Marketfield Asset Management LLC 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.
Marketfield Asset Management LLC is an investment management firm based out of New York City. The company is currently headed by CEO and Chairman Michael Shaoul, who was one of the founding partners of the company when Marketfield Asset Management was established in 2007 and President and CIO Michael Charles Aronstein. The company has grown from its inception to now have 30 employees of which 22 are investment professionals. Marketfield Asset Management is owned by its employees with the controlling ownership in the company split amongst partners, including Micahel C. Aronstein, Michael D. Shaoul, Myles David Gillespie, and Andrew B. Lyss, with the remaining ownership split amongst other employees. The company conducts its research internally and invests in the public equity and fixed income markets of the U.S. Marketfield Asset Management invests most heavily in the finance sector, which alone makes up over half of its total asset allocations, and also invests in the consumer discretionary, materials, industrials, and information technology sectors, among others to a lesser degree, in order of decreasing allocation. The company’s top 10 holdings together make up approximately half of its total holdings and the company has a turnover rate of approximately 31.9%. Marketfield Asset Management holds over $7.1 billion in total assets under management spread across 3 accounts, all three of which are discretionary accounts. Although the company’s total number of accounts has stayed relatively unchanging in recent years, its total assets under management has changed drastically, growing from $3.5 billion back in 2012 to over twice that amount today, although that amount has exceed $20 billion during 2014. Marketfield Asset Management mainly caters to investment companies, which makes up two thirds of its client base, and also provides its services to pooled investment vehicles. The company currently offers its MainStay MarketField Fund product to its U.S. investors.
As of the latest 13F report, the guru’s equity portfolio contained 35 stocks valued at a total of $105.00Mil. The top holdings were COP(5.48%), SLB(5.05%), and DE(4.91%).
According to GuruFocus data, these were Marketfield Asset Management LLC’s top five trades of the quarter.
iShares MSCI Brazil ETF
The guru sold out of their 97,534-share investment in ARCA:EWZ. Previously, the stock had a 3.35% weight in the equity portfolio. Shares traded for an average price of $28.82 during the quarter.
On 01/19/2023, iShares MSCI Brazil ETF traded for a price of $29.52 per share and a market cap of $4.98Bil. The stock has returned 11.10% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, iShares MSCI Brazil ETF has a price-earnings ratio of 5.33 and a price-book ratio of 1.59.
SPDR Oil & Gas Exploration and Production ETF
The guru established a new position worth 25,041 shares in ARCA:XOP, giving the stock a 3.25% weight in the equity portfolio. Shares traded for an average price of $144.14 during the quarter.
On 01/19/2023, SPDR Oil & Gas Exploration and Production ETF traded for a price of $139.69 per share and a market cap of $4.28Bil. The stock has returned 32.76% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, SPDR Oil & Gas Exploration and Production ETF has a price-earnings ratio of 4.38 and a price-book ratio of 1.83.
Cleveland-Cliffs Inc
The guru established a new position worth 208,425 shares in NYSE:CLF, giving the stock a 3.2% weight in the equity portfolio. Shares traded for an average price of $15.06 during the quarter.
On 01/19/2023, Cleveland-Cliffs Inc traded for a price of $20.38 per share and a market cap of $10.50Bil. The stock has returned 4.30% 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, Cleveland-Cliffs Inc has a price-earnings ratio of 4.42, a price-book ratio of 1.50, a price-earnings-to-growth (PEG) ratio of 0.22, a EV-to-Ebitda ratio of 3.43 and a price-sales ratio of 0.47.
The price-to-GF Value ratio is 0.56, earning the stock a GF Value rank of 8.
Vale SA
The guru sold out of their 165,761-share investment in NYSE:VALE. Previously, the stock had a 2.56% weight in the equity portfolio. Shares traded for an average price of $15.03 during the quarter.
On 01/19/2023, Vale SA traded for a price of $18.07 per share and a market cap of $85.32Bil. The stock has returned 20.78% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Vale SA has a price-earnings ratio of 4.16, a price-book ratio of 2.45, a price-earnings-to-growth (PEG) ratio of 0.19, a EV-to-Ebitda ratio of 3.59 and a price-sales ratio of 1.87.
The price-to-GF Value ratio is 1.05, earning the stock a GF Value rank of 5.
Wheaton Precious Metals Corp
The guru established a new position worth 52,745 shares in NYSE:WPM, giving the stock a 1.97% weight in the equity portfolio. Shares traded for an average price of $36.15 during the quarter.
On 01/19/2023, Wheaton Precious Metals Corp traded for a price of $44.96 per share and a market cap of $20.48Bil. The stock has returned 7.95% over the past year.
GuruFocus gives the company a financial strength rating of 10 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Wheaton Precious Metals Corp has a price-earnings ratio of 25.56, a price-book ratio of 3.14, a price-earnings-to-growth (PEG) ratio of 1.88, a EV-to-Ebitda ratio of 18.65 and a price-sales ratio of 19.23.
The price-to-GF Value ratio is 1.25, earning the stock a GF Value rank of 3.
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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