We're posting up notes from the Capitalize For Kids Sohn Canada conference that just took place. Next up is Jamie Dinan of York Capital who shared a myriad of investment ideas.
Jamie Dinan's Sohn Canada Presentation
Started off with some general comments. US growth is still quite healthy (although not considered by many people), Europe on the other hand is still not. With oil prices coming down, it will give a huge amount of money to the US consumer (essentially a $130B tax break for consumers – this of course assumes money is not relocated to other spending). Believes Europe will be a reactionary market to policies and this will create lots of distressed situations in Europe (and there is still plenty today).
Some merger-arb names which have ~90% probability of closing: Time Warner Cable/Comcast Corporation, Albemarle Corporation /Rockwood Holdings, and DIRECTV/AT&T Inc.
Next, pitched LONG Molson Coors Brewing (TAP), believes an event could happen with the recent news of Anheuser looking for a deal with SAB. Molson has a 42% stake in MillersCoors (The JV between Molson and SAB). This possible transaction will force SAB to divest their 58% interest from MillerCoors (STZ/BUD deal, divestment of Groupo Model JV), Molson seems like the only option. The deal will likely get done with debt and take Molson to 5x Net Debt-EBITDA. Believes Molson can realize great about of synergies (~$300M) from the US JV with their current Canadian operations.
Be sure to check out the rest of the presentations from Capitalize For Kids Sohn Canada here.
Tuesday, October 28, 2014
Jamie Dinan's Stock PIcks at Capitalize For Kids Sohn Canada Conference
Wednesday, May 14, 2014
What We're Reading ~ Analytical Links 5/14/14
Dream Big: on the Brazilian Trio behind 3G Capital [Amazon]
On investment process [Dasan]
Predicting the present with Google Trends [Berkeley]
A look at Yahoo: a puzzle, a mystery and an enigma [Aswath Damodaran]
The unlikely ascent of Jack Ma, Alibaba's founder [NYTimes]
Recession-baby millennials shun stocks after US slump [Bloomberg]
Families are dining out a lot less [RestFinance]
The future of monetising television [TheGuardian]
What happens when the cable TV money dries up? [Sports on Earth]
Africa growth outlook [WEForum]
Macau jackpot turns to bust for stock investors amid rout [Bloomberg]
Murdoch's $14 billion TV plan sets up showdown with Malone [Bloomberg]
AT&T's deal strategy raises questions [Dealbook]
How dumb are fund investors? [WSJ]
Post Office says it lost $1.9 billion in quarter [NYTimes]
Wednesday, May 7, 2014
What We're Reading ~ Analytical Links 5/7/14
Charlie Munger's essay on wisdom as it relates to investment management [Ycombinator]
A pitch on Altisource Portfolio Solutions [Value Venture]
Is Barnes & Noble the next Gamestop? [MicroFundy]
Notes on the Outsider CEOs [Student of Value]
Alibaba files to go public in the US [Yahoo Finance]
All the western companies you'd have to combine to get something like Alibaba [Quartz]
US home ownership rate falls to lowest since 1995 [Bloomberg]
The financial vulnerability of Americans [House of Debt]
Why has student debt increased so much? [Vox]
Tax avoidance: the Irish inversion [FT]
Pay TV field could shrink with AT&T interest in DirecTV [LA Times]
As Netflix resists, most firms try to befriend Comcast [NYTimes]
On online video ads [NYTimes]
On the world of peer to peer lending [NYTimes]
Warren Buffett didn't belch at Coke pay plan [Bloomberg]
Wednesday, March 26, 2014
What We're Reading ~ Analytical Links 3/26/14
You need an investing system [Oddball Stocks]
On DirecTV and the future of TV/cable/internet and discussion in comments [BrooklynInvestor]
Margin by any other name [Abnormal Returns]
In investing, know the why [Micro Fundy]
New investing strategy: talk your book [Bloomberg View]
Going beyond fundamentals to make fundamental investing work [Institutional Investor]
Google's Larry Page interviewed by Charlie Rose [AVC]
On the cost of cash [Tufts]
On Tencent vs Alibaba [Tech in Asia]
On Masayoshi Son's Sprint turnaround [WSJ]
Debt crisis nears tipping point [Salon]
Can the Bloomberg terminal be toppled? [Term Sheet]
Slumping fertility rates in developing countries spark labor worries [WSJ]
The search for the next platform [AVC]
Echoes of 2000? Companies rush to list shares while the market is hot [WSJ]
Wednesday, October 2, 2013
What We're Reading ~ Analytical Links 10/2/13
Why most investors/traders fail [Reformed Broker]
Red flags flying over Boulder Brands [Herb Greenberg]
The outlook for healthcare stocks [Morningstar]
Blackstone: we're in an epic credit bubble' [CNBC]
Satellite TV providers plan for survival as growth fades [BusinessWeek]
10 stealth economic trends that rule the world today [The Atlantic]
Grounded: Brazil has stalled [Economist]
Interview with Amazon's Jeff Bezos [CNBC]
Aubrey McClendon launches new gas company [CNBC]
How Mohnish Pabrai uses checklist investing [Forbes]
Why Wall Street loves houses again [The Atlantic]
Google unveils major overhaul of its search engine [USA Today]
As J.C. Penney flounders, lack of control evident [Dealbook]
Younger generations' approach to investing [NYTimes]
Wednesday, June 9, 2010
Soros Fund Management Bullish on Petrobras, Suncor & DirecTV: 13F Filing Q1 2010
(This post is part of our series on tracking hedge fund portfolios. If you're unfamiliar with tracking investments they disclose via SEC filings, check out our series preface on hedge fund filings.)
