Macquarie
Macquarie Value Fund
Value
Mar 2025 → Mar 2025
Our archive holds 1 letter from this strategy, behind 3 investment theses and positions in 12 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Macquarie for every strategy.
What it bought and sold
In March, we sold the Fund’s position in U.S. Bancorp (US Bank), the fifth-largest commercial bank in the US.
Proceeds from the sale of US Bank were used to purchase a position in Charles Schwab Corp. (Schwab), a provider of wealth and asset management, securities brokerage, banking, trading and research, custody, and financial advisory services, serving individual investors through its Investor Services segment and registered investment advisors (RIAs) through its Advisor Services segment.
Proceeds from the sale of Honeywell were used to purchase a position in CSX Corp., one of the largest railroad owner/operators in North America.
In February, we sold the Fund’s position Honeywell International Inc., a diversified multi-industrial company that operates globally in four main segments: Aerospace, Building Automation, Industrial Automation, and Energy and Sustainability Solutions.
We sold our position in CVS Health Corp., a provider of health insurance, PBM, and retail pharmacy services.
Proceeds from the sale of CVS were used to purchase a position in CDW Corp., a leading provider of IT solutions serving small business, corporate, government, education, and healthcare customers.
Also held
Its investment theses
- CDW Corp.Mar 2025CDW Corp. is a leading IT solutions provider well-positioned to benefit from device spending, AI adoption, and a strong capital allocation program amid a favorable valuation.
- Charles Schwab Corp.Mar 2025Charles Schwab Corp. is a leading wealth and asset management firm facing interim challenges but poised for recovery and margin improvements following strategic adjustments and cost management efforts.
- CSX Corp.Mar 2025CSX Corp. is a well-positioned North American railroad operator with attractive valuations, operational efficiencies from precision scheduled railroading, and strong cash flow attributes, despite facing challenges from a declining coal market and competition.