Analyzing Lyell Wealth Management's Q3 vs Q4 2022 Holdings: A Look at Portfolio Trends

Lyell Wealth Management, LP has recently released their Q3 2022 vs. Q4 2022 13F Holdings Comparison, which summarizes the changes in holdings of their fund. In this blog post, we will be analyzing the data presented in the CSV provided and try to make an informed analysis of the trends in their portfolio.

First, let's take a look at the top ten positions that the fund holds. It is no surprise that Apple (AAPL) is the fund's largest position, with a decrease of 9.7% in shares from Q3 to Q4 of 2022. Microsoft (MSFT) is their second-largest position, with a minor decrease of 2.2% in shares. However, Workday (WDAY) saw an 8.5% decrease in shares, showing a lack of confidence in the company's future prospects.

One of the most interesting changes is the fund's investment in Amazon (AMZN), which saw a massive decrease of 25.4% in value during this quarter. This is possibly due to the ongoing antitrust investigation the company is facing, along with concerns of regulation and possible litigation. On the other hand, the fund saw an increase of 30.4% in JPMorgan Chase (JPM), showing they are bullish on the financial industry.

Another position that saw significant growth is Schlumberger (SLB), which saw an increase of 80.9% in value. The company is benefiting from the rebound in oil prices after a dip in demand due to the pandemic. This aligns with the fund's investment principles of investing in companies that they believe can deliver sustainable long-term growth.

The fund also seems to be bullish on technology, as they increased their holdings in Nvidia (NVDA) and Intuitive Surgical (ISRG) by 19.5% and 40.5%, respectively. They are also showing interest in the semiconductor industry, as they increased their holdings in ASML Holding (ASML) by 33.2%. This suggests that the fund is positioning itself to benefit from the ongoing growth in technology and innovation.

On the other hand, some positions saw a decrease in value over this quarter, such as Costo Wholesale Corp (COST) with a 2.4% decrease in value from Q3 to Q4. Similarly, Alphabet Inc (GOOGL) saw a decrease of 9.4% in value. These positions may not align with the fund's investment criteria anymore, or the fund may believe that they are overvalued.

Chevron Corp (CVX) and Schlumberger (SLB) both saw substantial increases in value, as the energy sector has been recovering slowly. Union Pacific Corp (UNP) saw a small decrease in value, which could be attributed to the ongoing supply chain issues that the railroad industry is currently facing.

Moreover, we can also see the fund's increased investment in financials, such as Morgan Stanley (MS) and Bank of America Corp (BAC), along with a bullish sentiment towards the construction industry, as seen through their holdings in D.R. Horton Inc (DHI) and Caterpillar Inc (CAT).

Finally, we can see that the fund's holdings in iShares iBonds Dec 2023 Term Corporate ETF (IBDO) and iShares iBonds Dec 2026 Term Corporate ETF (IBDR) saw increases in value. This could suggest that the fund is holding a position in bonds as a safety net, in case of any unforeseen market volatility.

In conclusion, Lyell Wealth Management, LP appears to be positioning themselves in companies that they believe will continue to deliver sustainable long-term growth. They seem to be bullish on technology and the financial industry, while also investing in a safety net in the form of bonds. We hope this analysis was useful in understanding the recent holdings changes of the fund.