Insight into the Investment Moves of a Renowned Value Investor
Joel Greenblatt (Trades, Portfolio), a prominent figure in the investment world, recently disclosed his third-quarter 13F filing for 2024. As the founder and managing partner of Gotham Asset Management, LLC, Greenblatt is celebrated for his development of Magic Formula Investing—a strategy that aims to identify undervalued stocks. He is also an author and an adjunct professor at Columbia Business School, where he imparts his rich investing acumen to students. Greenblatt’s investment philosophy centers on finding high-quality companies at discounted prices, often focusing on special situations as avenues to discover value.
New Additions to the Portfolio
Joel Greenblatt (Trades, Portfolio) expanded his portfolio by adding 145 new stocks. Noteworthy new positions include:
- AST SpaceMobile Inc (ASTS, Financial), acquiring 520,630 shares valued at $13.61 million, making up 0.14% of the portfolio.
- Amer Sports Inc (AS, Financial), with 701,877 shares worth approximately $11.19 million, representing 0.12% of the portfolio.
- John Hancock Multifactor Emerging Markets ETF (JHEM, Financial), holding 314,651 shares valued at $10.26 million, accounting for 0.11% of the portfolio.
Significant Increases in Existing Positions
Joel Greenblatt (Trades, Portfolio) also made substantial increases to several of his existing investments:
- The most significant increase was in SPDR S&P 500 ETF Trust (SPY, Financial), with an additional 375,348 shares, bringing the total to 1,858,501 shares. This adjustment represents a 25.31% increase in share count and a 2.23% impact on the current portfolio, totaling approximately $1.07 billion.
- Another notable increase was in NVIDIA Corp (NVDA, Financial), with an additional 633,195 shares, bringing the total to 2,190,989 shares. This adjustment represents a 40.65% increase in share count, valued at approximately $266.07 million.
Positions Sold Out Completely
During the third quarter of 2024, Joel Greenblatt (Trades, Portfolio) exited 151 positions entirely, including:
- Corteva Inc (CTVA, Financial), selling all 173,458 shares, impacting the portfolio by -0.12%.
- Labcorp Holdings Inc (LH, Financial), liquidating all 37,509 shares, with a -0.1% impact on the portfolio.
Reductions in Key Holdings
Reductions were also made in several key holdings:
- Celanese Corp (CE, Financial) was reduced by 108,861 shares, resulting in an 84.73% decrease in shares and a -0.19% impact on the portfolio. The stock traded at an average price of $131.46 during the quarter and has seen a -40.87% return over the past three months and -51.46% year-to-date.
- APA Corp (APA, Financial) was reduced by 408,517 shares, resulting in an 87.98% reduction in shares and a -0.16% impact on the portfolio. The stock traded at an average price of $28.08 during the quarter and has returned -21.15% over the past three months and -34.85% year-to-date.
Portfolio Overview and Sector Allocation
As of the third quarter of 2024, Joel Greenblatt (Trades, Portfolio)'s portfolio included 1,404 stocks. The top holdings were:
- 11.03% in SPDR S&P 500 ETF Trust (SPY, Financial)
- 4.86% in Gotham Enhanced 500 ETF (GSPY, Financial)
- 2.75% in NVIDIA Corp (NVDA, Financial)
- 1.38% in iShares Core S&P 500 ETF (IVV, Financial)
- 1.28% in Apple Inc (AAPL, Financial)
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
