Laffer Tengler Investments' Q4 2023 13F: 146 new positions, 52 exits

Form 13F-HR for the quarter ended Dec 31, 2023 · filed Feb 8, 2024 · 414 reported positions · accession 0000909012-24-000017

View the filing on SEC.gov

What changed this quarter

Activity Security Weight before Weight now Change Shares Shares %
Exited ON SEMICONDUCTOR CORP (ON 1.625 10/15/23) 1.5% — −1.5 pts −1,115 sh −100%
Exited NISOURCE INC UNIT 12/01/23 (NIMC) 0.9% — −0.9 pts −32,296 sh −100%
Increased AMERICAN EXPRESS CO (AXP) 1.0% 2.0% +1.0 pts +18,249 sh +81%
Reduced CHUBB LIMITED (CB) 1.0% 0.1% −0.9 pts −14,181 sh −89%
New NEW MOUNTAIN FINANCE CORP (NMFC 7.5 10/15/25) — 0.7% +0.7 pts +2,631 sh new
Increased LUMENTUM HLDGS INC (LITE 0.5 12/15/26) 0.3% 0.6% +0.3 pts +1,329 sh +119%
Increased JAZZ INVESTMENTS I LTD (JAZZ 1.5 08/15/24) 0.6% 0.8% +0.2 pts +1,026 sh +51%
New NIKE INC CL B (NKE) — 0.3% +0.3 pts +9,006 sh new
Increased MICROCHIP TECHNOLOGY INC. (MCHP 0.125 11/15/24) 0.6% 0.8% +0.2 pts +881 sh +48%
Increased MICROSOFT CORP (MSFT) 3.2% 3.6% +0.4 pts +2,026 sh +6%
New SPDR BARCLAYS CONVERTIBLE SECURITIES ETF (CWB) — 0.2% +0.2 pts +10,061 sh new
Increased TWO HARBORS INVENTMENT CORP (TWO 6.25 01/15/26) 0.6% 0.8% +0.2 pts +718 sh +32%
Increased DEXCOM INC (DXCM 0.25 11/15/25) 0.7% 0.9% +0.2 pts +623 sh +24%
Increased ALPHABET INC CAP STOCK CL A (GOOGL) 0.5% 0.6% +0.1 pts +4,242 sh +34%
Reduced BANK OF AMERICA CORP (BACPRL) 1.3% 1.1% −0.2 pts −456 sh −12%
Increased HONEYWELL INTL INC (HON) 0.6% 0.8% +0.2 pts +2,591 sh +23%
Increased LAM RESEARCH CORP (LRCX) 1.8% 2.2% +0.4 pts +677 sh +7%
Increased PNC FINANCIAL SERVICES GROUP INC (PNC) 1.3% 1.6% +0.3 pts +3,354 sh +10%
Reduced HOME DEPOT INC (HD) 2.3% 2.3% 0.0 pts −1,403 sh −5%
Increased TEXAS INSTRUMENTS INC (TXN) 1.7% 1.7% +0.1 pts +2,691 sh +8%
Increased BROADCOM INC (AVGO) 2.6% 3.3% +0.7 pts +408 sh +4%
Increased GOLDMAN SACHS GROUP INC (GS) 1.5% 1.8% +0.2 pts +1,154 sh +7%
Increased ABBVIE INC (ABBV) 1.9% 1.9% 0.0 pts +2,858 sh +7%
Reduced WELLS FARGO CO PERP CONV PFD A (WFCPRL) 1.2% 1.0% −0.2 pts −361 sh −10%
Reduced PIONEER NAT RES CO (PXD 0.25 05/15/25) 1.6% 1.3% −0.3 pts −173 sh −8%
Increased JPMORGAN CHASE & CO (JPM) 1.8% 2.0% +0.2 pts +2,416 sh +6%
Increased STEEL DYNAMICS INC (STLD) 1.8% 1.9% +0.1 pts +3,472 sh +6%
Reduced INTERPUBLIC GROUP COS INC (IPG) 0.1% 0.0% −0.1 pts −12,019 sh −99%
Increased AMAZON.COM INC (AMZN) 1.0% 1.2% +0.2 pts +2,523 sh +9%
Increased MCDONALDS CORP (MCD) 2.0% 2.1% +0.1 pts +1,291 sh +5%
Increased PALO ALTO NETWORKS INC (PANW) 0.8% 1.1% +0.2 pts +1,282 sh +11%
Increased SERVICENOW INC (NOW) 0.8% 1.0% +0.2 pts +530 sh +11%
Reduced APOLLO GLOBAL MGMT INC SER A MAND CNV (APOPRA) 1.2% 1.0% −0.2 pts −6,470 sh −9%
Increased APPLE INC (AAPL) 1.9% 2.1% +0.1 pts +1,879 sh +5%
Exited NEXTERA ENERGY PARTNERS LP UNIT PART IN (XIFR) 0.1% — −0.1 pts −10,925 sh −100%
Reduced FORD MTR CO DEL (F 0 03/15/26) 0.9% 0.8% −0.2 pts −359 sh −11%
Reduced SOUTHWEST AIRLS CO (LUV) 0.9% 0.7% −0.2 pts −348 sh −11%
Reduced ARES CAPITAL CORP (ARCC 4.625 03/01/24) 1.1% 1.0% −0.2 pts −329 sh −9%
Reduced AES CORP 02/15/24 (AESC) 0.5% 0.5% 0.0 pts −4,617 sh −15%
Exited T ROWE PRICE GLOBAL MULTI-SECT CL I 0.1% — −0.1 pts −32,840 sh −100%
Increased PEPSICO INC (PEP) 1.4% 1.3% 0.0 pts +2,018 sh +7%
Increased L3HARRIS TECHNOLOGIES INC (LHX) 0.9% 1.1% +0.2 pts +1,610 sh +9%
Increased EMERSON ELECTRIC CO (EMR) 1.0% 1.0% 0.0 pts +3,480 sh +10%
Increased JOHNSON & JOHNSON (JNJ) 2.2% 2.1% −0.1 pts +2,087 sh +4%
Increased NXP SEMICONDUCTORS NV (NXPI) 1.3% 1.5% +0.1 pts +1,420 sh +6%
Reduced NRG ENERGY INC (NRG 2.75 06/01/48) 0.9% 0.9% 0.0 pts −244 sh −9%
Reduced PROSPECT CAP CORP (PSEC 6.375 03/01/25) 0.9% 0.8% −0.1 pts −301 sh −10%
Reduced UGI CORP UNIT 06/01/24 (UGIC) 0.6% 0.5% −0.1 pts −5,320 sh −15%
Increased WAL-MART INC (WMT) 1.7% 1.6% −0.1 pts +1,908 sh +5%
Increased WESTERN DIGITAL CORP. (WDC 1.5 02/01/24) 0.8% 0.8% 0.0 pts +298 sh +10%

