The royal family of Liechtenstein recently made major changes in its U.S.-listed investments.
LGT Capital Partners scooped up shares of apparel retailer
Athletica (ticker: LULU) and online marketplace
(ETSY), and slashed positions in gold miners
(NEM) in the first quarter. LGT, which is owned by the private banking and asset manager of the Princely House of Liechtenstein, disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.
LGT didn’t respond to a request for comment on the investment changes. It manages $85 billion in assets.
LGT bought 86,180 Lululemon shares to end the first quarter with 230,120 shares. Lululemon stock slipped 6.7% in the first quarter, compared with a 5% drop in the
S&P 500 index. So far in the second quarter, shares are up 7% compared with the index’s 3% fall.
Lululemon reported a strong fourth quarter in March, as the Omicron variant roiled much of the retail sector. It had warned that the quarter would be hurt by staffing issues and supply-chain problems. Lululemon recently said it was entering the women’s footwear market, and launching a program for shoppers to trade in used items and buy them.
Etsy is another platform where gently used Lululemon-branded items are bought and sold. Unfortunately Etsy stock hasn’t been handled gently by the market. Shares dove 43% in the first quarter, and so far in the second they are down 6.8%. LGT bought 238,384 Etsy shares to raise its investment to 529,400 shares.
Etsy saw upgrades earlier this year by analysts upbeat on prospects for its long-term growth, and cheaper valuation. Fourth-quarter earnings, reported in late February, were strong. Recent moves to compete with
Gold miners AngloGold and Newmont haven’t exactly struck it rich with investors this year, but their shares have made impressive gains in a turbulent market. AngloGold and Newmont shares rose 13% and 28%, respectively, in the first quarter, and so far in the second they are flat and up 6.7%, respectively.
We’ve noted earlier this year that a gold rush was on, and suggested there was time to chase it through exchange-traded funds. LGT more than halved those positions in the two miners, selling 2.4 million American depositary receipts of South Africa-based AngloGold to end the first quarter with 834,260 ADRs. It sold 917,710 Newmont shares to end March with 618,090 shares.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.