Riverbridge Partners Portfolio holdings
Riverbridge Partners is a growth-focused asset manager, founded in 1987, that buys stocks of high-quality companies it expects to grow in value over time. It looks for well-managed businesses with steady unit growth and strong free cash flow that can fund their own expansion, and it expects them to build their earnings power over long periods. Riverbridge also runs income strategies aimed at high, stable income, and in December 2012 it launched the Riverbridge Growth Fund, a mutual fund it advises. The firm is mainly owned by a holding company that gives its investment team and other key staff a stake, with a minority stake held by an affiliate of Lincoln Peak Capital, a private firm that partners with asset managers to help them stay independent. Its clients include institutions, mutual funds, individuals and financial advisers.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
EXL Service
EXLS
|
+$50.8M |
| 2 |
Exponent
EXPO
|
+$31.6M |
| 3 |
United Natural Foods
UNFI
|
+$28.5M |
| 4 |
ELLI
Ellie Mae Inc
ELLI
|
+$28.3M |
| 5 |
US Physical Therapy
USPH
|
+$27.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CPHD
Cepheid Inc
CPHD
|
+$189M |
| 2 |
LLTC
Linear Technology Corp
LLTC
|
+$103M |
| 3 |
RB Global
RBA
|
+$35.7M |
| 4 |
CCMP
CMC Materials, Inc. Common Stock
CCMP
|
+$28.3M |
| 5 |
Dorman Products
DORM
|
+$24.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.43% |
| 2 | Industrials | 21.9% |
| 3 | Healthcare | 20.73% |
| 4 | Consumer Discretionary | 11.97% |
| 5 | Consumer Staples | 7.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
NATI
1
DELISTED
National Instruments Corp
NATI
| $182M | 3.8% |
5,902,746
+325,612
| +6% | +$9.48M |
2013 Q2
14 quarters
|
|
2
Grand Canyon Education
LOPE
$3.08B
| $167M | 3.49% |
2,859,508
-155,587
| -5% | -$7.96M |
2013 Q2
14 quarters
|
|
3
DELISTED
Ultimate Software Group Inc
ULTI
| $140M | 2.93% |
768,377
-48,011
| -6% | -$9.6M |
2013 Q2
14 quarters
|
|
4
Gentex
GNTX
$3.94B
| $131M | 2.73% |
6,641,055
-407,258
| -6% | -$7.41M |
2013 Q2
14 quarters
|
|
5
CoStar Group
CSGP
$12.5B
| $131M | 2.73% |
6,929,420
-433,280
| -6% | -$8.51M |
2013 Q2
14 quarters
|
|
6
Healthcare Services Group
HCSG
$1.68B
| $124M | 2.58% |
3,154,852
-205,274
| -6% | -$7.84M |
2014 Q1
11 quarters
|
|
7
PRA Group
PRAA
$446M
| $124M | 2.58% |
3,159,517
+248,936
| +9% | +$8.49M |
2013 Q2
14 quarters
|
|
8
Chemed
CHE
$7.1B
| $123M | 2.56% |
764,047
-43,480
| -5% | -$6.39M |
2013 Q2
14 quarters
|
|
|
9
United Natural Foods
UNFI
$2.92B
| $119M | 2.48% |
2,487,418
+635,735
| +34% | +$28.5M |
2013 Q2
14 quarters
|
|
|
ATHN
10
DELISTED
Athenahealth, Inc.
