Spence Asset Management: Q3 2023 vs. Q4 2023 13F Holdings Comparison

The third quarter of 2023 brought significant changes to Spence Asset Management's holdings, as compared to the fourth quarter of the same year. In this blog post, we will explore the key shifts in their portfolio, highlighting the top-performing stocks and analyzing the overall trends.

Visa Inc. (V) and Mastercard Incorporated (MA) remained the top contenders in Spence Asset Management's portfolio, experiencing slight decreases in shareholdings but still maintaining a strong position. Visa saw a decrease of 0.4%, with their Q3 holdings at 115,601 shares and Q4 holdings at 115,154 shares. Similarly, Mastercard experienced a 0.05% decrease, holding 69,069 shares in Q3 and 69,048 shares in Q4.

Idexx Labs Inc. (IDXX) and Alphabet Inc. (GOOG) witnessed a minor decrease as well but continued to be significant players in Spence Asset Management's portfolio. Idexx Labs' shareholdings decreased by 0.1%, with 42,181 shares in Q3 and 42,206 shares in Q4. On the other hand, Alphabet Inc.'s holdings dropped by 0.6%, showing 165,281 shares in Q3 and 164,215 shares in Q4.

Adobe Inc. (ADBE) and Microsoft Corp. (MSFT) experienced a similar trend, with 0.1% decreases in their shareholdings. Adobe went from 36,783 shares in Q3 to 36,659 shares in Q4, while Microsoft held 56,426 shares in Q3, which decreased slightly to 56,507 shares in Q4.

Although most of the holdings showed a downward trend, there were a few exceptions. Gartner Inc. (IT) stood out with a significant decrease in their shareholdings. Their Q3 holdings were at 56,226 shares, which declined to 42,968 shares in Q4, marking a 23.6% decrease. Prologis Inc. (PLD) experienced a similar situation, with holdings dropping by 0.4%, from 143,053 shares in Q3 to 144,661 shares in Q4.

Among the top performers, Ansys Inc. (ANSS) and Medpace Holdings Inc. (MEDP) experienced slight declines but still managed to maintain a favorable position in Spence Asset Management's portfolio. ANSS decreased by 14.6%, with 60,278 shares in Q3 and 51,592 shares in Q4. MEDP saw a decrease of 0.2%, with Q3 holdings at 60,534 shares and Q4 holdings at 60,426 shares.

As we delve deeper into the changes in Spence Asset Management's portfolio, we find some remarkable shifts. Fair Isaac Corp. (FICO) saw a considerable increase in their shareholdings, going from 0 shares in Q3 to 6,880 shares in Q4. This uptick in FICO's presence suggests a strategic move by Spence Asset Management to diversify their holdings.

Similarly, Texas Pacific Land Corporation (TPL) witnessed a 7.3% increase in their shareholdings, from 4,915 shares in Q3 to 4,987 shares in Q4. Samsara Inc. (IOT) also experienced a slight boost, with 228,910 shares in Q3 increasing to 232,030 shares in Q4, representing a 1.4% increase.

It is important to note that not all holdings showed a consistent pattern. Some companies, such as Synopsys Inc. (SNPS) and MongoDB Inc. (MDB), had significant fluctuations. Synopsys Inc. saw an increase in their shareholdings from 0 in Q3 to 13,739 shares in Q4, indicating a potential emerging opportunity. MongoDB Inc., on the other hand, had 832 shares in both Q3 and Q4, suggesting a stable position in Spence Asset Management's portfolio.

While analyzing Spence Asset Management's holdings in exchange-traded funds (ETFs), we observe a mixed pattern. The iShares Core U.S. Aggregate Bond ETF (AGG) and the SPDR S&P 500 ETF Trust (SPY) witnessed a 5% increase in shareholdings. AGG had 601 shares in both Q3 and Q4, while SPY went from 12,209 shares in Q3 to 12,401 shares in Q4.

Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF (GSSC), Invesco QQQ Trust Series I (QQQ), and Vanguard Real Estate ETF (VNQ) experienced minimal fluctuations, with 1% increases in their shareholdings. GSSC held 27,089 shares in Q3 and 30,119 shares in Q4. QQQ went from 4,540 shares in Q3 to 4,622 shares in Q4. VNQ held 20,841 shares in Q3, which increased slightly to 21,283 shares in Q4.

In contrast, some ETFs saw significant decreases in their shareholdings. With a 100% decrease, iShares MSCI Mexico ETF (EWW), iShares Russell Midcap ETF (IWR), iShares MSCI ACWI ex U.S. ETF (ACWX), and iShares Russell 2000 ETF (IWM) had their shareholdings reduced to zero in Q4. Additionally, iShares MSCI Emerging Markets ETF (EEM) went from 1,934 shares in Q3 to zero shares in Q4.

Conclusively, the third quarter of 2023 witnessed significant changes in Spence Asset Management's holdings. While some stocks experienced slight decreases, leading stocks such as Visa Inc., Mastercard Incorporated, and Alphabet Inc. retained their strong positions. Notable changes were observed in the holdings of Gartner Inc., Prologis Inc., Fair Isaac Corp., and Texas Pacific Land Corporation. The ETF portfolio saw mixed results, with some ETFs showing minor increases, while others witnessed significant declines.

Overall, the Q3 2023 vs. Q4 2023 13F Holdings Comparison showcases Spence Asset Management's active approach in managing their portfolio, ensuring dynamic adjustments to maximize returns and align with their investment strategies.