Renowned investor Steve Mandel recently submitted his 13F report for the second quarter of 2023, which concluded on June 30, 2023. Mandel, known for his value-oriented investment philosophy, manages a diverse portfolio of 29 stocks with a total value of $10.91 billion. His top holdings for the quarter were Microsoft (MSFT) at 7.81%, Taiwan Semiconductor Manufacturing (TSM) at 5.93%, and Amazon (AMZN) at 5.85%.
Top Three Trades of the Quarter
The following are the three most significant trades Mandel made during the quarter:
1. Live Nation Entertainment Inc (NYSE:LYV)
Mandel initiated a new position in Live Nation Entertainment Inc, purchasing 3,973,262 shares. This investment represents a 3.32% weight in the equity portfolio. The shares were traded at an average price of $77.93 during the quarter. As of August 14, 2023, LYV's price was $86.16, with a market cap of $19.83 billion. Despite a -12.15% return over the past year, GuruFocus rates the company's financial strength and profitability at 5 and 4 out of 10, respectively. LYV's valuation metrics include a price-earnings ratio of 83.65, an EV-to-Ebitda ratio of 13.93, and a price-sales ratio of 1.07.
2. Workday Inc (NAS:WDAY)
Mandel reduced his stake in Workday Inc by 1,687,141 shares, impacting the equity portfolio by 3.23%. The shares were traded at an average price of $200.41 during the quarter. As of August 14, 2023, WDAY's price was $228.11, with a market cap of $59.54 billion. The stock has returned 29.36% over the past year. GuruFocus rates the company's financial strength and profitability at 5 and 4 out of 10, respectively. WDAY's valuation metrics include a price-book ratio of 10.02, an EV-to-Ebitda ratio of 185.66, and a price-sales ratio of 9.11.
3. Advanced Micro Devices Inc (NAS:AMD)
Mandel completely sold out his 2,833,633-share investment in Advanced Micro Devices Inc, which previously accounted for 2.57% of the portfolio. The shares were traded at an average price of $103.9 during the quarter. As of August 14, 2023, AMD's price was $111.98, with a market cap of $180.92 billion. The stock has returned 11.06% over the past year. GuruFocus rates the company's financial strength and profitability at 8 and 7 out of 10, respectively. AMD's valuation metrics include a price-book ratio of 3.28, an EV-to-Ebitda ratio of 41.79, and a price-sales ratio of 8.32.
In conclusion, Steve Mandel (Trades, Portfolio)'s Q2 2023 13F filing reveals a strategic approach to portfolio management, with significant trades in the technology and entertainment sectors. His investment decisions reflect a keen understanding of market dynamics and a commitment to value investing principles.
