Robert Pitts, Jr.'s hedge fund firm Steadfast Capital has filed a 13G with the SEC regarding shares of GrubHub (GRUB). Per the filing, Steadfast now owns 5.1% of the company with over 4.31 million shares.
This is a newly disclosed equity position for the firm. The filing was made due to activity on April 19th. GRUB became publicly traded late last year.
About Steadfast Capital
This is the first time Steadfast Capital has been covered on the site. The fund was founded by Robert Pitts, Jr. after working at Julian Robertson's Tiger Management. As such, Steadfast is one of the many so-called 'Tiger Cub' funds. Steadfast's most recent 13F filing reported assets of $5.2 billion, but keep in mind that doesn't include any of their international positions/exposure.
Per Google Finance, GrubHub "is an online and mobile platform for restaurant pick-up and delivery orders. The Company connects more than 30,000 local restaurants with diners in more than 800 cities across the United States. The Company’s target market is primarily composed of independent restaurants. The Company provides diners on the platform with a personalized platform that helps them search for local restaurants and then place an order from an Internet-connected device. It also provides diners with information about their orders and status. In addition, the Company enables re-ordering by storing previous orders, preferences and payment information. The Company’s products include GrubHub and seamless Websites, GrubHub and seamless mobile applications and mobile Website, seamless corporate program, allmenus and menupages, orderhub and boost, restaurant Websites and delivery."
Monday, May 2, 2016
Steadfast Capital Starts GrubHub Stake
Thursday, August 6, 2009
Chase Coleman's Tiger Global Sells More Longtop Financial (LFT)
The hedge fund firm ran by Chase Coleman continues to sell shares of Longtop Financial Technologies (LFT). Tiger Global is now showing a 12.3% ownership stake in LFT with 6,313,181 shares as per an amended 13D filing. The filing was made due to activity on July 17th, 2009. When we last covered Tiger's LFT activity, we saw that they owned 14.2% of the company at that time. In the span of about two weeks (July 1st to July 17th), Tiger has sold 980,318 shares. We even covered their initial sales back in late June, so there is obviously a lot of selling going on here. What's interesting to note, however, is the fact that in this most recent filing, Tiger states that "there were no transactions by the Reporting Persons of Issuer's Ordinary Shares in the last 60 days other than the Secondary Sales described below." And then they attach this breakdown showing which fund sold shares on which date and at what price:
(click to enlarge)
(click to enlarge)We apologize if the lists are hard to read even after enlarging them, as that is the best we could get it. Tiger has suffered a bit of a rough year so far in 2009 as their financial and REIT short positions hurt them earlier on, as detailed in their quarterly letter where they were -8.1% for the year at the end of April. A meager year thus far aside, Tiger has a great historical track record and that's why we track them here on the blog. In fact, Tiger Global is one of the hedge funds that comprises the Tiger Cub Portfolio created with Alphaclone where you can replicate their positions and enjoy 15.5% annualized returns since 2000. For more on Coleman and Tiger Global, check out their background and focus in the middle of the linked post.
Taken from Google Finance, Longtop Financial Technologies "together with its subsidiaries, provides a range of software solutions and services to the financial institutions in the People’s Republic of China (PRC), including the development, licensing and support of software solutions, the provision of maintenance, support, and other services, and system integration services related to the procurement and sale of third party hardware and software."
