Parthenon 13F annual report

Parthenon is an investment fund managing more than $723 billion ran by Todd Lowe. There are currently 103 companies in Mr. Lowe’s portfolio. The largest investments include Microsoft and Berkshire Hathaway, together worth $157 billion.

$723 billion Assets Under Management (AUM)

As of 29th January 2024, Parthenon’s top holding is 262,675 shares of Microsoft currently worth over $98.8 billion and making up 13.7% of the portfolio value. Relative to the number of outstanding shares of Microsoft, Parthenon owns more than approximately 0.1% of the company. In addition, the fund holds 153,732 shares of Berkshire Hathaway worth $58.6 billion, whose value fell approximately 0.1% in the past six months. The third-largest holding is Paychex worth $31.2 billion and the next is Meta Platforms Inc worth $28 billion, with 79,108 shares owned.

Currently, Parthenon's portfolio is worth at least $723 billion. The total portfolio value may be much higher due to cash assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.

Careers at Parthenon

The Parthenon office and employees reside in Louisville, Kentucky. According to the last 13-F report filed with the SEC, Todd Lowe serves as the President at Parthenon.

Recent trades

In the most recent 13F filing, Parthenon revealed that it had opened a new position in YETI Inc and bought 219,615 shares worth $11.4 billion. This means they effectively own approximately 0.1% of the company. YETI Inc makes up 67.9% of the fund's Materials sector allocation and has decreased its share price by approximately 0.1% in the past year.

The investment fund also strengthened its position in Meta Platforms Inc by buying 25,135 additional shares. This makes their stake in Meta Platforms Inc total 79,108 shares worth $28 billion. Meta Platforms Inc dropped approximately 0.1% in the past year.

On the other hand, there are companies that Parthenon is getting rid of from its portfolio. Parthenon closed its position in Atlanta Braves Inc on 5th February 2024. It sold the previously owned 74,000 shares for $1.96 million. Todd Lowe also disclosed a decreased stake in Microsoft by 0.1%. This leaves the value of the investment at $98.8 billion and 262,675 shares.

One of the average hedge funds

The two most similar investment funds to Parthenon are Middleton & Co Inc/ma and Logos Global Management L.P.. They manage $724 billion and $724 billion respectively.


Todd Lowe investment strategy

Parthenon’s portfolio is diversified across 10 sectors. Currently, their heaviest sector is Technology — making up 25.5% of the total portfolio value. The fund focuses on investments in the United States as 59.2% of the portfolio companies are based in the United States.

The majority of the companies in the fund’s portfolio are large-cap stocks. Stocks with a size of more than $10 billion in market cap make up 50% of the total holdings value. On the other hand, small-cap stocks make up only 2.9% of the portfolio. The average market cap of the portfolio companies is close to $196 billion.

The complete list of Parthenon trades based on 13F SEC filings

These positions were updated on February 5th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.

