Exploring the Fund's Recent Investment Adjustments
PH&N Vintage Fund (Trades, Portfolio) recently submitted its N-PORT filing for the fourth quarter of 2024, offering a glimpse into its strategic investment decisions during this period. The fund is known for its focus on long-term capital growth and dividend income, primarily investing in a diversified portfolio of common stocks of Canadian corporations listed on the Toronto Stock Exchange. With a cap of 50% on foreign securities, the fund aims to balance growth and income through its well-curated stock selections.
Summary of New Buy
PH&N Vintage Fund (Trades, Portfolio) added a total of four stocks to its portfolio, with notable additions including:
- The most significant addition was Wheaton Precious Metals Corp (TSX:WPM, Financial), with 22,460 shares, accounting for 1.01% of the portfolio and a total value of C$1.82 million.
- The second largest addition was ATS Corp (TSX:ATS, Financial), consisting of 26,870 shares, representing approximately 0.65% of the portfolio, with a total value of C$1.18 million.
- The third largest addition was MEG Energy Corp (TSX:MEG, Financial), with 26,770 shares, accounting for 0.35% of the portfolio and a total value of C$632,000.
Key Position Increases
PH&N Vintage Fund (Trades, Portfolio) also increased stakes in a total of 28 stocks, with significant increases in:
- Canadian Imperial Bank of Commerce (TSX:CM, Financial), with an additional 30,030 shares, bringing the total to 66,610 shares. This adjustment represents a significant 82.09% increase in share count, a 1.51% impact on the current portfolio, and a total value of C$6.06 million.
- Shopify Inc (TSX:SHOP, Financial), with an additional 9,580 shares, bringing the total to 51,670. This adjustment represents a 22.76% increase in share count, with a total value of C$7.91 million.
Summary of Sold Out
PH&N Vintage Fund (Trades, Portfolio) completely exited three holdings in the fourth quarter of 2024, including:
- Open Text Corp (TSX:OTEX, Financial): The fund sold all 27,756 shares, resulting in a -0.76% impact on the portfolio.
- Sleep Country Canada Holdings Inc (TSX:ZZZ, Financial): The fund liquidated all 27,280 shares, causing a -0.48% impact on the portfolio.
Key Position Reduces
PH&N Vintage Fund (Trades, Portfolio) also reduced positions in 33 stocks, with significant changes including:
- Reduced Bank of Montreal (TSX:BMO, Financial) by 7,300 shares, resulting in a -19.72% decrease in shares and a -0.56% impact on the portfolio. The stock traded at an average price of C$124.46 during the quarter and has returned -0.44% over the past 3 months and year-to-date.
- Reduced Rogers Communications Inc (TSX:RCI.B, Financial) by 12,490 shares, resulting in a -18.86% reduction in shares and a -0.42% impact on the portfolio. The stock traded at an average price of C$51.62 during the quarter and has returned -11.96% over the past 3 months and year-to-date.
Portfolio Overview
As of the fourth quarter of 2024, PH&N Vintage Fund (Trades, Portfolio)'s portfolio included 70 stocks. The top holdings were 7.13% in Royal Bank of Canada (TSX:RY, Financial), 5.12% in Enbridge Inc (TSX:ENB, Financial), 4.69% in The Toronto-Dominion Bank (TSX:TD, Financial), 4.37% in Shopify Inc (TSX:SHOP, Financial), and 3.71% in Brookfield Corp (TSX:BN, Financial).
The holdings are mainly concentrated in 11 industries: Financial Services, Energy, Industrials, Technology, Basic Materials, 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.
