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"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q4 2017 Update"

"Fisher’s 13F portfolio value increased from $71.30B to $76.56B in Q4 2017.Amazon.com, Apple Inc., Visa Inc., Alibaba Group Holdings, and Johnson & Johnson are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 01/24/2018. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q3 2017.This quarter, Fisher’s 13F portfolio value increased ~7.4% from $71.30B to $76.56B. The number of holdings increased from 843 to 922. Significantly large positions increased from 67 to 69. The five largest individual stock positions are Amazon.com, Apple Inc., Visa Inc., Alibaba Group Holdings, and Johnson & Johnson. Together, they account for ~12% of the 13F stock portfolio.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Note: Fisher manages ~45,000 private client accounts and over 175 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown.Stake Increases:Wal-Mart Stores (WMT): The bulk of the 1.12% WMT position was purchased in Q2 2016 at prices between $65 and $73. This quarter saw a ~45% stake increase at prices between $78 and $100. The stock is now at $106. The buying pattern indicates a bullish bias.JD.com (JD) and Costco Wholesale (COST): These are small 0.6% of the portfolio positions that saw substantial buying this quarter. Most of the 0.57% COST stake was built at prices between $155 and $193 and the stock currently trades just above that range at $194. The JD position saw a ~10% increase.Amazon.com (AMZN): AMZN is the largest individual stock position at 2.74% of the portfolio. The stake is from 2011 and the stock price has risen over sixfold during the holding period: the cost-basis is ~$200 compared to the current price of $1358. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling in Q2 2017 at prices between $885 and $1011. Last two quarters have seen minor increases.Apple Inc. (AAPL): AAPL is a top-three 2.48% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming in Q2 2017 at prices between $141 and $156. The stock currently trades at $174. Last two quarters saw ~3% increases.Visa Inc. (V): The V position was first purchased in 2012 at much lower prices compared to the current price of ~$125. The size of the stake has tripled in the last five years through incremental purchases almost every quarter. There was a ~3% stake increase this quarter as well. The position is now the third-largest stake at 2.45% of the portfolio.Alibaba Group Holdings (BABA): BABA is a top-five position at 2.40% of the portfolio. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase in Q2 2017 at prices between $107 and $144. The stock currently trades at $196. There was a ~4% stake increase this quarter.Microsoft Corporation (MSFT): MSFT is a fairly large ~2% of the portfolio position. It is a very long-term stake that has been in the portfolio for well over a decade. The last major activity was a ~14% trimming in Q2 2017 at prices between $65 and $73. The stock is now at ~$92. Last two quarters have seen ~3% increases.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% stake in 2011 at prices between $242 and $301. The stock has almost quadrupled and currently trades at $1164. The position stands at 1.84% of the portfolio. There was a ~14% reduction in Q2 2017 at prices between $823 and $984. Last two quarters have seen minor increases.Taiwan Semiconductor (TSM): TSM is a very long-term 1.76% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. The nine quarters thru Q2 2016 saw the position rebuilt (70% increase) at prices between $19 and $26. Q2 2017 also saw a ~22% increase at prices between $31.50 and $36.92. The stock currently trades at $45.33. Last two quarters have seen only marginal activity.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares and the current stake is 11.87M shares. Q3 2016 saw a ~10% reduction at prices between $59 and $66 and the stock is now at $99.30. The position is now at 1.54% of the portfolio. There were ~3% stake increases in the last three quarters.Procter & Gamble (PG): PG is another long-term 1.10% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70. There has since been a ~25% further increase thru periodic buying. The stock currently trades at $88.31.Vodafone plc (VOD): VOD is a ~1% of the 13F portfolio position established in Q1 2017 at prices between $24.43 and $26.91 and almost doubled the following quarter at prices between $25.50 and $30.50. The stock is now at $32.37. There was a ~10% stake increase over the last two quarters.UBS AG GRS (UBS): UBS is a ~1% of the US long portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.50 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~40%. Last three years have seen a two-thirds stake increase at prices between $12.25 and $23. The stock currently trades at $20.64. For investors attempting to follow Fisher, UBS is a good option to consider for further research.Siemens AG (SIEGY): SIEGY is a ~1% portfolio stake increased by ~45% in Q1 2016 at prices between $44 and $53 and stock currently trades at $76.60. Q2 2017 saw a one-third increase at prices between $66.50 and $73. Last two quarters saw ~3% stake increases.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in March.SAP AG ADR (SAP): SAP is a ~1% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stake has wavered since but the overall position is now at ~6.9M shares - roughly the same sizing as in Q4 2012. The stock currently trades at ~$114.Anheuser Busch Inbev SA ADR (BUD), Astrazeneca plc (AZN), BASF SE ADR (BASFY), Baidu Inc. (BIDU), Banco Santander SA ADR (SAN), BNP Paribas ADR (BNPQY), Bayer AG ADR (BAYRY), Berkshire Hathaway (BRK.B), Chevron Inc. (CVX), Cisco Systems (CSCO), CTrip.com International ADR (CTRP), Exxon Mobil (XOM), HDFC Bank (HDB), HSBC plc (HSBC), ING Groep NV ADR (ING), Intel Corporation (INTC), Intesa Sanpaolo Spa ADR (ISNPY), L Oreal Co. ADR (LRLCY), LVMH Moet Hennssy ADR (LVMUY), Lloyds Banking Group plc ADR (LYG), Merck Inc. (MRK), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Oracle Corporation (ORCL), PepsiCo Inc. (PEP), Pfizer Inc. (PFE), Roche Holding Limited ADR (RHHBY), Sanofi ADR (SNY), Softbank Group ADR (SFTBY), Sumitomo Mitsui Financial (SMFG), Tencent Holdings ADR (TCEHY), and United Technologies (UTX): These are significant positions (more than 0.5% of the US long portfolio) that saw minor increases this quarter.Stake Decreases:Home Depot (HD): HD is a ~1% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The three quarters thru Q1 2017 had seen minor increases. There was an about-turn in Q2 2017: ~38% selling at prices between $146 and $159. This quarter saw another ~28% reduction at prices between $150 and $190. The stock is now at $206. Fisher is harvesting huge long-term gains.Comcast Corporation (CMCSA): CMCSA is a 0.41% of the US long portfolio position. The original stake was established in 2012 at prices between $12 and $18.50. There had only been minor activity since. Q2 2017 saw a ~50% selling at prices between $37 and $42 and that was followed with another ~42% reduction this quarter at prices between $35 and $41. The stock currently trades at $42.99. Fisher is harvesting long-term gains.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February.Bank of America (BAC), JP Morgan Chase (JPM), and Walt Disney (DIS): These three positions saw substantial selling this quarter. JPM saw a one-third reduction while the DIS stake was reduced by half. The 0.58% BAC stake was almost sold out this quarter.Note: The reductions are consistent with his on the market – he expects European equities to outperform US in the coming year.General Electric (GE) and GlaxoSmithKline plc ADR (GSK): These two very small ~0.5% portfolio positions saw minor trimming this quarter.Kept Steady:Johnson & Johnson (JNJ): JNJ is a large top-five 2.21% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The stock currently trades at $142.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for around 14% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS) - 6%, Atlas Air (AAWW) - 4.4%, Wright Medical (WMGI) – 5.6%, and Veeco Instruments (VECO) - 3.1%.Note: The overall portfolio had seen a significant shift toward European equities in Q2 2017 and that theme has continued since.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q4 2017:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2017 Update"

"Fisher’s 13F portfolio value increased from $66.32B to $71.30B in Q3 2017.Alibaba Group Holdings, Amazon.com, Visa Inc., Apple Inc., and Johnson & Johnson are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 10/17/2017. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q2 2017.This quarter, Fisher’s 13F portfolio value increased ~7.5% from $66.32B to $71.30B. The number of holdings increased from 802 to 843. Significantly large positions decreased from 72 to 67. The five largest individual stock positions are Alibaba Group Holdings, Amazon.com, Visa Inc., Apple Inc., and Johnson & Johnson. Together, they account for ~12% of the 13F stock portfolio.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Note: Fisher manages ~40,000 private client accounts and over 175 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown. We do know that Ken Fisher is very talented and can consistently generate alpha - his Forbes picks are his most visible performance cues and those have outperformed the S&P 500 in the vast majority of years. The latest picks (Jan 2017) are MasterCard (MA), Amgen Inc. (AMGN), Verizon (VZ), SAP (SAP), Salesforce.com (CRM), Textron Inc. (TXT) and United Technologies (UTX).Stake Increases:Roche Holding Limited ADR (RHHBY): RHHBY was a minutely small 0.19% of the portfolio position as of Q1 2015. The following quarter saw a whopping ~400% increase at prices between $34 and $38.50. There was another one-third increase this quarter at prices between $31 and $32.50. The stock currently trades below those ranges at $30.42 and the stake is now at 0.72% of the portfolio. For investors attempting to follow Fisher, RHHBY is a good option to consider for further research. Last quarter had seen a ~20% selling at prices between $31.50 and $34.50.Amazon.com (AMZN): AMZN is the second-largest individual stock position at 2.37% of the portfolio. The stake is from 2011 and the stock price has quintupled during the holding period: the cost-basis is ~$200 compared to the current price of $987. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling last quarter at prices between $885 and $1011. This quarter saw a very minor ~3% stake increase.Visa Inc. (V): The V position was first purchased in 2012 at much lower prices compared to the current price of ~$107. The size of the stake has tripled in the last five years through incremental purchases almost every quarter. There was a ~2% stake increase this quarter as well. The position is now the third-largest stake at 2.36% of the portfolio.Apple Inc. (AAPL): AAPL is a top-five 2.35% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming last quarter at prices between $141 and $156. The stock currently trades at $156. This quarter saw a ~3% stake increase.Johnson & Johnson (JNJ): JNJ is a large top-five 2.15% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The stock currently trades at $142. There was a marginal stake increase this quarter.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock has tripled and currently trades at $985. The position stands at ~1.8% of the portfolio. There was a ~14% reduction last quarter at prices between $823 and $984. This quarter saw a ~3% stake increase.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares and the current stake is 11.55M shares. Q3 2016 saw a ~10% reduction at prices between $59 and $66 and the stock is now at $91.90. The position is now at 1.47% of the portfolio. There were minor ~3% stake increases in the last two quarters.Home Depot (HD): HD is a 1.26% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The three quarters thru Q1 2017 had seen minor increases. There was an about-turn last quarter: ~38% selling at prices between $146 and $159. The stock is now at $163. Fisher is harvesting long-term gains. This quarter saw a ~3% stake increase.Procter & Gamble (PG): PG is another long-term 1.13% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. The stock currently trades at $91.59.Siemens AG (SIEGY): SIEGY is a ~1% portfolio stake increased by ~45% in Q1 2016 at prices between $44 and $53 and stock currently trades at $69.57. Last quarter saw a one-third increase at prices between $66.50 and $73 and that was followed with a minor ~3% increase this quarter.