Monday, July 20, 2009
How To Get a Job At a Hedge Fund / 'Tiger Cub' Family Tree
We've got a quick guest post from Hunter at Distressed Debt Investing that we're sure many readers will be interested in, entitled: How to Get a Job at a Hedge Fund. Here it is:
- Bridger Management – Roberto Mignone
- Valinor Management – David Gallo
- Maverick Capital – Lee Ainslie
- Highside Capital Management – Lee Hobson
- Impala Asset Management – Robert Bishop
- Viking Global Investors – Andreas Halvorsen
- Tiger Eye Capital – Benjamin Gambill
- Hoplite Capital – John Lykouretzos
- Touradji Capital – Paul Touradji > Gentry Beach and Rob Vollero
- Lone Pine Capital – Stephen Mandel
- White Elm Capital – Matthew Iorio
- Conatus Capital – David Stemerman
- Shumway Capital Partners (Chris Shumway)
- Suranya Capital Partners – Anu Murgai
- JAT Capital – John Thaler
- Toscafund – Martin Hughes
- Ospraie Management - Dwight Anderson
- Second Curve Capital – Tom Brown
- Coatue Capital Management – Philippe Laffont
- Discovery Capital Management – Rob Citrone
- Longhorn Capital Partners – Kris Kristynik
- Healthcor – Arthur B Cohen
- Pantera Capital Management – Dan Morehead
- Bowman Capital Management –
- Millgate Capital – James Lyle
- Intrepid Capital Management – Steve Shapiro
- Argonaut Capital Management – David Gerstenhaber
- Elmwood Advisors – Quinn Riordan
- Deerfield Capital –
- Duff Capital Advisors – Philip Duff
- North Sound Capital (Rolled into Duff Capital) – Tom McAuley
- Joho Capital – Robert Karr
- Roundrock Capital Management – Peter Vig
- Speedwell – Fuyuki Fujiwara
- Williamson McAree Investment Partners – Ed McAree & Robert Williamson
- Asian Century Quest – Brian Kelly
Tiger Management v 2.0
- Tiger Global – Chase Coleman
- Tiger
- Kylin Management – Ted Kang
- Tiger Shark Management – Tom Facciola & Michael Sears
- Tiger Consumer – Patrick McCormack
- Tiger Veda – Manish Chopra
- Torrey Pines Capital Management – Robert Jafek
- Fox Point Capital Management –Charles Anderson
- Axial Capital Management – Eliav Assouline
- Miura Global Management –
- WRA Investment – William Araskog
- Hound Partners – Jonathan Auerbach
- Apos Capital Management – Alok Agrawal
- Centurion Global – Michael Popow
- DLH Capital Management – Rodrigo Andrade
- Eastern Advisors – Scott Booth
- Emerging Sovreign Group – J Kevin Kenny Jr
- Firemark Advisors – Michael Morrissey
- Kelusa Capital - ???
- Lanexa Global Management – Ian Murray
- Maple Leaf Partners - ???
- Pelagic Capital – McAndrew Rudisill
- Venesprie Capital Management –
Thanks again to Hunter for the write-up and be on the lookout for some great content on his new site for those of you interested in breaking into the industry!
Thursday, April 9, 2009
Creating the Tiger Cub Hedge Fund Portfolio With Alphaclone
Last week, we introduced you to the ultimate hedge fund portfolio replication tool that we use on a daily basis: Alphaclone. We walked you through the basics of the web-based tool and showed you how you can track a hedge fund portfolio. Since they're running a 50% discount right now, we're going to show you the advanced features this week and detail how you can create custom clones made up of multiple hedge funds. So, before we get to it, make sure you check out our introduction to Alphaclone.
In order to illustrate Alphaclone's unique ability to combine multiple hedge fund portfolios into one streamlined portfolio, we're going to look at their pre-made clone: The Tiger Cub Portfolio. As regular Market Folly readers are well aware, the 'Tiger Cubs' are hedge funds ran by managers who used to ply their trade at Julian Robertson's legendary hedge fund: Tiger Management. When Tiger disolved, many of these analysts and managers went on to start their own hedge funds such as: Maverick Capital, Blue Ridge Capital, Shumway Capital, Viking Global, and many more. These funds are pretty well known and have solid track records themselves. And, most notably, they are excellent stock pickers, which is why we track them here at Market Folly. The numbers speak for themself: The clone of the ex-Tiger Management hedge funds has beaten the S&P 500 by 15.5% annualized since 2000.