Next up is George Soros' hedge fund firm, Soros Fund Management. While he is still slightly involved, the bulk of the portfolio activity you see below comes from his son Robert Soros who runs the flagship Quantum Endowment. For 2009, Soros' Quantum Endowment Fund was up 28% as noted in our hedge fund performance numbers list. We follow Soros for sector leans due to their global macro tilt. Given that they dabble in pretty much any asset class they please, remember that the equity positions below are only a brief part of a cohesive whole.
George Soros has in the past voiced his concern over the deleveraging of the US consumer as he feels it could hurt consumer spending (and thus growth) in the future. Soros' thoughts from the markets are detailed in his most recent book, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means. And of course you can receive a primer on all things finance from the man himself in his first book The Alchemy of Finance.
The positions listed below were their long equity, note, and options holdings as of March 31st, 2010 as filed with the SEC. All holdings are common stock unless otherwise denoted:
Brand New Positions
Conexant Systems (CNXT) Notes
Cobalt International Energy (CIE)
iShares Emerging Markets Index (EEM) Puts
PNC Financial (PNC)
Telecom Argentina (TEO)
Covanta (CVA) Notes
Westport Innovations (WPRT) ~ we previously detailed Soros' new stake
Solar Capital (SLRC)
Petrohawk Energy (HK)
AMR (AMR)
JDS Uniphase (JDSU) Notes
RF Micro (RFMD)
Nokia (NOK)
ADC Telecomm (ADCT) Notes
Global Crossing (GLBC) Notes
Dow Chemical (DOW)
Staples (SPLS)
Exco Resources (XCO)
International Paper (IP)
Armstrong World (AWI)
Increased Positions
NovaGold Resources (NG): Increased position size by 435.8% ~ we previously detailed this
DirecTV (DTV): Increased by 27.3%
Suncor Energy (SU): Increased by 22.4%
Cadence Design System (CDNS) Notes: Increased by 20%
Lawson Software (LWSN) Notes: Increased by 19.6%
Petroleo Brasileiro (PBR): Increased by 17.7%
Verizon (VZ): Increased by 16.7%
Reduced Positions
Plains Exploration (PXP): Reduced position size by 24.7%
Monsanto (MON): Reduced by 17.4%
Hess (HES): Reduced by 16.1%
Emdeon (EM): Reduced by 12.2%
SPDR Gold Trust (GLD): Reduced by 9.6%
Positions They Sold Out of Completely
Mcdata (inactive) Notes
CSG Systems International (CSGS) Bonds
Terra Industries (TRA)
Select Sector Financials (XLF) Calls
Bunge (BG)
Coach (COH)
Heinz (HNZ)
Sandridge Energy (SD)
Energy XXI (EXXI)
iShares US Telecom Sector (IYZ)
CVR Energy (CVI)
James River Coal (JRCC)
Mechel (MTL)
Steel Dynamics (STLD)
Denbury Resources (DNR)
Windstream (WIN)
McMoran Exploration (MMR)
Patterson-UTI (PTEN)
Sterling Construction (STRL)
Century Aluminum (CENX)
Top 15 Holdings (by percentage of assets reported on 13F filing)
1. SPDR Gold Trust (GLD): 6.95%
2. Petroleo Brasileiro (PBR): 4.63%
3. Hess (HES): 3.46%
4. Suncor (SU): 3.26%
5. LSI Corp (LSI) Notes: 3.2%
6. Petroleo Brasileiro (PBR-A): 2.66%
7. Monsanto (MON): 2.62%
8. Linear Tech (LLTC) Notes: 2.49%
9. Lawson Software (LWSN) Notes: 2.22%
10. Interoil (IOC): 2.19%
11. RF Microdevices (RFMD) Notes: 2.11%
12. DirecTV (DTV): 2.03%
13. Verizon (VZ): 2.00%
14. Flextronics (FLEX) Notes: 1.98%
15. Plains Exploration (PXP): 1.80%
Firstly, please note that since Soros Fund Management is a global macro oriented firm, they undoubtedly have positions in other markets (debt, currencies, commodities) that are not required to be disclosed by the SEC. As such, the above is only partially representative of Soros' portfolio. That said, you can definitely see some themes via their equity exposure as they are long various oil and agriculture names.
Additionally, they seem to like the satellite play DirecTV (DTV). As we've detailed previously, Chase Coleman's hedge fund Tiger Global is bullish on DTV. It was also interesting to see Soros have a sizable long in Interoil (IOC) as many investment managers and pundits have labeled IOC as a potential fraud. Whitney Tilson's hedge fund T2 Partners has been short IOC under the notion that IOC has no real proven reserves and is essentially just a public relations hype machine. This dichotomy of opinion is what truly makes a market.
Overall, the natural resource and energy theme continues to garner a prominent position in Soros Fund Management's portfolio. Gold is their top holding, followed by large stakes in Petrobras, Hess, Suncor, Monsanto, Interoil, and Plains Exploration. They also show a large addition to NovaGold Resources, but we had already mentioned this position increase back when the transaction took place as both Soros and John Paulson bought shares.
Assets reported on Soros' 13F filing were $8.75 billion this quarter. Data from the SEC is aggregated and sorted automatically by Alphaclone, our source for hedge fund tracking, replicating, and performance backtesting (Market Folly readers can receive a special free 14 day trial). Remember that these filings are not representative of the hedge fund's entire base of AUM.
This post is part of our daily hedge fund portfolio tracking series. We've already detailed activity from numerous managers so click the links below to be taken to the respective portfolio updates: Seth Klarman's Baupost Group, Warren Buffett's Berkshire Hathaway, Stephen Mandel's Lone Pine Capital, and Bill Ackman's Pershing Square, David Einhorn's Greenlight Capital, Eddie Lampert's RBS Partners, David Tepper's Appaloosa Management, Mohnish Pabrai's Investment Fund, John Griffin's Blue Ridge Capital, Lee Ainslie's Maverick Capital, Bruce Berkowitz's Fairholme Capital Management, Andreas Halvorsen's Viking Global, Dan Loeb's Third Point, John Paulson's hedge fund Paulson & Co, Chase Coleman's Tiger Global, Roberto Mignone's Bridger Management, Phil Falcone's Harbinger Capital Partners, David Stemerman's Conatus Capital, and Shumway Capital Partners. Be sure to check back daily for new hedge fund updates.
