Public Sector Pension Investment Board recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
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.
The Public Sector Pension Investment Board is a government owned pension fund and management firm that was founded established by an act of parliament in 1999. The board is based out of Ottawa, Ontario and has an additional office located in Montreal, Quebec. Its mandate is to “manage the amounts that are transferred to it in the best interest of contributors and beneficiaries under the Plans with respect to Post-2000 Liabilities; and to maximize returns without undue risk of loss, having regard to the funding, policies and requirements of the Plans and the ability of those Plans to meet their financial obligations.” The board’s investment approach is focused around two key pillars: policy portfolio, which defines how assets are to be allocated amongst various classes of assets, and active management activities, which are designed to generate returns above the policy portfolio to assist in reaching the actuarial rate of return. Its investment objective is to “achieve an absolute return, net of expenses, at least equal to the actuarial rate of return over 10-year periods” and “achieve a return exceeding the Policy Portfolio benchmark over 4-year periods.” The Public Sector Pension Investment Board, or PSP Investments for short, has increased its net assets from $19 billion in 2005 to its current amount of over $94 billion with every year having a positive change except for 2009 due to the recession. The majority of these assets are in the Public Service Plan Account with other assets in the Canadaian Forces Plan Account, RCMP Plan Account, and Reserve Force Plan Account, in order of decreasing assets, with 75% of its assets being managed internally. In 2014, the PSP Investment Board saw a 16.3% total portfolio return, bringing in a net investment income of $12.6 billion and contributions of $5.0 billion. The majority of its assets are allocated in foreign equity, which alone makes up over a third of its assets, with the rest allocated in real-return assets, Canadian equity, nominal fixed income, and private equity, in order of decreasing amount.
As of the latest 13F report, the guru’s equity portfolio contained 1381 stocks valued at a total of $11.87Bil. The top holdings were AAPL(3.94%), QBTS(3.94%), and MSFT(3.40%).
According to GuruFocus data, these were Public Sector Pension Investment Board’s top five trades of the quarter.
The Toronto-Dominion Bank
During the quarter, Public Sector Pension Investment Board bought 1,519,395 shares of NYSE:TD for a total holding of 3,849,043. The trade had a 0.82% impact on the equity portfolio. During the quarter, the stock traded for an average price of $64.74.
On 01/10/2023, The Toronto-Dominion Bank traded for a price of $64.1 per share and a market cap of $116.54Bil. The stock has returned -14.93% over the past year.
GuruFocus gives the company a financial strength rating of 2 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, The Toronto-Dominion Bank has a price-earnings ratio of 8.87, a price-book ratio of 1.56, a price-earnings-to-growth (PEG) ratio of 1.10 and a price-sales ratio of 3.41.
The price-to-GF Value ratio is 0.99, earning the stock a GF Value rank of 5.
Citigroup Inc
During the quarter, Public Sector Pension Investment Board bought 1,719,290 shares of NYSE:C for a total holding of 1,906,081. The trade had a 0.63% impact on the equity portfolio. During the quarter, the stock traded for an average price of $49.4.
On 01/10/2023, Citigroup Inc traded for a price of $47.8193 per share and a market cap of $92.17Bil. The stock has returned -24.84% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 5 out of 10.
In terms of valuation, Citigroup Inc has a price-earnings ratio of 6.52, a price-book ratio of 0.51, a price-earnings-to-growth (PEG) ratio of 1.23 and a price-sales ratio of 1.26.
The price-to-GF Value ratio is 0.74, earning the stock a GF Value rank of 9.
AbbVie Inc
Public Sector Pension Investment Board reduced their investment in NYSE:ABBV by 466,149 shares. The trade had a 0.6% impact on the equity portfolio. During the quarter, the stock traded for an average price of $143.5.
On 01/10/2023, AbbVie Inc traded for a price of $159.6605 per share and a market cap of $281.91Bil. The stock has returned 21.01% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, AbbVie Inc has a price-earnings ratio of 21.28, a price-book ratio of 17.63, a price-earnings-to-growth (PEG) ratio of 1.49, a EV-to-Ebitda ratio of 13.57 and a price-sales ratio of 4.89.
The price-to-GF Value ratio is 1.20, earning the stock a GF Value rank of 1.
Suncor Energy Inc
Public Sector Pension Investment Board reduced their investment in NYSE:SU by 1,914,814 shares. The trade had a 0.57% impact on the equity portfolio. During the quarter, the stock traded for an average price of $31.59.
On 01/10/2023, Suncor Energy Inc traded for a price of $31 per share and a market cap of $41.65Bil. The stock has returned 21.88% 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, Suncor Energy Inc has a price-earnings ratio of 7.05, a price-book ratio of 1.47, a price-earnings-to-growth (PEG) ratio of 2.20, a EV-to-Ebitda ratio of 3.26 and a price-sales ratio of 1.01.
The price-to-GF Value ratio is 0.74, earning the stock a GF Value rank of 10.
Prologis Inc
Public Sector Pension Investment Board reduced their investment in NYSE:PLD by 563,029 shares. The trade had a 0.56% impact on the equity portfolio. During the quarter, the stock traded for an average price of $124.02.
On 01/10/2023, Prologis Inc traded for a price of $114.9385 per share and a market cap of $106.02Bil. The stock has returned -22.88% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Prologis Inc has a price-earnings ratio of 21.31, a price-book ratio of 2.41, a price-earnings-to-growth (PEG) ratio of 5.20, a EV-to-Ebitda ratio of 19.85 and a price-sales ratio of 16.00.
The price-to-GF Value ratio is 0.88, earning the stock a GF Value rank of 6.
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.
Want to provide feedback on this article? Have questions or concerns? Get in touch with us here, or email us at [email protected]!
This article is general in nature and does not represent the opinions of GuruFocus or any of its affiliates. This article is not intended to be financial advice, nor does it constitute investment advice or recommendations. It was written without regard to your individual situation or financial goals. We aim to bring you fundamental, data-driven analysis, The information on this site is in no way guaranteed for completeness, accuracy or in any other way.
