Insight into Scott Black (Trades, Portfolio)'s First Quarter 2025 Investment Strategy

Scott Black (Trades, Portfolio) recently submitted the 13F filing for the first quarter of 2025, providing insights into his investment moves during this period. Scott Black (Trades, Portfolio) is the president and founder of Delphi Management, Inc. His first entrepreneurial venture, restructuring the William O’Neil Company in 1978, was followed in 1979 by managing equities for Sunkist Growers, Delphi Management’s original account. At Merrill Lynch, he worked initially in the Market Planning Department of the brokerage entity until becoming head of Corporate Development responsible for the holding company’s diversification activities. Black's education includes a BA from Johns Hopkins University in Applied Mathematics and Economics. He earned an MBA in Finance at the Harvard Business School in 1971 after completing his U.S. Army active service obligation at Fort Ord, California. According to Delphi's website, "We pursue a proven value investing strategy that emphasizes the fundamental performance of underlying companies. We only invest in companies that meet our internally developed set of rigorous quantitative criteria and that are under good management. As disciples of the Graham-Dodd school of value investing, this means we believe that an investment candidate should only be purchased at a low absolute valuation. Additionally, it means that we personally contact management at every company in which we invest."

Summary of New Buy

Scott Black (Trades, Portfolio) added a total of 6 stocks, among them:

• The most significant addition was National Fuel Gas Co (NFG, Financial), with 19,460 shares, accounting for 1.57% of the portfolio and a total value of $1.54 million.
• The second largest addition to the portfolio was The Hanover Insurance Group Inc (THG, Financial), consisting of 8,297 shares, representing approximately 1.47% of the portfolio, with a total value of $1.44 million.
• The third largest addition was Leidos Holdings Inc (LDOS, Financial), with 10,110 shares, accounting for 1.39% of the portfolio and a total value of $1.36 million.

Key Position Increases

Scott Black (Trades, Portfolio) also increased stakes in a total of 22 stocks, among them:

• The most notable increase was Sanmina Corp (SANM, Financial), with an additional 8,739 shares, bringing the total to 17,209 shares. This adjustment represents a significant 103.18% increase in share count, a 0.68% impact on the current portfolio, with a total value of $1.31 million.
• The second largest increase was Matador Resources Co (MTDR, Financial), with an additional 12,642 shares, bringing the total to 23,302. This adjustment represents a significant 118.59% increase in share count, with a total value of $1.19 million.

Summary of Sold Out

Scott Black (Trades, Portfolio) completely exited 7 of the holdings in the first quarter of 2025, as detailed below:

• Ultra Clean Holdings Inc (UCTT, Financial): Scott Black (Trades, Portfolio) sold all 40,256 shares, resulting in a -1.4% impact on the portfolio.
• Sterling Infrastructure Inc (STRL, Financial): Scott Black (Trades, Portfolio) liquidated all 8,149 shares, causing a -1.32% impact on the portfolio.

Key Position Reduces

Scott Black (Trades, Portfolio) also reduced positions in 50 stocks. The most significant changes include:

• Reduced Ituran Location and Control Ltd (ITRN, Financial) by 16,989 shares, resulting in a -30.85% decrease in shares and a -0.51% impact on the portfolio. The stock traded at an average price of $36.06 during the quarter and has returned 2.83% over the past 3 months and 4.12% year-to-date.
• Reduced Tapestry Inc (TPR, Financial) by 6,901 shares, resulting in a -26.97% reduction in shares and a -0.43% impact on the portfolio. The stock traded at an average price of $75.68 during the quarter and has returned -9.91% over the past 3 months and -5.49% year-to-date.

Portfolio Overview

At the first quarter of 2025, Scott Black (Trades, Portfolio)'s portfolio included 78 stocks, with top holdings including 3.31% in Berkshire Hathaway Inc (BRK.B, Financial), 2.09% in Apple Inc (AAPL, Financial), 1.62% in WR Berkley Corp (WRB, Financial), 1.57% in National Fuel Gas Co (NFG, Financial), and 1.56% in SS&C Technologies Holdings Inc (SSNC, Financial).

The holdings are mainly concentrated in 10 of all the 11 industries: Financial Services, Technology, Consumer Cyclical, Industrials, Energy, Communication Services, Healthcare, Basic Materials, Real Estate, Consumer Defensive.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.