Tuesday, May 25, 2010
Chase Coleman's Tiger Global Shows Large Put Positions on Market Indexes: 13F Filing Q1 2010
(This post is part of our series on tracking hedge fund portfolios. If you're unfamiliar with tracking investments they disclose via SEC filings, check out our series preface on hedge fund filings.)
Next up is Chase Coleman's hedge fund Tiger Global. Coleman is considered a 'Tiger Seed' because he previously plied his trade under mentor Julian Robertson at legendary fund Tiger Management. He then became one of the many managers Robertson seeded in an effort to recognize up and coming talent. Coleman is also one of the many managers selected to be in the Tiger Cub portfolio created with Alphaclone where you can piggyback the investment ideas of numerous top hedge fund managers (Market Folly readers can receive a free 30-day trial if interested).
The positions listed below were Tiger Global's long equity, note, and options holdings as of March 31st, 2010 as filed with the SEC. All holdings are common stock unless otherwise denoted:
Brand New Positions
Powershares QQQ Trust (QQQQ) Puts
SPDR S&P 500 (SPY) Puts
Electronic Arts (ERTS)
Electronic Arts (ERTS) Calls
Apollo Group (APOL) Calls
Liberty Global (LBTYA) Calls
Nike (NKE)
Genpact (G)
Kraft (KFT)
Liberty Capital (LCAPA)
American Tower (AMT)
Commscope (CTV)
Live Nation (LYV)
Duoyuan (DGW)
Amazon (AMZN)
Lincare Holdings (LNCR)
Shanda Games (GAME)
Madison Square Garden (MSG) ~ spin-off as a result of their stake in Cablevision
Symetra Financial (SYA)
Berkshire Hathaway (BRK.A)
Increased Positions
Western Union (WU): Increased position size by 577%
Liberty Global (LBTYA): Increased by 204.6%
Hewlett Packard (HPQ): Increased by 200%
Apple (AAPL): Increased by 62.2%
Lockheed Martin (LMT): Increased by 45%
Google (GOOG): Increased by 35%
Apollo Group (APOL): Increased by 30%
Mercadolibre (MELI): Increased by 24.6%
Discovery Communications (DISCK): Increased by 23%
Reduced Positions
Yahoo (YHOO): Reduced position size by 79.8%
E*Trade Financial (ETFC): Reduced by 46.7%
Mastercard (MA): Reduced by 35%
Monsanto (MON): Reduced by 34.6%
Transdigm Group (TDG): Reduced by 34.1%
IAC Interactive (IACI): Reduced by 28%
Cablevision (CVC): Reduced by 25.7%
Positions They Sold Out of Completely
Qualcomm (QCOM)
McDonalds (MCD)
IMS Health (RX)
Teradata (TDC)
Ebix (EBIX)
Discovery (DISCA)
Gushan Environmental (GU)
Top 15 Holdings (by percentage of assets reported on 13F filing)
1. Powershares QQQ Trust (QQQQ) Puts: 9.0%
2. Apollo Group (APOL): 8.32%
3. DirecTV (DTV): 7.87%
4. Pepsico (PEP): 5.96%
5. Apollo Group (APOL) Calls: 5.39%
6. Google (GOOG): 4.47%
7. SPDR S&P 500 (SPY) Puts: 4.45%
8. Mercadolibre (MELI): 4.06%
9. Lockheed Martin (LMT): 3.51%
10. Electronic Arts (ERTS) Calls: 3.41%
11. Mastercard (MA): 3.34%
12. Priceline.com (PCLN): 2.93%
13. Apple (AAPL): 2.80%
14. Liberty Global (LBTYA): 2.75%
15. Visa (V): 2.42%
Alright, there's a lot to cover here. The most noteworthy thing to take away from Coleman's portfolio is the fact that in the first quarter he started massive put positions on the Nasdaq-100 (QQQQ) and S&P 500 (SPY). These could merely be hedges, or they could be a directional bet, we don't know. What we do know though, is that these are very sizable positions. These puts are likely already profitable positions for the fund as well (that is, unless for some reasons they purchased the puts at the lows in February, which seems unlikely).
Tiger Global was quite active in options markets in the first quarter as they also started a large new position in Apollo Group calls. This is a complement to their already large position in common stock of the company as well, making it by far one of their biggest company specific bets. Additionally, we point out their large stake in DirecTV (DTV) because in Tiger Global's fourth quarter letter, Coleman indicated that this was one of their highest conviction picks as they believe that DTV will increase leverage to buyback shares and then their cashflow will cover current debt.. Tiger has also built up a sizable long position in Electronic Arts (ERTS) via common shares and calls.
Regarding positions they decreased, Tiger sold nearly 80% of their Yahoo (YHOO) position and almost half of their E*Trade Financial (ETFC) position. While TIger Global added significantly to their Western Union (WU) stake, the position is still not very large in the context of their overall portfolio. Other positions they notably added to in the first quarter include Hewlett Packard and Liberty Global.
Assets reported on the 13F filing were $4.9 billion this quarter. Data from the SEC is aggregated and sorted automatically by Alphaclone, our source for hedge fund tracking, replicating, and performance backtesting (Market Folly readers can receive a special free 30 day trial). Remember that these filings are not representative of the hedge fund's entire base of AUM.
