3.96% of the portfolio. The stake is from 2011 and the stock price has risen over fifteen-fold during the holding period: the cost-basis is ~$200 compared to the current price of ~$3471. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. Since then, the changes have been minor.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$237. The size of the stake has more than tripled in the last eight years through incremental purchases almost every quarter. The position is now the fourth-largest stake at 3.41% of the portfolio.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock price has increased more than eight times and currently trades at ~$2430. The position stands at 2.76% of the portfolio. Recent activity follows. Q3 2020 saw a ~8% selling at prices between $1414 and $1728 while last quarter there was a ~17% stake increase at prices between ~$1450 and ~$1830. This quarter also saw a minor increase.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions had seen large increases over the six quarters thru Q1 2020. The ~2% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. The stock is now at ~$234. ADBE is a ~2% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$516. Both stocks saw minor buying over the last four quarters.Tencent Holdings ADR (TCEHY): The majority of the original TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The next two years had also seen incremental purchases. There was a ~23% stake increase in Q3 2019 at prices between $40.50 and $47.50. The current position is at ~35.84M shares. Q1 2020 also saw a ~23% stake increase at prices between $42 and $54. The stock is now at ~$81 and the stake is at ~2% of the portfolio. There were minor increases over the last four quarters.PayPal Holdings (PYPL): The 1.89% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades at ~$268. Last three quarters saw minor increases.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 15.18M shares. The two years thru Q2 2020 had seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$155 and the stake is at 1.51% of the portfolio. Last three quarters have seen only minor adjustments.Home Depot (HD): HD is a 1.51% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another 28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234 while next quarter there was minor trimming. The stock is now at ~$325. Last five quarters have seen minor increases.Netflix (NFLX): The 1.41% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Last four quarters have also seen minor increases. The stock currently trades at ~$509.Intel Corporation (INTC): The bulk of the 1.36% portfolio stake in INTC was built in 2008 in the high-teens. The position had also seen consistent buying during the 2013-2017 timeframe. Last significant activity was in Q1 2018 when the stake saw a ~10% increase at prices between $42.50 and $52.50. The stock is currently at ~$58.Wal-Mart Stores (WMT): The bulk of the 1.34% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 also saw a ~45% stake increase at prices between $78 and $100. Since then the activity has been minor. The stock is now at ~$140.Cisco Systems (CSCO): The small 0.78% CSCO stake saw a ~35% increase in Q4 2018 at prices between $40 and $49 and the stock is currently at $51.46. There was an almost one-third selling in Q1 2020 at prices between $33 and $50. Last four quarters have seen only minor adjustments.3M Corp (MMM), Abbot Labs (ABT), Advanced Micro Devices (AMD), ASML Holdings (ASML), Astrazeneca plc (AZN), BHP Billiton (BBL), Caterpillar (CAT), Costco Wholesale (COST), Danaher Corp (DHR), Eli Lilly (LLY), Facebook (FB), Freeport-McMoran (FCX), GlaxoSmithKline plc ADR (GSK), Intuitive Surgical (ISRG), iShares iBoxx (LQD), JP Morgan Chase (JPM), MasterCard Inc. (MA), Merck Inc. (MRK), Nextera Energy (NEE), Nike Inc. (NKE), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Oracle Corporation (ORCL), Rio Tinto (RIO), SAP AG ADR (SAP), Starbucks Corp (SBUX), Thermo Fisher Scientific (TMO), Total SA (TOT), UnitedHealth (UNH), Union Pacific (UNP), and Walt Disney (DIS): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Alibaba Group Holdings (BABA): BABA is a 2.22% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. There was a ~35% stake increase over the last three years at prices between ~$132 and ~$317. The stock currently trades at ~$234. This quarter saw marginal trimming.Taiwan Semiconductor (TSM): TSM is a very long-term 2.22% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the next seven quarters saw minor selling. The stock currently trades at ~$119. Last two quarters have seen only minor adjustments.iShares MBS ETF (MBB), JD.com (JD), LVMH Moet Hennessy ADR (LVMUY), L Oreal Co. ADR (LRLCY), Pinduoduo Inc. (PDD), Sanofi ADR (SNY), and Siemens AG (SIEGY): These small positions (less than ~1.5% of the 13F portfolio) were decreased this quarter.Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW), Veeco Instruments (VECO), and Stamps.com (STMP).Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), Align Technology (ALGN), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), Autodesk (ADSK), BP plc (BP), BP Plc (BP), BNP Paribas (BNPQF), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Banco Santander SA (SAN), Bristol-Myers Squibb (BMY), CSX Corp (CSX), Capital One Financial (COF), Chart Industries (GLTS), Chevron Corp (CVX), Cleveland Cliffs (CLF), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Crown Castle (CCI), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), GlaxoSmithKline (GSK), HDFC Bank (HDB), Hess Corp (HES), Honda Motor (HMC), Infosys (INFY), ING Groep (ING), Intesa Sanpaolo Spa ADR (ISNPY), LAM Research (LRCX), Medtronic plc (MDT), Mercadolibre Inc. (MELI), Mitsubishi Electric (MELY), Murata Mfg (MRAAY), Nestle (NSRGY), NetEase Inc. (NTES), Norfolk Southern (NSC), Nvidia (NVDA), Petroleo Brasileiro (PBR), Raytheon Tech (RTX), Royal Dutch Shell (RDS.A), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Schlumberger (SLB), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), ServiceNow (NOW), Southern Copper (SCCO), Square Inc. (SQ), Stryker Corp (SYK), Tokyo Electronics (TOELY), Trip.com (TCOM), Toyota (TM ), Vale (VALE), Vinci SA (VCISY), Globant SA (GLOB), NXP Semi (NXPI), Yandex SA (YNDX), and Yelp (YELP). Their ownership stake in Yelp is ~5.5%.The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q1 2021:Regulatory Filings thru 2/4/2021: None."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q4 2020 Update"

"Fisher’s 13F portfolio value increased from $117.8B to $133.5B in Q4 2020.They increased Alphabet and Total SA during the quarter.Fisher has a number of small positions in several ETFs/ETNs.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 01/29/2021. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q3 2020.This quarter, Fisher’s 13F portfolio value increased ~13% from $117.8B to $133.5B. The number of holdings decreased from 1054 to 1010. Significantly large positions decreased from 60 to 57. The five largest individual stock positions are Apple, Amazon.com, Microsoft, Visa, and Alphabet. Together, they account for ~21% of the 13F stock portfolio.Note: Fisher manages ~80,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock price has increased more than six times and currently trades at $2062. The position stands at 2.44% of the portfolio. Recent activity follows. Last quarter saw a ~8% selling at prices between $1414 and $1728 while this quarter there was a ~17% stake increase at prices between ~$1450 and ~$1830.Apple Inc. (AAPL): AAPL is currently the top position at ~6% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has been increased by ~30% since. The stock currently trades at ~$137. Last six quarters have seen only minor adjustments.Note: Apple stock is scheduled to split 4-for-1 on August 31st. The prices quoted above are adjusted.Amazon.com (AMZN): AMZN is the second-largest individual stock position at 4.31% of the portfolio. The stake is from 2011 and the stock price has risen over fifteen-fold during the holding period: the cost-basis is ~$200 compared to the current price of ~$3331. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. Since then, the changes have been minor.Microsoft Corporation (MSFT): MSFT is a top-three ~4% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $69 and $137. The stock is now at ~$242. Last six quarters have seen only minor adjustments.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$209. The size of the stake has more than tripled in the last seven years through incremental purchases almost every quarter. The position is now the fourth-largest stake at 3.64% of the portfolio.Alibaba Group Holdings (BABA): BABA is a fairly large 2.43% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. There was a ~35% stake increase over the last three years at prices between ~$132 and ~$317. The stock currently trades at ~$267.Taiwan Semiconductor (TSM): TSM is a very long-term 2.26% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the next seven quarters saw minor selling. The stock currently trades at ~$128. This quarter saw a marginal increase.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions had seen large increases over the six quarters thru Q1 2020. The ~2% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. The stock is now at ~$238. ADBE is a 2.18% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$489. Both stocks saw minor buying over the last three quarters.Tencent Holdings ADR (TCEHY): The majority of the original TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The next two years had also seen incremental purchases. There was a ~23% stake increase in Q3 2019 at prices between $40.50 and $47.50. The current position is at ~34.91M shares. Q1 2020 also saw a ~23% stake increase at prices between $42 and $54. The stock is now at $95.39 and the stake is at 1.90% of the portfolio. There were minor increases over the last three quarters.PayPal Holdings (PYPL): The 1.87% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades at ~$270. Last two quarters saw minor increases.Netflix (NFLX): The 1.50% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Last three quarters have also seen minor increases. The stock currently trades at ~$552.Home Depot (HD): HD is a 1.36% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another 28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234 while next quarter there was minor trimming. The stock is now at ~$279. Last four quarters have seen minor increases.Wal-Mart Stores (WMT): The bulk of the 1.28% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 also saw a ~45% stake increase at prices between $78 and $100. Since then the activity has been minor. The stock is now at ~$143.Cisco Systems (CSCO): The small 0.70% CSCO stake saw a ~35% increase in Q4 2018 at prices between $40 and $49 and the stock is currently at $47.25. There was an almost one-third selling in Q1 2020 at prices between $33 and $50. Last three quarters have seen only minor adjustments.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is ~14.6M shares. The two years thru Q2 2020 had seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$125 and the stake is at 1.36% of the portfolio. Last two quarters have seen only minor adjustments.Intel Corporation (INTC): The bulk of the ~1% portfolio stake in INTC was built in 2008 in the high-teens. The position had also seen consistent buying during the 2013-2017 timeframe. Last significant activity was in Q1 2018 when the stake saw a ~10% increase at prices between $42.50 and $52.50. The stock is currently at $58.79.3M Corp (MMM), Abbot Labs (ABT), Advanced Micro Devices (AMD), ASML Holdings (ASML), Astrazeneca plc (AZN), BHP Billiton (BBL), Caterpillar (CAT), Costco Wholesale (COST), Danaher Corp (DHR), Eli Lilly (LLY), Facebook (FB), Freeport-McMoran (FCX), GlaxoSmithKline plc ADR (GSK), Intuitive Surgical (ISRG), iShares MBS ETF (MBB), JD.com (JD), JP Morgan Chase (JPM), LVMH Moet Hennessy ADR (LVMUY), L Oreal Co. ADR (LRLCY), MasterCard Inc. (MA), Merck Inc. (MRK), Nextera Energy (NEE), Nike Inc. (NKE), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Oracle Corporation (ORCL), Rio Tinto (RIO), SAP AG ADR (SAP), Siemens AG (SIEGY), Starbucks Corp (SBUX), Thermo Fisher Scientific (TMO), Total SA (TOT), UnitedHealth (UNH), Union Pacific (UNP), Walt Disney (DIS): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:iShares iBoxx (LQD), Pinduoduo Inc. (PDD) and Sanofi ADR (SNY): These small positions (less than ~1.5% of the 13F portfolio) were decreased this quarter.Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW), Veeco Instruments (VECO), and Stamps.com (STMP).Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), Align Technology (ALGN), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), Autodesk (ADSK), BP plc (BP), BP Plc (BP), BNP Paribas (BNPQF), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Banco Santander SA (SAN), CSX Corp (CSX), Capital One Financial (COF), Chevron Corp (CVX), Cleveland Cliffs (CLF), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Crown Castle (CCI), Domino’s Pizza (DPZ), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), Global Payments (GPN), Goldman Sachs (GS), HDFC Bank (HDB), Hess Corp (HES), Honda Motor (HMC), Infosys (INFY), ING Groep (ING), Intesa Sanpaolo Spa ADR (ISNPY), LAM Research (LRCX), McDonald’s (MCD), Mercadolibre Inc. (MELI), Mitsubishi Electric (MELY), Morgan Stanley (MS), Murata Mfg (MRAAY), Nestle (NSRGY), NetEase Inc. (NTES), Norfolk Southern (NSC), Nvidia (NVDA), Petroleo Brasileiro (PBR), Raytheon Tech (RTX), Royal Dutch Shell (RDS.A), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Schlumberger (SLB), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), ServiceNow (NOW), Southern Copper (SCCO), Square Inc. (SQ), Stamps.com (STMP), Stryker Corp (SYK), Tokyo Electronics (TOELY), Trip.com (TCOM), Toyota (TM ), Vale (VALE), Vinci SA (VCISY), Medtronic (MDT), Globant SA (GLOB), NXP Semi (NXPI), and Yandex SA (YNDX).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q4 2020:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2020 Update"

