Scott Black's Strategic Moves: Bar Harbor Bankshares Inc Leads the Way

This article first appeared on GuruFocus.

Insight into Scott Black (Trades, Portfolio)'s Third Quarter 2025 13F Filing

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Scott Black (Trades, Portfolio) recently submitted the 13F filing for the third quarter of 2025, providing insights into his investment moves during this period. Scott Black (Trades, Portfolio) is the president and founder of Delphi Management, Inc. His first entrepreneurial venture, restructuring the William ONeil Company in 1978, was followed in 1979 by managing equities for Sunkist Growers, Delphi Managements original account. At Merrill Lynch, he worked initially in the Market Planning Department of the brokerage entity until becoming head of Corporate Development responsible for the holding companys diversification activities. Black's education includes a BA from Johns Hopkins University in Applied Mathematics and Economics. He earned an MBA in Finance at the Harvard Business School in 1971 after completing his U.S. Army active service obligation at Fort Ord, California. According to Delphi's website, "We pursue a proven value investing strategy that emphasizes the fundamental performance of underlying companies. We only invest in companies that meet our internally developed set of rigorous quantitative criteria and that are under good management. As disciples of the Graham-Dodd school of value investing, this means we believe that an investment candidate should only be purchased at a low absolute valuation. Additionally, it means that we personally contact management at every company in which we invest."Scott Black's Strategic Moves: Bar Harbor Bankshares Inc Leads the Way

Summary of New Buy

Scott Black (Trades, Portfolio) added a total of 5 stocks, among them:

The most significant addition was Bar Harbor Bankshares Inc (BHB), with 43,395 shares, accounting for 1.22% of the portfolio and a total value of $1.32 million. The second largest addition to the portfolio was Insight Enterprises Inc (NASDAQ:NSIT), consisting of 11,230 shares, representing approximately 1.18% of the portfolio, with a total value of $1.27 million. The third largest addition was Titan America SA (NYSE:TTAM), with 21,075 shares, accounting for 0.3% of the portfolio and a total value of $320,000.

Key Position Increases

Scott Black (Trades, Portfolio) also increased stakes in a total of 30 stocks, among them:

The most notable increase was Fiserv Inc (NYSE:FI), with an additional 2,543 shares, bringing the total to 10,843 shares. This adjustment represents a significant 30.64% increase in share count, a 0.3% impact on the current portfolio, with a total value of $1.4 million. The second largest increase was AbbVie Inc (NYSE:ABBV), with an additional 1,323 shares, bringing the total to 6,930. This adjustment represents a significant 23.6% increase in share count, with a total value of $1.61 million.

Story Continues

Summary of Sold Out

Scott Black (Trades, Portfolio) completely exited 4 of the holdings in the third quarter of 2025, as detailed below:

AdvanSix Inc (NYSE:ASIX): Scott Black (Trades, Portfolio) sold all 50,290 shares, resulting in a -1.15% impact on the portfolio. SLB Ltd (NYSE:SLB): Scott Black (Trades, Portfolio) liquidated all 27,895 shares, causing a -0.91% impact on the portfolio.

Key Position Reduces

Scott Black (Trades, Portfolio) also reduced positions in 46 stocks. The most significant changes include:

Reduced Oracle Corp (NYSE:ORCL) by 2,226 shares, resulting in a -30.58% decrease in shares and a -0.47% impact on the portfolio. The stock traded at an average price of $254.66 during the quarter and has returned 29.31% over the past 3 months and 83.81% year-to-date. Reduced Lam Research Corp (NASDAQ:LRCX) by 4,149 shares, resulting in a -24.9% reduction in shares and a -0.39% impact on the portfolio. The stock traded at an average price of $105.88 during the quarter and has returned 41.81% over the past 3 months and 99.52% year-to-date.

Portfolio Overview

At the third quarter of 2025, Scott Black (Trades, Portfolio)'s portfolio included 81 stocks, with top holdings including 2.41% in Berkshire Hathaway Inc (NYSE:BRK.B), 1.98% in Apple Inc (NASDAQ:AAPL), 1.62% in KLA Corp (NASDAQ:KLAC), 1.6% in TD Synnex Corp (NYSE:SNX), and 1.56% in Lam Research Corp (NASDAQ:LRCX).

The holdings are mainly concentrated in 10 of all the 11 industries: Financial Services, Technology, Consumer Cyclical, Industrials, Healthcare, Communication Services, Energy, Basic Materials, Consumer Defensive, and Real Estate.

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