BF&S Rebalances Portfolio
Bradley Foster & Sargent Doubles Hubbell Investment, Trims Other Key Holdings
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Key Points
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Norges Bank added a new stake in Carrier Global in the fourth quarter, with the position worth about $380,299,000.
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Wells Fargo boosted Hubbell's price target from $530 to $560 and gave the stock an overweight rating; Wall Street Zen also upgraded Hubbell from hold to buy.
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Walmart is Bradley Foster & Sargent Inc. CT's 29th-largest holding in its portfolio.
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Chief operating officer John W. Keogh sold 23,000 Chubb shares on May 27 for about $7.39 million.
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Norges Bank also bought a new stake in Chubb in the fourth quarter, valued at about $1.081 billion.
Bradley Foster & Sargent Inc. CT made a series of sharp portfolio moves in the first quarter, with the biggest headline being a dramatic doubling of its Hubbell stake. The Connecticut-based fund boosted its Hubbell position by 100.6%, bringing it to 108,165 shares worth roughly $53.1 million, according to Ticker Report.
At the same time, the fund trimmed several other major holdings. It cut Carrier Global by 11.8% to 232,269 shares valued at about $13.1 million, shaved Walmart by 1.0% to 508,791 shares worth $63.2 million, and reduced Chubb by 2.8% to 87,550 shares worth around $28.5 million, per Watchlist News.
Hubbell Bet Doubles as Wall Street Turns Bullish
Bradley Foster & Sargent's decision to double its Hubbell stake lines up with a wave of bullish sentiment on Wall Street. Wells Fargo raised its price target on Hubbell from $530 to $560 and gave the stock an overweight rating. Wall Street Zen also upgraded the stock from hold to buy, according to Watchlist News.
The timing matters. Hubbell is now one of the fund's most valuable single positions, worth $53.1 million. That is more than four times the value of its trimmed Carrier Global stake. The fund's move suggests strong conviction in Hubbell's near-term growth.
Walmart Remains a Core Holding Despite Small Trim
Despite a slight 1.0% cut, Walmart remains Bradley Foster & Sargent's largest disclosed position in this batch of moves. The fund holds 508,791 shares worth about $63.2 million. Walmart ranks as the fund's 29th-largest holding overall, per Watchlist News.
The small trim signals routine rebalancing rather than a loss of confidence. The fund kept more than 99% of its Walmart position intact. That kind of minor adjustment is common among institutional investors managing large, diversified portfolios.
Chubb Position Cut as Insider Sells Millions in Shares
Bradley Foster & Sargent reduced its Chubb stake by 2.8%, leaving it with 87,550 shares worth about $28.5 million. The move comes alongside insider selling at Chubb. Chief operating officer John W. Keogh sold 23,000 shares on May 27 for about $7.39 million, according to Watchlist News.
Not everyone is pulling back from Chubb, though. Norges Bank bought a brand-new stake in the company in the fourth quarter, valued at about $1.081 billion. That is a massive bet by Norway's sovereign wealth fund, showing that big institutional buyers still see value in the stock despite the insider sale.
Norges Bank Makes Massive Move Into Carrier Global
While Bradley Foster & Sargent trimmed Carrier Global, Norges Bank went the other way. The Norwegian sovereign wealth fund added a new stake in Carrier Global in the fourth quarter, worth about $380.3 million, according to Watchlist News. That is a significant vote of confidence in the HVAC and climate solutions company.
The contrasting moves highlight how institutional investors can read the same stock very differently. Bradley Foster & Sargent reduced its Carrier exposure by nearly 12%. Norges Bank entered fresh with a $380 million position. Both moves happened within months of each other, showing how divided large-money views on Carrier have become.
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