Insightful Portfolio Adjustments Highlight Strategic Market Moves
Jefferies Group (Trades, Portfolio), under the leadership of CEO Richard Handler since the acquisition of Leucadia National in 2013, continues to make significant moves in the financial markets. Renamed Jefferies Financial Group in 2018, the firm operates across various sectors including investment banking and asset management. Known for its value investing strategy, Jefferies focuses on acquiring distressed companies at a discount, revitalizing them, and achieving profitable exits. The recent 13F filing for the second quarter of 2024 sheds light on their latest strategic decisions in portfolio management.
Summary of New Buys
Jefferies Group (Trades, Portfolio) expanded its portfolio by adding 304 new stocks. Noteworthy new acquisitions include:
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Triumph Group Inc (NYSE:TGI) with 1,786,019 shares, making up 0.3% of the portfolio and valued at $27.52 million.
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Berkshire Hathaway Inc (NYSE:BRK.B) with 63,425 shares, representing 0.28% of the portfolio, valued at $25.8 million.
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Sprinklr Inc (NYSE:CXM) with 2,355,000 shares, accounting for 0.25% of the portfolio, valued at $22.65 million.
Key Position Increases
Jefferies Group (Trades, Portfolio) also strategically increased its stakes in several key holdings:
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The most significant increase was in S&P 500 ETF TRUST ETF (SPY), with an additional 287,967 shares, bringing the total to 1,086,225 shares. This adjustment represents a 36.07% increase in share count, impacting the current portfolio by 1.73%, with a total value of $591.14 million.
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Golar LNG Ltd (NASDAQ:GLNG) saw an addition of 3,027,798 shares, bringing the total to 4,900,000 shares. This adjustment represents a 161.72% increase in share count, with a total value of $153.61 million.
Summary of Sold Out Positions
During the second quarter of 2024, Jefferies Group (Trades, Portfolio) exited 450 holdings, including:
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Osiris Acquisition Corp (NYSE:OSI.U), selling all 2,277,000 shares, impacting the portfolio by -0.23%.
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Affirm Holdings Inc (NASDAQ:AFRM), liquidating all 420,000 shares, causing a -0.15% impact on the portfolio.
Key Position Reductions
Reductions were also made in several stocks, with significant changes in:
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SPDR Biotech ETF (XBI), reduced by 760,730 shares, resulting in a -94.07% decrease in shares and a -0.7% impact on the portfolio. The stock traded at an average price of $89.66 during the quarter and has returned 5.71% over the past 3 months and 7.47% year-to-date.
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argenx SE (NASDAQ:ARGX), reduced by 135,049 shares, resulting in a -99.96% reduction in shares and a -0.51% impact on the portfolio. The stock traded at an average price of $382.76 during the quarter and has returned 46.82% over the past 3 months and 37.40% year-to-date.
Portfolio Overview
As of the second quarter of 2024, Jefferies Group (Trades, Portfolio)’s portfolio included 1,212 stocks. The top holdings were 6.53% in S&P 500 ETF TRUST ETF (SPY), 1.7% in Golar LNG Ltd (NASDAQ:GLNG), 1.54% in iShares Russell 2000 ETF (IWM), 1.35% in INVESCO QQQ Trust (NASDAQ:QQQ), and 1.24% in Visa Inc (NYSE:V). The holdings are mainly concentrated across 11 industries, reflecting a diverse and strategic allocation.
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