GOFEN & GLOSSBERG LLC /IL/ recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Gofen & Glossberg LLC is an investment management firm based out of Chicago, Illinois. The company was originally established in 1932 by cofounders Samuel Gofen and William Glossberg and their descendants are still with the company today acting as principals of the company. Gofen & Glossberg has grown from its inception to now operate with 27 employees of which 13 are investment professionals. The company conducts its research both internally and externally, utilizing a fundamental methodology to invest in the public equity and fixed income markets within the United States. Gofen & Glossberg invests with a bottom up approach, allocating its assets across a variety of sectors. The company invests most heavily in the finance sector, which alone makes up over a sixth of its total asset allocations, and also invests in the health care, information technology, consumer staples, consumer discretionary, industrials, and energy sectors, among other sectors to a lesser degree, in order of decreasing allocation. Gofen & Glossberg holds its allocations an average of just under 20 quarters and holds its top 10 allocations an average of 16 quarters. In the most recent quarter, the company had a turnover rate of approximately 10.1%. The company manages over $3.7 billion in total assets under management spread across over 3,000 total accounts, all of which are discretionary accounts except for 110 which makes up $250 million of its managed assets. Both of the company’s total number of accounts and total assets under management have been increasing in recent years despite slight volatility with its total managed assets growing from $2.5 billion back in 2010 to experience over $1 billion in growth. Gofen & Glossberg mainly caters to high net worth individuals, which alone makes up over half of its entire client base both in terms of accounts and assets, and also provides services to a variety of other clientele.
As of the latest 13F report, the guru’s equity portfolio contained 497 stocks valued at a total of $3.78Bil. The top holdings were MSFT(5.11%), AAPL(4.81%), and TMO(3.80%).
According to GuruFocus data, these were GOFEN & GLOSSBERG LLC /IL/’s top five trades of the quarter.
3M Co
GOFEN & GLOSSBERG LLC /IL/ reduced their investment in NYSE:MMM by 38,676 shares. The trade had a 0.14% impact on the equity portfolio. During the quarter, the stock traded for an average price of $131.19.
On 01/14/2023, 3M Co traded for a price of $129.51 per share and a market cap of $71.59Bil. The stock has returned -25.16% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, 3M Co has a price-earnings ratio of 11.28, a price-book ratio of 5.08, a price-earnings-to-growth (PEG) ratio of 5.37, a EV-to-Ebitda ratio of 8.70 and a price-sales ratio of 2.14.
The price-to-GF Value ratio is 0.73, earning the stock a GF Value rank of 10.
Berkshire Hathaway Inc
During the quarter, GOFEN & GLOSSBERG LLC /IL/ bought 10 shares of NYSE:BRK.A for a total holding of 40. The trade had a 0.12% impact on the equity portfolio. During the quarter, the stock traded for an average price of $428128.
On 01/14/2023, Berkshire Hathaway Inc traded for a price of $481021 per share and a market cap of $700.74Bil. The stock has returned -0.63% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Berkshire Hathaway Inc has a price-book ratio of 1.55, a EV-to-Ebitda ratio of 70.75 and a price-sales ratio of 2.79.
The price-to-GF Value ratio is 1.17, earning the stock a GF Value rank of 3.
iShares Core S&P Small-Cap ETF
During the quarter, GOFEN & GLOSSBERG LLC /IL/ bought 39,372 shares of ARCA:IJR for a total holding of 204,639. The trade had a 0.1% impact on the equity portfolio. During the quarter, the stock traded for an average price of $96.67.
On 01/14/2023, iShares Core S&P Small-Cap ETF traded for a price of $101.41 per share and a market cap of $69.45Bil. The stock has returned -8.98% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, iShares Core S&P Small-Cap ETF has a price-earnings ratio of 12.25 and a price-book ratio of 1.76.
iShares Core S&P Mid-Cap ETF
During the quarter, GOFEN & GLOSSBERG LLC /IL/ bought 14,377 shares of ARCA:IJH for a total holding of 72,920. The trade had a 0.09% impact on the equity portfolio. During the quarter, the stock traded for an average price of $240.38.
On 01/14/2023, iShares Core S&P Mid-Cap ETF traded for a price of $257.17 per share and a market cap of $67.60Bil. The stock has returned -5.96% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, iShares Core S&P Mid-Cap ETF has a price-earnings ratio of 13.65 and a price-book ratio of 2.30.
Cambria Tail Risk ETF
The guru sold out of their 189,729-share investment in BATS:TAIL. Previously, the stock had a 0.09% weight in the equity portfolio. Shares traded for an average price of $16.57 during the quarter.
On 01/14/2023, Cambria Tail Risk ETF traded for a price of $15.14 per share and a market cap of $250.57Mil. The stock has returned -13.09% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, Cambria Tail Risk ETF has a price-earnings ratio of 18.85 and a price-book ratio of 3.58.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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