This post is part of our daily hedge fund portfolio tracking series. We've already detailed activity from numerous managers so click the links below to be taken to the respective portfolio updates: Seth Klarman's Baupost Group, Warren Buffett's Berkshire Hathaway, Stephen Mandel's Lone Pine Capital, and Bill Ackman's Pershing Square, David Einhorn's Greenlight Capital, Eddie Lampert's RBS Partners, David Tepper's Appaloosa Management, Mohnish Pabrai's Investment Fund, John Griffin's Blue Ridge Capital, Lee Ainslie's Maverick Capital, Bruce Berkowitz's Fairholme Capital Management, Andreas Halvorsen's Viking Global, Dan Loeb's Third Point, and John Paulson's hedge fund Paulson & Co. Be sure to check back daily for new hedge fund updates.
Thursday, March 4, 2010
Jonathan Auerbach's Hound Partners Bets On Transdigm Group (TDG): 13F Filing
(This post is part of our series on tracking hedge fund portfolios. If you're unfamiliar with tracking investments they disclose via SEC filings, check out our series preface on hedge fund 13F filings.)
Next up is Jonathan Auerbach's hedge fund Hound Partners. Hound is a New York based firm that Auerbach started with assistance from legendary hedgie Julian Robertson. He is one of the many 'Tiger Seeds' that Robertson has sprouted up in an attempt to crank out a new round of successful investment managers. Auerbach of course previously worked for Robertson's Tiger Management.
If you hadn't noticed, we're starting to get into some 'smaller funds' (and we use that term loosely) in regards to assets under management. We started with funds in the billions and now we're covering some that manage hundreds of millions. We've elected to do so in an effort to identify up and coming managers as well as to showcase how smaller funds often run more concentrated portfolios and are easier to track.
The positions listed below were Hound Partners' long equity, note, and options holdings as of December 31st, 2009 as filed with the SEC. All holdings are common stock unless otherwise denoted.
Brand New Positions
DirecTV (DTV) & Liberty Media Starz (LSTZA) ~ both as a result of the recent merger
Windstream (WIN)
Increased Positions
Monsanto (MON): Increased position size by 68.7%
Heckman (HEK): Increased by 18.9%
Transdigm Group (TDG): Increased by 15.8%
Chimera (CIM): Increased by 12.4%
Reduced Positions
American Tower (AMT): Reduced position size by 49.6%
Rambus (RMBS): Reduced by 42.1%
Abovenet (ABVT): Reduced by 38%
Heckmann WTS (HEK-WS): Reduced by 33.5%
Arabian Amern (ARSD): Reduced by 32.9%
Grace WR & Co (GRA): Reduced by 27.7%
HQ Sustainable (HQS): Reduced by 22.1%
Removed Positions (Sold out completely):
Liberty Media (LMDIA) ~ merger complete
Berkley (WRB)
Google (GOOG)
Myriad Pharma (MYRX)
Alexandria Real Estate (ARE)
Top 15 Holdings by percentage of assets reported on 13F filing
- Transdigm Group (TDG): 13.98%
- DirecTV (DTV): 10.6%
- Kinder Morgan (KMR): 10.17%
- Liberty Media Starz (LSTZA): 8.57%
- Grace WR & Co (GRA): 7.01%
- Petrohawk (HK): 6.86%
- Monsanto (MON): 6.73%
- Abovenet (ABVT): 6.31%
- Heckmann (HEK): 5.44%
- Covanta (CVA): 4.73%
- Great Lakes (GLDD): 3.98%
- Chimera (CIM): 3.86%
- Echostar (SATS): 2.40%
- Usec Bonds: 1.97%
- American Tower (AMT): 1.80%
While these SEC filings obviously do not disclose their entire set of positions or assets under management, one thing you can immediately notice about Hound Partners is the fact that a lot of their US long equity stakes are very concentrated. Their top 10 positions are far more concentrated than the vast majority of hedge funds we've tracked in our series. In fact, their 10th largest stake garners a larger portfolio weighting than many other hedgies' top position. (Keep in mind that there are still some gaps left in the portfolio picture that we can't see since they aren't included in disclosures). That said, Hound still runs a more concentrated basket of stocks and as such is a good fund for tracking purposes as you know they have conviction in their plays.
One of their interesting positions we took note of was Heckmann (HEK) as we've not seen it pop up in other hedgie portfolios. In the past, this has been labeled as a backdoor Chinese water play. Their largest and most notable stake though is in Transdigm Group (TDG) and we highlight this because Dan Loeb's Third Point is also betting big on TDG.
Auerbach's hedge fund had a massive stake in Liberty Media (over 14% of their previously reported assets) that has now translated into positions in Liberty Starz and DirecTV as a result of the merger. We see yet another hedge fund interested in tower stocks and Hound Partners has chosen to play this data theme via American Tower. However, they did chop their position in half over the past quarter so take note. The only major addition they made was to their existing stake in Monsanto (MON) as they increased it by over 68%. In terms of sales, they let a third of their GRA position go and cut even more of their ABVT stake.
Data used for this article comes from Alphaclone, our source for backtesting strategies and sorting through all the hedge fund portfolio maneuvers with ease. Assets reported on the 13F filing were $348 million this quarter compared to $347 million last quarter. Remember that these filings are not representative of the hedge fund's entire base of AUM.
We'll be tracking 40+ prominent funds in our fourth quarter 2009 hedge fund portfolio tracking series. We've already covered Seth Klarman's Baupost Group, Mohnish Pabrai's Investment Fund, Carl Icahn's hedge fund Icahn Partners, David Einhorn's Greenlight Capital, Stephen Mandel's Lone Pine Capital, John Griffin's Blue Ridge Capital, David Tepper's Appaloosa Management, Warren Buffett's portfolio, John Paulson's hedge fund Paulson & Co, Lee Ainslie's Maverick Capital, Dan Loeb's Third Point, Eddie Lampert's RBS Partners, David Ott's Viking Global, and Chris Shumway's hedge fund Shumway Capital Partners, Chase Coleman's Tiger Global, Philip Falcone's Harbinger Capital Partners, Roberto Mignone's Bridger Management, Thomas Steyer's Farallon Capital, John Burbank's Passport Capital, Brett Barakett's Tremblant Capital, George Soros' hedge fund Soros Fund Management, and Philippe Laffont's Coatue Management, and Charles Anderson's Fox Point Capital. Check back daily for our new updates.
