Glenview Capital Increases Avis Budget, Lithia Motors & PVH Corp Positions

Larry Robbins' hedge fund firm Glenview Capital has been active recently in shares of three of their holdings.


Increases Avis Budget Group Stake

Readers of the site won't be surprised by this move because we highlighted an interview with Robbins where he pointed out his fondness for car rental companies a few months ago.  Glenview has revealed they now own 5.2% of Avis Budget Group (CAR) with 5.44 million shares per a 13G filed with the SEC.

This means they've increased their stake by over 1.49 million shares since the end of the third quarter. The filing was required due to activity on December 10th.

Per Google Finance, Avis Budget Group is "a provider of vehicle rental and car sharing services. The Company operates under brands Avis, Budget and Zipcar. The Company’s other brands include Budget Truck, Payless and Apex. The Company operates in three segments: North America, which operates provides car rentals in the United States and vehicle rentals in Canada, as well as ancillary products and services, and operates the Company’s Zipcar car sharing business; International that provides and licenses its brands to third parties for vehicle rentals and ancillary products and services primarily in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand; and Truck Rental, which provides truck rentals and ancillary products and in the United States."


Boosts Lithia Motors Position

Second, Glenview Capital has also revealed a 5.92% ownership stake in Lithia Motors (LAD) with over 1.4 million shares.  They've boosted their position size by 237,364 shares since the end of the third quarter.

Per Google Finance, Lithia Motors is "an operator of automotive franchises and a retailer of new and used vehicles and services. The Company sells new and used cars and light trucks and replacement parts; provides vehicle maintenance, warranty, paint and repair services; and arranges related financing, service contracts, protection products and credit insurance."


Adds To PVH Corp Holdings

Lastly, Larry Robbins' hedge fund firm also filed a 13G with the SEC regarding their PVH Corp (PVH) stake.  They now own 5.5% of the company with over 4.53 million shares.

This is an increase of 427,071 shares since the end of the third quarter and the filing was required due to activity on December 10th.

Per Google Finance, PVH is "an apparel company. The Company’s portfolio of brands includes Calvin Klein, Tommy Hilfiger brands, Van Heusen, IZOD, Bass, ARROW and Eagle, which are owned brands, and Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, Sean John, JOE Joseph Abboud, MICHAEL Michael Kors, Michael Kors Collection, CHAPS, Donald J. Trump Signature Collection, DKNY, Elie Tahari, Nautica, Ted Baker, J. Garcia, Claiborne, Robert Graham, U.S. POLO ASSN., Axcess and Jones New York, which are licensed, as well as various other licensed and private label brands. It designs and markets branded dress shirts, neckwear, sportswear and, to a lesser extent, footwear and other related products. Additionally, it licenses its owned brands over a range of products."


This isn't the only activity out of Glenview recently either.  Robbins' firm also bought shares of two more companies.

ValueAct Capital Trims Adobe Systems Stake

Jeff Ubben's activist hedge fund firm ValueAct Capital has filed a Form 4 with the SEC regarding their stake in Adobe Systems (ADBE).

Per the filing, they've sold over 5 million shares of ADBE since the end of the third quarter.  These sales came at prices of $75.02, $74.72, and $74.57 on December 18th, 19th, and 22nd respectively.

After these recent sales, they're left with 16,700,000 shares.

Per Google Finance, Adobe Systems is "a diversified software company. The Company offers a line of software and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring and engaging with content and experiences across multiple operating systems, devices and media."


For more from this manager, be sure to check out Ubben's presentation from the Sohn Conference San Francisco.

Eminence Capital Adds To Xoom, Men's Wearhouse Stakes

Ricky Sandler's hedge fund firm Eminence Capital has filed a 13G and a 13D with the SEC regarding two of their positions.


Adds To Xoom Stake

First, Eminence has revealed a 6.4% ownership stake in Xoom (XOOM) with over 2.44 million shares. 

This means they've boosted their stake by over 1.57 million shares since the end of the second quarter.  The filing was required due to activity on December 9th.

Per Google Finance, Xoom is "engaged in online international money transfer service. Its customers use Xoom to send money to family and friends in 30 countries. The Company generates revenue from transaction fees charged to customers and from foreign exchange spreads on transactions where the payout currency is other than United States dollars."


Increases Men's Wearhouse Position

Second, Sandler's hedge fund also disclosed a 11.9% ownership stake in Men's Wearhouse (MW) with over 5.7 million shares in an amended 13D filing with the SEC.

Their position size is now larger to the tune of 1.15 million more shares.  The filing was required due to activity on December 16th.

The filing also notes that Eminence's standstill clause (which capped their ownership at 10%) has been amended to 12%.

Per Google Finance, Men's Wearhouse is "a specialty retailer of men's suits and a provider of tuxedo rental product in the United States and Canada. It operates in two segments: retail and corporate apparel."

For more from this manager, you can see what stocks Sandler recommended at the Robin Hood Investors Conference.

Howard Marks' Latest Memo: The Lessons of Oil

Oaktree Capital's chairman Howard Marks is out with his latest memo.  His commentary is considered some of the best out there and even Warren Buffett reads it.  Marks' latest missive is entitled "The Lessons of Oil" and it is embedded below.



You can download a .pdf copy here.

For more from Marks, we'd highly recommend also checking out his book, The Most Important Thing.

NYU Stern Evaluation Investment Newsletter: December 2014 Edition

The latest issue of NYU Stern's newsletter Evaluation is now available.  It highlights public finance and infrastructure investing.  Additionally, it features student investment pitches including  long Polaris Industries (PII), long RPX Corp (RPXC), long LVMH, short Alliant Techsystems (ATK), and long the Indian Rupee.

The December 2014 Evaluation newsletter is embedded below:



If you missed it, be sure to check out a past issue of Evaluation featuring an interview with Avenue Capital's Marc Lasry.

What We're Reading ~ Hedge Fund Links 12/19/14

Year of man versus machine for hedge funds [FT]

Ray Dalio at the Dealbook Conference: it's a good environment, but... [CNBC]

Paul Singer at the Dealbook Conference : the 'unfair' recovery is the Fed's fault [CNBC]

What some hedge fund professionals are betting on in 2015 [FINalternatives]

No wonder they call hedge funds 'smart money' [Business Insider]

Greenwich's rise as a hedge fund capital [CTPost]

Big hedge funds win again on PetSmart, Riverbed [CNBC]

Greenlight Capital Adds To Cairn Energy Holdings

David Einhorn's hedge fund Greenlight Capital has added to its stake in London listed Cairn Energy (LON:CNE).  Due to trading on December 12th, Einhorn's fund increased its holding from 4.2% to 6.2% of voting rights. 

Most of the position is via common stock but around 12% is held via a total return swap.  Their latest shares were bought around the 160p mark.

Greenlight first disclosed a 3% in Cairn back in Mach 2012 when shares traded at around 350p.  Since then, they have gone above and below the 3% disclosure threshold a few times and then in January of this year they added shares that cost around 260p each to take the stake to 4.2%. 

For more from this manager, head to David Einhorn's most recent interview.

Per Google Finance, Cairn Energy is "an independent oil and gas exploration and development company. The Company’s operations are organised based on geographical regions. Its geographical segments include North West Europe- North Sea, Atlantic Margin-Greenland, Atlantic Margin-Morocco and the Mediterranean. The Cairn Energy Group’s operations focuses on new exploration activities in Greenland and the Mediterranean. The Company’s operating subsidiaries include Capricorn Oil Limited, Cairn UK Holdings Limited, Capricorn Energy Limited, Cairn Energy Dhangari Limited, Cairn Energy Karnali Limited, Cairn Energy Lumbini Limited, Cairn Energy Malangawa Limited, Cairn Energy Birganj Limited, Capricorn Albania Limited, Capricorn Spain Limited, Capricorn Greenland Exploration 1 Limited and Capricorn Lady Franklin Limited."

Balyasny Starts Laredo Petroleum Position, Boosts Penn National Gaming Stake

Dmitry Balyasny's hedge fund firm Balyasny Asset Management has just filed two separate 13G's with the SEC today. 

Starts Laredo Petroleum Position

First, Balyasny has filed on shares of Laredo Petroleum (LPI).  Per the filing, Balyasny now owns 5.31% of the company with over 7.62 million shares.