How the Portfolio is Created
The Tiger Cub portfolio takes the portfolios of 21 hedge funds and lets you dial it down into one collective portfolio, which you can ultimately control the settings of. When you pull up the Tiger Cub clone in Alphaclone, here's what you see: The clone lets you select a portfolio based on 1 of 3 ways. First, you have the option to select positions by the top holdings. This portfolio will take the top holding of each Tiger Cub and combine it into a collective portfolio. You can also choose the top 2, 3, or 5 holdings from each Cub to put into the clone. Under this setting, you equal-weight all of the holdings and you can run it as a long only fund, or you can hedge it, with hedges at either 25%, 50%, 75%, or 100%. Backtesting all the various scenarios is very helpful here, and Alphaclone does it all for you automatically.
(click to enlarge)Second, you can also choose to select a portfolio based on the Cubs' "best ideas." In this clone, you can choose the 1, 2, 3, or 5 best ideas from each of the 21 Tiger Cubs. This compiles a portfolio based on the positions they added to the most over the last quarter. What's great about this portfolio setting is that you can instantly see what positions they've been adding to in size very recently. This setting also uses equal-weightings for each position and gives you the option to run long only or to hedge (at either 25%, 50%, 75%, or 100%).
(click to enlarge)
(click to enlarge)Portfolio Performance
As you can tell, there's a ton of different portfolios you can create and backtest. To give an example, let's look at the top 10 most popular holdings (the holdings most commonly appearing amongst the Cubs). We'll run this equal-weighted and 50% hedged. Based on these settings, Alphaclone tells us we have 15% turnover, 7.5 alpha, 0.5 beta, and 0.6 correlation to the S&P 500. The max drawdown of -31.8% is significantly less than that of the S&P as well. You'll notice that this specific portfolio clone is up 16.6% for 2009 thus far, compared to S&P -9%, which is some significant outperformance. And, this specific clone has outperformed 8 of the past 10 years.
(click to enlarge)Portfolio Holdings
Then if we scroll down to our clone portfolio holdings, it shows us our ten holdings. The first position on the list is Qualcomm (QCOM), with 10 of the Tiger Cubs owning it. The second is Mastercard (MA), with 8 Cubs owning it. And, as you go down the list, you see some very solid names.
(click to enlarge)You can also click on the 'Past Portfolios' tab to show what the portfolio would have held over the past 2 quarters and then compare it to the current holdings. With this setup, you merely rebalance the portfolio 4 times a year (each time the 13F filings come out), and you're good to go. The 'Recent Trades' tab shows you which securities to sell and which to buy in their place for each rebalance period. As you can see, it really is very easy to run a hedge fund portfolio clone.
(click to enlarge)Keep in mind that we've only illustrated one of the ways to create the clone. You can also do it based on 'top holdings' or 'best ideas' and then run long only or adjust the hedging on each setting. So, now that you know how to clone a portfolio based on a group of multiple hedge funds, the options in Alphaclone are endless. Think about that for a second. You can take any of the hedge funds listed in the database and you can mix and match and combine as few or as many of them as you like. Once you've created your single portfolio based on multiple hedge fund managers, you can drill it down and decide how to run the portfolio. You can pick their top holdings, their best ideas, or the securities that are the most commonly held between the funds you've selected.
Stay Tuned Next Week
This ability to create a single portfolio based on the ideas of multiple hedge fund managers is one of Alphaclone's best tools. It saves you thousands of hours of digging through tons of hedge fund filings. And, it lets you backtest those portfolios using all the historically accurate portfolio information. To truly harness the capability of Alphaclone, we've spent a ton of time tweaking various clones and have finally created our own MarketFolly clone. Stay tuned next week when we'll reveal the hedge funds we've selected, the strategy, & the subsequent portfolio holdings for our very own MarketFolly clone.
If you want to create your own hedge fund portfolios or clone those of existing hedge funds, Alphaclone is your tool. We use it on a daily basis and now you can track & clone hedge fund portfolios just like we do. As we mentioned before, they are offering a 50% discount, so take advantage of that before it disappears. If you missed it, make sure to also check out our introduction to Alphaclone.
*Update: The Market Folly custom portfolio has been revealed.