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in March.SAP AG ADR (SAP): SAP is a ~1% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stake has wavered since but the overall position is now at ~6.6M shares - roughly the same sizing as in Q4 2012. The stock currently trades at ~$113.UBS AG GRS (UBS): UBS is a ~1% of the US long portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.50 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~40%. Last eleven quarters have seen a combined ~60% increase at prices between $12.25 and $23. The stock currently trades at $17.31. For investors attempting to follow Fisher, UBS is a good option to consider for further research.Vodafone plc (VOD): VOD is a ~1% of the 13F portfolio position established in Q1 2017 at prices between $24.43 and $26.91 and almost doubled last quarter at prices between $25.50 and $30.50. The stock is now at $28.93. There was a ~5% further stake increase this quarter.Bayer AG ADR (BAYRY): BAYRY is a ~1% of the US long portfolio stake. The bulk of the current position was purchased in Q2 2014 at prices between $32 and $36. Q2 2015 saw a huge 84% increase at prices between $34.50 and $39. The stock currently trades at ~$35.21. For investors attempting to follow Fisher, BAYRY is a good option to consider for further research. Last several quarters have seen only marginal activity.Note 1: The prices quoted above are adjusted for the 4-for-1 stock-split last month.Note 2: In September 2016, Bayer AG agreed on a deal for Monsanto (MON) worth $128 per share all-cash. MON currently trades at ~$122.Anheuser Busch Inbev SA ADR (BUD): BUD was a minutely small stake as of Q2 2015. In Q3 2015, the stake was increased to a ~1% of the portfolio position at prices between $104 and $129. The stock currently trades at ~$126. Last six quarters saw marginal further increases.Oracle Corporation (ORCL): ORCL is a 0.83% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Since then the activity has been minor. The stock currently trades at $49.35. Q1 2016 saw marginal selling while last six quarters have seen minor increases.Novo-Nordisk A S ADR (NVO): NVO was established in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last quarter had seen a ~13% increase and that was followed with a ~4% increase this quarter. The stock currently trades at $50.68 and the position is at 0.82% of the US long portfolio.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares. It has since been reduced to 16.4M shares (0.77% of the US long portfolio). The stock currently trades at $33.75.Berkshire Hathaway (BRK.B): BRK.B is a 0.76% of the US long portfolio position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%. The stock currently trades at $187. It is a very long-term position. Last quarter saw a ~50% selling at prices between $161 and $172. Fisher harvested long-term gains. There was a marginal increase this quarter.Comcast Corporation (CMCSA): CMCSA is a 0.79% of the US long portfolio position. The original stake was established in 2012 at prices between $12 and $18.50. There had only been minor activity since. Last quarter saw a ~50% selling at prices between $37 and $42. The stock currently trades at $36.90. Fisher is harvesting long-term gains. There was marginal buying this quarter.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February.Bank of America (BAC), Chevron Inc. (CVX), Citigroup Inc. (C), Exxon Mobil (XOM), General Electric (GE), Intel Corporation (INTC), JP Morgan Chase (JPM), Merck Inc. (MRK), Microsoft Corporation (MSFT), PepsiCo Inc. (PEP), Pfizer Inc. (PFE), United Technologies (UTX), Wal-Mart Stores (WMT), and Walt Disney (DIS): These are significant positions (more than 0.5% of the US long portfolio) in US blue chips that saw minor increases this quarter.Astrazeneca plc (AZN), BASF SE ADR (BASFY), BNP Paribas ADR (BNPQY), Banco Santander SA ADR (SAN), GlaxoSmithKline plc ADR (GSK), HSBC plc (HSBC), ING Groep NV ADR (ING), Intesa Sanpaolo Spa ADR (ISNPY), Lloyds Banking Group plc ADR (LYG), L Oreal Co. ADR (LRLCY), LVMH Moet Hennssy ADR (LVMUY), Novartis A G ADR (NVS), Sanofi ADR (SNY), Softbank Group ADR (SFTBY), Sumitomo Mitsui Financial (SMFG), and Tencent Holdings ADR (TCEHY): These are significant positions (more than 0.5% of the US long portfolio) in global blue chips that saw minor increases this quarter.Note: The overall portfolio had seen a significant shift toward European equities last quarter.Stake Decreases:Alibaba Group Holdings (BABA): BABA is the largest individual stock position at 2.49% of the portfolio. The original position was from Q2 2015 at prices between $81 and $93. Q1 2017 saw a two-thirds increase at prices between $88 and $110. That was followed with a ~90% increase last quarter at prices between $107 and $144. The stock currently trades at $178. The aggressive buying pattern indicates a clear bullish bias. There was marginal trimming this quarter.Taiwan Semiconductor (TSM): TSM is a very long-term 1.79% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. The nine quarters thru Q2 2016 saw the position rebuilt (70% increase) at prices between $19 and $26. Last quarter also saw a ~22% increase at prices between $31.50 and $36.92. The stock currently trades at $41.07. There was marginal trimming this quarter.CTrip.com International ADR (CTRP): CTRP is a 0.73% of the US long portfolio stake. The original position was increased by ~25% in Q3 2015 at prices between $30 and $40. The following quarter saw a huge ~120% increase at prices between $31 and $56. The stock currently trades at $49.80. There was a minor ~3% increase last quarter while this quarter saw a similar reduction.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in December 2015.HDFC Bank (HDB), Baidu Inc. (BIDU), JD.com (JD), and Infosys Ltd. (INFY): These are significant positions (more than 0.5% of the US long portfolio) that saw minor reductions this quarter.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for around 14% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS) - 6%, Atlas Air (AAWW) - 4.4%, Wright Medical (WMGI) – 5.6%, and Veeco Instruments (VECO) - 3.1%.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q3 2017:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q2 2017 Update"

"Fisher’s 13F portfolio value increased from $62.44B to $66.32B in Q2 2017.Amazon.com, Johnson & Johnson, Apple Inc., Visa Inc., and Alibaba Group Holdings are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 07/13/2017. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q1 2017.This quarter, Fisher’s 13F portfolio value increased ~6% from $62.44B to $66.32B. The number of holdings increased from 773 to 802. Significantly large positions increased from 63 to 72. The five largest individual stock positions are Amazon.com, Johnson & Johnson, Apple Inc., Visa Inc., and Alibaba Group Holdings. Together, they account for ~12% of the 13F stock portfolio. Overall, the quarter saw a significant shift toward European equities as several ADRs saw large increases in allocation. Ken Fisher’s most recent articles on FT touted owning European equities and the overall shift seem consistent with those calls.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Note: Fisher manages ~35,000 private client accounts and over 175 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown. We do know that Ken Fisher is very talented and can consistently generate alpha - his Forbes picks are his most visible performance cues and those have outperformed the S&P 500 in the vast majority of years. The latest picks (Jan 2017) are MasterCard (MA), Amgen Inc. (AMGN), Verizon (VZ), SAP (SAP), Salesforce.com (CRM), Textron Inc. (TXT) and United Technologies (UTX).New Stakes:Sumitomo Mitsui Financial (SMFG): SMFG is a 0.58% of the portfolio stake established this quarter at prices between $6.95 and $7.90. The stock is now at $7.56.Note: The quarter saw a significant shift away from US financials.Stake Increases:Alibaba Group Holdings (BABA): The ~2.2% BABA position saw a ~90% increase this quarter at prices between $107 and $144. Last quarter also saw a two-thirds increase at prices between $88 and $110. The stock currently trades at $152. The original position is from Q2 2015 at prices between $81 and $93. The aggressive buying pattern indicates a clear bullish bias.Taiwan Semiconductor (TSM): TSM is a very long-term 1.82% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. The nine quarters thru Q2 2016 had seen a combined ~70% increase at prices between $19 and $26. The stock currently trades at $35.85. This quarter saw a ~22% increase at prices between $31.50 and $36.92.Softbank Group ADR (SFTBY), ING Groep NV ADR (ING), Tencent Holdings ADR (TCEHY), BNP Paribas ADR (BNPQY), Banco Santander SA ADR (SAN), Astrazeneca plc (AZN), and Intesa Sanpaolo Spa ADR (ISNPY): These ADRs saw sizable stake increases this quarter. TCEHY stock has returned ~60% YTD while the other six have also shown healthy double-digit returns.Lloyds Banking Group plc ADR (LYG): LYG is a 0.62% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The stake was increased by two-thirds in Q2 2014 at prices between $4.83 and $5.53. Q3 2016 saw a similar increase at prices between $2.55 and $3.31. The stock currently trades at $3.60. There was another ~12% increase this quarter.Novo-Nordisk A S ADR (NVO): NVO was established in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last eleven quarters had seen a combined ~25% reduction while this quarter saw a ~13% increase. The stock currently trades at $42.95 and the position is at 0.76% of the US long portfolio.Wal-Mart Stores (WMT): The 0.67% WMT stake was mostly purchased in Q2 2016 at prices between $63 and $73. The stock currently trades at $76.15. This quarter saw a ~10% stake increase.Siemens AG (SIEGY): SIEGY is a ~1% portfolio stake increased by ~45% in Q1 2016 at prices between $44 and $53 and stock currently trades at $67.89. This quarter saw a one-third increase at prices between $66.50 and $73.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in March.Vodafone plc (VOD): VOD is a ~1% of the 13F portfolio position established last quarter at prices between $24.43 and $26.91 and almost doubled this quarter at prices between $25.50 and $30.50. The stock is now at $29.77.Johnson & Johnson (JNJ): JNJ is a large top-three 2.29% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The stock currently trades at $135. There was a minor ~4% stake increase this quarter.