Focused Investors Portfolio holdings
Focused Investors runs a concentrated portfolio of large, mostly U.S. companies, buying stocks it believes trade well below their intrinsic value and holding them for the long term. Founded in 2006, the firm is owned and managed by Bruce Veaco and Dédé Soeharto, who each spent nearly 20 years on the investment team at Pacific Financial Research, where both also helped manage the Clipper and Clipper Focus funds. It manages separate accounts for employee benefit plans, endowments and foundations, while smaller clients invest through its own fund.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Accenture
ACN
|
+$9.5M |
| 2 |
Oracle
ORCL
|
+$1.21M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Centene
CNC
|
+$71.7M |
| 2 |
Goldman Sachs
GS
|
+$40.2M |
| 3 |
Morgan Stanley
MS
|
+$37.5M |
| 4 |
Johnson & Johnson
JNJ
|
+$35.4M |
| 5 |
Microsoft
MSFT
|
+$32.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 25.69% |
| 2 | Financials | 22.08% |
| 3 | Industrials | 15.58% |
| 4 | Technology | 15.14% |
| 5 | Consumer Discretionary | 11.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Johnson & Johnson
JNJ
$683B
| $189M | 7.84% |
713,800
-134,000
| -16% | -$35.4M |
2013 Q2
53 quarters
|
|
|
2
Microsoft
MSFT
$3.88T
| $187M | 7.74% |
363,900
-69,800
| -16% | -$32.3M |
2013 Q2
53 quarters
|
|
|
3
Goldman Sachs
GS
$264B
| $184M | 7.64% |
204,700
-39,300
| -16% | -$40.2M |
2013 Q2
53 quarters
|
|
|
4
Morgan Stanley
MS
$296B
| $174M | 7.23% |
927,450
-176,600
| -16% | -$37.5M |
2013 Q2
53 quarters
|
|
5
Elevance Health
ELV
$92.9B
| $151M | 6.24% |
387,100
-74,500
| -16% | -$29.7M |
2013 Q2
53 quarters
|
|
6
Walt Disney
DIS
$204B
| $147M | 6.09% |
1,399,550
-265,100
| -16% | -$27.2M |
2023 Q4
11 quarters
|
|
7
Cigna
CI
$78.1B
| $143M | 5.93% |
526,100
-99,800
| -16% | -$28.1M |
2019 Q3
28 quarters
|
|
8
UnitedHealth
UNH
$363B
| $137M | 5.68% |
372,800
-70,700
| -16% | -$28.5M |
2013 Q2
53 quarters
|
|
9
American Express
AXP
$213B
| $116M | 4.83% |
383,050
-72,600
| -16% | -$24.3M |
2013 Q2
53 quarters
|
|
10
PepsiCo
PEP
$194B
| $104M | 4.3% |
817,950
-154,700
| -16% | -$21.3M |
2013 Q2
53 quarters
|
|
11
FedEx
FDX
$74.8B
| $102M | 4.22% |
356,500
-68,500
| -16% | -$21.5M |
2018 Q4
31 quarters
|
|
|
12
Accenture
ACN
$148B
| $101M | 4.17% |
548,800
+56,400
| +11% | +$9.5M |
2026 Q2
1 quarter
|
|
13
TJX Companies
TJX
$150B
| $91.5M | 3.8% |
691,900
-133,400
| -16% | -$19.2M |
2020 Q1
26 quarters
|
|
14
Global Payments
GPN
$23.3B
| $89.3M | 3.7% |
1,093,300
-207,500
| -16% | -$17.8M |
2024 Q4
7 quarters
|
|
|
15
Oracle
ORCL
$396B
| $77.8M | 3.23% |
566,350
+8,600
| +2% | +$1.21M |
2022 Q3
16 quarters
|
|
16
McDonald's
MCD
$193B
| $71.3M | 2.96% |
308,600
-59,200
| -16% | -$15.6M |
2013 Q2
53 quarters
|
|
17
Northrop Grumman
NOC
$78B
| $65.1M | 2.7% |
134,600
-25,700
| -16% | -$13.8M |
2020 Q3
24 quarters
|
|
18
Lockheed Martin
LMT
$140B
| $63.2M | 2.62% |
124,200
-23,700
| -16% | -$13M |
2020 Q3
24 quarters
|
|
19
Lowe's Companies
LOW
$128B
| $60.3M | 2.5% |
327,050
-63,900
| -16% | -$13.3M |
2021 Q3
20 quarters
|
|
20
Marsh
MRSH
$97.8B
| $57.2M | 2.37% |
335,000
-69,300
| -17% | -$12.7M |
2026 Q2
1 quarter
|
|
21
L3Harris
LHX
$50.6B
| $56.5M | 2.34% |
238,650
-45,500
| -16% | -$12.4M |
2021 Q1
22 quarters
|
|
22
Home Depot
HD
$347B
| $45.1M | 1.87% |
158,400
-30,100
| -16% | -$9.9M |
2018 Q3
32 quarters
|
|
|
23
Centene
CNC
$34.8B
| – | – |
-1,117,750
| Closed | -$71.7M | – |
|
Similar funds
Focused Investors's Q3 2026 Portfolio in Review
As of Q3 2026, Focused Investors held 23 positions worth $2.41B, down 19% from $2.96B the previous quarter. Its ten largest holdings account for 64% of the portfolio.
Focused Investors withdrew a net $515M in Q3 2026, closing 1 position and reducing 20 holdings. Its most notable exit was Centene, an estimated $71.7M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 26% of assets, down from 28% a quarter earlier, followed by Financials and Industrials.
Against the trend, Focused Investors added an estimated $9.5M to Accenture.
- Focused Investors added most to Accenture in Q3 2026, an estimated $9.5M increase.
- Focused Investors's biggest Q3 2026 reduction was Goldman Sachs, cutting an estimated $40.2M.
- Focused Investors fully exited Centene in Q3 2026, selling an estimated $71.7M.
- Focused Investors's ten largest holdings make up 64% of its $2.41B portfolio in Q3 2026.
- Focused Investors opened 0 new positions and closed 1 in Q3 2026.
- Focused Investors's portfolio value fell 19% quarter-over-quarter to $2.41B.
Based on Focused Investors's 13F filing for Q3 2026, filed 30 Oct 2026.