By: Manisha Sethi Oct. 05, 2018
In its latest SEC 13F filings for Q2 2018 dated August 14, 2018, Vontobel Asset Management Company reported a portfolio value of $13.462 billion. Notably, its top 10 holdings account for 43.57%, indicating a well-diversified portfolio. Vontobel Asset Management’s largest holding is 6,640,339 shares of Alibaba Group Holding Limited (BABA). In addition, Ambev S.A (ABEV), Taiwan Semiconductor Manufacturing Co. Ltd. (TSM), Fomento Economico Mexicano, S.A.B de C.V. (FMX), and MasterCard Incorporated (MA) are among its highest holdings. The technology sector accounts for the largest proportion of Vontobel’s portfolio.
Vontobel Asset Management, Inc., an SEC-registered investment adviser, is a New York-based quality growth boutique and one of six boutiques under Swiss-based Vontobel Asset Management. They provide a boutique investment experience for institutional and intermediary clients around the world. With unwavering focus on bottom-up, fundamental research, their goal is to compound clients’ capital over time without undue risk. This firm exclusively manages global and regional long-only equity portfolios. They seek to invest in high-quality growth companies with the objective of outperforming the benchmark with less risk over a full-market cycle.
According to Raltin, around 56% or 50 of Light Street Capital Management’s new purchases outperform S&P 500, of which 39 new stocks successfully beat S&P 500 by more than 10%. Only 33% or 29 out of 89 new buys (between Q1 2014 and Q4 2017) underperform S&P 500 by the same percentage. Raltin’s detailed methodology to calculate performance against S&P 500 can be found here. The table below shows the total number of new stock purchases and the various S&P performance categories.
|S&P outperformance category||Number of new stock purchases||Total new purchases (%)|
|10 to 20%||17||23.61|
|0 to 10%||13||18.06|
|-10 to 0%||14||19.44|
|-20 to -10%||8||11.11|
The institutional investor bought 9 new stocks in Q2 2018 from the consumer discretionary, finance, and healthcare sectors. JD.com, Inc. (JD) and Yum China Holdings, Inc. (YUMC) from the consumer discretionary sector comprise 2% and 1.71% of the portfolio. The table below lists the firm’s new buys in this quarter along with their number of shares and holding values.
|Stocks||Number of shares||Holding value ($1,000)|
|JD.com, Inc. (JD)||67,77,396||2,68,795|
|Yum China Holdings, Inc. (YUMC)||58,77,437||2,30,185|
|BanColombia S.A. (CIB)||41,27,802||2,00,840|
|Johnson & Johnson (JNJ)||9,92,555||1,23,685|
|Mondelez International, Inc. (MDLZ)||12,94,090||53,060|
|Itau Unibanco Holding S.A. (ITUB)||47,31,116||50,005|
|Anheuser-Busch Inbev SA (BUD)||4,33,278||43,660|
|Carnival Corp. (CCL)||12,542||720|
|India Fund, Inc. (THE) (IFN)||9,555||230|
The following table shows the portfolio value of the fund for past 5 quarters, that is, from Q1 2017 to Q1 2016, along with the top holdings in each quarter that outperform S&P 500. In particular, Adobe Systems, Inc. (ADBE), Moody’s Corp. (MCO), New Oriental Education & Technology Group, Inc. (EDU), M&T Bank Corp. (MTB), and many more exceed the index by a huge margin.
|Period||Total portfolio value ($Mn)||Top holdings (ticker, % IRR difference from S&P 500)|
|Q1 2017||11,729.71||Adobe Systems, Inc. (ADBE, 54.62)|
|Q4 2016||11,432.76||Moody’s Corp. (MCO, 37.33), ZTO Express, (Cayman) Inc. Cl A (ZTO, 11.97)|
|Q3 2016||12,751.67||New Oriental Education & Technology Group, Inc. (EDU, 74.52)|
|Q2 2016||12,289.58||M&T Bank Corp. (MTB, 21.55)|