"Fisher’s 13F portfolio value increased from $102.5B to $117.8B in Q3 2020.They increased NextEra Energy, UnitedHealth, 3M Company, and Thermo Fisher Scientific while decreasing Starbucks, Total SA, and Royal Dutch Shell during the quarter.Fisher has a number of small positions in several ETFs/ETNs.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 11/11/2020. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q2 2020.This quarter, Fisher’s 13F portfolio value increased ~15% from $102.5B to $117.8B. The number of holdings increased from 902 to 1054. Significantly large positions increased from 58 to 60. The five largest individual stock positions are Apple, Amazon.com, Microsoft, Visa, and Alibaba Group Holdings. Together, they account for ~21% of the 13F stock portfolio.Note: Fisher manages ~75,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Apple Inc. (AAPL): AAPL is currently the top position at 5.77% of the portfolio. It was built in 2012 at prices between $15 and $18. The original stake was increased by ~60% in Q2 2013 at around the same price range. The position has been increased by ~25% since. The stock currently trades at ~$120. Last five quarters have seen only minor adjustments.Note: Apple stock is scheduled to split 4-for-1 on August 31st. The prices quoted above are adjusted.Amazon.com (AMZN): AMZN is the second-largest individual stock position at 4.53% of the portfolio. The stake is from 2011 and the stock price has risen around fifteen-fold during the holding period: the cost-basis is ~$200 compared to the current price of ~$3137. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. Since then, the changes have been minor.Microsoft Corporation (MSFT): MSFT is a top-three ~4% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $69 and $137. The stock is now at ~$217. Last five quarters have seen only minor adjustments.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$213. The size of the stake has more than tripled in the last six years through incremental purchases almost every quarter. The position is now the fourth-largest stake at 3.66% of the portfolio.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions had seen large increases over the six quarters thru Q1 2020. The 2.54% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase in Q1 2020 at prices between $124 and $193. The stock is now at ~$254. ADBE is a 2.31% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Q1 2020 saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$468. Both stocks saw minor buying over the last two quarters.Tencent Holdings ADR (TCEHY): The majority of the original TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The next two years had also seen incremental purchases. There was a ~23% stake increase in Q3 2019 at prices between $40.50 and $47.50. The current position is at ~33.68M shares. Q1 2020 also saw a ~23% stake increase at prices between $42 and $54. The stock is now at $73.44 and the stake is at 1.89% of the portfolio. There were minor increases over the last two quarters.PayPal Holdings (PYPL): The 1.69% PYPL stake was built in H1 2020 at prices between ~$85 and ~$174. The stock currently trades at ~$192. This quarter saw a minor increase.Home Depot (HD): HD is a 1.55% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another 28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234 while next quarter there was minor trimming. The stock is now at ~$278. Last three quarters have seen minor increases.Netflix (NFLX): The 1.50% NFLX stake saw a ~50% stake increase in Q1 2020 at prices between ~$299 and ~$388. Last two quarters have also seen minor increases. The stock currently trades at ~$491.Wal-Mart Stores (WMT): The bulk of the 1.35% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 saw a ~45% stake increase at prices between $78 and $100. Since then the activity has been minor. The stock is now at ~$148.Cisco Systems (CSCO): The small 0.70% CSCO stake saw a ~35% increase in Q4 2018 at prices between $40 and $49 and the stock is currently at $39.33. There was an almost one-third selling in Q1 2020 at prices between $33 and $50. That was followed with minor trimming last quarter. This quarter saw a similar increase.Advanced Micro Devices (AMD), ASML Holdings (ASML), Astrazeneca plc (AZN), BHP Billiton (BBL), Caterpillar (CAT), Costco Wholesale (COST), Danaher Corp (DHR), Freeport-McMoran (FCX), Facebook (FB), GlaxoSmithKline plc ADR (GSK), LVMH Moet Hennssy ADR (LVMUY), L Oreal Co. ADR (LRLCY), Merck Inc. (MRK), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Nvidia (NVDA), Oracle Corporation (ORCL), Rio Tinto (RIO), Sanofi ADR (SNY), SAP AG ADR (SAP), Siemens AG (SIEGY), Union Pacific (UNP), and Walt Disney (DIS): These small positions (less than ~1% of the 13F portfolio) were increased this quarter.Stake Decreases:Alibaba Group Holdings (BABA): BABA is a top-five 3.37% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. The stock currently trades at ~$266. There was a ~32% stake increase over the last eleven quarters at prices between $132 and $227. This quarter saw marginal trimming.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock price has increased more than five times and currently trades at $1753. The position stands at ~2% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984 while Q1 2018 saw a similar increase at prices between $1000 and $1176. Since then the activity had been minor. This quarter saw a ~8% selling at prices between $1414 and $1728.Taiwan Semiconductor (TSM): TSM is a very long-term 1.89% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the last seven quarters saw minor selling. The stock currently trades at ~$91.Intel Corporation (INTC): The bulk of the 1.24% portfolio stake in INTC was built in 2008 in the high-teens. The position had also seen consistent buying during the 2013-2017 timeframe. Last significant activity was in Q1 2018 when the stake saw a ~10% increase at prices between $42.50 and $52.50. The stock is currently at $46.35. This quarter saw marginal trimming.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is ~14.6M shares. Last two years have seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$111 and the stake is at 1.24% of the portfolio. There was a marginal trimming this quarter.JP Morgan Chase (JPM), JD.com (JD), MasterCard Inc. (MA), Royal Dutch Shell (RDS.A), Starbucks Corp (SBUX), and Total SA (TOT): These small positions (less than ~1% of the 13F portfolio) were decreased this quarter.Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW), Veeco Instruments (VECO), and Stamps.com (STMP).Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), Aspen Technology (AZPN), Autodesk (ADSK), BP plc (BP), BNP Paribas (BNPQF), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Banco Santander SA (SAN), CSX Corp (CSX), Capital One Financial (COF), Chevron Corp (CVX), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Crown Castle (CCI), Domino’s Pizza (DPZ), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), Global Payments (GPN), Goldman Sachs (GS), HDFC Bank (HDB), Hess Corp (HES), Honda Motor (HMC), Infosys (INFY), ING Groep (ING), Intesa Sanpaolo Spa ADR (ISNPY), LAM Research (LRCX), McDonald’s (MCD), Mercadolibre Inc. (MELI), Mitsubishi Electric (MELY), Morgan Stanley (MS), Murata Mfg (MRAAY), Nestle (NSRGY), NetEase Inc. (NTES), Norfolk Southern (NSC), Petroleo Brasileiro (PBR), Pinduoduo Inc. (PDD), Raytheon Tech (RTX), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Schlumberger (SLB), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), ServiceNow (NOW), Southern Copper (SCCO), Square Inc. (SQ), Stamps.com (STMP), Stryker Corp (SYK), Tokyo Electronics (TOELY), Trip.com (TCOM), Toyota (TM ), Vale (VALE), Vinci SA (VCISY), Medtronic (MDT), Globant SA (GLOB), NXP Semi (NXPI), and Yandex SA (YNDX).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q3 2020:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q2 2020 Update"

"Fisher’s 13F portfolio value increased from $80.64B to $102.5B in Q2 2020.They increased PayPal, Walt Disney, NextEra Energy, UnitedHealth, 3M Company, Intuitive Surgical, Abbott Labs, Starbucks, and Thermo Fisher Scientific during the quarter.Fisher had substantial stakes in several ETFs/ETNs. Those positions saw large reductions during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 08/07/2020. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q1 2020.This quarter, Fisher’s 13F portfolio value increased ~27% from $80.64B to $102.5B. The number of holdings increased from 866 to 902. Significantly large positions decreased from 64 to 58. The five largest individual stock positions are Apple, Amazon.com, Microsoft, Visa, and Alibaba Group Holdings. Together, they account for ~21% of the 13F stock portfolio.Note: Fisher manages ~75,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Apple Inc. (AAPL): AAPL is currently the top position at 5.10% of the portfolio. It was built in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming in Q2 2017 at prices between $141 and $156. The stock currently trades at ~$451. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $144 and $230. Last four quarters have seen only minor adjustments.Note: Apple stock is scheduled to split 4-for-1 on August 31st.Amazon.com (AMZN): AMZN is the second-largest individual stock position at 4.44% of the portfolio. The stake is from 2011 and the stock price has risen around fifteen-fold during the holding period: the cost-basis is ~$200 compared to the current price of ~$3148. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. Since then, the changes have been minor.Microsoft Corporation (MSFT): MSFT is a top-three 4.34% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $69 and $137. The stock is now at ~$208. Last four quarters have seen only minor adjustments.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$197. The size of the stake has more than tripled in the last six years through incremental purchases almost every quarter. The position is now the fourth-largest stake at ~4% of the portfolio.Alibaba Group Holdings (BABA): BABA is a top-five 2.85% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. The stock currently trades at ~$248. There was a ~32% stake increase over the last eleven quarters at prices between $132 and $227.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock price has increased more than four times and currently trades at $1497. The position stands at 2.39% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984 while Q1 2018 saw a similar increase at prices between $1000 and $1176. Since then the activity has been minor.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions had seen large increases over the six quarters thru Q1 2020. The 2.10% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. There was another ~50% stake increase last quarter at prices between $124 and $193. The stock is now at ~$197. ADBE is a 2.27% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. Last quarter saw another ~25% stake increase at prices between $285 and $383. The stock is now at ~$443. Both stocks saw minor buying this quarter.Tencent Holdings ADR (TCEHY): The majority of the ~2% TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The next two years had also seen incremental purchases. There was a ~23% stake increase in Q3 2019 at prices between $40.50 and $47.50. The current position is at ~32.64M shares. Last quarter also saw a ~23% stake increase at prices between $42 and $54. The stock is now at ~$65. There was a ~4% stake increase this quarter.Intel Corporation (INTC): The bulk of the 1.67% portfolio stake in INTC was built in 2008 in the high-teens. The position had also seen consistent buying during the 2013-2017 timeframe. Last significant activity was in Q1 2018 when the stake saw a ~10% increase at prices between $42.50 and $52.50. The stock is currently at ~$49.PayPal Holdings (PYPL): The 1.66% PYPL stake was built over the last two quarters at prices between ~$85 and ~$174. The stock currently trades at ~$193.Home Depot (HD): HD is a 1.56% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another 28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234 while next quarter there was minor trimming. The stock is now at ~$275. Last two quarters have seen minor increases.Netflix (NFLX): The 1.51% NFLX stake saw a ~50% stake increase last quarter at prices between ~$299 and ~$388. This quarter also saw a ~5% increase. The stock currently trades at ~$483.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is ~14.6M shares. Last two years have seen a combined ~40% stake increase at prices between $74 and $138. The stock is now at ~$102 and the stake is at 1.36% of the portfolio.Wal-Mart Stores (WMT): The bulk of the 1.29% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 saw a ~45% stake increase at prices between $78 and $100. Since then the activity has been minor. The stock is now at ~$132.ASML Holdings (ASML), Astrazeneca plc (AZN), BHP Billiton (BBL), Caterpillar (CAT), Costco Wholesale (COST), Facebook (FB), GlaxoSmithKline plc ADR (GSK), JP Morgan Chase (JPM), LVMH Moet Hennssy ADR (LVMUY), L Oreal Co. ADR (LRLCY), MasterCard Inc. (MA), Merck Inc. (MRK), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Rio Tinto (RIO), Royal Dutch Shell (RDS.A), Sanofi ADR (SNY), SAP AG ADR (SAP), Siemens AG (SIEGY), Union Pacific (UNP), and Walt Disney (DIS): These small positions (less than ~1% of the 13F portfolio) were increased this quarter.Stake Decreases:Cisco Systems (CSCO): The ~1% CSCO stake saw a ~35% increase in Q4 2018 at prices between $40 and $49 and the stock is currently at ~$48. There was an almost one-third selling last quarter at prices between $33 and $50. That was followed with minor trimming this quarter.Taiwan Semiconductor (TSM): TSM is a very long-term 1.63% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the last six quarters saw minor selling. The stock currently trades at ~$80.Oracle Corporation (ORCL): The very small 0.70% of the portfolio position saw minor selling during the quarter.Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS), Atlas Air (AAWW), Veeco Instruments (VECO), and Stamps.com (STMP).Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), Advanced Micro Devices (AMD), American Tower (AMT), Anheuser Busch Inbev (BUD), Applied Materials (AMAT), Aspen Technology (AZPN), Autodesk (ADSK), BP plc (BP), BNP Paribas (BNPQF), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Banco Santander SA (SAN), CSX Corp (CSX), Chevron Corp (CVX), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Crown Castle (CCI), Danaher Corp (DHR), Domino’s Pizza (DPZ), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), Freeport-McMoran (FCX), Goldman Sachs (GS), HDFC Bank (HDB), Hess Corp (HES), Honda Motor (HMC), Infosys (INFY), ING Groep (ING), Intesa Sanpaolo Spa ADR (ISNPY), Itau Unibanco (ITUB), JD.com (JD), LAM Research (LRCX), Mercadolibre Inc. (MELI), Mitsubishi Electric (MELY), Morgan Stanley (MS), Murata Mfg (MRAAY), Nestle (NSRGY), NetEase Inc. (NTES), Nvidia Corp (NVDA), Otis Worldwide (OTIS), PJSC Lukoil (LUKOY), Petroleo Brasileiro (PBR), Pinduoduo Inc. (PDD), Raytheon Tech (RTX), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Schlumberger (SLB), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), ServiceNow (NOW), Southern Copper (SCCO), Square Inc. (SQ), Stamps.com (STMP), Stryker Corp (SYK), Tokyo Electronics (TOELY), Trip.com (TCOM), Vale (VALE), Vinci SA (VCISY), Medtronic (MDT), Steris plc (STE), Globant SA (GLOB), NXP Semi (NXPI), and Yandex SA (YNDX).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q2 2020:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q1 2020 Update"