The 50 largest of 385 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

† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:

  • BUNGE GLOBAL SA (BG): G16962105 → H11356104, 1,419 → 1,452 shares (share count changed with the identifier; not shown as a trade)

Top 10 positions — 23.8% of the equity book

Changes in the top 10 this quarter: LRCX entered · AXP entered · JPM entered · ABBV left · ORCL left · STLD left

# Security Weight before Weight now
1 MICROSOFT CORP (MSFT) 3.2% 3.6%
2 BROADCOM INC (AVGO) 2.6% 3.3%
3 HOME DEPOT INC (HD) 2.3% 2.3%
4 CHEVRON CORP (CVX) 2.7% 2.2%
5 LAM RESEARCH CORP (LRCX) 1.8% 2.2% Entered the top 10
6 MCDONALDS CORP (MCD) 2.0% 2.1%
7 APPLE INC (AAPL) 1.9% 2.1%
8 JOHNSON & JOHNSON (JNJ) 2.2% 2.1%
9 AMERICAN EXPRESS CO (AXP) 1.0% 2.0% Entered the top 10
10 JPMORGAN CHASE & CO (JPM) 1.8% 2.0% Entered the top 10
— ABBVIE INC (ABBV) 1.9% 1.9% Left the top 10
— ORACLE CORP (ORCL) 1.8% 1.7% Left the top 10
— STEEL DYNAMICS INC (STLD) 1.8% 1.9% 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
Exited SPDR S&P 500 ETF TR PUT OPTION 04/23 245.0 PUT Put 170 0 $0
Exited SPDR S&P 500 ETF TR PUT OPTION 04/23 280.0 PUT Put 170 0 $0