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First Quadrant Portfolio holdings
AUM
$18M
Turnover
89.22%
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
+144.39%
10 Year Est. Return
–
AUM
$1.24B
AUM Growth
-$3.26B
(-72%)
Cap. Flow
-$2.84B
Cap. Flow % of AUM
Cap. Flow %
-229.02%
Top 10 Holdings %
Top 10 Hldgs %
25.78%
Holding
912
New
82
Increased
112
Reduced
260
Closed
114
Avg Time Held
2.7
years
Top 10 Avg Time Held
1.5
years
Top 20 Avg Time Held
1.6
years
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 |
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 | 16.62% |
| 2 | Technology | 14.51% |
| 3 | Healthcare | 14.35% |
| 4 | Miscellaneous | 11.79% |
| 5 | Industrials | 11.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vanguard Real Estate ETF
VNQ
$37.7B
| $131M | 10.55% |
1,757,384
-701,102
| -29% | -$55.2M |
2017 Q2
6 quarters
|
|
|
2
Microsoft
MSFT
$3.88T
| $35.6M | 2.87% |
350,330
-626,816
| -64% | -$67.1M |
2013 Q2
22 quarters
|
|
|
3
Apple
AAPL
$5.03T
| $25M | 2.01% |
633,272
-1,644,644
| -72% | -$79.7M |
2013 Q2
22 quarters
|
|
4
Visa
V
$773B
| $21.6M | 1.74% |
163,696
-34,636
| -17% | -$4.78M |
2013 Q2
22 quarters
|
|
|
5
Amazon
AMZN
$2.6T
| $19.2M | 1.54% |
255,180
-662,600
| -72% | -$55.1M |
2013 Q2
22 quarters
|
|
6
JPMorgan Chase
JPM
$895B
| $18.4M | 1.48% |
188,767
-149,290
| -44% | -$15.9M |
2013 Q2
22 quarters
|
|
7
Berkshire Hathaway Class B
BRK.B
$1.16T
| $17.8M | 1.43% |
87,155
-88,853
| -50% | -$18.6M |
2013 Q2
22 quarters
|
|
8
Alphabet (Google) Class A
GOOGL
$3.44T
| $17.4M | 1.4% |
333,120
-490,300
| -60% | -$26.5M |
2015 Q4
12 quarters
|
|
9
Alphabet (Google) Class C
GOOG
$3.42T
| $17.2M | 1.39% |
332,540
-500,980
| -60% | -$26.8M |
2013 Q2
22 quarters
|
|
10
Mastercard
MA
$556B
| $17M | 1.37% |
90,133
-66,227
| -42% | -$13.2M |
2013 Q2
22 quarters
|
|
|
11
UnitedHealth
UNH
$365B
| $16.4M | 1.32% |
65,943
-152,510
| -70% | -$40.3M |
2013 Q2
22 quarters
|
|
12
Vanguard Global ex-US Real Estate ETF
VNQI
$3.27B
| $14.5M | 1.17% |
276,816
-101,476
| -27% | -$5.48M |
2017 Q4
4 quarters
|
|
13
Amgen
AMGN
$252B
| $14M | 1.13% |
71,801
+700
| +1% | +$137K |
2013 Q2
22 quarters
|
|
14
Thermo Fisher Scientific
TMO
$258B
| $13.6M | 1.09% |
60,577
| – | – |
2013 Q2
22 quarters
|
|
15
Union Pacific
UNP
$181B
| $13.4M | 1.08% |
97,199
+740
| +0.8% | +$110K |
2013 Q2
22 quarters
|
|
16
Norfolk Southern
NSC
$77B
| $13.3M | 1.07% |
89,169
| – | – |
2013 Q2
22 quarters
|
|
17
Meta Platforms (Facebook)
META
$1.6T
| $12.1M | 0.97% |
92,269
-198,875
| -68% | -$28.8M |
2013 Q3
21 quarters
|
|
18
Oracle
ORCL
$396B
| $11.6M | 0.94% |
257,911
| – | – |
2013 Q2
22 quarters
|
|
19
Comcast
CMCSA
$82.5B
| $10.3M | 0.83% |
303,365
-387,533
| -56% | -$14.1M |
2013 Q2
22 quarters
|
|
20
CSX Corp
CSX
$96.3B
| $10.1M | 0.82% |
489,642
-615,081
| -56% | -$14.1M |
2013 Q2
22 quarters
|
|
21
AutoZone
AZO
$51B
| $10.1M | 0.81% |
12,030
-12,497
| -51% | -$10M |
2013 Q2
22 quarters
|
|
22
Walmart Inc
WMT
$980B
| $10M | 0.81% |
322,521
-219,561
| -41% | -$7.04M |
2013 Q2
22 quarters
|
|
23
Ball Corp
BALL
$17.6B
| $9.5M | 0.77% |
206,782
| – | – |
2013 Q2
22 quarters
|
|
24
Biogen
BIIB
$37.5B
| $9.24M | 0.74% |
30,691
-77,279
| -72% | -$24.7M |
2013 Q2
22 quarters
|
|
25
Chubb
CB
$139B
| $9.09M | 0.73% |
70,397
| – | – |
2016 Q1
11 quarters
|
|
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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 17% 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.