"Fisher’s 13F portfolio value decreased from $98.96B to $80.64B in Q1 2020.They reduced Johnson & Johnson, Pfizer, Procter & Gamble, Softbank, HSBC and UBS to minutely small stakes during the quarter.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 04/28/2020. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q4 2019.This quarter, Fisher’s 13F portfolio value decreased ~19% from $98.96B to $80.64B. The number of holdings decreased from 898 to 866. Significantly large positions increased from 62 to 64. The five largest individual stock positions are Apple Inc., Microsoft, Visa Inc., Amazon.com, and Alibaba Group Holdings. Together, they account for ~20% of the 13F stock portfolio.Note: Fisher manages ~68,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown. Some institutions pulled money from Fisher Investments in October last year following inappropriate comments by Ken Fisher that was made public.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Apple Inc. (AAPL): AAPL is currently the top position at 4.42% of the portfolio. It was built in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming in Q2 2017 at prices between $141 and $156. The stock currently trades at ~$310. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $144 and $230. Last three quarters have seen only minor adjustments.Microsoft Corporation (MSFT): MSFT is a top-three 4.20% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $69 and $137. The stock is now at ~$185. Last three quarters have seen only minor adjustments.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$185. The size of the stake has more than tripled in the last six years through incremental purchases almost every quarter. The position is now the third-largest stake at ~4% of the portfolio.Alibaba Group Holdings (BABA): BABA is a top-five 3.20% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. The stock currently trades at ~$201. There was a ~28% stake increase over the last ten quarters at prices between $132 and $231.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock price has increased more than four times and currently trades at $1384. The position stands at 2.44% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984 while Q1 2018 saw a similar increase at prices between $1000 and $1176. Since then the activity has been minor.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions have seen large increases over the last six quarters. The 1.94% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Q3 2019 also saw a ~30% stake increase at prices between $140 and $160. The stock is now at ~$176. There was another ~50% stake increase this quarter at prices between $124 and $193. ADBE is a ~2% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Q3 2019 also saw a ~30% stake increase at prices between $272 and $311. The stock is now at $368. This quarter saw another ~25% stake increase at prices between $285 and $383.Tencent Holdings ADR (TCEHY): The majority of the 1.91% TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The next two years had also seen incremental purchases. There was a ~23% stake increase in Q3 2019 at prices between $40.50 and $47.50. The current position is at ~31.4M shares. This quarter also saw a ~23% stake increase at prices between $42 and $54. The stock is now at $54.57.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is ~14M shares. Last two years have seen a combined ~37% stake increase at prices between $74 and $138. The stock is now at ~$89.50 and the stake is at ~1.5% of the portfolio.Home Depot (HD): HD is a 1.44% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another 28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. Q3 2019 saw a ~25% stake increase at prices between $202 and $234 while this quarter there was minor trimming. The stock is now at ~$234.Intel Corporation (INTC): The bulk of the 1.87% portfolio stake in INTC was built in 2008 in the high-teens. The position had also seen consistent buying during the 2013-2017 timeframe. Last significant activity was in Q1 2018 when the stake saw a ~10% increase at prices between $42.50 and $52.50. The stock is currently at ~$60.Total S A (TOT): The majority of the ~1% TOT stake was purchased in Q3 2018 at prices between $59 and $65. Q2 2019 saw a ~20% selling at prices between $51.50 and $58 while next quarter there was a ~40% stake increase at prices between $48 and $57. The stock is currently at $36.42. Last two quarters have seen minor increases.Royal Dutch Shell (RDS.A): The very small 0.63% position saw a ~70% increase in Q4 2018 at prices between $55.50 and $69.50. The stock currently trades well below that range at $33.91. This quarter saw a marginal increase.ASML Holdings (ASML), Anheuser Busch Inbev SA ADR (BUD), Astrazeneca plc (AZN), BHP Billiton (BBL), BNP Paribas ADR (BNPQY), Caterpillar (CAT), Costco Wholesale (COST), Facebook (FB), GlaxoSmithKline plc ADR (GSK), ING Groep NV ADR (ING), JP Morgan Chase (JPM), LVMH Moet Hennssy ADR (LVMUY), L Oreal Co. ADR (LRLCY), MasterCard Inc. (MA), Merck Inc. (MRK), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Netflix (NFLX), PayPal Holdings (PYPL), Petroleo Brasileiro (PBR), Rio Tinto (RIO), Sanofi ADR (SNY), SAP AG ADR (SAP), Schlumberger Ltd (SLB), Siemens AG (SIEGY), Union Pacific (UNP), United Technologies (UTX), and Walt Disney (DIS): These small positions (less than ~1% of the 13F portfolio) were increased this quarter.Stake Decreases:Amazon.com (AMZN): AMZN is the fourth-largest individual stock position at 3.92% of the portfolio. The stake is from 2011 and the stock price has risen over ten-fold during the holding period: the cost-basis is ~$200 compared to the current price of ~$2380. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. Since then, the changes have been minor.Taiwan Semiconductor (TSM): TSM is a very long-term 1.76% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while last five quarters have seen a combined ~18% trimming. The stock currently trades at $52.91.Wal-Mart Stores (WMT): The bulk of the 1.51% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 saw a ~45% stake increase at prices between $78 and $100 and that was followed with a ~12% increase next quarter. The stock is now at ~$123. Last two years had also seen a similar increase. There was minor trimming this quarter.Cisco Systems (CSCO): The ~1% CSCO stake saw a ~35% increase in Q4 2018 at prices between $40 and $49 and the stock is currently at ~$43. There was an almost one-third selling this quarter at prices between $33 and $50.Pfizer Inc. (PFE): PFE is a very long-term position that has been in the portfolio for well over a decade. The original stake was almost sold-out in the 2009-10 timeframe and was rebuilt in the next two years at prices between $17.50 and $25. Last two years had also seen a ~25% stake increase at prices between $34 and $46. The pattern reversed this quarter: the position almost sold out at prices between $28.50 and $41. The stock is now at $37.22.Johnson & Johnson (JNJ): The bulk of the original JNJ stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. There was a ~12% stake increase in Q1 2018 and that was followed with a similar reduction in Q3 2018. Last five quarters had seen minor increases which this quarter saw the position sold down to a minutely small 0.24% of the portfolio stake at prices between $111 and $154. The stock currently trades at ~$149.Procter & Gamble (PG): PG is a long-term position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70. The six-year period thru 2018 had also seen periodic buying. Q1 2019 saw an about turn: ~50% selling at prices between $90 and $104. The stock currently trades at ~$116. Last three quarters had seen only minor adjustments while this quarter saw the stake sold down by ~70% to a minutely small stake at prices between $98 and $127.UBS AG GRS (UBS): UBS is now a minutely small 0.02% portfolio position. The stake was first purchased in Q3 2013 at prices between $17 and $21.50. The position had wavered. Recent activity follows: The three quarters thru Q4 2017 had seen a two-thirds stake increase at prices between $12.25 and $23. This quarter saw the position almost sold out at prices between $7.65 and $13.50. The stock currently trades at $9.95.Chevron Inc. (CVX), Eli Lilly (LLY), HSBC plc (HSBC), Oracle Corporation (ORCL), and Softbank Group ADR (SFTBY): These small positions (less than ~1% of the 13F portfolio) were decreased this quarter.The portfolio has several positions in different ETNs and ETFs - they account for around 15% of the 13F portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS), Atlas Air (AAWW), Veeco Instruments (VECO), and Stamps.com (STMP).Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), Abbott Labs (ABT), Advanced Micro Devices (AMD), Aspen Technology (AZPN), BP plc (BP), Baidu Inc. (BIDU), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Banco Santander SA (SAN), CSX Corp (CSX), Chemed Corp. (CHE), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Domino’s Pizza (DPZ), Edwards Lifesciences (EW), Exxon Mobil (XOM), Fanuc Corp. (FANUF), Freeport-McMoran (FCX), HDFC Bank (HDB),Heico Corp. (HEI), Hess Corp (HES), Hill-Rom Holdings (HRC), Infosys (INFY), Intesa Sanpaolo Spa ADR (ISNPY), Intuitive Surgical (ISRG), Itau Unibanco (ITUB), JD.com (JD), LAM Research (LRCX), Mercadolibre Inc. (MELI), Mitsubishi Electric (MELY), Murata Mfg (MRAAY), Nestle (NSRGY), NetEase Inc. (NTES), Nvidia Corp (NVDA), Pinduoduo Inc. (PDD), Qorvo (QRVO), SMC Corp Japan (SMCAY), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), Southern Copper (SCCO), Stamps.com (STMP), Synaptics Inc. (SYNA), Thermo Fisher Scientific (TMO), Teledyne (TDY), Tokyo Electronics (TOELY), Toro Co (TTC), Trip.com (TCOM), Vale (VALE), Vinci SA (VCISY), Weibo Corp. (WB), West Pharmaceutical (WST), Credicorp Ltd. (BAP), Helen of Troy (HELE), Medtronic (MDT), and Steris plc (STE).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q1 2020:10/16/2019: Fidelity along with some pension plans pulling money from Fisher Asset Management after sexist comments by Ken Fisher. Details at .Regulatory Filings thru 2/12/2020: 13G – 2/6/2020 – STMP – 1.08M shares – 6.32% of business."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q4 2019 Update"

"Fisher’s 13F portfolio value increased from $91.13B to $98.96B in Q4 2019.Apple Inc., Visa Inc., Microsoft, Amazon.com, and Alibaba Group Holdings are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 02/12/2020. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q3 2019.This quarter, Fisher’s 13F portfolio value increased ~9% from $91.13B to $98.96B. The number of holdings decreased from 903 to 898. Significantly large positions decreased from 66 to 62. The five largest individual stock positions are Apple Inc., Visa Inc., Microsoft, Amazon.com, and Alibaba Group Holdings. Together, they account for ~18% of the 13F stock portfolio.Note: Fisher manages ~68,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown. Some institutions pulled money from Fisher Investments in October last year following inappropriate comments by Ken Fisher that was made public. Despite that negative, Fisher Investments still managed to attract more investment capital during the quarter.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$207. The size of the stake has more than tripled in the last six years through incremental purchases almost every quarter. The position is now the second-largest stake at 3.84% of the portfolio.Amazon.com (AMZN): AMZN is the fourth-largest individual stock position at 3.30% of the portfolio. The stake is from 2011 and the stock price has risen over ten-fold during the holding period: the cost-basis is ~$200 compared to the current price of $2160. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. There were minor increases in the last six quarters.Pfizer Inc. (PFE): PFE is a very long-term 1.80% position that has been in the portfolio for well over a decade. The original stake was almost sold-out in the 2009-10 timeframe and was rebuilt in the next two years at prices between $17.50 and $25. The stock is currently at $37.74. Last two years have seen a ~25% stake increase at prices between $34 and $46.Johnson & Johnson (JNJ): JNJ is a 1.78% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The stock currently trades at ~$151. There was a ~12% stake increase in Q1 2018 and that was followed with a similar reduction in Q3 2018. Last five quarters have seen minor increases.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 13.76M shares. Last seven quarters have seen a combined ~35% stake increase at prices between $91 and $128. The stock is now at ~$133 and the stake is at 1.1.73% of the portfolio.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions had seen large increases over the last four quarters. The 1.19% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. Last quarter also saw a ~30% stake increase at prices between $140 and $160. The stock is now at ~$190. ADBE is a 1.38% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. Last quarter also saw a ~30% stake increase at prices between $272 and $311. The stock is now at $374. Both positions saw marginal increases this quarter.Wal-Mart Stores (WMT): The bulk of the 1.32% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 saw a ~45% stake increase at prices between $78 and $100 and that was followed with a ~12% increase next quarter. The stock is now at ~$116. Last seven quarters also saw a combined ~13% increase.Tencent Holdings ADR (TCEHY): The majority of the 1.25% TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The stock is now at $53.49. The next two years had also seen incremental purchases. There was a ~23% stake increase last quarter at prices between $40.50 and $47.50. The current position is at ~25.62M shares. This quarter also saw a marginal increase.Total S A (TOT): The majority of the 1.11% TOT stake was purchased in Q3 2018 at prices between $59 and $65. Q2 2019 saw a ~20% selling at prices between $51.50 and $58 while last quarter there was a ~40% stake increase at prices between $48 and $57. The stock is currently near the low end of those ranges at $49.81. This quarter saw a marginal increase.Procter & Gamble (PG): PG is a long-term 0.65% of the 13F portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70. The six-year period thru 2018 had also seen periodic buying. Q1 2019 saw an about turn: ~50% selling at prices between $90 and $104. The stock currently trades at ~$124. Last three quarters have seen only minor adjustments.Astrazeneca plc (AZN), BHP Billiton (BBL), BNP Paribas ADR (BNPQY), Caterpillar (CAT), Chevron Inc. (CVX), Costco Wholesale (COST), Eli Lilly (LLY), GlaxoSmithKline plc ADR (GSK), HSBC plc (HSBC), ING Groep NV ADR (ING), LVMH Moet Hennssy ADR (LVMUY), L Oreal Co. ADR (LRLCY), Novartis A G ADR (NVS), Rio Tinto (RIO),Softbank Group ADR (SFTBY), Sanofi ADR (SNY), SAP AG ADR (SAP), Schlumberger Ltd (SLB), Siemens AG (SIEGY), and United Technologies (UTX): These small positions (less than ~1% of the 13F portfolio) were increased this quarter.Stake Decreases:Apple Inc. (AAPL): AAPL is now the top position at 4.16% of the portfolio. It was built in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming in Q2 2017 at prices between $141 and $156. The stock currently trades at ~$327. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $144 and $230. Last two quarters have seen only minor adjustments.Microsoft Corporation (MSFT): MSFT is a top-three 3.40% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The two years thru Q2 2019 had seen a combined ~30% increase at prices between $69 and $137. The stock is now at ~$185. Last quarter saw a ~3% stake increase while this quarter there was marginal trimming.Alibaba Group Holdings (BABA): BABA is a top-five 2.83% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. The stock currently trades at ~$224. There was a ~28% stake increase over the last nine quarters at prices between $132 and $217.