We are pleased to bring you our quarterly analysis of the just-filed 13F-HR portfolio holdings of the superinvestors we track.
“Signal Value” as Opposed to “Noise”:
We present the holdings of 100+ of the world’s best investors. We typically look for investors who have amassed impressive track records and manage a fairly concentrated portfolio. We choose these investors carefully to avoid the noise inherent in most 13F-HR filings.
The following analysis is based on Forms 13F-HR (institutional holdings report) filed with the SEC for the most recent quarter, as well as Schedules 13G or 13D and Forms 3 or 4 filed subsequent to the end of the quarter.
MOI Signal Rank answers the question, “What are this investor’s top ten ideas now?” Rather than simply presenting each investor’s largest holdings, our methodology ranks the portfolio holdings based on an investor’s current level of conviction in each holding, as judged by The Manual of Ideas.
Our proprietary methodology takes into account a number of variables, including the size of a position in an investor’s portfolio, the size of a position relative to the market value of the corresponding company, the most recent quarterly change in the number of shares owned, and the change in the stock price of a position since the most recent quarterly filing date.
For example, an investor might have the most conviction in a position that is only the tenth-largest position in such investor’s portfolio. This might be the case if a fund invests in a small company, resulting in a holding that is simply too small to rank highly based on size. Such a holding might amount to 19.9% of the shares outstanding of the subject company, suggesting a high level of conviction. Our estimate of the conviction level would rise further if the company had a 20% poison-pill threshold, thereby suggesting that the investor had bought as much of the equity as is practically feasible.
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