Robert Bruce (Trades, Portfolio), the founder of Bruce & Co, recently filed the firm's 13F report for the second quarter of 2023, which ended on June 30, 2023. Bruce & Co is an investment firm that serves as the advisor to the Bruce Fund (BRUFX), a fund primarily focused on common stock investments, high-yield and distressed debt. The fund, managed by Robert Bruce (Trades, Portfolio) and his son, Robert Jeffrey Bruce, may also invest in long-term U.S. government securities if attractive opportunities are not found elsewhere.
The firm's portfolio for Q2 2023 contained 34 stocks with a total value of $334 million. The top holdings were MRK (10.38%), UHAL.B (9.72%), and ABBV (7.74%).
Top Three Trades of the Quarter
The following were the firm's top three trades of the quarter:
Apple Inc (AAPL, Financial)
Robert Bruce (Trades, Portfolio) reduced the firm's investment in Apple Inc (AAPL) by 5,000 shares, impacting the equity portfolio by 0.24%. During the quarter, the stock traded for an average price of $174.1. As of August 15, 2023, Apple's stock price was $178.1, with a market cap of $2,784.46 billion. The stock has returned 3.33% 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 has a price-earnings ratio of 29.93, a price-book ratio of 46.26, a price-earnings-to-growth (PEG) ratio of 1.72, a EV-to-Ebitda ratio of 22.48 and a price-sales ratio of 7.38.
Caribou Biosciences Inc (CRBU, Financial)
During the quarter, Robert Bruce (Trades, Portfolio) bought 100,000 shares of Caribou Biosciences Inc (CRBU), bringing the total holding to 200,000 shares. This trade had a 0.13% impact on the equity portfolio. The stock traded for an average price of $4.51 during the quarter. As of August 15, 2023, Caribou Biosciences' stock price was $6.56, with a market cap of $579.15 million. The stock has returned -34.38% over the past year. GuruFocus gives the company a financial strength rating of 7 out of 10. There is insufficient data to calculate the stock’s profitability rating. In terms of valuation, Caribou Biosciences has a price-book ratio of 1.61, a EV-to-Ebitda ratio of -3.03 and a price-sales ratio of 28.17.
AT&T Inc (T, Financial)
Robert Bruce (Trades, Portfolio) reduced the firm's investment in AT&T Inc (T) by 10,000 shares, impacting the equity portfolio by 0.06%. During the quarter, the stock traded for an average price of $17.07. As of August 15, 2023, AT&T's stock price was $14.175, with a market cap of $101.34 billion. The stock has returned -18.05% over the past year. GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10. In terms of valuation, AT&T has a price-book ratio of 0.99, a EV-to-Ebitda ratio of 12.28 and a price-sales ratio of 0.86.
In conclusion, Robert Bruce (Trades, Portfolio)'s Q2 2023 13F filing reveals a strategic approach to portfolio management, with a focus on both reducing and increasing investments in key stocks. The firm's top holdings and trades reflect a balanced mix of industries and risk profiles, demonstrating the firm's commitment to diversification and value investing.
