Conifer Management

Q4 2023 13F · by Greg Alexander, portfolio manager

As of: Dec 31, 2023
Filed: Feb 13, 2024
US stock: $1.0B · prev $887M
Positions: 7 · prev 8
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves3 since the prior filing

+1.1 pp in · −1.9 pp out

New 0 0.00 pp
Added 2 +1.12 pp
Trimmed 0 0.00 pp
Exited 1 −1.91 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.5% a year, about 22.2 years per position

Low
Moderate
High

Top 5 positions98% of US stock

STLA Stellantis N.V. held held31.7%
EQH Equitable Holdings, Inc. held held24.6%
LAD Lithia Motors, Inc. held held22.4%
GPI Group 1 Automotive, Inc. added+0.46 pp added+0.4615.6%
NBIS Nebius Group N.V. Class A held held3.8%

Positions7 in this filing · 1 exited


STLAStellantis N.V.	31.70%	14,000,000	$326M	held	—	12 q
EQHEquitable Holdings, Inc.	24.57%	7,600,000	$253M	held	—	16 q
LADLithia Motors, Inc.	22.38%	700,000	$230M	held	—	5 q
GPIGroup 1 Automotive, Inc.	15.61%	527,424	$161M	added+5%	+0.46 pp	5 q
NBISNebius Group N.V. Class A	3.79%	5,500,000	$39M	held	—	17 q
RMNIRimini Street, Inc. (DE)	1.88%	5,913,199	$19M	added+20%	+0.66 pp	10 q
unresolvedCresud S A C I F Y A	0.07%	1,242,313	$720,667	held	—	11 q
IMXIInternational Money Express, Inc.	—	−1,000,000	—	exited	−1.91 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000919574-24-001148
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet