"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."