Bishop Rock Capital's Q3 and Q4 2022 Holdings Comparison: Insights into Their Investment Strategy

As the world’s economy continues to navigate through the current crisis, it’s becoming evident that some investors are more comfortable than others! And Bishop Rock Capital, L.P. appears to be one of the investors who are relatively comfortable with their holdings. Despite some significant drops in share amounts and values, Bishop Rock Capital saw gains in certain holdings, which may indicate a preference for specific parts of the market.

The fund’s 13F holdings comparison for the third quarter (Q3) of 2022 and the fourth quarter (Q4) of 2022 has been released. The comparison presents us with a clear picture of the changes in Bishop Rock Capital’s holdings over that period. The comparison shows how the shares and value of those shares held by the fund have changed. In this article, we’ll examine Bishop Rock Capital’s Q3 and Q4 2022 holdings and the changes that occurred during the period.

The Bishop Rock Capital, L.P. Q3 2022 vs. Q4 2022 13F holdings comparison reveals a few important observations. Firstly, Bishop Rock Capital exited their position in the Vanguard Index FDS, which saw their shares and values drop to zero. Conversely, the fund increased their position in Visa Inc., which saw shares and values increase by 28.8%.

Secondly, even though American Finl Group Inc Ohio and Gallgher Arthur J & CO both experienced share and value decreases from Q3 to Q4, the losses were not as steep as for other holdings, and the changes were within a relatively close range. This may indicate that Bishop Rock Capital still had some confidence in the future of these companies.

Thirdly, it’s evident that Bishop Rock Capital had a preference for the financial sector during Q4. They increased their positions in MasterCard Incorporated and Canadian Pac Ry Ltd. Positions in these companies increased by 7.1% and 41.3%, respectively. Additionally, they maintained their position in Waste Connections Inc., which saw a slight dip in shares and values, but it wasn’t as significant as some of the others.

As far as losses go, Alphabet Inc, Microsoft Corp, S&P Global Inc, and SPDR S&P 500 ETF Trust all had double-digit decreases in share and value, with Alphabet Inc experiencing the sharpest decline, with shares and value plummeting by 41.3%. Meanwhile, the sharp dip in holdings for Carlisle Cos Inc was by far the biggest loss, as shares and value plunged by 75.7%.

Looking at the specific companies, it’s evident that Bishop Rock Capital had a preference for the financial, technology, and waste management sectors. The financial sector, which includes MasterCard Incorporated and Visa Inc, saw a 21.4% total increase in shares and value. The technology sector, which includes IQVIA HLDGS INC and ICON PLC, saw a 59.3% total decrease in shares and value. And the Waste management sector, which includes Waste Connections Inc, saw a 48.6% total decrease in shares and value.

When we combine all the sectors, the net effect is a 10.2% drop in the total shares and value held by Bishop Rock Capital from Q3 to Q4. This data shows that Bishop Rock Capital, although not unscathed, weathered the storm relatively well.

In conclusion, Bishop Rock Capital sees some value in master card, Canadian Pac Ry Ltd, and Waste Connections Inc. The fund does, however, seem to lack confidence in the technology sector as they experienced some significant losses. This report shows that Bishop Rock Capital has come out of the quarter with their head up, as they still have a diversified portfolio that includes a preference for several sectors. They have survived the economic turmoil relatively well, and the future looks bright for certain sectors.