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock price has increased more than five times and currently trades at $1518. The position stands at 2.27% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984 while Q1 2018 saw a similar increase at prices between $1000 and $1176. Since then the activity has been minor.Taiwan Semiconductor (TSM): TSM is a very long-term 1.80% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The position has wavered. Recent activity follows: The ten quarters thru Q4 2018 saw periodic buying while the last year saw a combined ~15% trimming. The stock currently trades at $59.63.Intel Corporation (INTC): The bulk of the 1.63% portfolio stake in INTC was built in 2008 in the high-teens. The position has seen consistent incremental buying since 2013. There was a ~10% stake increase in Q1 2018 at prices between $42.50 and $52.50. The stock is currently at $67.46. Last six quarters had seen minor increases while this quarter there was marginal trimming.Cisco Systems (CSCO) and Royal Dutch Shell (RDS.A): These two positions had seen large increases in Q4 2018. The 1.47% CSCO stake saw a ~35% increase at prices between $40 and $49 and the stock is currently at $49.93. RDS.A is a 0.87% of the portfolio position increased by ~70% in Q4 2018 at prices between $55.50 and $69.50. The stock currently trades below that range at $52.65. Both positions have seen only minor adjustments in the last year.Home Depot (HD): HD is a 1.35% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another 28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207. The stock is now at ~$242. Last quarter saw a ~25% stake increase at prices between $202 and $234 while this quarter there was minor trimming.UBS AG GRS (UBS): UBS is a 0.67% of the 13F portfolio position established in Q3 2013 at prices between $17 and $21.50. The stake has wavered. Recent activity follows: The three quarters thru Q4 2017 had seen a two-thirds stake increase at prices between $12.25 and $23. Since then the activity has been minor. The stock currently trades at $13.40.Anheuser Busch Inbev SA ADR (BUD), ASML Holdings (ASML), Exxon Mobil (XOM), HDFC Bank (HDB), Itau Unibanco (ITUB), JP Morgan Chase (JPM), Merck Inc. (MRK), Netflix (NFLX), Novo-Nordisk A S ADR (NVO), Oracle Corporation (ORCL), PayPal Holdings (PYPL), and Petroleo Brasileiro (PBR): These small (less than ~1% of the portfolio each) positions were reduced during the quarter.The portfolio has several positions in different ETNs and ETFs - they account for around 15% of the 13F portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS), Atlas Air (AAWW), Veeco Instruments (VECO), and Stamps.com (STMP).Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), America Movil (AMX), Aspen Technology (AZPN), BASF SE ADR (BASFY), BP plc (BP), Baidu Inc. (BIDU), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Banco Santander SA (SAN), CSX Corp (CSX), Capital One Financial (COF), Chemed Corp. (CHE), Cleveland-Cliffs (CLF), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Credit Agricole SA (CRARY), Domino’s Pizza (DPZ), Fanuc Corp. (FANUF), Freeport-McMoran (FCX), General Electric (GE), Heico Corp. (HEI), Hess Corp (HES), Hill-Rom Holdings (HRC), Hitachi Ltd (HTHIY), Infosys (INFY), Intesa Sanpaolo Spa ADR (ISNPY), JD.com (JD), MasterCard Inc. (MA), Mitsubishi Electric (MELY), Murata Mfg (MRAAY), Nestle (NSRGY), NetEase Inc. (NTES), Nvidia Corp (NVDA), Qorvo (QRVO), Raymond James Financial (RJF), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), Societe Generale France (SCGLY), Southern Copper (SCCO), Stamps.com (STMP), Sumitomo Mitsui Financial (SMFG), Synaptics Inc. (SYNA), Teledyne (TDY), Tokyo Electronics (TOELY), Toro Co (TTC), Trip.com (TCOM), Union Pacific (UNP), Vale (VALE), Vinci SA (VCISY), Weibo Corp. (WB), West Pharmaceutical (WST), Credicorp Ltd. (BAP), Helen of Troy (HELE), NXP Semi (NXPI), and Steris plc (STE).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q4 2019:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2019 Update"

"Fisher’s 13F portfolio value increased from $90.45B to $91.13B in Q3 2019.Visa Inc., Apple Inc., Amazon.com, Microsoft, and Alibaba Group Holdings are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 10/28/2019. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q2 2019.This quarter, Fisher’s 13F portfolio value increased marginally from $90.45B to $91.13B. The number of holdings increased from 902 to 903. Significantly large positions remained steady at 66. The five largest individual stock positions are Visa Inc., Apple Inc., Amazon.com, Microsoft, and Alibaba Group Holdings. Together, they account for ~16% of the 13F stock portfolio.Note: Fisher manages ~65,000 private client accounts and over 175 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown. Some institutions from Fisher Investments last month following inappropriate comments by Ken Fisher that was made public.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Alibaba Group Holdings (BABA): BABA is a 2.47% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. The stock currently trades at ~$182. There was a ~13% stake increase over the last seven quarters and that was followed with another ~17% stake increase this quarter at prices between $154 and $183.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 13.61M shares. Last five quarters had seen a combined ~12% stake increase and that was followed with a ~20% stake increase this quarter at prices between $117 and $129. The stock is now at ~$119 and the stake is at 1.77% of the portfolio.Home Depot (HD): HD is a 1.56% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another 28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207 and that was followed with minor increases in the last five quarters. The stock is now at ~$232. This quarter saw a ~25% stake increase at prices between $202 and $234.Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions have seen large increases in the last four quarters. The 1.18% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase next quarter at prices between $130 and $167. The stock is now at ~$158. This quarter saw another ~30% stake increase at prices between $140 and $160. For investors attempting to follow, CRM is a good option to consider for further research. ADBE is a 1.24% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase next quarter at prices between $216 and $272. The stock is now at $289. This quarter saw another ~30% stake increase at prices between $272 and $311.Tencent Holdings ADR (TCEHY): The majority of the 1.17% TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The stock is now at $42.38. Last two years had seen incremental purchases. There was a ~23% stake increase this quarter at prices between $40.50 and $47.50. The current position is at ~25.4M shares.Total S A (TOT): The majority of the 1.11 % TOT stake was purchased in Q3 2018 at prices between $59 and $65. Last quarter saw a ~20% selling at prices between $51.50 and $58 while this quarter there was a ~40% stake increase at prices between $48 and $57. The stock is currently at $54.80.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$176. The size of the stake has more than tripled in the last six years through incremental purchases almost every quarter. The position is now the largest stake at 3.81% of the portfolio.Apple Inc. (AAPL): AAPL is a top-three 3.45% individual stock position that was built in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming in Q2 2017 at prices between $141 and $156. The stock currently trades at ~$257. Last two years had seen a combined ~30% increase at prices between $144 and $230. This quarter also saw a marginal ~2% stake increase.Amazon.com (AMZN): AMZN is the third-largest individual stock position at 3.36% of the portfolio. The stake is from 2011 and the stock price has risen over nine-fold during the holding period: the cost-basis is ~$200 compared to the current price of $1802. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. There were minor increases in the last five quarters.Microsoft Corporation (MSFT): MSFT is a top five 3.26% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. Last two years had seen a combined ~30% increase at prices between $69 and $137. The stock is now at ~$145. This quarter also saw a ~3% stake increase.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock price has increased more than four times and currently trades at $1292. The position stands at 2.25% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984. Q1 2018 saw a ~11% stake increase at prices between $1000 and $1176 and that was followed with minor increases in the last six quarters.Pfizer Inc. (PFE): PFE is a very long-term 1.79% position that has been in the portfolio for well over a decade. The original stake was almost sold-out in the 2009-10 timeframe and was rebuilt in the next two years at prices between $17.50 and $25. The stock is currently at $37.48. Last six quarters had seen a ~20% increase at prices between $34 and $46. This quarter also saw a ~3% stake increase.Johnson & Johnson (JNJ): JNJ is a 1.72% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The stock currently trades at ~$130. There was a ~12% stake increase in Q1 2018 and that was followed with a similar reduction in Q3 2018. Last four quarters have seen minor increases.Cisco Systems (CSCO) and Royal Dutch Shell (RDS.A): These two positions had seen large increases in Q4 2018. The 1.65% CSCO stake saw a ~35% increase at prices between $40 and $49 and the stock is currently at $47.76. RDS.A is a ~1% of the portfolio position increased by ~70% in Q4 2018 at prices between $55.50 and $69.50. The stock currently trades at $60.16. Both positions saw minor increases in the last three quarters.Intel Corporation (INTC): The bulk of the 1.53% portfolio stake in INTC was built in 2008 in the high-teens. The position has seen consistent incremental buying since 2013. There was a ~10% stake increase in Q1 2018 at prices between $42.50 and $52.50. The stock is currently at $57.55. Last six quarters have also seen minor increases.Wal-Mart Stores (WMT): The bulk of the 1.42% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 saw a ~45% stake increase at prices between $78 and $100 and that was followed with a ~12% increase next quarter. The stock is now at ~$119. Last six quarters also saw a combined ~12% increase.UBS AG GRS (UBS): UBS is a 0.65% of the 13F portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.50 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~40%. The three quarters thru Q4 2017 had seen a two-thirds stake increase at prices between $12.25 and $23. The stock currently trades at $12.37. Since then the activity has been minor. This quarter saw a marginal increase.Itau Unibanco (ITUB): The 0.50% position had seen a two-thirds increase in Q4 2018 at prices between $7.25 and $9.35 and it is now at $9.19. This quarter also saw a ~23% stake increase at prices between $7.90 and $9.94.Astrazeneca plc (AZN), Anheuser Busch Inbev SA ADR (BUD), ASML Holdings (ASML), BHP Billiton (BBL), BNP Paribas ADR (BNPQY), Chevron Inc. (CVX), Costco Wholesale (COST), Eli Lilly (LLY), Exxon Mobil (XOM), GlaxoSmithKline plc ADR (GSK), HDFC Bank (HDB), ING Groep NV ADR (ING), JP Morgan Chase (JPM), LVMH Moet Hennssy ADR (LVMUY), L Oreal Co. ADR (LRLCY), Merck Inc. (MRK), Novo-Nordisk A S ADR (NVO), Novartis A G ADR (NVS), Oracle Corporation (ORCL), Rio Tinto (RIO), Softbank Group ADR (SFTBY), Sanofi ADR (SNY), SAP AG ADR (SAP), Schlumberger Ltd (SLB), Siemens AG (SIEGY), and United Technologies (UTX): These small positions (less than ~1% of the 13F portfolio) were increased this quarter.Stake Decreases:Taiwan Semiconductor (TSM): TSM is a very long-term 1.73% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The position has wavered. Recent activity follow. The ten quarters thru Q4 2018 saw periodic buying while the last three quarters saw minor trimming. The stock currently trades at $53.55.Procter & Gamble (PG): PG is a long-term 0.69% of the 13F portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70. The six-year period thru 2018 had also seen periodic buying. Q1 2019 saw an about turn: ~50% selling at prices between $90 and $104. The stock currently trades at $119. Last two quarters have only seen minor adjustments.HSBC plc (HSBC), Petroleo Brasileiro (PBR), and Vale S A (VALE): These small (less than ~1% of the portfolio each) positions were reduced during the quarter.The portfolio has several positions in different ETNs and ETFs - they account for around 15% of the 13F portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS), Atlas Air (AAWW), Wright Medical (WMGI), and Veeco Instruments (VECO).Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), Ambev (ABEV), America Movil (AMX), Aspen Technology (AZPN), BASF SE ADR (BASFY), BP plc (BP), Baidu Inc. (BIDU), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Banco Santander SA (SAN), BNP Paribas ADR (BNPQY), Boeing Company (BA), Boston Beer (SAM), CTrip.com (CTRP), CSX Corp (CSX), Capital One Financial (COF), Chemed Corp. (CHE), Cleveland-Cliffs (CLF), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Credit Agricole SA (CRARY), Domino’s Pizza (DPZ), Fanuc Corp. (FANUF), Freeport-McMoran (FCX), General Electric (GE), Heico Corp. (HEI), Hess Corp (HES), Hill-Rom Holdings (HRC), Hitachi Ltd (HTHIY), Infosys (INFY), Intesa Sanpaolo Spa ADR (ISNPY), JD.com (JD), KB Home (KBH), Littelfuse Inc. (LFUS), MasterCard Inc. (MA), Meritage Homes (MTH), Mitsubishi Electric (MELY), Murata Mfg (MRAAY), Nestle (NSRGY), Netflix (NFLX), NetEase Inc. (NTES), Nvidia Corp (NVDA), POOL Corp (POOL), Raymond James Financial (RJF), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), Societe Generale France (SCGLY), Southern Copper (SCCO), Stifel Financial (SF), Sumitomo Mitsui Financial (SMFG), Teledyne (TDY), Tokyo Electronics (TOELY), Toro Co (TTC), Union Pacific (UNP), Vinci SA (VCISY), Weibo Corp. (WB), West Pharmaceutical (WST), Yelp Inc. (YELP), Credicorp Ltd. (BAP), Helen of Troy (HELE), NXP Semi (NXPI), and Steris plc (STE).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q3 2019:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q2 2019 Update"

