Scott Black's Strategic Moves: Janus Henderson Group PLC Exits with -1.56% Impact

This article first appeared on GuruFocus.

Analyzing Scott Black (Trades, Portfolio)'s First Quarter 2026 13F Filing

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Scott Black (Trades, Portfolio) recently submitted the 13F filing for the first quarter of 2026, 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: Janus Henderson Group PLC Exits with -1.56% Impact

Summary of New Buy

Scott Black (Trades, Portfolio) added a total of 8 stocks, among them:

The most significant addition was Academy Sports and Outdoors Inc (NASDAQ:ASO), with 21,077 shares, accounting for 1.42% of the portfolio and a total value of $1.19 million. The second largest addition to the portfolio was Axis Capital Holdings Ltd (NYSE:AXS), consisting of 10,687 shares, representing approximately 1.29% of the portfolio, with a total value of $1.08 million. The third largest addition was Jones Lang LaSalle Inc (NYSE:JLL), with 1,875 shares, accounting for 0.68% of the portfolio and a total value of $570,000.

Key Position Increases

Scott Black (Trades, Portfolio) also increased stakes in a total of 2 stocks, among them:

The most notable increase was Urban Outfitters Inc (NASDAQ:URBN), with an additional 13,176 shares, bringing the total to 17,181 shares. This adjustment represents a significant 328.99% increase in share count, a 1% impact on the current portfolio, with a total value of $1.09 million. The second largest increase was AutoZone Inc (NYSE:AZO), with an additional 28 shares, bringing the total to 260. This adjustment represents a significant 12.07% increase in share count, with a total value of $880,000.

Story Continues

Summary of Sold Out

Scott Black (Trades, Portfolio) completely exited 5 of the holdings in the first quarter of 2026, as detailed below:

Janus Henderson Group PLC (NYSE:JHG): Scott Black (Trades, Portfolio) sold all 33,562 shares, resulting in a -1.56% impact on the portfolio. D.R. Horton Inc (NYSE:DHI): Scott Black (Trades, Portfolio) liquidated all 8,800 shares, causing a -1.24% impact on the portfolio.

Key Position Reduces

Scott Black (Trades, Portfolio) also reduced positions in 69 stocks. The most significant changes include:

Reduced ASE Technology Holding Co Ltd (NYSE:ASX) by 39,641 shares, resulting in a -40.23% decrease in shares and a -0.62% impact on the portfolio. The stock traded at an average price of $21.03 during the quarter and has returned 54.78% over the past 3 months and 81.70% year-to-date. Reduced Tapestry Inc (NYSE:TPR) by 4,620 shares, resulting in a -35.26% reduction in shares and a -0.57% impact on the portfolio. The stock traded at an average price of $141.74 during the quarter and has returned 19.40% over the past 3 months and 20.70% year-to-date.

Portfolio Overview

At the first quarter of 2026, Scott Black (Trades, Portfolio)'s portfolio included 79 stocks, with top holdings including 2.45% in Apple Inc (NASDAQ:AAPL), 2.26% in Berkshire Hathaway Inc (NYSE:BRK.B), 1.78% in National Fuel Gas Co (NYSE:NFG), 1.76% in Dell Technologies Inc (NYSE:DELL), and 1.76% in EOG Resources Inc (NYSE:EOG).

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

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