Dialing up risk vs its own history
Risk appetite moved 45→61 this quarter — 16 points off the book's multi-quarter identity.
Glenn Greenberg — formerly of Chieftain Capital — is known for running an unusually concentrated book of a handful of high-conviction value names. The portfolio bears that signature: a deep value tilt, above-cohort concentration, and respectable quality.
Growth Value
Low High
Diversified Focused
Long-term Active
Speculative Profitable
With Crowd Against Crowd
Each axis is a percentile rank from 0 to 100 relative to the profiled guru cohort; 50 is the cohort midpoint. The higher the value, the stronger the trait. The dashed overlay is the median shape of the guru's behavioral peer group, so you can read where this investor is unusual within their own style. The Trajectory arrows trace the drift from four quarters ago to now — an illustration of the method over a short window, not a statistical claim.
Beyond the radar's six: two further behavioral reads — whether new buys add to existing holdings or start fresh, and the size of companies the book favors — on the same 0–100 cohort-percentile scale.
New bets Adds to conviction
Small-cap Large-cap
Managers with assets above $100M disclose positions in Form 13F-HR within 45 days after quarter end. The backtest runs three $100,000 portfolios: the guru rebalances at quarter-end prices, the copier mirrors the same weights on the actual filing date, and S&P 500 is the benchmark.
The hatched area is the cost of delay: the difference in cumulative returns between the guru and the copier in percentage points. The delay is not always a disadvantage — if a stock fell between quarter end and the filing date, the copier buys in cheaper.
The guru curve is also a model: 13F shows only long positions in US equities at quarter end, without intra-quarter trades, shorts, or cash. Commissions, slippage, and taxes are not accounted for.
Risk appetite moved 45→61 this quarter — 16 points off the book's multi-quarter identity.
+8.2pp in ICLR this quarter — the book's largest single weight change.
| Ticker | Company | Δ for quarter | Weight |
|---|---|---|---|
| SNX | TD SYNNEX Corporation | +1,7 | 12,8% |
| OMF | OneMain Holdings, Inc. | −2,1 | 10,2% |
| ICLR | ICON Public Limited Company | +8,2 | 8,2% |
| ELV | Elevance Health Inc. | −2,2 | 8,1% |
| AN | AutoNation, Inc. | 0,0 | 7,5% |
| SLM | SLM Corporation | −0,9 | 7,2% |
| MRP | Millrose Properties, Inc. | −0,1 | 5,9% |
| PRI | Primerica, Inc. | +0,8 | 5,5% |
| LEN | Lennar Corporation | −0,6 | 5,2% |
| BLDR | Builders FirstSource, Inc. | −0,9 | 4,8% |