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares and the current stake is 11.25M shares. Q3 2016 saw a ~10% reduction at prices between $59 and $66 and the stock is now at $85.59. The position is at 1.43% of the portfolio. There was a very minor ~3% stake increase this quarter.Procter & Gamble (PG): PG is another long-term 1.13% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. Last twelve quarters have seen marginal buying. The stock currently trades at $88.61.UBS AG GRS (UBS): UBS is a ~1% of the US long portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.50 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~40%. Last ten quarters have seen a combined ~60% increase at prices between $12.25 and $23. The stock currently trades at $17.66. For investors attempting to follow Fisher, UBS is a good option to consider for further research.SAP AG ADR (SAP): SAP is a ~1% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stake has wavered since but the overall position is now at ~6.4M shares - roughly the same sizing as in Q4 2012. The stock currently trades at $104.Bayer AG ADR (BAYRY): BAYRY is a 0.96% of the US long portfolio stake. The bulk of the current position was purchased in Q2 2014 at prices between $128 and $145. Q2 2015 saw a huge 84% increase at prices between $139 and $155. The stock currently trades near the low end of their purchase price ranges at ~$130. For investors attempting to follow Fisher, BAYRY is a good option to consider for further research. Last several quarters have seen only marginal activity.Note: In September 2016, Bayer AG agreed on a deal for Monsanto (MON) worth $128 per share. MON currently trades at ~$117.Anheuser Busch Inbev SA ADR (BUD): BUD was a minutely small stake as of Q2 2015. In Q3 2015, the stake was increased to a ~1% of the portfolio position at prices between $104 and $129. The stock currently trades at ~$115. Last five quarters saw marginal further increases. For investors attempting to follow Fisher, BUD is a good option to consider for further research.Oracle Corporation (ORCL): ORCL is a 0.91% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Since then the activity has been minor. The stock currently trades at $50.80. Q1 2016 saw marginal selling while last five quarters have seen minor increases.CTrip.com International ADR (CTRP): CTRP is a 0.82% of the US long portfolio stake. The original position was increased by ~25% in Q3 2015 at prices between $30 and $40. Q4 2015 saw a huge ~120% increase at prices between $31 and $56. The stock currently trades at $58.07. There was a minor ~3% increase this quarter.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in December 2015.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares. It has since been reduced to 16.1M shares (0.76% of the US long portfolio). The stock currently trades at $31.84.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% stake in 2012 at prices between $20 and $28. The eight quarters from Q3 2013 to Q2 2015 saw a combined ~20% reduction at prices between $30 and $39. The stock currently trades at $42.41 and the remaining stake is at 0.65% of the US long portfolio. This quarter saw a ~5% increase.Exxon Mobil (XOM): XOM is a very long-term position that has fluctuated over the years. The bulk of the current stake was built in 2011 at prices between $69 and $87. Q3 2015 saw a ~22% increase at prices between $68.50 and $83. Q1 2016 saw an about turn: ~16% reduction at prices between $73 and $84.50. The current position stands at 4.7M shares (0.58% of the US long portfolio) and the stock is at $80.12. There was a marginal increase this quarter.BASF SE ADR (BASFY), Chevron Inc. (CVX), GlaxoSmithKline plc ADR (GSK), HSBC plc (HSBC), Intel Corporation (INTC), Merck Inc. (MRK), Novartis A G ADR (NVS), PepsiCo Inc. (PEP), Pfizer Inc. (PFE), Sanofi ADR (SNY), and Visa Inc. (V): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:Amazon.com (AMZN): AMZN is the largest individual stock position at 2.48% of the portfolio. The stake is from 2011 and has quintupled: the cost-basis is ~$200 compared to the current price of $1026. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was another ~16% selling this quarter at prices between $885 and $1011. Fisher is starting to harvest huge long-term gains.Apple Inc. (AAPL): AAPL is a top-three 2.29% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. There was a ~9% trimming this quarter at prices between $141 and $156. The stock currently trades at $150.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock has tripled and currently trades at $973. The position stands at ~1.8% of the portfolio. There was a ~14% reduction this quarter at prices between $823 and $984.Home Depot (HD): HD is a 1.23% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. Last three quarters had seen marginal increases. There was an about-turn this quarter: ~38% selling at prices between $146 and $159. The stock is now at $147. Fisher is harvesting long-term gains.Bank of America (BAC), Citigroup Inc. (C), Goldman Sachs (GS), JP Morgan Chase (JPM) and Wells Fargo (WFC): The five financials saw substantial stake reductions this quarter. The WFC position was from prior to the financial crisis while the others were built-up from 2012 onwards. WFC stake was almost sold out while the rest of the positions were reduced by roughly 50% each.Comcast Corporation (CMCSA): CMCSA is a 0.79% of the US long portfolio position. The original stake was established in 2012 at prices between $12 and $18.50. There had only been minor activity since. This quarter saw a ~50% selling at prices between $37 and $42. The stock currently trades at $39.63. Fisher is harvesting long-term gains.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February.Berkshire Hathaway (BRK.B): BRK.B is a 0.74% of the US long portfolio position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%. The stock currently trades at $171. It is a very long-term position. The last nine quarters had seen minor increases. There was an about-turn this quarter: ~50% selling at prices between $161 and $172.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. There had only been marginal activity since. This quarter saw the stake reduced by 50% at prices between $104 and $116. The stock currently trades at $107.Roche Holding Limited ADR (RHHBY): RHHBY was a minutely small 0.19% of the portfolio position as of Q1 2015. The following quarter saw a whopping ~400% increase at prices between $34 and $38.50. The stock currently trades below that range at $32.27 and the stake is now at 0.57% of the portfolio. There was a ~20% selling at prices between $31.50 and $34.50.General Electric (GE): The 0.86% GE position saw a ~30% selling last quarter at prices between $29.43 and $31.70 and the stock is now at $25.91. It is a very long-term stake that has been in the portfolio since before the financial crisis. There was a ~5% further trimming this quarter. The large reduction in a long-term position indicates a bearish bias.Coca Cola (KO), HDFC Bank (HDB), Infosys Ltd. (INFY), Microsoft Corporation (MSFT), Qualcomm Inc. (QCOM), Schlumberger Ltd. (SLB), Tata Motors (TTM), and United Technologies (UTX): These are significant positions (more than 0.5% of the US long portfolio) that saw reductions this quarter.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for around 14% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS) - 6%, Atlas Air (AAWW) - 4.6%, Wright Medical (WMGI) - 4.7%, and Veeco Instruments (VECO) - 3.7%.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q2 2017:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q1 2017 Update"

"Fisher’s 13F portfolio value increased from $57.43B to $62.44B in Q1 2017.Amazon.com, Apple Inc., Johnson & Johnson, Visa Inc., and Home Depot are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s 13F stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 04/25/2017. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q4 2016.This quarter, Fisher’s 13F portfolio increased ~9% from $57.43B to $62.44B. The number of holdings decreased from 783 to 773. Significantly large positions increased from 62 to 63. The five largest individual stock positions are Amazon.com, Apple Inc., Johnson & Johnson, Visa Inc., and Home Depot. Together, they account for ~12% of the overall 13F stock portfolio.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Note: Fisher manages ~35,000 private client accounts and over 175 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown. We do know that Ken Fisher is very talented and can consistently generate alpha - his Forbes picks are his most visible performance cues and those have outperformed the S&P 500 in the vast majority of years. The latest picks (Jan 2017) are MasterCard (MA), Amgen Inc. (AMGN), Verizon (VZ), SAP (SAP), Salesforce.com (CRM), Textron Inc. (TXT) and United Technologies (UTX).Stake Increases:Vodafone plc (VOD): VOD is a ~0.5% of the 13F portfolio position established this quarter at prices between $24.43 and $26.91 and the stock is now near the top end of that range at $26.33.Stake Increases:Alibaba Group Holdings (BABA): The ~1% BABA position saw a two-thirds increase this quarter at prices between $88 and $110. The stock currently trades at $115. The original position is from Q2 2015 at prices between $81 and $93. The large increase indicates a clear bullish bias.Amazon.com (AMZN): AMZN is the largest individual stock position at 2.87% of the portfolio. The stake is from 2011 and has quadrupled: the cost-basis is ~$200 compared to the current price of $908. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was a very minor increase this quarter.Apple Inc. (AAPL): AAPL is a top-three 2.68% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. Last three quarters have seen marginal increases. The stock currently trades at $145.Johnson & Johnson (JNJ): JNJ is a large top-three 2.21% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The last significant buying was in Q2 2014 when a 4.7% stake increase happened at prices between $96 and $106. The stock currently trades at $124.Home Depot (HD): HD is a fairly large ~2% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock has more than doubled and currently trades at $153. Last three quarters have seen marginal increases.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock has more than doubled and currently trades at $872. The position stands at 2% of the portfolio. Last two quarters have seen marginal increases.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. There has only been marginal activity since. The stock currently trades at $115. The position stands at 8.85M shares and the stake is at 1.61% of the US long portfolio.Comcast Corporation (CMCSA): CMCSA is a 1.53% of the US long portfolio position. The original stake was established in 2012 at prices between $12 and $18.50. There has only been minor activity since. The stock currently trades at $38.50.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February.Berkshire Hathaway (BRK.B): BRK.B is a 1.53% of the US long portfolio position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%. The stock currently trades at $168. It is a very long-term position. The last nine quarters have seen minor increases.Taiwan Semiconductor (TSM): TSM is a very long-term 1.48% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. The nine quarters thru Q2 2016 had seen a combined ~70% increase at prices between $19 and $26. The stock currently trades at $33.07. Last two quarters had seen minor trimming while this quarter saw a marginal increase.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares and the current stake is 10.88M shares. Q3 2016 saw a ~10% reduction at prices between $59 and $66 and the stock is now at ~$80.63. The position is at 1.38% of the portfolio.Bank of America (BAC): BAC is a 1.37% of the US long portfolio stake. The original position was established in Q2 2013 and the following quarter at prices between $11.50 and $15. It had since been kept relatively steady. The stock currently trades at $23.98. Q3 2016 saw a ~17% selling at prices between $12.50 and $16.50. There was a marginal increase in the last two quarters.Procter & Gamble (PG): PG is another long-term 1.19% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. Last eleven quarters have seen marginal buying. The stock currently trades at $90.Anheuser Busch Inbev SA ADR (BUD): BUD was a minutely small stake as of Q2 2015. In Q3 2015, the stake was increased to a ~1% of the portfolio position at prices between $104 and $129. The stock currently trades at $114. Q1 2016 saw a ~9% increase at prices between $111 and $127. Last four quarters also saw marginal further increases. For investors attempting to follow Fisher, BUD is a good option to consider for further research.SAP AG ADR (SAP): SAP is a ~1% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stake has wavered since. There were very minor increases in the last two years. The stock currently trades at $102.UBS AG GRS (UBS): UBS is a ~1% of the US long portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.50 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~40%. Last nine quarters have seen a combined ~47% increase at prices between $12 and $23. The stock currently trades at $16.62.Bayer AG ADR (BAYRY): BAYRY is a 0.91% of the US long portfolio stake. The bulk of the current position was purchased in Q2 2014 at prices between $128 and $145. Q2 2015 saw a huge 84% increase at prices between $139 and $155. The stock currently trades well below their purchase price ranges at $119. For investors attempting to follow Fisher, BAYRY is a very good option to consider for further research. Last several quarters have seen only marginal activity.Note: In September 2016, Bayer AG agreed on a deal for Monsanto (MON) worth $128 per share. MON currently trades at ~$117.