# CORTLAND ADVISERS LLC

> Institutional holdings reported to the SEC as of Q3 2019 on Form 13F. CIK 1568990. Source: https://holderbook.com/funds/1568990-cortland-advisers-llc/

- Reported value: $2.2B
- Positions: 32
- Weight of the ten largest: 52.3%
- Filed: 2019-11-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $182.6M | 149,494 | 8.4% | 4 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $152.8M | 734,449 | 7.0% | 4 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $142.2M | 1,199,229 | 6.5% | 4 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $132.9M | 1,129,575 | 6.1% | 4 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $121.1M | 929,511 | 5.5% | 4 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $101.8M | 436,835 | 4.7% | 4 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $80.3M | 2,752,318 | 3.7% | 4 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $76.9M | 947,412 | 3.5% | 4 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $76.8M | 1,523,470 | 3.5% | 4 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $75.4M | 252,572 | 3.5% | 4 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $74.3M | 351,513 | 3.4% | 4 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $74.3M | 804,743 | 3.4% | 4 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $72.7M | 328,982 | 3.3% | 4 |
| ZIONS BANCORPORATION NATL AS | [ZION](https://holderbook.com/stocks/ZION/) | $71.4M | 1,602,993 | 3.3% | 4 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $67.3M | 789,352 | 3.1% | 4 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $62.6M | 905,708 | 2.9% | 4 |
| FIRST REP BK SAN FRANCISCO C | [FRCB](https://holderbook.com/stocks/FRCB/) | $57.4M | 593,651 | 2.6% | 4 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $57.1M | 2,768,490 | 2.6% | 4 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $56.9M | 920,579 | 2.6% | 4 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $54.1M | 303,632 | 2.5% | 4 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $51.0M | 692,609 | 2.3% | 1 |
| DOMINION ENERGY INC | [D](https://holderbook.com/stocks/D/) | $49.3M | 607,838 | 2.3% | 4 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $46.1M | 790,878 | 2.1% | 4 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $42.8M | 773,133 | 2.0% | 4 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $40.3M | 570,316 | 1.8% | 4 |
| MAGELLAN MIDSTREAM PRTNRS LP | [MMP](https://holderbook.com/stocks/MMP/) | $37.1M | 559,500 | 1.7% | 4 |
| NORTHERN TR CORP | [NTRS](https://holderbook.com/stocks/NTRS/) | $30.2M | 323,503 | 1.4% | 4 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $28.9M | 301,478 | 1.3% | 3 |
| AON PLC | [AONXXXX](https://holderbook.com/stocks/AONXXXX/) | $27.6M | 142,653 | 1.3% | 4 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $17.2M | 302,055 | 0.8% | 4 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $13.7M | 146,670 | 0.6% | 4 |
| NORTHWESTERN ENERGY GROUP IN | [NWE](https://holderbook.com/stocks/NWE/) | $9.4M | 125,659 | 0.4% | 4 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2019 | +2.4% | +1.3% | +1.2% | 100% |
| Q2 2019 | +4.5% | +3.7% | +0.8% | 100% |
| Q1 2019 | +10.2% | +13.0% | -2.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2019 | $2.2B | 32 |
| Q2 2019 | $2.1B | 33 |
| Q1 2019 | $2.3B | 34 |
| Q4 2018 | $2.1B | 33 |