By Mackenzie Tatananni
Generation Investment Management, the firm co-founded and chaired by former vice president Al Gore, made key changes to its holdings between the second and third quarters. The firm unloaded shares of Nike and Toast, initiated a new stake in Salesforce, and made several other moves.
A Form 13-F filed with the Securities and Exchange Commission on Nov. 10 shows the firm exited Nike through the sale of 3,635,710 shares, worth $258 million at the time. Through Thursday's close, shares would have been worth nearly 14% less.
Nike warned earlier this month that its trajectory "won't be linear" as it looks to move past years of softening demand and heavy discounting. Nike enjoyed a pandemic-era boom in activewear in 2021, spurred by customers staying home and exercising more. However, shares have fallen sharply from that peak.
Generation exited its stake in research firm Gartner in the quarter, selling 319,841 shares, worth around $129 million at the time of filing. The stock has been one of the worst performers in the S&P 500 this year. Analysts have fretted over slowing growth and, more recently, weak third-quarter results. Through Thursday's close, shares have lost 45% from the price indicated in the filing.
Generation exited payment processor Toast through the sale of 912,818 shares, worth some $40 million. Toast has fallen 11% this year; the fintech sector is facing concerns over sluggish economic growth and its impact on the restaurant industry. Toast shares are down 26% from the price indicated in the filing.
Generation also sold its remaining stake of 577,500 shares in software company Veeva Systems, worth roughly $166 million at the time. Through the end of the session on Thursday, shares have lost 6.1% since the report was filed.
The firm initiated a position in just one company, Salesforce. Generation snapped up 1,819,228 shares, which were valued at more than $431 million at the time the form was filed. Since then, shares have fallen 4.9%. Salesforce is one of Veeva's largest rivals, but its stock has been beaten down more than 32% this year as investors fret that spending on artificial intelligence could crowd out software budgets.
Generation has stakes in chip makers Taiwan Semiconductor Manufacturing and Analog Devices. While Generation kept its TSMC holdings largely unchanged, the firm halved its stake in Analog Devices to 1,316,607 shares from 2,166,796 shares. Coming into Friday, TSMC's American depositary receipts have gained over 40% this year, while Analog Devices has gained just 6%, lagging behind the S&P 500.
Generation didn't respond to a request for comment on these transactions.
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.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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November 21, 2025 11:35 ET (16:35 GMT)
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