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares. It has since been reduced to 15.7M shares (0.85% of the US long portfolio). The stock currently trades at $33.42.Siemens AG (SIEGY): SIEGY is a 0.85% portfolio stake increased by ~45% in Q1 2016 at prices between $44 and $53 and stock currently trades at $72.70. Last quarter had a marginal reduction while this quarter saw a minor increase.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in March.Oracle Corporation (ORCL): ORCL is a 0.84% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Since then the activity has been minor. The stock currently trades at $44.72. Q1 2016 saw marginal selling while last four quarters have seen minor increases.CTrip.com International ADR (CTRP): CTRP is a 0.77% of the US long portfolio stake. The original position was increased by ~25% in Q3 2015 at prices between $30 and $40. Q4 2015 saw a huge ~120% increase at prices between $31 and $56. The stock currently trades at $49.10. Last quarter saw a marginal reduction while this quarter saw a minor increase.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in December 2015.Roche Holding Limited ADR (RHHBY): RHHBY was a minutely small 0.19% of the portfolio position as of Q1 2015. The following quarter saw a whopping ~400% increase at prices between $34 and $38.50. The stock currently trades below that range at $32.41 and the stake is now at 0.77% of the portfolio. Last two quarters had seen marginal reductions while this quarter saw a minor increase.Exxon Mobil (XOM): XOM is a very long-term position that has fluctuated over the years. The bulk of the current stake was built in 2011 at prices between $69 and $87. Q3 2015 saw a ~22% increase at prices between $68.50 and $83. Q1 2016 saw an about turn: ~16% reduction at prices between $73 and $84.50. The current position stands at 4.7M shares (0.62% of the US long portfolio) and the stock is at $81.73.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% stake in 2012 at prices between $20 and $28. The eight quarters from Q3 2013 to Q2 2015 saw a combined ~20% reduction at prices between $30 and $39. The stock currently trades at $39.81 and the remaining stake is at 0.62% of the US long portfolio. Last five quarters saw marginal increases.Wal-Mart Stores (WMT): The 0.61% WMT stake was mostly purchased in Q2 2016 at prices between $63 and $73. There was marginal further buying in the last three quarters. The stock currently trades at $75.05.BASF SE ADR (BASFY), Chevron Inc. (CVX), Citigroup Inc. (C), Coca Cola (KO), GlaxoSmithKline plc ADR (GSK), HDFC Bank (HDB), HSBC plc (HSBC), Infosys Ltd. (INFY), Intel Corporation (INTC), Merck Inc. (MRK), Microsoft Corporation (MSFT), Novartis A G ADR (NVS), PepsiCo Inc. (PEP), Pfizer Inc. (PFE), Qualcomm Inc. (QCOM), Sanofi ADR (SNY), Schlumberger Ltd. (SLB), Tata Motors (TTM), United Technologies (UTX), Visa Inc. (V), and: These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:General Electric (GE): The ~1% GE position saw a ~30% selling this quarter at prices between $29.43 and $31.70 and the stock is now at $29.45. It is a very long-term stake that has been in the portfolio since before the financial crisis. The large reduction in a long-term position indicates a bearish bias.JP Morgan Chase (JPM) and Wells Fargo (WFC): These two positions saw minor trimming this quarter. The bulk of the current ~2% JPM stake was established in 2012 when almost 12M shares were purchased at prices between $32 and $46. The stock currently trades at $88.26 and the position is at ~14M shares. WFC is a long-term stake that has been in the portfolio since before the financial crisis. The position is now at 18.2M shares (1.62% of portfolio).Goldman Sachs (GS) and Lloyds Banking Group plc ADR (LYG): GS position saw a huge increase in Q3 2016 at prices between $144 and $172. The stock is now at $226 and the stake is at 0.69% of the portfolio. LYG is a 0.56% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The stake was increased by two-thirds in Q2 2014 at prices between $4.83 and $5.53. Q4 2014 saw a one-third reduction at prices between $4.64 and $5.04 while Q3 2016 saw a similar increase at prices between $2.55 and $3.31. The stock currently trades at $3.50. Both stakes saw marginal reductions this quarter.Novo-Nordisk A S ADR (NVO): NVO was established in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last eleven quarters have seen a combined ~25% reduction. The stock currently trades at $37.08 and the position is at 0.57% of the US long portfolio.Daimler AG ADR (DDAIF): DDAIF position saw a ~25% reduction in Q3 2016 at prices between $57.50 and $72. That was followed with another ~11% selling this quarter at prices between $71 and $78. It currently trades at $75.17 and the remaining stake is very small at 0.47%.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for around 14% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Stratasys Ltd. (SSYS) - 6%, Atlas Air (AAWW) - 4.6%, Wright Medical (WMGI) - 4.7%, and Veeco Instruments (VECO) - 3.7%.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q1 2017:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q4 2016 Update"

"Fisher’s US long portfolio value increased from $56.32B to $57.43B in Q4 2016.Amazon.com, Apple Inc., Johnson & Johnson, JPMorgan Chase, and Visa Inc. are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 01/10/2017. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q3 2016.This quarter, Fisher’s US long portfolio increased ~2% from $56.32B to $57.43B. The number of holdings increased from 776 to 783. Significantly large positions remained steady at 62. The five largest individual stock positions are Amazon.com, Apple Inc., Johnson & Johnson, JPMorgan Chase, and Visa Inc. They together account for ~13% of the overall US long portfolio.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Note: Fisher manages ~35,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown. We do know that Ken Fisher is very talented and can consistently generate alpha - his Forbes picks are his most visible performance cues and those have outperformed the S&P 500 in the vast majority of years. The latest picks (November 2016) are Manulife Financial (MFC), Kimberly-Clark (KMB), Westpac Banking (WBK), Astrazeneca (AZN), Cisco Systems (CSCO), BNP Paribas (BNPQY), Deutsche Post (DPSTF), Bank Rakyat Indonesia (BKRKY), GlaxoSmithKline (GSK), and Yelp (YELP).Stake Increases:Anheuser Busch Inbev SA ADR (BUD): BUD was a minutely small stake as of Q2 2015. In Q3 2015, the stake was increased to a ~1% of the portfolio position at prices between $104 and $129. The stock currently trades near the low end of that range at $106.25. Q1 2016 saw a ~9% increase at prices between $111 and $127. Last three quarters also saw marginal further increases. For investors attempting to follow Fisher, BUD is a very good option to consider for further research.UBS AG GRS (UBS): UBS is a 1% of the US long portfolio position established in Q3 2013 at prices between $17 and $21.50. The original stake was reduced by around one-third in Q4 2013 at prices between $19 and $22. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.50 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18 and $21.50. In Q4 2014, the pattern reversed as the position was reduced by ~39%. Last eight quarters have seen a combined ~45% increase at prices between $12 and $23. The stock currently trades at $16.74.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock has more than doubled and currently trades at $805. The position stands at 2.01% of the US long portfolio. This quarter saw a marginal increase.Amazon.com (AMZN): AMZN is the largest individual stock position at 2.62% of the portfolio. The stake is from 2011 and has quadrupled: the cost-basis is ~$200 compared to the current price of $810. Q2 2016 saw a ~20% selling at prices between $586 and $728. There was a very minor increase this quarter.American Express (AXP): AXP has been in the portfolio since 2012. The original position was around 9M shares and the current stake is 10.63M shares. Last quarter saw a ~10% reduction at prices between $59 and $66 and the stock is now at ~$76.60. The position is at 1.37% of the portfolio.Apple Inc. (AAPL): AAPL is a top-three 2.32% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. Last two quarters have seen marginal increases. The stock currently trades at $120.Bank of America (BAC): BAC is a 1.39% of the US long portfolio stake. The original position was established in Q2 2013 and the following quarter at prices between $11.50 and $15. It had since been kept relatively steady. The stock currently trades at $22.05. Last quarter saw a ~17% selling at prices between $12.50 and $16.50. There was a marginal increase this quarter.Berkshire Hathaway (BRK.B): BRK.B is a 1.60% of the US long portfolio position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%. The stock currently trades at $160. It is a very long-term position. The last eight quarters have seen minor increases.Chevron Inc. (CVX) and HSBC plc (HSBC): These are significant positions (more than 0.5% of the US long portfolio) that were increased substantially in Q1 2016. The positions saw minor trimming last quarter and marginal increases this quarter. The 0.74% CVX stake was increased by ~30% in Q1 2016 at prices between $79 and $98 and the stock currently trades well above that range at $116. The 0.90% HSBC position was increased by ~13% at prices between $30.50 and $39.50 and the stock is now at $41.18.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares. It has since been reduced to 15.6M shares (0.82% of the US long portfolio). The stock currently trades at $29.99.Citigroup Inc. (C) and Daimler AG ADR (DDAIF): These two small positions saw significant reductions last quarter. The C stake saw a roughly one-third selling at prices between $41 and $48 while the DDAIF position saw a ~25% reduction at prices between $57.50 and $72. C currently trades at $58.38 while DDAIF is now at $75.35. C & DDAIF are at 0.86% and 0.58% of the portfolio respectively. This quarter saw minor increases in both stakes.Comcast Corporation (CMCSA): CMCSA is a 1.51% of the US long portfolio position. The original stake was established in 2012 at prices between $24 and $37. There has only been minor activity since. The stock currently trades at $72.56.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. There has only been marginal activity since. The stock currently trades at $108. The position stands at 8.74M shares and the stake is at 1.59% of the US long portfolio.Exxon Mobil (XOM): XOM is a very long-term position that has fluctuated over the years. The bulk of the current stake was built in 2011 at prices between $69 and $87. Q3 2015 saw a ~22% increase at prices between $68.50 and $83. Q1 2016 saw an about turn: ~16% reduction at prices between $73 and $84.50. The current position stands at 4.66M shares (0.73% of the US long portfolio) and the stock is at $87.36Home Depot (HD): HD is a fairly large ~2% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock has more than doubled and currently trades at $136. Last two quarters have seen marginal increases.JP Morgan Chase (JPM): JPM is a 2.10% of the US long portfolio position. The bulk of the current stake was established in 2012 when almost 12M shares were purchased at prices between $32 and $46. The stock currently trades at $83.55 and the position is at ~14M shares. There was a marginal increase this quarter.Johnson & Johnson (JNJ): JNJ is a large top-three 2.20% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The last significant buying was in Q2 2014 when a 4.7% stake increase happened at prices between $96 and $106. The stock currently trades at $115.