Veritable, L.P. recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Veritable, L.P. is an investment management firm based out of Newtown Square, Pennsylvania. The company was established in 1986 by founder Michael A. Stolper, who is still with the company today acting as its CEO, with just 3 employees. The firm was original known as Stolper & Co. and would grow to have over half a billion in assets under management by 1994. The company would continue to grow and launch more products and services and has expanded to have an additional office located in San Francisco. Veritable currently operates as a subsidiary of AMG Wealth Partners LP, which acquired the company in 2012, and has grown from its inception to now have 83 employees of which 50 are investment professionals. The company conducts its research internally and invests in the public equity and fixed income markets on a global scale. Veritable invests most heavily in the finance sector, which alone makes up almost two thirds of its total asset allocations, and also invests in the energy, information technology, health care, consumer staples, and utilities and telecommunications sectors, among others to a lesser degree, in order of decreasing allocation. Other than the firm’s top holdings in SPDR S&P 500 ETF Index Depositary Receipts and SPDR S&P MidCap 400 ETF Trust that respectively make up 16% and 13% of its total holdings, none of its holdings make up over 3% of its total. Veritable currently holds over $13.4 billion in total assets under management spread across almost 3,000 accounts, all of which are discretionary accounts except for 160 that make up $424 million of its held assets. The company mainly caters to high net worth individuals, which alone makes up over two thirds of its client base, and also provides services to individuals, pooled investment vehicles, charities, and corporations, among others.
As of the latest 13F report, the guru’s equity portfolio contained 907 stocks valued at a total of $6,509,000,000. The top holdings were SPY(12.94%), IVV(9.13%), and VOO(7.73%).
According to GuruFocus data, these were Veritable, L.P.’s top five trades of the quarter.
Nuveen Quality Municipal Income Fund
Veritable, L.P. reduced their investment in NYSE:NAD by 1,428,478 shares. The trade had a 0.34% impact on the equity portfolio. During the quarter, the stock traded for an average price of $14.37.
On 05/12/2022, Nuveen Quality Municipal Income Fund traded for a price of $12.38 per share and a market cap of $2,901,080,000. The stock has returned -15.41% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 3 out of 10.
In terms of valuation, Nuveen Quality Municipal Income Fund has a price-earnings ratio of 11.56, a price-book ratio of 0.78 and a price-sales ratio of 11.21.
iShares Russell 2000 ETF
During the quarter, Veritable, L.P. bought 67,795 shares of ARCA:IWM for a total holding of 806,133. The trade had a 0.21% impact on the equity portfolio. During the quarter, the stock traded for an average price of $203.63.
On 05/12/2022, iShares Russell 2000 ETF traded for a price of $170.6 per share and a market cap of $49,320,460,000. The stock has returned -19.59% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, iShares Russell 2000 ETF has a price-earnings ratio of 14.34 and a price-book ratio of 2.14.
Comcast Corp
Veritable, L.P. reduced their investment in NAS:CMCSA by 209,754 shares. The trade had a 0.16% impact on the equity portfolio. During the quarter, the stock traded for an average price of $48.19.
On 05/12/2022, Comcast Corp traded for a price of $39.84 per share and a market cap of $179,591,006,000. The stock has returned -28.94% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Comcast Corp has a price-earnings ratio of 12.93, a price-book ratio of 1.91, a price-earnings-to-growth (PEG) ratio of 1.77, a EV-to-Ebitda ratio of 7.01 and a price-sales ratio of 1.54.
The price-to-GF Value ratio is 0.76, earning the stock a GF Value rank of 10.
iShares Core S&P Mid-Cap ETF
During the quarter, Veritable, L.P. bought 37,265 shares of ARCA:IJH for a total holding of 1,197,126. The trade had a 0.15% impact on the equity portfolio. During the quarter, the stock traded for an average price of $265.44.
On 05/12/2022, iShares Core S&P Mid-Cap ETF traded for a price of $234.14 per share and a market cap of $57,457,956,000. The stock has returned -11.64% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, iShares Core S&P Mid-Cap ETF has a price-earnings ratio of 15.02 and a price-book ratio of 2.41.
Vanguard FTSE All-World ex-US ETF
During the quarter, Veritable, L.P. bought 143,954 shares of ARCA:VEU for a total holding of 274,363. The trade had a 0.13% impact on the equity portfolio. During the quarter, the stock traded for an average price of $58.75.
On 05/12/2022, Vanguard FTSE All-World ex-US ETF traded for a price of $51.07 per share and a market cap of $31,085,982,000. The stock has returned -16.35% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, Vanguard FTSE All-World ex-US ETF has a price-earnings ratio of 13.54 and a price-book ratio of 1.71.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
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