This is a newly disclosed equity position for the firm as they did not hold a position at the end of the third quarter.  The filing was made due to activity on December 16th.

Balyasny has been actively buying shares of KBR as well as Oasis Petroleum recently too.

Per Google Finance, Laredo Petroleum is "focused on the exploration, development and acquisition of oil and natural gas properties primarily in the Permian region of the United States. The Company’s primary exploration and production fairway in the Permian Basin is centered on the eastern side of the basin 35 miles east of Midland, Texas and extends 20 miles wide (east/west) and 85 miles long (north/south) in Glasscock, Howard, Reagan, Sterling and Tom Green counties, and is referred to as the Permian-Garden City area."


Boosts Penn National Gaming Stake

Second, Balyasny Asset Management has disclosed a 5.74% ownership stake in Penn National Gaming (PENN) with over 4.52 million shares.

This means they've increased their position size by around 840,000 shares since the end of the third quarter. The filing was made due to activity on December 12th.

Per Google Finance, Penn National Gaming is "a diversified owner and manager of gaming and pari-mutuel properties."

Carl Icahn Raises Hertz Global and Navistar Stakes

Activist investor Carl Icahn has filed two separate amended 13D's with the SEC.

Increases Hertz Global Stake Again

The corporate rabblerouser has continued to buy shares of Hertz Global (HTZ).  Per the SEC filing, he now owns 11.34% of the company with over 51.9 million shares.

He's increased his position size by 13.1 million more shares since the end of November and the filing was required due to portfolio activity on December 15th.

So Icahn has been very active buying HTZ shares over the past few weeks.  Hertz is analyzed in the latest issue of our Hedge Fund Wisdom newsletter if you want to read the full bull and bear cases on the name.

Per Google Finance, Hertz Global "operates in two segments: rental and leasing of cars, crossovers and light trucks (car rental), and rental of industrial, construction and material handling equipment (equipment rental).."


Adds To Navistar International Position

Icahn also filed a 13D on Navistar and disclosed he now owns 19.99% of the company with over 16.27 million shares.

This means he's boosted his position size by over 1.9 million shares since the end of the third quarter.  This filing was required due to activity on December 17th.

Per Google Finance, Navistar International is "a manufacturer of International brand commercial and military trucks, IC Bus (IC) brand buses, MaxxForce brand diesel engines, Workhorse Custom Chassis (WCC) brand chassis for motor homes and step vans, and Monaco RV (Monaco) recreational vehicles (RV), as well as a provider of service parts for all makes of trucks and trailers. In addition, it is a private-label designer and manufacturer of diesel engines for the pickup truck, van and sport utility vehicle (SUV) markets. It also provides retail, wholesale, and lease financing of trucks and parts. NIC operates in four segments: Truck, Engine, Parts and Financial Services."

TPG-Axon Capital Files 13D & 13G on SandRidge Energy Stake

Dinakar Singh's hedge fund firm TPG-Axon Capital has filed a 13D and then 13G with the SEC regarding their stake in SandRidge Energy (SD).

Per the 13G filing, the firm owns about 32 million shares, or 6.5% of the company: 4.1% via common stock and 2.4% economic on basket swap.  The firm executed a swap to realize certain gains/losses for tax planning.

This is a reduction in their position size, as they previously disclosed ownership of over 39 million shares at the end of the third quarter (via their last 13F filing with the SEC).

Per Google Finance, SandRidge Energy is "an independent oil and natural gas company. The Company is engaged in development and production activities in the Mid-Continent, Gulf of Mexico and Permian Basin in west Texas. Its primary area of focus is the Mississippian formation, a shallow hydrocarbon system in the Mid-Continent area of northern Oklahoma and Kansas. The Company also operates businesses that are complementary to its primary development and production activities, including gas gathering and processing facilities, an oil and natural gas marketing business and an oil field services business, including its wholly owned drilling rig business, Lariat Services, Inc. (Lariat)."