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% stake in 2012 at prices between $20 and $28. The eight quarters from Q3 2013 to Q2 2015 saw a combined ~20% reduction at prices between $30 and $39. The stock currently trades at $36.20 and the remaining stake is at 0.63% of the US long portfolio. Last four quarters saw marginal increases.Oracle Corporation (ORCL): ORCL is a 0.78% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Since then the activity has been minor. The stock currently trades at $39.10. Q1 2016 saw marginal selling while last three quarters have seen minor increases.Procter & Gamble (PG): PG is another long-term 1.19% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. Last ten quarters have seen marginal buying. The stock currently trades at $85.21.SAP AG ADR (SAP): SAP is a ~1% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stake has wavered since. There were very minor increases in the last seven quarters. The stock currently trades at $89.64.Wal-Mart Stores (WMT): The 0.62% WMT stake was mostly purchased in Q2 2016 at prices between $63 and $73. There was marginal further buying in the last two quarters. The stock currently trades at $68.42.Coca Cola (KO), General Electric (GE), Intel Corporation (INTC), Microsoft Corporation (MSFT), Novartis A G ADR (NVS), PepsiCo Inc. (PEP), Pfizer Inc. (PFE), Sanofi ADR (SNY), Schlumberger Ltd. (SLB), United Technologies (UTX), Visa Inc. (V), and Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:Bayer AG ADR (BAYRY): BAYRY is a 0.88% of the US long portfolio stake. The bulk of the current position was purchased in Q2 2014 at prices between $128 and $145. Q2 2015 saw a huge 84% increase at prices between $139 and $155. The stock currently trades well below their purchase price ranges at $108. For investors attempting to follow Fisher, BAYRY is a very good option to consider for further research. Last several quarters have seen only marginal activity.Note: In May 2016, Bayer AG announced a merger proposal with Monsanto (MON) for $122 per share. In September, they agreed on a deal worth $128 per share. MON currently trades at ~$108.CTrip.com International ADR (CTRP): CTRP is a 0.68% of the US long portfolio stake. The original position was increased by ~25% in Q3 2015 at prices between $30 and $40. Q4 2015 saw a huge ~120% increase at prices between $31 and $56. The stock currently trades at $44.18. Last three quarters had seen minor further increases while this quarter saw a marginal reduction.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in December 2015.Goldman Sachs (GS) and Lloyds Banking Group plc ADR (LYG): GS saw a huge increase to a 0.56% portfolio stake last quarter at prices between $144 and $172. The stock is now at $236. LYG is a 0.55% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The stake was increased by two-thirds in Q2 2014 at prices between $4.83 and $5.53. Q4 2014 saw a one-third reduction at prices between $4.64 and $5.04 while last quarter saw a similar increase at prices between $2.55 and $3.31. The stock currently trades at $3.31.Siemens AG (SIEGY): SIEGY is a 0.82% portfolio stake increased by ~45% in Q1 2016 at prices between $88 and $106 and stock currently trades at $125. This quarter saw a marginal reduction.Novo-Nordisk A S ADR (NVO): NVO was established in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last ten quarters have seen a combined ~23% reduction. The stock currently trades at $36.20 and the position is at 0.66% of the US long portfolio.Roche Holding Limited ADR (RHHBY): RHHBY was a minutely small 0.19% of the portfolio position as of Q1 2015. The following quarter saw a whopping ~400% increase at prices between $34 and $38.50. The stock currently trades below that range at $29.47 and the stake is now at 0.74% of the portfolio. Last two quarters have seen marginal reductions.Taiwan Semiconductor (TSM): TSM is a very long-term 1.57% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. The nine quarters thru Q2 2016 had seen a combined ~70% increase at prices between $19 and $26. The stock currently trades at $29.62. Last two quarters saw minor trimming.Alibaba Group Holdings (BABA), BASF SE ADR (BASFY), GlaxoSmithKline plc ADR (GSK), HDFC Bank (HDB), Infosys Ltd. (INFY), Merck Inc. (MRK), Qualcomm Inc. (QCOM), and Tata Motors (TTM): These are significant positions (more than 0.5% of the US long portfolio) that were decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for around 13% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW) - 4.9%, Heartland Express (HTLD) - 2.7%, Wright Medical (WMGI) - ~5%, and Veeco Instruments (VECO) - 4.5%.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q4 2016:13G’s during Q1 2016: PMCS - 1/27/2016 13GA - 0, VECO - 1/27/2016 13GA - 1.83M shares - 4.47%. AAWW - 1/27/2016 13GA - 1.22M shares - 4.95%. HPY - 1/27/2016 13GA - 1.23M shares - 3.33%.8/2016: : BIDU, GOOG, MRK, NKE, and FOXA."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2016 Update"

"Fisher’s US long portfolio value increased from $53.89B to $56.32B in Q3 2016.Amazon.com, Apple Inc., Johnson & Johnson, Visa Inc., and Alphabet Inc. are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 10/11/2016. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q2 2016.This quarter, Fisher’s US long portfolio increased ~5% from $53.89B to $56.32B. The number of holdings increased from 745 to 776. Significantly large positions increased from 62 to 64. The five largest individual stock positions are Amazon.com, Apple Inc., Johnson & Johnson, Visa Inc., and Alphabet Inc. They together account for ~13% of the overall US long portfolio.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Note: Fisher manages ~35,000 private client accounts and over 150 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown. We do know that Ken Fisher is very talented and can consistently generate alpha - his Forbes picks are his most visible performance cues and those have outperformed the S&P 500 in the vast majority of years. The latest picks (August 2016) are Baidu Inc. (BIDU), Alphabet Inc., Merck, Nike Inc. (NKE), and Twenty-First Century Fox (FOX) (FOXA).Stake Increases:Goldman Sachs (GS) and Lloyds Banking Group plc ADR (LYG): GS saw a huge increase to a 0.56% portfolio stake this quarter at prices between $144 and $172. The stock is now at $171. LYG is a 0.55% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The stake was increased by two-thirds in Q2 2014 at prices between $4.83 and $5.53. Q4 2014 saw a one-third reduction at prices between $4.64 and $5.04 while in this quarter there was a similar increase at prices between $2.55 and $3.31. The stock currently trades near the low end of those ranges at $2.62.UBS AG GRS (UBS): UBS is a 0.85 % of the US long portfolio position established in Q3 2013 at prices between $16.92 and $21.45. The original stake was reduced by around one-third in Q4 2013 at prices between $19.30 and $21.60. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.62 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18.32 and $21.15. In Q4 2014, the pattern reversed as the position was reduced by ~39%. Last seven quarters have seen a combined ~20% increase at prices between $12 and $17. The stock currently trades at $13.42.Anheuser Busch Inbev SA ADR (BUD): BUD was a minutely small stake as of Q2 2015. In Q3 2015, the stake was increased to a ~1% of the portfolio position at prices between $104 and $129. The stock currently trades at $129. Q1 2016 saw a ~9% increase at prices between $111 and $127. Last two quarters also saw marginal further increases.Note: AB Inbev merged with SABMiller (SBMRY) and the deal closed earlier this month.Apple Inc. (AAPL): AAPL is a top-three 2.28% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. Last quarter had seen a very minor reduction while this quarter saw a marginal increase. The stock currently trades at $118.Bayer AG ADR (BAYRY): BAYRY is a 0.88% of the US long portfolio stake. The bulk of the current position was purchased in Q2 2014 at prices between $128 and $145. Q2 2015 saw a huge 84% increase at prices between $139 and $155. The stock currently trades well below their purchase price ranges at $99.33. For investors attempting to follow Fisher, BAYRY is a very good option to consider for further research. Last several quarters have seen only marginal activity.Note: In May, Bayer AG announced a merger proposal with Monsanto (MON) for $122 per share. The offer was raised multiple times to $128 per share but Monsanto’s stock price is at $102 reflecting skepticism about the deal going through.Berkshire Hathaway (BRK.B): BRK.B is a 1.44% of the US long portfolio position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%. The stock currently trades at $144. It is a very long-term position. The last seven quarters have seen minor increases.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares. It has since been reduced to 15.5M shares (0.87% of the US long portfolio). The stock currently trades at $30.18.CTrip.com International ADR (CTRP): CTRP is a 0.82% of the US long portfolio stake. The original position was increased by ~25% in Q3 2015 at prices between $30 and $40. Q4 2015 saw a huge ~120% increase at prices between $31 and $56. The stock currently trades at $46.57. Last three quarters have seen minor further increases.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in December 2015.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. There has only been marginal activity since. The stock currently trades at $91.30. The position stands at 8.72M shares and the stake is at 1.44% of the US long portfolio.Dr. Reddy’s (RDY): RDY is a very small 0.47% portfolio stake. The last significant activity was in Q1 2015 when there was a ~25% increase at prices between $50 and $57. The stock is now at $45.07. This quarter saw a ~9% increase at prices between $43.61 and $54.45.Exxon Mobil (XOM): XOM is a very long-term position that has fluctuated over the years. The bulk of the current stake was built in 2011 at prices between $69 and $87. Q3 2015 saw a ~22% increase at prices between $68.71 and $83.14. Q1 2016 saw an about turn: ~16% reduction at prices between $73.18 and $84.53. The current position stands at 4.61M shares (0.71% of the US long portfolio) and the stock is at $86.54.Home Depot (HD): HD is a fairly large 1.94% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock has more than doubled and currently trades at $126. Last two quarters saw marginal reductions while there was a minor increase this quarter.