Thursday, January 8, 2009
Touradji Capital to Start New Fund
'Tiger Cub' Paul Touradji and his Touradji Capital are set to launch another fund. Their flagship Global Resources fund was up 10% for the year through November and the firm currently manages $3.5 billion. Recently, at a 'Tiger Cub' hedge fund manager panel, Touradji advocated shorting Copper as the world deleverages and the velocity of money drops. We have detailed the changes in Touradji's portfolio holdings here.
Wednesday, October 22, 2008
Tiger Managment / Tiger Cub Biographies
This post is a supplement to our recent post on the Hedge Fund Panel, featuring numerous ex-Tiger Management and "Tiger Cub" fund managers. Here are their biographies as taken from the event announcement:
Rick Gerson
Rick Gerson is a Managing Director of Blue Ridge Capital. He was a founding member of the firm, which has been in operation since 1996. Mr. Gerson has been an integral part of the firm's investments since its inception in a wide variety of securities globally. Mr. Gerson is a Co-Founder of Blue Ridge China, a private equity firm that focuses on investments in China. He is a board member of Orascom Housing Communities, an Egypt-based homebuilder. Mr. Gerson has a B.S. from the University of Virginia's McIntire School of Commerce.
John Griffin
Education• M.B.A., Stanford University Graduate School of Business (1990)
• B.S. in Finance, University of Virginia, McIntire School of Commerce (1985)Professional
• President and Founder of Blue Ridge Capital
• President of Tiger Management (1993 – 1996)
• Portfolio Manager, Tiger Management (1994 – 1996)
• Analyst, Tiger Management (1987 – 1994)
• Financial Analyst, Morgan Stanley Merchant Banking Group (1985 – 1987)Academic, Philanthropic, and Community Activities
• Visiting Professor, University of Virginia, 1999-present. Classes taught include Securities Analysis and Idea Generation; Practical Behavioral Finance and The Analyst’s Edge
• Adjunct Professor of Finance, Columbia Business School, 1998-present. Class: Seminar in Advanced Investment Research: The Analyst’s Edge
• Member, Board of Directors, Michael J. Fox Foundation for Parkinson’s Research
• Founder of iMentor.org, a nonprofit online mentoring organization
• Founder of the Blue Ridge Foundation, which funds start-up, nonprofits
• Chairman of the Tiger Foundation 1992-1995, board member 1990 – present
• Chairman of the University of Virginia McIntire School of Commerce Foundation
• Member of Board of Trustees, Monticello (Charlottesville, Va.)
Julian Robertson
Julian H. Robertson Jr. is an investor, environmentalist, and philanthropist.
Mr. Robertson was born in Salisbury, N.C., in 1932. After graduating from the Episcopal High School in Alexandria, Va., in 1951 and the University of North Carolina in 1955, he served as an officer in the U.S. Navy.
Prior to co-founding Tiger in 1980, Mr. Robertson enjoyed a two-decade career with Kidder Peabody and Company, beginning as a sales trainee and rising to become CEO of Webster Management Corporation, Kidder Peabody’s investment advisory subsidiary.
From initial capital of $8 million, Mr. Robertson built Tiger into the world’s largest hedge fund, with capital of more than $23 billion. Tiger compounded at a gross rate of 31.5% between its founding in 1980 and its closing in 2000.
Mr. Robertson also trained and developed a generation of “Tiger Cubs,” a cadre of analysts and portfolio managers who became some of today’s most successful hedge fund managers. Today, Mr. Robertson maintains Tiger to manage his own investments and to seed independent hedge funds, run by high-achieving young managers.Chris Shumway
Chris Shumway is the Founding Partner of Shumway Capital Partners (“SCP”), an investment management firm founded in 2001. SCP, which manages a multibillion dollar group of private investment funds, uses a private equity-like research model for public market investment on a global basis. Prior to forming SCP, Mr. Shumway was a Senior Managing Director at Tiger Management (1992-1999), an Analyst at Brentwood Associates (1990-1991), and an Analyst at Morgan Stanley & Co. (1988-1990). He received an M.B.A. from Harvard Business School (1993) and a B.S. from the McIntire School of Commerce at the University of Virginia (1988). Mr. Shumway is a member of the boards of the McIntire School of Commerce Foundation (University of Virginia), Teach for America-Connecticut (Fairfield County), and The Shumway Capital Foundation.
