Joho Capital Adds To GrubHub Position

Robert Karr's Joho Capital has filed a 13G with the SEC regarding its position in GrubHub (GRUB).  Per the filing, Joho now owns 5.1% of the company with over 4.37 million shares.

This means they've increased their position size by 935,100 shares since the end of the third quarter when they owned 3.43 million shares.  The filing was made due to activity on November 14th. 

Per Google Finance, GrubHub is "a provider of an online and mobile platform for restaurant pick-up and delivery orders. The Company connects more than 40,000 local restaurants with diners in more than 1,000 cities across the United States. For restaurants, Grubhub generates higher margin takeout orders at full menu prices. The Company's target market is primarily consists of independent restaurants. Diners can access the platform through www.grubhub.com and www.seamless.com. The Company offers diners access to the network through its mobile applications designed for iPhone, iPad, Android, iWatch and Apple TV devices. The Company provides a corporate program that helps businesses address problems in food ordering and associated billing. In certain markets, the Company also provides delivery services to restaurants on its platform that do not have their own delivery operations. Allmenus.com and MenuPages.com provide an aggregated database of approximately 380,000 menus from restaurants."

Joho Capital Discloses 58.com (WUBA) Stake

Robert Karr's hedge fund firm Joho Capital has filed a 13G with the SEC and disclosed a new position in 58.com (WUBA).  Per the filing, Joho owns 7.7% of the company with 920,000 shares.

The 13G was just filed but indicates the disclosure was made due to activity way back on October 31st.

Joho isn't the only major hedge fund to own WUBA shares, as we previously detailed that John Burbank's Passport Capital owns 58.com as well.  Chinese internet companies in general have been a big theme for Burbank and he notes that China is determined not to lose to the US there.

Per Google Finance, "Beijing 58 Information and Technology Co., Ltd. owns and operates an on-line classified advertisement services Web Site under the name 58.com. The Web Site helps individuals and SMEs to broadcast and search information relating to job opportunities, housing, dating, community events, services, and trading of second hand products. Beijing 58 Information and Technology Co., Ltd. was founded in 2005 and is based in Beijing, China."

You can view other recent portfolio activity from Joho Capital here.

Joho Capital Boosts Veeco Instruments Position

Robert Karr's hedge fund firm Joho Capital has filed a 13G with the SEC regarding its position in Veeco Instruments (VECO).  Per the filing, they now own 6.5% of the company with 2,535,933 shares.

This marks a 170% increase in their position size and the filing was required due to activity on November 11th.

Per Google Finance, Veeco Instruments "designs, manufactures and markets equipment to make light emitting diodes (LEDs), hard-disk drives, as well as for emerging applications such as concentrator photovoltaics, power semiconductors, wireless components, microelectromechanical systems (MEMS), and other next-generation devices. The Company operates in two segments: Light Emitting Diode (LED) and Solar and Data Storage. In the LED & Solar segment, it designs and manufactures metal organic chemical vapor deposition (MOCVD) systems, molecular beam epitaxy (MBE) systems and components sold to manufacturers of LEDs, wireless devices, power semiconductors, and concentrator photovoltaics, as well as to research and development (R&D) applications. In the Data Storage segment, it designs and manufactures the critical technologies used to create thin film magnetic heads (TFMHs) that read and write data on hard disk drives. In October 2013, the Company acquired Synos Technology, Inc."

Robert Karr's Joho Capital Adds to Yelp, Reduces 21Vianet Group Stake

Robert Karr's hedge fund firm Joho Capital recently filed a few amended 13G's regarding their positions in Yelp and 21Vianet Group.


Yelp (YELP):  Joho bought more YELP per a 13G filed with the SEC and now own 974,795 shares as of December 31st.  This marks around a 9% increase in their position size since the middle of December, when they originally initiated their YELP stake.

Per Google Finance, Yelp is "operates a directory services and social networking website. Its online community provides information on urban city guide. The Company is based in the United States and its information helps people to find places to eat, shop, drink, relax, and play."


21Vianet Group (VNET):  Per an amended 13G filed with the SEC, Karr's firm now owns 1,799.206 shares of VNET.  The filing was made due to portfolio activity on December 31st and marks only a slight decrease in their overall position size (around -16%).

Per Google Finance, 21Vianet Group "operates as an Internet Service Provider (ISP). The Company operates as an ISP service supplier in China. Its main business includes Internet Data Center (IDC) service, Content Delivery Network (CDN), Enterprise Data Center (EDC) service and Data Center based industry solutions."

Robert Karr's Joho Capital Starts Yelp Position

Robert Karr's hedge fund Joho Capital filed a 13G with the SEC regarding shares of Yelp (YELP).  Per the filing, Joho has disclosed a 5.26% ownership stake in YELP with 894,795 shares.  Joho is one of the 'Tiger Cub' hedge funds as Karr previously worked at Julian Robertson's Tiger Management.

This is a brand new position for Joho Capital as they did not report a stake at the end of the third quarter on their most recent 13F filing with the SEC. The new 13G disclosure was required due to portfolio activity on December 7th.

Per Google Finance, Yelp is "operates a directory services and social networking website. Its online community provides information on urban city guide. The Company is based in the United States and its information helps people to find places to eat, shop, drink, relax, and play. It also operates a search engine for finding restaurants, dentists and hairstylists. It provides a space for feedbacks and reviews of people regarding their experiences with local businesses and services."

It's also worth pointing out that Yelp has recently been integrated into Apple's iOS platform via their maps application, allowing users to locate, rate, and review attractions. 

This integration could be a part of Joho's attraction to the name, in addition to the fact that shares have dropped from $23 down to $18 in recent months and have traded as low as $16.30.

For more on this hedge fund, we've also revealed one of Joho's short positions.