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FQ
First Quadrant Portfolio holdings
AUM
$18M
1-Year Est. Return
24.2%
This Fund
S&P 500
This Quarter
Est. Return
-12.43%
1 Year Est. Return
+24.2%
3 Year Est. Return
+90.61%
5 Year Est. Return
+144.35%
10 Year Est. Return
–
AUM
$1.24B
AUM Growth
-$3.26B
(-72%)
Cap. Flow
-$2.84B
Cap. Flow
% of AUM
-229.02%
Top 10 Holdings %
Top 10 Hldgs %
25.78%
Holding
912
New
82
Increased
112
Reduced
260
Closed
114
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$3.47M |
| 2 |
CVS Health
CVS
|
+$2.91M |
| 3 |
LXP Industrial Trust
LXP
|
+$1.42M |
| 4 |
Rexford Industrial Realty
REXR
|
+$1.26M |
| 5 |
CLDT
Chatham Lodging
CLDT
|
+$995K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$79.7M |
| 2 |
Microsoft
MSFT
|
+$67.1M |
| 3 |
Vanguard Real Estate ETF
VNQ
|
+$55.2M |
| 4 |
Amazon
AMZN
|
+$55.1M |
| 5 |
UnitedHealth
UNH
|
+$40.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 16.46% |
| 2 | Technology | 14.16% |
| 3 | Healthcare | 13.85% |
| 4 | Industrials | 11.28% |
| 5 | Consumer Discretionary | 9.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
851
Park Hotels & Resorts
PK
$3.08B
| – | – |
-612,503
| Closed | -$20.1M |
|
852
Pentair
PNR
$10.8B
| – | – |
-108,983
| Closed | -$4.72M |
|
853
Renasant Corp
RNST
$4.04B
| – | – |
-3,017
| Closed | -$124K |
|
854
Rollins
ROL
$18.6B
| – | – |
-330,284
| Closed | -$8.91M |
|
855
Red Rock Resorts
RRR
$3.84B
| – | – |
-11,780
| Closed | -$314K |
|
856
Sally Beauty Holdings
SBH
$1.47B
| – | – |
-79,128
| Closed | -$1.46M |
|
857
TD Synnex
SNX
$19.9B
| – | – |
-117,962
| Closed | -$5M |
|
858
S&P Global
SPGI
$124B
| – | – |
-111,366
| Closed | -$21.8M |
|
|
SPR
859
DELISTED
Spirit AeroSystems
SPR
| – | – |
-138,110
| Closed | -$12.7M |
|
|
SRDX
860
DELISTED
Surmodics
SRDX
| – | – |
-3,526
| Closed | -$263K |
|
861
Tredegar Corp
TG
$260M
| – | – |
-8,026
| Closed | -$174K |
|
862
Interface
TILE
$1.95B
| – | – |
-32,074
| Closed | -$749K |
|
863
Tilly's
TLYS
$114M
| – | – |
-674
| Closed | -$13K |
|
864
Turning Point Brands
TPB
$1.48B
| – | – |
-3,141
| Closed | -$130K |
|
865
TransUnion
TRU
$16B
| – | – |
-252,013
| Closed | -$18.5M |
|
866
Texas Roadhouse
TXRH
$13.7B
| – | – |
-74,136
| Closed | -$5.14M |
|
867
Universal Insurance Holdings
UVE
$1.26B
| – | – |
-2,831
| Closed | -$137K |
|
868
Valhi
VHI
$389M
| – | – |
-608
| Closed | -$17K |
|
869
VICI Properties
VICI
$29.9B
| – | – |
-336,219
| Closed | -$7.27M |
|
870
Vishay Intertechnology
VSH
$4.6B
| – | – |
-23,083
| Closed | -$470K |
|
871
Western Alliance Bancorporation
WAL
$8.81B
| – | – |
-13,012
| Closed | -$740K |
|
872
Werner Enterprises
WERN
$2.2B
| – | – |
-2,211
| Closed | -$78K |
|
873
John Wiley & Sons Class A
WLY
$2.83B
| – | – |
-171,109
| Closed | -$10.4M |
|
874
Waste Management
WM
$95B
| – | – |
-236,206
| Closed | -$21.3M |
|
875
Watsco Inc
WSO
$13.2B
| – | – |
-14,202
| Closed | -$2.53M |
|
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First Quadrant's Q4 2018 Portfolio in Review
As of Q4 2018, First Quadrant held 912 positions worth $1.24B, down 72% from $4.5B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
First Quadrant withdrew a net $2.84B in Q4 2018, closing 114 positions and reducing 260 holdings. Its most notable exit was S&P Global, an estimated $21.8M position sold in full.
By sector, the portfolio is most concentrated in Financials at 16% of assets, up from 14% a quarter earlier, followed by Technology and Healthcare.
Against the trend, First Quadrant opened a new position in LXP Industrial Trust worth $1.41M.
- First Quadrant's largest Q4 2018 buy was LXP Industrial Trust: 34,392 shares worth $1.41M.
- First Quadrant added most to Cigna in Q4 2018, an estimated $3.47M increase.
- First Quadrant's biggest Q4 2018 reduction was Apple, cutting an estimated $79.7M.
- First Quadrant fully exited S&P Global in Q4 2018, selling an estimated $21.8M.
- First Quadrant's ten largest holdings make up 26% of its $1.24B portfolio in Q4 2018.
- First Quadrant opened 82 new positions and closed 114 in Q4 2018.
- First Quadrant's portfolio value fell 72% quarter-over-quarter to $1.24B.
Based on First Quadrant's 13F filing for Q4 2018, filed 24 Jan 2019.