Third Security, 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.
Third Security, LLC is a venture capital firm based out of Radford, Virginia. The company was originally established in 1999 and has grown from its inception to now have locations in San Francisco, West Palm Beach, and Greenwich. Third Security is headed by CEO and Chairman Randal J. Kirk, who owns the controlling majority in the company, and operates with 22 employees of which 12 are investment professionals. The company has a wide evaluation perspective and focuses on emerging companies through late-stage investments in life-sciences and communications technology. Third Security focuses on maximizing absolute return and tries to find companies that have a strategic position in its field with the potential for both category dominance and financial return. The company invests almost exclusively in the health care sector, which alone makes up over 97% of its total asset allocations, and also invests in the energy, and utilities and telecommunications sectors to a lesser degree, in order of decreasing allocation. Third Security’s top holdings include Intrexon Corp., Halozyme Therapeutics Inc, Ziopharm Oncology Inc, Fibrocell Science Inc, and Synthetic Biologics Inc. The company’s top 10 holdings together make up almost all of its holdings, and the company has a turnover rate of approximately 17.6%. Third Security holds over $2.6 billion in total assets under management spread across 45 accounts, all of which are discretionary accounts. Although the company’s total number of accounts has been relatively staple in recent years with slight volatility, its total assets under management has increased significantly, growing from $1.5 billion back in 2012 to approaching twice that amount today. Third Security mainly caters to pooled investment vehicles, which alone makes up over three quarters of its client base, and also provides services to high net worth individuals, which makes up its remaining clientele. The company takes performance based fees and management fees based upon commitments and net invested capital.
As of the latest 13F report, the guru’s equity portfolio contained 19 stocks valued at a total of $182.00Mil. The top holdings were PGEN(61.44%), AQB(5.02%), and ABBV(3.25%).
According to GuruFocus data, these were Third Security, LLC’s top five trades of the quarter.
Halozyme Therapeutics Inc
The guru sold out of their 161,452-share investment in NAS:HALO. Previously, the stock had a 2.55% weight in the equity portfolio. Shares traded for an average price of $43.2 during the quarter.
On 07/28/2022, Halozyme Therapeutics Inc traded for a price of $50.52 per share and a market cap of $6.97Bil. The stock has returned 21.41% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 4 out of 10.
In terms of valuation, Halozyme Therapeutics Inc has a price-earnings ratio of 16.87, a price-book ratio of 26.77, a EV-to-Ebitda ratio of 23.14 and a price-sales ratio of 15.55.
The price-to-GF Value ratio is 0.99, earning the stock a GF Value rank of 6.
AbbVie Inc
During the quarter, Third Security, LLC bought 20,000 shares of NYSE:ABBV for a total holding of 38,600. The trade had a 1.68% impact on the equity portfolio. During the quarter, the stock traded for an average price of $152.95.
On 07/28/2022, AbbVie Inc traded for a price of $149.75 per share and a market cap of $264.62Bil. The stock has returned 30.98% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, AbbVie Inc has a price-earnings ratio of 21.73, a price-book ratio of 16.43, a price-earnings-to-growth (PEG) ratio of 1.52, a EV-to-Ebitda ratio of 13.48 and a price-sales ratio of 4.74.
The price-to-GF Value ratio is 1.16, earning the stock a GF Value rank of 3.
Chevron Corp
The guru established a new position worth 20,000 shares in NYSE:CVX, giving the stock a 1.59% weight in the equity portfolio. Shares traded for an average price of $165.26 during the quarter.
On 07/28/2022, Chevron Corp traded for a price of $150.39 per share and a market cap of $295.49Bil. The stock has returned 54.09% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Chevron Corp has a price-earnings ratio of 14.14, a price-book ratio of 2.03, a price-earnings-to-growth (PEG) ratio of 3.01, a EV-to-Ebitda ratio of 6.68 and a price-sales ratio of 1.65.
The price-to-GF Value ratio is 0.94, earning the stock a GF Value rank of 6.
Altria Group Inc
During the quarter, Third Security, LLC bought 62,000 shares of NYSE:MO for a total holding of 112,000. The trade had a 1.42% impact on the equity portfolio. During the quarter, the stock traded for an average price of $51.79.
On 07/28/2022, Altria Group Inc traded for a price of $44 per share and a market cap of $79.66Bil. The stock has returned -0.04% 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, Altria Group Inc has a price-earnings ratio of 26.81, a EV-to-Ebitda ratio of 17.21 and a price-sales ratio of 3.84.
The price-to-GF Value ratio is 0.90, earning the stock a GF Value rank of 7.
PNC Financial Services Group Inc
During the quarter, Third Security, LLC bought 1,000 shares of NYSE:PNC for a total holding of 16,000. The trade had a 0.09% impact on the equity portfolio. During the quarter, the stock traded for an average price of $167.88.
On 07/28/2022, PNC Financial Services Group Inc traded for a price of $162.9 per share and a market cap of $66.95Bil. The stock has returned -8.36% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, PNC Financial Services Group Inc has a price-earnings ratio of 12.75, a price-book ratio of 1.41, a price-earnings-to-growth (PEG) ratio of 1.72 and a price-sales ratio of 3.41.
The price-to-GF Value ratio is 0.84, 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.
Want to provide feedback on this article? Have questions or concerns? Get in touch with us here, or email us at [email protected]!
This article is general in nature and does not represent the opinions of GuruFocus or any of its affiliates. This article is not intended to be financial advice, nor does it constitute investment advice or recommendations. It was written without regard to your individual situation or financial goals. We aim to bring you fundamental, data-driven analysis, The information on this site is in no way guaranteed for completeness, accuracy or in any other way.
