KLINGENSTEIN FIELDS & CO LP 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.
Klingenstein Fields & Co LLC is an investment management firm based out of New York City, New York. The company was originally established in 1989 by Kenneth D. Pollinger and Kenneth H. Fields, both of whom are still with the company today acting as its CEO and Chairman, respectively. Klingenstein Fields & Co conducts its research internally, utilizing a top down and bottom up investment approach. The company uses a fundamental methodology to make its investment decisions, allocating its assets in the value stocks of large cap companies within the public equity markets of the United States. Klingenstein Fields & Co invests most heavily in the consumer discretionary sector, which alone makes up over a sixth of its total asset allocations, and also invests in the finance, health care, industrials, information technology, and energy sectors, among other sectors to a lesser degree, in order of decreasing allocation. The company holds its allocations for over 32 quarters on average and holds its top 10 allocations for 26.3 quarters on average. In the most recent quarter, Klingenstein Fields & Co has had a turnover rate of 14.35%. The company now operates with 30 employees of which 12 are investment professionals. Klingenstein Fields & Co manages about $3 billion in total assets under management spread across over 1,100 total accounts, all of which are discretionary accoutns except for 5 that make up $5.1 million of its assets under management. Both of the firm’s total number of accounts and total assets under management have been decreasing in recent years with its total number of accounts having been once as high as over 1700 back in 2013 and its total assets under management having been over $4 billion three years ago. Klingenstein Fields & Co currently offers its Core Equity Strategy which focuses “primarily in mid and large capitalization stocks of high-quality companies.”
As of the latest 13F report, the guru’s equity portfolio contained 172 stocks valued at a total of $1.92Bil. The top holdings were PEP(4.38%), MSFT(3.41%), and BRK.B(3.34%).
According to GuruFocus data, these were KLINGENSTEIN FIELDS & CO LP’s top five trades of the quarter.
Schwab U.S. Small-Cap ETF
During the quarter, KLINGENSTEIN FIELDS & CO LP bought 367,419 shares of ARCA:SCHA for a total holding of 720,586. The trade had a 0.74% impact on the equity portfolio. During the quarter, the stock traded for an average price of $47.15.
On 08/01/2022, Schwab U.S. Small-Cap ETF traded for a price of $43.04 per share and a market cap of $13.90Bil. The stock has returned -13.71% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, Schwab U.S. Small-Cap ETF has a price-earnings ratio of 11.93 and a price-book ratio of 1.83.
Netflix Inc
During the quarter, KLINGENSTEIN FIELDS & CO LP bought 37,582 shares of NAS:NFLX for a total holding of 38,796. The trade had a 0.6% impact on the equity portfolio. During the quarter, the stock traded for an average price of $417.64.
On 08/01/2022, Netflix Inc traded for a price of $224 per share and a market cap of $99.71Bil. The stock has returned -56.68% 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, Netflix Inc has a price-earnings ratio of 19.94, a price-book ratio of 5.22, a price-earnings-to-growth (PEG) ratio of 0.70, a EV-to-Ebitda ratio of 5.40 and a price-sales ratio of 3.29.
The price-to-GF Value ratio is 0.36, earning the stock a GF Value rank of 4.
Coinbase Global Inc
The guru established a new position worth 53,596 shares in NAS:COIN, giving the stock a 0.44% weight in the equity portfolio. Shares traded for an average price of $195.84 during the quarter.
On 08/01/2022, Coinbase Global Inc traded for a price of $60.955 per share and a market cap of $13.86Bil. The stock has returned -73.61% 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, Coinbase Global Inc has a price-earnings ratio of 6.66, a price-book ratio of 2.13, a EV-to-Ebitda ratio of 7.06 and a price-sales ratio of 2.12.
Yum China Holdings Inc
The guru sold out of their 182,342-share investment in NYSE:YUMC. Previously, the stock had a 0.37% weight in the equity portfolio. Shares traded for an average price of $47.18 during the quarter.
On 08/01/2022, Yum China Holdings Inc traded for a price of $47.16 per share and a market cap of $20.01Bil. The stock has returned -22.90% 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, Yum China Holdings Inc has a price-earnings ratio of 23.86, a price-book ratio of 2.91, a EV-to-Ebitda ratio of 15.92 and a price-sales ratio of 2.07.
The price-to-GF Value ratio is 0.87, earning the stock a GF Value rank of 7.
S&P 500 ETF TRUST ETF
KLINGENSTEIN FIELDS & CO LP reduced their investment in ARCA:SPY by 14,119 shares. The trade had a 0.27% impact on the equity portfolio. During the quarter, the stock traded for an average price of $444.05.
On 08/01/2022, S&P 500 ETF TRUST ETF traded for a price of $410.04 per share and a market cap of $371.53Bil. The stock has returned -5.15% over the past year.
GuruFocus gives the ETF a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, S&P 500 ETF TRUST ETF has a price-earnings ratio of 18.32, a price-book ratio of 3.52, a price-earnings-to-growth (PEG) ratio of 2.21, a EV-to-Ebitda ratio of 14.50 and a price-sales ratio of 2.94.
The price-to-GF Value ratio is 0.00, earning the stock a GF Value rank of 6.
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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