Insight into Nierenberg's Latest 13F Filings and Investment Adjustments
David Nierenberg (Trades, Portfolio), the mind behind Nierenberg Investment Management Company and its D3 Family of Funds, recently disclosed his 13F filings for the second quarter of 2024. With a focus on long-term capital gains, Nierenberg's strategy revolves around investing in undervalued, domestic, micro-cap growth companies, occasionally employing activist tactics. His educational background from Yale College and Yale Law School, coupled with his role on the Washington State Investment Board, underscores his deep understanding of investment dynamics.
Summary of New Buys
During the quarter, Nierenberg introduced 13 new stocks to his portfolio. Noteworthy additions include:
- Match Group Inc (MTCH, Financial), acquiring 55,555 shares, making up 0.94% of the portfolio at a value of $1.68 million.
- Riverview Bancorp Inc (RVSB, Financial), with 402,395 shares, representing 0.9% of the portfolio, valued at $1.61 million.
- Hope Bancorp Inc (HOPE, Financial), adding 99,555 shares, accounting for 0.6% of the portfolio, totaling $1.07 million.
Key Position Increases
Nierenberg also strategically increased his stakes in seven stocks, with significant adjustments in:
- Eastern Bankshares Inc (EBC, Financial), adding 167,000 shares, bringing the total to 613,088 shares. This represents a 37.44% increase in share count and a 1.31% impact on the current portfolio, valued at $8.57 million.
- EQT Corp (EQT, Financial), with an additional 22,000 shares, increasing the total to 508,693 shares, valued at $18.81 million.
Summary of Sold Out Positions
Nierenberg completely exited three holdings in the second quarter of 2024:
- SP Plus Corp (SP, Financial), selling all 37,555 shares, impacting the portfolio by -1.09%.
- Sonos Inc (SONO, Financial), liquidating all 67,555 shares, resulting in a -0.72% portfolio impact.
Key Position Reductions
Reductions were made in five stocks, notably:
- Mr. Cooper Group Inc (COOP, Financial), reduced by 27,330 shares, decreasing shares by -5.05% and impacting the portfolio by -1.19%. The stock traded at an average price of $80.4 during the quarter, returning 6.32% over the past three months and 32.22% year-to-date.
- Premier Inc (PINC, Financial), reduced by 40,000 shares, a -51.94% reduction in shares, impacting the portfolio by -0.49%. The stock traded at an average price of $19.82 during the quarter, returning 2.76% over the past three months and -8.50% year-to-date.
Portfolio Overview
As of the second quarter of 2024, David Nierenberg (Trades, Portfolio)'s portfolio comprised 53 stocks. Top holdings included 23.37% in Mr. Cooper Group Inc (COOP), 12.71% in Potbelly Corp (PBPB, Financial), 10.56% in Fluor Corp (FLR, Financial), 10.52% in EQT Corp (EQT, Financial), and 9.75% in Cantaloupe Inc (CTLP, Financial). The investments span across 10 of the 11 industries, with significant concentrations in Financial Services, Energy, Industrials, and Consumer Cyclical sectors.
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.