ATHN
| $109M | 2.28% |
1,036,171
-36,312
| -3% | -$3.9M |
2013 Q2
14 quarters
|
|
|
11
RB Global
RBA
$17.3B
| $108M | 2.26% |
3,185,913
-980,939
| -24% | -$35.7M |
2013 Q2
14 quarters
|
|
12
HEICO Corp
HEI
$47.5B
| $106M | 2.22% |
3,369,038
-212,949
| -6% | -$6.4M |
2015 Q1
7 quarters
|
|
13
Protolabs
PRLB
$1.61B
| $103M | 2.14% |
1,996,928
+94,043
| +5% | +$4.93M |
2013 Q2
14 quarters
|
|
14
Five Below
FIVE
$13.6B
| $94.2M | 1.97% |
2,357,588
+334,636
| +17% | +$13.2M |
2013 Q2
14 quarters
|
|
15
Fastenal
FAST
$63.3B
| $91.5M | 1.91% |
7,791,656
-205,892
| -3% | -$2.26M |
2013 Q2
14 quarters
|
|
16
Veeva Systems
VEEV
$48.8B
| $86.9M | 1.81% |
2,134,872
-144,550
| -6% | -$5.9M |
2015 Q4
4 quarters
|
|
17
Neogen
NEOG
$2.45B
| $83.9M | 1.75% |
3,389,360
-201,275
| -6% | -$4.47M |
2013 Q2
14 quarters
|
|
18
DELISTED
Beacon Roofing Supply, Inc.
BECN
| $83.5M | 1.74% |
1,813,208
-109,565
| -6% | -$4.9M |
2013 Q2
14 quarters
|
|
19
Maximus
MMS
$3.39B
| $69.8M | 1.46% |
1,251,449
-108,306
| -8% | -$5.88M |
2013 Q2
14 quarters
|
|
|
ELLI
20
DELISTED
Ellie Mae Inc
ELLI
| $65.3M | 1.36% |
780,446
+306,299
| +65% | +$28.3M |
2015 Q4
4 quarters
|
|
21
Bio-Techne
TECH
$11.4B
| $65.2M | 1.36% |
2,536,736
-203,460
| -7% | -$5.35M |
2013 Q2
14 quarters
|
|
22
Cognex
CGNX
$8.42B
| $63.5M | 1.33% |
1,996,986
-241,716
| -11% | -$6.93M |
2015 Q3
5 quarters
|
|
|
23
Dorman Products
DORM
$3.9B
| $62.7M | 1.31% |
858,307
-357,837
| -29% | -$24.4M |
2014 Q1
11 quarters
|
|
24
Rollins
ROL
$18.6B
| $62M | 1.29% |
4,128,406
-104,272
| -2% | -$1.45M |
2013 Q2
14 quarters
|
|
25
Pediatrix Medical
MD
$2.45B
| $61.6M | 1.29% |
923,911
-29,855
| -3% | -$1.94M |
2013 Q2
14 quarters
|
|
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Riverbridge Partners's Q4 2016 Portfolio in Review
As of Q4 2016, Riverbridge Partners held 138 positions worth $4.79B, down 4.2% from $5B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Riverbridge Partners withdrew a net $234M in Q4 2016, closing 5 positions and reducing 76 holdings. Its most notable exit was Cepheid Inc, an estimated $189M position sold in full.
By sector, the portfolio is most concentrated in Technology at 24% of assets, down from 25% a quarter earlier, followed by Industrials and Healthcare.
Against the trend, Riverbridge Partners opened a new position in EXL Service worth $53.6M.
- Riverbridge Partners's largest Q4 2016 buy was EXL Service: 5,315,225 shares worth $53.6M.
- Riverbridge Partners added most to United Natural Foods in Q4 2016, an estimated $28.5M increase.
- Riverbridge Partners's biggest Q4 2016 reduction was Linear Technology Corp, cutting an estimated $103M.
- Riverbridge Partners fully exited Cepheid Inc in Q4 2016, selling an estimated $189M.
- Riverbridge Partners's ten largest holdings make up 28% of its $4.79B portfolio in Q4 2016.
- Riverbridge Partners opened 7 new positions and closed 5 in Q4 2016.
- Riverbridge Partners's portfolio value fell 4.2% quarter-over-quarter to $4.79B.
Based on Riverbridge Partners's 13F filing for Q4 2016, filed 20 Jan 2017.