STRS OHIO recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
STRS Ohio, or the State Teachers Retirement System of Ohio, is one of the leading retirement systems and one of the largest pension fund in the United States. The agency was founded back in 1920 and is the oldest public pension system in Ohio. The system currently has approximately half a million active and inactive members comprised of license teachers and administrations, faculties of public colleges and universities, and educational employees and country boards of developmental disabilities within the State of Ohio. In 2013, STRS Ohio paid over $7.1 billion in total benefits to its eligible members, comprised of services retirement, disability and survivor benefits to over 152,000 individuals. The system is header by the 11 members of the State Teachers Retirement Board made of 5 elected contributing teacher members, 2 elected retired teacher members, the superintendent of public instruction, and 3 investment experts appointed by the governor, treasurer of state, and jointly by the Ohio Senate President and Speaker of Ohio House of Representatives, all serving four year terms. The system currently has around 575 associates and over $77 billion in total assets. Around three quarters of STRS Ohio’s investments are managed internally by its over 100 investment professionals while the rest are invested by outside managers. Most of its investments are placed in the domestic and international equities sectors, which together make up over half of its total investments, with other assets allocated in the fixed income, alternative investments, real estate, and short term investment sectors, listed in order of decreasing amount allocated. The system’s total investment assets has grown drastically in the past three decades, growing from just over $8 billion in 1984 to over $30 billion by 1996 to its current amount today with losses in 2002 and 2009 that STRS Ohio recovered quickly from. Most of its revenue comes from investment returns with employer contributions, member contributions, and others comprising the rest in decreasing amounts.
As of the latest 13F report, the guru’s equity portfolio contained 1978 stocks valued at a total of $22.15Bil. The top holdings were MSFT(4.40%), AAPL(4.17%), and AMZN(1.91%).
According to GuruFocus data, these were STRS OHIO’s top five trades of the quarter.
Golub Capital BDC Inc
STRS OHIO reduced their investment in NAS:GBDC by 12,139,151 shares. The trade had a 0.76% impact on the equity portfolio. During the quarter, the stock traded for an average price of $13.16.
On 01/26/2023, Golub Capital BDC Inc traded for a price of $13.71 per share and a market cap of $2.34Bil. The stock has returned -3.30% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 4 out of 10.
In terms of valuation, Golub Capital BDC Inc has a price-earnings ratio of 15.23, a price-book ratio of 0.92 and a price-sales ratio of 13.83.
Microsoft Corp
STRS OHIO reduced their investment in NAS:MSFT by 273,890 shares. The trade had a 0.3% impact on the equity portfolio. During the quarter, the stock traded for an average price of $239.99.
On 01/26/2023, Microsoft Corp traded for a price of $245.32 per share and a market cap of $1,826.11Bil. The stock has returned -16.76% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Microsoft Corp has a price-earnings ratio of 27.26, a price-book ratio of 9.98, a price-earnings-to-growth (PEG) ratio of 1.32, a EV-to-Ebitda ratio of 17.72 and a price-sales ratio of 8.99.
The price-to-GF Value ratio is 0.78, earning the stock a GF Value rank of 10.
Apple Inc
STRS OHIO reduced their investment in NAS:AAPL by 373,342 shares. The trade had a 0.25% impact on the equity portfolio. During the quarter, the stock traded for an average price of $142.91.
On 01/26/2023, Apple Inc traded for a price of $142.8495 per share and a market cap of $2,262.20Bil. The stock has returned -9.98% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Apple Inc has a price-earnings ratio of 23.38, a price-book ratio of 44.92, a price-earnings-to-growth (PEG) ratio of 1.34, a EV-to-Ebitda ratio of 17.40 and a price-sales ratio of 5.91.
The price-to-GF Value ratio is 0.82, earning the stock a GF Value rank of 9.
Halliburton Co
During the quarter, STRS OHIO bought 1,230,341 shares of NYSE:HAL for a total holding of 1,532,306. The trade had a 0.22% impact on the equity portfolio. During the quarter, the stock traded for an average price of $35.39.
On 01/26/2023, Halliburton Co traded for a price of $40.045 per share and a market cap of $36.36Bil. The stock has returned 31.62% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Halliburton Co has a price-earnings ratio of 23.15, a price-book ratio of 4.58, a EV-to-Ebitda ratio of 12.27 and a price-sales ratio of 1.80.
The price-to-GF Value ratio is 1.28, earning the stock a GF Value rank of 1.
PayPal Holdings Inc
STRS OHIO reduced their investment in NAS:PYPL by 471,522 shares. The trade had a 0.19% impact on the equity portfolio. During the quarter, the stock traded for an average price of $80.04000000000001.
On 01/26/2023, PayPal Holdings Inc traded for a price of $79.625 per share and a market cap of $90.77Bil. The stock has returned -49.36% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, PayPal Holdings Inc has a price-earnings ratio of 40.42, a price-book ratio of 4.51, a price-earnings-to-growth (PEG) ratio of 1.80, a EV-to-Ebitda ratio of 19.76 and a price-sales ratio of 3.37.
The price-to-GF Value ratio is 0.34, earning the stock a GF Value rank of 4.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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