This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management's 13F portfolio on a quarterly basis. It is based on Al Gore's regulatory 13F Form filed on 5/14/2024. Please visit our Tracking Al Gore's Generation Investment Management Portfolio series to get an idea of their investment philosophy and our previous update for the fund's moves in Q4 2023.
This quarter, Al Gore's 13F portfolio value decreased from $22.06B to $21.91B. The number of positions decreased from 45 to 42. The top five stakes are Amazon.com, Microsoft, Applied Materials, Thermo Fisher Scientific, and Equifax. They account for around one-third of the total 13F portfolio value. Al Gore's books are good precursors for anyone interested in investing based on sustainability analysis.
Stake Disposals:
Veralto Corp. (VLTO): The VLTO stake came about as a result of the separation from Danaher. Generation IM had a position in Danaher for which they received these shares. The stake was disposed this quarter at prices between $74.47 and $89.81. The stock currently trades at ~$100.
Palo Alto Networks (PANW): The very small 0.60% stake in PANW was dropped this quarter.
Stake Increases:
Becton, Dickinson (BDX): The 3.61% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Q2 2022 saw a similar reduction at prices between ~$235 and ~$275. That was followed with a ~40% further selling during Q4 2022 at prices between ~$218 and ~$257. The position was increased by 72% this quarter at prices between ~$233 and ~$247. The stock currently trades at ~$239.
CBRE Group (CBRE): CBRE is a 3.51% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. Q2 2023 saw a ~45% increase at prices between ~$70 and ~$81. The stock is now at $85.64. The last quarter saw a minor ~2% trimming, while this quarter there was a similar increase.
Charles Schwab (SCHW): SCHW is currently at 2.80% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at ~$72. There was a ~15% stake increase during Q3 2022 while the last five quarters saw a ~50% reduction. There was a ~6% increase this quarter.
Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.
Accenture plc (ACN): ACN is a 2.41% of the portfolio stake established in the last quarter at prices between ~$290 and ~$355. The position was increased by 87% this quarter at prices between ~$333 and ~$385. The stock currently trades below those ranges at ~$288.
Baxter International (BAX), Cooper Companies (COO), H World Group (HTHT), and STERIS plc (STE): These positions (less than ~2.2% of the portfolio each) were increased during the quarter.
Stake Decreases:
Amazon.com (AMZN): AMZN is currently the largest position at ~10% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175. There was a ~40% stake increase during H1 2022 at prices between ~$104 and ~$170. The stock currently trades at ~$179. The four quarters through Q2 2023 saw minor increases, while the last three quarters saw trimming.
Microsoft Corporation (MSFT): MSFT is currently the second-largest stake at 9.96% of the portfolio. It was primarily built during Q2 2022 at prices between ~$242 and ~$315. Q1 2023 saw a ~30% stake increase at prices between ~$222 and ~$288. The stock currently trades at ~$416. There was a minor ~5% stake increase during Q3 2023 and a ~4% trimming in the last two quarters.
Applied Materials (AMAT): The large (top three) 4.82% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase during Q2 2022 at prices between ~$86 and ~$129. That was followed by a ~38% further increase over the four quarters through Q2 2023. There was a ~12% trimming in the last quarter. The stake was decreased by 30% this quarter at prices between ~$149 and ~$213. The stock currently trades at ~$212.
Thermo Fisher Scientific (TMO): TMO is a 4.39% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. Recent activity follows. Q1 2023 saw a two-thirds increase at prices between ~$535 and ~$605. That was followed by a ~12% increase during the next two quarters. The stock currently goes for ~$570. The last quarter saw a ~7% stake increase, while this quarter there was a similar reduction.
Equifax Inc. (EFX): The ~4% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled in the next quarter at prices between ~$208 and ~$286. There was a ~30% selling over the three quarters through Q3 2023. The last quarter saw an ~8% stake increase, while this quarter saw a ~14% reduction. The stock is now at ~$235.
