title
stringlengths 48
90
| body
stringlengths 845
29.5k
|
|---|---|
"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2023 Update" | "….….….This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 8/11/2023. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2023.This quarter, Al Gore’s 13F portfolio value increased ~10% from $18.78B to $20.65B. The number of positions increased from 41 to 44. The top five stakes are Microsoft, Amazon.com, Applied Materials, Analog Devices, and Henry Schein. They account for around ~32% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Waters Corp (WAT), Tigo Energy (TYGO), and Veeva Systems (VEEV): These are the new positions this quarter. WAT is a 1.88% of the portfolio position purchased this quarter at prices between ~$249 and ~$312 and the stock currently trades at ~$271. Tigo came to market in May through a De-SPAC transaction. Generation IM has a 13.8% ownership stake in Tigo Energy. The position goes back to a Series C funding round in 2011. The stock currently trades at $11.21. VEEV is a very small 0.48% stake established this quarter.Stake Increases:Amazon.com (AMZN): AMZN is currently the second largest position at 8.46% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175. There was a ~40% stake increase during H1 2022 at prices between ~$104 and ~$170. The stock currently trades at ~$132. The last four quarters have seen minor increases.Applied Materials (AMAT): The ~6% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase during Q2 2022 at prices between ~$86 and ~$129. There was a ~38% further increase over the last four quarters. The stock currently trades at ~$143.Analog Devices (ADI): ADI position is now at 4.89% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled in the next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. There was a ~80% stake increase in Q2 2022 at prices between ~$144 and ~$169. H2 2022 saw a ~15% further increase while last quarter saw a marginal reduction. The stock currently trades at ~$174. There was a minor ~2% increase this quarter.Thermo Fisher Scientific (TMO): TMO is a ~4% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the two quarters through Q1 2022 at prices between ~$524 and ~$667. The last quarter saw a two-thirds increase at prices between ~$535 and ~$605. That was followed by a ~8% increase this quarter. The stock currently goes for ~$538.Gartner Inc. (IT): The 3.54% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$339. The last several quarters saw minor trimming while this quarter there was a ~2% increase.CBRE Group (CBRE): CBRE is a ~3% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. This quarter saw a similar increase at prices between ~$70 and ~$81. The stock is now at $83.56.Danaher Corp (DHR): DHR is a 2.88% of the portfolio position established during the last two quarters at prices between ~$225 and ~$277 and the stock currently trades at ~$254.Twilio Inc. (TWLO): TWLO is a 2.68% of the portfolio position primarily built during Q2 2022 at prices between ~$79 and ~$175. There was a two-thirds stake increase during H2 2022 at prices between ~$43 and ~$98. The last two quarters also saw a ~19% further increase. The stock is now at ~$59.Cognizant Technology (CTSH), Coupang (CPNG), H World Group (HTHT), Carlisle Companies (CSL), Freshworks Inc. (FRSH), and Microchip Technology (MCHP): These very small (less than ~0.20% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the largest stake at 8.47% of the portfolio. It was primarily built during Q2 2022 at prices between ~$242 and ~$315. The last quarter saw a ~30% stake increase at prices between ~$222 and ~$288. The stock currently trades at ~$320. There was marginal trimming this quarter.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters through Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while in Q1 2020 there was a similar increase at prices between ~$43 and ~$74. Since then, there have only been minor adjustments. The stock is now at $76.20 and the stake at 4.82% of the portfolio.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9% ownership stake in Henry Schein.Equifax Inc. (EFX): The 4.38% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled in the next quarter at prices between ~$208 and ~$286. The stock is now at ~$196. There was a ~20% trimming over the last two quarters.Trane Technologies plc (TT): TT is now at ~4% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase next quarter at prices between ~$121 and ~$155. The stock currently trades at ~$199. There was a ~20% trimming in the last two quarters.Texas Instruments (TXN): The bulk of the 3.76% stake in TXN was established during the two quarters through Q1 2023 at prices between ~$148 and ~$185. The stock is now at ~$166. This quarter saw marginal trimming.Mercadolibre (MELI): The 3.33% of the portfolio stake in MELI was built during the five quarters through Q3 2022 at prices between ~$635 and ~$1950. The stock is now at ~$1215. There was a ~18% trimming in the last two quarters.Jones Lang LaSalle Inc. (JLL): JLL is a 3.26% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake through consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$167.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Palo Alto Networks (PANW): The 3.17% PANW stake saw a ~20% increase last quarter at prices between ~$134 and ~$200. The stock currently trades at ~$227. There was marginal trimming this quarter.MasterCard Inc. (MA): MA is a 2.76% of the portfolio position purchased during Q2 2022 at prices between ~$309 and ~$379 and the stock currently trades at ~$398. There was a ~20% selling this quarter at prices between ~$360 and ~$394.Charles Schwab (SCHW): SCHW is currently at 2.55% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $57.84. There was a ~15% stake increase during Q3 2022 while the last two quarters saw a ~35% reduction.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Becton Dickinson (BDX): The 2.43% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Q2 2022 saw a similar reduction at prices between ~$235 and ~$275. That was followed with a ~40% further selling last quarter at prices between ~$218 and ~$257. The stock currently trades at ~$277. There was marginal trimming in the last two quarters.Nutanix (NTNX): The 2.26% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stock currently trades at ~$30. The last two quarters saw a ~25% trimming.Note: they have a ~7.3% ownership stake in the business.Cooper Companies (COO): The bulk of the 2.12% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Q1 2022 also saw a ~15% selling at prices between ~$380 and ~$428. Q4 2022 saw a ~30% stake increase at prices between ~$249 and ~$334. There was a similar reduction this quarter at prices between ~$346 and ~$392. The stock currently trades at ~$370.Clarivate plc (CLVT): CLVT is a 2.02% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Q1 2022 also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades at $7.10. The last three quarters have seen minor trimming.Note: Generation IM has a ~6.5% ownership stake in Clarivate plc.10x Genomics (TXG), Baxter International (BAX), Dentsply Sirona (XRAY), Ptc Inc. (PTC), Remitly Global (RELY), Salesforce.com (CRM), Steris plc (STE), and Toast Inc. (TOST): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for $2.36. Generation IM’s 0.15% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a ~10.5% ownership stake in the business.Asana Inc. (ASAN), Gogoro Inc. (GGR), Proterra Inc. (PTRAQ) , and SPDR S&P 500 ETF (SPY): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017. Proterra filed for Chapter 11 bankruptcy protection earlier this month.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2023:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/21/2023 to 5/19/2023: None." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2023 Update" | "Generation Investment Management’s 13F portfolio value increased from $17.32B to $18.78B this quarter.They increased Microsoft Corporation, Thermo Fisher Scientific, Texas Instruments, and Palo Alto Networks while decreasing Charles Schwab, Toast, Baxter International, and Ptc Inc. They also dropped Alibaba and Trimble.The top three positions are Microsoft, Amazon.com, and Henry Schein, and they add up to ~20% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 5/12/2023. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2022.This quarter, Al Gore’s 13F portfolio value increased ~8% from $17.32B to $18.78B. The number of positions remained steady at 41. The top five stakes are Microsoft, Amazon.com, Henry Schein, Analog Devices, and Applied Materials. They account for around ~30% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Danaher Corp (DHR): DHR is a ~2% of the portfolio position established this quarter at prices between ~$240 and ~$277 and the stock currently trades below that range at ~$230.Stake Disposals:Alibaba Group Holdings (BABA) and Trimble Inc. (TRMB): These small (less than ~2% of the portfolio each) stakes were disposed this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the largest stake at ~8% of the portfolio. It was primarily built during Q2 2022 at prices between ~$242 and ~$315. This quarter saw a ~30% stake increase at prices between ~$222 and ~$288. The stock currently trades at ~$315.Amazon.com (AMZN): AMZN is currently the second largest position at ~7% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175. There was a ~40% stake increase during H1 2022 at prices between ~$104 and ~$170. The stock currently trades at ~$115. The last three quarters have seen minor increases.Applied Materials (AMAT): The ~5% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase during Q2 2022 at prices between ~$86 and ~$129. There was a ~23% further increase over the last three quarters. The stock currently trades at ~$125.Thermo Fisher Scientific (TMO): TMO is a 4.55% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the two quarters through Q1 2022 at prices between ~$524 and ~$667. This quarter saw a two-thirds increase at prices between ~$535 and ~$605. The stock currently goes for ~$525.Texas Instruments (TXN): The bulk of the 4.28% stake in TXN was established during the last two quarters at prices between ~$148 and ~$185. The stock is now at ~$170.Palo Alto Networks (PANW): The 2.76% PANW stake saw a ~20% increase this quarter at prices between ~$134 and ~$200. The stock currently trades at ~$190.Twilio Inc. (TWLO): TWLO is a 2.68% of the portfolio position primarily built during Q2 2022 at prices between ~$79 and ~$175. There was a two-thirds stake increase in the last two quarters at prices between ~$43 and ~$98. This quarter also saw a minor ~4% increase. The stock is now at ~$59.Gogoro Inc. (GGR) and SPDR S&P 500 ETF (SPY): These very small (less than ~0.20% of the portfolio each) stakes were increased this quarter.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters through Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while in Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at ~$77 and the stake at 5.38% of the portfolio. The last three years have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9% ownership stake in Henry Schein.Analog Devices (ADI): ADI position is now at 5.33% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. There was a ~80% stake increase in Q2 2022 at prices between ~$144 and ~$169. The last two quarters saw a ~15% further increase while this quarter saw a marginal reduction. The stock currently trades at ~$188.Trane Technologies plc (TT): TT is now at 4.64% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase next quarter at prices between ~$121 and ~$155. The stock currently trades at ~$168. There was a ~13% trimming this quarter.Equifax Inc. (EFX): The 4.51% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled next quarter at prices between ~$208 and ~$286. The stock is now at ~$210. There was a ~13% trimming this quarter.Mercadolibre (MELI): The 4.34% of the portfolio stake in MELI was built during the five quarters through Q3 2022 at prices between ~$635 and ~$1950. The stock is now at ~$1300. There was a ~13% trimming this quarter.Gartner Inc. (IT): The 3.53% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$325. The last several quarters have seen minor trimming.MasterCard Inc. (MA): MA is a 3.47% of the portfolio position purchased during Q2 2022 at prices between ~$309 and ~$379 and the stock currently trades at ~$374. There was minor trimming in the last three quarters.Jones Lang LaSalle Inc. (JLL): JLL is a 3.40% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake through consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$141.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Charles Schwab (SCHW): SCHW is currently at 3.25% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $52.79. There was a ~15% stake increase during Q3 2022 while this quarter saw a similar reduction.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cooper Companies (COO): The bulk of the 3.24% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Q1 2022 also saw a ~15% selling at prices between ~$380 and ~$428. Last quarter saw a ~30% stake increase at prices between ~$249 and ~$334. The stock currently trades at ~$380. There was marginal trimming this quarter.Nutanix (NTNX): The 2.80% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stock currently trades near the bottom of that range at $25.55. There was a ~9% trimming this quarter.Note: they have a ~9% ownership stake in the business.Becton Dickinson (BDX): The 2.54% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Q2 2022 saw a similar reduction at prices between ~$235 and ~$275. That was followed with a ~40% further selling last quarter at prices between ~$218 and ~$257. The stock currently trades at ~$247. There was marginal trimming this quarter.Clarivate plc (CLVT): CLVT is a 2.24% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Q1 2022 also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades well below those ranges at $7.58. The last two quarters have seen minor trimming.Note: Generation IM has a ~6.6% ownership stake in Clarivate plc.CBRE Group (CBRE): CBRE is a 2.11% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. The stock is now at $76.13. The last two quarters saw marginal trimming.Toast Inc. (TOST): The 1.47% TOST stake saw a ~45% stake increase last quarter at prices between ~$17 and ~$22. There was a ~25% reduction this quarter at prices between ~$16 and ~$26. The stock currently trades at $20.52.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017. They have a 4.7% ownership stake in the business.Baxter International (BAX): BAX is now at 1.44% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a ~50% selling over the last four quarters at prices between ~$50 and ~$87. That was followed with a ~40% reduction this quarter at prices between ~$37 and ~$53. The stock currently trades at $42.50.10x Genomics (TXG), Cognizant Technology (CTSH), Carlisle Companies (CSL), Dentsply Sirona (XRAY), H World Group (HTHT), Microchip Technology (MCHP), Ptc Inc. (PTC), Remitly Global (RELY), Salesforce.com (CRM), and Steris plc (STE): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for $4.96. Generation IM’s 0.18% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a ~10.5% ownership stake in the business.Asana Inc. (ASAN), Freshworks Inc. (FRSH), and Proterra Inc. (PTRA): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2023:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 12/4/2022 to 3/21/2023: 13G/As – 2/13 – TOST – 20.7M shares – 6.19% of business, SOPH – 6.79M shares – 10.57% of business, RELY – 11.08M shares – 6.49% of business, NTNX – 22.08M shares – 9.6% of business, JLL – 4.47M shares – 9.42% of business, HSIC – 12.61M shares – 9.3% of business, CLVT – 45.6M shares – 6.76% of business, XRAY – 4.75M shares – 2.21% of business, ST - zero." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2022 Update" | "Generation Investment Management’s 13F portfolio value increased from $16.86B to $17.32B this quarter.They increased Cooper Companies, Texas Instruments, Toast, and Twilio while reducing Becton Dickinson, Salesforce.com, Alibaba Group Holdings, and H World Group. They also dropped Alphabet.The top three positions are Charles Schwab, Amazon.com, and Henry Schein, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 2/13/2023. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2022.This quarter, Al Gore’s 13F portfolio value increased ~3% from $16.86B to $17.32B. The number of positions decreased from 45 to 41. The top five stakes are Charles Schwab, Amazon.com, Henry Schein, Microsoft, and Equifax. They account for around ~29% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Dentsply Sirona (XRAY): XRAY is a 0.87% of the portfolio position purchased this quarter at prices between ~$27 and ~$34 and the stock currently trades above that range at $36.76.Note: XRAY is a frequently traded stock in Generation IM’s portfolio.Stake Disposals:Abiomed Inc. (ABMD): ABMD was a ~2% of the portfolio stake established during Q1 2022. Johnson & Johnson (JNJ) acquired ABMD in a $380 per share all-cash deal that closed in December.Alphabet Inc. (GOOG): The bulk of the 1.68% stake in GOOG was established in the three quarters through Q1 2019 at prices between ~$49 and ~$63. Q2 & Q3 2019 also saw a ~45% stake increase at prices between ~$56 and ~$63. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$53 and ~$91. Q4 2021 saw another ~20% selling at prices between ~$133 and ~$151. That was followed with a ~50% reduction in Q2 2022 at prices between ~$106 and ~$145. Last quarter also saw a ~27% selling at prices between ~$96 and ~$123. The disposal this quarter was at prices between ~$83.50 and ~$105. The stock currently trades at ~$106. They harvested gains.Note: the prices quoted above are adjusted for the 20-for-1 stock split last July.Coupang (CPNG), Shopify (SHOP), and Taiwan Semi (TSM): These small (less than ~0.60% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Charles Schwab (SCHW): SCHW is currently the largest position at ~7% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $52.89. There was a ~15% stake increase last quarter and that was followed with a marginal further increase this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Amazon.com (AMZN): AMZN is currently the second largest position at ~6% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175 and the stock currently trades well below that range at $98.71. There was a ~40% stake increase during H1 2022 at prices between ~$104 and ~$170. The last two quarters have also seen minor increases.Microsoft Corporation (MSFT): The large (top five) 5.59% MSFT stake was primarily built during Q2 2022 at prices between ~$242 and ~$315 and the stock currently trades at ~$278. There was a ~9% trimming last quarter while this quarter saw a ~5% increase.Analog Devices (ADI): ADI position is now at 4.84% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Q2 to Q4 2021 had seen the position reduced by ~47% at prices between ~$146 and ~$189. There was a ~80% stake increase in Q2 2022 at prices between ~$144 and ~$169. The stock currently trades at ~$189. The last two quarters have also seen ~15% further increase.Applied Materials (AMAT): The 3.91% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase during Q2 2022 at prices between ~$86 and ~$129. The stock currently trades at ~$123. There was a ~15% further increase over the last two quarters.Mercadolibre (MELI): The 3.45% of the portfolio stake in MELI was built during the last five quarters at prices between ~$635 and ~$1950. The stock is now at ~$1192. This quarter also saw a minor ~3% further increase.Nutanix (NTNX): The 3.32% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stock currently trades at $25.05. The last several quarters have seen only minor adjustments.Note: they have a ~9.6% ownership stake in the business.Cooper Companies (COO): The bulk of the ~3% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Q1 2022 also saw a ~15% selling at prices between ~$380 and ~$428. This quarter saw a ~30% stake increase at prices between ~$249 and ~$334. The stock currently trades at ~$345.Texas Instruments (TXN): The bulk of the 2.58% stake in TXN was established this quarter at prices between ~$148 and ~$180. The stock is now at the top end of that range at ~$180.Twilio Inc. (TWLO): TWLO is a ~2% of the portfolio position primarily built during Q2 2022 at prices between ~$79 and ~$175. The stock is now well below that range at $62.38. There was a two-thirds stake increase in the last two quarters at prices between ~$43 and ~$98.Toast Inc. (TOST): The ~2% TOST stake saw a ~45% stake increase this quarter at prices between ~$17 and ~$22. The stock currently trades below that range at $16.11.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017. They have a 6.19% ownership stake in the business.Freshworks Inc. (FRSH), Gogoro Inc. (GGR) and Trimble Inc. (TRMB): These small (less than ~0.60% of the portfolio each) stakes were increased this quarter.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters through Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at ~$78 and the stake at ~5% of the portfolio. The last eleven quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9% ownership stake in Henry Schein.Equifax Inc. (EFX): The 5.38% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled next quarter at prices between ~$208 and ~$286. The stock is now at ~$196. The last three quarters have seen only minor adjustments.Trane Technologies plc (TT): TT is now a large 5.30% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase next quarter at prices between ~$121 and ~$155. The stock currently trades at ~$183. The last two quarters have seen only minor adjustments.Jones Lang LaSalle Inc. (JLL): JLL is a 4.11% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake through consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$137.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Gartner Inc. (IT): The ~4% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$309. The last few quarters have seen minor trimming.MasterCard Inc. (MA): MA is a 3.76% of the portfolio position purchased during Q2 2022 at prices between ~$309 and ~$379 and the stock currently trades at ~$354. There was minor trimming in the last two quarters.Baxter International (BAX): BAX is now at 3.20% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a ~50% selling over the last four quarters at prices between ~$50 and ~$87. The stock currently trades at $38.12.Becton Dickinson (BDX): The 2.84% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Q2 2022 saw a similar reduction at prices between ~$235 and ~$275. That was followed with a ~40% further selling this quarter at prices between ~$218 and ~$257. The stock currently trades at ~$236.Thermo Fisher Scientific (TMO): TMO is a 2.82% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the two quarters through Q1 2022 at prices between ~$524 and ~$667. The stock currently goes for ~$555. The last two quarters have seen minor trimming.CBRE Group (CBRE): CBRE is a 2.43% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. The stock is now at $68.91. The last three quarters have seen only minor adjustments.Clarivate plc (CLVT): CLVT is a 2.20% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Q1 2022 also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades below the low end of those ranges at $9.43. The last three quarters have seen only minor adjustments.Note: Generation IM has a ~6.8% ownership stake in Clarivate plc.10x Genomics (TXG), Alibaba Group Holdings (BABA), Carlisle Companies (CSL), Cognizant Technology (CTSH), H World Group (HTHT), Microchip Technology (MCHP), and Palo Alto Networks (PANW), Ptc Inc. (PTC), Salesforce.com (CRM), and Steris plc (STE): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO in September 2021. Shares started trading at ~$38 and currently goes for $16.56. Generation IM’s stake is at 0.73% of the portfolio.Note: Generation IM has a ~6.5% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for $4.42. Generation IM’s 0.08% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a ~10.5% ownership stake in the business.Asana Inc. (ASAN), Proterra Inc. (PTRA), and SPDR S&P 500 ETF (SPY): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2022:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/1/2022 to 12/4/2022: None." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2022 Update" | "Generation Investment Management’s 13F portfolio value decreased from $18.35B to $16.86B this quarter.They increased Mercadolibre and Toast while decreasing Alphabet and Shopify. They also dropped Intel.The top three positions are Amazon.com, Charles Schwab, and Microsoft, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/10/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2022.This quarter, Al Gore’s 13F portfolio value decreased ~8% from $18.35B to $16.86B. The number of positions decreased from 46 to 45. The top five stakes are Amazon.com, Charles Schwab, Microsoft, Henry Schein, and Trane Technologies. They account for around ~29% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Freshworks Inc. (FRSH): FRSH had an IPO in September 2021. Shares started trading at ~$47 and currently goes for $15.19. Generation IM’s stake is a minutely small 0.05% of the portfolio position.Stake Disposals:Intel Corporation (INTC): INTC was a ~3% of the portfolio position purchased during Q2 and Q3 2021 at prices between ~$52 and ~$68. There was a ~14% stake increase last quarter. The disposal this quarter was at prices between ~$26 and ~$41. The stock currently trades at $29.41. They realized losses.Illumina Inc. (ILMN): The very small 0.65% stake in ILMN was sold during the quarter.Stake Increases:Amazon.com (AMZN): AMZN is currently the top position at ~8% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175 and the stock currently trades well below that range at ~$94. There was a ~40% stake increase over the last two quarters at prices between ~$104 and ~$170. There was marginal increase this quarter.Charles Schwab (SCHW): SCHW is the second largest position at 6.19% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $82.46. There was a ~15% stake increase this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Trane Technologies plc (TT): TT is now a large (top five) ~5% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase last quarter at prices between ~$121 and ~$155. The stock currently trades at ~$179. This quarter saw a ~9% further increase.Equifax Inc. (EFX): The 4.90% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled next quarter at prices between ~$208 and ~$286. The stock is now at ~$201. Last two quarters have seen minor increases.Analog Devices (ADI): ADI position is now at 4.12% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Q2 to Q4 2021 had seen the position reduced by ~47% at prices between ~$146 and ~$189. There was a ~80% stake increase last quarter at prices between ~$144 and ~$169. The stock currently trades at ~$169. There was a ~12% further increase this quarter.Mercadolibre (MELI): The 3.36% of the portfolio stake in MELI was built during the last five quarters at prices between ~$635 and ~$1950. The stock is now at ~$945.Applied Materials (AMAT): The ~3% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase last quarter at prices between ~$86 and ~$129. The stock currently trades at ~$107. There was a ~10% further increase this quarter.Twilio Inc. (TWLO): TWLO is a ~2% of the portfolio position primarily built last quarter at prices between ~$79 and ~$175. The stock is now at $48.64. There was a ~14% stake increase this quarter.Cognizant Technology (CTSH), and Toast Inc. (TOST): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017.Stake Decreases:Microsoft Corporation (MSFT): The large (top three) 5.32% MSFT stake was primarily built last quarter at prices between ~$242 and ~$315 and the stock currently trades at ~$255. There was a ~9% trimming this quarter.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at ~$83 and the stake at ~5% of the portfolio. Last ten quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9.5% ownership stake in Henry Schein.Becton Dickinson (BDX): The 4.20% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Last quarter saw a similar reduction at prices between ~$235 and ~$275. The stock currently trades at ~$252. There was marginal trimming this quarter.Jones Lang LaSalle Inc. (JLL): JLL is a 4.11% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$167.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Baxter International (BAX): BAX is now the 3.79% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a ~40% selling over the last two quarters at prices between ~$64 and ~$90. The stock currently trades at $53.22. There was another ~9% trimming this quarter.Gartner Inc. (IT): The 3.67% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$352. Last three quarters have seen only minor adjustments.MasterCard Inc. (MA): MA is a 3.35% of the portfolio position purchased last quarter at prices between ~$309 and ~$379 and the stock currently trades at ~$360. There was marginal trimming this quarter.Salesforce.com (CRM): The 2.79% of the CRM position was first purchased in Q4 2016. The bulk of the current stake was built over the last two quarters at prices between ~$156 and ~$256. The stock currently trades at ~$145. There was marginal trimming this quarter.Thermo Fisher Scientific (TMO): TMO is a 2.68% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the two quarters through Q1 2022 at prices between ~$524 and ~$667. The stock currently goes for ~$563. Last two quarters have seen only minor adjustments.Nutanix (NTNX): The 2.60% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stock currently trades at $30.53. Last several quarters have seen only minor adjustments.Clarivate plc (CLVT): CLVT is a 2.57% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Q1 2022 also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades below the low end of those ranges at $10.12. Last two quarters have seen only minor adjustments.Note: Generation IM has a ~6.5% ownership stake in Clarivate plc.CBRE Group (CBRE): CBRE is a 2.22% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. The stock is now at $79.25. Last two quarters have seen only minor adjustments.Alibaba Group Holdings (BABA): BABA is a 2.14% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over H1 2021 at prices between ~$206 and ~$271. That was followed with a ~25% stake increase next quarter at prices between ~$140 and ~$222. Q4 2021 saw a ~20% reduction while next quarter there was a similar increase. The stock currently trades at ~$90. Last two quarters have seen only minor adjustments.Cooper Companies (COO): The bulk of the ~2% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Q1 2022 also saw a ~15% selling at prices between ~$380 and ~$428. The stock currently trades at ~$322. Last two quarters also saw minor trimming.Carlisle Companies (CSL) and Ptc Inc. (PTC): These two stakes were established in Q4 2021. CSL is a 1.90% of the portfolio position established at prices between ~$201 and ~$248 and it is now at ~$260. This quarter saw a one-third reduction at prices between ~$241 and ~$316. The 1.72% PTC position was purchased over the last three quarters at prices between ~$98 and ~$130 and it now goes for ~$127. There was marginal trimming this quarter.Alphabet Inc. (GOOG): GOOG stake is currently at 1.68% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between ~$49 and ~$63. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between ~$56 and ~$63. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$53 and ~$91. Q4 2021 saw another ~20% selling at prices between ~$133 and ~$151. That was followed with a ~50% reduction last quarter at prices between ~$106 and ~$145. This quarter also saw a ~27% selling at prices between ~$96 and ~$123. The stock currently trades at ~$101. They are harvesting gains.Note: the prices quoted above are adjusted for the 20-for-1 stock split in July.Steris plc (STE): STE is a 1.18% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. There was a ~60% selling over the last three quarters at prices between ~$193 and ~$253. The stock currently trades at ~$192. This quarter saw marginal trimming.10x Genomics (TXG), Abiomed Inc. (ABMD), Coupang (CPNG), H World Group (HTHT), Microchip Technology (MCHP), Palo Alto Networks (PANW), Shopify (SHOP), Taiwan Semi (TSM), Texas Instruments (TXN), and Trimble Inc. (TRMB): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO last September. Shares started trading at ~$38 and currently goes for $10.49. Generation IM’s stake is at 0.73% of the portfolio.Note: Generation IM has a 6.75% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for $2.29. Generation IM’s 0.11% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a 10.6% ownership stake in the business.Asana Inc. (ASAN), Gogoro Inc. (GGR), Proterra Inc. (PTRA), and SPDR S&P 500 ETF (SPY): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2022:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/28/2022 to 9/1/2022: None." