Thomas A. Russo, the Managing Member of Gardner Russo & Quinn LLC and Semper Vic Partners GP, LP, recently filed the firm's 13F report for the second quarter of 2023. Russo, who oversees more than $8 billion in assets, is known for his "global value" investment philosophy, focusing on long-term, equity investment partnerships. This report provides an insight into the firm's portfolio changes during Q2 2023.
Portfolio Overview
The firm's portfolio contained 83 stocks with a total value of $10.12 billion as of the end of Q2 2023. The top holdings were BRK.A (12.94%), GOOG (9.82%), and NSRGY (9.53%).
Top Three Trades of the Quarter
The firm made several notable trades during the quarter, including adjustments to its holdings in Unilever PLC (UL, Financial), Compagnie Financiere Richemont SA (CFRHF, Financial), and Netflix Inc (NFLX, Financial).
Unilever PLC (UL, Financial)
The firm reduced its investment in Unilever PLC (UL) by 1,459,407 shares, impacting the equity portfolio by 0.79%. The stock traded for an average price of $52.77 during the quarter. As of August 15, 2023, Unilever had a market cap of $129.39 billion and a stock price of $51.415. The stock has returned 11.36% over the past year. GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 8 out of 10. Unilever's valuation ratios include a P/E ratio of 14.74, a P/B ratio of 6.15, a PEG ratio of 10.53, a EV-to-Ebitda ratio of 8.34, and a P/S ratio of 1.96.
Compagnie Financiere Richemont SA (CFRHF, Financial)
The firm also reduced its investment in Compagnie Financiere Richemont SA (CFRHF) by 376,371 shares, impacting the equity portfolio by 0.62%. The stock traded for an average price of $164.12 during the quarter. As of August 15, 2023, Richemont had a market cap of $82.11 billion and a stock price of $143.12. The stock has returned 18.99% over the past year. GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10. Richemont's valuation ratios include a P/E ratio of 207.72, a P/B ratio of 3.70, a PEG ratio of 1.69, a EV-to-Ebitda ratio of 15.73, and a P/S ratio of 3.59.
Netflix Inc (NFLX, Financial)
During the quarter, the firm bought 110,142 shares of Netflix Inc (NFLX), bringing its total holding to 1,175,745 shares. This trade had a 0.48% impact on the equity portfolio. The stock traded for an average price of $367.96 during the quarter. As of August 15, 2023, Netflix had a market cap of $189.45 billion and a stock price of $427.51. The stock has returned 71.46% over the past year. GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10. Netflix's valuation ratios include a P/E ratio of 45.53, a P/B ratio of 8.32, a PEG ratio of 1.88, a EV-to-Ebitda ratio of 9.71, and a P/S ratio of 6.01.
In conclusion, the Q2 2023 13F filing reveals significant portfolio adjustments by the firm, reflecting its strategic investment decisions based on market conditions and company performance. These insights can provide valuable information for investors tracking the moves of successful investment firms like Gardner Russo & Quinn LLC.
