Joel Greenblatt Gotham Asset Management
Joel Greenblatt is a co-founder of Gotham Asset Management and a well-known value investor, professor, and author. He gained wide recognition for The Little Book That Beats the Market and for popularizing a systematic value approach often called the “magic formula.” Greenblatt’s career spans special-situation investing, quantitative value strategies, and investor education.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Micron Technology
MU
|
+$46.7M |
| 2 |
Altria Group
MO
|
+$36.7M |
| 3 |
Clorox
CLX
|
+$36M |
| 4 |
Lockheed Martin
LMT
|
+$35.6M |
| 5 |
Pentair
PNR
|
+$31.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Emerson Electric
EMR
|
+$51.9M |
| 2 |
United Rentals
URI
|
+$42.6M |
| 3 |
Archer Daniels Midland
ADM
|
+$31.2M |
| 4 |
Biogen
BIIB
|
+$29.4M |
| 5 |
Procter & Gamble
PG
|
+$27.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 20.45% |
| 2 | Technology | 20.01% |
| 3 | Healthcare | 16.96% |
| 4 | Consumer Discretionary | 16.53% |
| 5 | Communication Services | 9.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1026
SLB Ltd
SLB
$79.9B
| – | – |
-207,163
| Closed | -$13.6M |
|
1027
Silgan Holdings
SLGN
$4.48B
| – | – |
-198,755
| Closed | -$6.32M |
|
|
SNCR
1028
DELISTED
Synchronoss Technologies
SNCR
| – | – |
-36,745
| Closed | -$5.44M |
|
1029
Smart Sand
SND
$206M
| – | – |
-15,955
| Closed | -$142K |
|
1030
Sanofi
SNY
$110B
| – | – |
-32,588
| Closed | -$1.56M |
|
1031
Southern Company
SO
$102B
| – | – |
-10,972
| Closed | -$525K |
|
|
SPTN
1032
DELISTED
SpartanNash
SPTN
| – | – |
-59,729
| Closed | -$1.55M |
|
1033
Sportsman's Warehouse
SPWH
$44.9M
| – | – |
-21,108
| Closed | -$114K |
|
|
STKL
1034
DELISTED
SunOpta
STKL
| – | – |
-116,281
| Closed | -$1.19M |
|
1035
Sensient Technologies
SXT
$5.73B
| – | – |
-36,782
| Closed | -$2.96M |
|
1036
Teradata
TDC
$2.58B
| – | – |
-9,931
| Closed | -$293K |
|
1037
Teladoc Health
TDOC
$1.16B
| – | – |
-36,199
| Closed | -$1.26M |
|
1038
Truist Financial
TFC
$61.6B
| – | – |
-9,055
| Closed | -$411K |
|
1039
Interface
TILE
$2.25B
| – | – |
-10,417
| Closed | -$205K |
|
1040
Timken Company
TKR
$8.67B
| – | – |
-11,894
| Closed | -$550K |
|
1041
Thermo Fisher Scientific
TMO
$233B
| – | – |
-2,478
| Closed | -$432K |
|
1042
Tootsie Roll Industries
TR
$3.08B
| – | – |
-7,693
| Closed | -$205K |
|
1043
Travelers Companies
TRV
$75.8B
| – | – |
-2,293
| Closed | -$290K |
|
1044
Tyson Foods
TSN
$20.6B
| – | – |
-415,061
| Closed | -$26M |
|
1045
TETRA Technologies
TTI
$1.06B
| – | – |
-16,484
| Closed | -$46K |
|
1046
UDR
UDR
$12.1B
| – | – |
-28,367
| Closed | -$1.1M |
|
1047
Unilever
UL
$138B
| – | – |
-29,500
| Closed | -$1.8M |
|
1048
Unifirst Corp
UNF
$5.25B
| – | – |
-3,419
| Closed | -$481K |
|
1049
Unum
UNM
$13.9B
| – | – |
-4,475
| Closed | -$209K |
|
|
1050
United Rentals
URI
$68.4B
| – | – |
-377,718
| Closed | -$42.6M |
|
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Joel Greenblatt's Q3 2017 Portfolio in Review
As of Q3 2017, Joel Greenblatt held 1,127 positions worth $6.81B, down 4.5% from $7.13B the previous quarter. Its ten largest holdings account for 8.7% of the portfolio.
Joel Greenblatt withdrew a net $570M in Q3 2017, closing 230 positions and reducing 398 holdings. Its most notable exit was United Rentals, an estimated $42.6M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 20% of assets, up from 20% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Joel Greenblatt opened a new position in Micron Technology worth $58.1M.
- Joel Greenblatt's largest Q3 2017 buy was Micron Technology: 1,477,788 shares worth $58.1M.
- Joel Greenblatt added most to Altria Group in Q3 2017, an estimated $36.7M increase.
- Joel Greenblatt's biggest Q3 2017 reduction was Emerson Electric, cutting an estimated $51.9M.
- Joel Greenblatt fully exited United Rentals in Q3 2017, selling an estimated $42.6M.
- Joel Greenblatt's ten largest holdings make up 8.7% of its $6.81B portfolio in Q3 2017.
- Joel Greenblatt opened 178 new positions and closed 230 in Q3 2017.
- Joel Greenblatt's portfolio value fell 4.5% quarter-over-quarter to $6.81B.
Based on Gotham Asset Management's 13F filing for Q3 2017, filed 14 Nov 2017.