Bret Barakett's Hedge Fund Tremblant Capital 13F Filing: Q4 2008 ~ market folly

Thursday, March 5, 2009

Bret Barakett's Hedge Fund Tremblant Capital 13F Filing: Q4 2008

This is the 4th Quarter 2008 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings preface.

Next up, we have Bret Barakett's Tremblant Capital. Tremblant is a $3 billion hedge fund based in New York and is run by Bret Barakett, who is a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom we also track). If the last name of 'Barakett' sounds familiar, its because his brother, Timothy Barakett, manages fellow hedge fund Atticus Capital, whose portfolio we recently covered. Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Barakett has worked with some of the best in the macro game and obviously is quite knowledgeable himself. But, as we noted back in September, Tremblant had a rough year. Over the course of last year, they disclosed a 5.2% stake in Advanced Medical Optics (EYE) and a stake in PharmaNet (PDGI). But, more recently, they've made a 13G filing on Chipotle, where they have been adding to their large position. We'll check out what else they've been up to below.

The following were their long equity, note, and options holdings as of December 31st, 2008 as filed with the SEC. We have not detailed the changes to every single position in this update, but we have covered all the major moves. All holdings are common stock unless otherwise denoted.

Some New Positions (Brand new positions that they initiated in the last quarter):
Monsanto (MON)
Costco (COST)
Molson Coors (TAP)
Life Technologies (LIFE)
Energizer (ENR) Calls
Catalyst Health (CHSI)
Cheesecake Factory (CAKE)
Kellogg (K)
Thermo Fisher Scientific (TMO)
DirecTV (DTV)
Dell (DELL)
Pharmaceutical Product Dev (PPDI)

Some Increased Positions (A few positions they already owned but added shares to)
Walmart (WMT): Increased position by 1,843%
Advanced Medical Optics (EYE) Calls: Increased position by 658%
Google (GOOG): Increased position by 523%
Research in Motion (RIMM) Calls: Increased position by 110.6%
Mastercard (MA): Increased position by 86.8%
McKesson (MCK): Increased position by 71.5%
Red Hat (RHT): Increased position by 66.8%
Baidu (BIDU): Increased position by 49.8%
Chipotle Mexican (CMG-B): Increased position by 47%
Research in Motion (RIMM): Increased position by 21.4%
Apple (AAPL): Increased position by 16.7%

Some Reduced Positions (Some positions they sold some shares of - note not all sales listed)
Hologic (HOLX) Calls: Reduced position by 77.6%
CVS Caremark (CVS) Calls: Reduced position by 74.9%
Hologic (HOLX): Reduced position by 69.5%
Eclipsys (ECLP): Reduced position by 63%
Ntelos (NTLS): Reduced position by 59.9%
Red Hat (RHT) Calls: Reduced position by 24.7%
Visa (V): Reduced position by 18.9%
Burlington Northern (BNI): Reduced position by 18.9%

Removed Positions (Positions they sold out of completely)
Charter Communications (CHTR) Calls
Charter Communications (CHTR)
Focus Media (FMCN) Calls
MEMC Electronics (WFR) Calls
Virgin Media (VMED)
Nuance Communications (NUAN)
Exide (XIDE)
Airmedia Group (AMCN)
Navisite (NAVI)
Colfax (CFX)
Geoeye (GEOY)
Williams (WMB)
KBW Regional Banking ETF (KRE)
SXC Health (SCI)
Discovery Holding (DSY)
American Public Education (APEI)
Homebuilders ETF (XHB)
Hughes Communication (HUGH)
Monster (MNST)
Financials ETF (XLF)
Paetec Holding (PAET)
Focus Media (FMCN)
Gafisa (GFA)
Centennial Communications (CYCL)
Advanced Medical Optics (EYE)
Commscope (CTV)
Corning (GLW)
NYSE Euronext (NYX)

Top 20 Holdings (by % of portfolio)

  1. Qualcomm (QCOM) Calls: 11.43% of portfolio
  2. Visa (V): 7% of portfolio
  3. Apple (AAPL): 6.5% of portfolio
  4. Research in Motion (RIMM): 5.9% of portfolio
  5. Green Mountain Coffee Roasters (GMCR): 5% of portfolio
  6. Qualcomm (QCOM): 4.6% of portfolio
  7. McKesson (MCK): 4.5% of portfolio
  8. Red Hat (RHT): 4.3% of portfolio
  9. Mastercard (MA): 3.7% of portfolio
  10. Baidu (BIDU): 3.6% of portfolio
  11. Walmart (WMT): 3.1% of portfolio
  12. Melco Entertainment (MPEL): 2.9% of portfolio
  13. Chipotle (CMG-B): 2.9% of portfolio
  14. Corning (GLW) Calls: 2.55% of portfolio
  15. Research in Motion (RIMM) Calls: 2.34% of portfolio
  16. Red hat (RHT) Calls: 2.2% of portfolio
  17. CVS Caremark (CVS) Calls: 1.76% of portfolio
  18. Monsanto (MON): 1.57% of portfolio
  19. NYSE Euronext (NYX) Calls: 1.45% of portfolio
  20. Costco (COST): 1.43% of portfolio

Very interesting to see some similarities between his and his brother's portfolio (Atticus). Many of these positions are and have been on Goldman Sachs list of most common hedge fund holdings. Assets from the collective long US equity, options, and note holdings were $2.1 billion last quarter and were $ 1.6 billion this quarter. This is just one of many funds in our hedge fund portfolio tracking series in which we're tracking 35+ prominent funds. We've already covered Paulson & Co (John Paulson), Carl Icahn, Warren Buffett, Stephen Mandel's Lone Pine Capital, George Soros, Bill Ackman's Pershing Square, Andreas Halvorsen's Viking Global, Timothy Barakett's Atticus Capital, David Einhorn's Greenlight Capital, Seth Klarman's Baupost Group, and Peter Thiel's Clarium Capital. Look for our updates as we will be covering a new fund each day.

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