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% stake in 2012 at prices between $20 and $28. The eight quarters from Q3 2013 to Q2 2015 saw a combined ~20% reduction at prices between $30 and $39. The stock currently trades at $36.82 and the remaining stake is at 0.66% of the US long portfolio. Last three quarters saw marginal increases.Oracle Corporation (ORCL): ORCL is a 0.80% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Since then the activity has been minor. The stock currently trades at $38.41. Q1 2016 saw marginal selling while last two quarters have seen minor increases.Procter & Gamble (PG): PG is another long-term 1.29% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. Last nine quarters have seen marginal buying. The stock currently trades at $88.43.SAP AG ADR (SAP): SAP is a ~1% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stake has wavered since. There were very minor increases in the last six quarters. The stock currently trades at $86.13.Wal-Mart Stores (WMT): The 0.65% WMT stake was mostly purchased last quarter at prices between $63.15 and $73.02. There was a marginal increase this quarter. The stock currently trades at $68.45.Alibaba Group Holdings (BABA), Coca Cola (KO), General Electric (GE), GlaxoSmithKline plc ADR (GSK), Infosys Ltd. (INFY), Merck Inc. (MRK), Microsoft Corporation (MSFT), Pfizer Inc. (PFE), and Qualcomm Inc. (QCOM): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:American Express (AXP): AXP has been in the portfolio since 2012. The original stake was around 9M shares and the current stake is 10.53M shares. This quarter saw a ~10% reduction at prices between $59 and $66 and the stock is now at ~$60. The position is at 1.20% of the portfolio.Bank of America (BAC): BAC is a ~1% of the US long portfolio stake. The original position was established in Q2 2013 and the following quarter at prices between $11.50 and $15. It had since been kept relatively steady. The stock currently trades at $16. This quarter saw a ~17% selling at prices between $12.74 and $16.19.Citigroup Inc. (C) and Daimler AG ADR (DDAIF): These two small positions saw significant reductions this quarter. The C stake saw a roughly one-third selling at prices between $41 and $48 while the DDAIF position saw a ~25% reduction at prices between $57.60 and $72.01. C currently trades at $48.61 while DDAIF is now at $70.36. C & DDAIF are at 0.69% and 0.56% of the portfolio respectively.LVMH Moet Hennssy ADR (LVMUY): LVMUY was a 1.26% of the US long portfolio position as of Q3 2014. It was reduced by 22% in Q4 2014 at prices between $31.59 and $35.84. The following quarter saw a further ~43% reduction at prices between $34.59 and $38.18. Q1 2016 saw the pattern reverse: ~19% increase at prices between $29.26 and $35.31. Last quarter had seen marginal selling while there was a ~30% reduction this quarter at prices between $29.43 and $35.66. The stock currently trades at $36.58. The original position is from 2008 with the bulk purchased in 2012 at prices between $27.62 and $37.24.Alphabet Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock has more than doubled and currently trades at $779. The position stands at 2.05% of the US long portfolio. Last quarter saw a marginal increase while there was a minor reduction this quarter.Amazon.com (AMZN): AMZN is the largest individual stock position at 2.94% of the portfolio. The position is from 2011 and has quadrupled: the cost-basis is ~$200 compared to the current price of $823. Last quarter saw a ~21% selling at prices between $586 and $728. Fisher is starting to harvest huge long term gains. This quarter saw marginal selling.Chevron Inc. (CVX), HSBC plc (HSBC) and Siemens AG (SIEGY): These are significant positions (more than 0.5% of the US long portfolio) that were increased substantially in Q1 2016. All three positions saw marginal increases last quarter and minor trimming this quarter. The 0.66% CVX stake was increased by ~30% in Q1 2016 at prices between $79 and $98 and the stock currently trades outside that range at $101. The 0.85% HSBC position was increased by ~13% at prices between $30.71 and $39.47 and the stock is now at $37.67. SIEGY is a 0.80% portfolio stake increased by ~45% in Q1 2016 at prices between $88 and $106 and stock currently trades at $116.Comcast Corporation (CMCSA): CMCSA is a 1.47% of the US long portfolio position. The original stake was established in 2012 at prices between $24 and $37. There has only been minor activity since. The stock currently trades at $65.20.JP Morgan Chase (JPM): JPM is a 1.64% of the US long portfolio position. The bulk of the current stake was established in 2012 when almost 12M shares were purchased at prices between $32 and $46. The stock currently trades at $67.52 and the position is at ~14M shares. The stake saw marginal selling over the last two quarters.Novo-Nordisk A S ADR (NVO): NVO was first purchased in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last nine quarters have seen a combined ~11% reduction. The stock currently trades at $39.58 and the position is at 0.81% of the US long portfolio.Roche Holding Limited ADR (RHHBY): RHHBY was a minutely small 0.19% of the portfolio position as of Q1 2015. The following quarter saw a whopping ~400% increase at prices between $34.38 and $38.46. The stock currently trades below that range at $29.69 and the stake is now at 0.83% of the portfolio. Last four quarters had seen marginal increases while this quarter saw a minor reduction.Taiwan Semiconductor (TSM): TSM is a very long-term 1.57% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. Last nine quarters had seen a combined ~70% increase at prices between $19 and $26. There was very minor selling this quarter. The stock currently trades at $30.66.HDFC Bank (HDB), Intel Corporation (INTC), Novartis A G ADR (NVS), PepsiCo Inc. (PEP), Sanofi ADR (SNY), Schlumberger Ltd. (SLB), Tata Motors (TTM), United Technologies (UTX), Visa Inc. (V), and Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Kept Steady:Johnson & Johnson (JNJ): JNJ is a large top-three 2.27% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The last significant buying was in Q2 2014 when a 4.7% stake increase happened at prices between $96 and $106. The stock currently trades at $118.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for around 13% of the US long portfolio. There was a ~40% reduction this quarter in the Europe 50 ETN FEEU. Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW) - 4.9%, Heartland Express (HTLD) - 2.7%, Wright Medical (WMGI) - ~5%, and Veeco Instruments (VECO) - 4.5%.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q3 2016:Note for next round (Q2 2016): A reader was confused about whether I was referring to price increase or “position size” increase when saying “position was increased by x%”. I offered to say “position size was increased by x%” to make it more clear from the next round. So, I should look to make sure this is the case."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q2 2016 Update"

"Fisher’s US long portfolio value increased from $52.63B to $53.89B in Q2 2016.Amazon.com, Johnson & Johnson, Pfizer Inc., Home Depot, and Visa Inc. are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 07/12/2016. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q1 2016.This quarter, Fisher’s US long portfolio increased marginally from $52.63B to $53.89B. The number of holdings increased from 744 to 745. Significantly large positions increased from 61 to 62. The largest holding is Amazon.com at 2.78% of the US long portfolio. The five largest individual stock positions are Amazon.com, Johnson & Johnson, Pfizer Inc., Home Depot, and Visa Inc. They together account for ~13% of the overall US long portfolio.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Note: Fisher manages ~24,000 private client accounts & over 100 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown. We do know that Ken Fisher is very talented and can consistently generate alpha - his Forbes picks are his most visible performance cues and those have outperformed the S&P 500 in the vast majority of years - last three years however has underperformed.Stake Increases:Wal-Mart Stores (WMT) and Dr. Reddy’s (RDY): WMT & RDY are small (less than ~1% of the portfolio each) positions that saw significant increases this quarter. The 0.53% RDY stake was increased by ~10% at prices between $41.90 and $51.23 while the 0.68% stake in WMT was mostly purchased this quarter at prices between $63.15 and $73.02. RDY and WMT currently trades at $53.63 and $73.67 respectively. The previous significant activity in RDY was in Q1 2015 when there was a ~25% increase at prices between $50 and $57.Anheuser Busch Inbev SA ADR (BUD): BUD was a minutely small stake as of Q2 2015. In Q3 2015, the stake was increased to a ~1% of the portfolio position at prices between $104 and $129. The stock currently trades at $125. Last quarter saw a ~9% increase at prices between $111 and $127 while this quarter saw a marginal further increase.Note: AB Inbev is merging with SABMiller (SBMRY): EU approved the merger in May and US antitrust approval is expected shortly.Bank of America (BAC): BAC is a 1.06% of the US long portfolio stake. The original position was established in Q2 2013 and the following quarter at prices between $11.50 and $15 and had since been kept relatively steady. The stock currently trades at $13.66.Bayer AG ADR (BAYRY): BAYRY is a 0.93% of the US long portfolio position. The bulk of the current position was purchased in Q2 2014 at prices between $128 and $145. Q2 2015 saw a huge 84% increase at prices between $139 and $155. The stock currently trades well below their purchase price ranges at $104. For investors attempting to follow Fisher, BAYRY is a very good option to consider for further research. Last several quarters have seen only marginal activity.Note: In May, Bayer AG announced a merger proposal with Monsanto (MON) for $122 per share. The offer was raised last week to $125 per share but Monsanto’s stock price is at $103 reflecting skepticism about the deal going through.Berkshire Hathaway (BRK.B): BRK.B is a 1.50% of the US long portfolio position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%. The stock currently trades at $146. It is a very long-term position. The last six quarters have seen minor increases.Chevron Inc. (CVX), HSBC plc (HSBC) and Siemens AG (SIEGY): These are significant positions (more than 0.5% of the US long portfolio) that were increased substantially last quarter. All three positions saw marginal increases this quarter as well. The 0.72% CVX stake was increased by ~30% last quarter at prices between $79 and $98 and the stock currently trades outside that range at $107. The 0.79% HSBC position was increased by ~13% at prices between $30.71 and $39.47 and the stock is now at $31.86. SIEGY is a 0.77% portfolio stake increased by ~45% last quarter at prices between $88 and $106 and stock currently trades at $105.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares but was since reduced. Q2 2014 saw an about-turn as the position was increased by 6.7% at prices between $22.41 and $25. The activity has been marginal since. The stock currently trades at $29.82. The stake now stands at 15.5M shares (0.82% of the US long portfolio).Comcast Corporation (CMCSA): CMCSA is a 1.56% of the US long portfolio position. The original stake was established in 2012 at prices between $24 and $37. There has only been minor activity since. The stock currently trades at $66.88.CTrip.com International ADR (CTRP): CTRP is a 0.76% of the US long portfolio stake. The original position was increased by ~25% in Q3 2015 at prices between $30 and $40. Q4 2015 saw a huge ~120% increase at prices between $31 and $56. The stock currently trades at $43.08. Last two quarters have seen minor further increases.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in December 2015.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. There has only been marginal activity since. The stock currently trades at $99.80. The position stands at 8.67M shares and the stake is at 1.61% of the US long portfolio.Alphabet Inc. previously Google Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock has more than doubled and currently trades at $720. The position stands at 1.95% of the US long portfolio.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% stake in 2012 at prices between $20 and $28. The eight quarters from Q3 2013 to Q2 2015 saw a combined ~20% reduction at prices between $30 and $39. The stock currently trades at $38.44 and the remaining stake is at 0.70% of the US long portfolio. Last two quarters saw marginal increases.Oracle Corporation (ORCL): ORCL is a 0.87% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Q2 2014 saw a 6.7% increase at prices between $39 and $43 and since then the activity has been minor. The stock currently trades at $41.77. Last quarter saw marginal selling while this quarter saw a minor increase.Procter & Gamble (PG): PG is another long-term 1.29% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. Last eight quarters have seen marginal buying. The stock currently trades at ~$86.Roche Holding Limited ADR (RHHBY): RHHBY was a minutely small 0.19% of the portfolio position as of Q1 2015. The following quarter saw a whopping ~400% increase at prices between $34.38 and $38.46. The stock currently trades below that range at $32.50 and the stake is now at 0.91% of the portfolio. Last four quarters have seen marginal increases.SAP AG ADR (SAP): SAP is a 0.91% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stake has wavered since. Q4 2014 saw a ~6% reduction at prices between $64.14 and $72.16 while Q1 2015 saw a 4.5% increase at prices between $63.56 and $73.53. There were very minor increases in the last five quarters. The stock currently trades at $78.97.Taiwan Semiconductor (TSM): TSM is a very long-term 1.48% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. Last nine quarters have seen a combined ~70% increase at prices between $19 and $26. The stock currently trades at ~$27.UBS AG GRS (UBS): UBS is a 0.73 % of the US long portfolio position established in Q3 2013 at prices between $16.92 and $21.45. The original stake was reduced by around one-third in Q4 2013 at prices between $19.30 and $21.60. