Insights from the Investment Guru's Latest 13F Filing for Q4 2023
Joel Greenblatt (Trades, Portfolio), the investment guru famed for his Magic Formula Investing strategy, has made notable changes to his portfolio in the fourth quarter of 2023. As the founder and managing partner of Gotham Asset Management, LLC, Greenblatt's approach is to seek out undervalued companies with a catalyst for growth. His investment philosophy is deeply rooted in finding high return on capital and high earnings yield. With his latest 13F filing, investors gain a glimpse into the strategic decisions of a seasoned value investor.
Summary of New Buys
Joel Greenblatt (Trades, Portfolio) added a total of 156 stocks to his portfolio. Noteworthy new additions include:
- FMC Corp (FMC, Financial), with 127,837 shares, accounting for 0.15% of the portfolio and a total value of $8.06 million.
- Fidelity Small-Mid Cap Opportunities ETF (FSMO, Financial), consisting of 457,078 shares, representing approximately 0.09% of the portfolio, with a total value of $4.99 million.
- Phinia Inc (PHIN, Financial), with 135,050 shares, accounting for 0.08% of the portfolio and a total value of $4.09 million.
Key Position Increases
Joel Greenblatt (Trades, Portfolio) also increased stakes in a total of 496 stocks. Among them, the most significant increases were:
- The S&P 500 ETF TRUST ETF (SPY, Financial), with an additional 80,542 shares, bringing the total to 991,922 shares. This adjustment represents a significant 8.84% increase in share count, a 0.71% impact on the current portfolio, and a total value of $471.47 million.
- The Gotham Enhanced 500 ETF (GSPY, Financial), with an additional 1,450,000 shares, bringing the total to 12,413,226. This adjustment represents a significant 13.23% increase in share count, with a total value of $323.61 million.
Summary of Sold Out Positions
Joel Greenblatt (Trades, Portfolio) completely exited 148 holdings in the fourth quarter of 2023, including:
- VMware Inc (VMW, Financial): Sold all 55,843 shares, resulting in a -0.19% impact on the portfolio.
- Consolidated Edison Inc (ED, Financial): Liquidated all 72,107 shares, causing a -0.13% impact on the portfolio.
Key Position Reductions
Joel Greenblatt (Trades, Portfolio) reduced positions in 647 stocks. The most significant reductions include:
- Pfizer Inc (PFE, Financial) by 462,443 shares, resulting in an -88.43% decrease in shares and a -0.32% impact on the portfolio. The stock traded at an average price of $30.23 during the quarter and has returned -5.92% over the past 3 months and -4.38% year-to-date.
- Lam Research Corp (LRCX, Financial) by 18,655 shares, resulting in a -64.4% reduction in shares and a -0.24% impact on the portfolio. The stock traded at an average price of $681.51 during the quarter and has returned 32.13% over the past 3 months and 16.91% year-to-date.
Portfolio Overview
At the end of the fourth quarter of 2023, Joel Greenblatt (Trades, Portfolio)'s portfolio included 1,324 stocks. The top holdings were 8.75% in S&P 500 ETF TRUST ETF (SPY, Financial), 6% in Gotham Enhanced 500 ETF (GSPY, Financial), 1.63% in iShares Core S&P 500 ETF (IVV, Financial), 1.54% in Apple Inc (AAPL, Financial), and 1.44% in Snowflake Inc (SNOW, Financial). The holdings are mainly concentrated in 11 industries, reflecting a diverse approach to value investing.
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.
