Insight into Delphi Management's Latest Strategic Moves
Scott Black (Trades, Portfolio), the seasoned investor and president of Delphi Management, Inc., has made significant adjustments to his investment portfolio in the second quarter of 2024. With a rich background in finance, including a stint at Merrill Lynch and an MBA from Harvard Business School, Black applies a rigorous value investing strategy. His approach is deeply rooted in the principles of the Graham-Dodd school, focusing on low valuation investments and strong management teams.
New Additions to the Portfolio
Scott Black (Trades, Portfolio) strategically expanded his portfolio by adding 8 new stocks. Noteworthy new positions include:
- The Cigna Group (CI, Financial), with 4,753 shares, making up 1.28% of the portfolio and valued at $1.57 million.
- Omnicom Group Inc (OMC, Financial), comprising 16,601 shares or approximately 1.21% of the portfolio, with a total value of $1.49 million.
- Genuine Parts Co (GPC, Financial), with 10,131 shares, accounting for 1.14% of the portfolio and a total value of $1.4 million.
Significant Increases in Existing Positions
During the quarter, Scott Black (Trades, Portfolio) also increased his stakes in 49 stocks. Key increases include:
- Labcorp Holdings Inc (LH, Financial), with an additional 4,736 shares, bringing the total to 8,246 shares. This adjustment represents a 134.93% increase in share count and a 0.79% impact on the current portfolio, valued at $1.68 million.
- Progress Software Corp (PRGS, Financial), with an additional 9,127 shares, bringing the total to 31,480. This adjustment represents a 40.83% increase in share count, valued at $1.71 million.
Complete Exits from Certain Holdings
In a significant portfolio reshuffle, Scott Black (Trades, Portfolio) exited 12 positions in Q2 2024, including:
- Teck Resources Ltd (TECK, Financial), where all 38,396 shares were sold, impacting the portfolio by -1.36%.
- Comcast Corp (CMCSA, Financial), with all 39,233 shares liquidated, causing a -1.32% impact on the portfolio.
Reductions in Key Holdings
Scott Black (Trades, Portfolio) also reduced his positions in 22 stocks. The most significant reductions were:
- Sterling Infrastructure Inc (STRL, Financial), reduced by 2,786 shares, resulting in a -16.9% decrease in shares and a -0.24% impact on the portfolio. The stock traded at an average price of $114.04 during the quarter and has returned -5.84% over the past 3 months and 34.31% year-to-date.
- Berkshire Hathaway Inc (BRK.B, Financial), reduced by 692 shares, resulting in an -8.57% reduction in shares and a -0.23% impact on the portfolio. The stock traded at an average price of $408.62 during the quarter and has returned 11.70% over the past 3 months and 27.12% year-to-date.
Portfolio Overview and Sector Allocation
As of the second quarter of 2024, Scott Black (Trades, Portfolio)'s portfolio included 80 stocks. The top holdings were 2.45% in Berkshire Hathaway Inc (BRK.B), 2.18% in Apple Inc (AAPL, Financial), 1.62% in Iron Mountain Inc (IRM, Financial), 1.61% in Hercules Capital Inc (HTGC, Financial), and 1.57% in Stifel Financial Corp (SF, Financial). The holdings are mainly concentrated across 10 of the 11 industries, including Technology, Financial Services, Consumer Cyclical, and more.
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.
