Insight into the Investment Moves of a Renowned Value Investor
Tom Russo (Trades, Portfolio), a seasoned value investor and Managing Member of Gardner Russo & Quinn LLC, has revealed his investment decisions for the third quarter of 2023 through the latest 13F report. With over $8 billion under management, Russo's investment strategy is deeply rooted in identifying companies with robust cash-flow characteristics and high returns on invested capital. His portfolio selections are guided by a keen eye for value and price, favoring firms with strong balance sheets and a history of asset performance.
New Portfolio Additions
Tom Russo (Trades, Portfolio)'s recent 13F filing indicates a strategic addition to his portfolio:
- The most significant addition was Burnham Holdings Inc (BURCA, Financial), with 10,000 shares, accounting for a total value of $122.1 million.
Key Position Increases
Russo has bolstered his stakes in several companies during the quarter:
- Alphabet Inc (GOOGL, Financial) saw an increase of 900 shares, bringing Russo's total to 22,330 shares. This 4.2% increase in share count had a negligible impact on the portfolio's overall composition, with a total value of $2,922,100.
- Altria Group Inc (MO, Financial) also experienced a boost with an additional 2,921 shares, resulting in a total holding of 330,299 shares. This adjustment signifies a 0.89% increase in share count and a total value of $13,889,070.
Complete Exits from Holdings
The third quarter also saw Russo exit positions in two companies:
- He sold all 44,000 shares of Unilever PLC (UNLYF, Financial), impacting the portfolio by -0.02%.
- LVMH Moet Hennessy Louis Vuitton SE (LVMUY, Financial) was liquidated entirely, with 1,124 shares sold, causing a negligible impact on the portfolio.
Significant Position Reductions
Noteworthy reductions were made in Russo's portfolio, particularly:
- Unilever PLC (UL, Financial) shares were cut by 2,692,172, a dramatic -96.44% decrease, affecting the portfolio by -1.39%. The stock's average trading price was $51.37 during the quarter, with a -6.11% return over the past three months and -0.74% year-to-date.
- Cable One Inc (CABO, Financial) holdings were reduced by 61,766 shares, a -71.46% reduction, impacting the portfolio by -0.4%. The stock traded at an average price of $658.64 and has seen a -19.01% return over the past three months and -21.32% year-to-date.
Portfolio Overview
As of the third quarter of 2023, Tom Russo (Trades, Portfolio)'s portfolio is composed of 83 stocks. The top holdings are:
- 14.38% in Berkshire Hathaway Inc (BRK.A, Financial)
- 11.64% in Alphabet Inc (GOOG, Financial)
- 10.29% in Mastercard Inc (MA, Financial)
- 9.7% in Nestle SA (NSRGY, Financial)
- 6.74% in Compagnie Financiere Richemont SA (CFRHF, Financial)
The investments span across 10 of the 11 industries, with significant concentration in Financial Services, Consumer Defensive, Communication Services, Consumer Cyclical, Basic Materials, Industrials, Energy, Technology, Healthcare, and Real Estate.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
