មូលនិធិ Yacktman ទិញ Warner Bros. Discovery And Embecta, លក់ Macy's

សេចក្តីសង្ខេប

• Along with new positions in Warner Bros. Discovery and Embecta, the fund swapped its Class C shares of AlphabetGoogle
  for Class A.
• The fund also reduced its Syscoស៊ី
  stake and sold out of Macy’sM
  .

នេះ មូលនិធិ Yacktman (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), part of AMG ការគ្រប់គ្រងទ្រព្យយិតមែន (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), disclosed its second-quarter equity portfolio earlier this week.

Managed by Stephen Yacktman and Jason Subotky, the Austin, Texas-based fund seeks to achieve long-term capital appreciation and current income by combining elements of both growth and value investing strategies. When picking stocks, the portfolio managers focus on good businesses with shareholder-oriented management teams that are trading at a discount.

Keeping these considerations in mind, the NPORT-P filing shows the fund entered three new positions, sold out of three stocks and trimmed a handful of other existing holdings during the three months ended June 30. Notable trades included an exchange of Alphabet Inc.’s Class C stock (GOOG, ហិរញ្ញវត្ថុ) for its Class A (Google, ហិរញ្ញវត្ថុ) shares, new stakes in Warner Bros. Discovery Inc. (WBD, ហិរញ្ញវត្ថុ) and Embecta Corp. (EMBC, ហិរញ្ញវត្ថុ), a reduction in the Sysco Corp. (ស៊ី, ហិរញ្ញវត្ថុ) position and the divestment of Macy’s Inc. (M, ហិរញ្ញវត្ថុ).

Investors should be aware that, just like 13F filings, NPORT-P reports do not provide a complete picture of a guru’s holdings to the public. Filed by certain mutual funds after each quarter’s end, they collect a wide variety of information on the fund for the SEC’s reference, but in general, the only information made public is in regard to long equity positions. Unlike 13Fs, they do require some disclosure for long equity positions in foreign stocks. Despite their limitations, even these limited filings can provide valuable information. You can read more about form NPORT-P at the SEC website.

អក្ខរក្រម

In its largest transaction for the quarter, Yacktman swapped its 2.22 million Class C (GOOG, ហិរញ្ញវត្ថុ) shares of Alphabet for 2.22 million shares of its Class A stock (Google, ហិរញ្ញវត្ថុ), allocating 3.60% of the equity portfolio to the new holding.

GuruFocus estimates the fund gained 103.46% on its investment in the Class C stock, which was established in the first quarter of 2019.

The Mountain View, California-based tech conglomerate, which is the parent company of GoogleGOOG
and YouTube, has a $1.47 trillion market cap; its Class A shares were trading around $111.14 on Tuesday with a price-earnings ratio of 1.01, a price-book ratio of 5.78 and a price-sales ratio of 0.27 following a 20-for-1 stock split that took effect on Friday. Prior to that, the stock was trading around $2,235.55.

បន្ទាត់តម្លៃ GFវ៉ាលី
បង្ហាញថាភាគហ៊ុនត្រូវបានវាយតម្លៃទាបតិចតួចនាពេលបច្ចុប្បន្នដោយផ្អែកលើសមាមាត្រប្រវត្តិសាស្រ្ត ប្រតិបត្តិការហិរញ្ញវត្ថុកន្លងមក និងការព្យាករណ៍ប្រាក់ចំណូលនាពេលអនាគត។

Alphabet’s financial strength and profitability were both rated 9 out of 10 by GuruFocus. In addition to a comfortable level of interest coverage, the company is supported by a robust Altman Z-score of 11.12 that indicates it is in good standing. The return on invested capital also overshadows the weighted average cost of capital, meaning value is being created as the company grows.

Along with operating margin expansion, the company is supported by strong returns on equity, assets and capital that outperform a majority of competitors. It also has a high Piotroski F-Score of 8 out of 9, indicating business conditions are healthy. Boosted by consistent earnings and revenue growth, Alphabet also has a predictability rank of two out of five stars. According to GuruFocus research, companies with this rank return an average of 6% annually over a 10-year period.

