David Rolfe reduce tehnologiile Keysight, sporește miza platformelor meta

Rezumat

• The investor reduced his holdings of Keysight Technologies
  CHEI
  și Alfabet
  GOOGL
  .
• He added to the PayPal
  PYPL
  , Platforme meta
  FB
  and Taiwan Semiconductor Manufacturing positions.

David Rolfe (Tranzacții, portofoliu), the chief investment officer of Wedgewood Partners, disclosed his portfolio for the first quarter of 2022 late last week.

Firma guru-ului, cu sediul în St. Louis, abordează potențialele investiții cu mentalitatea unui proprietar de afaceri, străduindu-se să genereze bogăție semnificativă pe termen lung, analizând o mână de companii subevaluate care au un produs sau serviciu dominant, câștiguri consistente, venituri și creșterea dividendelor, sunt foarte profitabile și au echipe de management puternice.

În lucrarea sa scrisoarea acționarului for the three-month period ended March 31, Rolfe discussed the change in the Federal Reserve’s monetary policy, saying, “The Era (Error) of Quantitative Easing (QE) is over. The Era (Error) of Quantitative Tightening (QT) has begun.”

As a result of these developments, he added that the firm is “buckled up for continued bargain hunting.”

Rolfe’s 13F filings show he entered six new positions, sold out of three stocks and added to or trimmed a slew of other existing investments during the quarter. The most significant trades included reductions in the Keysight Technologies Inc. (CHEI, Financiar) și Alphabet Inc. (GOOGL, Financiar) holdings as well as boosts to the PayPal Holdings Inc. (PYPL, Financiar), Meta Platforms Inc. (FB, Financiar) și Taiwan Semiconductor Manufacturing Co. Ltd. (TSM, Financiar) pozitii.

Investitorii ar trebui să fie conștienți de faptul că documentele 13F nu oferă o imagine completă a deținerilor unei firme, deoarece rapoartele includ doar pozițiile acesteia în acțiunile din SUA și certificatele de depozit americane, dar rapoartele pot oferi în continuare informații valoroase. În plus, rapoartele reflectă doar tranzacțiile și deținerile de la cea mai recentă dată de depunere a portofoliului, care poate fi sau nu deținută de firma raportoare astăzi sau chiar atunci când acest articol a fost publicat.

Keysight Technologies

The guru slashed the Keysight Technologies (CHEI, Financiar) position by 86.99%, selling 126,372 shares. The transaction had an impact of -3.46% on the equity portfolio. The stock traded for an average price of $166.80 per share during the quarter.

Rolfe now holds 18,900 shares of the company, which represent 0.42% of the equity portfolio. GuruFocus estimates he has gained 64.60% on the investment since the first quarter of 2020.

The Santa Rosa, California-based company, which manufactures test and measurement equipment and software for electronics, has a $24.84 billion market cap; its shares were trading around $135.62 on Monday with a price-earnings ratio of 26.72, a price-book ratio of 6.51 and a price-sales ratio of 5.07.

Linia de valoare GF
VALOR
sugerează că stocul este evaluat în mod corect în prezent pe baza ratelor istorice, a performanței financiare anterioare și a previziunilor privind câștigurile viitoare.

GuruFocus rated Keysight’s financial strength 7 out of 10, driven by adequate interest coverage and a high Altman Z-Score of 6.01 that indicates it is in good standing even though assets are building up at a faster rate than revenue is growing. The return on invested capital also overshadows the weighted average cost of capital, meaning value is being created as the company grows.

The company’s profitability scored a 9 out of 10 rating on the back of an expanding operating margin, strong returns on equity, assets and capital that outperform a majority of competitors and a high Piotroski F-Score of 8 out of 9, indicating business conditions are healthy. Keysight also has a predictability rank of one out of five stars. According to GuruFocus, companies with this rank return an average of 1.1% annually over a 10-year period.

Of the gurus invested in Keysight, Managementul PRIMECAP (Tranzacții, portofoliu) deține cel mai mare pachet, cu 0.66% din acțiunile sale în circulație. John Rogers (Tranzacții, portofoliu), Jim Simons (Tranzacții, portofoliu)' Renaissance Technologies, ray Dalio (Tranzacții, portofoliu), Joel Greenblatt (Tranzacții, portofoliu) și alți câțiva guru dețin, de asemenea, acțiunile.