What We're Reading ~ Analytical Links 12/17/14

Good interview with Amazon's Jeff Bezos [BusinessInsider]

122 things everyone should know about investing and the economy [Morgan Housel]

On castles and moats [Sova Group]

Global market sentiment survey 2015 [CFA Institute]

How the rising dollar could trigger the next global financial crisis [WSJ]

Berkshire director offers rare peek into Buffett's boardroom [BizJournals]

On the importance of "knowing the why" re: stock price fluctuations [Micro Fundy]

On how to have fun investing [Value and Opportunity]

Homebuilder sentiment diverges from reality [WSJ]

Inside Facebook's plan to wire the world [Time]

The hole in Google's mobile strategy [The Information]

Why Windows 10 is so important to Microsoft's future [TheStreet]

A look at Tropicana Entertainment [Clark Street Value]

More signs that software is eating investment management [Abnormal Returns]

Throwing money at start-ups in frenzy to find the next Uber [Dealbook]

8 secrets of success [TED]

Lee Cooperman Adds To Caesars Entertainment Stake

Lee Cooperman's hedge fund firm Omega Advisors has just filed a 13G with the SEC regarding their position in Caesars Entertainment (CZR).  Per the filing, Cooperman has revealed a 5.41% ownership stake in CZR with over 7.81 million shares.

He's boosted his stake by 824,967 since the end of the third quarter and the filing was required due to activity on December 12th.

Per Google Finance, Caesars Entertainment is "a diversified casino-entertainment provider.."

Balyasny Asset Management Increases KBR Position

Dmitry Balyasny's hedge fund Balyasny Asset Management has filed a 13G with the SEC regarding its position in KBR (KBR).  Per the filing, Balyasny now owns 5.57% of KBR with over 8 million shares.

They've increased their position size by over 6.97 million shares since the end of the second quarter and the filing was required due to portfolio activity on December 11th.

Just yesterday, we posted up about another stock Balyasny has been buying.

Per Google Finance, KBR is "a global engineering, construction and services company supporting the energy, hydrocarbons, Government services, minerals, civil infrastructure, power, industrial and commercial markets."

12 West Capital Boosts Advanced Drainage Systems Stake

Joel Ramin's hedge fund firm 12 West Capital has filed a 13G with the SEC regarding its stake in Advanced Drainage Systems (WMS).  Per the filing, 12 West now owns 6.1% of the company with over 3.24 million shares.

They've increased their position size by over 1.73 million shares since the end of the third quarter.  The filing was required due to portfolio activity on December 4th.

For more from this hedge fund, we posted up some other recent portfolio activity from 12 West here.

Per Google Finance, Advanced Drainage Systems is "a manufacturer of thermoplastic corrugated pipe, providing a comprehensive suite of water management products and superior drainage solutions for use in the construction and infrastructure marketplace. The Company’s products are used across a range of end markets and applications, including non-residential, residential, agriculture and infrastructure applications."

Balyasny Asset Management Discloses Oasis Petroleum Position

Dmitry Balyasny's hedge fund firm Balyasny Asset Management has filed a 13G with the SEC regarding shares of Oasis Petroleum (OAS).   Per the filing, Balyasny now owns 5.24% of the company with over 5.31 million shares.

This is a newly disclosed equity stake for the firm, as they did not report ownership as of the end of the third quarter.  The filing was required due to portfolio activity on December 9th.

Like many energy stocks, Oasis has plunged from a high of $56.50 this year, down to current levels of around $12 per share.

We've posted previous portfolio activity from Balyasny here.

Per Google Finance, Oasis Petroleum is "an exploration and production company. The Company focuses on the acquisition and development of unconventional oil and natural gas resources in the Montana and North Dakota regions of the Williston Basin."

Ardsley Partners Ramps Up Independence Realty Trust Stake

Phil Hempleman's investment firm Ardsley Partners has filed a 13G with the SEC regarding their position in Independence Realty Trust (IRT).  Per the filing, they now own 5.4% of the company with over 1.73 million shares.

They've increased their stake by over 1 million shares since the end of the third quarter and the filing was required due to portfolio activity on November 20th.

Per Google Finance, Independence Realty Trust is "is a real estate investment trust (REIT). The Company holds a portfolio of multifamily properties and intends to invest in a diversified portfolio of multifamily properties."

