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James Li
James Li
Articles (1494)  | Author's Website |

Top 4 Sales of David Carlson's Elfun Trusts in 3rd Quarter

Fund eliminates 2 positions and reduces 2 others

November 03, 2020 | About:

David Carlson (Trades, Portfolio), manager of Elfun Trusts, disclosed this week that his fund's top trades during the third quarter featured four sales, including the elimination of all shares in Biomarin Pharmaceutical Inc. (NASDAQ:BMRN) and ASML Holding NV (NASDAQ:ASML) and the reduction of holdings in Salesforce.com Inc. (NYSE:CRM) and Amazon.com Inc. (NASDAQ:AMZN).

The fund, with is part of State Street Global Advisors, seeks long-term capital appreciation in U.S. equity securities that have the potential to pay dividends in the future.

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As of quarter-end, the fund's $3.06 billion equity portfolio contains 44 stocks with a turnover ratio of 4%. The top three sectors in terms of weight are technology, financial services and health care.

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Biomarin

Having purchased 406,691 shares during the first quarter, Elfun Trusts trimmed its equity portfolio 1.74% by selling the stake during the third quarter. The shares averaged $101.18 during the third quarter, up from the first quarter-average price of $86.22. Based on GuruFocus estimates, the fund gained approximately 17.35% on the stock.

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GuruFocus ranks the California-based biotech company's financial strength 5 out of 10: Although it has a strong Altman Z-score of 4.24, Biomarin's debt-to-equity and debt-to-Ebitda ratios are underperforming over 79% of global competitors.

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Gurus with holdings in Biomarin include PRIMECAP Management (Trades, Portfolio) and Dodge & Cox.

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ASML

The fund sold 114,800 shares of ASML Holding, reducing the equity portfolio 1.47%. Shares averaged $373.68 during the quarter; based on GuruFocus estimates, the fund gained approximately 73.37% on the stock since the initial purchase in the second quarter of 2019.

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GuruFocus ranks the Netherlands-based semiconductor company's profitability 9 out of 10 on several positive investing signs, which include a three-star business predictability rank, a high Piotroski F-score of 8 and an operating margin that has increased approximately 2% per year over the past five years and is outperforming over 93% of global competitors.

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Despite high profitability, ASML's valuation ranks 1 out of 10 on the back of price-book and price-sales ratios underperforming over 80% of global competitors. Additionally, the stock is modestly overvalued with a price-to-GF Value ratio of 1.24.

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Salesforce.com

The fund sold 189,400 shares of Salesforce.com, reducing the position 42.11% and the equity portfolio 1.23%. Shares averaged $219.05 during the quarter.

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GuruFocus ranks the San Francisco-based software company's financial strength 7 out of 10: Even though the interest coverage ratio of 1.97 underperforms over 90% of global competitors, the company has a high Piotroski F-score of 7 and a strong Altman Z-score of 7.1.

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Amazon.com

The fund sold 9,200 shares of Amazon.com, reducing the position 14.63% and the equity portfolio 0.88%. Shares averaged $3,151.21 during the quarter.

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GuruFocus ranks the Seattle-based e-commerce giant's profitability 8 out of 10 on several positive investing signs, which include a 4.5-star business predictability rank and an operating margin that is outperforming over 70% of global competitors.

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Disclosure: No positions.

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About the author:

James Li
I am an editorial researcher at GuruFocus. I have a Master's in Finance from SMU, and I enjoy writing reports on financial trends and investor portfolios. Follow me on Twitter at @JamesLiGuru!

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