Analog Devices (ADI): ADI position is now at 3.65% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled in the next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. There was an ~80% stake increase in Q2 2022 at prices between ~$144 and ~$169. H2 2022 saw a ~15% further increase, while Q3 2023 saw a ~15% selling at prices between ~$172 and ~$199. The stock currently trades at ~$231. There was a ~7% trimming this quarter.
Nutanix (NTNX): The 3.56% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stake was decreased by 27% this quarter at prices between $44.90 and $65.85. The stock currently trades at ~$54.
Note: they have a ~5% ownership stake in the business.
Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters through Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while in Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stake was decreased by 15% this quarter at prices between $72.58 and $80.57. The stock is now at $69.64 and the stake at 3.49% of the portfolio.
Note: Generation IM has a ~7.5% ownership stake in Henry Schein.
Trimble Inc. (TRMB): The 3.36% TRMB position was established during Q3 2023 at prices between ~$49 and ~$56. The last quarter saw a ~90% stake increase at prices between ~$41 and ~$54. The stock currently trades at ~$54. There was a ~7% trimming this quarter.
Danaher Corp. (DHR): DHR is a 3.21% of the portfolio position established during H1 2023 at prices between ~$225 and ~$277 and the stock currently trades at ~$263. The last two quarters also saw a ~22% stake increase, while this quarter there was a ~7% trimming.
Gartner, Inc. (IT): The 3.16% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stake was decreased by 29% this quarter at prices between ~$425 and ~$483. The stock is now at ~$428.
Jones Lang LaSalle Inc. (JLL): JLL is a 3.15% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake through consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. The stake was decreased by 16% this quarter at prices between ~$169 and ~$195. The stock currently trades at ~$197.
Note: Generation IM has a ~7.5% ownership stake in Jones Lang LaSalle.
Trane Technologies plc (TT): TT is now at 3.14% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase in the next quarter at prices between ~$121 and ~$155. There was a ~30% selling in the three quarters through Q3 2023. That was followed by a ~24% reduction in the last quarter at prices between ~$184 and ~$244. This quarter saw another similar selling at prices between ~$235 and ~$304. The stock currently trades at ~$320.
Texas Instruments (TXN): The bulk of the 3.10% stake in TXN was established during the two quarters through Q1 2023 at prices between ~$148 and ~$185. The stock is now at ~$193. There was a ~7% trimming this quarter.
MercadoLibre (MELI): The 2.75% of the portfolio stake in MELI was built during the five quarters through Q3 2022 at prices between ~$635 and ~$1950. The stock is now at ~$1631. There was a ~60% reduction in the last five quarters.
Mastercard Inc. (MA): MA is a 2.70% of the portfolio position purchased during Q2 2022 at prices between ~$309 and ~$379. There was a ~20% selling during Q2 2023 at prices between ~$360 and ~$394. That was followed by a ~7% trimming next quarter. The last two quarters also saw a ~10% trimming. The stock currently trades at ~$445.
10x Genomics (TXG), Cognizant Technology (CTSH), Coupang (CPNG), Carlisle Companies (CSL), Clarivate Plc (CLVT), DENTSPLY SIRONA (XRAY), Freshworks Inc. (FRSH), Microchip Technology (MCHP), Salesforce, Inc. (CRM), Toast, Inc. (TOST), Twilio Inc. (TWLO), Veeva Systems (VEEV), and Waters Corp. (WAT): These small (less than ~2.5% of the portfolio each) positions were reduced during the quarter.
Note: they have significant ownership stakes in the following businesses: Clarivate plc, and Toast Inc.
Kept Steady:
SOPHiA GENETICS (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently go for ~$5. Generation IM's 0.15% of the portfolio stake goes back to a funding round in 2019.
Note: Generation IM has a ~10.5% ownership stake in the business.
Asana, Inc. (ASAN), Gogoro Inc. (GGR), Remitly Global (RELY), and Tigo Energy (TYGO): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.
Note: they have significant ownership stakes in the following businesses: Remitly Global and Tigo Energy.
Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2024:
John Vincent
Focused on analyzing 13F reports & building tools to help DIY investors generate absolute returnsthrough exploiting inefficiency, volatility, and momentum.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of AMZN, CPNG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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