Of the gurus invested in Alphabet’s Class A stock, ខេនហ្វីស (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន) មានភាគហ៊ុនធំជាងគេដែលមាន 0.31% នៃភាគហ៊ុនដែលនៅសល់។ ការគ្រប់គ្រង PRIMECAP (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), Spiros Segalas (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), ហ្វ្រេដសាន់ស៍ (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), គ្រីសដាវីស (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), Jim Simons (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន)' បច្ចេកវិទ្យាក្រុមហ៊ុន Renaissance, លោក Bill Nygren (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), Ruane Cuniff (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន) and many other gurus also have notable positions in the stock.

ការរកឃើញ

The fund invested in 2.9 million shares of Warner Bros. Discovery (WBD, ហិរញ្ញវត្ថុ), dedicating 0.58% of the equity portfolio to the stake. The stock traded for an average price of $18.65 per share during the quarter.

The media and entertainment company headquartered in New York City, which is the result of a recent merger between AT&TT
Inc.’s (T, ហិរញ្ញវត្ថុ) WarnerMedia and Discovery Inc., has a market cap of $34.44 billion; its shares were trading around $14.17 on Tuesday with a price-earnings ratio of 7.03, a price-book ratio of 0.60 and a price-sales ratio of 0.74.

យោងតាមបន្ទាត់តម្លៃ GF ភាគហ៊ុននេះមានតម្លៃទាបគួរឱ្យកត់សម្គាល់នាពេលបច្ចុប្បន្ន។

GuruFocus rated Warner Bros. Discovery’s financial strength 5 out of 10. In addition to insufficient interest coverage, the low Altman Z-Score of 2.15 indicates the company is under some pressure since assets are building up at a faster rate than revenue is growing. Further, the WACC eclipses the ROIC, indicating the company is struggling to create value.

The company’s profitability fared better, scoring a 9 out of 10 rating. Although the operating margin is in decline, its returns top a majority of industry peers. Warner Bros. Discovery also has a high Piotroski F-Score of 8 and steady earnings and revenue growth contributed to a 3.5-star predictability rank. GuruFocus data shows companies with this rank return an average of 9.3% annually.

With a 0.87% stake, Hotchkis & Wiley is Warner Bros. Discovery’s largest guru shareholder. Other top guru investors include Mason Hawkins (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), នេះ មូលនិធិតម្លៃ Smead (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), ខ្សែប្រយុទ្ធ Mario Gabelli (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), David einhorn (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន) និង Yacktman Focused Fund (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន).

អេមបេតា

The fund picked up 1.52 million shares of Embecta (EMBC, ហិរញ្ញវត្ថុ), giving it 0.57% space in the equity portfolio. Shares traded for an average price of $28.89 each during the quarter.

Recently spun off of Becton, Dickinson and Co. (BDX, ហិរញ្ញវត្ថុ), the Franklin Lakes, New Jersey-based health care company, which specializes in diabetes care, has a $1.44 billion market cap; its shares were trading around $25.01 on Tuesday with a price-earnings ratio of 2.66 and a price-sales ratio of 2.43.

Since its spinoff on April 1, the stock has tumbled over 40%.

Embecta’s financial strength and profitability were both rated 5 out of 10 by GuruFocus. Adequate interest coverage and a high Altman Z-Score of 3.21 indicate it is in good standing.

Similarly, the company’s margins and returns are outperforming versus competitors.

នេះ មូលនិធិ Yacktman (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន) is Embecta’s largest guru shareholder with a 2.63% stake. លោក Al Gore (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួនការវិនិយោគជំនាន់, ការវិនិយោគឥន្ទ្រីដំបូង (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), ពេជ្រហ៊ីលថលរាជធានី (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), Ray Dalio (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), Simons’ firm, Barrow, Hanley, Mewhinney & Strauss, among others, also hold the stock.

ស៊ីសេកូ។

Impacting the equity portfolio by -0.50%, the fund curbed its Sysco (ស៊ី, ហិរញ្ញវត្ថុ) holding by 18.37%, selling 477,600 shares. During the quarter, the stock traded for an average per-share price of $83.73.

The fund now holds a total of 2.12 million shares, which represent 2.67% of the equity portfolio. GuruFocus data shows Yacktman has gained an estimated 72.71% on the investment so far.

The foodservice distributor headquartered in Houston has a market cap of $44.44 billion; its shares were trading around $87.22 on Tuesday with a price-earnings ratio of 44.97, a price-book ratio of 33.58 and a price-sales ratio of 0.69.