Wednesday, March 3, 2010
Charles Anderson's Hedge Fund Fox Point Capital: Portfolio Update (13F Filing)
(This post is part of our series on tracking hedge fund portfolios. If you're unfamiliar with tracking investments they disclose via SEC filings, check out our series preface on hedge fund 13F filings.)
Next up is Charles Anderson's hedge fund Fox Point Capital. Prior to founding Fox Point, Anderson worked at John Griffin's Blue Ridge and before that at Julian Robertson's Tiger Management. As such, he joins the ranks of other prominent 'Tiger Cub' hedge funds and Anderson received help and funding from Robertson to launch. Anderson received his degree from the University of North Carolina at Chapel Hill (rough basketball season for them this year, ouch!) and his MBA from Stanford. The strategy is simple: go long good companies at fair valuations and short poor businesses trading at higher multiples. This is the first time we've detailed Fox Point's portfolio and we look forward to seeing what they've been up to. The positions listed below were Fox Point's long equity, note, and options holdings as of December 31st, 2009 as filed with the SEC. All holdings are common stock unless otherwise denoted.
Brand New Positions
Ebay (EBAY)
Wellpoint (WLP)
H&R Block (HRB)
Intercontinental Exchange (ICE)
Virgin Media (VMED)
Amazon (AMZN)
Deckers (DECK)
Cigna (CI)
Monsanto (MON)
Warnaco (WRC)
Mastercard (MA)
JPMorgan Chase (JPM)
Black & Decker (BDK)
iShares Russell 2000 (IWM) Puts
Lender Processing (LPS)
Snap-On (SNA)
J Crew (JCG)
NVR (NVR)
Healthnet (HNT)
Increased Positions
IAC Interactive (IACI): Increased position by 120%
Verisign (VRSN): Increased by 60%
Mattel (MTL): Increased by 60%
Apple (AAPL): Increased by 40%
Allergan (AGN): Increased by 20%
ROVI (ROVI): Increased by 14%
Reduced Positions
Altria Group (MO): Reduced position by 40%
iShares China ETF (FXI) Puts: Reduced by 38.5%
Removed Positions (Sold out completely):
Cisco (CSCO)
Pfizer (PFE)
Heinz (HNZ)
Vistaprint (VPRT)
Amgen (AMGN)
Pepsico (PEP)
Sara Lee (SLE)
AT&T (T)
Itau Unibanco (ITUB)
Skyworks (SWKS)
Apollo Group (APOL)
Medassets (MDAS)
Priceline.com (PCLN)
Credicorp (BAP)
Starent Networks (STAR)
Dollar Tree (DLTR)
Mckesson (MCK)
Top 15 Holdings by percentage of assets reported on 13F filing
- iShares FTSE/Xinhua China 25 Index ETF (FXI) Puts 13.77%
- Rovi (ROVI): 7.40%
- Ebay (EBAY): 7.29%
- DirecTV (DTV): 6.79%
- Apple (AAPL): 6.01%
- Wellpoint (WLP): 5.94%
- H&R Block (HRB): 5.53%
- Verisign (VRSN): 4.74%
- IAC Interactive (IACI): 3.67%
- Intercontinental Exchange (ICE): 3.29%
- Virgin Media (VMED): 3.29%
- Mattel (MAT): 3.26%
- Allergan (AGN): 3.08%
- Amazon (AMZN): 2.74%
- Altria Group (MO): 2.40%
One of the main things you'll notice about hedge fund Fox Point's portfolio is how different it is from typical Tiger Cub portfolios. Rather than finding popular 'groupthink' type hedge fund favorite stocks, they seem to take a slightly different path. Fox Point's top position is either a bearish bet on or hedge against China as they own puts on the popular Chinese index exchange traded fund. While it's still their largest disclosed position, they did reduce their holdings by 38% last quarter. Rovi (ROVI) is interesting because this is the first time we've seen this name pop-up in a hedgie's portfolio.
They unloaded shares of hedge fund favorites Cisco, Pfizer, and Pepsico. Additionally, they completely exited their Priceline.com position, one we've previously seen Tiger Cubs fond of but recently saw Stephen Mandel's Lone Pine sell out of as well. Lastly, the debate regarding for-profit education plays wages on. Fox Point exited their Apollo Group stake and David Stemerman's Conatus Capital recently exited as well. On the other hand, Chase Coleman's Tiger Global recently started a large APOL stake. So, choose your side on this one. Overall, Anderson's hedge fund was doing the majority of their maneuvering via brand new stakes and completely selling out of old positions.
Data used for this article comes from Alphaclone, our source for backtesting strategies and sorting through all the hedge fund portfolio maneuvers with ease. Assets reported on the 13F filing were $613 million this quarter compared to $697 million last quarter. Remember that these filings are not representative of the hedge fund's entire base of AUM.
We'll be tracking 40+ prominent funds in our fourth quarter 2009 hedge fund portfolio tracking series. We've already covered Seth Klarman's Baupost Group, Mohnish Pabrai's Investment Fund, Carl Icahn's hedge fund Icahn Partners, David Einhorn's Greenlight Capital, Stephen Mandel's Lone Pine Capital, John Griffin's Blue Ridge Capital, David Tepper's Appaloosa Management, Warren Buffett's portfolio, John Paulson's hedge fund Paulson & Co, Lee Ainslie's Maverick Capital, Dan Loeb's Third Point, Eddie Lampert's RBS Partners, David Ott's Viking Global, and Chris Shumway's hedge fund Shumway Capital Partners, Chase Coleman's Tiger Global, Philip Falcone's Harbinger Capital Partners, Roberto Mignone's Bridger Management, Thomas Steyer's Farallon Capital, John Burbank's Passport Capital, Brett Barakett's Tremblant Capital, George Soros' hedge fund Soros Fund Management, and Philippe Laffont's Coatue Management. Check back daily for our new updates.
