CONNING INC. 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.
Conning Inc. is an investment management firm based out of Hartford, Connecticut. The company was originally established in 1912 and has grown from its inception to now operate with 238 total employees, all of whom are investment professionals. The firm has also expanded its physical presence on an international scale, now having locations in New York, London, Cologne, and Hong Kong. The current Conning Inc. was created out of a spinoff from Swiss Re in 2009, although the company would then be acquired by Cathay Life Insurance Co. in 2015, which Conning Inc. still acts as a subsidiary under. The company has also established an alliance with Ramius Alternative Solutions LLC. Conning Inc. conducts its research internally, allocating its assets across a wide variety of sectors. Conning Inc. invests most heavily in the finance sector, which alone makes up a fifth of its total asset allocations, and also invests in the information technology, consumer staples, industrials, energy, health care, consumer discretionary, and utilities and telecommunications sectors, among other sectors to a lesser degree, in order of decreasing allocation. The company holds its allocations an average of just under 30 quarters, although the firm only holds its top 10 allocations for 9.4 quarters on average. Conning Inc., in the most recent quarter, has had a turnover rate of approximately 14.4%. Conning Inc. manages over $79.1 billion in total assets under management spread across 485 total accounts, all of which are discretionary accounts except for 22 which make up $685 million of its managed assets. Both of Conning Inc’s total number of accounts and total assets under management have been increasing in recent years with its total managed assets growing from $72.8 billion back in 2010 to its current amount. The company mainly caters to insurance companies, which alone makes up over three quarters of its client base.
As of the latest 13F report, the guru’s equity portfolio contained 350 stocks valued at a total of $2.94Bil. The top holdings were SPY(2.25%), IVV(2.05%), and ADI(1.41%).
According to GuruFocus data, these were CONNING INC.’s top five trades of the quarter.
Morgan Stanley
During the quarter, CONNING INC. bought 357,562 shares of NYSE:MS for a total holding of 371,175. The trade had a 1.03% impact on the equity portfolio. During the quarter, the stock traded for an average price of $85.23.
On 02/08/2023, Morgan Stanley traded for a price of $99.84 per share and a market cap of $167.23Bil. The stock has returned -3.63% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Morgan Stanley has a price-earnings ratio of 16.26, a price-book ratio of 1.83, a price-earnings-to-growth (PEG) ratio of 1.87 and a price-sales ratio of 3.42.
The price-to-GF Value ratio is 1.19, earning the stock a GF Value rank of 3.
SPDR Blackstone Senior Loan ETF
CONNING INC. reduced their investment in ARCA:SRLN by 498,488 shares. The trade had a 0.76% impact on the equity portfolio. During the quarter, the stock traded for an average price of $40.48.
On 02/08/2023, SPDR Blackstone Senior Loan ETF traded for a price of $42.075 per share and a market cap of $6.23Bil. The stock has returned -1.84% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
iShares U.S. Preferred Stock
CONNING INC. reduced their investment in NAS:PFF by 390,859 shares. The trade had a 0.46% impact on the equity portfolio. During the quarter, the stock traded for an average price of $30.77.
On 02/08/2023, iShares U.S. Preferred Stock traded for a price of $33.02 per share and a market cap of $13.98Bil. The stock has returned -5.09% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
iShares 0-5 Year High Yield Corporate Bond ETF
CONNING INC. reduced their investment in ARCA:SHYG by 218,280 shares. The trade had a 0.33% impact on the equity portfolio. During the quarter, the stock traded for an average price of $40.29.
On 02/08/2023, iShares 0-5 Year High Yield Corporate Bond ETF traded for a price of $41.795 per share and a market cap of $6.38Bil. The stock has returned -0.08% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, iShares 0-5 Year High Yield Corporate Bond ETF has a price-book ratio of 6.08.
Vanguard Long-Term Corporate Bond ETF
During the quarter, CONNING INC. bought 120,000 shares of NAS:VCLT for a total holding of 478,554. The trade had a 0.31% impact on the equity portfolio. During the quarter, the stock traded for an average price of $74.34999999999999.
On 02/08/2023, Vanguard Long-Term Corporate Bond ETF traded for a price of $79.66 per share and a market cap of $5.40Bil. The stock has returned -14.70% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
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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