Norinchukin Bank, The 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.
The Norinchukin Bank is a cooperative bank that is based out of Tokyo. The company was established in 1923 by the Japanese government with a specific goal of supporting the agriculture industry within Japan. Known previously as Sangyo Kumiai at its inception, the bank would then go on to change its name to the Norinchukin Bank in 1943, which remains its name today. The bank plays a major role in contributing to the “development of the nation's economy and as a supporter of the advancement of the agricultural, fisheries and forestry industries with facilitated finance for its members including Japan Agricultural Cooperatives (JA), Japan Fishery Cooperatives (JF) and Japan Forestry Cooperatives (JForest).” Norinchukin Bank operates through a network of 19 branches throughout Japan, with additional offices, and locations in New York, Singapore, Hong Kong, London, and Beijing. The bank also operates through a variety of held subsidiaries including Norinchukin Trust & Banking Co., Ltd, Norinchukin Value Investments Co., Ltd, Norinchukin Research Institute Co., Ltd, Norinchukin Facilities Co., Ltd, Norinchukin Zenkyoren Asset Management Co., Ltd, The Agribusiness Investment & Consultation Co., Ltd., Daiichi Life Norinchukin Building Management Co., Ltd, and others with the most recent established subsidiary being Norinchukin Value Investments Co., Ltd. that holds over 400 million yen and was established in 2014. The Norinchukin Bank is headed by Chairman Akira Banzai and holds over $830 billion in total consolidated assets. The bank has over 3,400 employees and has over 3,700 total shareholders. The bank invests most heavily in the finance sector, which alone makes up almost half of its total asset allocations, and also invests in the information technology, consumer discretionary, health care, consumer staples, and industrials sectors, among others to a lesser degree, in order of decreasing allocation. Norinchukin Bank’s top 2 holdings in SPDR S&P 500 ETF Index and iShares Trust Core S&P 500 ETF each make up approximately a fifth of its holdings each.
As of the latest 13F report, the guru’s equity portfolio contained 554 stocks valued at a total of $7,501,000,000. The top holdings were SPY(16.41%), IVV(12.56%), and AAPL(3.64%).
According to GuruFocus data, these were Norinchukin Bank, The’s top five trades of the quarter.
iShares Core S&P 500 ETF
Norinchukin Bank, The reduced their investment in ARCA:IVV by 586,897 shares. The trade had a 3.53% impact on the equity portfolio. During the quarter, the stock traded for an average price of $445.9.
On 05/12/2022, iShares Core S&P 500 ETF traded for a price of $391.18 per share and a market cap of $276,081,000,000. The stock has returned -3.91% 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 500 ETF has a price-earnings ratio of 21.45 and a price-book ratio of 4.12.
Vanguard S&P 500 ETF
The guru established a new position worth 82,840 shares in ARCA:VOO, giving the stock a 0.46% weight in the equity portfolio. Shares traded for an average price of $408.14 during the quarter.
On 05/12/2022, Vanguard S&P 500 ETF traded for a price of $358.2 per share and a market cap of $241,056,199,000. The stock has returned -3.93% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, Vanguard S&P 500 ETF has a price-earnings ratio of 21.53 and a price-book ratio of 4.15.
PowerShares QQQ Trust Ser 1
During the quarter, Norinchukin Bank, The bought 61,964 shares of NAS:QQQ for a total holding of 637,849. The trade had a 0.3% impact on the equity portfolio. During the quarter, the stock traded for an average price of $354.77.
On 05/12/2022, PowerShares QQQ Trust Ser 1 traded for a price of $289.2 per share and a market cap of $157,997,923,000. The stock has returned -9.86% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, PowerShares QQQ Trust Ser 1 has a price-earnings ratio of 27.77 and a price-book ratio of 7.46.
Colgate-Palmolive Co
Norinchukin Bank, The reduced their investment in NYSE:CL by 258,118 shares. The trade had a 0.28% impact on the equity portfolio. During the quarter, the stock traded for an average price of $79.28.
On 05/12/2022, Colgate-Palmolive Co traded for a price of $77.1 per share and a market cap of $65,170,773,000. The stock has returned -4.69% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Colgate-Palmolive Co has a price-earnings ratio of 32.14, a price-book ratio of 203.06, a EV-to-Ebitda ratio of 19.46 and a price-sales ratio of 3.77.
The price-to-GF Value ratio is 0.92, earning the stock a GF Value rank of 7.
Apple Inc
During the quarter, Norinchukin Bank, The bought 116,288 shares of NAS:AAPL for a total holding of 1,562,526. The trade had a 0.27% impact on the equity portfolio. During the quarter, the stock traded for an average price of $168.23.
On 05/12/2022, Apple Inc traded for a price of $141.095 per share and a market cap of $2,152,513,566,000. The stock has returned 17.06% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Apple Inc has a price-earnings ratio of 21.59, a price-book ratio of 31.99, a price-earnings-to-growth (PEG) ratio of 1.52, a EV-to-Ebitda ratio of 16.74 and a price-sales ratio of 5.70.
The price-to-GF Value ratio is 0.85, earning the stock a GF Value rank of 7.
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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