Paul Touradji
Paul Touradji is the President and Chief Investment Officer of Touradji Capital Management LP, a New York-based hedge fund specializing in fundamental research and active investment in commodities and related assets. The firm manages approximately $3.5 billion and invests in both the public and private markets. Mr. Touradji has well over a decade of experience investing in the commodity, equity, and macro markets. Mr. Touradji began his commodities career at Tiger Management in the mid '90s, where he managed the commodities team; it was at Tiger that he developed his fundamental approach to analysis and investment in commodities. Prior to Tiger, Mr. Touradji’s specialty was quantitative arbitrage, principally with O’Connor Partners. Mr. Touradji is a 1993 graduate of the McIntire School of Commerce at the University of Virginia and a Certified Financial Analyst.
Tuesday, August 26, 2008
Hedge Fund Tracking: Maverick Capital's 13F (Lee Ainslie)
(Note: Before reading this update, make sure you check out the preface to the series I'm doing on Hedge Fund 13F's here).
Here we are with another week of the Hedge Fund tracking series. If you've missed them, I've already covered Jeffrey Gendell's Tontine Partners here, Bret Barakett's Tremblant Capital here, Peter Thiel's Clarium Capital here, Stephen Mandel's Lone Pine Capital here, and John Griffin's Blue Ridge Capital here. Next up, we have Lee Ainslie's Maverick Capital. Lee Ainslie started Maverick Capital back in 1993 with $38 million. Nowadays, the fund is worth $10 billion. Ainslie, like many of the other fund managers I've profiled, has a background rooted in learning from legendary great Julian Robertson at Tiger Management. So, due to the fact that these proteges learned from the best and have had great success running their own funds, I continually try to find a reason not to follow these funds. And, needless to say I'm never successful. Some contacts over at Maverick have explained that their strategy is straight up stock picking, both long and short. They made it clear though, that they do not employ pairs trades. Although, some of their long/short setups might be in the same sector. They try to hedge their positions like a true hedge fund by picking out the shining stars in certain sectors, as well as identifying the pieces of garbage. Now, of course, this presents us with a problem in that the 13F filings only show long positions (unless they're holding puts on a name, we can see those). So, a good amount of Maverick's portfolio (the entire short side) is unbeknownst to us, because they have reported zero put positions. But, let's look on the bright side in that we can see all their long positions. Maverick uses a value approach (obviously learned from Julian) and one of their most popular metrics is finding companies and comparing their enterprise value to sustainable free cash flow.
So, now that we've got a little background on Maverick, let's see what they were up to. Once again, I'd like to give thanks to Alex Prywes for helping me gather and sort through the data of numerous hedge funds (including the one below). Thanks to Alex's help, we can now cover even more funds. And, on that note.... onto the 13F! The following are Maverick Capital's current holdings as of June 30th 2008, as released in their most recent 13F filing with the SEC. The positions in this most recent 13F were compared to last quarter's 13F and here are the changes made to their portfolio:
New Positions:
First Solar (FSLR): 1,202,118 shares. This position is 2.93% of Maverick's portfolio.
Lorillard (LO): 3,820,856 shares. This position is 2.36% of Maverick's portfolio.
CVS Caremark (CVS): 5,912,073 shares. This position is 2.09% of Maverick's portfolio.
Netapp (NTAP): 9,331,862 shares. This position is 1.81% of Maverick's portfolio.
ITT Educational Services (ESI): 2,422,090 shares. This position is 1.79% of Maverick's portfolio.
Macy's (M): 9,008,174 shares. This position is 1.56% of Maverick's portfolio.
Hansen Natural (HANS): 5,712,952 shares. This position is 1.47% of Maverick's portfolio.
Polo Ralph Lauren (RL): 2,431,244 shares. This position is 1.36% of Maverick's portfolio.
Dicks Sporting Goods (DKS): 7,589,473 shares. This position is 1.20% of Maverick's portfolio.
Cigna Corp (CI): 2,931,045 shares. This position is 0.93% of Maverick's portfolio.
