"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."