"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."