LSV ASSET MANAGEMENT recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
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.
LSV Asset Management is a “quantitative value manager providing active management for institutional investors through the application of proprietary investment models” and was founded in 1994. The name came from the three original founding partners: Josef Lakonishok, formerly a professor of finance at UIUC; Andrei Shleifer, a professor of economics at Harvard University; and Robert Vishny, a distinguished finance professor at the University of Chicago. Josef Lakonishok is the only one of the three original founders still active in the firm, serving as the leader of the company, while the others have retired and taken to academics. The firm has evolved from its original structure to 24 equity partners who are all actively involved in LSV Asset Management, with current and former employees holding the majority stock in the firm. The firm was founded on grounded financial research, which all three of the founders were known for, consisting of a totaled three decades experience and over 200 research papers. Their investment philosophy is still grounded in behavioral finance, maintaining that “superior long-term results can be achieved by systematically exploiting the judgmental biases and behavioral weaknesses that influence the decisions of many investors.” LSV Asset Management takes care to avoid overuse of the past to extrapolate the future, incorrectly correlate a good company with a good investment, and employing qualitative opinions rather than hard statistical evidence. The company utilizes a focused quantitative model to operate its investments, looking for undervalued stocks that have a good potential for near term appreciation. Portfolios are fully invested, keeping company cash levels below 2%, and have a “deep value orientation relative to the indices.” The company currently has approximately $90 billion in value equity portfolios from 350 clients. LSV Asset Management’s mutual funds include its Value Equity, Conservative Value Equity, Small Cap Value, Global Value, U.S. Managed Volatility, and Global Managed Volatility funds.
As of the latest 13F report, the guru’s equity portfolio contained 890 stocks valued at a total of $46.25Bil. The top holdings were MRK(2.43%), PFE(2.19%), and VZ(1.69%).
According to GuruFocus data, these were LSV ASSET MANAGEMENT’s top five trades of the quarter.
Annaly Capital Management Inc
The guru established a new position worth 16,083,441 shares in FRA:AAYA, giving the stock a 0.21% weight in the equity portfolio. Shares traded for an average price of €25.12 during the quarter.
On 11/05/2022, Annaly Capital Management Inc traded for a price of €18.18 per share and a market cap of €8.30Bil. The stock has returned -27.28% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 3 out of 10.
In terms of valuation, Annaly Capital Management Inc has a price-earnings ratio of 2.20, a price-book ratio of 0.88 and a price-sales ratio of 1.99.
Annaly Capital Management Inc
The guru sold out of their 4,020,860-share investment in NYSE:NLY. Previously, the stock had a 0.21% weight in the equity portfolio. Shares traded for an average price of $25.2 during the quarter.
On 11/05/2022, Annaly Capital Management Inc traded for a price of $18.22 per share and a market cap of $8.53Bil. The stock has returned -36.21% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 3 out of 10.
In terms of valuation, Annaly Capital Management Inc has a price-earnings ratio of 2.27, a price-book ratio of 0.91 and a price-sales ratio of 2.06.
Adeia Inc
The guru established a new position worth 904,600 shares in STU:8OZ, giving the stock a 0.03% weight in the equity portfolio. Shares traded for an average price of €15.16 during the quarter.
On 11/05/2022, Adeia Inc traded for a price of €11.64 per share and a market cap of €1.19Bil. The stock has returned -23.70% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Adeia Inc has a price-book ratio of 0.87, a EV-to-Ebitda ratio of 6.31 and a price-sales ratio of 1.29.
The price-to-GF Value ratio is 0.98, earning the stock a GF Value rank of 1.
Adeia Inc
The guru sold out of their 904,600-share investment in NAS:ADEA. Previously, the stock had a 0.03% weight in the equity portfolio. Shares traded for an average price of $6.75 during the quarter.
On 11/05/2022, Adeia Inc traded for a price of $11.14 per share and a market cap of $1.16Bil. The stock has returned 41.24% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Adeia Inc has a price-book ratio of 0.85, a EV-to-Ebitda ratio of 6.31 and a price-sales ratio of 1.27.
The price-to-GF Value ratio is 2.19, earning the stock a GF Value rank of 1.
Coherent Corp
The guru established a new position worth 193,810 shares in FRA:H7B, giving the stock a 0.02% weight in the equity portfolio. Shares traded for an average price of €47.56 during the quarter.
On 11/05/2022, Coherent Corp traded for a price of €33.2 per share and a market cap of €4.41Bil. The stock has returned -41.01% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Coherent Corp has a price-earnings ratio of 21.82, a price-book ratio of 1.07, a price-earnings-to-growth (PEG) ratio of 1.44, a EV-to-Ebitda ratio of 9.33 and a price-sales ratio of 1.11.
The price-to-GF Value ratio is 0.54, earning the stock a GF Value rank of 8.
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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