ផ្អែកលើខ្សែតំរុយអេចអេហ្វអេសភាគហ៊ុនបច្ចុប្បន្នត្រូវបានគេវាយតម្លៃថាមានតម្លៃ។

GuruFocus rated Sysco’s financial strength 5 out of 10. As a result of issuing new long-term debt over the past three years, the company has weak interest coverage. The Altman Z-Score of 5.28, however, indicates it is in good standing. The ROIC also exceeds the WACC, so value creation is occurring.

The company’s profitability fared better with a 7 out of 10 rating. While the operating margin is in decline, its returns are outperforming a majority of industry peers. Sysco also has a high Piotroski F-Score of 7. Despite recorded losses in operating income and declines in revenue per share, it still has a one-star predictability rank. GuruFocus says companies with this rank return an average of 1.1% annually.

Of the gurus invested in Sysco, ណិលសុនផេលស៍ (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន) មានភាគហ៊ុនធំជាងគេដែលមាន 2.26% នៃភាគហ៊ុនដែលនៅសល់។ ការគ្រប់គ្រងទ្រព្យយិតមែន (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), PRIMECAP, the មូលនិធិភេនសាសស៊ូស (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), Mairs និងថាមពល (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន) and Dalio also have significant positions in the stock.

ក្រុមហ៊ុន Macy

With an impact of -0.37% on the equity portfolio, the fund sold its 1.2 million remaining shares of Macy’s (M, ហិរញ្ញវត្ថុ). During the quarter, the stock traded for an average price of $22.65 per share.

According to GuruFocus data, Yacktman lost an estimated 23.34% on the investment over its lifetime.

The iconic department store chain based in New York has a $4.97 billion market cap; its shares were trading around $18.46 on Tuesday with a price-earnings ratio of 3.50, a price-book ratio of 1.52 and a price-sales ratio of 0.22.

ខ្សែបន្ទាត់តម្លៃជីអេហ្វអេបង្ហាញថាភាគហ៊ុនបច្ចុប្បន្នមានតម្លៃសមរម្យ។

Macy’s financial strength was rated 5 out of 10 by GuruFocus, driven by adequate interest coverage. The Altman Z-Score of 2.7, however, indicates the company is under some pressure due to a decline in revenue per share. The ROIC also surpasses the WACC, so value is being created.

The retailer’s profitability scored a 7 out of 10 rating on the back of margins and returns that top a majority of competitors. Macy’s also has a high Piotroski F-Score of 8 and a one-star predictability rank.

ដោយមានភាគហ៊ុន ៥.៦៦% ។ David tepper (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន) is Macy’s largest guru shareholder. The retailer is also being held by Simons’ firm, ការគ្រប់គ្រងទ្រព្យយិតមែន (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), ចនហ៊ូសមែន (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), Paul Tudor Jones (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), ជេរេមីហ្គ្រែមហាំ (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន), លោក Joel Greenblatt (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន) និង សហការីខេកតុន (ជំនួញ, គេហទំព័រផ្ទាល់ខ្លួន).

Additonal trades and portfolio performance

During the quarter, the fund managers also sold out of Vitesco Technologies Group AG (XTER:VTSCSC
, ហិរញ្ញវត្ថុ) and slimmed its holdings of Continental AG (XTER:CON, ហិរញ្ញវត្ថុ), Brenntag SE (XTER:BNR, ហិរញ្ញវត្ថុ) and Associated British Foods PLC (LSE:ABF, ហិរញ្ញវត្ថុ).

Yacktman’s $6.74 billion equity portfolio, which is composed of 57 stocks, is largely invested in the consumer defensive, communication services and technology sectors.

GuruFocus data shows the fund underperformed the S&P 500 Index in 2021 with a return of 19.63%. The benchmark posted a 28.70% return.

ការលាតត្រដាង

ខ្ញុំ/យើងមិនមានមុខតំណែងនៅក្នុងភាគហ៊ុនណាមួយដែលបានរៀបរាប់នោះទេ ហើយមិនមានគម្រោងទិញមុខតំណែងថ្មីណាមួយនៅក្នុងភាគហ៊ុនដែលបានរៀបរាប់ក្នុងរយៈពេល 72 ម៉ោងបន្ទាប់។