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FIRST MANHATTAN CO Buys 2, Sells 3 in 1st Quarter

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May 19, 2022
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FIRST MANHATTAN CO 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.

First Manhattan Co. is a private investment management company that was founded in 1964 by David Gottesman and a group of financial industry executives. The company is headquartered out of New York and as an additional office in Palm Beaches Garden. The company conducts its research in house and utilizes a fundamental analysis with a bottom up stock picking approach to make its investment decisions. First Manhattan invests in the public equity and fixed income markets within the United States with an emphasis in health care and banking companies. It offers a variety of services including management for client focused equity, fixed income portfolios, and mutual funds. The company primarily provides for high net worth individuals, which alone makes up almost two thirds of its entire client base, and also caters to charities, investment companies, pooled investment vehicles, corporations, individuals, and pension and profit sharing plans, among others, in order of decreasing clientele. First Manhattan Co. currently has 129 employees with 78 of them being financial professionals registered in the U.S. Approximately one third of the company is owned by Robert Gottesman, the founder’s son who acts as the current CEO, who holds the largest individual ownership in the company, with other ownerships including David Gottesman, the original founder, First Manhattan LLC, Bernard Charles Groveman, Charles Michael Rosenthal, among other lesser ownerships split amongst executives, in order of decreasing ownership. First Manhattan Co. currently has approximately $21.5 billion in total assets under management held in over 6,700 accounts with almost all of these accounts being discretionary accounts. While its total number of accounts has not increased greatly from just under 6,000 five years ago, the company’s total assets under management has almost doubled the $11.6 billion amount in 2010. First Manhattan Co. currently offers two mutual funds: the FMC Select Fund and FMC Strategic Value Fund.

As of the latest 13F report, the guru’s equity portfolio contained 1678 stocks valued at a total of $30,571,000,000. The top holdings were BRK.A(33.08%), AAPL(5.62%), and MSFT(5.13%).

According to GuruFocus data, these were FIRST MANHATTAN CO’s top five trades of the quarter.

KKR & Co Inc


During the quarter, FIRST MANHATTAN CO bought 6,828,066 shares of NYSE:KKR for a total holding of 6,863,111. The trade had a 1.3% impact on the equity portfolio. During the quarter, the stock traded for an average price of $62.99.

On 05/19/2022, KKR & Co Inc traded for a price of $51.13 per share and a market cap of $30,110,374,000. The stock has returned -6.62% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10.

In terms of valuation, KKR & Co Inc has a price-earnings ratio of 11.32, a price-book ratio of 2.06, a price-earnings-to-growth (PEG) ratio of 0.30, a EV-to-Ebitda ratio of 5.01 and a price-sales ratio of 2.56.

The price-to-GF Value ratio is 0.58, earning the stock a GF Value rank of 4.

GoDaddy Inc


FIRST MANHATTAN CO reduced their investment in NYSE:GDDY by 1,993,685 shares. The trade had a 0.55% impact on the equity portfolio. During the quarter, the stock traded for an average price of $79.06.

On 05/19/2022, GoDaddy Inc traded for a price of $71.16 per share and a market cap of $11,510,665,000. The stock has returned -13.73% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 5 out of 10.

In terms of valuation, GoDaddy Inc has a price-earnings ratio of 39.57, a EV-to-Ebitda ratio of 22.71 and a price-sales ratio of 3.04.

The price-to-GF Value ratio is 0.73, earning the stock a GF Value rank of 10.

S&P Global Inc


During the quarter, FIRST MANHATTAN CO bought 243,422 shares of NYSE:SPGI for a total holding of 400,913. The trade had a 0.33% impact on the equity portfolio. During the quarter, the stock traded for an average price of $407.24.

On 05/19/2022, S&P Global Inc traded for a price of $333.4064 per share and a market cap of $112,542,591,000. The stock has returned -9.98% over the past year.

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

In terms of valuation, S&P Global Inc has a price-earnings ratio of 23.89, a price-book ratio of 2.84, a price-earnings-to-growth (PEG) ratio of 3.02, a EV-to-Ebitda ratio of 22.32 and a price-sales ratio of 9.56.

The price-to-GF Value ratio is 0.80, earning the stock a GF Value rank of 9.

Visa Inc


FIRST MANHATTAN CO reduced their investment in NYSE:V by 394,864 shares. The trade had a 0.28% impact on the equity portfolio. During the quarter, the stock traded for an average price of $216.36.

On 05/19/2022, Visa Inc traded for a price of $197.93 per share and a market cap of $421,308,529,000. The stock has returned -10.70% 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, Visa Inc has a price-earnings ratio of 30.78, a price-book ratio of 12.78, a price-earnings-to-growth (PEG) ratio of 2.14, a EV-to-Ebitda ratio of 22.18 and a price-sales ratio of 15.75.

The price-to-GF Value ratio is 0.78, earning the stock a GF Value rank of 9.

Berkshire Hathaway Inc


FIRST MANHATTAN CO reduced their investment in NYSE:BRK.A by 172 shares. The trade had a 0.26% impact on the equity portfolio. During the quarter, the stock traded for an average price of $485284.

On 05/19/2022, Berkshire Hathaway Inc traded for a price of $456473.92 per share and a market cap of $666,176,043,000. The stock has returned 6.77% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, Berkshire Hathaway Inc has a price-earnings ratio of 8.18, a price-book ratio of 1.31, a price-earnings-to-growth (PEG) ratio of 0.27, a EV-to-Ebitda ratio of 6.32 and a price-sales ratio of 1.92.

The price-to-GF Value ratio is 1.00, earning the stock a GF Value rank of 5.


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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