Security Shares Owned Value Allocation
Microsoft Corporation
11.97%
262,675
$98,776,307,000 13.66%
Berkshire Hathaway Inc.
5.78%
153,732
$58,625,933,000 8.10%
Paychex Inc.
6.25%
262,022
$31,209,440,000 4.31%
Meta Platforms Inc
46.57%
79,108
$28,001,068,000 3.87%
Apple Inc
3.11%
127,873
$24,619,389,000 3.40%
Alphabet Inc
1,843.49%
312,610
$43,845,303,000 6.06%
Procter And Gamble Co
6.14%
149,155
$21,857,174,000 3.02%
Johnson Johnson
15.27%
125,527
$19,675,139,000 2.72%
Exxon Mobil Corp.
8.91%
187,183
$18,714,556,000 2.59%
Fastenal Co.
7.51%
276,077
$17,881,507,000 2.47%
Merck Co Inc
3.29%
158,883
$17,321,414,000 2.39%
Pepsico Inc
2.28%
100,795
$17,119,023,000 2.37%
Dover Corp.
2.10%
110,047
$16,926,329,000 2.34%
Landstar Sys Inc
7.59%
67,884
$13,145,737,000 1.82%
American Express Co.
9.49%
69,674
$13,052,727,000 1.80%
Mondelez International Inc.
5.96%
175,539
$12,714,290,000 1.76%
Booking Holdings Inc
14.23%
3,580
$12,699,048,000 1.76%
CVS Health Corp
2.62%
160,638
$12,683,976,000 1.75%
Walmart Inc
4.03%
80,010
$12,613,576,000 1.74%
Stryker Corp.
6.45%
39,656
$11,875,386,000 1.64%
YETI Holdings Inc
Opened
219,615
$11,371,665,000 1.57%
Waters Corp.
13.31%
33,346
$10,978,504,000 1.52%
Cisco Sys Inc
4.98%
215,332
$10,878,558,000 1.50%
Churchill Downs, Inc.
49.63%
72,062
$9,723,326,000 1.34%
Schwab Charles Corp
Opened
139,880
$9,623,744,000 1.33%
Corning, Inc.
9.05%
274,627
$8,362,392,000 1.16%
Home Depot, Inc.
2.89%
23,641
$8,192,789,000 1.13%
Medtronic Plc
2.40%
92,873
$7,650,878,000 1.06%
Jpmorgan Chase Co
8.43%
44,746
$7,611,295,000 1.05%
Disney Walt Co
11.32%
73,677
$6,652,296,000 0.92%
Brown-Forman Corporation
5.87%
121,756
$6,995,096,000 0.97%
Smucker J M Co
3.91%
46,040
$5,818,535,000 0.80%
Vanguard Index Fds
44.30%
17,395
$6,651,329,000 0.92%
Pnc Finl Svcs Group Inc
2.79%
33,075
$5,121,664,000 0.71%
Ishares Tr
19.30%
74,859
$9,497,782,000 1.31%
Vanguard Intl Equity Index F
7.85%
186,983
$9,578,464,000 1.32%
Coca-Cola Co
1.07%
71,645
$4,222,040,000 0.58%
Mcdonalds Corp
1.11%
14,213
$4,214,297,000 0.58%
Abbvie Inc
14.18%
23,435
$3,631,722,000 0.50%
Abbott Labs
11.16%
31,408
$3,457,045,000 0.48%
Eli Lilly Co
3.30%
5,765
$3,360,534,000 0.46%
Vanguard Tax-managed Fds
82.62%
69,646
$3,336,043,000 0.46%
Kenvue Inc
Opened
149,266
$3,213,697,000 0.44%
Atlanta Braves Holdings Inc
Opened
79,754
$3,156,663,000 0.44%
Philip Morris International Inc
8.82%
33,049
$3,109,250,000 0.43%
Scotts Miracle-Gro Company
2.10%
48,032
$3,062,040,000 0.42%
General Electric Co.
31.04%
23,873
$3,046,911,000 0.42%
Pfizer Inc.
7.72%
104,582
$3,010,916,000 0.42%
Teleflex Incorporated
0.97%
11,983
$2,987,841,000 0.41%
International Business Machs
27.56%
13,842
$2,263,859,000 0.31%
Colgate-Palmolive Co.
4.77%
27,486
$2,190,909,000 0.30%
Altria Group Inc.
3.62%
53,295
$2,149,920,000 0.30%
Zoetis Inc
6.62%
10,100
$1,993,437,000 0.28%
Chevron Corp.
25.29%
12,871
$1,919,838,000 0.27%
NVIDIA Corp
19.98%
3,345
$1,656,511,000 0.23%
Walgreens Boots Alliance Inc
7.94%
58,785
$1,534,876,000 0.21%
Us Bancorp Del
2.89%
34,858
$1,508,654,000 0.21%