Digital River Inc (DRIV): 1,974,144 shares. This position is 0.68% of Maverick's portfolio.
Viacom Inc (VIA): 2,442,500 shares. This position is 0.67% of Maverick's portfolio.
Forest Labs (FRX): 1,789,900 shares. This position is 0.56% of Maverick's portfolio.
Lamar Advertising (LAMR): 1,542,918 shares. This position is 0.50% of Maverick's portfolio.
Visa (V): 565,005 shares. This position is 0.41% of Maverick's portfolio.
South Financial Group (TSFG): 50,000 shares. This position is 0.38% of Maverick's portfolio.
Athena Health (ATHN): 1,245,819 shares. This position is 0.34% of Maverick's portfolio.
National City Corp (NCC): 6,625,176 shares. This position is 0.28% of Maverick's portfolio.
Sohu.com Inc (SOHU): 170,485 shares. This position is 0.11% of Maverick's portfolio.
MSCI Inc (MXB): 287,186 shares. This position is 0.09% of Maverick's portfolio.
Universal American (UAM): 1,004,391 shares. This position is 0.09% of Maverick's portfolio.
Comscore (SCOR): 436,640 shares. This position is 0.09% of Maverick's portfolio.
Citizens Republic Bancorp (CRBC): 937,500 shares. This position is 0.02% of Maverick's portfolio.
Added to:
Berkshire Hathaway (BRK.B): Increased position by 1412%. Position is now 0.45% of their portfolio.
Gmarket (GMKT): Increased position by 317%. Position is now 0.19% of their portfolio.
Infinera (INFN): Increased position by 171%. Position is now 0.54% of their portfolio.
American Capital (ACAS): Increased position by 141%. Position is now 0.30% of their portfolio.
Nordstrom (JWN): Increased position by 136.61%. Position is now 2.79% of their portfolio.
America Movil (AMX): Increased position by 129.88%. Position is now 3.91% of their portfolio.
Lexmark (LXK): Increased position by 109.39%. Position is now 1.42% of their portfolio.
Citrix (CTXS): Increased position by 109.36%. Position is now 2.20% of their portfolio.
Bank of New York Mellon (BK): Increased position by 55.42%. Position is now 3.15% of their portfolio.
Baxter Intl (BAX): Increased position by 51.69%. Position is now 2.90% of their portfolio.
Advanced Micro Devices (AMD): Increased position by 45.89%. Position is now 2.87% of their portfolio.
Raytheon (RTN): Increased position by 41.72%. Position is now 2.58% of their portfolio.
Fidelity National Info (FIS): Increased position by 40.56%. Position is now 2.05% of their portfolio.
Covidien (COV): Increased position by 32.99%. Position is now 2.32% of their portfolio.
Liberty Media Corp (LMDIA): Increased position by 28.09%. Position is now 1.59% of their portfolio.
Resmed (RMD): Increased position by 26.46%. Position is now 0.74% of their portfolio.
Burlington Northern (BNI): Increased position by 22.73%. Position is now 1.83% of their portfolio.
Google (GOOG): Increased position by 22.27%. Position is now 1.72% of their portfolio.
Genentech (DNA): Increased position by 21.38%. Position is now 1.40% of their portfolio.
Zimmer Holdings (ZMH): Increased position by 20.28%. Position is now 1.73% of their portfolio.
Cypress Bioscience (CYPB): Increased position by 19.98%. Position is now 0.20% of their portfolio.
Apple (AAPL): Increased position by 19.45%. Position is now 4.09% of their portfolio.
Research in Motion (RIMM): Increased position by 15.41%. Position is now 4.08% of their portfolio.
MetroPCS Comm (PCS): Increased position by 13.6%. Position is now 0.77% of their portfolio.
Home Inns & Hotels (HMIN): Increased position by 7.72%. Position is now 0.54% of their portfolio.
Gilead Sciences (GILD): Increased position by 6.66%. Position is now 2.37% of their portfolio.
Marvell Technology (MRVL): Increased position by 5.24%. Position is now 3.08% of their portfolio.