Alfabet

With an impact of -1.16% on the equity portfolio, Rolfe reduced his holding of Alphabet (GOOGL, Financiar) by 15.37%, selling 3,018 shares. During the quarter, shares traded for an average price of $2,715.99 each.

The guru now holds 16,612 shares, accounting for 6.52% of the equity portfolio and is now his fifth-largest position. GuruFocus estimates he has gained 83.40% on the investment so far.

Conglomeratul tehnologic cu sediul în Mountain View, California, care este compania-mamă a Google
GOOG
and YouTube, has a market cap of $1.51 trillion; its Class C shares were trading around $2,289.49 on Monday with a price-earnings ratio of 20.67, a price-book ratio of 5.92 and a price-sales ratio of 5.71.

Potrivit GF Value Line, stocul este modest subevaluat în prezent.

Alphabet’s financial strength was rated 9 out of 10 by GuruFocus. In addition to comfortable interest coverage, the company is supported by a robust Altman Z-score of 11.64. The ROIC also eclipses the WACC, indicating good value creation is occurring.

The company’s profitability also fared well with a 10 out of 10 rating. In addition to operating margin expansion, Alphabet is supported by strong returns that outperform a majority of industry peers as well as a high Piotroski F-Score of 8. Boosted by consistent earnings and revenue growth, the company also has a 4.5-star predictability rank. GuruFocus research shows companies with this rank return an average of 10.6% annually.

Ken Fisher (Tranzacții, portofoliu) has the largest stake in Alphabet with 0.28% of outstanding shares. PRIMECAP, Spiros Segalas (Tranzacții, portofoliu), Frank Sands (Tranzacții, portofoliu), Chris Davis (Tranzacții, portofoliu), firma lui Simons și Bill Nygren (Tranzacții, portofoliu) au și poziții notabile în acțiuni.

PayPal

The investor upped the PayPal (PYPL, Financiar) holding by 79.28%, buying 119,820 shares. The trade had an impact of 1.95% on the equity portfolio. During the quarter, the stock traded for an average per-share price of $133.33.

He now holds 270,946 shares total, which make up 3.78% of the equity portfolio. GuruFocus says Rolfe has gained an estimated 61.30% on the investment, which was established in the third quarter of 2015.

The San Jose, California-based fintech company, which operates an online payments system, has an $88.97 billion market cap; its shares were trading around $78.12 on Monday with a price-earnings ratio of 25.36, a price-book ratio of 4.33 and a price-sales ratio of 3.52.

Pe baza liniei de valoare GF, stocul pare să fie semnificativ subevaluat în prezent.

In his quarterly letter, Rolfe noted that he believes the stock “attracted a variety of new investors” due to Covid, so many people view it as a “pandemic stock.”

“We think many investors only bought the stock because it was working, during a period when very little was, and they scrambled for the exits at various times as momentum turned. We were well aware of this risk, by the way, and were fully aware that the outsized growth we saw during the Covid period eventually would moderate, and this explains why we trimmed the stock in January 2021,” he wrote. “As a result of the confluence of all these factors over the past few quarters, the stock has lost roughly two-thirds of its value since last summer. This drubbing is too extreme in our view, even allowing for the general valuation compression seen across the entire market.”

GuruFocus rated PayPal’s financial strength 6 out of 10. Although the company has issued new long-term debt over the past several years, it is still manageable due to adequate interest coverage. The Altman Z-Score of 1.96, however, indicates the company is under some pressure, though value creation is occurring since the ROIC exceeds the WACC.

The company’s profitability fared even better, scoring a 9 out of 10 rating due to operating margin expansion and strong returns that top a majority of competitors. PayPal also has a moderate Piotroski F-Score of 5, meaning conditions are typical for a stable company.

With a 1.45% stake, Fisher is the company’s largest guru shareholder. Other top guru investors in PayPal are Philippe Laffont (Tranzacții, portofoliu), PRIMECAP, Segalas and Chase Coleman (Tranzacții, portofoliu).

Meta platforme

Impacting the equity portfolio by 1.53%, Rolfe increased his Meta Platforms (FB, Financiar) position by 28.71%, buying 48,869 shares. The stock traded for an average price of $250.52 per share during the quarter.

The guru now holds 219,070 shares total, giving it 6.87% space in the equity portfolio. As Rolfe’s second-largest holding, GuruFocus data indicates he has gained 5.26% on the investment since establishing it in the first quarter of 2018.