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2022 Update" | "Generation Investment Management’s 13F portfolio value decreased from $21.84B to $18.35B this quarter.They added MasterCard and increased Amazon.com, Microsoft, Trane Technologies, and Analog Devices while reducing Baxter International, Becton Dickinson, and Alphabet. They also dropped Visa.The top three positions are Amazon.com, Microsoft, and Henry Schein, and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 8/12/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2022.This quarter, Al Gore’s 13F portfolio value decreased ~16% from $21.84B to $18.35B. The number of positions remained steady at 46. The top five stakes are Amazon.com, Microsoft, Henry Schein, Equifax, and Baxter International. They account for around ~27% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:MasterCard Inc. (MA): MA is a 3.44% of the portfolio position purchased this quarter at prices between ~$309 and ~$379 and the stock currently trades at ~$336.10x Genomics (TXG), Coupang (CPNG), and Gogoro Inc. (GGR): These are very small (less than ~0.65% of the portfolio each) stakes established during the quarter.Stake Disposals:Visa Inc. (V): The 2.86% V stake was purchased in Q4 2021 at prices between ~$190 and ~$234 and the stock currently trades at ~$205. The disposal this quarter was at prices between ~$189 and ~$228.Dentsply Sirona (XRAY): XRAY was a 1.41% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. H1 2021 saw a ~63% reduction at prices between ~$52 and ~$69 while in Q4 2021 there was a similar increase at prices between ~$48 and ~$59. There was a ~45% selling last quarter at prices between ~$48 and ~$59. The elimination this quarter was at prices between ~$35 and ~$49. The stock is now at ~$34.Sensata Technologies (ST): The bulk of the 1.37% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. The position was reduced by ~45% last quarter at prices between ~$50.50 and ~$65. The disposal this quarter was at prices between ~$41 and ~$51. The stock currently goes for ~$42.TE Connectivity (TEL): TEL was a 1.63% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. The three quarters through Q2 2021 saw a ~40% selling at prices between ~$96 and ~$139. Last five quarters saw the stake dropped at prices between ~$111 and ~$165. The stock currently trades at ~$129.Stake Increases:Amazon.com (AMZN): AMZN is currently the top position at 6.65% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175 and the stock currently trades well below that range at ~$133. There was a ~40% stake increase over the last two quarters at prices between ~$104 and ~$170.Note: the prices quoted above are adjusted for the 20-for-1 stock split in June.Microsoft Corporation (MSFT): The large (top three) ~6% MSFT stake was primarily built this quarter at prices between ~$242 and ~$315 and the stock currently trades at ~$264.Equifax Inc. (EFX): The large (top five) 4.64% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled last quarter at prices between ~$208 and ~$286. The stock is now at ~$197. This quarter saw a minor ~5% increase.Jones Lang LaSalle Inc. (JLL): JLL is a 4.39% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$176.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Charles Schwab (SCHW): SCHW is a fairly large stake at 4.36% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at ~$74. Last four quarters have seen only minor adjustments.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Trane Technologies plc (TT): TT is now a 3.72% of the portfolio position. The stake saw a ~150% stake increase last quarter at prices between ~$143 and ~$195. That was followed with a ~40% increase this quarter at prices between ~$121 and ~$155. The stock currently trades at ~$164.Analog Devices (ADI): ADI position is now at 3.54% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Q2 to Q4 2021 had seen the position reduced by ~47% at prices between ~$146 and ~$189. There was a ~80% stake increase this quarter at prices between ~$144 and ~$169. The stock currently trades at ~$154.Clarivate plc (CLVT): CLVT is a 3.50% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Last quarter also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades near the low end of those ranges at $12.31. There was a minor ~2% increase this quarter.Note: Generation IM has a ~6.5% ownership stake in Clarivate plc.Applied Materials (AMAT): The ~3% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase this quarter at prices between ~$86 and ~$129. The stock currently trades at $96.51.Intel Corporation (INTC): INTC is a ~3% of the portfolio position purchased during Q2 and Q3 2021 at prices between ~$52 and ~$68 and the stock currently trades well below that range at $31.46. There was a ~14% stake increase this quarter.Gartner Inc. (IT): The ~3% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$306. Last two quarters have seen only minor adjustments.Salesforce.com (CRM) and Twilio Inc. (TWLO): These two stakes were built over the last two quarters. The ~3% of the CRM stake was built at prices between ~$156 and ~$256. The stock currently trades near the low end of that range at ~$163. TWLO is a ~2% of the portfolio position primarily built this quarter at prices between ~$79 and ~$175. The stock is now below that range at ~$72.Alibaba Group Holdings (BABA): BABA is a 2.81% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over H1 2021 at prices between ~$206 and ~$271. That was followed with a ~25% stake increase next quarter at prices between ~$140 and ~$222. Q4 2021 saw a ~20% reduction while last quarter there was a similar increase. The stock currently trades at ~$92. There was a minor ~2% increase this quarter.Thermo Fisher Scientific (TMO): TMO is a 2.65% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the last two quarters at prices between ~$524 and ~$667. The stock currently goes for ~$569. This quarter saw a minor ~2% stake increase.Carlisle Companies (CSL) and Ptc Inc. (PTC): These two stakes were established in Q4 2021. CSL is a 2.22% of the portfolio position established at prices between ~$201 and ~$248 and it is now at ~$309. There were minor increases in the last two quarters. The 1.62% PTC position was purchased over the last three quarters at prices between ~$98 and ~$130 and it now goes for ~$120.CBRE Group (CBRE): CBRE is a 2.22% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at ~$81. There was a ~45% selling over the last four quarters at prices between ~$80 and ~$109. This quarter saw a minor ~2% stake increase.Abiomed Inc. (ABMD), Cognizant Technology (CTSH), Mercadolibre (MELI), Microchip Technology (MCHP), Nutanix (NTNX), Palo Alto Networks (PANW), Shopify (SHOP), SPDR S&P 500 ETF (SPY), Texas Instruments (TXN), Trimble Inc. (TRMB), and Toast Inc. (TOST): These small (less than ~2% of the portfolio each) stakes were increased this quarter.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $74.30 and the stake at 5.42% of the portfolio. Last nine quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9.5% ownership stake in Henry Schein.Baxter International (BAX): BAX is now the second largest 13F position at 4.56% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a ~40% selling over the last two quarters at prices between ~$64 and ~$90. The stock currently trades at $59.53.Becton Dickinson (BDX): The 4.30% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. This quarter saw a similar reduction at prices between ~$235 and ~$275. The stock currently trades at ~$263.Alphabet Inc. (GOOG): GOOG stake is currently at 2.42% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between ~$49 and ~$63. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between ~$56 and ~$63. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$53 and ~$91. Q4 2021 saw another ~20% selling at prices between ~$133 and ~$151. That was followed with a ~50% reduction this quarter at prices between ~$106 and ~$145. The stock currently trades at ~$112.Note: the prices quoted above are adjusted for the 20-for-1 stock split in July.Cooper Companies (COO): The bulk of the 2.15% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Last quarter also saw a ~15% selling at prices between ~$380 and ~$428. The stock currently trades at ~$315. This quarter saw a ~8% trimming.Steris plc (STE): STE is a 1.35% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. There was a ~60% selling over the last three quarters at prices between ~$193 and ~$253. The stock currently trades at ~$210.Huazhu Group (HTHT), Illumina Inc. (ILMN), and Taiwan Semi (TSM): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO last September. Shares started trading at ~$38 and currently goes for ~$11.75. Generation IM’s stake is at 0.46% of the portfolio.Note: Generation IM has a 6.75% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for ~$3. Generation IM’s 0.13% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a 10.6% ownership stake in the business.Asana Inc. (ASAN) and Proterra Inc. (PTRA): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2022:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 2/17/2022 to 5/28/2022: None." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2022 Update" | "Generation Investment Management’s 13F portfolio value decreased from $24.33B to $21.84B this quarter.They increased Equifax, Clarivate plc, Trane Technologies, Twilio, and Salesforce.com while reducing Dentsply Sirona & Sensata Technologies.The top three positions are Amazon.com, Baxter International, and Becton Dickinson, and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 5/13/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2021.This quarter, Al Gore’s 13F portfolio value decreased from $24.33B to $21.84B. The number of positions decreased from 47 to 46. The top five stakes are Amazon.com, Baxter International, Becton Dickinson, Henry Schein, and Jones Lang LaSalle. They account for around ~28% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Abiomed Inc. (ABMD) and Shopify (SHOP): ABMD is a ~2% of the portfolio position purchased this quarter at prices between ~$277 and ~$366 and the stock currently trades just below that range at ~$270. SHOP is a minutely small 0.26% of the portfolio stake established during the quarter.Stake Disposals:Cisco Systems (CSCO): CSCO was a 2.29% of the portfolio position built in H2 2020 at prices between ~$35.50 and ~$48. There was a ~35% selling in Q3 2021 at prices between ~$53 and ~$60. That was followed with a ~42% selling last quarter at prices between ~$53 and ~$64. The disposal this quarter was at around the same price range. The stock currently trades at $45.79.Guidewire Software (GWRE): The ~1% GWRE stake was established in H1 2021 at prices between ~$95 and ~$131. The stake was eliminated this quarter at prices between ~$84 and ~$113. It is now at $82.28.Stone Co (STNE): STNE was a 0.34% stake established last quarter at prices between ~$15 and ~$39.50. It was sold this quarter at prices between $8.25 and $19.32. It currently trades at ~$12.50.Stake Increases:Amazon.com (AMZN): AMZN is currently the top position at 6.52% of the portfolio. It was purchased during H1 2021 at prices between ~$3152 and ~$3505 and the stock currently trades at ~$2525. Last two quarters had seen minor trimming while this quarter there was a ~6% increase.Equifax Inc. (EFX): The 4.79% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Last three quarters saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled this quarter at prices between ~$208 and ~$286. The stock is now at ~$204.Clarivate plc (CLVT): CLVT is a 3.48% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase last quarter at prices between ~$20.50 and ~$25.25. This quarter also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades at $14.93.Note: Generation IM has a ~6.5% ownership stake in Clarivate plc.Trane Technologies plc (TT): TT is now a 2.60% of the portfolio position. The stake saw a ~150% stake increase this quarter at prices between ~$143 and ~$195. The stock currently trades just below that range at ~$139.Nutanix (NTNX): NTNX is a 2.54% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now well below that range at $16.61. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Nutanix.Mercadolibre (MELI): The 2.40% MELI stake saw a ~170% stake increase over the last two quarters at prices between ~$1297 and ~$1954. There was a stake doubling this quarter at prices between ~$882 and ~$1333. The stock currently trades well below those ranges at ~$837.Alibaba Group Holdings (BABA): BABA is a 2.21% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over H1 2021 at prices between ~$206 and ~$271. That was followed with a ~25% stake increase next quarter at prices between ~$140 and ~$222. Last quarter saw a ~20% reduction while this quarter there was a similar increase. The stock currently trades at ~$97.50.Carlisle Companies (CSL) and Ptc Inc. (PTC): These two stakes were established last quarter. CSL is a 1.88% of the portfolio position established last quarter at prices between ~$201 and ~$248 and it is now at ~$262. There was a marginal increase this quarter. The ~1% PTC position was purchased over the last two quarters at prices between ~$102 and ~$130 and it now goes for ~$120.Salesforce.com (CRM) and Twilio Inc. (TWLO): These two stakes were built this quarter. The 1.75% of the CRM stake saw a ~175% increase during the quarter at prices between ~$191 and ~$256. The stock currently trades at ~$188. TWLO is a 1.88% of the portfolio position primarily built this quarter at prices between ~$125 and ~$262. The stock is now at ~$109.Cognizant Technology (CTSH), Microchip Technology (MCHP), Taiwan Semi (TSM), Texas Instruments (TXN), and Toast Inc. (TOST): These very small (less than ~0.75% of the portfolio each) positions were increased this quarter.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017.Stake Decreases:Baxter International (BAX): BAX is now the second-largest 13F position at 5.82% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a similar reduction this quarter at prices between ~$77 and ~$90. The stock currently trades at $74.26.Becton Dickinson (BDX): The 5.48% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase last quarter at prices between ~$236 and ~$257. The stock currently trades at ~$254. This quarter saw minor trimming.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at ~$85 and the stake at ~5% of the portfolio. Last two years have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9.5% ownership stake in Henry Schein.Jones Lang LaSalle Inc. (JLL): JLL is a ~5% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$195.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Alphabet Inc. (GOOG): GOOG stake is currently at ~5% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. Last quarter saw another ~20% selling at prices between ~$2665 and ~$3014. The stock currently trades at ~$2355. There was a minor ~7% trimming this quarter.Charles Schwab (SCHW): SCHW is a fairly large stake at 4.45% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $71.67. There was minor trimming in the last three quarters.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Visa Inc. (V): The 2.86% V stake was purchased last quarter at prices between ~$190 and ~$234 and the stock currently trades at ~$215. There was marginal trimming this quarter.Gartner Inc. (IT): The ~3% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. Last five quarters had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$269. There was marginal trimming this quarter.Intel Corporation (INTC): INTC is a ~3% of the portfolio position purchased during the last two quarters at prices between ~$52 and ~$68 and the stock currently trades below that range at $44.84. Last two quarters have seen only minor adjustments.Cooper Companies (COO): The bulk of the 2.63% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. This quarter also saw a ~15% selling at prices between ~$380 and ~$428. The stock currently trades at ~$353.Applied Materials (AMAT): The 2.57% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. The stock currently trades at ~$117. Last several quarters have seen only minor adjustments.Steris plc (STE): STE is a 2.41% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. There was a ~20% selling last quarter at prices between ~$204 and ~$245. The stock currently trades at ~$227. This quarter also saw a ~12% trimming.Thermo Fisher Scientific (TMO): TMO is a 2.38% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the last two quarters at prices between ~$524 and ~$667. The stock currently goes for ~$570.CBRE Group (CBRE): CBRE is a 2.27% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at $82.49. There was a ~45% selling over the last four quarters at prices between ~$80 and ~$109.Analog Devices (ADI): ADI position is now at 1.86% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Last three quarters had seen the position reduced by ~47% at prices between ~$146 and ~$189. The stock currently trades at ~$169. This quarter saw marginal trimming.TE Connectivity (TEL): TEL is a 1.63% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. The three quarters through Q2 2021 saw a ~40% selling at prices between ~$96 and ~$139. Last four quarters have seen a ~55% reduction at prices between ~$120 and ~$165. The stock currently trades at ~$132.Illumina Inc. (ILMN): ILMN is a 1.52% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Q4 2020 saw a two-thirds increase at prices between ~$293 and ~$371 while in the next three quarters there was a ~52% reduction at prices between ~$361 and ~$525. The stock is now at ~$249. Last two quarters have seen only minor adjustments.Dentsply Sirona (XRAY): XRAY is a 1.41% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. H1 2021 saw a ~63% reduction at prices between ~$52 and ~$69 while last quarter there was a similar increase at prices between ~$48 and ~$59. There was a ~45% selling this quarter at prices between ~$48 and ~$59. The stock is now at $41.80.Sensata Technologies (ST): The bulk of the 1.37% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. The position was reduced by ~45% this quarter at prices between ~$50.50 and ~$65. The stock currently goes for $49.34.Huazhu Group (HTHT), Microsoft Corporation (MSFT), Palo Alto Networks (PANW), SPDR S&P 500 ETF (SPY), and Trimble Inc. (TRMB): These small (less than ~1.20% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO last September. Shares started trading at ~$38 and currently goes for ~$11.75. Generation IM’s stake is at 0.50% of the portfolio.Note: Generation IM has a 6.75% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO in July. Shares started trading at ~$16.75 and currently goes for $3.80. Generation IM’s 0.24% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a 10.6% ownership stake in the business.Asana Inc. (ASAN) and Proterra Inc. (PTRA): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2022:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q4 2021 and Q1 2022.6/15/2021: Proterra investment made in 2017 ~$55M raised. Details: . - Generation IM led the small $55M round but valuation was not disclosed.Regulatory filings from 11/22/2021 to 2/17/2022: 13G/A – 2/14 – SOPH – 6.79M shares – 10.6% of business – 13G – 1/6 - same, RELI – Remitly Global – 11.08M shares – 6.75% of business, IT – 2.21M shares – 2.68% of business, EFX – 2.2M sharew – 1.8% of business, AYI – 0, ASAN – 1M shares – 1% of business, XRAY – 11.5M shares – 5.26% of business – 13G – 12/30 - same, ST – 11.06M shares – 6.98% of business, NTNX – 19.81M sharres – 9.23% of business, JLL – 4.75M shares – 9.41% of business, HSIC – 13.48M shares – 9.72% of business, TOST – 7.35M shares – 9.45% of business - This amount includes the 4,082,612 shares of Class A Common Stock that the Reporting Person currently has the right to acquire upon conversion of Class B Common Stock, 13G & 13G/A – 1/24 – CLVT – 36.8M shares – 5.4% of business, 33.07M shares – 4.8% of business – 13G – 12/7 – 32.41M shares – 5.1% of business." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2021 Update" | "Generation Investment Management’s 13F portfolio value increased from $24.05B to $24.33B this quarter.They increased Becton Dickinson, Clarivate, and Dentsply Sirona while reducing Alphabet, Thermo Fisher Scientific, Gartner, and Equifax.The top three positions are Baxter International, Amazon.com, and Jones Lang LaSalle, and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 2/11/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2021.This quarter, Al Gore’s 13F portfolio value increased marginally from $24.05B to $24.33B. The number of positions increased from 45 to 47. The top five stakes are Baxter International, Amazon.com, Jones Lang LaSalle, Becton Dickinson, and Alphabet. They account for around ~29% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Visa Inc. (V), Carlisle Companies (CSL), Ptc Inc. (PTC), and Stone Co (STNE): These are the new positions this quarter. The 2.86% V stake was purchased at prices between ~$190 and ~$234 and the stock currently trades at $223. CSL is a 1.66% of the portfolio position established at prices between ~$201 and ~$248 and it is now at ~$234. The 0.42% PTC position was purchased at prices between ~$106 and ~$130 and it now goes for ~$109. STNE is a 0.34% stake established at prices between ~$15 and ~$39.50 and it currently trades well below that range at $10.71.Stake Disposals:Synopsis Inc. (SNPS): The 1.21% SNPS stake was established in Q2 2021 at prices between ~$229 and ~$277. There was a ~22% selling last quarter at prices between ~$275 and ~$338. The disposal this quarter was at prices between ~$289 and ~$376. The stock currently trades at ~$288.Acuity Brands (AYI): The small 0.75% stake in AYI was disposed during the quarter.Stake Increases:Baxter International (BAX): BAX is now the largest 13F position at 7.47% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. The stock currently trades at $82.35. Last three quarters have seen only minor adjustments.Jones Lang LaSalle Inc. (JLL): JLL is a 5.26% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$243.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Becton Dickinson (BDX): The 3.88% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase this quarter at prices between ~$236 and ~$257. The stock currently trades at ~$264.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $83.47 and the stake at 4.29% of the portfolio. Last seven quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9.7% ownership stake in Henry Schein.Clarivate plc (CLVT): CLVT is a 3.20% of the portfolio stake purchased last quarter at prices between ~$21.50 and ~$27.15. There was a one-third stake increase this quarter at prices between ~$20.50 and ~$25.25. The stock currently trades well below those ranges at ~$16.Note: Generation IM has a ~5% ownership stake in Clarivate plc.Cooper Companies (COO): The bulk of the 2.81% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. The stock currently trades at ~$389. This quarter saw a minor ~2% increase.Sensata Technologies (ST): The bulk of the 2.81% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last few years have seen only minor adjustments. The stock currently goes for $57.15.Note: Generation IM has a ~7% ownership stake in Sensata Technologies NV.Intel Corporation (INTC): INTC is a 2.76% of the portfolio position purchased during the last two quarters at prices between ~$52 and ~$68 and the stock currently trades below that range at ~$45. There was a minor ~5% stake increase this quarter.Dentsply Sirona (XRAY): XRAY is a 2.64% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. H1 2021 saw a ~63% reduction at prices between ~$52 and ~$69 while this quarter there was a similar increase at prices between ~$48 and ~$59. The stock is now at ~$55.Note: Generation IM has a ~5.3% ownership stake in Dentsply Sirona.Nutanix (NTNX): NTNX is a 2.59% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $25.10. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Nutanix.Illumina Inc. (ILMN): ILMN is a 1.49% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Q4 2020 saw a two-thirds increase at prices between ~$293 and ~$371 while in the last three quarters there was a ~52% reduction at prices between ~$361 and ~$525. The stock is now at ~$312. There was a minor ~2% increase this quarter.Huazhu Group (HTHT) and Mercadolibre (MELI): These two positions saw large increases last quarter. The ~1% HTHT stake was primarily built last quarter at prices between ~$41 and ~$54. The stock currently trades at $43.76. The 1.17% MELI stake saw a ~170% stake increase over the last two quarters at prices between ~$1297 and ~$1954. The stock currently trades below that range at ~$937. Both stakes saw marginal increases this quarter.Cognizant Technology (CTSH), Guidewire Software (GWRE), Microchip Technology (MCHP), Microsoft Corporation (MSFT), Proterra Inc. (PTRA), Salesforce.com (CRM), SPDR S&P 500 ETF (SPY), Taiwan Semi (TSM), Toast Inc. (TOST), Trane Technologies plc (TT), Trimble Inc. (TRMB), and Twilio Inc. (TWLO): These small (less than ~1% of the portfolio each) stakes were increased this quarter.Note: Generation IM’s original investments in Proterra & Toast go back to funding rounds in 2017. They have a 9.45% ownership (7.35M shares) stake in Toast Inc. Around 4M shares are not in the 13F as they are Class B shares with conversion rights.Stake Decreases:Amazon.com (AMZN): AMZN is a large (top three) 5.65% of the portfolio position purchased during H1 2021 at prices between ~$3152 and ~$3505 and the stock currently trades at ~$3052. Last two quarters have seen minor trimming.Alphabet Inc. (GOOG): GOOG stake is currently at ~5% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. This quarter saw another ~20% selling at prices between ~$2665 and ~$3014. The stock currently trades at ~$2609.Charles Schwab (SCHW): SCHW is a fairly large stake at 4.12% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $85.61. There was minor trimming in the last two quarters.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Thermo Fisher Scientific (TMO): TMO is a 3.30% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~30% reduction this quarter at prices between ~$569 and ~$667. The stock currently goes for ~$537.Gartner Inc. (IT): The ~3% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. Last five quarters have seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$288.Applied Materials (AMAT): The 2.76% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. The stock currently trades at ~$133. Last several quarters have seen only minor adjustments.CBRE Group (CBRE): CBRE is a 2.76% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at ~$100. There was a ~30% selling in Q2 2021 at prices between ~$78 and ~$90. Last two quarters have seen minor trimming.Equifax Inc. (EFX): The 2.65% EFX stake was purchased in Q1 2019 at prices between $91 and $115. The stock has doubled and currently trades at ~$213. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. That was followed with another ~20% stake increase next quarter at prices between ~$162 and ~$193. Last three quarters saw the position sold down by ~70% at prices between ~$181 and ~$297.Steris plc (STE): STE is a 2.48% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. There was a ~20% selling this quarter at prices between ~$204 and ~$245. The stock currently trades at ~$226.TE Connectivity (TEL): TEL is a 2.40% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. The three quarters through Q2 2021 saw a ~40% selling at prices between ~$96 and ~$139. That was followed with a ~20% reduction this quarter at prices between ~$137 and ~$166. The stock currently trades at ~$144.Cisco Systems (CSCO): CSCO is a 2.29% of the portfolio position built in H2 2020 at prices between ~$35.50 and ~$48. There was a ~35% selling last quarter at prices between ~$53 and ~$60. That was followed with a ~42% selling this quarter at prices between ~$53 and ~$64. The stock currently trades at $57.21.Palo Alto Networks (PANW): PANW is a 2.24% of the portfolio stake purchased in Q1 2020 at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$482. Last six quarters have seen a ~70% selling at prices between ~$221 and ~$562.Analog Devices (ADI): ADI position is now at 2.24% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Last three quarters have seen the position reduced by ~47% at prices between ~$146 and ~$189. The stock currently trades at ~$160.Alibaba Group Holdings (BABA): BABA is a 1.86% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over H1 2021 at prices between ~$206 and ~$271. That was followed with a ~25% stake increase last quarter at prices between ~$140 and ~$222. This quarter saw the pattern reverse - ~20% reduction at prices between ~$112 and ~$178. The stock currently trades at ~$119.Asana Inc. (ASAN) and Texas Instruments (TXN): These very small (less than ~0.5% of the portfolio each) stakes were reduced this quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO last September. Shares started trading at ~$38 and currently goes for ~$10.45. Generation IM’s stake is at 0.94% of the portfolio.Note: Generation IM has a 6.75% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO in July. Shares started trading at ~$16.75 and currently goes for $11.65. Generation IM’s 0.39% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a 10.6% ownership stake in the business.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2021:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 9/23/2021 to 11/22/2021: 13G – 10/4 – TOST – 2.52M shares – 9.45% of business." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2021 Update" | "Generation Investment Management’s 13F portfolio value decreased from $24.11B to $24.05B this quarter.They increased Alibaba Group Holdings, Intel, Mercadolibre, and Huazhu Group while reducing Cisco Systems, Equifax, Texas Instruments and Cognizant.The top three positions are Baxter International, Alphabet, and Amazon.com, and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/12/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2021.This quarter, Al Gore’s 13F portfolio value decreased marginally from $24.11B to $24.05B. The number of positions increased from 40 to 45. The top five stakes are Baxter International, Amazon.com, Alphabet, Cisco Systems, and Equifax. They account for around ~28% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Clarivate plc (CLVT) and Remitly Global (RELY): CLVT is a 2.27% of the portfolio stake purchased this quarter at prices between ~$21.50 and ~$27.15 and the stock currently trades at $23.29. RELY had an IPO in September. Shares started trading at ~$38 and currently goes for ~$24.60. Generation IM’s stake is at 1.69% of the portfolio.Sophia Genetics (SOPH), Toast Inc. (TOST), SPDR S&P 500 ETF (SPY), and Proterra Inc. (PTRA): These are very small (less than ~0.5% of the portfolio each) stakes established this quarter. Sophia Genetics had an IPO in July. Shares started trading at ~$16.75 and currently goes for $14.33. Generation IM’s stake goes back to a funding round in 2019. Toast had an IPO in September. Shares started trading at ~$56 and is currently at ~$41.50. Generation IM’s stake goes back to a funding round in 2017. They control ~9.5% of the business.Note: Generation IM’s investment in Proterra goes back to a funding round in 2017.Stake Disposals:Penumbra Inc. (PEN): The very small 0.52% stake in Penumbra was disposed during the quarter.Stake Increases:Nutanix (NTNX): NTNX is a ~3% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $32.58. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Alibaba Group Holdings (BABA): BABA is a ~3% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over the last two quarters at prices between ~$206 and ~$271. That was followed with a ~25% stake increase this quarter at prices between ~$140 and ~$222. The stock currently trades below those ranges at ~$134.Intel Corporation (INTC): INTC is a 2.74% of the portfolio position purchased during the last two quarters at prices between ~$52 and ~$68 and the stock currently trades below that range at $49.10.Huazhu Group (HTHT) and Mercadolibre (MELI): These two positions saw large increases this quarter. The 1.30% HTHT stake was primarily built this quarter at prices between ~$41 and ~$54. The stock currently trades at ~$47. The 1.44% MELI stake saw a ~170% stake increase over the last two quarters at prices between ~$1297 and ~$1954. The stock currently trades below that range at ~$1285.Microchip Technology (MCHP): The minutely small 0.26% MCHP stake saw a minor increase this quarter.Stake Decreases:Baxter International (BAX): BAX is now the largest 13F position at ~7% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. The stock currently trades at $78.41. Last two quarters have seen only minor adjustments.Alphabet Inc. (GOOG): GOOG stake is currently at 5.85% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. The stock currently trades at ~$2935. Last three quarters have seen only minor adjustments.Amazon.com (AMZN): AMZN is a large (top three) 5.64% of the portfolio position purchased over the last two quarters at prices between ~$3152 and ~$3505 and the stock currently trades at ~$3580. There was minor trimming this quarter.Jones Lang LaSalle Inc. (JLL): JLL is a 4.79% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$261.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Cisco Systems (CSCO): CSCO is a large (top five) 4.33% of the portfolio position built in H2 2020 at prices between ~$35.50 and ~$48. There was a ~35% selling this quarter at prices between ~$53 and ~$60. The stock currently trades at $55.30.