EDGEWOOD 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.
Edgewood Management LLC is an investment management company owned by its employees. The company was established in 1974 with approximately $50 billion in assets under management and 6 employees. Edgewood Management would launch its Large Cap Growth product in 1987 and reach $1 billion in total assets under management in 1997 with its president position being taken over by Alan W. Breed, the son of the previous president William C. Breed. The company would then reach $2 billion before the turn of the millennia and establish the role of CFO with the addition of Fausto Rotundo, who continues to be the CFO today. The company would then launch its Edgewood Select Product in 2005 and Edgewood Growth Fund in 2005. By 2007, the company would reach over $5 billion in total assets under management. In 2008, Edgewood Management launched its Luxembourg based SICAV with its Edgewood U.S. Large Cap Growth Fund. By 2009, its original Edgewood Growth Fund would reach $1 billion in assets. The company would reach the $10 billion mark in total firm assets by 2014. Edgewood Management currently has over $11 billion in total assets under management spread across almost 900 accounts with all of its accounts being discretionary. While its total number of accounts has remained relatively stable around the 900 mark in recent years, its total assets under management has experienced significant growth. Edgewood Management currently caters to a varied client base, including high net worth individuals and individuals, which each make up approximately a third of its clientele, and corporations or other businesses, pension and profit sharing plans, charities, investment companies, and pooled investment vehicles, in order of decreasing clientele. The company invests most heavily in the information technology sector, which alone makes up over a third of its allocations, and also invests in the health care, consumer discretionary, finance, and industrials sectors, among others to a lesser degree, in order of decreasing allocation.
As of the latest 13F report, the guru’s equity portfolio contained 77 stocks valued at a total of $33.89Bil. The top holdings were V(7.63%), MSFT(5.95%), and NOW(5.79%).
According to GuruFocus data, these were EDGEWOOD MANAGEMENT LLC’s top five trades of the quarter.
Blackstone Inc
During the quarter, EDGEWOOD MANAGEMENT LLC bought 7,331,409 shares of NYSE:BX for a total holding of 7,341,298. The trade had a 1.98% impact on the equity portfolio. During the quarter, the stock traded for an average price of $108.3.
On 08/13/2022, Blackstone Inc traded for a price of $108.79 per share and a market cap of $80.22Bil. The stock has returned -0.75% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Blackstone Inc has a price-earnings ratio of 19.84, a price-book ratio of 9.35, a price-earnings-to-growth (PEG) ratio of 6.01 and a price-sales ratio of 5.92.
The price-to-GF Value ratio is 0.65, earning the stock a GF Value rank of 8.
ServiceNow Inc
During the quarter, EDGEWOOD MANAGEMENT LLC bought 1,401,618 shares of NYSE:NOW for a total holding of 4,122,588. The trade had a 1.97% impact on the equity portfolio. During the quarter, the stock traded for an average price of $477.87.
On 08/13/2022, ServiceNow Inc traded for a price of $506.51 per share and a market cap of $102.32Bil. The stock has returned -12.91% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 5 out of 10.
In terms of valuation, ServiceNow Inc has a price-earnings ratio of 567.49, a price-book ratio of 24.88, a EV-to-Ebitda ratio of 147.29 and a price-sales ratio of 15.89.
The price-to-GF Value ratio is 0.73, earning the stock a GF Value rank of 10.
Equinix Inc
EDGEWOOD MANAGEMENT LLC reduced their investment in NAS:EQIX by 1,301,234 shares. The trade had a 1.94% impact on the equity portfolio. During the quarter, the stock traded for an average price of $693.4.
On 08/13/2022, Equinix Inc traded for a price of $704.56 per share and a market cap of $64.17Bil. The stock has returned -11.73% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Equinix Inc has a price-earnings ratio of 100.21, a price-book ratio of 6.03, a price-earnings-to-growth (PEG) ratio of 14.32, a EV-to-Ebitda ratio of 27.89 and a price-sales ratio of 9.25.
The price-to-GF Value ratio is 0.88, earning the stock a GF Value rank of 7.
Visa Inc
EDGEWOOD MANAGEMENT LLC reduced their investment in NYSE:V by 3,798,233 shares. The trade had a 1.69% impact on the equity portfolio. During the quarter, the stock traded for an average price of $206.91.
On 08/13/2022, Visa Inc traded for a price of $211.33 per share and a market cap of $445.36Bil. The stock has returned -8.34% 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 31.18, a price-book ratio of 13.66, a price-earnings-to-growth (PEG) ratio of 2.17, a EV-to-Ebitda ratio of 24.04 and a price-sales ratio of 16.19.
The price-to-GF Value ratio is 0.82, earning the stock a GF Value rank of 9.
American Tower Corp
EDGEWOOD MANAGEMENT LLC reduced their investment in NYSE:AMT by 2,904,336 shares. The trade had a 1.46% impact on the equity portfolio. During the quarter, the stock traded for an average price of $250.93.
On 08/13/2022, American Tower Corp traded for a price of $277.72 per share and a market cap of $129.30Bil. The stock has returned 1.14% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, American Tower Corp has a price-earnings ratio of 45.66, a price-book ratio of 18.60, a price-earnings-to-growth (PEG) ratio of 4.76, a EV-to-Ebitda ratio of 25.92 and a price-sales ratio of 12.42.
The price-to-GF Value ratio is 0.93, earning the stock a GF Value rank of 7.
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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