Thursday, February 25, 2010
Chase Coleman's Tiger Global Shows Large DirecTV & Apollo Group Stakes: 13F Filing
(This post is part of our series on tracking hedge fund portfolios. If you're unfamiliar with tracking investments they disclose via SEC filings, check out our series preface on hedge fund 13F filings.)
Next up is Chase Coleman's hedge fund Tiger Global. Chase Coleman is a 'Tiger Cub' because he previously plied his trade under mentor Julian Robertson at Tiger Management. Coleman is also considered a 'Tiger Seed' because he is one of the few managers that Robertson actually seeded himself in an effort to recognize talented up and coming managers. Coleman is one of the many managers selected to be in the Tiger Cub Portfolio created with Alphaclone where you can piggyback the investment portfolios of some of the top investors out there.
The positions listed below were Tiger Global's long equity, note, and options holdings as of December 31st, 2009 as filed with the SEC. All holdings are common stock unless otherwise denoted.
Brand New Positions
DirecTV (DTV)
Apollo Group (APOL) ~ this position was disclosed back in January
Lockheed Martin (LMT)
Liberty Global (LBTYA)
Harbin Electric (HRBN)
Ebix (EBIX)
Hewlett Packard (HPQ)
Increased Positions
IAC Interactive (IACI): Increased by 212%
McDonald's (MCD): Increased by 100%
Qualcomm (QCOM): Increased by 63.5%
Monsanto (MON): Increased by 62%
E*Trade Financial (ETFC): Increased by 52%
Pepsico (PEP): Increased by 43.5%
Apple (AAPL): Increased by 36%
Western Union (WU): Increased by 32%
Yahoo (YHOO): Increased by 15%
Reduced Positions
Teradata (TDC): Reduced by 66.3%
Discovery Communications (DISCA): Reduced by 49%
Gushan Environmental (GU): Reduced by 42.7%
Google (GOOG): Reduced by 39.5%
Priceline.com (PCLN): Reduced by 35%
Lorillard (LO): Reduced by 33.5%
IMS Health (RX): Reduced by 32.8%
Visa (V): Reduced by 27.7%
Longtop Financial (LFT): Reduced by 21.5%
Cablevision (CVC): Reduced by 19.6%
Mastercard (MA): Reduced by 17%
Removed Positions (Sold out completely):
American Tower (AMT)
Electronic Arts (ERTS)
Advisory Board (ABCO)
Airvana (AIRV)
Top 15 Holdings by percentage of assets reported on 13F filing
- DirecTV (DTV): 11.14%
- Apollo Group (APOL): 9.28%
- Mastercard (MA): 7.63%
- Pepsico (PEP): 7.19%
- Monsanto (MON): 6.16%
- Google (GOOG): 5.33%
- Mercadolibre (MELI): 5.16%
- Transdigm Group (TDG): 4.43%
- Lorillard (LO): 4.07%
- Qualcomm (QCOM): 3.87%
- Visa (V): 3.81%
- IAC Interactive (IACI): 3.58%
- Priceline.com (PCLN): 3.28%
- Lockheed Martin (LMT): 3.23%
- Yahoo (YHOO): 3.09%
Keep in mind many of these portfolio moves we had covered in our previous Tiger portfolio update. Their brand new position in Apollo Group is notable as fellow hedgie Stephen Mandel's Lone Pine Capital is also bullish on education plays. They also started a huge new stake in DirecTV (DTV). Tiger apparently believes that DTV will increase leverage to buyback shares and then their cashflow will cover current debt.
They completely sold out of American Tower which diverges from what we've seen from hedgies as of late. The vast majority of hedge funds we track have been bullish on tower stocks. Tiger Global also sold off some Google shares and this falls directly in line with previous research that showed many hedge funds slowly turning sour on GOOG. Lastly, we saw Tiger dump shares of Electronic Arts and this also fits the meme of hedgies shorting video game makers that are losing out to online games. Tiger also sold shares of Priceline.com, something we saw fellow hedgie Stephen Mandel do when his Lone Pine Capital dumped PCLN as well.
Data used for this article comes from Alphaclone, our source for backtesting strategies and sorting through all the hedge fund portfolio maneuvers with just a few clicks. Assets reported on the 13F filing were $3.3 billion this quarter compared to $2.3 billion last quarter, a 40% increase. Remember that these filings are not representative of the hedge fund's entire base of AUM.
We'll be tracking 40+ prominent funds in our fourth quarter 2009 hedge fund portfolio tracking series. We've already covered Seth Klarman's Baupost Group, Mohnish Pabrai's Investment Fund, Carl Icahn's hedge fund Icahn Partners, David Einhorn's Greenlight Capital, Stephen Mandel's Lone Pine Capital, John Griffin's Blue Ridge Capital, David Tepper's Appaloosa Management, Warren Buffett's portfolio, John Paulson's hedge fund Paulson & Co, Lee Ainslie's Maverick Capital, Dan Loeb's Third Point, Eddie Lampert's RBS Partners, David Ott's Viking Global, and Chris Shumway's hedge fund Shumway Capital Partners. Check back daily for our new updates.
Monday, February 22, 2010
Lee Ainslie's Maverick Capital Focused On Technology & Health Stocks: 13F Filing
(This post is part of our series on tracking hedge fund portfolios. If you're unfamiliar with tracking investments they disclose via SEC filings, check out our series preface on hedge fund 13F filings.)
