Marketfield Asset Management LLC recently filed their 13F report for the second quarter of 2022, which ended on 2022-06-30.
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.
Marketfield Asset Management LLC is an investment management firm based out of New York City. The company is currently headed by CEO and Chairman Michael Shaoul, who was one of the founding partners of the company when Marketfield Asset Management was established in 2007 and President and CIO Michael Charles Aronstein. The company has grown from its inception to now have 30 employees of which 22 are investment professionals. Marketfield Asset Management is owned by its employees with the controlling ownership in the company split amongst partners, including Micahel C. Aronstein, Michael D. Shaoul, Myles David Gillespie, and Andrew B. Lyss, with the remaining ownership split amongst other employees. The company conducts its research internally and invests in the public equity and fixed income markets of the U.S. Marketfield Asset Management invests most heavily in the finance sector, which alone makes up over half of its total asset allocations, and also invests in the consumer discretionary, materials, industrials, and information technology sectors, among others to a lesser degree, in order of decreasing allocation. The company’s top 10 holdings together make up approximately half of its total holdings and the company has a turnover rate of approximately 31.9%. Marketfield Asset Management holds over $7.1 billion in total assets under management spread across 3 accounts, all three of which are discretionary accounts. Although the company’s total number of accounts has stayed relatively unchanging in recent years, its total assets under management has changed drastically, growing from $3.5 billion back in 2012 to over twice that amount today, although that amount has exceed $20 billion during 2014. Marketfield Asset Management mainly caters to investment companies, which makes up two thirds of its client base, and also provides its services to pooled investment vehicles. The company currently offers its MainStay MarketField Fund product to its U.S. investors.
As of the latest 13F report, the guru’s equity portfolio contained 33 stocks valued at a total of $92.00Mil. The top holdings were FNV(4.96%), COP(4.75%), and DVN(4.74%).
According to GuruFocus data, these were Marketfield Asset Management LLC’s top five trades of the quarter.
iShares MSCI United Kingdom ETF
The guru sold out of their 232,617-share investment in ARCA:EWU. Previously, the stock had a 6.01% weight in the equity portfolio. Shares traded for an average price of $31.72 during the quarter.
On 07/22/2022, iShares MSCI United Kingdom ETF traded for a price of $29.64 per share and a market cap of $3.70Bil. The stock has returned -3.64% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, iShares MSCI United Kingdom ETF has a price-earnings ratio of 11.58 and a price-book ratio of 1.57.
iShares MSCI Australia ETF
The guru sold out of their 293,403-share investment in ARCA:EWA. Previously, the stock had a 5.96% weight in the equity portfolio. Shares traded for an average price of $23.62 during the quarter.
On 07/22/2022, iShares MSCI Australia ETF traded for a price of $21.75 per share and a market cap of $1.81Bil. The stock has returned -9.60% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, iShares MSCI Australia ETF has a price-earnings ratio of 13.29 and a price-book ratio of 2.07.
Franco-Nevada Corp
The guru established a new position worth 34,656 shares in NYSE:FNV, giving the stock a 4.96% weight in the equity portfolio. Shares traded for an average price of $148.07 during the quarter.
On 07/22/2022, Franco-Nevada Corp traded for a price of $124.71 per share and a market cap of $23.86Bil. The stock has returned -15.90% over the past year.
GuruFocus gives the company a financial strength rating of 10 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Franco-Nevada Corp has a price-earnings ratio of 32.75, a price-book ratio of 3.90, a price-earnings-to-growth (PEG) ratio of 2.21, a EV-to-Ebitda ratio of 20.08 and a price-sales ratio of 18.36.
The price-to-GF Value ratio is 0.73, earning the stock a GF Value rank of 9.
iShares MSCI Brazil ETF
The guru sold out of their 152,067-share investment in ARCA:EWZ. Previously, the stock had a 4.42% weight in the equity portfolio. Shares traded for an average price of $32.01 during the quarter.
On 07/22/2022, iShares MSCI Brazil ETF traded for a price of $26.05 per share and a market cap of $4.62Bil. The stock has returned -24.14% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, iShares MSCI Brazil ETF has a price-earnings ratio of 4.82 and a price-book ratio of 1.45.
Wheaton Precious Metals Corp
The guru established a new position worth 58,617 shares in NYSE:WPM, giving the stock a 2.3% weight in the equity portfolio. Shares traded for an average price of $43.47 during the quarter.
On 07/22/2022, Wheaton Precious Metals Corp traded for a price of $32.5 per share and a market cap of $14.66Bil. The stock has returned -24.70% over the past year.
GuruFocus gives the company a financial strength rating of 10 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Wheaton Precious Metals Corp has a price-earnings ratio of 19.94, a price-book ratio of 2.35, a price-earnings-to-growth (PEG) ratio of 1.47, a EV-to-Ebitda ratio of 14.65 and a price-sales ratio of 12.68.
The price-to-GF Value ratio is 0.74, 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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