Avalon Investment & Advisory's Q4 2018 13F: 45 new positions, 87 exits
Form 13F-HR for the quarter ended Dec 31, 2018 · filed Feb 14, 2019 · 303 reported positions · accession 0001221362-19-000002
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Increased | Coca-Cola Co (KO) | 1.3% | 3.7% | +2.4 pts | +2.02M sh | +203% |
| Increased | Apple Inc (AAPL) | 2.0% | 3.7% | +1.7 pts | +590K sh | +190% |
| Increased | Philip Morris Intl Inc (PM) | 0.0% | 2.2% | +2.1 pts | +1.23M sh | +5917% |
| Increased | PepsiCo Inc (PEP) | 1.6% | 2.8% | +1.2 pts | +478K sh | +96% |
| New | Altria Group Inc (MO) | — | 1.3% | +1.3 pts | +1.06M sh | new |
| Exited | Becton Dickinson & Co (BDX) | 1.3% | — | −1.3 pts | −183K sh | −100% |
| Increased | Procter And Gamble Co (PG) | 1.5% | 2.7% | +1.3 pts | +523K sh | +83% |
| Increased | Exxon Mobil Corp (XOM) | 1.6% | 2.4% | +0.8 pts | +703K sh | +102% |
| Increased | ConocoPhillips (COP) | 0.8% | 1.5% | +0.6 pts | +518K sh | +133% |
| Increased | Chevron Corp (CVX) | 1.1% | 1.7% | +0.5 pts | +261K sh | +80% |
| New | American Express Co (AXP) | — | 0.7% | +0.7 pts | +297K sh | new |
| Increased | Intel Corp (INTC) | 0.4% | 1.1% | +0.7 pts | +578K sh | +191% |
| Exited | Morgan Stanley (MS) | 0.7% | — | −0.7 pts | −510K sh | −100% |
| Exited | Valero Energy Corp (VLO) | 0.6% | — | −0.6 pts | −202K sh | −100% |
| New |
Linde PLC (LIN)
new — newly listed security (e.g. spin-off)
|
— | 0.6% | +0.6 pts | +153K sh | new |
| Increased | S&P 500 SPDR ETF (SPY) | 0.2% | 0.8% | +0.5 pts | +89,524 sh | +321% |
| Increased | AbbVie Inc (ABBV) | 0.5% | 1.0% | +0.5 pts | +222K sh | +121% |
| Increased | McDonalds Corp (MCD) | 0.4% | 0.9% | +0.5 pts | +115K sh | +129% |
| Increased | Union Pacific Corp (UNP) | 0.0% | 0.5% | +0.5 pts | +144K sh | +9576% |
| Exited | Las Vegas Sands Corp (LVS) | 0.5% | — | −0.5 pts | −303K sh | −100% |
| Increased | Berkshire Hathaway Inc (BRK-B) | 1.5% | 1.8% | +0.3 pts | +94,648 sh | +37% |
| Exited | Bank America Corp (BAC) | 0.5% | — | −0.5 pts | −587K sh | −100% |
| Increased | Johnson & Johnson (JNJ) | 0.7% | 1.1% | +0.4 pts | +142K sh | +77% |
| Increased | Microsoft Corp (MSFT) | 1.8% | 1.9% | +0.1 pts | +174K sh | +31% |
| Exited | Southwest Airlines Co (LUV) | 0.4% | — | −0.4 pts | −251K sh | −100% |
| Reduced | EOG Resources Inc (EOG) | 0.7% | 0.0% | −0.7 pts | −195K sh | −98% |
| Exited | NVIDIA Corp (NVDA) | 0.4% | — | −0.4 pts | −55,112 sh | −100% |
| Increased | Amgen Inc (AMGN) | 0.8% | 1.1% | +0.3 pts | +85,103 sh | +65% |
| Increased | Abbott Laboratories (ABT) | 0.0% | 0.4% | +0.4 pts | +228K sh | +3866% |
| Increased | Novo-Nordisk AS (NVO) | 0.1% | 0.5% | +0.4 pts | +352K sh | +495% |
