FIRST MANHATTAN CO recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
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 1685 stocks valued at a total of $27.29Bil. The top holdings were BRK.A(38.40%), MSFT(4.44%), and AAPL(4.06%).
According to GuruFocus data, these were FIRST MANHATTAN CO’s top five trades of the quarter.
Berkshire Hathaway Inc
During the quarter, FIRST MANHATTAN CO bought 3,636 shares of NYSE:BRK.A for a total holding of 22,365. The trade had a 6.24% impact on the equity portfolio. During the quarter, the stock traded for an average price of $448762.
On 02/18/2023, Berkshire Hathaway Inc traded for a price of $467372.74 per share and a market cap of $680.25Bil. The stock has returned -0.70% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Berkshire Hathaway Inc has a price-book ratio of 1.50, a EV-to-Ebitda ratio of 68.68 and a price-sales ratio of 2.72.
The price-to-GF Value ratio is 1.13, earning the stock a GF Value rank of 3.
KKR & Co Inc
FIRST MANHATTAN CO reduced their investment in NYSE:KKR by 6,920,699 shares. The trade had a 1.24% impact on the equity portfolio. During the quarter, the stock traded for an average price of $48.74.
On 02/18/2023, KKR & Co Inc traded for a price of $57.18 per share and a market cap of $49.24Bil. The stock has returned -1.04% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, KKR & Co Inc has a price-book ratio of 3.01, a EV-to-Ebitda ratio of 63.81 and a price-sales ratio of 5.41.
The price-to-GF Value ratio is 1.98, earning the stock a GF Value rank of 1.
Apple Inc
FIRST MANHATTAN CO reduced their investment in NAS:AAPL by 816,799 shares. The trade had a 0.48% impact on the equity portfolio. During the quarter, the stock traded for an average price of $142.91.
On 02/18/2023, Apple Inc traded for a price of $152.55 per share and a market cap of $2,413.64Bil. The stock has returned -9.12% 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, Apple Inc has a price-earnings ratio of 25.90, a price-book ratio of 42.61, a price-earnings-to-growth (PEG) ratio of 1.49, a EV-to-Ebitda ratio of 19.46 and a price-sales ratio of 6.36.
The price-to-GF Value ratio is 0.89, earning the stock a GF Value rank of 7.
Brookfield Asset Management Ltd
The guru established a new position worth 3,875,454 shares in NYSE:BAM, giving the stock a 0.41% weight in the equity portfolio. Shares traded for an average price of $30.09 during the quarter.
On 02/18/2023, Brookfield Asset Management Ltd traded for a price of $35.1 per share and a market cap of $14.46Bil. The stock has returned 0.00% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 1 out of 10.
In terms of valuation, Brookfield Asset Management Ltd has a price-earnings ratio of 27.19, a price-book ratio of 1.51, a EV-to-Ebitda ratio of 7.65 and a price-sales ratio of 7.19.
Meta Platforms Inc
FIRST MANHATTAN CO reduced their investment in NAS:META by 601,913 shares. The trade had a 0.35% impact on the equity portfolio. During the quarter, the stock traded for an average price of $117.43.
On 02/18/2023, Meta Platforms Inc traded for a price of $172.88 per share and a market cap of $448.22Bil. The stock has returned -16.77% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Meta Platforms Inc has a price-earnings ratio of 20.15, a price-book ratio of 3.59, a price-earnings-to-growth (PEG) ratio of 1.31, a EV-to-Ebitda ratio of 11.50 and a price-sales ratio of 4.07.
The price-to-GF Value ratio is 0.46, earning the stock a GF Value rank of 4.
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.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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.
