Medtronic PLC Sees Major Reduction in Manning & Napier's Latest 13F Filing
Insight into Manning & Napier Group, LLC (Trades, Portfolio)'s Q2 2024 Investment Moves
Manning & Napier Group, LLC (Trades, Portfolio), a prominent investment firm established in 1970, recently disclosed its 13F filing for the second quarter of 2024. Renowned for its proprietary investment process that combines bottom-up and top-down research, the firm caters to a diverse clientele including high-net-worth individuals and institutional investors. Manning & Napier offers a variety of investment solutions ranging from equity and fixed income portfolios to blended asset portfolios, emphasizing a rigorous fundamental analysis to identify and maintain high-quality investments.
New Additions to the Portfolio
In a strategic move to diversify and strengthen its portfolio, Manning & Napier Group, LLC (Trades, Portfolio) introduced 165 new stocks in the second quarter of 2024. Noteworthy new additions include:
L3Harris Technologies Inc (NYSE:LHX), acquiring 939,022 shares, making up 2.38% of the portfolio, valued at $210.89 million.
AstraZeneca PLC (NASDAQ:AZN), with 2,416,672 shares, representing 2.13% of the portfolio, totaling $188.48 million.
HDFC Bank Ltd (NYSE:HDB), adding 2,591,465 shares, accounting for 1.88% of the portfolio, valued at $166.71 million.
Significant Increases in Existing Positions
The firm also increased its stakes in several key holdings, with the most significant boosts in:
Coca-Cola Co (NYSE:KO), which saw an addition of 1,969,353 shares, increasing the total to 2,960,693 shares. This adjustment represents a 198.66% increase in share count and impacts the portfolio by 1.42%, with a total value of $188.45 million.
Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM), with an additional 709,812 shares, bringing the total to 1,312,929 shares. This represents a 117.69% increase in share count, valued at $228.20 million.
Complete Exits from Positions
During the same quarter, Manning & Napier Group, LLC (Trades, Portfolio) exited completely from 212 holdings, including:
Ambev SA (NYSE:ABEV), selling all 52,662,595 shares, impacting the portfolio by -2.97%.
Booking Holdings Inc (NASDAQ:BKNG), liquidating all 163,613 shares, resulting in a -2.57% portfolio impact.
Major Reductions in Holdings
The firm also reduced its positions in several stocks, with significant cuts in:
Medtronic PLC (NYSE:MDT), reducing its stake by 4,963,275 shares, a -93.84% decrease, impacting the portfolio by -3.3%. The stock traded at an average price of $81.98 during the quarter and has seen a -4.43% return over the past three months and -3.89% year-to-date.
Novartis AG (NYSE:NVS), cutting down by 4,251,345 shares, a -96.78% reduction, impacting the portfolio by -3.13%. The stock's average trading price was $100.38 this quarter, with a 17.50% return over the past three months and 13.98% year-to-date.
Portfolio Overview and Sector Allocation
As of the second quarter of 2024, Manning & Napier Group, LLC (Trades, Portfolio)'s portfolio included 272 stocks. Top holdings were 3.72% in Amazon.com Inc (NASDAQ:AMZN), 3.44% in Alphabet Inc (NASDAQ:GOOGL), 3.23% in Meta Platforms Inc (NASDAQ:META), 2.93% in Mastercard Inc (NYSE:MA), and 2.6% in Johnson & Johnson (NYSE:JNJ). The investments are predominantly concentrated across all 11 industries, including Financial Services, Technology, Healthcare, and more.
This detailed analysis of Manning & Napier Group, LLC (Trades, Portfolio)'s latest 13F filing highlights strategic adjustments and insights that could influence investment decisions and market perspectives. For more detailed information and updates, visit GuruFocus.com.
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