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Cortland Advisers Portfolio holdings
AUM
$2.18B
1-Year Est. Return
8.82%
This Fund
S&P 500
This Quarter
Est. Return
+5.19%
1 Year Est. Return
+8.82%
3 Year Est. Return
+40.54%
5 Year Est. Return
+42.79%
10 Year Est. Return
–
AUM
$1.95B
AUM Growth
-$888M
(-31%)
Cap. Flow
-$991M
Cap. Flow
% of AUM
-50.86%
Top 10 Holdings %
Top 10 Hldgs %
59.77%
Holding
33
New
2
Increased
–
Reduced
29
Closed
2
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$35.9M |
| 2 |
Northern Trust
NTRS
|
+$7.18M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wells Fargo
WFC
|
+$83.7M |
| 2 |
SLB Ltd
SLB
|
+$71.8M |
| 3 |
BNY
Bank of New York Mellon
BNY
|
+$69.8M |
| 4 |
US Bancorp
USB
|
+$62.7M |
| 5 |
American Tower
AMT
|
+$60.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 56.96% |
| 2 | Energy | 25.15% |
| 3 | Utilities | 10.69% |
| 4 | Real Estate | 5.98% |
| 5 | Communication Services | 1.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Kinder Morgan
KMI
$71.9B
| $198M | 10.15% |
8,549,781
-2,051,868
| -19% | -$43.5M |
|
|
BNY
2
Bank of New York Mellon
BNY
$108B
| $155M | 7.95% |
3,886,525
-1,748,710
| -31% | -$69.8M |
|
3
Chevron
CVX
$373B
| $133M | 6.84% |
1,295,575
-582,837
| -31% | -$59.5M |
|
4
Berkshire Hathaway Class B
BRK.B
$1.06T
| $133M | 6.81% |
918,725
-275,450
| -23% | -$40.3M |
|
|
5
Wells Fargo
WFC
$265B
| $119M | 6.12% |
2,691,925
-1,749,580
| -39% | -$83.7M |
|
6
Royal Bank of Canada
RY
$299B
| $94.9M | 4.87% |
1,531,075
-459,217
| -23% | -$28.2M |
|
7
Zions Bancorporation
ZION
$10.6B
| $87.4M | 4.49% |
2,818,350
-1,162,234
| -29% | -$33M |
|
|
8
American Tower
AMT
$79.2B
| $85.4M | 4.38% |
753,800
-527,524
| -41% | -$60.3M |
|
9
State Street
STT
$50.5B
| $80M | 4.1% |
1,148,453
-781,390
| -40% | -$51.1M |
|
10
Suncor Energy
SU
$73.7B
| $79.2M | 4.06% |
2,850,025
-1,282,480
| -31% | -$35M |
|
11
NextEra Energy
NEE
$185B
| $74.2M | 3.81% |
2,426,900
-1,091,452
| -31% | -$34.4M |
|
|
12
SLB Ltd
SLB
$70.3B
| $59.3M | 3.04% |
753,780
-904,404
| -55% | -$71.8M |
|
13
Toronto Dominion Bank
TD
$204B
| $58.6M | 3.01% |
1,319,100
-316,472
| -19% | -$13.9M |
|
|
14
US Bancorp
USB
$98.4B
| $52.7M | 2.71% |
1,229,800
-1,475,430
| -55% | -$62.7M |
|
15
CME Group
CME
$88.5B
| $51.7M | 2.65% |
494,725
-370,875
| -43% | -$38.7M |
|
16
Bank of Montreal
BMO
$127B
| $51M | 2.62% |
777,425
-349,622
| -31% | -$22.7M |
|
17
Intercontinental Exchange
ICE
$79B
| $50.8M | 2.61% |
942,800
-423,320
| -31% | -$23.1M |
|
18
Southern Company
SO
$107B
| $47.1M | 2.41% |
917,325
-131,995
| -13% | -$6.95M |
|
19
Bank of America
BAC
$430B
| $43M | 2.21% |
2,750,000
-1,237,500
| -31% | -$18.4M |
|
|
20
JPMorgan Chase
JPM
$907B
| $36.6M | 1.88% |
+550,000
| New | +$35.9M |
|
21
American International
AIG
$42.7B
| $35.2M | 1.81% |
593,570
-445,151
| -43% | -$25.4M |
|
|
PPL
22
PPL Corp
PPL
$27B
| $34.2M | 1.76% |
989,425
-237,254
| -19% | -$8.54M |
|
23
Crown Castle
CCI
$34.6B
| $31.1M | 1.6% |
329,950
-247,116
| -43% | -$23.8M |
|
24
Scotiabank
BNS
$110B
| $27.5M | 1.41% |
518,250
-233,115
| -31% | -$12.1M |
|
25
Aon
AON
$78.4B
| $26.5M | 1.36% |
235,750
-282,432
| -55% | -$31.1M |
|
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Cortland Advisers's Q3 2016 Portfolio in Review
As of Q3 2016, Cortland Advisers held 33 positions worth $1.95B, down 31% from $2.84B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Cortland Advisers withdrew a net $991M in Q3 2016, closing 2 positions and reducing 29 holdings. Its most notable exit was Affiliated Managers Group, an estimated $29.2M position sold in full.
By sector, the portfolio is most concentrated in Financials at 57% of assets, up from 55% a quarter earlier, followed by Energy and Utilities.
Against the trend, Cortland Advisers opened a new position in JPMorgan Chase worth $36.6M.
- Cortland Advisers's largest Q3 2016 buy was JPMorgan Chase: 550,000 shares worth $36.6M.
- Cortland Advisers's biggest Q3 2016 reduction was Wells Fargo, cutting an estimated $83.7M.
- Cortland Advisers fully exited Affiliated Managers Group in Q3 2016, selling an estimated $29.2M.
- Cortland Advisers's ten largest holdings make up 60% of its $1.95B portfolio in Q3 2016.
- Cortland Advisers opened 2 new positions and closed 2 in Q3 2016.
- Cortland Advisers's portfolio value fell 31% quarter-over-quarter to $1.95B.
Based on Cortland Advisers's 13F filing for Q3 2016, filed 10 Nov 2016.