Next up is Lee Ainslie's hedge fund Maverick Capital. Maverick focuses on intensive fundamental research to identify positions on both the long and short side of the portfolio, but they do not employ pairs trades. Positions typically do not exceed 5-8% of the portfolio as Ainslie's big focus is on risk management. Maverick looks at enterprise value to sustainable free cash flow and their analytical team is segmented by sector.
Ainslie founded Maverick after leaving Julian Robertson's legendary hedge fund Tiger Management. As such, Ainslie's hedge fund is a part of the Tiger Cub Portfolio created with Alphaclone where you can replicate the portfolios of some of the top hedge funds around. Additionally, you can read more about Lee Ainslie in our profile of Maverick Capital.
For Ainslie's recent take on the economy and markets, we highly recommend reading Maverick's recent investor letter as well as our post on Ainslie's appearance at a prominent hedge fund panel. The positions listed below were their long equity, note, and options holdings as of December 31st, 2009 as filed with the SEC. All holdings are common stock unless otherwise denoted.
Brand New Positions
Bank of America preferred (BAC-S)
Oracle (ORCL)
Express Scripts (ESRX)
Wells Fargo (WFC)
Commscope (CTV)
Brocade Communication (BRCD)
Autodesk (ADSK)
Mead Johnson (MJN)
Family Dollar Stores (FDO)
Autozone (AZO)
State Street (STT)
Banco Santander (BSBR)
Dish Network (DISH)
Viacom (VIA.B)
Citrix (CTXS)
Target (TGT)
Illumina (ILMN)
Healthnet (HNT)
Carnival (CCL)
Green Mountain
Coffee Roasters (GMCR)
Ericsson (ERIC)
Longtop Financial (LFT)
Dollar General (DG)
American International Group (AIG)
The rest of their brand new positions are less than 0.5% of reported assets each: American Public Education (APEI), Vanceinfo Tech (VIT), Artio Global (ART), Discovery Communication (DISCK), Northwest Banchsares (NWBI), China Nuokang (NKBP), & Anadys Pharma (ANDS)
Increased Positions
Perfect World (PWRD): Increased by 530.6%
Sears Holdings (SHLD): Increased by 320.6%
Expedia (EXPE): Increased by 176.2%
DirecTV (DTV): Increased by 153.6%
Winnebago (WGO): Increased by 123.3%
Fedex (FDX): Increased by 97.8%
Apollo Group (APOL): Increased by 82.4%
Wellpoint (WLP): Increased by 67.6%
Digitalglobe (DGI): Increased by 55.2%
Brinks Home Security (CFL): Increased by 30.9%
Cypress Biosciences (CYPB): Increased by 30.5%
Macys (M): Increased by 26.1%
Pfizer (PFE): Increased by 21.2%
Bluefly (BFLY): Increased by 21.2%
Reduced Positions
Priceline (PCLN): Reduced by 73.6%
Bank of America (BAC): Reduced by 63.7%
America Movil (AMX): Reduced by 63.4%
Infinera (INFN): Reduced by 58.4%
Qualcomm (QCOM): Reduced by 55.9%
Discovery Communications (DISCA): Reduced by 47.6%
Berkshire Hathaway (BRK.A): Reduced by 37%
Home Inns & Hotels (HMIN): Reduced by 35.5%
Covidien (COV): Reduced by 32.4%
Corning (GLW): Reduced by 32.2%
RenaissanceRe (RNR): Reduced by 30%
Equinix (EQIX): Reduced by 29.5%
Itron (ITRI): Reduced by 28.7%
Visa (V): Reduced by 28.5%
Cablevision (CVC): Reduced by 28.1%
Berkshire Hathaway (BRK.B): Reduced by 24.7%
Athenahealth (ATHN): Reduced by 24.6%
Pepsico (PEP): Reduced by 24.5%
Black & Decker (BDK): Reduced by 22%
Amgen (AMGN): Reduced by 20.1%
Lender Processing (LPS): Reduced by 19.8%
XTO Energy (XTO): Reduced by 17.3%
Removed Positions (Sold out completely):
Hewlett Packard (HPQ)
JPMorgan Chase (JPM)
Liberty Media (LSTZA)
First Solar (FSLR)
Staples (SPLS)
Accenture (ACN)
Microsoft (MSFT)
Cummins (CMI)
Gap (GPS)
Williams Sonoma (WSM)
Palm (PALM)
Celgene (CELG)
Strayer Education (STRA)
Google (GOOG)
Whole Foods (WFMI)
King Pharma (KG)
Cognizant Technology (CTSH)
Cemex (CX)
Nii Holdings (NIHD)
Skechers (SKX)
Chicos (CHS)
First Advantage (inactive)
MB Financial (MBFI)
Top 15 Holdings by percentage of assets reported on 13F filing
- Apple (AAPL): 3.7%
- Apollo Group (APOL): 3.5%
- Bank of America preferred (BAC-S): 3.0%
- DirecTV (DTV): 2.9%
- Oracle (ORCL): 2.8%
- Macys (M): 2.6%
- Marvell Technology (MRVL): 2.6%
- Corning (GLW): 2.5%
- Gilead Sciences (GILD): 2.3%
- Wellpoint (WLP): 2.1%
- Progressive (PGR): 2.1%
- Express Scripts (ESRX): 2.0%
- CVS Caremark (CVS): 2.0%
- Wells Fargo (WFC): 2.0%
- Pfizer (PFE): 1.9%
One thing you'll notice about Lee Ainslie's portfolio is that there are no highly concentrated positions. He is very big on risk management & position sizing and therefore you see a lot of holdings that each represent around the same percentage of their US equity exposure. To see how exactly Ainslie likes to construct his portfolio, head to our profile on Maverick Capital.
Their stakes in Apple and Apollo Group are the only two that are really sizable compared to the rest of the disclosed holdings. And, there's an interesting dynamic between those two positions. In Apple you have one of the most popular stocks amongst hedge funds. In Apollo Group you have some controversy and difference of opinion between hedgies. David Stemerman's Conatus Capital recently dumped their APOL while Chase Coleman's Tiger Global started a new APOL stake. Maverick sides with Tiger Global at the moment.
