Winslow Capital's form 13F filed on February 12th highlights recent stocks purchases including ASML Holding N.V. (NasdaqGS: ASML), Cognizant Technology Solutions (NasdaqGS: CTSH), and Boeing (NYSE: BA).
Winslow Capital's Latest Form 13F Filing
Winslow Capital is a growth equity investment firm grounded in fundamental investing. The firm's flagship offering is its U.S. Large Cap Growth equity strategy which it has managed since Winslow Capital’s inception in 1992.
The firm deploys a bottom-up approach based on proprietary fundamental research done by its sector portfolio managers and analysts. Justin Kelly services as the firm's chief investment officer and is responsible for the investment roadmaps of all Winslow strategies.
On February 12th, Winslow Capital filed its quarterly Form 13F regulatory filing. I reviewed the filing to gain a glimpse into the firm's 90 positions.
Winslow Capital's stock portfolio totals $17.6 billion according to the latest filing. The list value of stock holdings is down -5.0% when compared to the last quarter. As a benchmark, the S&P 500 was up 6.1% over the same period.
Quarter-over-Quarter Turnover (QoQ Turnover) measures the level of trading activity in a portfolio. Winslow Capital's QoQ Turnover for the latest quarter was 17.1%, so the firm appears to trade a fairly reasonable percent of its portfolio each quarter.
Winslow Capital's Largest Holdings
The Ideas section of finbox.io tracks top investors and trending investment themes. You can get the latest data on the holdings discussed below at the Winslow Capital page. The following table summarizes the firm's largest holdings reported in the last filing:
|Ticker||Name||Holding ($mil)||% Of Portfolio|
|AMZN||Amazon Com Inc||$911.6||5.2%|
|CRM||Salesforce Com Inc||$626.1||3.5%|
|UNH||Unitedhealth Group Inc||$547.2||3.1%|
The seven positions above represent 28.7% of the fund's total portfolio. Winslow Capital's three largest positions, Microsoft Corporation (NasdaqGS: MSFT), Amazon.com, Inc. (NasdaqGS: AMZN), and Visa Inc. (NYSE: V) are all up over 5.0% in the last three months.
Winslow Capital's 7 Largest Purchases
I also used finbox.io to find Winslow Capital's largest buys last quarter. Here's the list of the biggest stock purchases determined by comparing the last two filings:
|Ticker||Name||Purchased ($mil)||% Of Portfolio|
|ASML||ASML Holding NV||$343.4||1.9%|
|CTSH||Cognizant Tech Solutions||$217.5||1.2%|
|BAX||Baxter International Inc||$178.7||1.0%|
|ADBE||Adobe Systems Inc||$119.6||1.5%|
The largest stock purchase for the quarter was ASML Holding N.V. Winslow Capital increased its position in the company by $343.4 million and the stock now represents 1.9% of the firm's portfolio.
Winslow Capital's 7 Biggest Sells
Here's the list of biggest position reductions determined by comparing the last two filings:
|Ticker||Name||Sold ($mil)||% Of Portfolio|
|CELG||CELGENE CORP COM||$351.1||0.0%|
|BSX||BOSTON SCIENTIFIC CORP COM||$294.6||0.0%|
|JD||JD Com Inc Sp ADR Cl A||$193.0||1.0%|
|CTRP||CTRIP COM INTL LTD ADR||$160.1||0.0%|
|SWKS||SKYWORKS SOLUTIONS INC COM||$155.5||0.0%|
|LLY||Lilly Eli & Co||$141.4||1.0%|
The largest stock sale for the quarter was Celgene Corporation. Winslow Capital reduced its position in the company by $351.1 million and the stock now represents 0.0% of the firm's portfolio.
Winslow Capital's 7 Best Piotroski Score Stocks
The Piotroski Score is a stock score developed by Stanford accounting professor Joseph Piotroski. He developed a set of rules to find companies with strong liquid balance sheets, increasing profitability, and operating efficiency. He proposed screening for stocks based on a checklist that awards one point for each matched criterion. The strategy generated 23% annual return between 1976 and 1996, 7.5% higher than what the S&P 500 posted over the same period.
The stocks listed in the table below have the best Piotroski Scores. When two stocks have the same score, the larger holding is ranked higher.
|Ticker||Name||Piotroski Score||% Of Portfolio|
|ADBE||Adobe Systems Inc||8||1.5%|
|MU||MICRON TECHNOLOGY INC COM||8||0.0%|
|CTRP||CTRIP COM INTL LTD ADR||8||0.0%|
|AMAT||APPLIED MATLS INC COM||8||0.0%|
Nvidia (NasdaqGS: NVDA) is the only stock in Winslow Capital's portfolio that has a perfect Piotroski score.
Investors interested in learning more about the Piotroski Screen should read how the strategy returned +90% in 2017.
Winslow Capital's Best 1-Month Performance Stocks
To find stocks in the firm's portfolio that may be popular at the moment or have tailwinds moving forward, I ranked the firm's holdings by price appreciation. The ranking table below lists the stocks in Winslow Capital’s portfolio by stock price performance over the last 30 days.
|Ticker||Name||Price 1-mo Ago||Current Price||% Change 1-mo|
|ABBV||ABBVIE INC COM||$100.34||$112.15||11.8%|
|EBAY||EBAY INC COM||$38.02||$42.18||10.9%|
|NOC||Northrop Grumman Corp||$315.15||$343.31||8.9%|
|AMZN||Amazon Com Inc||$1,305.00||$1,416.00||8.5%|
|EA||Electronic Arts Inc||$113.13||$122.35||8.1%|
|UA||UNDER ARMOUR INC CL C||$14.14||$15.24||7.8%|
Shares of Netflix, Inc. have increased by 16.9% over the last month. Investors may want to take a closer look at the stock, especially with 'smart money' behind it.
Author: Matt Hogan
Expertise: Valuation, financial statement analysis
Matt Hogan is a co-founder of finbox.io. His expertise is in investment decision making. Prior to finbox.io, Matt worked for an investment banking group providing fairness opinions in connection to stock acquisitions. He spent much of his time building valuation models to help clients determine an asset’s fair value. He believes that these same valuation models should be used by all investors before buying or selling a stock.
Matt can be reached at email@example.com.
As of this writing, I did not hold a position in any of the aforementioned securities and this is not a buy or sell recommendation on any security mentioned.