2026년 2월 19일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
Insights from the Fourth Quarter 2025 13F Filing
Joel Greenblatt (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Known for the invention of Magic Formula Investing, and founder of the New York Securities Auction Corporation (NYSAC), Greenblatt is founder and managing partner of Gotham Asset Management, LLC. He is the author of two investment books, including "The Little Book that Beats the Market." He is also an Adjunct Professor with Columbia Business School. Greenblatt tries to find cheap and good companies. He looks for value with a catalyst, so nice things happen sooner. Greenblatt likes special situations, and thinks that they are simply different places to find cheap stocks. In his own hedge fund, Greenblatt uses the basic principals in the Magic Formula: Look for high ROC and high earnings yield. He tries to figure out what "normalized earnings" will be 3-4 years into the future. Greenblatt makes sure the stock is very cheap based on normalized earnings. You can view the Magic Formula Stocks on the following page: Magic Formula Stocks
Warning! GuruFocus has detected 2 Warning Sign with GLBE. Is SPY fairly valued? Test your thesis with our free DCF calculator.Joel Greenblatt's Strategic Moves: A Closer Look at State Street SPDR S&P 500 ETF Trust
Summary of New Buy
Joel Greenblatt (Trades, Portfolio) added a total of 160 stocks, among them:
The most significant addition was CoreWeave Inc (NASDAQ:CRWV), with 275,001 shares, accounting for 0.07% of the portfolio and a total value of $19.69 million. The second largest addition to the portfolio was Dycom Industries Inc (NYSE:DY), consisting of 15,287 shares, representing approximately 0.02% of the portfolio, with a total value of $5.17 million. The third largest addition was Sarepta Therapeutics Inc (NASDAQ:SRPT), with 221,730 shares, accounting for 0.02% of the portfolio and a total value of $4.77 million.
Key Position Increases
Joel Greenblatt (Trades, Portfolio) also increased stakes in a total of 942 stocks, among them:
The most notable increase was State Street SPDR S&P 500 ETF Trust (SPY), with an additional 1,108,920 shares, bringing the total to 6,727,201 shares. This adjustment represents a significant 19.74% increase in share count, a 2.76% impact on the current portfolio, with a total value of $4,587,412,910. The second largest increase was Airbnb Inc (NASDAQ:ABNB), with an additional 776,851 shares, bringing the total to 783,554. This adjustment represents a significant 11,589.6% increase in share count, with a total value of $106,343,950.
Story Continues
Summary of Sold Out
Joel Greenblatt (Trades, Portfolio) completely exited 119 holdings in the fourth quarter of 2025, as detailed below:
Hologic Inc (NASDAQ:HOLX): Joel Greenblatt (Trades, Portfolio) sold all 639,921 shares, resulting in a -0.19% impact on the portfolio. Kellanova (K): Joel Greenblatt (Trades, Portfolio) liquidated all 274,182 shares, causing a -0.1% impact on the portfolio.
Key Position Reduces
Joel Greenblatt (Trades, Portfolio) also reduced positions in 515 stocks. The most significant changes include:
Reduced Packaging Corp of America (NYSE:PKG) by 153,536 shares, resulting in a -64.07% decrease in shares and a -0.15% impact on the portfolio. The stock traded at an average price of $203.18 during the quarter and has returned 22.73% over the past 3 months and 16.30% year-to-date. Reduced Gentex Corp (NASDAQ:GNTX) by 837,008 shares, resulting in a -61.49% reduction in shares and a -0.1% impact on the portfolio. The stock traded at an average price of $24.05 during the quarter and has returned 11.11% over the past 3 months and 6.39% year-to-date.
Portfolio Overview
At the fourth quarter of 2025, Joel Greenblatt (Trades, Portfolio)'s portfolio included 1,719 stocks, with top holdings including 16.75% in State Street SPDR S&P 500 ETF Trust (SPY), 2.25% in Gotham Enhanced 500 ETF (GSPY), 2.01% in NVIDIA Corp (NASDAQ:NVDA), 1.55% in Apple Inc (NASDAQ:AAPL), and 1.02% in iShares Core S&P 500 ETF (IVV).Joel Greenblatt's Strategic Moves: A Closer Look at State Street SPDR S&P 500 ETF Trust
The holdings are mainly concentrated in all 11 industries: Technology, Industrials, Consumer Cyclical, Healthcare, Financial Services, Consumer Defensive, Communication Services, Real Estate, Energy, Basic Materials, and Utilities.
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