CIK: 0001568990
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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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.
Trim 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
| # | 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% | — |
Not enough priced holdings yet to compute performance
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2019-09-30 | 32 | $2.2B | 16 | |
| 2019-06-30 | 33 | $2.1B | 18 | |
| 2019-03-31 | 34 | $2.3B | 11 | |
| 2018-12-31 | 33 | $2.1B | 35 | |
| 2018-09-30 | 32 | $2.0B | 9 | |
| 2018-06-30 | 31 | $2.1B | 13 | |
| 2018-03-31 | 31 | $2.2B | 13 | |
| 2017-12-31 | 31 | $2.2B | 7 | |
| 2017-09-30 | 30 | $2.2B | 13 | |
| 2017-06-30 | 31 | $2.1B | 13 | |
| 2017-03-31 | 30 | $2.1B | 20 | |
| 2016-12-31 | 30 | $2.0B | 13 | |
| 2016-09-30 | 31 | $1.9B | 41 | |
| 2016-06-30 | 31 | $2.8B | 19 | |
| 2016-03-31 | 32 | $3.4B | 19 | |
| 2015-12-31 | 31 | $3.8B | 13 | |
| 2015-09-30 | 33 | $4.0B | 25 | |
| 2015-06-30 | 36 | $4.8B | 20 | |
| 2015-03-31 | 30 | $4.6B | 12 | |
| 2014-12-31 | 24 | $4.4B | 33 | |
| 2014-09-30 | 25 | $4.6B | 14 | |
| 2014-06-30 | 27 | $4.8B | 18 | |
| 2014-03-31 | 28 | $4.7B | 11 | |
| 2013-12-31 | 29 | $4.9B | 11 | |
| 2013-09-30 | 30 | $4.6B | 14 | |
| 2013-06-30 | 30 | $4.5B | 0 |
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 |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-12 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-13 | Amendment | View on EDGAR |
| 2019-03-31 | 2019-05-13 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-13 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-09 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | Amendment | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-09 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-10 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-10 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | Amendment | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-12 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-13 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-06 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-07 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-13 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-13 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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