Unveiling the Investment Shifts of a Value Investing Prodigy in Q4 2023
Arnold Van Den Berg (Trades, Portfolio), the seasoned value investor and founder of Century Management, has once again made notable changes to his investment portfolio in the fourth quarter of 2023. With a track record that surpasses the indices, Van Den Berg's investment philosophy is deeply rooted in the teachings of Benjamin Graham. He meticulously calculates the intrinsic value of companies and seeks to invest at a substantial discount, ensuring a margin of safety. His portfolio, typically comprising 35-40 U.S.-based companies, reflects his commitment to this disciplined investment strategy.
Summary of New Buys
Arnold Van Den Berg (Trades, Portfolio) expanded his portfolio with 9 new stocks in the latest quarter. Noteworthy additions include:
- Thermo Fisher Scientific Inc (TMO, Financial), with 3,594 shares, making up 0.63% of the portfolio and valued at $1.91 million.
- The Cigna Group (CI, Financial), comprising 2,919 shares, which accounts for approximately 0.29% of the portfolio, with a total value of $874,100.
- Schwab Fundamental International Large Company Index ETF (FNDF, Financial), adding 20,845 shares, representing 0.23% of the portfolio and valued at $703,100.
Key Position Increases
Van Den Berg also bolstered his stakes in 27 stocks, with significant increases in:
- Permian Resources Corp (PR, Financial), adding an impressive 462,076 shares, bringing the total to 473,377 shares. This represents a 4,088.81% increase in share count, impacting the portfolio by 2.09%, and valued at $6.44 million.
- Coherent Corp (COHR, Financial), with an additional 23,050 shares, increasing the total to 185,660 shares, marking a 14.18% rise in share count, and valued at $8.08 million.
Summary of Sold Out Positions
During the fourth quarter of 2023, Arnold Van Den Berg (Trades, Portfolio) liquidated his holdings in 10 companies, including:
- Earthstone Energy Inc (ESTE, Financial), where he sold all 321,269 shares, leading to a -2.28% impact on the portfolio.
Key Position Reductions
Furthermore, Van Den Berg reduced his positions in 56 stocks. The most substantial reductions were seen in:
- Alphabet Inc (GOOG, Financial), with a decrease of 11,035 shares, resulting in a -10.14% reduction and a -0.51% portfolio impact. The stock's average trading price was $135.69 during the quarter, with a 9.53% return over the past 3 months and 3.86% year-to-date.
- Schlumberger Ltd (SLB, Financial), with a cut of 17,321 shares, leading to an -8.3% reduction and a -0.35% portfolio impact. The stock's average trading price was $54.35 during the quarter, with a -10.96% return over the past 3 months and -8.05% year-to-date.
Portfolio Overview
At the close of the fourth quarter of 2023, Arnold Van Den Berg (Trades, Portfolio)'s portfolio consisted of 105 stocks. The top holdings included 7.11% in Berkshire Hathaway Inc (BRK.B, Financial), 6.57% in Pioneer Natural Resources Co (PXD, Financial), 4.67% in Diamondback Energy Inc (FANG, Financial), 4.58% in Alphabet Inc (GOOG), and 3.77% in Sprott Physical Gold Trust (PHYS, Financial). The investments are predominantly spread across 9 industries, showcasing a diverse yet focused approach to value investing.
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.