Newstar Financial (NEWS): Increased position by 5.21%. Position is now 0.14% of their portfolio.
Cardinal Health (CAH): Increased position by 3.33%. Position is now 1.56% of their portfolio.
Amylin Pharma (AMLN): Increased position by 2.84%. Position is now 0.58% of their portfolio.
Discovery Holding (DISCA): Increased position by 1.74%. Position is now 1.21% of their portfolio.
Palm (PALM): Increased position by 1.40%. Position is now 0.51% of their portfolio.
Lumber Liquidators (LL): Increased position by 1.14%. Position is now 0.26% of their portfolio.
China Nepstar (NPD): Increased position by 0.75%. Position is now 0.18% of their portfolio.
First Advantage (FADV): Increased position by 0.65%. Position is now 0.15% of their portfolio.
Under Armour (UA): Increased position by 0.17%. Position is now 0.83% of their portfolio.
Mylan Inc (MYL): Increased position by 0.06%. Position is now 1.09% of their portfolio.
Monsanto (MON): Increased position by 0.04%. Position is now 1.68% of their portfolio.
Potash (POT): Increased position by 0.03%. Position is now 2% of their portfolio.
Reduced positions:
Thermo Fisher (TMO): Reduced their position by 4.91%. Position is now 1.68% of their portfolio.
Western Union (WU): Reduced their position by 10.2%. Position is now 2.08% of their portfolio.
Marsh & Mclennan (MMC): Reduced their position by 12%. Position is now 1.55% of their portfolio.
Textron Inc (TXT): Reduced their position by 18.93%. Position is now 1.44% of their portfolio.
Wyeth (WYE): Reduced their position by 20.6%. Position is now 1.46% of their portfolio.
Leap Wireless (LEAP): Reduced their position by 23.40%. Position is now 0.39% of their portfolio.
Trubion Pharma (TRBN): Reduced their position by 24.38%. Position is now 0.04% of their portfolio.
Dish Network (DISH): Reduced their position by 27.75%. Position is now 1.13% of their portfolio.
Avon Products (AVP): Reduced their position by 33.23%. Position is now 1.36% of their portfolio.
JP Morgan Chase (JPM): Reduced their position by 38.68%. Position is now 0.89% of their portfolio.
Cognizant (CTSH): Reduced their position by 42.97%. Position is now 0.85% of their portfolio.
DirecTV (DTV): Reduced their position by 49.69%. Position is now 0.83% of their portfolio.
Suntrust Banks (STI): Reduced their position by 50%. Position is now 0.16% of their portfolio.
Gamestop (GME): Reduced their position by 51.64%. Position is now 0.81% of their portfolio.
Corcept (CORT): Reduced their position by 57.49%. Position is now 0.01% of their portfolio.
Bluefly (BFLY): Reduced their position by 90%. Position is now 0.11% of their portfolio.
Berkshire Hathaway (BRK.A): Reduced their position by 95%. Position is now 0.66% of their portfolio.
Removed Positions (Positions Maverick sold out of completely):
Hanesbrands (HBI)
Autozone (AZO)
Bankrate (RATE)
CNET (CNET)
Crocs (CROX)
Cumulus Media (CMLS)
Harmonic (HLIT)
Loews (L)
Move Inc (MOVE)
Nucor (NUE)
OfficeMax (OMX)
Qualcomm (QCOM)
Salesforce (CRM)
Sandisk (SNDK)
Sears (SHLD)
Starbucks (SBUX)
UnitedHealth (UNH)
Positions with no change:
VMWare (VMW). Position is 0.59% of their portfolio.
BPW Acquisition (BPW). Position is 0.18% of their portfolio.
FIrst Marblehead (FMD). Position is 0.05% of their portfolio.
Ultra Clean Holdings (UCTT). Position is 0.01% of their portfolio.
Vivus (VVUS). Position is 0.01% of their portfolio.
