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Top 5 1st Quarter Trades of CAPITAL FUND MANAGEMENT S.A.

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May 12, 2022
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CAPITAL FUND MANAGEMENT S.A. 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.

Capital Fund Management is a private hedge fund sponsor headquartered in Paris, France. The company was founded in 1991 by Jean-Pierre Aguilar and currently has 120 employees of which 38 are investment professionals. The firm would merge with Science & Finance, a research company founded by Jean-Philippe Bouchaud in 1994, in 2000. The merged company would continue to operate under the founder Jean-Pierre Aguilar until his death in 2009. The company is currently headed by Jean-Philippe Bouchaud, the acting Chairman, and Marc Potters and Jacques Saulière, the Co-CEOs of the company. Capital Fund Management specializes in “developing trading strategies based on a global and quantitative approach to financial markets.” The company conducts its research in house, focusing on the “statistical properties of financial instruments and the development of systematic trading strategies” and carried out by a team of Ph.D physicists and IT and data specialists. The research utilizes the two decades of market experience of its internal teams to create evolving “original, state-of-the-art trading strategies” that are “highly systematic and disciplined, enveloped by a rigorous risk control system.” The company’s asset allocations are highly diversified with investments in the information technology, consumer discretionary, energy, health care, consumer staples, materials, finance, and transports sectors, among others to a lesser degree, in order of decreasing allocation with none of its sector holdings exceeding 20%. Capital Fund Management currently holds over $4 billion in total assets under management spread across 8 discretionary accounts. Although its number of accounts held has been volatile in recent years, its total assets under management has grown significantly, increasing from $1.7 billion to well over twice that amount today. Capital Fund Management is one of the largest hedge funds in France and currently caters exclusively to pooled investment vehicles. The company currently manages a large set of quantitative strategies.

As of the latest 13F report, the guru’s equity portfolio contained 1414 stocks valued at a total of $12,247,000,000. The top holdings were GOOGL(0.58%), AAPL(0.47%), and BP(0.45%).

According to GuruFocus data, these were CAPITAL FUND MANAGEMENT S.A.’s top five trades of the quarter.

Advanced Micro Devices Inc


The guru established a new position worth 479,055 shares in NAS:AMD, giving the stock a 0.43% weight in the equity portfolio. Shares traded for an average price of $119.57 during the quarter.

On 05/12/2022, Advanced Micro Devices Inc traded for a price of $85.9 per share and a market cap of $130,264,472,000. The stock has returned 14.43% over the past year.

GuruFocus gives the company a financial strength rating of 9 out of 10 and a profitability rating of 6 out of 10.

In terms of valuation, Advanced Micro Devices Inc has a price-earnings ratio of 29.86, a price-book ratio of 2.33, a EV-to-Ebitda ratio of 25.53 and a price-sales ratio of 5.44.

The price-to-GF Value ratio is 0.60, earning the stock a GF Value rank of 8.

Apple Inc


During the quarter, CAPITAL FUND MANAGEMENT S.A. bought 286,955 shares of NAS:AAPL for a total holding of 330,046. The trade had a 0.41% 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.

AT&T Inc


The guru sold out of their 2,235,619-share investment in NYSE:T. Previously, the stock had a 0.4% weight in the equity portfolio. Shares traded for an average price of $18.51 during the quarter.

On 05/12/2022, AT&T Inc traded for a price of $19.655 per share and a market cap of $143,460,835,000. The stock has returned -12.66% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, AT&T Inc has a price-earnings ratio of 8.44, a price-book ratio of 0.84, a EV-to-Ebitda ratio of 6.33 and a price-sales ratio of 0.89.

The price-to-GF Value ratio is 0.99, earning the stock a GF Value rank of 6.

Charter Communications Inc


The guru established a new position worth 75,316 shares in NAS:CHTR, giving the stock a 0.34% weight in the equity portfolio. Shares traded for an average price of $587.53 during the quarter.

On 05/12/2022, Charter Communications Inc traded for a price of $464.59 per share and a market cap of $80,885,439,000. The stock has returned -34.56% over the past year.

GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 8 out of 10.

In terms of valuation, Charter Communications Inc has a price-earnings ratio of 17.44, a price-book ratio of 6.71, a price-earnings-to-growth (PEG) ratio of 0.93, a EV-to-Ebitda ratio of 8.58 and a price-sales ratio of 1.69.

The price-to-GF Value ratio is 0.63, earning the stock a GF Value rank of 4.

Verizon Communications Inc


The guru established a new position worth 742,486 shares in NYSE:VZ, giving the stock a 0.31% weight in the equity portfolio. Shares traded for an average price of $52.99 during the quarter.

On 05/12/2022, Verizon Communications Inc traded for a price of $47.805 per share and a market cap of $197,303,730,000. The stock has returned -13.86% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, Verizon Communications Inc has a price-earnings ratio of 9.13, a price-book ratio of 2.35, a price-earnings-to-growth (PEG) ratio of 3.15, a EV-to-Ebitda ratio of 7.86 and a price-sales ratio of 1.44.

The price-to-GF Value ratio is 0.82, earning the stock a GF Value rank of 9.


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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