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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 | |
|---|---|---|---|---|---|---|
|
1
Vanguard Real Estate ETF
VNQ
$39.9B
| $131M | 10.55% |
1,757,384
-701,102
| -29% | -$55.2M |
|
|
2
Microsoft
MSFT
$2.9T
| $35.6M | 2.87% |
350,330
-626,816
| -64% | -$67.1M |
|
|
3
Apple
AAPL
$4.97T
| $25M | 2.01% |
633,272
-1,644,644
| -72% | -$79.7M |
|
4
Visa
V
$701B
| $21.6M | 1.74% |
163,696
-34,636
| -17% | -$4.78M |
|
|
5
Amazon
AMZN
$2.44T
| $19.2M | 1.54% |
255,180
-662,600
| -72% | -$55.1M |
|
6
JPMorgan Chase
JPM
$916B
| $18.4M | 1.48% |
188,767
-149,290
| -44% | -$15.9M |
|
7
Berkshire Hathaway Class B
BRK.B
$1.1T
| $17.8M | 1.43% |
87,155
-88,853
| -50% | -$18.6M |
|
8
Alphabet (Google) Class A
GOOGL
$4.12T
| $17.4M | 1.4% |
333,120
-490,300
| -60% | -$26.5M |
|
|
9
Alphabet (Google) Class C
GOOG
$4.11T
| $17.2M | 1.39% |
332,540
-500,980
| -60% | -$26.8M |
|
10
Mastercard
MA
$498B
| $17M | 1.37% |
90,133
-66,227
| -42% | -$13.2M |
|
|
11
UnitedHealth
UNH
$382B
| $16.4M | 1.32% |
65,943
-152,510
| -70% | -$40.3M |
|
12
Vanguard Global ex-US Real Estate ETF
VNQI
$3.51B
| $14.5M | 1.17% |
276,816
-101,476
| -27% | -$5.48M |
|
13
Amgen
AMGN
$209B
| $14M | 1.13% |
71,801
+700
| +1% | +$137K |
|
14
Thermo Fisher Scientific
TMO
$214B
| $13.6M | 1.09% |
60,577
| – | – |
|
15
Union Pacific
UNP
$174B
| $13.4M | 1.08% |
97,199
+740
| +0.8% | +$110K |
|
16
Norfolk Southern
NSC
$75.4B
| $13.3M | 1.07% |
89,169
| – | – |
|
17
Meta Platforms (Facebook)
META
$1.49T
| $12.1M | 0.97% |
92,269
-198,875
| -68% | -$28.8M |
|
18
Oracle
ORCL
$339B
| $11.6M | 0.94% |
257,911
| – | – |
|
19
Comcast
CMCSA
$87.3B
| $10.3M | 0.83% |
303,365
-387,533
| -56% | -$14.1M |
|
20
CSX Corp
CSX
$94B
| $10.1M | 0.82% |
489,642
-615,081
| -56% | -$14.1M |
|
21
AutoZone
AZO
$51.3B
| $10.1M | 0.81% |
12,030
-12,497
| -51% | -$10M |
|
22
Walmart Inc
WMT
$909B
| $10M | 0.81% |
322,521
-219,561
| -41% | -$7.04M |
|
23
Ball Corp
BALL
$17.5B
| $9.51M | 0.77% |
206,782
| – | – |
|
24
Biogen
BIIB
$30.9B
| $9.24M | 0.74% |
30,691
-77,279
| -72% | -$24.7M |
|
25
Chubb
CB
$140B
| $9.09M | 0.73% |
70,397
| – | – |
|
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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.