Joel Greenblatt's Strategic Moves: SPDR S&P 500 ETF Trust Takes Center Stage with 3. ...
Joel Greenblatt (Trades, Portfolio) recently submitted the 13F filing for the second quarter of 2025, providing insights into his investment moves during this period. Known for the invention of Magic Formula Investing, and founder of the New York Securities Auction Corporation (NYSAC), Greenblatt is the founder and managing partner of Gotham Asset Management, LLC. He is the author of two investment books, including "The Little Book that Beats the Market." He is also an Adjunct Professor with Columbia Business School. Greenblatt tries to find cheap and good companies. He looks for value with a catalyst, so nice things happen sooner. Greenblatt likes special situations, and thinks that they are simply different places to find cheap stocks. In his own hedge fund, Greenblatt uses the basic principles in the Magic Formula: Look for high ROC and high earnings yield. He tries to figure out what "normalized earnings" will be 3-4 years into the future. Greenblatt makes sure the stock is very cheap based on normalized earnings. You can view the Magic Formula Stocks on the following page: Magic Formula Stocks.
Warning! GuruFocus has detected 8 Warning Signs with PCG.
Summary of New Buy
Joel Greenblatt (Trades, Portfolio) added a total of 224 stocks, among them:
The most significant addition was iShares Gold Trust (IAU), with 165,240 shares, accounting for 0.06% of the portfolio and a total value of $10.3 million.
The second largest addition to the portfolio was VictoryShares Free Cash Flow ETF (NASDAQ:VFLO), consisting of 262,048 shares, representing approximately 0.06% of the portfolio, with a total value of $9.26 million.
The third largest addition was Credo Technology Group Holding Ltd (NASDAQ:CRDO), with 64,702 shares, accounting for 0.04% of the portfolio and a total value of $5.99 million.
Key Position Increases
Joel Greenblatt (Trades, Portfolio) also increased stakes in a total of 919 stocks, among them:
The most notable increase was SPDR S&P 500 ETF Trust (SPY), with an additional 1,059,136 shares, bringing the total to 4,355,487 shares. This adjustment represents a significant 32.13% increase in share count, a 3.92% impact on the current portfolio, with a total value of $2,691,037,640.
The second largest increase was iShares 0-3 Month Treasury Bond ETF (SGOV), with an additional 635,060 shares, bringing the total to 748,815. This adjustment represents a significant 558.27% increase in share count, with a total value of $75,398,180.
Summary of Sold Out
Joel Greenblatt (Trades, Portfolio) completely exited 111 holdings in the second quarter of 2025, as detailed below:
Paycor HCM Inc (PYCR): Joel Greenblatt (Trades, Portfolio) sold all 442,138 shares, resulting in a -0.08% impact on the portfolio.
Avantis U.S. Large Cap Value ETF (AVLV): Joel Greenblatt (Trades, Portfolio) liquidated all 139,098 shares, causing a -0.08% impact on the portfolio.
Key Position Reduces
Joel Greenblatt (Trades, Portfolio) also reduced positions in 421 stocks. The most significant changes include:
Reduced International Paper Co (NYSE:IP) by 245,351 shares, resulting in a -67.4% decrease in shares and a -0.11% impact on the portfolio. The stock traded at an average price of $47.37 during the quarter and has returned -4.18% over the past 3 months and -9.66% year-to-date.
Reduced Lennox International Inc (NYSE:LII) by 23,824 shares, resulting in a -66.22% reduction in shares and a -0.11% impact on the portfolio. The stock traded at an average price of $559.25 during the quarter and has returned 1.55% over the past 3 months and -1.23% year-to-date.
Portfolio Overview
At the second quarter of 2025, Joel Greenblatt (Trades, Portfolio)'s portfolio included 1,655 stocks, with top holdings including 16.1% in SPDR S&P 500 ETF Trust (SPY), 3.22% in Gotham Enhanced 500 ETF (GSPY), 2.15% in NVIDIA Corp (NASDAQ:NVDA), 1.09% in Apple Inc (NASDAQ:AAPL), and 1.01% in iShares Core S&P 500 ETF (IVV).