The social media company formerly known as Facebook, which is headquartered in Menlo Park, California, has a market cap of $552.40 billion; its shares were trading around $204.30 on Monday with a price-earnings ratio of 15.44, a price-book ratio of 4.49 and a price-sales ratio of 4.82.

Linia de valoare GF sugerează că stocul este în mod semnificativ subevaluat în prezent.

In his commentary for the quarter, Rolfe noted that while the stock detracted from the firm’s performance, “the company’s revenues have nearly doubled, while returns on invested capital have consistently clocked in near the mid-to-high 20% range” since 2018.

Meta Platforms’ financial strength was rated 8 out of 10 by GuruFocus due to a comfortable level of interest coverage and a robust Altman Z-Score of 10.35 that indicates it is in good standing. The ROIC also surpasses the WACC, suggesting the company is creating value.

The company’s profitability fared even better with a 10 out of 10 rating. Despite recording a decline in its margins, Meta is supported by strong returns that top a majority of industry peers. It also has a moderate Piotroski F-Score of 5. Steady earnings and revenue growth contributed to a 4.5-star predictability rank.

Fisher is Meta’s largest guru shareholder with a 0.41% stake. Dodge & Cox, Baillie Gifford (Tranzacții, portofoliu), Prima investiție Eagle (Tranzacții, portofoliu), Coleman, Davis, Simons’ firm and Ruane Cunniff (Tranzacții, portofoliu), among others, also have significant stakes in the company.

Taiwan Semiconductor de fabricație

With an impact of 1.49% on the equity portfolio, Rolfe increased his holding of Taiwan Semiconductor Manufacturing (TSM, Financiar) by 41.28%, picking up 101,453 shares. During the quarter, shares traded for an average price of $117.35 each.

The guru now holds 347,234 shares, which represent 5.11% of the equity portfolio and is the ninth-largest holding. GuruFocus estimates he has lost 23% on the investment since establishing it in the second quarter of 2021.

The Taiwanese company, which manufactures semiconductor chips, has a $469.31 billion market cap; its shares were trading around $90.65 on Monday with a price-earnings ratio of 22.01, a price-book ratio of 6.15 and a price-sales ratio of 8.31.

Potrivit GF Value Line, stocul este modest subevaluat în prezent.

In his letter, Rolfe noted the stock “pulled back on geopolitical concerns and periodic market fears about the end of the ‘cycle’ in semiconductors.” However, the guru said his firm added to its holding given its promising “competitive positioning and opportunity for growth.”

GuruFocus rated Taiwan Semiconductor’s financial strength 8 out of 10. Although the company has issued new long-term debt over the past three years, it is manageable due to a sufficient level of interest coverage. The robust Altman Z-Score of 7.05 indicates the company is in good standing even though assets are building up at a faster rate than revenue is growing. The ROIC is also higher than the WACC, suggesting good value creation is occurring.

The company’s profitability scored a 10 out of 10 rating, driven by an expanding operating margin, strong returns that exceed a majority of competitors and a moderate Piotroski F-Score of 5. Taiwan Semiconductor’s consistent revenue per share growth contributed to a four-star predictability rank. GuruFocus says companies with this rank return an average of 9.8% annually.

With a 0.51% stake, Fisher is the company’s largest guru shareholder. Other top guru investors include Sands, First Eagle, Baillie Gifford (Tranzacții, portofoliu), Ruane Cunniff (Tranzacții, portofoliu), Ron Baron (Tranzacții, portofoliu), Segalas, Sarah Ketterer (Tranzacții, portofoliu), Jeremy Grantham (Tranzacții, portofoliu) Şi Steven Cohen (Tranzacții, portofoliu).

Tranzacții suplimentare și performanța portofoliului

During the quarter, Rolfe also added to his holdings of UnitedHealth Group
Unh
Inc (Unh, Financiar), Microsoft
MSFT
Corp. (MSFT, Financiar), Motorola Solutions Inc. (MSI, Financiar), Visa
V
Inc (V, Financiar) and Booking Holdings Inc. (BKNG, Financiar).

Wedgewood’s $709.05 million equity portfolio, which is composed of 43 stocks, is most heavily invested in the technology and financial services sectors.

Firma a înregistrat un randament de 32.1% pentru 2021, depășind randamentul de 500% al indicelui S&P 28.7.

Prezentări de informații

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