Insightful 13F Filing Update: A Closer Look at PH&N Vintage Fund (Trades, Portfolio)'s Q4 2023 Moves
PH&N Vintage Fund (Trades, Portfolio), known for its strategic investments in Canadian corporations, has revealed its N-PORT filing for the fourth quarter of 2023. The fund's investment strategy is centered on long-term capital growth and dividend income, primarily through a diversified portfolio of stocks listed on the Toronto Stock Exchange. With a focus on Canadian equities and a cautious approach to foreign securities, the fund's latest moves offer valuable insights to investors.
New Additions to the Portfolio
PH&N Vintage Fund (Trades, Portfolio) expanded its portfolio with the addition of 2 new stocks in the last quarter:
- Fairfax Financial Holdings Ltd (TSX:FFH, Financial) emerged as a significant new holding with 650 shares, constituting 0.64% of the portfolio and valued at C$0.795 million.
- Northland Power Inc (TSX:NPI, Financial) was the second major addition, comprising 24,370 shares, which represent roughly 0.47% of the portfolio, with a total value of C$0.587 million.
Key Position Increases
PH&N Vintage Fund (Trades, Portfolio) also bolstered its stakes in 30 stocks, with notable increases in:
- Enbridge Inc (TSX:ENB, Financial), where an additional 28,680 shares brought the total to 126,080 shares. This represents a 29.45% increase in share count and a 1.1% impact on the current portfolio, valued at C$6.014 million.
- Shopify Inc (TSX:SHOP, Financial) saw an addition of 7,580 shares, bringing the total to 24,900 shares. This adjustment marks a 43.76% increase in share count, with a total value of C$2.569 million.
Positions Completely Exited
In Q4 2023, PH&N Vintage Fund (Trades, Portfolio) exited its position in:
- Uni-Select Inc (TSX:UNS, Financial), selling all 6,899 shares, which had a -0.28% impact on the portfolio.
Significant Reductions in Holdings
The fund also reduced its position in 37 stocks, with the most significant changes being:
- A reduction in TC Energy Corp (TSX:TRP, Financial) by 22,470 shares, resulting in a -56.23% decrease in shares and a -1.05% impact on the portfolio. The stock traded at an average price of C$49.5 during the quarter and has returned 6.95% over the past 3 months and 7.05% year-to-date.
- A reduction in Keyera Corp (TSX:KEY, Financial) by 31,390 shares, leading to a -72.83% reduction in shares and a -0.84% impact on the portfolio. The stock's average trading price was C$32.38 during the quarter, with returns of 10.66% over the past 3 months and 10.52% year-to-date.
Portfolio Overview and Sector Allocation
As of the fourth quarter of 2023, PH&N Vintage Fund (Trades, Portfolio)'s portfolio comprised 73 stocks. The top holdings included 6.46% in Royal Bank of Canada (TSX:RY, Financial), 5.6% in The Toronto-Dominion Bank (TSX:TD, Financial), 4.83% in Enbridge Inc (TSX:ENB, Financial), 3.6% in Canadian Pacific Kansas City Ltd (TSX:CP, Financial), and 3.4% in Bank of Montreal (TSX:BMO, Financial).
The holdings are primarily concentrated across all 11 industries, including Financial Services, Industrials, Energy, Basic Materials, Technology, Consumer Cyclical, Consumer Defensive, Utilities, Communication Services, Real Estate, and Healthcare.
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.