The holdings are mainly concentrated in all 11 industries: Technology, Industrials, Consumer Cyclical, Healthcare, Financial Services, Communication Services, Consumer Defensive, Basic Materials, Real Estate, Energy, and Utilities.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
11 minutes ago
- Yahoo
Shenandoah investigates financial mismanagement
Shenandoah borough officials have made inroads in their ongoing investigation of alleged financial mismanagement. Over the past few months, Shenandoah has taken measures to investigate claims of mismanagement presented by Borough Manager Mike Cadau, who was hired in January and found what he says are financial improprieties and misappropriation in the way previous borough administrators did business. On Monday, Cadau announced that officials from the Pennsylvania Auditor General's office will visit borough hall in September to conduct a comprehensive audit of the borough's Liquid Fuels account. Cadau has previously shared that he believes Shenandoah misappropriated funds from that account for projects not typically associated with it. The Department of the Auditor General, Cadau said, 'has been following what's been happening (from media reports), and they want to come in and they want to take a look at our Liquid Fuel accounts.' Also, Cadau said that he will join council president Joseph R. Boris and the borough's forensic auditor, Joseph Yanushefsky, at a meeting with the Internal Revenue Service in Wilkes-Barre on Aug. 25. Cadau said they were summoned by the IRS to go over an ongoing forensic audit led by Yanushefsky, whom the borough appointed this spring. At the meeting, they are expected to examine issues such as 941 forms, 1099 forms and pensions that the borough has provided over the years, Cadau said. Shortly after he was hired in January, Cadau described the borough as being in a 'very difficult' situation due to funding mishaps over the past two years. In May, the borough council appointed attorney Maria Casey as special counsel to help investigate the alleged mismanagement. At the July meeting, Cadau told council members that the Pennsylvania Office of Attorney General also will lead a criminal investigation into the matter. Other business Council members discussed an ongoing effort to repave several streets in the borough. After the successful curb-to-curb paving job done on five streets last year, the borough plans to pave five more by the end of November, Boris said. Boris said the borough will first repave North Jardin and Market streets, which will cost nearly $100,000 combined. Community Development Block Grant funds of $70,000 will be used to pay for those projects, with the remainder coming from interest received through the sale of the Municipal Authority of the Borough of Shenandoah, Boris said Tuesday. M&J Excavation Inc. of Bloomsburg has been tapped as the contractor for the two streets. The contract will be tentatively awarded at the Aug. 27 county commissioners meeting, Boris said. Also on Monday, Boris announced that attorney Shane Hobbs has resigned as the borough's solicitor. He read Hobbs' resignation letter, in which Hobbs stated that recent challenges — notably, his accepting a part-time job as a Schuylkill County Public Defender — resulted in his decision to leave. 'It was a pleasure working with you all,' wrote Hobbs, who served as solicitor since January 2024. Following Hobbs' decision, Boris said, council members interviewed a candidate, James E. Crossen III, of the Pottsville law firm Williamson, Friedberg & Jones. Council members appointed him as the new solicitor Monday. Council members also approved the hire of a new full-time secretary, Nazareth Perez. Solve the daily Crossword
Yahoo
11 minutes ago
- Yahoo
HelloFresh To Settle Consumer Protection Lawsuit With $7.5 Million Deal
HelloFresh To Settle Consumer Protection Lawsuit With $7.5 Million Deal originally appeared on L.A. Mag. HelloFresh, the world's largest meal kit delivery service, has been ordered to pay a $7.5 million settlement in a lawsuit co-led by the Los Angeles County District Attorney's Consumer Protection Division and the Santa Clara County District Attorney's Office. Allegedly, the company misled its customers, failing to adequately give notice to subscribers of continuing charges to their accounts. In a news release published by the Los Angeles County District Attorney's Office, the civil complaint detailed a list of alleged offenses, including negligence to 'Clearly and conspicuously disclose its subscription terms before collecting payment,' as well as failure to 'Offer an easy-to-use mechanism for cancellation.' Included in the release was a statement given by District Attorney Nathan J. Hochman, declaring, 'We will aggressively pursue enforcement when businesses take advantage of consumers by failing to clearly disclose subscription terms, obtain proper consent, or provide a fair way to cancel. Consumers have a right to know what they're signing up for, and they deserve better. Digital deception is still deception under the law.' The law in question refers to the California Automatic Renewal Law, which requires businesses to receive consumers' consent to automatic renewal and repeated service offers. District Attorney Hochman went on to thank the Consumer Protection Division and members of the California Automatic Renewal Task Force (CART), as well as applauding Deputy District Attorney Duke Chau: 'He and his team worked tirelessly with the Santa Clara County District Attorney's Office to secure a result that holds a major corporation accountable and delivers restitution to consumers. Their commitment to fairness and justice is what makes this outcome possible.'Filed in the Santa Clara County Superior Court, Judge Daniel T. Nishigaya ruled on Monday that HelloFresh was required to pay $6.38 million in civil penalties, $120,000 in investigative costs, and $1 million in restitution for impacted did not admit liability in the settlement, denying any wrongdoing and maintaining their commitment to customer transparency, underscoring their cooperation in the investigation and their compliance in settling amicably. This story was originally reported by L.A. Mag on Aug 19, 2025, where it first appeared. Solve the daily Crossword
Yahoo
11 minutes ago
- Yahoo
Target, Lowe's, TJX earnings, July FOMC minutes: What to Watch
Here's what investors are watching on Wednesday, August 20. On the earnings front, retailers continue to release results with TJX (TJX), Lowe's (LOW), and Target (TGT) set to release their quarterly reports. Investors will get additional commentary from Federal Reserve officials, with Fed Governor Christopher Waller and Atlanta Fed president Raphael Bostic set to deliver remarks. The minutes from the July FOMC meeting are also set to be released. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime. Time now for what to watch Wednesday, August 20th. Gonna start off on the earnings front. More reports from the retail sector coming in on Wednesday, including TJX, Lowe's and Target. Lowe's announced results for the second quarter before the markets open and it was expecting its same store sales to rise about 1% in Q2. This coming after rival home improvement retailer Home Depot reported earnings on Tuesday, maintaining its full-year forecast amid an improving rate environment. Taking a look at the Federal Reserve, we're going to be getting some more commentary from a couple Fed officials on Wednesday. This is coming after comments from Fed Vice Chair for Supervision, Michael Bowman, on Tuesday. Bloomberg asking Bowman about her interest in taking on the role of Fed chair, and Bowman deflecting, saying quote, "I'm really focused on the job that I'm doing." And sticking with the central bank, the Fed releasing minutes for July's FOMC meeting, where the central bank held interest rates steady. The minutes giving us more insight into a divided Fed's thinking as it prepares for its next meeting on interest rates in September.