Last Chance: 33% Off Sale Ends Tonight For Hedge Fund Wisdom Newsletter

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What We're Reading ~ Hedge Fund Links 12/12/14

Aligning interests: side pockets, side letters and central issues [All About Alpha]

Hedge funds betting big on Uber, see IPO ahead [CNBC]

Hedge funds then and now [Finansakrobat]

Is your hedge fund really worth it? [ValueWalk]

How computer hackers could destroy a hedge fund [ii alpha]

How Tiger Global anonymously shorted UK-listed shares [FT]

The emergence of hedge fund branding [FINalternatives]

How the super rich raise capital from the super rich [Forbes]

The star system is still shining at hedge funds [pi online]

KKR seeks stakes in hedge funds [Bloomberg]

South Africa emerging as growing hedge fund market [HedgeThink]

Learning from mistakes made by pension funds [ETFTrends]

Baupost Group Discloses Paratek Pharmaceuticals Stake

Seth Klarman's hedge fund firm Baupost Group has filed a 13G with the SEC regarding shares of Paratek Pharmaceuticals (PRTK).  Per the filing, Baupost now owns 12.04% of the company with over 1.7 million shares.

This is a newly disclosed equity position for the firm and the filing was required due to activity on October 31st.


The firm has been active in that sector recently.  Back in early November, Baupost also disclosed new positions in Atara Biotherapeutics (ATRA) and Forward Pharma (FWP), per 13G's filed with the SEC.

Per Google Finance, Paratek Pharmaceuticals is "a specialty pharmaceutical company focused on the development and commercialization of products that address therapeutic needs in the field of neuroscience."

Holiday Gift Ideas For Investors & Financial Professionals

Every year we like to feature relevant gift ideas for investors/financial professionals besides the typical money/gift cards, liquor, dinners, etc.  Whether you need ideas for clients, staff, service providers, bosses, colleagues, or even ideas for yourself, here's the 2014 edition:


Discounts on Publications

33% Discount on our Hedge Fund Wisdom newsletter - The sale ends tomorrow night, so take advantage before it's too late.

Wall Street Journal: $12 for 12 weeks - Save on a subscription to one of the necessary publications in finance (includes online access & print).

Barrons: $1 a week for 26 weeks - Another classic option (includes digital & print).

The Economist - Yet another worthwhile publication.


Good Books

The Art of Value Investing: How the World's Best Investors Beat the Market by John Heins & Whitney Tilson:  This is a compilation of a ton of quotes from various top hedge fund managers that are often featured on MarketFolly.  Highly recommended.

Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel: Written by a top entrepreneur/investor.

Thinking Fast and Slow by Daniel Kahneman: A great read that looks at the 2 systems that drive the way we think; applicable to the behavioral/psychological side of investing. 

The Education of a Value Investor by Guy Spier: A look at a fund manager's evolution as well as lessons from his mistakes and from the successes of others.

The Art of Short Selling by Kathryn Staley:  Recommended by hedge funds like Third Point and Blue Ridge Capital, this is probably *the* book on the subject.

You Can Be a Stock Market Genius by Joel Greenblatt: Cheesy title, but in reality one of the best books on investing; recommended by Seth Klarman, Dan Loeb & many other top investors.


Movies

The Wolf of Wall Street (DVD/Bluray/Digital HD) - Directed by Martin Scorsese and featuring Leonardo DiCaprio.  An entertaining movie, but probably not one to send people who don't understand what you do for a living.  They'll get the wrong impression.

Jiro Dreams of Sushi (DVD) - There are a lot of investing parallels in this documentary about one of the world's top sushi chefs and his dedication to his craft and pursuit of perfection. 

Margin Call (DVD) - Featuring Kevin Spacey and Zachary Quinto, among many other well known actors.  Labeled by one publication as "the best Wall Street movie ever made."

Floored (DVD) - A look at a financial profession that is pretty rare these days: floor traders.


Technology

iPad Air 2 - An even lighter and thinner tablet. For reading SEC filings, investing books, sending scathing emails to CEOs, and more.

Amazon Fire HD 7 - Another tablet option.  Alternatively, a good gag gift to send someone who's short AMZN.

Google Chromecast - HDMI Streaming media player.


Miscellaneous

Cards Against Humanity - A ridiculous party game to play with others (preferably after alcohol is consumed).

30 Pack of K-Cups for Keurig Brewers - For the caffeine addicts you know.  Or you can copy an unnamed hedge fund's prank and send these to someone you know who is or was short GMCR shares.


Happy Holidays!