Insights from the Renowned Value Investor's Latest 13F Filings
Joel Greenblatt (Trades, Portfolio), the acclaimed value investor and creator of Magic Formula Investing, has made significant moves in the third quarter of 2023. As the founder and managing partner of Gotham Asset Management, LLC, and an Adjunct Professor at Columbia Business School, Greenblatt's investment strategy focuses on uncovering undervalued companies with a catalyst for growth. His approach is deeply rooted in the principles of seeking high return on capital (ROC) and high earnings yield, with a keen eye on "normalized earnings" over the next 3-4 years. Greenblatt's latest 13F report reveals his latest stock picks and adjustments, providing valuable insights for fellow investors.
New Additions to Greenblatt's Portfolio
Joel Greenblatt (Trades, Portfolio) has expanded his portfolio with the addition of 142 stocks. Noteworthy new positions include:
- Kenvue Inc (KVUE, Financial), with 750,862 shares, making up 0.31% of the portfolio and valued at $15.08 million.
- Global X Copper Miners ETF (COPX, Financial), comprising 21,926 shares, which is approximately 0.08% of the portfolio, with a total value of $3.95 million.
- HHG Capital Corp (HHGC, Financial), with 50,924 shares, accounting for 0.08% of the portfolio and a total value of $3.78 million.
Key Position Increases
In addition to new acquisitions, Greenblatt has increased his stakes in 622 stocks. Significant increases include:
- S&P 500 ETF TRUST ETF (SPY, Financial), with an additional 164,640 shares, bringing the total to 911,380 shares. This represents a 22.05% increase in share count and a 1.45% impact on the current portfolio, valued at $389.60 million.
- iShares Core MSCI EAFE ETF (IEFA, Financial), with an additional 250,274 shares, bringing the total to 439,550. This adjustment marks a 132.23% increase in share count, with a total value of $28.29 million.
Exiting Positions
Joel Greenblatt (Trades, Portfolio) has also exited 125 holdings in the third quarter of 2023, including:
- Univar Solutions Inc (UNVR, Financial), where Greenblatt sold all 210,220 shares, impacting the portfolio by -0.16%.
- Syneos Health Inc (SYNH, Financial), with the liquidation of all 156,179 shares, causing a -0.14% impact on the portfolio.
Significant Reductions in Holdings
Greenblatt's portfolio adjustments also involved reducing positions in 529 stocks. The most notable reductions are:
- EOG Resources Inc (EOG, Financial), reduced by 78,318 shares, resulting in a -58.59% decrease in shares and a -0.19% impact on the portfolio. The stock traded at an average price of $127.24 during the quarter and has seen a -4.25% return over the past 3 months and a 0.07% year-to-date return.
- Motorola Solutions Inc (MSI, Financial), reduced by 28,116 shares, leading to a -96.07% reduction in shares and a -0.18% impact on the portfolio. The stock's average trading price was $284.81 during the quarter, with a 9.89% return over the past 3 months and a 22.34% year-to-date return.
Portfolio Overview
As of the third quarter of 2023, Joel Greenblatt (Trades, Portfolio)'s portfolio encompasses 1,316 stocks. The top holdings include 8.05% in S&P 500 ETF TRUST ETF (SPY, Financial), 5.37% in Gotham Enhanced 500 ETF (GSPY, Financial), 1.63% in iShares Core S&P 500 ETF (IVV, Financial), 1.46% in Apple Inc (AAPL, Financial), and 1.24% in Microsoft Corp (MSFT, Financial). The investments are primarily concentrated across 11 industries, reflecting a diverse approach to value investing.
For more information on Magic Formula Stocks and to view Joel Greenblatt (Trades, Portfolio)'s latest investment moves, visit the Magic Formula Stocks page.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
