Telos Capital Management's Holding Comparison: Q4 2022 vs. Q1 2023

Telos Capital Management, a U.S.-based investment management firm, recently disclosed its 13F filings with the SEC for the fourth quarter of 2022 and the first quarter of 2023. As per the filings, the firm's portfolio experienced significant changes, with several new holdings and changes in the number of shares held for existing stocks. This article delves into Telos Capital Management's Q4 2022 vs. Q1 2023 13F holdings comparison and analyzes the changes in the fund's holdings during the first quarter of this year.

Telos Capital Management's Holdings Overview

Telos Capital Management's portfolio comprises mostly U.S.-based companies, with a few foreign companies represented. With a total value of $893.57 million, the portfolio consists of 69 stocks as of Q4 2022, with the largest holding being Apple Inc (AAPL). The firm's top holdings accounted for approximately 27.42% of its overall portfolio, while the top ten holdings accounted for around 63.77%.

Telos Capital Management's Holdings Changes

Between the fourth quarter of 2022 and the first quarter of 2023, Telos Capital Management made some significant changes to its holdings. The following are the top ten holdings changes between the two quarters.

- Telos Capital Management reduced its holding of Procter & Gamble Co (PG) by 3.7%, with a decrease from 78,175 shares to 76,699 shares.

- The firm reduced its Chevron Corp New (CVX) holding by 13.6%, with the number of shares held decreasing from 78,899 to 74,991.

- Telos Capital Management increased its holding of Vanguard Intl Equity Index F (VEU) by 20.8%, with the number of shares held increasing from 257,368 to 291,432.

- The firm increased its holding of T. Rowe Price Group Inc (TROW) by a significant percentage of 121.6%, with a jump from 38,247 shares to 81,859 shares.

- Telos Capital Management increased its holding of Enbridge Inc (ENB.TO) by around 2%, with the number of shares held increasing from 140,869 to 143,295 shares.

- The firm increased its holding of VANGUARD TAX-MANAGED FDS (VEA) by 52.8%, with the number of shares held increasing from 200,624 to 284,851 shares.

- Telos Capital Management reduced its holding of Northrop Grumman Corp (NOC) by 13.3%, with the number of shares held decreasing from 23,709 to 24,286 shares.

- The firm reduced its holding of Johnson & Johnson (JNJ) by 12.1%, with a decrease from 75,172 shares to 75,276 shares.

- Telos Capital Management increased its holding of WisdomTree TR (DLS) by 15.8%, with the number of shares held increasing from 73,787 to 81,275 shares.

- The firm increased its holding of WestRock Co (WRK) by 22.8%, with the number of shares held increasing from 155,619 to 138,620 shares.

Conclusion

In conclusion, Telos Capital Management's Q4 2022 vs. Q1 2023 13F holdings comparison analysis has shown that while the company maintained a mostly U.S.-based portfolio, it made several significant changes in its holdings in the beginning months of this year. While some stocks had decreased in the number of shares held, others experienced substantial increases, which impacted the overall value of its portfolio positively. It will be interesting to see how these holdings evolve for Telos Capital Management throughout the rest of the year.