| Increased | Merck & Co Inc (MRK) | 1.8% | 2.2% | +0.4 pts | +207K sh | +22% |
| Exited | PVH Corp (PVH) | 0.4% | — | −0.4 pts | −94,568 sh | −100% |
| Increased | Verizon Communications Inc (VZ) | 1.3% | 1.6% | +0.3 pts | +262K sh | +31% |
| Increased | Comcast Corp (CMCSA) | 0.3% | 0.6% | +0.3 pts | +425K sh | +163% |
| Reduced | AT&T Inc (T) | 1.1% | 0.5% | −0.6 pts | −482K sh | −42% |
| Increased | Automatic Data Processing Inc (ADP) | 0.4% | 0.7% | +0.3 pts | +104K sh | +108% |
| Reduced | General Mills Inc (GIS) | 0.4% | 0.0% | −0.4 pts | −350K sh | −98% |
| New | CBOE Holdings Inc (CBOE) | — | 0.4% | +0.4 pts | +139K sh | new |
| New | Interpublic Group Cos Inc (IPG) | — | 0.3% | +0.3 pts | +654K sh | new |
| Exited | Cintas Corp (CTAS) | 0.3% | — | −0.3 pts | −60,368 sh | −100% |
| Reduced | Bristol-Myers Squibb Co (BMY) | 0.5% | 0.0% | −0.4 pts | −250K sh | −94% |
| Increased | Dowdupont Inc (DWDP) | 0.4% | 0.6% | +0.2 pts | +240K sh | +106% |
| New | Starbucks Corp (SBUX) | — | 0.3% | +0.3 pts | +199K sh | new |
| Increased | Tractor Supply Co (TSCO) | 0.1% | 0.4% | +0.3 pts | +153K sh | +377% |
| Increased | Paypal Holdings Inc (PYPL) | 0.0% | 0.3% | +0.3 pts | +151K sh | +3272% |
| New | AutoZone Inc (AZO) | — | 0.3% | +0.3 pts | +15,051 sh | new |
| Exited | S&P Global Inc (SPGI) | 0.3% | — | −0.3 pts | −59,154 sh | −100% |
| Exited | L3 Technologies Inc (LLL) | 0.3% | — | −0.3 pts | −54,327 sh | −100% |
| Exited | Paccar Inc (PCAR) | 0.3% | — | −0.3 pts | −162K sh | −100% |
| Increased | Royal Dutch Shell PLC (RDSA) | 0.1% | 0.4% | +0.3 pts | +206K sh | +435% |
The 50 largest of 373 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 25.1% of the equity book
Changes in the top 10 this quarter: KO entered · PM entered · CVX entered · UNH left · PFE left · CSCO left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | Coca-Cola Co (KO) | 1.3% | 3.7% | Entered the top 10 |
| 2 | Apple Inc (AAPL) | 2.0% | 3.7% | |
| 3 | PepsiCo Inc (PEP) | 1.6% | 2.8% | |
| 4 | Procter And Gamble Co (PG) | 1.5% | 2.7% | |
| 5 | Exxon Mobil Corp (XOM) | 1.6% | 2.4% | |
| 6 | Merck & Co Inc (MRK) | 1.8% | 2.2% | |
| 7 | Philip Morris Intl Inc (PM) | 0.0% | 2.2% | Entered the top 10 |
| 8 | Microsoft Corp (MSFT) | 1.8% | 1.9% | |
| 9 | Berkshire Hathaway Inc (BRK-B) | 1.5% | 1.8% | |
| 10 | Chevron Corp (CVX) | 1.1% | 1.7% | Entered the top 10 |
| — | UnitedHealth Group Inc (UNH) | 1.8% | 1.6% | Left the top 10 |
| — | Pfizer Inc (PFE) | 1.7% | 1.5% | Left the top 10 |
| — | Cisco Systems Inc (CSCO) | 1.6% | 1.4% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| Reduced | Discover Financial Services (DFS) | Call | 17,700 | 13,700 | $808K |