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $76.90 and the stake at 4.18% of the portfolio. Generation IM has a ~9.5% ownership stake in Henry Schein. Last six quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Thermo Fisher Scientific (TMO): TMO is a ~4% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. Last year had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt last quarter at prices between ~$441 and ~$509. The stock currently goes for ~$633. There was minor trimming this quarter.Charles Schwab (SCHW): SCHW is a fairly large stake at 3.91% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction last quarter at prices between ~$63.50 and ~$76. The stock is now at $82.94. There was minor trimming this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Becton Dickinson (BDX): The 3.88% BDX position was built last year at prices between $201 and $284. The stock currently trades at ~$247. Last three quarters have seen only minor adjustments.Gartner Inc. (IT): The 3.56% of the portfolio IT stake was built last year at prices between ~$83 and ~$164. Last four quarters have seen a ~50% selling at prices between ~$120 and ~$323. The stock is now at ~$324.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These two positions established in Q1 2020 were reduced over the last five quarters. PANW is a 3.22% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$533. Last five quarters have seen a ~50% selling at prices between ~$221 and ~$491. TRMB is a 1.13% of the portfolio position purchased at prices between ~$21 and ~$46. Last five quarters have seen a ~70% selling at prices between ~$42.50 and ~$96. TRMB currently goes for $85.83.Equifax Inc. (EFX): The ~3% EFX stake was purchased in Q1 2019 at prices between $91 and $115. The stock has doubled and currently trades at ~$283. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. That was followed with another ~20% stake increase next quarter at prices between ~$162 and ~$193. Last two quarters saw the position sold down by ~60% at prices between ~$181 and ~$278.CBRE Group (CBRE): CBRE is a 2.76% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at ~$104. There was a ~30% selling last quarter at prices between ~$78 and ~$90. This quarter also saw minor trimming.Cooper Companies (COO): The bulk of the 2.75% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction last quarter at prices between ~$372 and ~$412. The stock currently trades at ~$398. This quarter saw minor trimming.Analog Devices (ADI): ADI position is now at 2.67% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Last two quarters have seen the position reduced by ~30% at prices between ~$146 and ~$179. The stock currently trades at ~$183.Steris plc (STE): STE is 2.65% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. The stock currently trades at ~$229. Last two quarters have seen only minor adjustments.TE Connectivity (TEL): TEL is a 2.61% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. Last three quarters saw a ~40% selling at prices between ~$96 and ~$139. The stock currently trades at ~$161. This quarter saw minor trimming.Sensata Technologies (ST): The bulk of the 2.47% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last few years have seen only minor adjustments. The stock currently goes for ~$61.Note: Generation IM has a 7.5% ownership stake in Sensata Technologies NV.Applied Materials (AMAT): The 2.34% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. The stock currently trades at ~$149. Last several quarters have seen only minor adjustments.Dentsply Sirona (XRAY): XRAY is a 1.65% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. Last two quarters saw a ~63% reduction at prices between ~$52 and ~$69. The stock is now at ~$52. This quarter also saw minor trimming.Illumina Inc. (ILMN): ILMN is a 1.57% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Q4 2020 saw a two-thirds increase at prices between ~$293 and ~$371 while in the last three quarters there was a ~52% reduction at prices between ~$361 and ~$525. The stock is now at ~$366.Synopsis Inc. (SNPS): The 1.21% SNPS stake was established last quarter at prices between ~$229 and ~$277. There was a ~22% selling this quarter at prices between ~$275 and ~$338. The stock currently trades at ~$345.Acuity Brands (AYI), Asana Inc. (ASAN), Cognizant Technology (CTSH), Guidewire Software (GWRE), Microsoft Corporation (MSFT), Salesforce.com (CRM), Texas Instruments (TXN), Trane Technologies plc (TT), and Twilio Inc. (TWLO): These small (less than ~1.25% of the portfolio each) stakes were reduced this quarter.Kept Steady:Taiwan Semi (TSM): The minutely small 0.05% of the portfolio stake in TSM was kept steady this quarter.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2021:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q2 2021 and Q3 2021.6/15/2021: Proterra investment made in 2017 ~$55M raided. Details:Regulatory filings from 6/15/2021 thru 9/23/2021: None." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2021 Update" | "Generation Investment Management’s 13F portfolio value increased from $23.86B to $24.11B this quarter.They increased Amazon.com, Alibaba Group Holdings, and Thermo Fisher Scientific while reducing Equifax, Gartner, and Dentsply Sirona.The top three positions are Baxter International, Amazon.com, and Alphabet, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 8/16/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2021.This quarter, Al Gore’s 13F portfolio value increased from $23.86B to $24.11B. The number of positions remained steady at 40. The top five stakes are Baxter International, Amazon.com, Alphabet, Cisco Systems, and Equifax. They account for around ~29% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Intel Corporation (INTC) and Synopsis Inc. (SNPS): These are the new positions this quarter. INTC is a 1.65% of the portfolio position purchased at prices between ~$53.50 and ~$68 and the stock currently trades near the bottom of that range at $54.03. The 1.43% SNPS stake was established at prices between ~$229 and ~$277 and it is now well above that range at ~$323.Stake Disposals:Aon plc (AON) and Waters Corp. (WAT): These are very small (less than ~0.55% of the portfolio each) stakes disposed this quarter.Stake Increases:Baxter International (BAX): BAX is now the largest 13F position at ~7% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Last quarter saw another ~20% stake increase at prices between ~$76 and ~$86. The stock currently trades at $80.79. There was a marginal increase this quarter.Amazon.com (AMZN): AMZN is a large (top three) 6.31% of the portfolio position purchased over the last two quarters at prices between ~$3152 and ~$3505 and the stock currently trades at ~$3416.Alphabet Inc. (GOOG): GOOG stake is currently at 5.56% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. The stock currently trades at ~$2837. Last two quarters have seen only minor adjustments.Cisco Systems (CSCO): CSCO is a large (top five) 5.42% of the portfolio position built in H2 2020 at prices between ~$35.50 and ~$48. The stock currently trades at $56.69. Last two quarters have seen only minor adjustments.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $77.60 and the stake at 4.12% of the portfolio. Generation IM has a ~9.5% ownership stake in Henry Schein. Last five quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Becton Dickinson (BDX): The 3.88% BDX position was built last year at prices between $201 and $284. The stock currently trades at ~$254. Last two quarters have seen only minor adjustments.Jones Lang LaSalle Inc. (JLL): JLL is a 3.82% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$247.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Alibaba Group Holdings (BABA): BABA is a 3.69% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over the last two quarters at prices between ~$206 and ~$271. The stock currently trades at ~$151.Thermo Fisher Scientific (TMO): TMO is a 3.57% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. Last year had seen another ~60% selling at prices between ~$255 and ~$528. This quarter saw a similar increase at prices between ~$441 and ~$509. The stock currently goes for ~$608.Nutanix (NTNX): NTNX is a ~3% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $42.50. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Steris plc (STE): STE is 2.70% of the portfolio stake primarily built last quarter at prices between ~$171 and ~$203. The stock currently trades at ~$220. There was a marginal increase this quarter.Applied Materials (AMAT): The 2.62% AMAT stake saw a marginal increase this quarter. The position was established in Q2 2019 at prices between ~$39 and ~$45. The stock currently trades at ~$141.Guidewire Software (GWRE), Huazhu Group (HTHT), Microsoft Corporation (MSFT), Mercadolibre (MELI), Microchip Technology (MCHP), and Salesforce.com (CRM): These small (less than ~1.2% of the portfolio each) stakes were increased this quarter.Stake Decreases:Equifax Inc. (EFX): The large 4.66% EFX stake was purchased in Q1 2019 at prices between $91 and $115. The stock has doubled and currently trades at ~$265. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. That was followed with another ~20% stake increase last quarter at prices between ~$162 and ~$193. This quarter saw the position sold down by around one-third at prices between ~$181 and ~$241.Charles Schwab (SCHW): SCHW is a fairly large stake at 4.30% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Last quarter saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction this quarter at prices between ~$63.50 and ~$76. The stock is now at $74.30.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Analog Devices (ADI): ADI position is now at 3.47% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. The stock currently trades at ~$177. There was a ~12% trimming this quarter.Gartner Inc. (IT): The 3.39% of the portfolio IT stake was built last year at prices between ~$83 and ~$164. Last three quarters have seen a ~40% selling at prices between ~$117 and ~$248. The stock is now at ~$324.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These two positions established in Q1 2020 were reduced over the last four quarters. PANW is a ~3% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$483. Last four quarters have seen a ~45% selling at prices between ~$220 and ~$397. TRMB is a 1.38% of the portfolio position purchased at prices between ~$21 and ~$46. Last four quarters have seen a two-thirds selling at prices between ~$42.50 and ~$83. TRMB currently goes for $89.59.TE Connectivity (TEL): TEL is a 2.73% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. Last three quarters saw a ~40% selling at prices between ~$96 and ~$139. The stock currently trades at ~$144.Cooper Companies (COO): The bulk of the 2.66% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction this quarter at prices between ~$372 and ~$412. The stock currently trades at ~$439.Sensata Technologies (ST): The bulk of the 2.64% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last two years have seen only minor adjustments. The stock currently goes for $56.46.Note: Generation IM has a 7.5% ownership stake in Sensata Technologies NV.CBRE Group (CBRE): CBRE is a 2.46% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at $96.05. There was a ~30% selling this quarter at prices between ~$78 and ~$90.Illumina Inc. (ILMN): ILMN is a 2.15% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Q4 2020 saw a two-thirds increase at prices between ~$293 and ~$371 while in the last two quarters there was a ~50% reduction at prices between ~$362 and ~$505. The stock is now at ~$433.Dentsply Sirona (XRAY): XRAY is a 1.84% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. Last two quarters saw a ~63% reduction at prices between ~$52 and ~$69. The stock is now at $59.60.Acuity Brands (AYI), Asana Inc. (ASAN), Cognizant Technology (CTSH), Penumbra Inc. (PEN), Taiwan Semi (TSM), Trane Technologies plc (TT), Twilio Inc. (TWLO), and Texas Instruments (TXN): These small positions (less than ~1.5% of the portfolio each) were reduced this quarter.Note: Generation IM controls ~4.5% of Acuity Brands.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2021:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q1 2021 and Q2 2021.6/15/2021: Proterra investment made in 2017 ~$55M raided. Details:Regulatory filings from 3/8/2021 thru 6/15/2021: None." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2021 Update" | "Generation Investment Management’s 13F portfolio value increased from $22.41B to $23.86B this quarter.They added Amazon.com and increased Alibaba Group Holdings & Steris plc while reducing Dentsply Sirona & Illumina.The top three positions are Baxter International, Equifax, and Cisco Systems, and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 5/17/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2020.This quarter, Al Gore’s 13F portfolio value increased ~6% from $22.41B to $23.86B. The number of positions decreased from 41 to 40. The top five stakes are Baxter International, Equifax, Cisco Systems, Charles Schwab, and Alphabet. They account for around ~27% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Amazon.com (AMZN): AMZN is a fairly large 3.92% of the portfolio position purchased this quarter at prices between ~$2952 and ~$3380 and the stock currently trades just above that range at ~$3383.Guidewire Software (GWRE) and Aon plc (AON): These are very small (less than ~0.65% of the portfolio each) new stakes established during the quarter.Stake Disposals:Airbnb (ABNB), Aptiv plc (APTV), Cerner Corporation (CERN), and Workday Inc. (WDAY): These small (less than ~1.10% of the portfolio each) stakes were disposed this quarter.Stake Increases:Baxter International (BAX): BAX is now the largest 13F position at 7.42% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. This quarter saw another ~20% stake increase at prices between ~$76 and ~$86. The stock currently trades at ~$82.Equifax Inc. (EFX): The large (top three) 5.22% EFX stake was purchased in Q1 2019 at prices between $91 and $115. The stock has doubled and currently trades at ~$231. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. That was followed with another ~20% stake increase this quarter at prices between ~$162 and ~$193.Alibaba Group Holdings (BABA): BABA is a 2.85% of the portfolio position purchased last quarter at prices between ~$222 and ~$317. The stake was almost doubled this quarter at prices between ~$223 and ~$271. The stock currently trades at ~$210Steris plc (STE): STE is 2.52% of the portfolio stake primarily built this quarter at prices between ~$171 and ~$203. The stock currently trades at ~$198.Nutanix (NTNX): NTNX is a ~2% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $37.60. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Huazhu Group (HTHT) and Microchip Technology (MCHP): These two minutely small (less than ~0.25% of the portfolio each) stakes saw marginal increases during the quarter.Stake Decreases:Cisco Systems (CSCO): CSCO is a large (top three) ~5% of the portfolio position built over the last two quarters at prices between ~$35.50 and ~$48. The stock currently trades at $53.79. This quarter saw marginal trimming.Charles Schwab (SCHW): SCHW is a large top-five stake at 6.62% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. This quarter saw a ~37% selling at prices between ~$51.50 and ~$68. The stock is now at $72.54.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Alphabet Inc. (GOOG): GOOG stake is currently at 4.34% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. Last five quarters saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. The stock currently trades at ~$2521. There was marginal trimming this quarter.Cognizant Technology (CTSH): The ~4% of the portfolio CTSH stake was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the next two quarters at prices between $58.75 and $66.50. Last two quarters saw a ~20% selling at prices between ~$69 and ~$82. The stock currently trades at $70.35.Becton Dickinson (BDX): The 3.91% BDX position was built last year at prices between $201 and $284. The stock currently trades near the middle of that range at ~$241. This quarter saw marginal trimming.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $78.40 and the stake at 3.87% of the portfolio. Generation IM has a 9.4% ownership stake in Henry Schein. Last four quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Dentsply Sirona (XRAY): XRAY is a 3.81% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. This quarter saw a ~25% reduction at prices between ~$52 and ~$64. The stock is now at $65.89.Note: Generation IM has a ~5% ownership stake in Dentsply Sirona.Gartner Inc. (IT): The 3.76% of the portfolio IT stake was built last year at prices between ~$83 and ~$164. It is now at ~$235. Last two quarters have seen a ~15% trimming.Note: Generation IM owns ~5% of the business.Analog Devices (ADI): ADI position is now at 3.57% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Last two quarters have seen only minor adjustments. The stock currently trades at ~$168.Jones Lang LaSalle Inc. (JLL): JLL is a 3.53% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$206.