"Fisher’s 13F portfolio value increased from $85.30B to $90.45B in Q2 2019.Visa Inc., Amazon.com, Microsoft, Apple Inc., and Alibaba Group Holdings are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 07/30/2019. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q1 2019.This quarter, Fisher’s 13F portfolio value increased ~6% from $85.30B to $90.45B. The number of holdings increased from 862 to 902. Significantly large positions remained steady at 66. The five largest individual stock positions are Visa Inc., Amazon.com, Microsoft, Apple Inc., and Alibaba Group Holdings. Together, they account for ~16% of the 13F stock portfolio.Note: Fisher manages ~60,000 private client accounts and over 175 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown. To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions had seen large increases in the last two quarters. The 0.94% CRM position saw a ~180% increase in Q4 2018 at prices between $121 and $160 and another ~55% increase last quarter at prices between $130 and $167. The stock is now at ~$146 and the stake is now at 0.94% of the portfolio. This quarter also saw a ~5% stake increase. For investors attempting to follow, CRM is a good option to consider for further research. ADBE is a ~1% portfolio stake that saw a ~300% increase in Q4 2018 at prices between $205 and $275 and another ~75% increase last quarter at prices between $216 and $272. The stock is now well above those ranges at $294. This quarter also saw a ~8% stake increase.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$177. The size of the stake has more than tripled in the last six years through incremental purchases almost every quarter. The position is now the largest stake at 3.80% of the portfolio.Amazon.com (AMZN): AMZN is the second-largest individual stock position at 3.60% of the portfolio. The stake is from 2011 and the stock price has risen over nine-fold during the holding period: the cost-basis is ~$200 compared to the current price of $1823. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. There were minor increases in the last four quarters.Microsoft Corporation (MSFT): MSFT is a top five 3.08% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. Last two years have seen a combined ~30% increase at prices between $69 and $137. The stock is now at ~$137.Apple Inc. (AAPL): AAPL is a top-five ~3% individual stock position that was built in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming in Q2 2017 at prices between $141 and $156. The stock currently trades at ~$204. Last two years have seen a combined ~30% increase at prices between $144 and $230.Alibaba Group Holdings (BABA): BABA is a 2.16% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. The stock currently trades at ~$161. There was a ~13% stake increase over the last seven quarters.Pfizer Inc. (PFE): PFE is a very long-term 2.11% position that has been in the portfolio for well over a decade. The original stake was almost sold-out in the 2009-10 timeframe and was rebuilt in the next two years at prices between $17.50 and $25. The stock is currently at $38. Last six quarters have seen a ~20% increase at prices between $34 and $46.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock has more than tripled and currently trades at $1194. The position stands at ~2% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984. Q1 2018 saw a ~11% stake increase at prices between $1000 and $1176 and that was followed with minor increases in the last five quarters.Johnson & Johnson (JNJ): JNJ is a 1.82% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The stock currently trades at ~$131. There was a ~12% stake increase in Q1 2018 and that was followed with a similar reduction in Q3 2018. Last three quarters have seen minor increases.Cisco Systems (CSCO) and Royal Dutch Shell (RDS.A): These two positions had seen large increases in Q4 2018. The 1.80% CSCO stake saw a ~35% increase at prices between $40 and $49 and the stock is currently at $53.25. RDS.A is a ~1% of the portfolio position increased by ~70% in Q4 2018 at prices between $55.50 and $69.50. The stock currently trades at $58.41. Both positions saw minor increases in the last two quarters.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 11.35M shares. Last five quarters saw a combined ~12% stake increase. The stock is now at ~$124 and the stake is at 1.55% of the portfolio.Intel Corporation (INTC): The bulk of the 1.41% portfolio stake in INTC was built in 2008 in the high-teens. The position has seen consistent incremental buying since 2013. There was a ~10% stake increase in Q1 2018 at prices between $42.50 and $52.50. The stock is currently at $48.68. Last five quarters have also seen minor increases.Wal-Mart Stores (WMT): The bulk of the 1.30% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 saw a ~45% stake increase at prices between $78 and $100 and that was followed with a ~12% increase next quarter. The stock is now at ~$109. Last five quarters also saw a combined ~9% increase.Tencent Holdings ADR (TCEHY): The majority of the ~1% TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The stock is now at $44.89. Last two years have seen incremental purchases. The current position is at ~20.7M shares.Home Depot (HD): HD is a 1.12% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another 28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207 and that was followed with minor increases in the last five quarters. The stock is now at ~$212.Procter & Gamble (PG): PG is a long-term 0.62% of the 13F portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70. The six year period thru 2018 had also seen periodic buying. Last quarter saw an about turn: ~50% selling at prices between $90 and $104. The stock currently trades at $116. This quarter saw a minor increase.Astrazeneca plc (AZN), Anheuser Busch Inbev SA ADR (BUD), ASML Holdings (ASML), BHP Billiton (BBL), Chevron Inc. (CVX), Costco Wholesale (COST), Eli Lilly (LLY), JP Morgan Chase (JPM), LVMH Moet Hennssy ADR (LVMUY), L Oreal Co. ADR (LRLCY), Merck Inc. (MRK), Novo-Nordisk A S ADR (NVO), Novartis A G ADR (NVS), Oracle Corporation (ORCL), Rio Tinto (RIO), Softbank Group ADR (SFTBY), Sanofi ADR (SNY), SAP AG ADR (SAP), Schlumberger Ltd (SLB), and United Technologies (UTX): These small positions (less than ~1% of the 13F portfolio) were increased this quarter.Stake Decreases:Taiwan Semiconductor (TSM): TSM is a very long-term 1.50% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. The nine quarters thru Q2 2016 saw the position rebuilt (70% increase) at prices between $19 and $26. The ten quarters thru 2018 had also seen periodic buying. The stock currently trades at $41.65. Last two quarters saw minor trimming.Itau Unibanco (ITUB): The 0.46% position had seen a two-thirds increase in Q4 2018 at prices between $7.25 and $9.35 and it is now at $8.98. The position saw a minor increase last quarter and marginal trimming this quarter.UBS AG GRS (UBS): UBS is a 0.67% of the 13F portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.50 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~40%. The three quarters thru Q4 2017 had seen a two-thirds stake increase at prices between $12.25 and $23. The stock currently trades at $11.12. Since then the activity has been minor. This quarter saw marginal trimming.Total S A (TOT): The 0.87% TOT stake was mostly purchased in Q3 2018 at prices between $59 and $65. This quarter saw a ~20% selling at prices between $51.50 and $58. The stock is currently at $49.39.Banco Santander SA ADR (SAN), BNP Paribas ADR (BNPQY), CTrip.com (CTRP), Exxon Mobil (XOM), Freeport McMoran (FCX), GlaxoSmithKline plc ADR (GSK), HSBC plc (HSBC), HDFC Bank (HDB), ING Groep NV ADR (ING), Infosys Inc. (INFY), Petroleo Brasileiro (PBR), Siemens AG (SIEGY), Sumitomo Mitsui Financial (SMFG), and Vale S A (VALE): These small (less than ~1% of the portfolio each) positions were reduced during the quarter.The portfolio has several positions in different ETNs and ETFs - they account for around 15% of the 13F portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS), Atlas Air (AAWW), Wright Medical (WMGI), and Veeco Instruments (VECO).Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), Ambev (ABEV), America Movil (AMX), Aspen Technology (AZPN), BASF SE ADR (BASFY), BP plc (BP), Baidu Inc. (BIDU), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Boeing Company (BA), Boston Beer (SAM), Chemed Corp. (CHE), Cleveland-Cliffs (CLF), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Domino’s Pizza (DPZ), East West Bancorp (EWBC), Fanuc Corp. (FANUF), General Electric (GE), Heico Corp. (HEI), Hess Corp (HES), Hill-Rom Holdings (HRC), Intesa Sanpaolo Spa ADR (ISNPY), JD.com (JD), Littelfuse Inc. (LFUS), MasterCard Inc. (MA), Mitsubishi Electric (MELY), Murata Mfg (MRAAY), Nestle (NSRGY), Netflix (NFLX), NetEase Inc. (NTES), Nvidia Corp (NVDA), Pegasystems (PEGA), POOL Corp (POOL), Raymond James Financial (RJF), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), Societe Generale France (SCGLY), Southern Copper (SCCO), Stifel Financial (SF), Teledyne (TDY), Tokyo Electronics (TOELY), Toro Co (TTC), Verint Systems (VRNT), Vinci SA (VCISY), Weibo Corp. (WB), West Pharmaceutical (WST), Yelp Inc. (YELP), Credicorp Ltd. (BAP), and Steris plc (STE).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q2 2019:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q1 2019 Update"

"Fisher’s 13F portfolio value increased from $73.22B to $85.30B in Q1 2019.Visa Inc., Amazon.com, Apple Inc., Microsoft, and Alibaba Group Holdings are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 04/22/2019. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q4 2018.This quarter, Fisher’s 13F portfolio value increased ~17% from $73.22B to $85.30B. The number of holdings decreased from 866 to 862. Significantly large positions increased from 66 to 67. The five largest individual stock positions are Visa Inc., Amazon.com, Apple Inc., Microsoft, and Alibaba Group Holdings. Together, they account for ~15% of the 13F stock portfolio.Note: Fisher manages ~50,000 private client accounts and over 175 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown. To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Stake Increases:Salesforce.com (CRM) and Adobe Inc. (ADBE): These two positions saw large increases in the last two quarters. The CRM position saw a ~180% increase last quarter at prices between $121 and $160 and another ~55% increase this quarter at prices between $130 and $167. The stock is now at ~$158 and the stake is now at ~1% of the portfolio. ADBE is a 0.90% portfolio stake that saw a ~300% increase last quarter at prices between $205 and $275 and another ~75% increase this quarter at prices between $216 and $272. The stock is now at $272.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$160. The size of the stake has more than tripled in the last six years through incremental purchases almost every quarter. The position is now the largest stake at 3.51% of the portfolio.Amazon.com (AMZN): AMZN is the second-largest individual stock position at 3.48% of the portfolio. The stake is from 2011 and the stock price has risen over nine-fold during the holding period: the cost-basis is ~$200 compared to the current price of $1840. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. There were minor increases in the last three quarters.Apple Inc. (AAPL): AAPL is a top-three 2.94% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming in Q2 2017 at prices between $141 and $156. The stock currently trades at ~$189. Last seven quarters have seen a combined ~25% increase at prices between $142 and $233.Microsoft Corporation (MSFT): MSFT is a top five 2.77% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. Last seven quarters have seen a combined ~25% increase at prices between $69 and $118. The stock is now at ~$125.Alibaba Group Holdings (BABA): BABA is a 2.47% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. The stock currently trades at ~$175. There was a ~12% stake increase over the last six quarters.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock has more than tripled and currently trades at $1120. The position stands at 2.18% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984. Q1 2018 saw a ~11% stake increase at prices between $1000 and $1176 and that was followed with minor increases in the last four quarters.Pfizer Inc. (PFE): PFE is a very long-term 2.12% position that has been in the portfolio for well over a decade. The original stake was almost sold-out in the 2009-10 timeframe and was rebuilt in the next two years at prices between $17.50 and $25. The stock is currently at $40.66. Last five quarters have seen a ~17% increase at prices between $34 and $46.Johnson & Johnson (JNJ): JNJ is a 1.89% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The stock currently trades at ~$137. There was a ~12% stake increase in Q1 2018 and that was followed with a similar reduction in Q3 2018. Last two quarters have seen minor increases.Cisco Systems (CSCO), Royal Dutch Shell (RDS.A), and Itau Unibanco (ITUB): These three positions had seen large increases last quarter. The 1.80% CSCO stake saw a ~35% increase at prices between $40 and $49 and the stock is currently at $52.02. RDS.A is a ~1% of the portfolio positon increased by ~70% last quarter at prices between $55.50 and $69.50. The stock currently trades at $64.11. The 0.46% ITUB position saw a two-thirds increase at prices between $7.25 and $9.35 and it is now at $8.01. All three stakes saw minor increases this quarter.Intel Corporation (INTC): The bulk of the 1.62% portfolio stake in INTC was built in 2008 in the high-teens. The position has seen consistent incremental buying since 2013. There was a ~10% stake increase in Q1 2018 at prices between $42.50 and $52.50 and the stock is at $45.17. Last four quarters have also seen minor increases.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares purchased at an average cost in the 50s and the current stake is 10.97M shares. Last four quarters saw a combined ~8% stake increase. The stock is now at ~$117 and the stake is at 1.41% of the portfolio.Wal-Mart Stores (WMT): The bulk of the 1.19% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 saw a ~45% stake increase at prices between $78 and $100 and that was followed with a ~12% increase next quarter. The stock is now at ~$100. Last four quarters also saw a combined ~7% increase.Tencent Holdings ADR (TCEHY): The majority of the ~1% TCEHY stake was purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The stock is now at $47.07. Last seven quarters have seen incremental purchases. The current position is at ~19.9M shares.Home Depot (HD): HD is a ~1% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2017 saw a ~38% selling at prices between $146 and $159 and that was followed with another 28% reduction in Q4 2017 at prices between $150 and $190. There was a reversal next quarter: ~14% stake increase at prices between $172 and $207 and that was followed with minor increases in the last four quarters. The stock is now at ~$192.UBS AG GRS (UBS): UBS is a 0.73% of the 13F portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.50 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~40%. The three quarters thru Q4 2017 had seen a two-thirds stake increase at prices between $12.25 and $23. The stock currently trades at $11.81. Last three quarters saw minor increases.Total S A (TOT): The 1.20% TOT stake was mostly purchased in Q3 2018 at prices between $59 and $65. The stock is currently below that range at $53.Astrazeneca plc (AZN), Anheuser Busch Inbev SA ADR (BUD), BHP Billiton (BBL), Rio Tinto (RIO), Freeport McMoran (FCX), Softbank Group ADR (SFTBY), Sanofi ADR (SNY), SAP AG ADR (SAP), HSBC plc (HSBC), Oracle Corporation (ORCL), Novo-Nordisk A S ADR (NVO), Novartis A G ADR (NVS), Merck Inc. (MRK), Siemens AG (SIEGY), L Oreal Co. ADR (LRLCY), Costco Wholesale (COST), GlaxoSmithKline plc ADR (GSK), LVMH Moet Hennssy ADR (LVMUY), JP Morgan Chase (JPM), Chevron Inc. (CVX), ING Groep NV ADR (ING), United Technologies (UTX), Eli Lilly (LLY), Banco Santander SA ADR (SAN), BNP Paribas ADR (BNPQY), Exxon Mobil (XOM), Sumitomo Mitsui Financial (SMFG), ASML Holdings (ASML), and Schlumberger Ltd (SLB): These small positions (less than ~1% of the 13F portfolio) were increased this quarter.Stake Decreases:Procter & Gamble (PG): PG is a long-term 0.61% of the 13F portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70. There had since been a ~42% further increase thru periodic buying. This quarter saw an about turn: ~50% selling at prices between $90 and $104. The stock currently trades at $106.Taiwan Semiconductor (TSM): TSM is a very long-term 1.70% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. The nine quarters thru Q2 2016 saw the position rebuilt (70% increase) at prices between $19 and $26. Q2 2017 also saw a ~22% increase at prices between $31.50 and $37. The stock currently trades at $41.97. There was a ~17% further increase in Q1 2018 at prices between $40 and $45 and that was followed with minor increases in the following three quarters. This quarter saw minor trimming.HDFC Bank (HDB), Infosys Inc. (INFY), PepsiCo Inc. (PEP), and Vale S A (VALE): These small (less than ~1% of the portfolio each) positions saw reductions this quarter.The portfolio has several positions in different ETNs and ETFs - they account for around 15% of the 13F portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS) – 5.2%, Atlas Air (AAWW) - 2.3%, Wright Medical (WMGI) – 2.4%, and Veeco Instruments (VECO) - 3%.