Lee Ainslie's hedge fund started brand new stakes in Bank of America preferreds, Oracle, Express Scripts & Wells Fargo and brought them all up to top 15 holdings. As you can see they made a lot of portfolio adjustments as they added to various holdings and sold partial positions in others. Of all the hedge funds we've covered thus far, they by far have the most position size changes on a quarter over quarter basis.
Assets reported on the 13F filing were $8.98 billion this quarter compared to $8.3 billion last quarter. Remember that these filings are not representative of the hedge fund's entire base of AUM.
We'll be tracking 40+ prominent funds in our fourth quarter 2009 hedge fund portfolio tracking series. We've already covered Seth Klarman's Baupost Group, Mohnish Pabrai's Investment Fund, Carl Icahn's hedge fund Icahn Partners, David Einhorn's Greenlight Capital, Stephen Mandel's Lone Pine Capital, John Griffin's Blue Ridge Capital, David Tepper's Appaloosa Management, Warren Buffett's portfolio, and John Paulson's hedge fund Paulson & Co. Check back daily for our new updates.
Saturday, February 13, 2010
Seth Klarman's Baupost Group Discloses New Positions (13F Filing Q4 2009)
This is the fourth quarter 2009 edition of our hedge fund portfolio tracking series. Before beginning, check out our series preface on hedge fund 13F filings.
Fittingly, we'll begin our coverage of fourth quarter holdings with arguably the most successful and respected modern hedge fund manager, Seth Klarman and Baupost Group. Klarman received his MBA from Harvard Business School and went to work for Baupost when he was 25. The rest is history as he has been one of the most successful investors of our time in terms of performance. Prior to this portfolio update, we had already covered Baupost's sale of RHI Entertainment (RHIE) and reduction in their Syneron Medical position (ELOS).
The positions listed below were Baupost's long equity, note, and options holdings as of December 31st, 2009 as filed with the SEC. Note that we are only covering the major portfolio maneuvers and all holdings are common stock unless otherwise denoted.
New Positions (Brand new stakes they initiated last quarter):
CIT Group (CIT)
DirecTV (DTV)
Liberty Media (LSTZA)
Increased Positions (Positions they already owned but added shares to):
Enzon Pharmaceuticals (ENZN): Increased by 290% ~ we covered the addition of this position before
Viasat (VSAT): Increased by 61.4%
Capitalsource (CSE): Increased by 15.4%
Theravance (THRX): Increased by 11.8%
Reduced Positions (Stakes they still own but sold shares in):
Sapphire Industrials (FYR.UN): Reduced by 63.7%
Syneron Medical (ELOS): Reduced by 28.4%
Domtar (UFS): Reduced by 10.3%
Capitalsource (SDCV 4% 7/1 Notes): Reduced by 2.9%
News Corp (NWSA): Reduced by 0.6%
Removed Positions (Positions they sold out of completely):
BPW Acquisition Corp (BPW)
Enterprise Acquisition Corp (EST)
Global Consumer Acquisition (GHC)
Liberty Media (LMDIA)
Prospect Acquisition Corp (PAX.UN)
RHI Entertainment (RHIE) ~ we detailed this right after it happened
SP Acquisition (inactive)
TM Entertainment & Media
Tremisis Energy (TGY.UN)
Overture Acquisition (NLX)
Top 15 Holdings by percentage of assets reported on 13F filing
- News Corp (NWSA): 21.1%
- Domtar (UFS): 10.1%
- Viasat (VSAT): 9.86%
- Capitalsource (Convertibles 4% 7/1): 9.7%
- Theravance (THRX): 8.33%
- Breitburn Energy Partners (BBEP): 5.68%
- Enzon Pharmaceuticals (ENZN): 5.37%
- Capitalsource (CSE):5.08%
- CIT Group (CIT): 4.5%
- Facet Biotech (FACT): 3.88%
- DirecTV (DTV): 3.4%
- Capitalsource (Note 7.25% 7/1): 2.75%
- Alliance One (AOI): 2.71%
- Theravance (Note 3.0% 1/1): 2.06%
- Ituran Location & Control (ITRN): 1.39%
The main thing to takeaway from this filing is that this is only a small portion of Baupost's overall portfolio. They are currently in many distressed and more illiquid plays and we can't see them since they aren't required to disclose them publicly. Overall, the holdings listed above represent just over $1.5 billion in investments while Baupost manages a much larger asset base and also typically keeps a high amount of cash handy. Please note that in past Baupost updates we had combined all their Capitalsource exposure into one aggregate figure. This time we've instead separated it out by asset class as they own equity, notes, and convertibles.
Baupost's new equity acquisitions include CIT Group (CIT), DirecTV (DTV), and Liberty Media (LSTZA). Keep in mind though, that their stakes in DTV and LSTZA were actually a result of a Liberty Media transaction as Baupost owned the prior entity. Not to mention, while they show a new position in CIT Group, it was most likely a result of a debt to equity conversion, but there's no way to tell for sure. Additionally, they added to existing positions in Viasat and Enzon Pharmaceuticals. They sold completely out of a plethora of acquisition companies and notably reduced their stake in Sapphire Industrials. That really wraps up the majority of their activity.
Assets from the holdings reported in the SEC 13F filing were $1.58 billion this quarter compared to $1.35 billion last quarter. Please keep in mind that when we reference percentage of portfolio, we are referring to the percentage of assets reported on the 13F filing. Since these filings only report longs (and not shorts or cash positions), these percentages are undoubtedly different than in their actual hedge fund.
This is just one of the 40+ prominent funds that we'll be covering in our fourth quarter 2009 hedge fund portfolio tracking series, so check back daily.
