The Rise and Fall of Long Road Investment Counsel, LLC: A Q4 2022 vs. Q1 2023 Analysis

Investment management firms' quarterly filings, known as 13F filings, provide insightful information about their stock holdings. They highlight changes in portfolio makeup, which, when analyzed, can give investors a sense of the overall strategy employed by the management team. In this article, we will take a closer look at Long Road Investment Counsel, LLC's Q4 2022 versus Q1 2023 13F holdings comparison. We will examine the firm's top holdings, what changes occurred, and the reasons behind them.

Long Road Investment Counsel, LLC is a registered investment advisor based in Denver, CO, managing nearly $2 billion in assets. It primarily serves high net worth individuals, families, and institutions.

Before we delve into Long Road's top performing stocks and its holdings' changes, it's important to understand the 13F filing a bit better. The Securities and Exchange Commission (SEC) requires all investment managers with over $100 million in assets under management to file their equity holdings every quarter through the 13F filing. The filing is due 45 days after the end of each fiscal quarter.

Now that we know what 13F filing means, let's look at Long Road Investment Counsel, LLC's recent filing:

Top Four Stocks By Market Value

1. O'Reilly Automotive (ORLY):

As of Q1 2023, Long Road held 24356 shares of ORLY, which is a decrease of 1% compared to the previous quarter. The total value of these shares was $20.678 million.

2. Stryker (SYK):

Long Road held 43720 shares of SYK, which is a decrease of 0.2% compared to Q4 2022. The total value of these shares was $12.481 million.

3. ADP Inc (ADP):

Long Road held 53734 shares of ADP, which is a decrease of 8.2% compared to the previous quarter. The total value of these shares was $11.963 million.

4. Illinois Tool Works (ITW):

Long Road held 39426 shares of ITW, which is a decrease of 2% compared to Q4 2022. The total value of these shares was $9.598 million.

Top Stocks Bought:

1. Cintas (CTAS):

Long Road increased its ownership in Cintas by acquiring additional 200 shares, bringing the total ownership to 3450 shares. The total value of these shares was $1.596 million.

2. Gentex Corporation (GNTX):

Long Road bought 26300 shares of Gentex Corporation, taking its total ownership to 26300 shares valued at $737K

3. Dolby Laboratories, Inc. (DLB):

Long Road acquired 2525 shares of Dolby Laboratories, Inc., taking its total ownership to 2525 shares.

Top Two Stocks Sold:

1. Berkshire Hathaway Inc (BRK-A):

Long Road sold all but two shares of BRK-A. The total value of these two shares was $931K, and it remained the same between Q4 2022 and Q1 2023.

2. Flowers Foods, Inc. (FLO):

Long Road sold all its shares in FLO, which amounted to 7690 shares in Q4 2022, making it a complete 100% exit in Q1 2023.

Summary

In summary, Long Road Investment Counsel, LLC's recent 13F filing shows a mixed bag of investments. The top holdings didn't change much. However, the firm did make some notable sales, reducing its exposure to some of its holdings while acquiring positions in others. It is worth noting that the public filings are made available 45 days after the end of each quarter. As such, Long Road's actual positions and investments may have since changed. Investors should, therefore, approach this information with caution and do further due diligence before making any investment decisions based on this data.