Top 20 holdings by % of portfolio:
1. Apple (AAPL): 4.09% of the portfolio
2. Research in Motion (RIMM): 4.08% of the portfolio
3. America Movil (AMX): 3.91% of the portfolio
4. Bank of New York Mellon (BK): 3.15% of the portfolio
5. Marvell Tech (MRVL): 3.08% of the portfolio
6. First Solar (FSLR): 2.93% of the portfolio
7. Baxter Intl (BAX): 2.90% of the portfolio
8. Advanced Micro (AMD): 2.87% of the portfolio
9. Nordstrom (JWN): 2.79% of the portfolio
10. Raytheon (RTN): 2.58% of the portfolio
11. Gilead (GILD): 2.37% of the portfolio
12. Lorillard (LO): 2.36% of the portfolio
13. Covidien (COV): 2.32% of the portfolio
14. Citrix (CTXS): 2.20% of the portfolio
15. CVS Caremark (CVS): 2.09% of the portfolio
16. Western Union (WU): 2.08% of the portfolio
17. Fidelity National Info (FIS): 2.05% of the portfolio
18. Potash (POT): 2.00% of the portfolio
19. Burlington Northern (BNI): 1.83% of the portfolio
20. Netapp (NTAP): 1.81% of the portfolio
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Breakdown: Maverick changed up their portfolio a decent amount over the past quarter. Most notable are their changes within their top 10 holdings. Hedge fund favorite Qualcomm (QCOM) was Maverick's 3rd largest holding last filing. This filing, they no longer even hold a position. Additionally, they were selling off chunks of other top 10 holdings from last quarter. They sold off 33% of their position in Avon Products (AVP), which was their 4th largest holding just one quarter ago. They also sold over 51% of their Gamestop (GME) position, which last quarter was their 7th largest holding. With those positions vacating their place in the top 10 holdings of Maverick's portfolio, new holdings obviously took their place. America Movil (AMX), another hedge fund favorite, was Maverick's 9th largest holding last time. This time, they increased their position by 129% and it is now their 3rd largest holding. They obviously used the weakness in this name to add to their position, just like fellow 'Tiger Cub' fund Lone Pine Capital, as I wrote about here. Maverick also added heavily to Nordstrom (JWN), increasing their position by 136% and making it now their 9th largest holding.
Maverick was out adding to tech across the board. Apple (AAPL) and Research in Motion (RIMM) are their top 2 largest holdings respectively, as they boosted their positions in both by over 14% each. Additionally, they added to their Marvell (MRVL) position, bringing it up to the fund's 5th largest position now. Maverick also continues to build a position in Advanced Micro Devices (AMD), as it now is their 8th largest holding.
Among their new positions this quarter are First Solar (FSLR), Lorillard (LO), and CVS Caremark (CVS). I highlight these three in particular because Maverick started large, new positions in all three names. First Solar (FSLR) was brought up all the way to the fund's 6th largest holding after not even owning shares last quarter. They started a new position in CVS Caremark (CVS) and brought it up to the fund's 15th largest holding. Also, they added heavily to Lorillard (LO) as well, making this new position their 12th largest holding. This position is interesting because we also saw Lone Pine Capital (ran by Stephen Mandel Jr.) start a new position in this exact same name, as I wrote about here. And, actually, this is not the only position that both Maverick and Lone Pine both started together. In this 13F filing, we see that Maverick started a position in Hansen Natural (HANS). And, as I wrote about here, Lone Pine recently disclosed that they have a 7.8% stake in HANS. It's definitely common to see many similar positions within the portfolios of various 'Tiger Cub' managers who now run their own funds because they all undoubtedly keep in touch and come from the same school of thought.
One last thing I would like to point out is Maverick selling completely out of various consumer related names. They sold completely out of their positions in Autozone (AZO), Hanesbrands (HBI), Sears (SHLD), Starbucks (SBUX), Crocs (CROX), and OfficeMax (OMX).
You can view their most recent 13F as filed with the SEC here.
Check back each day this week as my 13F tracking series continues. Funds I will be covering this week include: Paul Tudor Jones' Tudor Investment Corp, Louis Bacon's Moore Capital Management, Boone Pickens' BP Capital, and Timothy Barakett's Atticus Capital.