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Cooper Companies (COO): The bulk of the 3.48% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$377. Last few quarters have seen only minor adjustments.TE Connectivity (TEL): TEL is a 3.32% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. Last two quarters saw a ~30% selling at prices between ~$96 and ~$135. The stock currently trades at ~$137.CBRE Group (CBRE): CBRE is a 3.27% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at ~$89. Last two quarters have seen only minor adjustments.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These two positions established in Q1 2020 were reduced over the last three quarters. PANW is a ~3% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$361. Last three quarters have seen a ~40% selling at prices between ~$221 and ~$397. TRMB is a 1.81% of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for ~$78. Last three quarters have seen a two-thirds selling at prices between ~$41.50 and ~$84.Sensata Technologies (ST): The bulk of the 2.81% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last two years have seen only minor adjustments. The stock currently goes for $59.43.Note: Generation IM has a 7.5% ownership stake in Sensata Technologies NV.Illumina Inc. (ILMN): ILMN is a 2.17% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Last quarter saw a two-thirds increase at prices between ~$293 and ~$371 while this quarter there was a ~30% reduction at prices between ~$361 and ~$505. The stock is now at ~$452.Thermo Fisher Scientific (TMO): TMO is a ~2% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. Last four quarters had seen another ~60% selling at prices between ~$255 and ~$528. The stock currently goes for ~$470. There was marginal trimming this quarter.Texas Instruments (TXN): The vast majority of the 1.79% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$189. Last two years have seen a ~60% selling at prices between ~$98 and ~$192.Acuity Brands (AYI), Applied Materials (AMAT), Asana Inc. (ASAN), Mercadolibre (MELI), Microsoft Corporation (MSFT), Penumbra Inc. (PEN), Salesforce.com (CRM), Taiwan Semi (TSM), Trane Technologies plc (TT), Twilio Inc. (TWLO), and Waters Corp. (WAT): These small positions (less than ~2% of the portfolio each) were reduced this quarter.Note 1: Generation IM controls ~8% of Acuity Brands.Note 2: Penumbra stock dropped in February following fraud by Quintessential Capital Management.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2021:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/7/2021: 13G – 2/26 – EFX – 6.2M shares – 5.1% of business. 13G/As – 2/16 – XRAY – 18.77M shares – 7.3% of business, ST – 11.71M shares – 7.5% of business, JLL – 4.88M shares – 9.5% of business, HSIC – 13.38M shares – 9.4% of business, Acuity Brands – ACY – 3.34M shares – 9.1% of business, ASAN – 6.25M shares – 7.8% of business, NTNX – 17.23M shares – 9.1% of business, IT – 5.42M shares – 6.1% of business, COO – 1.53M shares – 3.1% of business." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2020 Update" | "Generation Investment Management’s 13F portfolio value increased from $18.84B to $22.41B this quarter.They increased Baxter International and Equifax while reducing Aptiv plc.The top three positions are Charles Schwab, Baxter International, and Cognizant Technology, and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 2/16/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2020.This quarter, Al Gore’s 13F portfolio value increased ~19% from $18.84B to $22.41B. The number of positions decreased from 42 to 41. The top five stakes are Charles Schwab, Baxter International, Cognizant Technology, Equifax, and Cisco Systems. They account for around ~28% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Alibaba Group Holdings (BABA) and Airbnb (ABNB): These are the two new stakes this quarter. BABA is a 1.60% of the portfolio position purchased this quarter at prices between ~$222 and ~$317 and the stock currently trades at ~$236. ABNB had an IPO in December. Shares started trading at ~$157 and currently goes for ~$192. Generation IM’s position is minutely small at 0.11% of the portfolio.Stake Disposals:A O Smith (AOS), Stericycle Inc. (SRCL), and Varian Medical Systems (VAR): These very small (less than ~1.2% of the portfolio each) stakes were disposed this quarter.Stake Increases:Baxter International (BAX): BAX is a large (top three) 6.24% of the portfolio stake established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. The stock currently trades at ~$80. Last three quarters have seen only minor adjustments.Equifax Inc. (EFX): The large (top five) 4.87% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at ~$173. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. H1 2020 had seen another ~20% reduction while last quarter there was a ~8% stake increase. This quarter saw a whopping ~175% stake increase at prices between ~$137 and ~$195.Note: Regulatory filings since the quarter ended show them owning 6.2M shares (5.1% of the business) of Equifax. This is compared to 5.66M shares in the 13F report.Cisco Systems (CSCO): CSCO is a large (top five) 4.66% of the portfolio position built over the last two quarters at prices between ~$35.50 and ~$48. The stock currently trades at $48.80.Becton Dickinson (BDX): The 4.29% BDX position was built last year at prices between $201 and $284. The stock currently trades near the middle of that range at ~$239.Analog Devices (ADI): ADI position is now at 3.86% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the next two quarters at prices between $104 and $125. Last quarter saw a stake doubling at prices between ~$112 and ~$125. The stock currently trades at ~$150. This quarter saw minor trimming.Illumina Inc. (ILMN): ILMN is a 3.24% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. This quarter saw a two-thirds increase at prices between ~$293 and ~$371. The stock is now at ~$409.CBRE Group (CBRE): CBRE is a 2.76% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at $78.35. There was a marginal increase this quarter.Microchip Technology (MCHP) and Taiwan Semi (TSM): These minutely small (less than ~0.25% of the portfolio each) stakes were increased this quarter.Stake Decreases:Charles Schwab (SCHW): SCHW is currently the largest position at 6.62% of the portfolio. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The six quarters through Q1 2020 had also seen a ~180% stake increase at prices between ~$30 and ~$50. There was a ~18% reduction in Q2 2020 at prices between ~$32 and ~$43 while last quarter there was a ~12% stake increase. The stock is now at $66.07. This quarter saw a ~6% trimming.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cognizant Technology (CTSH): The ~5% of the portfolio CTSH stake is now the largest 13F position. It was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the next two quarters at prices between $58.75 and $66.50. The stock currently trades at $76.40. There was a ~14% trimming this quarter.Dentsply Sirona (XRAY): XRAY is a large 4.39% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. Last two quarters had also seen minor increases. The stock is now at $63.05. There was a ~3% trimming this quarter.Note: Generation IM has a 7.3% ownership stake in Dentsply Sirona.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These two positions established in Q1 2020 were reduced over the last two quarters. PANW is a 4.30% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$318. Last two quarters have seen a ~20% trimming. TRMB is a 2.21% of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for $74.62. Last two quarters have seen a ~40% selling at prices between ~$41.50 and ~$67.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $67.69 and the stake at ~4% of the portfolio. Generation IM has a 9.4% ownership stake in Henry Schein. Last three quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Alphabet Inc. (GOOG): GOOG stake is currently at 3.92% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. Last five quarters saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. The stock currently trades at ~$2036.Gartner Inc. (IT): The 3.87% of the portfolio IT stake was built last year at prices between ~$83 and ~$164. It is now at ~$183. This quarter saw a ~4% trimming.Note: Generation IM owns ~6% of the business.Cooper Companies (COO): The bulk of the 3.64% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$379. The first three quarters of 2019 had seen a ~53% selling at prices between $246 and $342 while the last three quarters saw a similar increase at prices between ~$243 and ~$360. This quarter saw marginal trimming.Note: regulatory filings since the quarter ended show them owning 1.53M shares (3.1% of the business) of Cooper Companies. This is compared to 2.24M shares in the 13F report.TE Connectivity (TEL): TEL is a 3.58% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. Q2 2020 saw a ~11% increase and that was followed with a marginal further increase last quarter. This quarter saw a ~20% selling at prices between ~$96 and ~$121. The stock currently trades at ~$132.Jones Lang LaSalle Inc. (JLL): JLL is a 3.23% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$178.Note: Generation IM has a 9.5% ownership stake in Jones Lang LaSalle.Sensata Technologies (ST): The bulk of the 2.78% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last two years have seen only minor adjustments. The stock currently goes for $63.36.Note: Generation IM has a 7.5% ownership stake in Sensata Technologies NV.Nutanix (NTNX): NTNX is a 2.45% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now near the low end of that range at $25.65. There was a ~12% stake increase last quarter at prices between ~$20 and ~$29. Generation IM has a ~9% ownership stake in Nutanix. This quarter saw minor trimming.Texas Instruments (TXN): The vast majority of the 2.30% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$174. The four quarters thru Q2 2020 had seen a combined ~20% selling and that was followed with a similar reduction last quarter at prices between ~$125 and ~$148. This quarter also saw a ~15% trimming.Thermo Fisher Scientific (TMO): TMO is a 2.12% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. Last four quarters have seen another ~60% selling at prices between ~$255 and ~$528. The stock currently goes for ~$446.Acuity Brands (AYI), Applied Materials (AMAT), Aptiv plc (APTV), Asana Inc. (ASAN), Cerner Corporation (CERN), Huazhu Group (HTHT), Mercadolibre (MELI), Microsoft Corporation (MSFT), Penumbra Inc. (PEN), Salesforce.com (CRM), Steris plc (STE), Trane Technologies plc (TT), Twilio Inc. (TWLO), Waters Corp. (WAT), and Workday Inc. (WDAY): These small positions (less than ~1.5% of the portfolio each) were reduced this quarter.Note 1: Generation IM controls ~9% of Acuity Brands.Note 2: Penumbra stock dropped last month following fraud by Quintessential Capital Management.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2020:Regulatory filings thru 8/28/2020: Form 4 – 9/30 – ASAN – 3M shares disposed at ~27.5, 9/23 – 9.75M shares Class B to E preferred stock converted, 9/21 – 9.75M in convertible preferred stock.." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2020 Update" | "Generation Investment Management’s 13F portfolio value increased from $17.34B to $18.84B this quarter.They increased Becton Dickinson and Analog Devices while decreasing Alphabet, Varian Medical Systems, and Workday during the quarter. They also added Cisco Systems.The top three positions are Cognizant Technology, Charles Schwab, and Baxter International and they add up to ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/16/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2020.This quarter, Al Gore’s 13F portfolio value increased ~9% from $17.34B to $18.84B. The number of positions increased from 39 to 42. The top five stakes are Cognizant Technology, Charles Schwab, Baxter International, Dentsply Sirona, and Becton Dickinson. They account for around ~26% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Cisco Systems (CSCO), Asana Inc. (ASAN), and Steris plc (STE): These are the new positions this quarter. CSCO is a large 3.85% of the portfolio position purchased at prices between ~$38 and ~$48 and the stock currently trades at $44.69. Asana had a direct listing on September 30th. Generation IM’s stake goes back to 2018 when they started leading Asana’s funding rounds. The STE stake is a minutely small 0.42% of the portfolio position.Note: Regulatory filings since the quarter ended show them owning 6.75M shares of Asana. This is compared to ~9.75M shares in the 13F report. Around 3M shares were sold at an average price of ~$27.50. The stock is now at ~$32.Stake Disposals:None.Stake Increases:Cognizant Technology (CTSH): The ~6% of the portfolio CTSH stake is now the largest 13F position. It was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the next two quarters at prices between $58.75 and $66.50. The stock currently trades at $79.01. Last three quarters have seen a minor increase.Charles Schwab (SCHW): SCHW is a large (top three) 5.73% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The six quarters through Q1 2020 had also seen a ~180% stake increase at prices between ~$30 and ~$50. The stock is now at $50.55. There was a ~18% reduction last quarter at prices between ~$32 and ~$43 while this quarter there was a ~12% stake increase.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Baxter International (BAX): BAX is a large (top three) ~5% of the portfolio stake established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. The stock currently trades at $79.30. Last quarter saw a ~4% stake increase and that was followed with a ~12% increase this quarter.Dentsply Sirona (XRAY): XRAY is a large (top five) 4.49% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. Last two quarters have also seen minor increases. The stock is now at $54.50.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Becton Dickinson (BDX): The top five 4.41% BDX position was built this year at prices between $201 and $286. The stock currently trades at ~$240.TE Connectivity (TEL): TEL is a 4.35% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. The stock currently trades at ~$119. Last quarter saw a ~11% increase and that was followed with a marginal further increase this quarter.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $71.15 and the stake at 4.19% of the portfolio. Generation IM has a ~9% ownership stake in Henry Schein. Last two quarters have seen marginal increases.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Cooper Companies (COO): The bulk of the ~4% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$343. The first three quarters of last year had seen a ~53% selling at prices between $246 and $342 while the last three quarters saw a similar increase at prices between ~$243 and ~$360.Gartner Inc. (IT): The 3.73% of the portfolio IT stake was built this year at prices between ~$83 and ~$164. It is now at ~$155.Analog Devices (ADI): ADI position is now at 3.62% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the next two quarters at prices between $104 and $125. There was a stake doubling this quarter at prices between ~$112 and ~$125. The stock currently trades at ~$142.Sensata Technologies (ST): The bulk of the 2.84% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last seven quarters have seen only minor adjustments. The stock currently goes for $49.61.Note: Generation IM has a ~7% ownership stake in Sensata Technologies NV.Jones Lang LaSalle Inc. (JLL): JLL is a 2.49% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$150.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Nutanix (NTNX): NTNX is a ~2% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $29.73. There was a ~12% stake increase this quarter at prices between ~$20 and ~$29. Generation IM has a ~9% ownership stake in Nutanix.Trane Technologies plc (TT) previously Ingersoll-Rand plc: TT was a 2.16% portfolio position first purchased in 2015 at prices between $51 and $71. The position had wavered. Recent activity follows: 2019 saw a ~27% selling at prices between $93 and $135. Q1 2020 saw another ~18% reduction at prices between ~$71 and ~$147. The stock is now at $141. There was a ~63% stake increase last quarter at prices between $77 and $102. This quarter also saw a marginal increase.Equifax Inc. (EFX): The 1.71% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at ~$180. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Last two quarters had seen another ~20% reduction while this quarter there was a ~8% stake increase.Acuity Brands (AYI), Applied Materials (AMAT), CBRE Group (CBRE), Microsoft Corporation (MSFT), Penumbra Inc. (PEN), Stericycle Inc. (SRCL), Waters Corp. (WAT), and Taiwan Semi (TSM): These small (less than ~2.5% of the portfolio each) positions were increased this quarter.Note 1: Generation IM controls ~8% of AYI.Note 2: Penumbra stock lost ~23% over the last month following fraud by Quintessential Capital Management.Stake Decreases:Alphabet Inc. (GOOG): GOOG stake is currently at 4.25% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at ~$1784. Last four quarters saw the stake reduced by ~50% at prices between $1055 and $1728.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These medium-sized positions established in Q1 2020 were reduced this quarter. PANW is a ~4% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third last quarter at prices between ~$163 and ~$240. The stock currently trades at ~$302. This quarter saw a ~6% trimming. TRMB is a 2.38% of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for $63.24. This quarter saw a ~20% reduction at prices between $41.50 and $54.30.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.25% position. It was first purchased in Q4 2016 at prices between $46 and $55. The stake has wavered. Recent activity follows: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase next quarter at prices between $64 and $91. There was a ~15% stake increase in Q1 2020 at prices between $33.50 and $96. The stock currently trades at ~$124. Last quarter saw a ~7% further increase while this quarter saw similar trimming.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Texas Instruments (TXN): The vast majority of the 2.80% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$163. Last four quarters had seen a combined ~20% selling and that was followed with a similar reduction this quarter at prices between ~$125 and ~$148.Thermo Fisher Scientific (TMO): TMO is a 2.77% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling last year at prices between $221 and $327. Last three quarters have seen another ~42% selling at prices between ~$255 and ~$441. The stock currently goes for ~$461.Illumina Inc. (ILMN): ILMN is a 1.93% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. The stock is now at ~$338. There was a ~30% selling last quarter at prices between $257 and $373. This quarter saw marginal trimming.Mercadolibre (MELI): The 1.19% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$1537. The four quarters thru Q3 2019 had seen a ~42% selling at prices between $285 and $690. Last two quarters saw another ~70% reduction at prices between ~$447 and ~$1225. Generation IM is harvesting gains.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Cerner Corporation (CERN): CERN is a 1.17% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. The position has wavered. Recent activity follows: There was a ~50% stake increase in Q4 2019 at prices between $65 and $73.50 and that was followed with a ~15% stake increase next quarter. The stock currently trades at $74.41. Last two quarters saw a ~40% selling at prices between ~$61 and ~$75.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. Q3 2019 saw a stake doubling at prices between $140 and $160. The stock currently trades at ~$221 and the stake is at ~1% of the portfolio. Last three quarters saw a two-thirds selling at prices between $124 and $281.Twilio Inc. (TWLO): TWLO is a 0.74% of the portfolio stake established in Q3 2019 at prices between $107 and $150 and increased by ~260% next quarter at prices between $91 and $117. The stock currently trades at ~$313. Last three quarters saw a ~85% reduction at prices between ~$72 and ~$284.A O Smith (AOS), Varian Medical Systems (VAR), and Workday Inc. (WDAY): These three small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:Huazhu Group (HTHT) and Microchip Technology (MCHP): These minutely small (less than ~0.25% of the portfolio each) stakes were kept steady during the quarter.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2020:Regulatory filings thru 8/28/2020: 13G – 6/12 – AYI – 2.47M shares – 6.2% of business." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2020 Update" | "Generation Investment Management’s 13F portfolio value increased from $14.09B to $17.34B this quarter.They increased Palo Alto Networks and Gartner while decreasing Mercadolibre and Twilio.The top three positions are Alphabet, Cognizant Technology, and Baxter International and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 08/14/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2020.This quarter, Al Gore’s 13F portfolio value increased ~23% from $14.09B to $17.34B. The number of positions decreased from 41 to 39. The top five stakes are Alphabet, Cognizant Technology, Baxter International, Charles Schwab, and Dentsply Sirona. They account for around ~28% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:None.Stake Disposals:NVidia Corp (NVDA) and SPDR Trust (SPY): These minutely small (less than ~0.1% of the portfolio each) positions were disposed this quarter.Stake Increases:Cognizant Technology (CTSH): The large (top three) 5.27% of the portfolio CTSH stake was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the next two quarters at prices between $58.75 and $66.50. The stock currently trades at $65.59. Last two quarters have seen a minor increase.Baxter International (BAX): BAX is a large (top three) 5.27% of the portfolio stake established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% last quarter at prices between ~$72 and ~$93. The stock currently trades at $81.29. This quarter saw a ~4% stake increase.Dentsply Sirona (XRAY): XRAY is a large (top five) ~5% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at ~$43.67. Q2 2019 saw a ~20% selling at prices between $49 and $59 while last quarter there was a ~15% stake increase at prices between ~$32 and $61. This quarter saw a ~4% stake increase.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while last quarter there was a similar increase at prices between ~$43 and ~$74. The stock is now at $63.74 and the stake at ~4.51% of the portfolio. Generation IM has a ~9% ownership stake in Henry Schein. There was a marginal increase this quarter.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Palo Alto Networks (PANW), Gartner Inc. (IT), and Trimble Inc. (TRMB): These medium-sized positions established last quarter saw increases this quarter. PANW is a 4.42% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third this quarter at prices between ~$163 and ~$240. The stock currently trades at ~$234. The 3.53% of the portfolio IT stake was established at prices between ~$83 and ~$164. This quarter saw a ~27% stake increase at prices between ~$92 and ~$138. It is now at ~$129. TRMB is a 2.86 % of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for $49.14. There was a marginal increase this quarter.TE Connectivity (TEL): TEL is a medium-sized 3.93% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase last quarter at prices between $53 and $100. The stock currently trades at $95.40. This quarter also saw a ~11% increase.Becton Dickinson (BDX): The 3.56% BDX position was built last quarter at prices between $201 and $286. This quarter saw a ~50% stake increase at prices between $225 and $270. The stock currently trades at ~$234.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.28% position. It was first purchased in Q4 2016 at prices between $46 and $55. The stake has wavered. Recent activity follows: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase next quarter at prices between $64 and $91. There was a ~15% stake increase last quarter at prices between $33.50 and $96. The stock currently trades at $84.66. This quarter saw a ~7% further increase.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Cooper Companies (COO): The bulk of the 3.27% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$318. The first three quarters of last year had seen a ~53% selling at prices between $246 and $342. Last two quarters have seen a one-third stake increase at prices between $243 and $360.Jones Lang LaSalle Inc. (JLL): JLL is a 2.91% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$101.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Sensata Technologies (ST): The bulk of the 2.65% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last six quarters have seen only minor adjustments. The stock currently goes for ~$41.Note: Generation IM has a ~7% ownership stake in Sensata Technologies NV.Nutanix (NTNX): NTNX is a 2.11% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now near the low end of that range at ~$25. Last few quarters have seen only minor adjustments. Generation IM has a ~8% ownership stake in Nutanix.Analog Devices (ADI): ADI position is now at ~2% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the next two quarters at prices between $104 and $125. The stock currently trades at ~$113. Last two quarters have seen only minor adjustments.Trane Technologies plc (TT) previously Ingersoll-Rand plc: TT was a 1.71% portfolio position first purchased in 2015 at prices between $51 and $71. The position had wavered. Recent activity follows: 2019 saw a ~27% selling at prices between $93 and $135. Last quarter saw another ~18% reduction at prices between ~$71 and ~$147. The stock is now at $116. There was a ~63% stake increase this quarter at prices between $77 and $102.A O Smith (AOS), Acuity Brands (AYI), Applied Materials (AMAT), CBRE Group (CBRE), Microsoft Corporation (MSFT), Penumbra Inc. (PEN), Stericycle Inc. (SRCL), Varian Medical Systems (VAR), Waters Corp. (WAT), and Workday Inc. (WDAY): These small (less than ~2.5% of the portfolio each) positions were increased this quarter.Note: Generation IM controls ~6% of AYI.Stake Decreases:Alphabet Inc. (GOOG): GOOG is currently the largest position at 7.34% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at ~$1524. Last three quarters have seen a combined ~23% reduction.Charles Schwab (SCHW): SCHW is a large (top five) ~5% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Last six quarters had also seen a ~180% stake increase at prices between ~$30 and ~$50. The stock is now at $34.65. There was a ~18% reduction this quarter at prices between ~$32 and ~$43.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Thermo Fisher Scientific (TMO): TMO is a 3.44% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling last year at prices between $221 and $327. The stock currently goes for ~$112. Last two quarters have seen another ~20% selling at prices between $82 and $110.Texas Instruments (TXN): The vast majority of the 3.41% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$136. Last four quarters have seen a combined ~19% selling.Illumina Inc. (ILMN): ILMN is a 2.53% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% last quarter at prices between $209 and $336. The stock is now at ~$341. There was a ~30% selling this quarter at prices between $257 and $373.Mercadolibre (MELI): The ~2% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$1023. The four quarters thru Q3 2019 had seen a ~42% selling at prices between $285 and $690. There was another similar reduction this quarter at prices between $447 and $986. Generation IM is harvesting gains.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Equifax Inc. (EFX): The 1.88% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at ~$164. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Last two quarters saw another ~20% reduction.Cerner Corporation (CERN): CERN is a 1.82% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The four quarters thru Q3 2019 had also seen a ~60% selling at prices between $49 and $76. Q4 2019 saw an about turn: ~50% stake increase at prices between $65 and $73.50 and that was followed with a ~15% stake increase last quarter. The stock currently trades at ~$70. This quarter saw a ~12% trimming.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. Q3 2019 saw a stake doubling at prices between $140 and $160. The stock currently trades at ~$241 and the stake is at 1.37% of the portfolio. Last two quarters saw a ~50% selling at prices between $124 and $193.Twilio Inc. (TWLO): TWLO is a 1.20% of the portfolio stake established in Q3 2019 at prices between $107 and $150 and increased by ~260% next quarter at prices between $91 and $117. The stock currently trades at ~$226. Last two quarters saw a ~72% reduction at prices between ~$72 and $228.Huazhu Group (HTHT) and Microchip Technology (MCHP): These minutely small (less than ~0.25% of the portfolio each) stakes were decreased during the quarter.Kept Steady:Taiwan Semi (TSM): The minutely small 0.02% stake in TSM was kept steady this quarter.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2020:Regulatory filings thru 5/28/2020: 13G – 4/28 – IT – 4.63M shares – 5.2% of business." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2020 Update" | "Generation Investment Management’s 13F portfolio value decreased from $15.64B to $14.09B this quarter.They added Palo Alto Networks, Gartner, & Trimble while dropping Credicorp, Automatic Data Processing, & Trane Technologies.The top three positions are Alphabet, Charles Schwab, and Baxter International and they add up to ~22% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 05/15/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2019.This quarter, Al Gore’s 13F portfolio value decreased ~10% from $15.64B to $14.09B. The number of positions increased from 39 to 41. The top five stakes are Alphabet, Charles Schwab, Baxter International, Cognizant Technology, and Dentsply Sirona. They account for around one-third of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Palo Alto Networks (PANW), Gartner Inc. (IT), and Trimble Inc. (TRMB): These are medium-sized new positions established during the quarter. PANW is a ~3% of the portfolio stake purchased at prices between ~$133 and ~$250 and the stock currently trades at ~$227. The 2.81% of the portfolio IT stake was established at prices between ~$83 and ~$164 and it is now at ~$131. TRMB is a 2.56% of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for ~$43.Note: Regulatory filings since the quarter ended show them owning 4.63M sharers (5.2% of the business) of Gartner Inc. This is compared to 3.98M shares in the 13F report. Generation IM is continuing to build the position.Varian Medical Systems (VAR), A O Smith (AOS), and Workday Inc. (WDAY): These are small (less than ~1.3% of the portfolio each) new positions established this quarter.Stake Disposals:Credicorp Ltd. (BAP): BAP was a ~2% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. The four quarters thru Q3 2018 had seen a combined ~44% increase at prices between $192 and $236. Q1 2019 saw a ~18% selling at prices between $222 and $251. The elimination this quarter was at prices between ~$124 and ~$220. The stock is now at ~$155.Automatic Data Processing (ADP): ADP was a 1.55% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The four quarters thru Q3 2019 had seen a ~50% selling at prices between $122 and $173. That was followed with another one-third selling last quarter at prices between $156 and $172. The disposal this quarter was at prices between ~$109 and ~$181. The stock is now at ~$150.Deere & Co. (DE): DE was a large top five 5% portfolio stake as of Q3 2019. The position was from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the next three quarters at prices between $131 and $162. Q3 2019 saw a ~11% trimming and that was followed with a ~85% reduction last quarter at prices between $163 and $180. The small remainder stake was disposed this quarter. The stock is now at ~$161.Amazon.com (AMZN): The very small 0.52% of the portfolio position in AMZN was sold during the quarter.Stake Increases:Charles Schwab (SCHW): SCHW is a large (top three) ~9% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Last six quarters have also seen a ~180% stake increase at prices between ~$30 and ~$50. The stock is now at $41.68.