Veritable, L.P. 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.
Veritable, L.P. is an investment management firm based out of Newtown Square, Pennsylvania. The company was established in 1986 by founder Michael A. Stolper, who is still with the company today acting as its CEO, with just 3 employees. The firm was original known as Stolper & Co. and would grow to have over half a billion in assets under management by 1994. The company would continue to grow and launch more products and services and has expanded to have an additional office located in San Francisco. Veritable currently operates as a subsidiary of AMG Wealth Partners LP, which acquired the company in 2012, and has grown from its inception to now have 83 employees of which 50 are investment professionals. The company conducts its research internally and invests in the public equity and fixed income markets on a global scale. Veritable invests most heavily in the finance sector, which alone makes up almost two thirds of its total asset allocations, and also invests in the energy, information technology, health care, consumer staples, and utilities and telecommunications sectors, among others to a lesser degree, in order of decreasing allocation. Other than the firm’s top holdings in SPDR S&P 500 ETF Index Depositary Receipts and SPDR S&P MidCap 400 ETF Trust that respectively make up 16% and 13% of its total holdings, none of its holdings make up over 3% of its total. Veritable currently holds over $13.4 billion in total assets under management spread across almost 3,000 accounts, all of which are discretionary accounts except for 160 that make up $424 million of its held assets. The company mainly caters to high net worth individuals, which alone makes up over two thirds of its client base, and also provides services to individuals, pooled investment vehicles, charities, and corporations, among others.
As of the latest 13F report, the guru’s equity portfolio contained 864 stocks valued at a total of $5.85Bil. The top holdings were SPY(11.43%), IVV(8.78%), and MDY(7.38%).
According to GuruFocus data, these were Veritable, L.P.’s top five trades of the quarter.
Vanguard S&P 500 ETF
Veritable, L.P. reduced their investment in ARCA:VOO by 53,826 shares. The trade had a 0.34% impact on the equity portfolio. During the quarter, the stock traded for an average price of $351.8.
On 02/18/2023, Vanguard S&P 500 ETF traded for a price of $374.22 per share and a market cap of $280.89Bil. The stock has returned -5.38% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, Vanguard S&P 500 ETF has a price-earnings ratio of 20.20 and a price-book ratio of 3.76.
iShares Core S&P Small-Cap ETF
During the quarter, Veritable, L.P. bought 192,771 shares of ARCA:IJR for a total holding of 1,005,796. The trade had a 0.31% impact on the equity portfolio. During the quarter, the stock traded for an average price of $95.59.
On 02/18/2023, iShares Core S&P Small-Cap ETF traded for a price of $105.1 per share and a market cap of $72.74Bil. The stock has returned -0.17% 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 12.32 and a price-book ratio of 1.79.
Vanguard Tax-Exempt Bond ETF
Veritable, L.P. reduced their investment in ARCA:VTEB by 233,188 shares. The trade had a 0.22% impact on the equity portfolio. During the quarter, the stock traded for an average price of $48.58.
On 02/18/2023, Vanguard Tax-Exempt Bond ETF traded for a price of $49.59 per share and a market cap of $25.07Bil. The stock has returned -4.50% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
Nuveen AMT-Free Municipal Income Fund
The guru sold out of their 1,090,034-share investment in NYSE:NEA. Previously, the stock had a 0.22% weight in the equity portfolio. Shares traded for an average price of $10.91 during the quarter.
On 02/18/2023, Nuveen AMT-Free Municipal Income Fund traded for a price of $11.08 per share and a market cap of $3.31Bil. The stock has returned -16.38% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 3 out of 10.
In terms of valuation, Nuveen AMT-Free Municipal Income Fund has a price-book ratio of 0.96.
S&P 500 ETF TRUST ETF
Veritable, L.P. reduced their investment in ARCA:SPY by 29,653 shares. The trade had a 0.21% impact on the equity portfolio. During the quarter, the stock traded for an average price of $382.87.
On 02/18/2023, S&P 500 ETF TRUST ETF traded for a price of $407.28 per share and a market cap of $374.49Bil. The stock has returned -5.37% over the past year.
GuruFocus gives the ETF a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, S&P 500 ETF TRUST ETF has a price-earnings ratio of 20.26, a price-book ratio of 3.77, a price-earnings-to-growth (PEG) ratio of 2.44, a EV-to-Ebitda ratio of 15.13 and a price-sales ratio of 2.80.
The price-to-GF Value ratio is 0.00, earning the stock a GF Value rank of 6.
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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