CA
Cortland Advisers LLC Historical SEC 13F Holdings & Archive (Q3 2019)
Cortland Advisers LLCCIK: 0001568990
Sector-focusedContrarianQuality / disciplined sizing
Total reported value
$2.2B
Reporting period: 2019-09-30 · Number of holdings: 32
CORTLAND ADVISERS LLC disclosed 32 holdings in its latest 13F filing for the period ending 2019-09-30, with total reported value of $2.2B and a quarterly turnover rate of 16.0%.
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Personality snowflake
- Concentration
- 16.87
- Portfolio Stability
- 16.04
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 64
- Sizing Uniformity
- 94
Cortland Advisers LLC's disclosed holdings carry a Herfindahl concentration index of 0.042 — mathematically equivalent to about 24 equally-sized positions, close to its 32 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.60), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 52% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim KMI
-46.0% -$50.0M
Trim WFC
-26.6% -$21.4M
Add C
+63.3% $23.7M
Add GOOGL
0.0% $20.7M
Add DUK
+114.8% $16.5M
Add JPM
+6.3% $14.2M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 8.36% | +0.82% | — | |
| 2 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 6.99% | -0.31% | — | |
| 3 | CVX | Chevron CORP | Stock-Energy | 6.51% | -0.45% | — | |
| 4 | JPM | Jpmorgan Chase & Co | Stock-Financials | 6.09% | +0.55% | +6.31% | |
| 5 | DIS | Walt Disney Co/the | Stock-Comm Services | 5.55% | -0.50% | — | |
| 6 | NEE | Nextera Energy Inc | Stock-Utilities | 4.66% | +0.49% | — | |
| 7 | BAC | Bank Of America CORP | Stock-Financials | 3.68% | -0.04% | — | |
| 8 | RY | Royal Bank Of Canada | Stock-Financials | 3.52% | +0.01% | — | |
| 9 | WFC | Wells Fargo & Co | Stock-Financials | 3.52% | -1.06% | -26.64% | |
| 10 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 3.45% | -0.02% | — | |
| 11 | CME | Cme Group Inc | Stock-Financials | 3.40% | +0.22% | — | |
| 12 | ICE | Intercontinental Exchange In | Stock-Financials | 3.40% | +0.18% | — | |
| 13 | AMT | American Tower CORP | Stock-Real Estate | 3.33% | +0.20% | — | |
| 14 | ZION | Zions Bancorp NA | Stock-Financials | 3.27% | -0.17% | — | |
| 15 | PLD | Prologis Inc | Stock-Real Estate | 3.08% | +0.13% | — | |
| 16 | C | Citigroup Inc | Stock-Financials | 2.86% | +1.05% | +63.32% | |
| 17 | FRCB | First Republic Bank/ca | Stock-Financials | 2.63% | +0.19% | +10.92% | |
| 18 | KMI | Kinder Morgan, Inc. | Stock-Energy | 2.61% | -2.38% | -45.98% | |
| 19 | SO | Southern Co/the | Stock-Utilities | 2.60% | +0.23% | — | |
| 20 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.48% | -0.25% | — | |
| 21 | OKE | Oneok Inc | Stock-Energy | 2.34% | +2.34% | NEW | |
| 22 | D | Dominion Energy Inc | Stock-Utilities | 2.26% | +0.07% | — | |
| 23 | TD | Toronto-dominion Bank | Stock-Financials | 2.11% | -0.04% | — | |
| 24 | USB | US Bancorp | Stock-Financials | 1.96% | +0.07% | — | |
| 25 | XOM | Exxon Mobil CORP | Stock-Energy | 1.84% | -0.20% | — | |
| 26 | WEP | Magellan Midstream Partners | Stock-Other | 1.70% | +0.35% | +23.75% | |
| 27 | NTRS | Northern Trust CORP | Stock-Financials | 1.38% | +0.02% | — | |
| 28 | DUK | Duke Energy CORP | Stock-Utilities | 1.32% | +0.74% | +114.80% | |
| 29 | AON | Aon plc | Stock-Financials | 1.26% | -0.02% | — | |
| 30 | COP | Conocophillips | Stock-Energy | 0.79% | +0.21% | +47.08% | |
| 31 | AEP | American Electric Power | Stock-Utilities | 0.63% | +0.03% | — | |
| 32 | NWE | Northwestern Energy Group In | Stock-Utilities | 0.43% | +0.01% | — |
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2019 Q3 | 32 | $2.2B | 16 | ||
| 2019 Q2 | 33 | $2.1B | 18 | ||
| 2019 Q1 | 34 | $2.3B | 11 | ||
| 2018 Q4 | 33 | $2.1B | 35 | ||
| 2018 Q3 | 32 | $2.0B | 9 | ||
| 2018 Q2 | 31 | $2.1B | 13 | ||
| 2018 Q1 | 31 | $2.2B | 13 | ||
| 2017 Q4 | 31 | $2.2B | 7 | ||
| 2017 Q3 | 30 | $2.2B | 13 | ||
| 2017 Q2 | 31 | $2.1B | 13 | ||
| 2017 Q1 | 30 | $2.1B | 20 | ||
| 2016 Q4 | 30 | $2.0B | 13 | ||
| 2016 Q3 | 31 | $1.9B | 41 | ||
| 2016 Q2 | 31 | $2.8B | 19 | ||
| 2016 Q1 | 32 | $3.4B | 19 | ||
| 2015 Q4 | 31 | $3.8B | 13 | ||
| 2015 Q3 | 33 | $4.0B | 25 | ||
| 2015 Q2 | 36 | $4.8B | 20 | ||
| 2015 Q1 | 30 | $4.6B | 12 | ||