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), Ambev (ABEV), America Movil (AMX), Aspen Technology (AZPN), BASF SE ADR (BASFY), BP plc (BP), Baidu Inc. (BIDU), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Boeing Company (BA), Chart Inds (GTLS), Chemed Corp. (CHE), Cleveland-Cliffs (CLF), Compagnie Financiere Richemont (CFRUY), ConocoPhillips (COP), Credit Agricole (CRARY), Domino’s Pizza (DPZ), East West Bancorp (EWBC), Fanuc Corp. (FANUF), General Electric (GE), Heico Corp. (HEI), Hess Corp (HES), Hill-Rom Holdings (HRC), Intesa Sanpaolo Spa ADR (ISNPY), JD.com (JD), Lincoln Electric (LE), Littelfuse Inc. (LFUS), MasterCard Inc. (MA), Mitsubishi Electric (MELY), Murata Mfg (MRAAY), Nestle (NSRGY), Netflix (NFLX), NetEase Inc. (NTES), Nvidia Corp (NVDA), Raymond James Financial (RJF), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), Societe Generale France (SCGLY), Southern Copper (SCCO), Stifel Financial (SF), Teledyne (TDY), Tokyo Electronics (TOELY), Toro Co (TTC), Verint Systems (VRNT), Vinci SA (VCISY), Vishay Intertechnology (VSH), Weibo Corp. (WB), West Pharmaceutical (WST), Yelp Inc. (YELP), Credicorp Ltd. (BAP), Steris plc (STE), and Wright Medical Group (WMGI).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q1 2019:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q4 2018 Update"

"Fisher’s 13F portfolio value decreased from $82.37B to $73.22B in Q4 2018.Visa Inc., Amazon.com, Apple Inc., Microsoft, and Pfizer are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 01/25/2019. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q3 2018.This quarter, Fisher’s 13F portfolio value decreased ~11% from $82.37B to $73.22B. The number of holdings decreased from 870 to 866. Significantly large positions decreased from 69 to 66. The five largest individual stock positions are Visa Inc., Amazon.com, Apple Inc., Microsoft, and Pfizer. Together, they account for ~15% of the 13F stock portfolio.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Note 1: The portfolio saw a significant shift to Blue Chip Tech Stocks (Cisco Systems, Adobe Inc., and Salesforce.com) during the quarter. Last quarter had seen a focus on Materials (BHP, Freeport-McMoran, Rio-Tinto plc, Vale SA, and several O&G majors).Note 2: Fisher manages ~50,000 private client accounts and over 175 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.Stake Increases:Cisco Systems (CSCO), Royal Dutch Shell (RDS.A) Salesforce.com (CRM), Itau Unibanco (ITUB), and Adobe Inc. (ADBE): These five positions saw large increases this quarter. The 1.62% CSCO stake saw a ~35% increase at prices between $40 and $49 and the stock is currently at $46.13. RDS.A is a ~1% of the portfolio positon increased by ~70% this quarter at prices between $55.50 and $69.50. The stock currently trades near the low end of that range at $59.17. The CRM position saw a ~180% increase to a 0.64% portfolio stake at prices between $121 and $160 and the stock is now at ~$150. The 0.55% ITUB position saw a two-thirds increase at prices between $7.25 and $9.35 and it is now above that range at $10.01. ADBE is a 0.50% portfolio stake that saw a ~300% increase this quarter at prices between $205 and $275. The stock is now at $245.Astrazeneca plc (AZN) and Vale S A (VALE): These two positions saw ~10% increases this quarter. AZN and VALE stakes are currently at 0.78% and 0.68% of the overall portfolio respectively.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$139. The size of the stake has more than tripled in the last six years through incremental purchases almost every quarter. The position is now the largest stake at 3.36% of the portfolio.Amazon.com (AMZN): AMZN is the second-largest individual stock position at 3.33% of the portfolio. The stake is from 2011 and the stock price has risen over eight-fold during the holding period: the cost-basis is ~$200 compared to the current price of $1671. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while the following quarter saw a similar reduction at prices between $1370 and $1750. There were minor increases in the last two quarters.Apple Inc. (AAPL): AAPL is a top-three 2.75% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming in Q2 2017 at prices between $141 and $156. The stock currently trades at ~$158. Last six quarters have seen a combined ~21% increase at prices between $144 and $233.Microsoft Corporation (MSFT): MSFT is a top five 2.70% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. Last six quarters have seen a combined ~22% increase at prices between $70 and $116. The stock is now at ~$107.Pfizer Inc. (PFE): PFE is a very long-term 2.49% position that has been in the portfolio for well over a decade. The original stake was almost sold-out in the 2009-10 timeframe and was rebuilt in the next two years at prices between $17.50 and $25. The stock is currently at $40.64. Last four quarters have seen a ~15% increase at prices between $34 and $46.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock has more than tripled and currently trades at $1091. The position stands at 2.19% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984. Q1 2018 saw a ~11% stake increase at prices between $1000 and $1176 and that was followed with minor increases in the last three quarters.Alibaba Group Holdings (BABA): BABA is a 2.15% of the portfolio stake. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. The stock currently trades at ~$159. There was a ~12% stake increase over the last five quarters.Johnson & Johnson (JNJ): JNJ is a ~2% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The stock currently trades at ~$128. There was a ~12% stake increase in Q1 2018 and that was followed with a similar reduction last quarter. This quarter saw a marginal increase.Taiwan Semiconductor (TSM): TSM is a very long-term 1.83% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. The nine quarters thru Q2 2016 saw the position rebuilt (70% increase) at prices between $19 and $26. Q2 2017 also saw a ~22% increase at prices between $31.50 and $36.92. The stock currently trades at $38.14. There was a ~17% further increase in Q1 2018 at prices between $40 and $45 and that was followed with minor increases in the last three quarters.Intel Corporation (INTC): The bulk of the 1.60% portfolio stake in INTC was built in 2008 in the high-teens. The position has seen consistent incremental buying since 2013. There was a ~10% stake increase in Q1 2018 at prices between $42.50 and $52.50 and the stock is at $47.04. Last three quarters have also seen minor increases.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares and the current stake is 10.68M shares. Q3 2016 saw a ~10% reduction at prices between $59 and $66. Q1 2018 saw a ~14% reduction at prices between $88 and $102 and the stake is at 1.39% of the portfolio. Last three quarters saw a combined ~5% stake increase. The stock is now at ~$101.Wal-Mart Stores (WMT): The bulk of the 1.31% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 saw a ~45% stake increase at prices between $78 and $100 and that was followed with a ~12% increase next quarter. The stock is now at ~$97. Last three quarters also saw a combined ~5% increase.Procter & Gamble (PG): PG is another long-term 1.30% of the 13F portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70. There has since been a ~42% further increase thru periodic buying. The stock currently trades at $93.60.Home Depot (HD): HD is a ~1% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. The three quarters thru Q1 2017 had seen minor increases. There was an about-turn in Q2 2017: ~38% selling at prices between $146 and $159. Q4 2017 saw another ~28% reduction at prices between $150 and $190. There was another reversal next quarter: ~14% stake increase at prices between $172 and $207 and that was followed with minor increases in the last three quarters. The stock is now at ~$180.Tencent Holdings ADR (TCEHY): The ~1% TCEHY stake was mostly purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The stock is now at $44.06. Last six quarters have also seen incremental purchases. The current position is at ~19.3M shares.UBS AG GRS (UBS): UBS is a 0.83% of the 13F portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.50 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~40%. The three quarters thru Q4 2017 had seen a two-thirds stake increase at prices between $12.25 and $23. The stock currently trades near the low end of those ranges at $13.10. Last two quarters saw minor increases.Total S A (TOT), BHP Billiton (BBL), Rio Tinto (RIO), and Freeport McMoran (FCX): These positions saw large increases last quarter and incremental buying this quarter. The 1.20% TOT stake was mostly purchased last quarter at prices between $59 and $65. The stock is currently below that range at $54.21. The small positions in BHP, Rio Tinto and Freeport McMoran had also seen large increases last quarter.PepsiCo Inc. (PEP), Softbank Group ADR (SFTBY), Sanofi ADR (SNY), SAP AG ADR (SAP), HSBC plc (HSBC), Oracle Corporation (ORCL), Novo-Nordisk A S ADR (NVO), Novartis A G ADR (NVS), Merck Inc. (MRK), Siemens AG (SIEGY), L Oreal Co. ADR (LRLCY), Costco Wholesale (COST), GlaxoSmithKline plc ADR (GSK), LVMH Moet Hennssy ADR (LVMUY), JP Morgan Chase (JPM), Chevron Inc. (CVX), ING Groep NV ADR (ING), United Technologies (UTX), HDFC Bank (HDB), Eli Lilly (LLY), Banco Santander SA ADR (SAN), BNP Paribas ADR (BNPQY), Exxon Mobil (XOM), Infosys Inc. (INFY), Sumitomo Mitsui Financial (SMFG), ASML Holdings (ASML), and Schlumberger Ltd (SLB): These small positions (less than ~1% of the 13F portfolio) were increased this quarter.Stake Decreases:Anheuser Busch Inbev SA ADR (BUD) and Vodafone plc (VOD): These small (less than ~1% of the portfolio each) positions saw reductions this quarter.The portfolio has several positions in different ETNs and ETFs - they account for around 15% of the 13F portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS) – 5.2%, Atlas Air (AAWW) - 2.3%, Wright Medical (WMGI) – 2.4%, and Veeco Instruments (VECO) - 3%.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), Abbvie Inc. (ABBV), Ambev (ABEV), America Movil (AMX), Aspen Technology (AZPN), BASF SE ADR (BASFY), BP plc (BP), Baidu Inc. (BIDU), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Boeing Company (BA), Boston Beer (SAM), Capital One Financial (COF), Chemed Corp. (CHE), Cleveland-Cliffs (CLF), Compagnie Financiere Richemont (CFRUY), Corelogic Inc. (CLGX), Credit Agricole (CRARY), CTrip Inc. (CTRP), Dominos Pizza (DPZ), East West Bancorp (EWBC), Fanuc Corp. (FANUF), Finisar (FNSR), General Electric (GE), Grupo Televisa SA (TV), Heico Corp. (HEI), Hill-Rom Holdings (HRC), Integer Holdings (ITR), Intesa Sanpaolo Spa ADR (ISNPY), JD.com (JD), Lincoln Electric (LE), Littelfuse Inc. (LFUS), MasterCard Inc. (MA), Mitsubishi Electric (MELY), Morgan Stanley (MS), Murata Mfg (MRAAY), Nestle (NSRGY), NetEase Inc. (NTES), Pool Corp. (POOL), Raymond James Financial (RJF), Reckitt Benckiser (RBGLY), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Samsung Electronic (SSNLF), Schlumberger Ltd. (SLB), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), Societe Generale France (SCGLY), Southern Copper (SCCO), Stifel Financial (SF), Teledyne (TDY), Tokyo Electronics (TOELY), Toro Co (TTC), Unilever NV (UN), Verint Systems (VRNT), Vinci SA (VCISY), Vishay Intertechnology (VSH), Weibo Corp. (WB), West Pharmaceutical (WST), Yelp Inc. (YELP), Credicorp Ltd. (BAP), Helen of Troy (HELE), Steris plc (STE), and Wright Medical Group (WMGI).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q4 2018:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2018 Update"

"Fisher’s 13F portfolio value increased from $77.02B to $82.37B in Q3 2018.Amazon.com, Apple Inc., Visa Inc., Microsoft, and Alibaba Group Holdings are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 10/24/2018. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q2 2018.This quarter, Fisher’s 13F portfolio value increased ~7% from $77.02B to $82.37B. The number of holdings increased from 862 to 870. Significantly large positions increased from 65 to 69. The five largest individual stock positions are Amazon.com, Apple Inc., Visa Inc., Microsoft, and Alibaba Group Holdings. Together, they account for ~16% of the 13F stock portfolio.To know more about Ken Fisher, check out his (most notably in Behavioral Finance) and .Note 1: The portfolio saw a significant shift from Financial and Pharma Blue Chips to Materials stocks during the quarter. The last major shift in portfolio positioning happened in Q2 2017 when several Blue Chip European equities were purchased.Note 2: Fisher manages ~50,000 private client accounts and over 175 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.Stake Increases:Amazon.com (AMZN): AMZN is the largest individual stock position at 3.82% of the portfolio. The stake is from 2011 and the stock price has risen over seven-fold during the holding period: the cost-basis is ~$200 compared to the current price of $1538. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. The three quarters thru Q1 2018 had seen a ~15% increase at prices between $935 and $1600 while last quarter saw a similar reduction at prices between $1370 and $1750. There was a marginal increase this quarter.Apple Inc. (AAPL): AAPL is a top-three 3.38% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming in Q2 2017 at prices between $141 and $156. The stock currently trades at ~$212. Last five quarters have seen a combined ~17% increase at prices between $145 and $230.Visa Inc. (V): The Visa position was first purchased in 2012 at much lower prices compared to the current price of ~$134. The size of the stake has more than tripled in the last six years through incremental purchases almost every quarter. The position is now the third-largest stake at 3.30% of the portfolio.Microsoft Corporation (MSFT): MSFT is a top five 2.61% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The last major activity was a ~14% trimming in Q2 2017 at prices between $65 and $73. The stock is now at ~$104. Last five quarters have seen a combined ~18% increase at prices between $70 and $115.Alibaba Group Holdings (BABA): BABA is a top-five position at 2.20% of the portfolio. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase next quarter at prices between $107 and $144. The stock currently trades at ~$133. There was also a minor ~7% stake increase over the last four quarters.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock has more than tripled and currently trades at $1020. The position stands at 2.18% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984. Q1 2018 saw a ~11% stake increase at prices between $1000 and $1176 and that was followed with minor increases in the last two quarters.Pfizer Inc. (PFE): PFE is a very long-term 2.17% position that has been in the portfolio for well over a decade. The original stake was almost sold-out in the 2009-10 timeframe and was rebuilt in the next two years at prices between $17.50 and $25. The stock is currently at $43.23. There was a ~9% stake increase in Q1 2018 and that was followed with minor increases in the last two quarters.Taiwan Semiconductor (TSM): TSM is a very long-term 1.88% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. The nine quarters thru Q2 2016 saw the position rebuilt (70% increase) at prices between $19 and $26. Q2 2017 also saw a ~22% increase at prices between $31.50 and $36.92. The stock currently trades at $36.33. There was a ~17% further increase in Q1 2018 at prices between $40 and $45 and that was followed with marginal increases in the last two quarters.Intel Corporation (INTC): The bulk of the 1.39% portfolio stake in INTC was built in 2008 in the high-teens. The position has seen consistent incremental buying since 2013. There was a ~10% stake increase in Q1 2018 at prices between $42.50 and $52.50 and the stock is at $45.40. Last two quarters have also seen minor increases.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares and the current stake is 10.4M shares. Q3 2016 saw a ~10% reduction at prices between $59 and $66. There were a ~14% selling in Q1 2018 at prices between $88 and $102 and the stake is now at 1.34% of the portfolio. Last two quarters saw a combined ~7% stake increase. The stock is now at ~$101.Total S A (TOT), BHP Billiton (BBL), Royal Dutch Shell (RDS.A), Vale S A (VALE), Petroleo Brasileiro (PBR), Rio Tinto (RIO), and Freeport McMoran (FCX): These positions saw large increases this quarter. The 1.27% TOT stake was mostly purchased this quarter at prices between $59 and $65. The stock is currently just below that range at $57.29. The small positions in Vale, Rio Tinto and Freeport McMoran were all more than doubled while BHP Billiton, Royal Dutch, Shell, and Petroleo Brasileiro also saw substantial stake increases during the quarter.Wal-Mart Stores (WMT): The bulk of the ~1% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 saw a ~45% stake increase at prices between $78 and $100 and that was followed with a ~12% increase next quarter. The stock is now at $99.80. Last two quarters also saw a combined ~8% increase. The buying pattern indicates a bullish bias.Home Depot (HD): HD is a ~1% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. The three quarters thru Q1 2017 had seen minor increases. There was an about-turn in Q2 2017: ~38% selling at prices between $146 and $159. Q4 2017 saw another ~28% reduction at prices between $150 and $190. There was another reversal next quarter: ~14% stake increase at prices between $172 and $207 and that was followed with minor increases in the last two quarters. The stock is now at ~$173.Procter & Gamble (PG): PG is another long-term ~1% of the 13F portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70. There has since been a one-third further increase thru periodic buying. The stock currently trades at ~$88.Tencent Holdings ADR (TCEHY): The ~1% TCEHY stake was mostly purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The stock is now at $32.15. Last five quarters have also seen incremental purchases. The current position is at ~18.9M shares.UBS AG GRS (UBS): UBS is a ~1% of the 13F portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.50 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~40%. The three quarters thru Q4 2017 had seen a two-thirds stake increase at prices between $12.25 and $23. The stock currently trades at $13.25. Last two quarters saw marginal trimming while this quarter saw a minor increase.Softbank Group ADR (SFTBY), Cisco Systems (CSCO), SAP AG ADR (SAP), PepsiCo Inc. (PEP), Oracle Corporation (ORCL), Siemens AG (SIEGY), Sanofi ADR (SNY), HSBC plc (HSBC), Novo-Nordisk A S ADR (NVO), Novartis A G ADR (NVS), Costco Wholesale (COST), LVMH Moet Hennssy ADR (LVMUY), L Oreal Co. ADR (LRLCY), JP Morgan Chase (JPM), United Technologies (UTX), Merck Inc. (MRK), ING Groep NV ADR (ING), Anheuser Busch Inbev SA ADR (BUD), Chevron Inc. (CVX), GlaxoSmithKline plc ADR (GSK), BNP Paribas ADR (BNPQY), Astrazeneca plc (AZN), Exxon Mobil (XOM), Sumitomo Mitsui Financial (SMFG), Banco Santander SA ADR (SAN), ASML Holdings (ASML), Schlumberger Ltd (SLB), and Intesa Sanpaolo Spa ADR (ISNPY): These small positions (less than ~1% of the 13F portfolio) were increased this quarter.Stake Decreases:Johnson & Johnson (JNJ): JNJ is a ~2% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The stock currently trades at ~$138. There was a ~12% stake increase in Q1 2018 and that was followed with a similar reduction this quarter.Vodafone plc (VOD), Infosys Inc. (INFY), HDFC Bank (HDB), Baidu Inc. (BIDU), CTrip.com International ADR (CTRP), JD.com (JD), Lloyds Banking Group plc ADR (LYG), Berkshire Hathaway (BRK.B), Bayer AG ADR (BAYRY), and Roche Holding Limited ADR (RHHBY): These small (less than ~1% of the portfolio each) positions saw reductions this quarter.The portfolio has several positions in different ETNs and ETFs - they account for around 15% of the 13F portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS) - 6%, Atlas Air (AAWW) - 4.4%, Wright Medical (WMGI) – 5.6%, and Veeco Instruments (VECO) - 3.1%.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), Adobe Inc. (ADBE), Ambev (ABEV), America Movil (AMX), Aspen Technology (AZPN), BASF SE ADR (BASFY), BP plc (BP), Banco Bilbao Vizcaya (BBVA), Banco Bradesco (BBD), Barclays plc (BCS), Boeing Company (BA), Boston Beer (SAM), Capital One Financial (COF), Chemed Corp. (CHE), Cleveland-Cliffs (CLF), Compagnie Financiere Richemont (CFRUY), Corelogic Inc. (CLGX), Credit Agricole (CRARY), Dominos Pizza (DPZ), Dril-Quip Inc. (DRQ), East West Bancorp (EWBC), Fanuc Corp. (FANUF), General Electric (GE), Grupo Televisa SA (TV), Heico Corp. (HEI), Hill-Rom Holdings (HRC), Integer Holdings (ITR), Itau Unibanco (ITUB), Eli lilly (LLY), Lincoln Electric (LE), Littelfuse Inc. (LFUS), Mitsubishi Electric (MELY), Morgan Stanley (MS), Murata Mfg (MRAAY), Nestle (NSRGY), NetEase Inc. (NTES), Nuvasive Inc. (NUVA), Oceaneering Intl. (OII), Pegasystems Inc. (PEGA), Pool Corp. (POOL), Raymond James Financial (RJF), Reckitt Benckiser (RBGLY), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Salesforce.com (CRM), Samsung Electronic (SSNLF), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), Societe Generale France (SCGLY), Southern Copper (SCCO), Stifel Financial (SF), Teledyne (TDY), Terex (TEX), Tokyo Electronics (TOELY), Toro Co (TTC), Unilever NV (UN), Verint Systems (VRNT), Vinci SA (VCISY), Vishay Intertechnology (VSH), West Pharmaceutical (WST), Yelp Inc. (YELP), Credicorp Ltd. (BAP), Helen of Troy (HELE), Steris plc (STE), and Core Laboratories (CLB).The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q3 2018:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q2 2018 Update"

"Fisher’s 13F portfolio value increased from $75.40B to $77.02B in Q2 2018.Amazon.com, Visa Inc., Apple Inc., Alibaba Group Holdings, and Microsoft are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 07/09/2018. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q1 2018.This quarter, Fisher’s 13F portfolio value increased ~2% from $75.40B to $77.02B. The number of holdings increased from 829 to 862. Significantly large positions decreased from 66 to 65. The five largest individual stock positions are Amazon.com, Visa Inc., Apple Inc., Alibaba Group Holdings, and Microsoft. Together, they account for ~14% of the 13F stock portfolio.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Note: Fisher manages ~50,000 private client accounts and over 175 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.Stake Increases:Visa Inc. (V): The V position was first purchased in 2012 at much lower prices compared to the current price of ~$140. The size of the stake has more than tripled in the last five years through incremental purchases almost every quarter. The position is now the second-largest stake at 3.04% of the portfolio.Apple Inc. (AAPL): AAPL is a top-three 2.92% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming in Q2 2017 at prices between $141 and $156. The stock currently trades at ~$192. Last four quarters have seen a combined ~15% increase at prices between $144 and $192.Alibaba Group Holdings (BABA): BABA is a top-five position at 2.64% of the portfolio. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase in Q2 2017 at prices between $107 and $144. The stock currently trades at ~$193. There was a ~14% stake increase over the last three quarters at prices between $167 and $211.Microsoft Corporation (MSFT): MSFT is a fairly large 2.35% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The last major activity was a ~14% trimming in Q2 2017 at prices between $65 and $73. The stock is now at ~$106. Last four quarters have seen a combined ~14% increase at prices between $69 and $102.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock has almost quadrupled and currently trades at $1199. The position stands at 2.13% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984. Last quarter saw a ~11% stake increase at prices between $1000 and $1176 and that was followed with a ~4% increase this quarter.Johnson & Johnson (JNJ): JNJ is a ~2% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The stock currently trades at $129. There was a ~12% stake increase last quarter and that was followed with a ~4% increase this quarter.Pfizer Inc. (PFE): PFE is a very long-term 1.86% position that has been in the portfolio for well over a decade. The original stake was almost sold-out in the 2009-10 timeframe and was rebuilt in the next two years at prices between $17.50 and $25. The stock is currently at $37.65. There was a ~9% stake increase last quarter and that was followed with a ~4% increase this quarter.Taiwan Semiconductor (TSM): TSM is a very long-term 1.62% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. The nine quarters thru Q2 2016 saw the position rebuilt (70% increase) at prices between $19 and $26. Q2 2017 also saw a ~22% increase at prices between $31.50 and $36.92. The stock currently trades at $38.04. There was a ~17% further increase last quarter at prices between $40 and $45 and that was followed with a marginal increase this quarter.Intel Corporation (INTC): The bulk of the 1.51% portfolio stake in INTC was built in 2008 in the high-teens. The position has seen consistent incremental buying since 2013. There was a ~10% stake increase last quarter at prices between $42.50 and $52.50 and the stock is at $51.75. This quarter also saw a minor ~3% stake increase.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares and the current stake is 10.1M shares. Q3 2016 saw a ~10% reduction at prices between $59 and $66 and the stock is now at ~$101. There were a ~14% selling last quarter at prices between $88 and $102 and the stake is now at 1.29% of the portfolio. This quarter saw a ~4% increase.Tencent Holdings ADR (TCEHY): The ~1.2% TCEHY stake was mostly purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The stock is now at $48.45. Last four quarters have also seen incremental purchases. The current position is at ~18.3M shares.Home Depot (HD): HD is a ~1% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. The three quarters thru Q1 2017 had seen minor increases. There was an about-turn in Q2 2017: ~38% selling at prices between $146 and $159. Q4 2017 saw another ~28% reduction at prices between $150 and $190. There was another reversal last quarter: ~14% stake increase at prices between $172 and $207 and that was followed with a marginal increase this quarter. The stock is now at ~$201.Wal-Mart Stores (WMT): The bulk of the ~1% WMT position was purchased in Q2 2016 at prices between $65 and $73. Q4 2017 saw a ~45% stake increase at prices between $78 and $100 and that was followed with a ~12% increase last quarter. The stock is now at $88.19. This quarter also saw a ~5% increase. The buying pattern indicates a bullish bias.Procter & Gamble (PG): PG is another long-term ~1% of the 13F portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70. There has since been a one-third further increase thru periodic buying. The stock currently trades at $80.03.UBS AG GRS (UBS): UBS is a ~1% of the 13F portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.50 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~40%. Last three years have seen a two-thirds stake increase at prices between $12.25 and $23. The stock currently trades at $15.19. Last two quarters have seen marginal trimming.Softbank Group ADR (SFTBY), Cisco Systems (CSCO), HSBC plc (HSBC), PepsiCo Inc. (PEP), Vodafone plc (VOD), Anheuser Busch Inbev SA ADR (BUD), Novo-Nordisk A S ADR (NVO), Sanofi ADR (SNY), ING Groep NV ADR (ING), Berkshire Hathaway (BRK.B), Oracle Corporation (ORCL), L Oreal Co. ADR (LRLCY),GlaxoSmithKline plc ADR (GSK), Chevron Inc. (CVX), Novartis A G ADR (NVS), LVMH Moet Hennssy ADR (LVMUY), Costco Wholesale (COST), JP Morgan Chase (JPM), BNP Paribas ADR (BNPQY), United Technologies (UTX), Banco Santander SA ADR (SAN), Merck Inc. (MRK), Roche Holding Limited ADR (RHHBY), CTrip.com International ADR (CTRP), Exxon Mobil (XOM), Astrazeneca plc (AZN), Sumitomo Mitsui Financial (SMFG), ASML Holdings (ASML), Schlumberger Ltd (SLB), Intesa Sanpaolo Spa ADR (ISNPY), Lloyds Banking Group plc ADR (LYG), Itau Unibanco (ITUB), and Banco Bradesco (BBD): These very small positions (less than ~1% of the 13F portfolio) saw minor increases this quarter.Stake Decreases:Amazon.com (AMZN): AMZN is the largest individual stock position at 3.45% of the portfolio. The stake is from 2011 and the stock price has risen over nine-fold during the holding period: the cost-basis is ~$200 compared to the current price of $1844. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. Last three quarters had seen a ~15% increase at prices between $935 and $1600 while this quarter saw a similar reduction at prices between $1370 and $1750. Fisher is starting to harvest huge gains.SAP AG ADR (SAP), Siemens AG (SIEGY), Bayer AG ADR (BAYRY), HDFC Bank (HDB), Infosys Inc. (INFY), Baidu Inc. (BIDU), and JD.com (JD): These very small (less than ~1% of the portfolio each) positions saw reductions this quarter.The portfolio has several positions in different ETNs and ETFs - they account for around 15% of the 13F portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS) - 6%, Atlas Air (AAWW) - 4.4%, Wright Medical (WMGI) – 5.6%, and Veeco Instruments (VECO) - 3.1%.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), ASE Technology (ASX), Ambev (ABEV), America Movil (AMX), Aspen Technology (AZPN), BASF SE ADR (BASFY), Banco Bilbao Vizcaya (BBVA), Barclays plc (BCS), Beacon Roofing (BECN), BHP Billiton (BHP), Boeing Company (BA), Boston Beer (SAM), Capital One Financial (COF), Chemed Corp. (CHE), Compagnie Financiere Richemont (CFRUY), Corelogic Inc. (CLGX), Credit Agricole (CRARY), Daimler AG (DDAIF), Dominos Pizza (DPZ), East West Bancorp (EWBC), Fanuc Corp. (FANUF), First American Financial (FAF), Freeport-McMoran (FCX), General Electric (GE), Grupo Televisa SA (TV), Heico Corp. (HEI), Hill-Rom Holdings (HRC), Ingredion Inc. (INGR), KB Home (KBH), Lennar Corp. (LEN), Eli lilly (LLY), Lincoln Electric (LE), Littelfuse Inc. (LFUS), Mitsubishi Electric (MELY), Morgan Stanley (MS), Murata Mfg (MRAAY), Nestle (NSRGY), NetEase Inc. (NTES), NetScout (NTCT), Pegasystems Inc. (PEGA), Petroleo Brasileiro (PBR), Pool Corp. (POOL), Qorvo Inc. (QRVO), Raymond James Financial (RJF), Reckitt Benckiser (RBGLY), Rio Tinto plc (RIO), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Samsung Electronic (SSNLF), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), Select Medical Holdings (SEM), Smith & Nephew plc (SNN), Societe Generale France (SCGLY), Stifel Financial (SF), Tokyo Electronics (TOELY), Toro Co (TTC), Umpqua Holdings (UMPQ), Unilever NV (UN), Vale SA (VALE), Verint Systems (VRNT), Vinci SA (VCISY), Vishay Intertechnology (VSH), West Pharmaceutical (WST), Yaskawa Electric (YASKY), Yelp Inc. (YELP), Credicorp Ltd. (BAP), and Steris plc (STE).Note: The overall portfolio had seen a significant shift toward European equities in Q2 2017.The spreadsheet below highlights changes to Fisher’s 13F stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q2 2018:Comment request 1/27/2018: Request to extend coverage to positions less than 0.5%. Look into this for next round – may be include a list of allocations that are from 0.1% to 0.5% or such…2/2/2016: Got an email from Fisher Investments which said “US long portfolio” wording is not accurate as we list other holdings - adjust it so that it says “13F portfolio” instead from the next round.7/11/2016: The details on individual & institutional accounts are out-of-date in the Q2 2016 article. The figure should be got from their website at from the next article onwards. The current figures (9/30/2017) are over 45,000 high net worth individuals and over 175 institutional clients. Combined, the Assets Under Management (AUM) is ~$100B. The website also has links to the Forbes articles - look through to get his current picks and update."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q1 2018 Update"

"Fisher’s 13F portfolio value increased from $76.56B to $81.96B in Q1 2018.Amazon.com, Alibaba Group Holdings, Visa Inc., Apple Inc., and Taiwan Semi are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 04/20/2018. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q4 2017.This quarter, Fisher’s 13F portfolio value increased ~7% from $76.56B to $81.96B. The number of holdings increased from 922 to 993. Significantly large positions decreased from 69 to 66. The five largest individual stock positions are Amazon.com, Alibaba Group Holdings, Visa Inc., Apple Inc., and Taiwan Semi. Together, they account for ~13% of the 13F stock portfolio.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Note: Fisher manages ~40,000 private client accounts and over 175 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.Stake Increases:Amazon.com (AMZN): AMZN is the largest individual stock position at 3.44% of the portfolio. The stake is from 2011 and the stock price has risen over seven-fold during the holding period: the cost-basis is ~$200 compared to the current price of $1518. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. Last three quarters have seen a ~15% increase at prices between $935 and $1600.Alibaba Group Holdings (BABA): BABA is a top-three position at 2.68% of the portfolio. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase in Q2 2017 at prices between $107 and $144. The stock currently trades at $174. There was a ~12% stake increase over the last two quarters at prices between $165 and $205.Visa Inc. (V): The V position was first purchased in 2012 at much lower prices compared to the current price of ~$127. The size of the stake has tripled in the last five years through incremental purchases almost every quarter. There was a ~8% stake increase this quarter as well. The position is now the third-largest stake at 2.59% of the portfolio.Apple Inc. (AAPL): AAPL is a top-five 2.53% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming in Q2 2017 at prices between $141 and $156. The stock currently trades at $164. Last three quarters saw a combined ~17% increase at prices between $143 and $182.Taiwan Semiconductor (TSM): TSM is a very long-term 2.12% of the 13F portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. The nine quarters thru Q2 2016 saw the position rebuilt (70% increase) at prices between $19 and $26. Q2 2017 also saw a ~22% increase at prices between $31.50 and $36.92. The stock currently trades at $38.17. There was a ~17% further increase this quarter at prices between $40 and $45.Microsoft Corporation (MSFT): MSFT is a fairly large ~2% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The last major activity was a ~14% trimming in Q2 2017 at prices between $65 and $73. The stock is now at ~$94. Last three quarters have seen a combined ~16% increase at prices between $68 and $97.Johnson & Johnson (JNJ): JNJ is a ~2% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The stock currently trades at $128. There was a ~12% stake increase this quarter.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock has almost quadrupled and currently trades at $1040. The position stands at 1.88% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984. This quarter saw a ~11% stake increase at prices between $1000 and $1176.Pfizer Inc. (PFE): PFE is a very long-term 1.72% position that has been in the portfolio for well over a decade. The original stake was almost sold-out in the 2009-10 timeframe and was rebuilt in the next two years at prices between $17.50 and $25. The stock is currently at $36.85. There was a ~9% stake increase this quarter.Intel Corporation (INTC): The bulk of the 1.52% portfolio stake in INTC was built in 2008 in the high-teens. The position has seen consistent incremental buying since 2013. There was a ~10% stake increase this quarter at prices between $42.50 and $52.50 and the stock is at $53.05.Tencent Holdings ADR (TCEHY): The ~1.2% TCEHY stake was mostly purchased in Q2 2017. The quarter saw a 13.5M share purchase at prices between $29 and $37. The stock is now at $49.44. Last three quarters have also seen incremental purchases. The current position is at ~18.5M shares.Wal-Mart Stores (WMT): The bulk of the ~1% WMT position was purchased in Q2 2016 at prices between $65 and $73. Last quarter saw a ~45% stake increase at prices between $78 and $100 and that was followed with a ~12% increase this quarter. The stock is now at $87.94. The buying pattern indicates a bullish bias.Home Depot (HD): HD is a ~1% of the 13F portfolio position first purchased in 2012 at prices between $42 and $65. The three quarters thru Q1 2017 had seen minor increases. There was an about-turn in Q2 2017: ~38% selling at prices between $146 and $159. Last quarter saw another ~28% reduction at prices between $150 and $190. There was another reversal this quarter: ~14% stake increase at prices between $172 and $207. The stock is now at ~$186.UBS AG GRS (UBS): UBS is a ~1% of the 13F portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.50 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~40%. Last three years have seen a two-thirds stake increase at prices between $12.25 and $23. The stock currently trades at $16.91. For investors attempting to follow Fisher, UBS is a good option to consider for further research.Procter & Gamble (PG): PG is another long-term ~1% of the 13F portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70. There has since been a ~25% further increase thru periodic buying. The stock currently trades at $72.75.Anheuser Busch Inbev SA ADR (BUD), ASML Holdings (ASML), Astrazeneca plc (AZN), BASF SE ADR (BASFY), Baidu Inc. (BIDU), Banco Bradesco (BBD), Banco Santander SA ADR (SAN), BNP Paribas ADR (BNPQY), Bayer AG ADR (BAYRY), Berkshire Hathaway (BRK.B), Chevron Inc. (CVX), Cisco Systems (CSCO), Costco Wholesale (COST), CTrip.com International ADR (CTRP), Exxon Mobil (XOM), General Electric (GE), GlaxoSmithKline plc ADR (GSK), HSBC plc (HSBC), ING Groep NV ADR (ING), Infosys Inc. (INFY), Intesa Sanpaolo Spa ADR (ISNPY), Itau Unibanco (ITUB), JD.com (JD), JP Morgan Chase (JPM), L Oreal Co. ADR (LRLCY), LVMH Moet Hennssy ADR (LVMUY), Merck Inc. (MRK), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Oracle Corporation (ORCL), PepsiCo Inc. (PEP), Roche Holding Limited ADR (RHHBY), Sanofi ADR (SNY), SAP AG ADR (SAP), Siemens AG (SIEGY), Softbank Group ADR (SFTBY), Sumitomo Mitsui Financial (SMFG), United Technologies (UTX), and Vodafone plc (VOD): These very small positions (less than ~1% of the 13F portfolio) that saw minor increases this quarter.Stake Decreases:American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares and the current stake is 10.2M shares. Q3 2016 saw a ~10% reduction at prices between $59 and $66 and the stock is now at ~$100. There were a ~14% selling this quarter at prices between $88 and $102 and the stake is now at 1.16% of the portfolio.HDFC Bank (HDB) and Lloyds Banking Group plc ADR (LYG): These two very small (less than ~1% of the portfolio each) positions saw minor reductions this quarter.The portfolio has several positions in different ETNs and ETFs - they account for around 15% of the 13F portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS) - 6%, Atlas Air (AAWW) - 4.4%, Wright Medical (WMGI) – 5.6%, and Veeco Instruments (VECO) - 3.1%.Below are positions sized in the 0.1% to 0.5% range in the portfolio: ABB Ltd (ABB), AbbVie Inc. (ABBV), Advanced Semiconductor Eng. (ASX), Ambev (ABEV), America Movil (AMX), Aspen Technology (AZPN), Banco Bilbao Vizcaya (BBVA), Barclays plc (BCS), Beacon Roofing (BECN), Blackrock Inc. (BLK), Boeing Company (BA), Capital One Financial (COF), Cavium Inc. (CAVM), Chemed Corp. (CHE), Comcast Corp. (CMCSA), Compagnie Financiere Richemont (CFRUY), Corelogic Inc. (CLGX), Credit Agricole (CRARY), Daimler AG (DDAIF), Deutsche Post (DPSGY), Walt Disney (DIS), Dr. Reddys Labs (RDY), Dominos Pizza (DPZ), E*Trade Financial (ETFC), East West Bancorp (EWBC), Fanuc Corp. (FANUF), First American Financial (FAF), Goldman Sachs (GS), Grupo Televisa SA (TV), Heico Corp. (HEI), Hill-Rom Holdings (HRC), ICICI Bank (IBN), Ingredion Inc. (INGR), Kansas City Southern (KSU), KB Home (KBH), Lennar Corp. (LEN), Eli lilly (LLY), Lincoln Electric (LE), Littelfuse Inc. (LFUS), MKS Instruments (MKSI), MasterCard Inc. (MA), Meritage Homes (MTH), Mitsubishi Electric (MELY), Morgan Stanley (MS), Nestle (NSRGY), NetEase Inc. (NTES), NetScout (NTCT), PacWest Bancorp (PACW), Pegasystems Inc. (PEGA), Petroleo Brasileiro (PBR), Pool Corp. (POOL), Qorvo Inc. (QRVO), Raymond James Financial (RJF), Reckitt Benckiser (RBGLY), Royal Dutch Shell plc (RDS.A), SMC Corp Japan (SMCAY), SVB Financial (SIVB), Samsung Electronic (SSNLF), Schneider Electric (SBGSY), Scotts Miracle Gro (SMG), Select Medical Holdings (SEM), Smith & Nephew plc (SNN), Societe Generale France (SCGLY), Stifel Financial (SF), Tata Motors (TTM), Tokyo Electronics (TOELY), Toro Co (TTC), Umpqua Holdings (UMPQ), Unilever NV (UN), Verint Systems (VRNT), Vinci SA (VCISY), Vishay Intertechnology (VSH), West Pharmaceutical (WST), Wintrust Finl. (WTFC), Yaskawa Electric (YASKY), Yelp Inc. (YELP), SK Hynix (HXSCF), Credicorp Ltd. (BAP), Lazard Ltd. (LAZ), and Steris plc (STE).Note: The overall portfolio had seen a significant shift toward European equities in Q2 2017 and that theme has continued since.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the 13F portfolio each are individually listed) in Q1 2018:Regulatory Filings thru 1/25/2018 – 1/24/2018 – 13G/A – SSYS – 3.07M shares – 5.76% of business.12/14/2017 - Ken Fisher – You Tube -The Street: average year for a bull market is a 22% return and so 2017 is average – acceleration phase – foreign led bull-market from here on – overweight foreign over US – well over 50% should be ex-US. US bull market – could easily go on for another 4 years – we are in optimism phase, not euphoria. Euphoria – bitcoin – doesn’t know anything about it – it is like a big stock – nobody has to own it to succeed. Correction – geopolitical – greater than 10% but less than 20% - could happen anytime – cannot time it – that would still be bull market. For bear market to start, there should be a euphoria phase first. Unintended consequences get you – intended ones are not consequential as they are all already priced in market. Retirement advice – best advice is don’t do it – figure out if advisor is capable. Five-year time horizon earlier on – now it is much more – have to see thru it – most people underestimate – so you need an advisor aware of this. Social Security – governmental pay as you go – conflict between millennials & baby boomers – as millennials gain more power, the system will go away. Youngsters advice – stay in stocks..12/31/2017 – Ken Fisher – – similar content as The Street view above: European stocks should continue outpacing America’s. Political uncertainty over there will fade further as Germany forms a government, Italy’s elections experience more gridlock and Brexit bogs down in boredom – earlier stage than the US in terms of Templeton’s bull market cycle (born on pessimism,…, dies of euphoria). Currency: In euros, 2017 global returns were even smaller, less than half those in dollars. So Europeans still feel frustrated by below-average returns. Their sentiment is more subdued than ours. That means more upside potential there. Bonds: doesn’t think long-term rates would rise with short-term rates as the former is correlated with inflation. So, overall benign to bond prices rather than the consensus that expect bond prices to drop. Volatility/Correction: The relative calm of 2017 was unusual. It wouldn’t surprise me to see one or more 10-15% declines in the stock market in an overall super year. If that happens, be patient and stay put – they are hard to time."