Insight into Delphi Management's Latest Moves and Market Impact
Scott Black (Trades, Portfolio), the seasoned investor and president of Delphi Management, Inc., has made significant portfolio adjustments in the first quarter of 2024. Known for his rigorous quantitative criteria and value investing approach, Black's recent 13F filing reveals strategic decisions that reflect his investment philosophy, honed from years of experience and a solid educational foundation in finance from Harvard Business School. This update provides a detailed look into his new buys, increased positions, complete sell-offs, and reduced stakes, highlighting the most impactful changes.
Summary of New Buys
Scott Black (Trades, Portfolio) strategically expanded his portfolio by adding 12 new stocks in the first quarter. Key acquisitions include:
- RenaissanceRe Holdings Ltd (RNR, Financial), purchasing 7,351 shares, which now comprise 1.34% of the portfolio, valued at $1.73 million.
- CSG Systems International Inc (CSGS, Financial), with 31,023 shares, making up about 1.24% of the portfolio, valued at $1.6 million.
- Photronics Inc (PLAB, Financial), adding 53,226 shares, accounting for 1.17% of the portfolio, with a total value of $1.51 million.
Key Position Increases
Scott Black (Trades, Portfolio) also significantly increased his stakes in several companies, with notable adjustments in:
- Ingredion Inc (INGR, Financial), where he added 13,533 shares, bringing the total to 15,508 shares. This adjustment marks a 685.22% increase in share count, impacting the portfolio by 1.22%, and valued at $1.81 million.
- Civitas Resources Inc (CIVI, Financial), with an additional 15,492 shares, bringing the total to 23,092 shares. This represents a 203.84% increase in share count, with a total value of $1.75 million.
Summary of Sold Out Positions
In a significant portfolio realignment, Scott Black (Trades, Portfolio) exited positions in nine companies, including:
- Dover Corp (DOV, Financial), where all 9,679 shares were sold, impacting the portfolio by -1.37%.
- Axis Capital Holdings Ltd (AXS, Financial), with all 24,875 shares liquidated, causing a -1.27% impact on the portfolio.
Key Position Reductions
Reductions were also prominent in Black's Q1 strategy, with significant cuts in:
- Comcast Corp (CMCSA, Financial), reduced by 15,445 shares, a -28.25% decrease, impacting the portfolio by -0.62%. The stock traded at an average price of $43.14 during the quarter and has seen a -5.22% return over the past three months and -8.94% year-to-date.
- Ralph Lauren Corp (RL, Financial), reduced by 2,645 shares, a -22.29% decrease, impacting the portfolio by -0.35%. The stock traded at an average price of $165.5 during the quarter and has returned -8.77% over the past three months and 16.46% year-to-date.
Portfolio Overview
As of the first quarter of 2024, Scott Black (Trades, Portfolio)'s portfolio included 84 stocks. Top holdings were 2.64% in Berkshire Hathaway Inc (BRK.B, Financial), 1.71% in Apple Inc (AAPL, Financial), and 1.56% in Diamondback Energy Inc (FANG, Financial). The portfolio shows a strong concentration in sectors like Technology, Financial Services, and Industrials, reflecting Black's strategic focus and investment acumen.
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.
