Insights from the Third Quarter of 2024 N-PORT Filing
David Herro (Trades, Portfolio) recently submitted the N-PORT filing for the third quarter of 2024, providing insights into his investment moves during this period. David Herro (Trades, Portfolio) has been a manager of the Oakmark International Fund (OAKIX) since 1992, the Oakmark International Small Cap Fund (OAKEX) since 1995, and the Oakmark Global Select Fund (OAKWX) since 2006. He is also the Chief Investment Officer for International Equities at Harris Associates, which he joined in 1992. His career honors include being named Morningstar's International Stock Fund Manager of the Year in 2006 and International Stock Fund Manager of the Decade for 2000-09. Mr. Herro has an M.A. in Economics from the University of Wisconsin-Milwaukee (1985) and a B.S. in Business/Economics from the University of Wisconsin-Platteville (1983). His investment philosophy focuses on buying businesses trading at a significant discount to intrinsic value, investing in companies expected to grow shareholder value, and partnering with management teams that act as owners.
Summary of New Buy
David Herro (Trades, Portfolio) added a total of 3 stocks, among them:
- The most significant addition was Diageo PLC (LSE:DGE, Financial), with 3,363,600 shares, accounting for 0.66% of the portfolio and a total value of £117.056 million.
- The second largest addition to the portfolio was Smurfit WestRock PLC (SW, Financial), consisting of 2,126,100 shares, representing approximately 0.59% of the portfolio, with a total value of $105.072 million.
- The third largest addition was Pernod Ricard SA (XPAR:RI, Financial), with 449,200 shares, accounting for 0.38% of the portfolio and a total value of €67.804 million.
Key Position Increases
David Herro (Trades, Portfolio) also increased stakes in a total of 20 stocks, among them:
- The most notable increase was Airbus SE (XPAR:AIR, Financial), with an additional 963,100 shares, bringing the total to 2,444,300 shares. This adjustment represents a significant 65.02% increase in share count, a 0.79% impact on the current portfolio, with a total value of €357.033 million.
- The second largest increase was Edenred SE (XPAR:EDEN, Financial), with an additional 2,867,085 shares, bringing the total to 10,272,785. This adjustment represents a significant 38.71% increase in share count, with a total value of €389.024 million.
Summary of Sold Out
David Herro (Trades, Portfolio) completely exited 4 holdings in the third quarter of 2024, as detailed below:
- Smurfit Kappa Group PLC (DUB:SK3, Financial): David Herro (Trades, Portfolio) sold all 2,725,200 shares, resulting in a -0.69% impact on the portfolio.
- SAP SE (XTER:SAP, Financial): David Herro (Trades, Portfolio) liquidated all 565,800 shares, causing a -0.65% impact on the portfolio.
Key Position Reduces
David Herro (Trades, Portfolio) also reduced positions in 40 stocks. The most significant changes include:
- Reduced Lloyds Banking Group PLC (LSE:LLOY, Financial) by 301,320,200 shares, resulting in a -34.11% decrease in shares and a -1.18% impact on the portfolio. The stock traded at an average price of £0.58 during the quarter and has returned -7.98% over the past 3 months and 20.83% year-to-date.
- Reduced Prosus NV (XAMS:PRX, Financial) by 4,275,500 shares, resulting in a -32.19% reduction in shares and a -0.86% impact on the portfolio. The stock traded at an average price of €33.13 during the quarter and has returned 14.70% over the past 3 months and 42.05% year-to-date.
Portfolio Overview
At the third quarter of 2024, David Herro (Trades, Portfolio)'s portfolio included 67 stocks, with top holdings including 3.85% in Bayer AG (XTER:BAYN, Financial), 3.73% in CNH Industrial NV (CNH, Financial), 3.45% in BNP Paribas (XPAR:BNP, Financial), 3.13% in Continental AG (XTER:CON, Financial), and 2.95% in Kering SA (XPAR:KER, Financial).
The holdings are mainly concentrated in 8 of the 11 industries: Industrials, Consumer Cyclical, Financial Services, Healthcare, Technology, Communication Services, Consumer Defensive, and Basic Materials.
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.
