Insight into the Investment Moves of a Veteran Value Investor
Glenn Greenberg (Trades, Portfolio), a seasoned investor known for his concentrated investment approach, has made notable changes to his portfolio in the first quarter of 2024. Co-founding Chieftain Capital Management in 1984 and later leading Brave Warrior Advisors, Greenberg has consistently outperformed the market by adhering to a philosophy that emphasizes deep knowledge of fewer investments. His strategy focuses on companies with minimal competition and high returns on invested capital, aiming to mitigate risks associated with insufficient understanding of business operations.
Summary of New Buys
During the first quarter of 2024, Glenn Greenberg (Trades, Portfolio) expanded his portfolio by adding two new stocks:
- TD Synnex Corp (SNX, Financial) was the primary new addition with 3,061,083 shares, representing 7.24% of the portfolio and valued at approximately $346.21 million.
- Mastercard Inc (MA, Financial) was also added, albeit on a much smaller scale, with 422 shares valued at about $203,220.
Key Position Increases
Greenberg also significantly increased his stakes in several companies:
- AutoNation Inc (AN, Financial) saw an addition of 815,328 shares, bringing the total to 937,763 shares. This adjustment marks a 665.93% increase in share count and a 2.83% impact on the current portfolio, valued at $155.27 million.
- MPLX LP (MPLX, Financial) experienced a dramatic increase of 3,008,609 shares, resulting in a total of 3,025,609 shares. This represents a 17,697.7% increase in share count, with a total value of $125.74 million.
Summary of Sold Out Positions
In the same quarter, Greenberg exited positions in three companies:
- Raymond James Financial Inc (RJF, Financial) was completely sold out of 2,137,186 shares, impacting the portfolio by -5.69%.
- Asbury Automotive Group Inc (ABG, Financial) also saw a complete exit with 278,367 shares, resulting in a -1.49% portfolio impact.
Key Position Reductions
Reductions were made in ten different stocks, with significant changes in:
- Apollo Global Management Inc (APO, Financial) was reduced by 698,937 shares, leading to a -15.52% decrease in shares and a -1.55% impact on the portfolio. The stock traded at an average price of $105.53 during the quarter.
- JPMorgan Chase & Co (JPM, Financial) saw a reduction of 357,530 shares, a -21.59% decrease, impacting the portfolio by -1.45%. The stock's price averaged $180.44 during the quarter.
Portfolio Overview
As of the first quarter of 2024, Glenn Greenberg (Trades, Portfolio)'s portfolio comprised 29 stocks. The top holdings included 17.85% in Elevance Health Inc (ELV, Financial), 10.66% in Primerica Inc (PRI, Financial), 10.08% in Fidelity National Financial Inc (FNF, Financial), 9.08% in Discover Financial Services (DFS, Financial), and 8.95% in Apollo Global Management Inc (APO). The investments are predominantly concentrated in seven industries out of eleven, including Financial Services, Healthcare, Consumer Cyclical, Technology, Energy, Industrials, and Communication Services.
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.
