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Insights from the Latest 13F Filing Reveal Strategic Moves in Q4 2023
John Rogers (Trades, Portfolio), the esteemed founder of Ariel Investment, LLC, and a renowned value investor, has made significant changes to his investment portfolio in the fourth quarter of 2023. With a storied career that began in 1983, Rogers has built a reputation for his patient investment approach, focusing on undervalued small and mid-cap companies. His investment philosophy emphasizes patience, independent thinking, and a long-term outlook, with a keen eye for companies that boast high barriers to entry, sustainable competitive advantages, and the potential for double-digit cash earnings growth. Rogers' strategy involves buying into companies at low valuations relative to their potential earnings or intrinsic worth.
Summary of New Buys
John Rogers (Trades, Portfolio) expanded his portfolio with 8 new stock additions in the latest quarter:
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DaVita Inc (NYSE:DVA) emerged as the most significant new holding, with 658,818 shares valued at approximately $69.02 million, making up 0.69% of the portfolio.
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Intel Corp (NASDAQ:INTC) was the second-largest addition, comprising 1,324,437 shares, which represent 0.66% of the portfolio, with a total value of $66.55 million.
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Truist Financial Corp (NYSE:TFC) rounded out the top three new positions, with 1,067,702 shares valued at $39.42 million, accounting for 0.39% of the portfolio.
Key Position Increases
Rogers also bolstered his stakes in 48 existing holdings, with notable increases in:
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Check Point Software Technologies Ltd (NASDAQ:CHKP), where he added 416,758 shares, bringing the total to 1,500,122 shares. This represents a 38.47% increase in share count and a 0.63% impact on the current portfolio, valued at $229.20 million.
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Envista Holdings Corp (NYSE:NVST) saw an addition of 1,761,364 shares, resulting in a total of 7,096,942 shares. This adjustment marks a 33.01% increase in share count, with a total value of $170.75 million.
Summary of Sold Out Positions
In a strategic move, John Rogers (Trades, Portfolio) exited 9 positions during the fourth quarter of 2023:
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Itau Unibanco Holding SA (NYSE:ITUB) was completely sold off, with 10,161,278 shares liquidated, impacting the portfolio by -0.58%.
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Nokia Oyj (NYSE:NOK) also saw a complete exit, with all 2,290,872 shares sold, resulting in a -0.09% portfolio impact.
Key Position Reductions
Concurrently, Rogers reduced his positions in 53 stocks. The most significant reductions include:
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Philip Morris International Inc (NYSE:PM) was cut by 1,164,768 shares, a -47.36% decrease, affecting the portfolio by -1.14%. The stock traded at an average price of $92.13 during the quarter and has seen a 0.19% return over the past 3 months and a -5.04% year-to-date performance.
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Baidu Inc (NASDAQ:BIDU) saw a reduction of 618,355 shares, a -28.81% decrease, with a -0.88% impact on the portfolio. The average trading price during the quarter was $115.54, with a -3.56% return over the past 3 months and -11.29% year-to-date.