Investment Insights: Maple Capital Management's Q3 vs. Q4 2022 Portfolio Changes

Maple Capital Management, Inc. is a registered investment advisory specializing in providing a range of wealth management and advisory services to institutional and individual investors. The company, which operates out of Montpelier, Vermont, had a total of 87 holdings in its portfolio as of the end of the 4th quarter of 2022. In this article, we will take a closer look at Maple Capital Management's Q3 vs. Q4 2022 Portfolio Changes.

The Fund's Top 10 Holdings

The top 10 holdings of the fund account for around 50% of the total portfolio value and are predominantly concentrated in the technology and healthcare sectors. Apple Inc. remained the fund’s largest holding, but its position decreased by 1.8% from Q3 to Q4, amounting to a total of 472,455 shares. Microsoft Corp. and Alphabet Inc. shifted positions in the latest quarter, with Microsoft Corp. coming in second with a total of 240,428 shares and Alphabet Inc. falling to third with 424,978 shares.

Healthcare stocks saw a gain in the latest quarter. UnitedHealth Group Inc. moved up to the fourth position, owning 65,289 shares. Johnson & Johnson came in at 10th position, owning 147,525 shares, and Abbott Labs at 16th, holding 168,664 shares.

Overall, the top 10 holdings were largely unchanged between the two quarters. However, the total value of these holdings decreased from $341.5 million in Q3 to $312.1 million in Q4, indicating a less bullish view of the market going forward.

Changes in Sector Holdings

When it comes to sector allocation, the fund is heavily invested in the technology, healthcare and consumer discretionary sectors. These three sectors make up over 60% of the total portfolio value.

Between Q3 and Q4, the fund saw a decrease in its weighting towards technology from 50.02% to 45.84%, which indicates a shift in the investment strategy. Following technology, healthcare and consumer discretionary sectors came in second and third with a weighted average of 10.07% and 9.15%, respectively.

Moreover, the fund’s exposure to the healthcare sector increased slightly in Q4, with holdings in healthcare at 10.07%, up from 9.83% in Q3.

Changes in Individual Stock Holdings

The biggest movements between Q3 and Q4 stock holdings include Nvidia Corporation and Starbucks Corp. Nvidia Corporation saw the biggest increase in shareholding, from 63,692 in Q3 to 87,701 in Q4, amounting to a total gain of 23.5%. Starbucks Corp., on the other hand, saw the largest decrease in shareholding, from 179,176 in Q3 to 45,355 in Q4, a total decrease of 74.2%.

Other notable changes include Chipotle Mexican Grill Inc., which saw a decrease in its position from Q3 to Q4, falling from 8,182 shares to 8,127 shares. International Business Machines Corp. held 112,207 shares in Q3, which grew to 114,554 in Q4, a change of 2.1%. Meanwhile, Ecolab Inc. saw a decrease in its position from Q3 to Q4, falling from 40,541 shares to 39,995 shares, a drop of 1.3%.

Conclusion

In conclusion, Maple Capital Management's Q3 vs. Q4 2022 portfolio changes reflect a more cautious approach to investments. The fund's top 10 holdings remained largely unchanged, but the total value of these holdings decreased as a result of a less bullish view of the market. The shifts in sector holdings and individual stock holdings shows that the fund is taking a more measured approach to investing going forward, with healthcare, technology, and consumer discretionary sectors seeing the most allocation. However, it’s difficult to determine if these are indicative of long-term investment strategy changes or merely a reflection of standard portfolio rebalancing.