Argan, Inc.
32.85%
30,657
$1,434,441,000 0.20%
Turning Pt Brands Inc
3.72%
51,770
$1,362,586,000 0.19%
Clarus Corp
99.51%
185,164
$1,276,706,000 0.18%
Jewett-Cameron Trading Company Ltd.
0.46%
217,053
$1,178,598,000 0.16%
Spdr Sp 500 Etf Tr
4.40%
2,372
$1,127,435,000 0.16%
Automatic Data Processing In
No change
4,700
$1,094,959,000 0.15%
Richardson Electrs Ltd
Opened
80,489
$1,074,528,000 0.15%
Intuit Inc
No change
1,675
$1,046,925,000 0.14%
Research Solutions, Inc.
No change
366,284
$952,338,000 0.13%
3M Co.
6.71%
8,338
$911,510,000 0.13%
Costco Whsl Corp New
7.51%
1,288
$850,183,000 0.12%
Boston Scientific Corp.
No change
13,133
$759,219,000 0.10%
Yum Brands Inc.
No change
5,604
$732,219,000 0.10%
Superior Group Of Co Inc
0.97%
52,791
$712,678,000 0.10%
Lowes Cos Inc
8.15%
3,146
$700,142,000 0.10%
Motorola Solutions Inc
3.27%
2,213
$692,868,000 0.10%
American Outdoor Brands, Inc.
26.09%
73,907
$620,819,000 0.09%
Whole Earth Brands, Inc.
19.69%
170,229
$580,481,000 0.08%
DuPont de Nemours Inc
1.05%
7,150
$550,049,000 0.08%
Oracle Corp.
No change
4,903
$516,923,000 0.07%
Att Inc
10.95%
29,534
$495,572,000 0.07%
Hershey Company
No change
2,600
$484,744,000 0.07%
Waste Mgmt Inc Del
0.19%
2,595
$464,764,000 0.06%
Mastercard Incorporated
9.10%
947
$403,905,000 0.06%
Select Sector Spdr Tr
No change
2,000
$384,960,000 0.05%
United-Guardian, Inc.
25.63%
53,009
$381,665,000 0.05%
Dow Inc
5.78%
6,539
$358,599,000 0.05%
Comcast Corp New
4.61%
7,898
$346,327,000 0.05%
Truist Finl Corp
0.83%
9,188
$339,221,000 0.05%
AMGEN Inc.
No change
1,177
$339,000,000 0.05%
Cincinnati Finl Corp
7.21%
3,000
$310,380,000 0.04%
Ge Healthcare Technologies I
Opened
4,007
$309,821,000 0.04%
Ishares Tr
Opened
1,094
$299,472,000 0.04%
Eaton Corp Plc
Opened
1,200
$288,984,000 0.04%
Tractor Supply Co.
No change
1,325
$284,915,000 0.04%
Honeywell International Inc
13.11%
1,251
$262,347,000 0.04%
Jabil Inc
Opened
2,000
$254,800,000 0.04%
Grainger W W Inc
Opened
300
$248,607,000 0.03%
Amazon.com Inc.
1,089.63%
1,606
$244,016,000 0.03%
Coherent Corp
Opened
5,550
$241,591,000 0.03%
Ecolab, Inc.
1.42%
1,184
$234,846,000 0.03%
Chubb Limited
12.52%
1,027
$232,102,000 0.03%
Yum China Holdings Inc
No change
5,404
$229,292,000 0.03%
Visa Inc
Opened
847
$220,516,000 0.03%
Conocophillips
Opened
1,896
$220,069,000 0.03%
Bristol-Myers Squibb Co.
62.41%
4,023
$206,420,000 0.03%
Atlanta Braves Holdings Inc
Closed
74,000
$1,955,000
The Shyft Group, Inc.
Closed
51,253
$1,948,000
Kraft Heinz Co
Closed
12,808
$472,000
PayPal Holdings Inc
Closed
1,682
$438,000
Coherent Corp
Closed
5,550
$329,000
Verizon Communications Inc
Closed
5,247
$283,000
Salesforce Inc
Closed
1,000
$271,000
Dell Technologies Inc
Closed
2,500
$260,000
Diageo plc
Closed
1,300
$251,000
Organon Co
Closed
7,417
$243,000
Edwards Lifesciences Corp
Closed
2,112
$239,000
Vanguard Index Fds
Closed
2,019
$459,000
Intel Corp.
Closed
4,076
$217,000
Ishares Tr
Closed
2,669
$208,000
Kimberly-Clark Corp.
Closed
1,535
$203,000
No transactions found
Showing first 500 out of 118 holdings