Portfolio Reallocations
Chapin Davis Reduces Holdings Across Multiple Major Stocks in Second Quarter
Anonymous
Key Points
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CSX insider transactions: Director John J. Zillmer sold 10,000 CSX shares on June 3 at an average price of $46.45 (total $464,500), reducing his direct holding to 353,714 shares valued at about $16.43 million; Separately, SVP Michael S. Burns sold 13,000 CSX shares on July 24 at an average price of $52.68 (total $684,840), further trimming his stake.
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iShares MSCI EAFE ETF (EFA): Chapin Davis reduced its stake by 61.9% to 4,917 shares after selling 7,986 during the quarter, with the remaining position valued at about $511,000; 79.80% of the ETF's stock is owned by institutional investors.
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Morgan Stanley (MS): Chapin Davis cut its stake by 63.9% to 1,779 shares after selling 3,150 during the quarter, with holdings worth about $372,000 at period end; institutional ownership of Morgan Stanley stood at 84.19%.
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iShares Core S&P Small-Cap ETF (IJR): Chapin Davis reduced its stake by 65.8% to 6,882 shares after selling 13,260 during the quarter, with the position valued at about $1,021,000.
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Teradyne (TER): Chapin Davis reduced its stake by 98.7% to 420 shares after selling 31,370; the stake was worth about $203,000; Teradyne also announced a quarterly dividend of $0.13 per share payable Sept 25 to stockholders of record Sept 4.
Chapin Davis Inc. dramatically slashed its investment portfolio in the second quarter, cutting stakes across five major holdings. The firm dumped nearly all of its Teradyne position (98.7%), reduced CSX by 28%, and ditched over 60% of its iShares EAFE ETF and Morgan Stanley shares Watchlist News.
These moves reflect a broad wave of portfolio reshuffling among institutional investors. Meanwhile, CSX insiders also sold significant stakes, with a director unloading 10,000 shares for $464,500 in June Ticker Report.
CSX Insider Selling Pressures Stock
CSX faced selling pressure from company insiders during the quarter. Director John J. Zillmer sold 10,000 shares on June 3 at an average price of $46.45, raising $464,500. His remaining direct stake dropped to 353,714 shares worth about $16.43 million Ticker Report.
SVP Michael S. Burns also trimmed his position, selling 13,000 shares on July 24 at $52.68 per share for a total of $684,840. These insider moves preceded Chapin Davis's own 28% reduction in CSX, cutting the position from roughly 61,055 shares to 43,970 shares worth $2.09 million Watchlist News.
Teradyne Nearly Wiped From Portfolio
Chapin Davis executed its most aggressive sell in Teradyne, slashing the position by 98.7%. The firm dumped 31,370 shares, leaving just 420 shares worth roughly $203,000. This near-complete exit signals a major reversal in the fund's semiconductor equipment exposure Ticker Report.
The move came as Teradyne announced a quarterly dividend of $0.13 per share, payable September 25 to shareholders of record on September 4. Despite the dividend payout, the firm's strategic shift away from the stock reflects broader concerns about the sector Ticker Report.
ETF and Financial Sector Positions Trimmed
Chapin Davis reduced its international equity exposure by selling 7,986 shares of the iShares MSCI EAFE ETF. The 61.9% cut left 4,917 shares worth about $511,000. Institutional investors own 79.80% of the EAFE ETF, indicating heavy institutional presence Watchlist News.
The firm also pulled back on financials, cutting Morgan Stanley by 63.9% to 1,779 shares worth $372,000. It reduced its small-cap exposure by selling 13,260 iShares Core S&P Small-Cap ETF shares, cutting the position by 65.8% to 6,882 shares valued at $1.021 million. Institutional investors control 84.19% of Morgan Stanley Watchlist News.
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