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Matthew McLennan 5.0 11 ideas

Co-Head of Investment Management, Goldman Sachs
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9 thesis opens · 9 long · 0 short
AI/Semi (5) dominates · 3 themes
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Theme: · Stance:
#TickerNameStanceConvEntryP&L YTDThemeThesisMentionedSrc
1 DASTY Dassault Systèmes SE LONG HIGH $22.23 Other Software stocks are attractively valued with revenue multiples around 3x, half of private … Apr 23 YOUTUBE
2 IGV iShares Expanded Tech-Softwa LONG HIGH $84.00 AI/Semi Software stocks are attractively valued with revenue multiples around 3x, half of private … Apr 23 YOUTUBE
3 ORCL Oracle Corporation LONG HIGH $177.67 AI/Semi Software stocks are attractively valued with revenue multiples around 3x, half of private … Apr 23 YOUTUBE
4 MSFT Microsoft Corporation LONG HIGH $416.60 AI/Semi Software stocks are attractively valued with revenue multiples around 3x, half of private … Apr 23 YOUTUBE
5 WDAY Workday Inc. LONG HIGH $115.03 AI/Semi Software stocks are attractively valued with revenue multiples around 3x, half of private … Apr 23 YOUTUBE
6 CRM Salesforce, Inc. LONG HIGH $174.00 AI/Semi Software stocks are attractively valued with revenue multiples around 3x, half of private … Apr 23 YOUTUBE
7 BDX Becton Dickinson LONG HIGH $154.22 Healthcare Becton Dickinson (BDX) is a world leader in syringes and catheters with over 50% market sh… Apr 11 YOUTUBE
8 GDX VanEck Gold Miners ETF LONG HIGH $99.12 Other Gold is a positional asset with a fixed supply, acting as a store of value and ballast in … Apr 11 YOUTUBE
9 GOLD Gold LONG HIGH $435.36 Other Gold is a positional asset with a fixed supply, acting as a store of value and ballast in … Apr 11 YOUTUBE
Positions
TickerDirEntryP&LDate
DASTY LONG $22.23 Apr 23
IGV LONG $84.00 Apr 23
ORCL LONG $177.67 Apr 23
MSFT LONG $416.60 Apr 23
WDAY LONG $115.03 Apr 23
CRM LONG $174.00 Apr 23
BDX LONG $154.22 Apr 11
GDX LONG $99.12 Apr 11
GOLD LONG $435.36 Apr 11
▶ YouTube Committed some capital to software stocks amid selloff, says First Eagle's Matt McLennan
Software stocks cheap with growth and AI opportunity.
Software stocks are attractively valued with revenue multiples around 3x, half of private market transactions and a fraction of previous highs, while companies still grow ~10% with a focus on efficiency, and they are well-positioned to benefit from AI due to proprietary data and mission-critical systems. He has committed capital to the software space, naming Workday, Salesforce, Dassault, Microsoft, and Oracle as positions.
IGV WDAY CRM DASTY MSFT ORCL HIGH CNBC Apr 23, 19:09
Matthew McLennan
Co-Head of Investment...
▶ YouTube How to Build Resilient Wealth w/ Matthew McLennan (RWH067)
BDX is a scarce asset with margin of safety.
Becton Dickinson (BDX) is a world leader in syringes and catheters with over 50% market share, giving it scale economies, embeddedness in hospital systems, and a regenerative feedback loop for innovation. It trades at 12-13 times earnings (8% earnings yield), implying the market expects little growth, yet the company is focused, generates strong free cash flow, and uses it for dividends and buybacks. It is well-positioned to benefit from the growth of biologics and integration of technology like AI.
BDX HIGH We Study Billionaires Apr 11, 22:45
Matthew McLennan
Co-Head of Investment...
▶ YouTube How to Build Resilient Wealth w/ Matthew McLennan (RWH067)
Hoshizaki is an undervalued market leader.
Hoshizaki is the world leader in commercial ice machines, with a strong reputation, scale, and embedded position in restaurants and hotels. It trades at 8-9 times EBITDA, well below its competitor Rational (20 times) and typical LBO valuations. Management is a good steward, focusing on capital allocation through dividends, buybacks, and bolt-on acquisitions, making it an 'eclectic royalty' with a durable market position.
HSHZY HIGH We Study Billionaires Apr 11, 22:45
Matthew McLennan
Co-Head of Investment...
▶ YouTube How to Build Resilient Wealth w/ Matthew McLennan (RWH067)
Gold is a ballast and store of value.
Gold is a positional asset with a fixed supply, acting as a store of value and ballast in a portfolio. It is inert, scarce, and globally mobile, making it a defensive hedge against uncertainty and currency debasement. Over time, its value accretes with nominal wealth, but the risk/reward is now more symmetric after its recent run-up, so the position is managed with a valuation margin of safety.
GDX GOLD HIGH We Study Billionaires Apr 11, 22:45
Matthew McLennan
Co-Head of Investment...
▶ YouTube How to Build Resilient Wealth w/ Matthew McLennan (RWH067)
Cash provides ballast and optionality.
Cash provides ballast and optionality to deploy in market downturns. The amount held is limited to what can be realistically deployed in a crisis, so the return includes not just the yield but the option value of buying great businesses at attractive prices during weakness.
CASH HIGH We Study Billionaires Apr 11, 22:45
Matthew McLennan
Co-Head of Investment...
Matthew McLennan (Co-Head of Investment Management, Goldman Sachs) | 11 trade ideas tracked | GOLD, IGV, CRM, CASH, MSFT | YouTube | Buzzberg