| 2014 Q4 | 24 | $4.4B | 33 | ||
| 2014 Q3 | 25 | $4.6B | 14 | ||
| 2014 Q2 | 27 | $4.8B | 18 | ||
| 2014 Q1 | 28 | $4.7B | 11 | ||
| 2013 Q4 | 29 | $4.9B | 11 | ||
| 2013 Q3 | 30 | $4.6B | 14 | ||
| 2013 Q2 | 30 | $4.5B | 0 |
Holding changes this quarter
Cortland Advisers LLC's most significant position changes for 2019-09-30: New buy: Oneok Inc (OKE); Sold out: Bank Of New York Mellon CORP (BNY); Sold out: Ppl CORP (PPL); Trim: Kinder Morgan, Inc. (KMI) — shares -45.98%; Trim: Wells Fargo & Co (WFC) — shares -26.64%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | C | Citigroup Inc | +1.1% | +63.32% | Add |
| 2 | GOOGL | Alphabet Inc-cl A | +0.8% | — | Unchanged |
| 3 | DUK | Duke Energy CORP | +0.7% | +114.80% | Add |
| 4 | JPM | Jpmorgan Chase & Co | +0.6% | +6.31% | Add |
| 5 | NEE | Nextera Energy Inc | +0.5% | — | Unchanged |
| 6 | WEP | Magellan Midstream Partners | +0.4% | +23.75% | Add |
| 7 | SO | Southern Co/the | +0.2% | — | Unchanged |
| 8 | CME | Cme Group Inc | +0.2% | — | Unchanged |
| 9 | COP | Conocophillips | +0.2% | +47.08% | Add |
| 10 | AMT | American Tower CORP | +0.2% | — | Unchanged |
| 11 | FRCB | First Republic Bank/ca | +0.2% | +10.92% | Add |
| 12 | ICE | Intercontinental Exchange In | +0.2% | — | Unchanged |
| 13 | PLD | Prologis Inc | +0.1% | — | Unchanged |
| 14 | USB | US Bancorp | +0.1% | — | Unchanged |
| 15 | D | Dominion Energy Inc | +0.1% | — | Unchanged |
| 16 | AEP | American Electric Power | 0% | — | Unchanged |
| 17 | NTRS | Northern Trust CORP | 0% | — | Unchanged |
| 18 | RY | Royal Bank Of Canada | 0% | — | Unchanged |
| 19 | NWE | Northwestern Energy Group In | 0% | — | Unchanged |
| 20 | IVV | Ishares Core S&p 500 ETF | 0% | — | Unchanged |
| 21 | AON | Aon plc | 0% | — | Unchanged |
| 22 | BAC | Bank Of America CORP | 0% | — | Unchanged |
| 23 | TD | Toronto-dominion Bank | 0% | — | Unchanged |
| 24 | ZION | Zions Bancorp NA | -0.2% | — | Unchanged |
| 25 | XOM | Exxon Mobil CORP | -0.2% | — | Unchanged |
| 26 | META | Meta Platforms Inc-class A | -0.3% | — | Unchanged |
| 27 | BRK-B | Berkshire Hathaway Inc-cl B | -0.3% | — | Unchanged |
| 28 | CVX | Chevron CORP | -0.5% | — | Unchanged |
| 29 | DIS | Walt Disney Co/the | -0.5% | — | Unchanged |
| 30 | WFC | Wells Fargo & Co | -1.1% | -26.64% | Trim |
| 31 | KMI | Kinder Morgan, Inc. | -2.4% | -45.98% | Trim |
| 32 | OKE | Oneok Inc | — | NEW | New buy |
| 33 | BNY | Bank Of New York Mellon CORP | — | EXIT | Sold out |
| 34 | PPL | Ppl CORP | — | EXIT | Sold out |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Filing History
FAQ
What is Cortland Advisers LLC and what type of investor is it?
Cortland Advisers LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2019-09-30), the firm manages a tracked equity portfolio valued at approximately $2.2B, spread across 32 disclosed positions.
What are Cortland Advisers LLC's largest equity positions?
Based on the latest 13F filing, Cortland Advisers LLC's top holdings by market value are:
1. Alphabet Inc-cl A (GOOGL) — $182.6M (8.4%)
2. Berkshire Hathaway Inc-cl B (BRK-B) — $152.8M (7.0%)
3. Chevron CORP (CVX) — $142.2M (6.5%)
4. Jpmorgan Chase & Co (JPM) — $132.9M (6.1%)
5. Walt Disney Co/the (DIS) — $121.1M (5.5%)
What changes did Cortland Advisers LLC make in its most recent portfolio filing?
In the latest reported quarter, Cortland Advisers LLC made 11 notable position adjustments: 1 new positions were initiated, 6 existing holdings were added to, 2 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: Oneok Inc (OKE); Sold out: Bank Of New York Mellon CORP (BNY); Sold out: Ppl CORP (PPL); Trim: Kinder Morgan, Inc. (KMI) — shares -45.98%; Trim: Wells Fargo & Co (WFC) — shares -26.64%
What sectors does Cortland Advisers LLC focus on?
Cortland Advisers LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 51.0%
• Communication Services: 31.5%
• Energy: 17.6%
Investment Profile
Cortland Advisers LLC's portfolio is broadly diversified and long-term-holding, with 51.0% of the portfolio concentrated in Financials.
It has added to its IVV position over the past two quarters (+$68.7M, now $75.4M), while trimming KMI over the same stretch (-$62.6M, still holding $57.1M).
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