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Baxter International (BAX): BAX is a large (top three) 5.86% of the portfolio stake established last quarter at prices between $76.50 and $88.50 and increased by ~50% this quarter at prices between ~$72 and ~$93. The stock currently trades at $88.63.Cognizant Technology (CTSH): The large (top five) 5.28% of the portfolio CTSH stake was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the last two quarters at prices between $58.75 and $66.50. The stock currently trades near the low end of those ranges at $55.60. This quarter also saw a ~7% further increase.Dentsply Sirona (XRAY): XRAY is a large (top five) ~5% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at ~$48. Q2 2019 saw a ~20% selling at prices between $49 and $59 while this quarter there was a ~15% stake increase at prices between ~$32 and $61.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while this quarter there was a similar increase at prices between ~$43 and ~$74. The stock is now at $63.28 and the stake at ~5.75% of the portfolio. Generation IM has a ~9% ownership stake in Henry Schein.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Cooper Companies (COO): The bulk of the 3.54% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$314. The first three quarters of last year had seen a ~53% selling at prices between $246 and $342. This quarter saw a ~18% stake increase at prices between $243 and $360.Jones Lang LaSalle Inc. (JLL): JLL is a 3.44% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$117.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.TE Connectivity (TEL): TEL is a medium-sized 3.37% position purchased in Q4 2018 at prices between $71 and $87. Last quarter saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase this quarter at prices between $53 and $100. The stock currently trades at $88.82Illumina Inc. (ILMN): ILMN is a 3.25% of the portfolio position purchased last quarter at prices between $288 and $336 and increased by ~185% this quarter at prices between $209 and $336. The stock is now at ~$358.Becton Dickinson (BDX): The 2.80% BDX position was built this quarter at prices between $201 and $286. The stock currently trades at ~$244.Sensata Technologies (ST): The bulk of the 2.51% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last five quarters have seen only minor adjustments. The stock currently goes for $39.29.Note: Generation IM has a ~7% ownership stake in Sensata Technologies NV.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 2.38% position. It was first purchased in Q4 2016 at prices between $46 and $55. The stake has wavered. Recent activity follows: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase next quarter at prices between $64 and $91. There was a ~15% stake increase this quarter at prices between $33.50 and $96. The stock currently trades at $83.69.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Cerner Corporation (CERN): CERN is a 2.33% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The four quarters thru Q3 2019 had also seen a ~60% selling at prices between $49 and $76. Last quarter saw an about turn: ~50% stake increase at prices between $65 and $73.50 and that was followed with a ~15% stake increase this quarter. The stock currently trades at $71.37.Huazhu Group (HTHT), CBRE Group (CBRE), Microchip Technology (MCHP), Penumbra Inc. (PEN), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Alphabet Inc. (GOOG): GOOG is currently the largest position at ~8.25% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at ~$1412. Last two quarters have seen a combined ~12% trimming.Thermo Fisher Scientific (TMO): TMO is a 3.85% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling last year at prices between $221 and $327. The stock currently goes for ~$348. This quarter also saw a ~7% trimming.Texas Instruments (TXN): The vast majority of the 3.38% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$129. Last three quarters have seen a combined ~17% trimming.Mercadolibre (MELI): The 2.30% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$840. The four quarters thru Q3 2019 had seen a ~42% selling at prices between $285 and $690. Generation IM is harvesting gains. There was a ~5% trimming this quarter.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. Q3 2019 saw a stake doubling at prices between $140 and $160. The stock currently trades at ~$171 and the stake is at 1.94% of the portfolio. This quarter saw a ~15% trimming.Equifax Inc. (EFX): The 1.88% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at ~$177. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Last quarter saw a ~7% stake increase while this quarter there was a similar reduction.Analog Devices (ADI): ADI position is now at 1.76% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the next two quarters at prices between $104 and $125. The stock currently trades at ~$122. There was a marginal reduction this quarter.Nutanix (NTNX): NTNX is a 1.57% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now below that range at $24.28. This quarter saw a ~4% trimming. Generation IM has a ~8% ownership stake in Nutanix.Twilio Inc. (TWLO): TWLO is a 1.45% of the portfolio stake established in Q3 2019 at prices between $107 and $150 and increased by ~260% last quarter at prices between $91 and $117. The stock currently trades at ~$193. This quarter saw a one-third selling at prices between ~$71 and ~$132.Trane Technologies plc (TT) previously Ingersoll-Rand plc: TT was a ~2% portfolio position first purchased in 2015 at prices between $51 and $71. The position had wavered. Recent activity follows: Last year saw a ~27% selling at prices between $93 and $135. This quarter saw another ~18% reduction at prices between ~$71 and ~$147. The stock is now at $95.54.Acuity Brands (AYI), Applied Materials (AMAT), Microsoft Corporation (MSFT), NVidia Corp (NVDA), SPDR Trust (SPY), Stericycle Inc. (SRCL), and Taiwan Semi (TSM): These small (less than ~1% of the portfolio each) positions were reduced this quarter.Note: Generation IM controls ~5% of AYI.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2020:Regulatory filings thru 02/25/2020: 13G/As – 2/14 – XRAY – 16.22M shares – 7.3% of business, ST – 11.7M shares – 7.4% of business, NTNX – 14.53M shares – 8.3% of business, JLL – 4.78M shares – 9.3% of business, HSIC – 10.3M shares – 7% of business, COO – 1.53M shares – 3.1% of business, AY – 1.94M shares – 4.9% of business." |
"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2019 Update" | "Generation Investment Management’s 13F portfolio value increased 7.5% from $14.54B to $15.64B this quarter.They added Baxter International and increased Twilio while decreasing Analog Devices and Deere.The top three positions are Alphabet, Charles Schwab, and Cognizant Technology and they add up to ~24% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 02/14/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2019.This quarter, Al Gore’s 13F portfolio value increased 7.5% from $14.54B to $15.64B. The number of positions increased from 36 to 39. The top five stakes are Alphabet, Charles Schwab, Cognizant Technology, Dentsply Sirona, and Jones Lang LaSalle. They account for ~35% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Baxter International (BAX): BAX is a medium-sized 3.65% of the portfolio stake established this quarter at prices between $76.50 and $88.50 and the stock currently trades at $87.65.Illumina Inc. (ILMN): ILMN is a small 1.24% of the portfolio position purchased this quarter at prices between $288 and $336 and the stock is now below that range at $276.Penumbra Inc. (PEN) and CBRE Group (CBRE): These are minutely small (less than 0.5% of the portfolio each) stakes established this quarter.Stake Disposals:Allegion Pub (ALLE): The ALLE stake saw a ~350% increase in Q2 2018 at prices between $75 and $87 and that was followed with a ~20% increase next quarter at prices between $77 and $91. Q1 2019 saw an about turn: ~22% selling at prices between $81 and $94. That was followed with a ~60% selling over the last two quarters at prices between $92 and $112. The disposal this quarter was at prices between $100 and $126. The stock is currently at $123.Stake Increases:Charles Schwab (SCHW): SCHW is a large (top three) ~9% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Last five quarters have also seen a ~160% stake increase at prices between $35.50 and $51.50. The stock is now near the low end of those ranges at $34.80. For investors attempting to follow, SCHW is a good option to consider for further research.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cognizant Technology (CTSH) and Nutanix (NTNX): These two positions established in Q2 2019 were increased over the last two quarters. The large (top three) 5.93% of the portfolio CTSH stake was purchased at prices between $57 and $75. There was a ~42% stake increase over the last two quarters at prices between $58.75 and $66.50. The stock currently trades near the low end of those ranges at $59.93. For investors attempting to follow, CTSH is a good option to consider for further research. NTNX is a medium-sized 2.90% position established at prices between $24.50 and $43.50 and it is now below that range at $21.64. Last two quarters saw marginal increases. Generation IM has a ~8.3% ownership stake in Nutanix.Jones Lang LaSalle Inc. (JLL): JLL is a 5.32% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$149.Note: Generation IM has a 9.3% ownership stake in Jones Lang LaSalle.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw selling: a combined ~30% reduction at prices between $58 and $71. The stock is now at $59.25 and the stake at 4.40% of the portfolio. Generation IM has a ~7% ownership stake in Henry Schein. This quarter saw a ~3% stake increase.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Sensata Technologies (ST): The bulk of the ~4% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. The stock currently goes for $38.37. Q4 2018 saw a ~28% increase at prices between $41 and $49.50. Last four quarters have seen only minor adjustments.Note: Generation IM has a ~7.4% ownership stake in Sensata Technologies NV.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.59% position. It was first purchased in Q4 2016 at prices between $46 and $55. The stake has wavered. Recent activity follows: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase next quarter at prices between $64 and $91. The stock currently trades at ~$78.50. Last two quarters have seen minor increases.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Cooper Companies (COO): The bulk of the ~3% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$325. Last three quarters had seen a ~53% selling at prices between $246 and $342. Generation IM is harvesting gains. There was a marginal increase this quarter.Note: Generation IM has a 3.1% ownership stake in Cooper Companies.TE Connectivity (TEL): TEL is a medium-sized 3.30% position purchased in Q4 2018 at prices between $71 and $87 and the stock currently trades at $81.37. Last three quarters had seen only minor adjustments. This quarter saw a ~18% stake increase at prices between $85.50 and $96.Mercadolibre (MELI): The 2.55% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$628. Last four quarters had seen a ~42% selling at prices between $285 and $690. Generation IM is harvesting gains. This quarter saw a marginal increase.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. Last quarter saw a stake doubling at prices between $140 and $160. The stock currently trades at ~$170 and the stake is at 2.29% of the portfolio. There was a marginal increase this quarter.Equifax Inc. (EFX): The ~2% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at $158. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while last quarter there was similar selling at prices between $135 and $147. This quarter saw a ~7% stake increase.Twilio Inc. (TWLO) and Huazhu Group (HTHT): These two positions established last quarter saw increases this quarter. TWLO is a 2.11% of the portfolio stake established at prices between $107 and $150 and increased by ~260% this quarter at prices between $91 and $117. The stock currently trades at ~$106. For investors attempting to follow, TWLO is a good option to consider for further research. The minutely small 0.32% HTHT position was purchased at prices between $30 and $38.50 and increased by ~50% this quarter at prices between $32 and $38.50. It is now at ~$34.90.Cerner Corporation (CERN): CERN is a 2.11% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. Last four quarters had also seen a ~60% selling at prices between $49 and $76. This quarter saw an about turn: ~50% stake increase at prices between $65 and $73.50. The stock currently trades at ~$72.50.Credicorp Ltd. (BAP): BAP is a ~2% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. The four quarters thru Q3 2018 had seen a combined ~44% increase at prices between $192 and $236. The stock is now at ~$192. Q1 2019 saw a ~18% selling at prices between $222 and $251. Last three quarters have seen only minor adjustments.Becton Dickinson (BDX), Microchip Technology (MCHP), SPDR Trust (SPY), Stericycle Inc. (SRCL), and Waters Corp. (WAT): These very small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Alphabet Inc. (GOOG): GOOG is currently the largest position at ~9% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Last two quarters had also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at $1319. This quarter saw a ~7% trimming.Dentsply Sirona (XRAY): XRAY is a large (top three) ~6% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at $45.32. Q2 2019 saw a ~20% selling at prices between $49 and $59 and that was followed with minor trimming over the last two quarters.Note: Generation IM has a ~7.3% ownership stake in Dentsply Sirona.Thermo Fisher Scientific (TMO): TMO is a fairly large 4.30% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling over the last four quarters at prices between $221 and $327. The stock currently goes for ~$313.Texas Instruments (TXN): The vast majority of the ~4% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at $115. Last two quarters have seen a combined ~15% trimming.Microsoft Corporation (MSFT): MSFT is a 2.76% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at ~$166. Q4 2018 saw a one-third reduction at prices between $94 and $116. This quarter saw another ~25% selling at prices between $135 and $159. Generation IM is harvesting gains.Trane Technologies plc (TT) previously Ingersoll-Rand plc (IR): TT is a ~2% portfolio position first purchased in 2015 at prices between $51 and $71. The position has wavered. Recent activity follows: there was a ~17% increase in Q2 2018 at prices between $80 and $93 while Q4 2018 saw similar selling at prices between $86 and $106. The stock is now at ~$112. Last year saw a ~27% selling at prices between $93 and $135.Note: Trane Technologies shareholders received approximately 0.88861 shares of the new Ingersoll-Rand (IR) for each share held in a transaction with Gardner Denver that closed earlier this month.Analog Devices (ADI): ADI position is now at 2.10% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. The stock currently trades at ~$109. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the last two quarters at prices between $104 and $125.Acuity Brands (AYI): AYI is a 1.71% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently well below those ranges at ~$101. There was a ~22% selling last quarter at prices between $120 and $140 and that was followed with a ~25% selling this quarter at prices between $115 and $138.Note: Generation IM controls ~5% of AYI.Applied Materials (AMAT): The small 1.65% AMAT stake was purchased in Q2 2019 at prices between $38.50 and $45.50 and it currently goes for ~$59. Last quarter saw a marginal increase while this quarter there was a ~8% trimming.Automatic Data Processing (ADP): ADP is a 1.55% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The next two quarters had also seen a ~16% increase at prices between $114 and $151. Last four quarters saw a ~50% selling at prices between $122 and $173. That was followed with another one-third selling this quarter at prices between $156 and $172. The stock is now at $161.Deere & Co. (DE): DE was a large top five 5% portfolio stake as of last quarter. The position was from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the next three quarters at prices between $131 and $162. Last quarter saw a ~11% trimming and that was followed with a ~85% reduction this quarter at prices between $163 and $180. The stock is now at ~$159.NVidia Corp (NVDA): A 1.40% NVDA stake was established in Q4 2018 at prices between $127 and $289. Last quarter saw the position reduced by ~90% to a minutely small stake at prices between $149 and $185. The stock currently trades at $273. This quarter saw the position almost sold out at prices between $173 and $239.Amazon.com (AMZN) and Taiwan Semi (TSM): These two very small (less than ~0.5% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2019:" |
End of preview. Expand
in Dataset Viewer.
- Downloads last month
- 4