Praxis Portfolio Updates
Praxis Investment Management Shifts Portfolio, Boosts Stakes in Costco, Cigna, Rocket Lab
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Key Points
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Director Kenneth D. Denman of Costco sold 885 shares on June 23 at an average price of $957.45, reducing his holding to 4,779 shares worth about $4.58 million (a roughly 15.6% decrease in his Costco stake).
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Aside from Praxis, several smaller institutional investors opened new Costco positions in the latest filing period, including Gunpowder Capital Management dba Oliver Wealth Management, Lifetime Wealth Management P.C., Mcguire Capital Advisors Inc., Entrust Financial LLC, and Joseph Group Capital Management, each taking new stakes valued roughly in the $27,000–$33,000 range.
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For Cigna Group, Norges Bank opened a new stake in the company in the fourth quarter valued at about $1.02 billion, and Northwestern Mutual Wealth Management Co. boosted its position; institutional investors collectively own about 86.99% of the stock.
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Rocket Lab’s Praxis stake grew 66.3% to 22,635 shares after purchasing 9,027 during the quarter; analyst coverage followed, with Wells Fargo initiating coverage with an equal-weight rating and Deutsche Bank raising its price target to $120 while giving the stock a buy rating.
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CoStar Group saw Praxis establish a new position of 18,734 shares valued at about $756,000; the stock remains highly institutionally owned, with major holders such as Bamco NY, State Street, Baillie Gifford, Capital International Investors, and Akre Capital Management contributing to roughly 96.6% institutional ownership.
Praxis Investment Management made a series of bold portfolio moves in the first quarter, expanding stakes in Costco Wholesale, Cigna Group, Rocket Lab, and CoStar Group while trimming its Phillips 66 position, according to Watchlist News and Ticker Report.
The adjustments span retail, healthcare, aerospace, and commercial real estate — signaling a deliberate, multi-sector rebalancing by the fund rather than a single concentrated bet.
Praxis Lifts Costco Stake 28.7% as Director Sells Shares
Praxis now holds 7,299 Costco shares worth about $7.27 million after buying in heavily during Q1, according to Watchlist News. That is a gain of roughly 1,634 shares over the previous period.
Meanwhile, Costco director Kenneth D. Denman moved in the opposite direction. He sold 885 shares on June 23 at an average price of $957.45 each. That cut his holding to 4,779 shares — a 15.6% drop — now worth about $4.58 million. Several smaller firms also opened fresh Costco positions, including Gunpowder Capital Management and Lifetime Wealth Management, each taking stakes in the $27,000–$33,000 range, per Ticker Report.
Cigna and Rocket Lab See Biggest Percentage Gains in Portfolio
Praxis grew its Cigna Group position by 40.1%, bringing it to 7,053 shares valued at roughly $1.88 million. Cigna is heavily owned by institutions — about 86.99% of the stock sits with institutional investors. Norway's Norges Bank alone opened a new stake worth about $1.02 billion in Cigna last quarter, per Ticker Report.
Rocket Lab saw the sharpest jump. Praxis bought 9,027 new shares, lifting its stake 66.3% to 22,635 shares worth about $1.45 million. Analyst interest followed. Wells Fargo started coverage with an equal-weight rating. Deutsche Bank raised its price target to $120 and slapped a buy rating on the stock, according to Ticker Report.
CoStar Group Gets New Position; Phillips 66 Gets Cut
Praxis opened a brand-new stake in CoStar Group, buying 18,734 shares worth around $756,000. CoStar is almost entirely institutionally owned — roughly 96.6% — with major holders like State Street, Baillie Gifford, and Akre Capital Management, per Ticker Report.
On the sell side, Praxis trimmed its Phillips 66 stake by 12.4%, dropping to 25,043 shares valued at about $4.56 million. That was the fund's only clear reduction across the five major positions reported in the filing period.
A Broader Strategy of Targeted Sector Adjustments
Taken together, Praxis's moves show a fund leaning into growth-oriented names. Rocket Lab, CoStar, and Cigna all got more capital. The Phillips 66 trim suggests a pull back from energy. Costco remains the fund's largest single position among those disclosed, at $7.27 million, per Watchlist News.
The pattern is not random. Each shift targets a specific sector — aerospace, commercial real estate, managed healthcare — where institutional momentum is already strong. That makes Praxis's moves easier to read as conviction bets, not just routine rebalancing.
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