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.62 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18.32 and $21.15. In Q4 2014, the pattern reversed as the position was reduced by ~39%. Last six quarters have seen a combined ~26% increase at prices between $13 and $23. The stock currently trades near the low end of that range at $13.17.Citigroup Inc. (C), Coca Cola (KO), GlaxoSmithKline plc ADR (GSK), HDFC Bank (HDB), Infosys Ltd. (INFY), Intel Corporation (INTC), Microsoft Corporation (MSFT), Novartis A G ADR (NVS), PepsiCo Inc. (PEP), Qualcomm Inc. (QCOM), Sanofi ADR (SNY), Tata Motors (TTM), Daimler AG ADR (DDAIF), General Electric (GE), Merck Inc. (MRK), and Visa Inc. (V): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:Amazon.com (AMZN): AMZN is the largest individual stock position at 2.78% of the portfolio. The position is from 2011 and has tripled: the cost-basis is ~$200 compared to the current price of $735. This quarter saw a ~21% selling at prices between $586 and $728. Fisher is starting to harvest huge long term gains.American Express (AXP): AXP has been in the portfolio since 2012. The original stake was around 9M shares and the current stake is 11.73M shares. This quarter saw a marginal decrease and the position is at 1.35% of the US long portfolio.Apple Inc. (AAPL): AAPL is a fairly large 2.04% individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. Last six quarters saw marginal increases while this quarter saw a very minor reduction. The stock currently trades at $98.78.Exxon Mobil (XOM): XOM is a very long-term position. In 2008, just over 5M shares were purchased at prices between $62 and $95. Most of that position was eliminated in 2009 at prices between $66 and $82. The stake was built back up in 2011 at prices between $69 and $87. Q3 2015 saw a ~22% increase at prices between $68.71 and $83.14. Last quarter saw an about turn: ~16% reduction at prices between $73.18 and $84.53. The current position stands at 4.53M shares (0.79% of the US long portfolio) and the stock is at $95.12. There was marginal further selling this quarter.Home Depot (HD): HD is a top-five 2.12% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock has more than doubled and currently trades at $135. Last two quarters have seen marginal reductions.JP Morgan Chase (JPM): JPM is a 1.62% of the US long portfolio position. The bulk of the current stake was established in 2012 when almost 12M shares were purchased at prices between $32 and $46. The stock currently trades at $64.18 and the position is at 14M shares. The stake saw marginal buying in the last five quarters while this quarter saw a marginal reduction.Johnson & Johnson (JNJ): JNJ is a large top-three 2.47% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The last significant buying was in Q2 2014 when a 4.7% stake increase happened at prices between $96 and $106. Last few quarters had seen minor additional buying while this quarter saw a marginal reduction. The stock currently trades at $123.LVMH Moet Hennssy ADR (LVMUY): LVMUY was a 1.26% of the US long portfolio position as of Q3 2014. It was reduced by 22% in Q4 2014 at prices between $31.59 and $35.84. The following quarter saw a further ~43% reduction at prices between $34.59 and $38.18. Last quarter saw the pattern reverse: ~19% increase at prices between $29.26 and $35.31. The stock currently trades at $30.85. The original position is from 2008 with the bulk purchased in 2012 at prices between $27.62 and $37.24. This quarter saw marginal selling.Lloyds Banking Group plc ADR (LYG): LYG is a 0.45% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The stake was increased by ~10% in Q1 2014 at prices between $5 and $5.76 and another two-thirds the following quarter at prices between $4.83 and $5.53. Q4 2014 saw a one-third reduction at prices between $4.64 and $5.04. The activity has been very minor since. The stock currently trades well below those ranges at $3.02. Last two quarters have seen marginal reductions.Novo-Nordisk A S ADR (NVO): NVO was first purchased in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last eight quarters have seen a combined ~20% reduction. The stock currently trades at $55.13 and the position is at 1.13% of the US long portfolio.Pfizer Inc. (PFE), Schlumberger Ltd. (SLB), United Technologies (UTX), and Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for around 13% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW) - 4.9%, Heartland Payment Systems (HPY) - 3.3%, Wright Medical (WMGI) - 4.6%, and Veeco Instruments (VECO) - 4.5%.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q2 2016:13G’s during Q3 & Q4 2015: None.13G’s during Q1 2015: PMCS (1/30/2015 - 11.84M shares, 5.95%), RYL (1/30/2015 - 2.3M shares, 4.96%), VECO (1/30/2015 - 2.12M shares - 5.26%), WMGI (1/30/2015 - 2.35M shares - 4.6%), HPY (1/30/2015 - 1.84M shares - 5.05%), AAWW (1/30/2015 - 1.7M shares - 6.8%), OVTI (2/25/2015 - 0 - 0%)."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q1 2016 Update"

"Fisher’s US long portfolio value increased from $51.9B to $52.63B in Q1 2016.Amazon.com, Apple Inc., Johnson & Johnson, Visa Inc., and Home Depot are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 04/18/2016. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q4 2015.This quarter, Fisher’s US long portfolio increased marginally from $51.9B to $52.63B. The number of holdings decreased from 793 to 744. Significantly large positions increased from 60 to 61. The largest holding is Amazon.com at 2.98% of the US long portfolio. The five largest individual stock positions are Amazon.com, Apple Inc., Johnson & Johnson, Visa Inc., and Home Depot. They together account for ~13% of the overall US long portfolio.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Note: Fisher manages ~24,000 private client accounts & over 100 institutional accounts. Each such portfolio is personalized to client requirements and beating the S&P is not the focus for many of them. "13F Portfolio performance" which would be the performance of the sum total of all such monies in 13F securities is an unknown. We do know that Ken Fisher is very talented and can consistently generate alpha - his Forbes picks are his most visible performance cues and those have outperformed the S&P 500 in the vast majority of years.Stake Increases:Chevron Inc. (CVX), HSBC plc (HSBC) and Siemens AG (SIEGY): These are significant positions (more than 0.5% of the US long portfolio) that were increased substantially this quarter. The 0.67% CVX stake was increased by ~30% this quarter at prices between $79 and $98 and the stock currently trades outside that range at $102. The 0.79% HSBC position was increased by ~13% at prices between $30.71 and $39.47 and the stock is now at $33.67. SIEGY is a 0.77% portfolio stake increased by ~45% this quarter at prices between $88 and $106 and stock currently trades just outside that range at $109.LVMH Moet Hennssy ADR (LVMUY): LVMUY was a 1.26% of the US long portfolio position as of Q3 2014. It was reduced by 22% in Q4 2014 at prices between $31.59 and $35.84. The following quarter saw a further ~43% reduction at prices between $34.59 and $38.18. This quarter saw the pattern reverse: ~19% increase at prices between $29.26 and $35.31. The stock currently trades at $33.74. The original position is from 2008 with the bulk of the current stake purchased in 2012 at prices between $27.62 and $37.24.Amazon.com (AMZN): AMZN is the largest individual stock position at 2.98% of the portfolio. The stake saw a marginal increase this quarter. The position is from 2011 and has tripled: the cost-basis is ~$200 compared to the current price of $621.American Express (AXP): AXP has been in the portfolio since 2012. The original stake was around 9M shares and the current stake is 11.83M shares. This quarter saw a marginal increase and the position is at 1.40% of the US long portfolio.Anheuser Busch Inbev SA ADR (BUD): BUD was a minutely small stake as of Q2 2015. In Q3 2015, the stake was increased to a ~1% of the portfolio position at prices between $104 and $129. The stock currently trades at $128. This quarter saw a ~9% increase at prices between $111 and $127.Apple Inc. (AAPL): AAPL is a 2.29% top-three individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. Last six quarters have also seen marginal increases. The stock currently trades at $106.Bank of America (BAC): BAC is a 1.15% of the US long portfolio stake. The original position was established in Q2 2013 and Q3 2013 at prices between $11.50 and $15 and had since been kept relatively steady. The stock currently trades at $15.10.Barclays PLC ADR (BCS): BCS was an insignificantly small position as of Q3 2014. It was increased to a ~0.50% of the US long portfolio position in Q4 2014 at prices between $13.50 and $15.54. Last four quarters have seen a combined ~23% increase at prices between $8.62 and $12.96. The stock currently trades near the low end of their purchase price ranges at $9.90.Bayer AG ADR (BAYRY): BAYRY is a 1.10% of the US long portfolio position. The bulk of the current position was purchased in Q2 2014 at prices between $128 and $145. Q2 2015 saw a huge 84% increase at prices between $139 and $155. The stock currently trades below their purchase price ranges at $125. For investors attempting to follow Fisher, BAYRY is a very good option to consider for further research. Last few quarters have seen only marginal activity.CTrip.com International ADR (CTRP): CTRP is a 0.85% of the US long portfolio stake. The original position was increased by ~25% in Q3 2015 at prices between $30 and $40. Last quarter saw a huge ~120% increase at prices between $31 and $56. The stock currently trades at $47.12. This quarter saw a ~5% further increase.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in December 2015.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. There has only been marginal activity since. The stock currently trades at $104. The position currently stands at 8.65M shares (1.62% of the US long portfolio).JP Morgan Chase (JPM): JPM is a 1.65% of the US long portfolio position. The bulk of the current stake was established in 2012 when almost 12M shares were purchased at prices between $32 and $46. The stock currently trades at $63.98 and the position is at 14M shares. The stake saw marginal buying in the last five quarters.Johnson & Johnson (JNJ): JNJ is a large top-five 2.27% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The last significant buying was in Q2 2014 when a 4.7% stake increase happened at prices between $96 and $106. Last few quarters have seen minor additional buying. The stock currently trades at $113.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% position in 2012 at prices between $20 and $28. The eight quarters from Q3 2013 to Q2 2015 saw a combined ~20% reduction at prices between $30 and $39. The stock currently trades at $36.72 and the remaining stake is at 0.66% of the US long portfolio. This quarter saw a marginal increase.Procter & Gamble (PG): PG is another long-term 1.25% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. Last seven quarters have seen minor buying. The stock currently trades at $80.94.Roche Holding Limited ADR (RHHBY): RHHBY was a minutely small 0.19% of the portfolio position as of Q1 2015. Q2 2015 saw a whopping ~400% increase at prices between $34.38 and $38.46. The stock currently trades below that range at $32.35 and the stake is now at 0.91% of the portfolio. Last three quarters have seen marginal increases.SAP AG ADR (SAP): SAP is a 0.91% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stake has wavered since. Q4 2014 saw a ~6% reduction at prices between $64.14 and $72.16 while Q1 2015 saw a 4.5% increase at prices between $63.56 and $73.53. There were very minor increases in the last four quarters. The stock currently trades at $80.20.UBS AG GRS (UBS): UBS is a 1.09 % of the US long portfolio position established in Q3 2013 at prices between $16.92 and $21.45. The original stake was reduced by around one-third in Q4 2013 at prices between $19.30 and $21.60. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.62 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18.32 and $21.15. In Q4 2014, the pattern reversed as the position was reduced by ~39%. Last five quarters have seen a combined ~23% increase at prices between $14.88 and $23.06. The stock currently trades at $16.60.Daimler AG ADR (DDAIF), GlaxoSmithKline plc ADR (GSK), HDFC Bank (HDB), Infosys Ltd. (INFY), Intel Corporation (INTC), Microsoft Corporation (MSFT), Novartis A G ADR (NVS), PepsiCo Inc. (PEP), Qualcomm Inc. (QCOM), Sanofi ADR (SNY), Schlumberger Ltd. (SLB), Tata Motors (TTM), United Technologies (UTX), Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:Exxon Mobil (XOM): XOM is a very long-term position. In 2008, just over 5M shares were purchased at prices between $62 and $95. Most of that position was eliminated in 2009 at prices between $66 and $82. The stake was built back up in 2011 at prices between $69 and $87. Q3 2015 saw a ~22% increase at prices between $68.71 and $83.14. This quarter saw an about turn: ~16% reduction at prices between $73.18 and $84.53. The current position stands at 4.54M shares (0.73% of the US long portfolio) and the stock is at $87.52.Berkshire Hathaway (BRK.B): BRK.B is a 1.52% of the US long portfolio position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%. The stock currently trades at $146. It is a very long-term position. The last five quarters have seen minor increases.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares but was since reduced. Q2 2014 saw an about-turn as the position was increased by 6.7% at prices between $22.41 and $25. The activity has been marginal since. The stock currently trades at $28.15. The stake now stands at 15.4M shares (0.82% of the US long portfolio).Comcast Corporation (CMCSA): CMCSA is a 1.46% of the US long portfolio position. The original stake was established in 2012 at prices between $24 and $37. There has only been minor activity since. The stock currently trades at $61.10.Alphabet Inc. previously Google Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock has more than doubled and currently trades at $719. The position currently stands at 2.13% of the US long portfolio.Home Depot (HD): HD is a top-five 2.17% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock has more than doubled and currently trades at $136.Lloyds Banking Group plc ADR (LYG): LYG is a 0.63% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The stake was increased by ~10% in Q1 2014 at prices between $5 and $5.76 and another two-thirds the following quarter at prices between $4.83 and $5.53. Q4 2014 saw a one-third reduction at prices between $4.64 and $5.04. The activity has been very minor since. The stock currently trades at $4.01. This quarter saw a marginal reduction.Novo-Nordisk A S ADR (NVO): NVO was first purchased in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last seven quarters have seen a combined ~17% reduction. The stock currently trades at $56.80 and the position is at 1.19% of the US long portfolio. Fisher is harvesting long-term gains from this position.Oracle Corporation (ORCL): ORCL is a 0.89% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Q2 2014 saw a 6.7% increase at prices between $39 and $43 and since then the activity has been minor. The stock currently trades at $40.70. This quarter saw marginal selling.Taiwan Semiconductor (TSM): TSM is a very long-term 1.36% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. Last eight quarters have seen a combined ~62% increase at prices between $18.88 and $26.04. The stock currently trades at $25.07.Citigroup Inc. (C), Coca Cola (KO), General Electric (GE), Merck Inc. (MRK), Pfizer Inc. (PFE), and Visa Inc. (V): These are significant positions (more than 0.5% of the US long portfolio) that were decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for around 13% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW) - 4.95%, Heartland Payment Systems (HPY) - 3.33%, Wright Medical (WMGI) - 4.6%, Veeco Instruments (VECO) - 4.47%, and Ryland Group (RYL) - 4.96.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q1 2016:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q4 2015 Update"

"Fisher’s US long portfolio value increased from $48B to $51.9B in Q4 2015.Amazon.com, Apple Inc., Visa Inc., Alphabet Inc., and Home Depot are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 01/14/2016. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q3 2015.This quarter, Fisher’s US long portfolio increased 8.14% from $48B to $51.9B. The number of holdings increased from 716 to 793. Significantly large positions decreased from 64 to 60. The largest holding is Amazon.com at 3.25% of the US long portfolio. The five largest individual stock positions are Amazon.com, Apple Inc., Visa Inc., Alphabet Inc., and Home Depot. They together account for ~13% of the overall US long portfolio.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Stake Increases:CTrip.com International ADR (CTRP): CTRP is a 0.79% of the US long portfolio stake. The original position was increased by ~25% last quarter at prices between $30 and $40. This quarter saw a huge ~120% increase at prices between $31 and $56. The stock currently trades at $42.01.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in December.American Express (AXP): AXP has been in the portfolio since 2012. The original stake was around 9M shares and the current stake is 11.73M shares. This quarter saw a marginal increase and the position is at 1.57% of the US long portfolio.Anheuser Busch Inbev SA ADR (BUD): BUD was a minutely small stake as of Q2 2015. Last quarter, the stake was increased to a ~1% of the portfolio position at prices between $104 and $129. The stock currently trades near the mid-point of that range at $119. This quarter saw a very minor further increase.Apple Inc. (AAPL): AAPL is a 2.29% top-three individual stock position that was built-up in 2012 at prices between $60 and $72. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. Last five quarters have also seen marginal increases. The stock currently trades at $96.66.Bank of America (BAC): BAC is a 1.40% of the US long portfolio stake. The original position was established in Q2 2013 and Q3 2013 at prices between $11.50 and $15 and had since been kept relatively steady. The stock currently trades at $14.24.Barclays PLC ADR (BCS): BCS was an insignificantly small position as of Q3 2014. It was increased to a ~0.50% of the US long portfolio position in Q4 2014 at prices between $13.50 and $15.54. Last three quarters have seen a combined ~13% increase at prices between $12.80 and $18. The stock currently trades below those ranges at $10.75.Berkshire Hathaway (BRK.B): BRK.B is a 1.42% of the US long portfolio position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%. The stock currently trades at $128. It is a very long-term position. The last four quarters have seen minor increases.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares but was since reduced. Q2 2014 saw an about-turn as the position was increased by 6.7% at prices between $22.41 and $25. The activity has been marginal since. The stock currently trades at $23.85. The stake now stands at 15.49M shares (0.81% of the US long portfolio).Comcast Corporation (CMCSA): CMCSA is a 1.35% of the US long portfolio position. The original stake was established in 2012 at prices between $24 and $37. There has only been minor activity since. The stock currently trades at $54.25.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. There has only been marginal activity since. The stock currently trades at $93.94. The position currently stands at 8.61M shares (1.74% of the US long portfolio).Alphabet Inc. previously Google Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock has more than doubled and currently trades at $702. Q2 2014 saw a 5.8% stake increase and that was followed by marginal additional purchases in the last six quarters. The top-five position currently stands at 2.16% of the US long portfolio.Home Depot (HD): HD is a top-five 2.16% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. Last few quarters have seen minor additional buying. The stock currently trades well above his original purchase price range at $120.JP Morgan Chase (JPM): JPM is a 1.78% of the US long portfolio position. The bulk of the current stake was established in 2012 when almost 12M shares were purchased at prices between $32 and $46. The stock currently trades at $57.02 and the position is at 13.99M shares. The stake saw marginal buying in the last four quarters.Johnson & Johnson (JNJ): JNJ is a fairly large 2.14% of the portfolio position. Around two-thirds of the stake was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The last significant buying was in Q2 2014 when a 4.7% stake increase happened at prices between $96 and $106. Last few quarters have seen minor additional buying. The stock currently trades at $97.46.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% position in 2012 at prices between $20 and $28. The eight quarters from Q3 2013 to Q2 2015 saw a combined ~20% reduction at prices between $30 and $39. The stock currently trades at $32.30 and the remaining stake is at 0.62% of the US long portfolio. This quarter saw a marginal increase.LVMH Moet Hennssy ADR (LVMUY): LVMUY was a 1.26% of the US long portfolio position as of Q3 2014. It was reduced by 22% to a 0.94% stake in Q4 2014 at prices between $31.59 and $35.84. The following quarter saw a further ~43% reduction at prices between $34.59 and $38.18. The remaining position is at 0.48% of the US long portfolio. The stock currently trades at $30.39. The original position is from 2008 with the bulk of the current stake purchased in 2012 at prices between $27.62 and $37.24. Last two quarters have seen only very minor activity.Lloyds Banking Group plc ADR (LYG): LYG is a 0.72% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The stake was increased by ~10% in Q1 2014 at prices between $5 and $5.76 and another two-thirds the following quarter at prices between $4.83 and $5.53. Q4 2014 saw a one-third reduction at prices between $4.64 and $5.04. The activity has been very minor since. The stock currently trades at $3.76.Oracle Corporation (ORCL): ORCL is a 0.80% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Q2 2014 saw a 6.7% increase at prices between $39 and $43 and since then the activity has been minor. The stock currently trades at $34.55.Procter & Gamble (PG): PG is another long-term 1.22% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. Last six quarters have seen minor buying. The stock currently trades at $76.73.Roche Holding Limited ADR (RHHBY): RHHBY was a minutely small 0.19% of the portfolio position as of Q1 2015. Q2 2015 saw a whopping ~400% increase at prices between $34.38 and $38.46. The stock currently trades at $32.34 and the stake is now at ~1% of the portfolio. Last two quarters have seen marginal increases.SAP AG ADR (SAP): SAP is a 0.93% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stake has wavered since. Q4 2014 saw a ~6% reduction at prices between $64.14 and $72.16 while Q1 2015 saw a 4.5% increase at prices between $63.56 and $73.53. There were very minor increases in the last three quarters. The stock currently trades at $78.34.Taiwan Semiconductor (TSM): TSM is a very long-term 1.23% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. Last seven quarters have seen a combined ~29% increase at prices between $17 and $25. The stock currently trades at $21.67.UBS AG GRS (UBS): UBS is a 1.09 % of the US long portfolio position established in Q3 2013 at prices between $16.92 and $21.45. The original stake was reduced by around one-third in Q4 2013 at prices between $19.30 and $21.60. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.62 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18.32 and $21.15. In Q4 2014, the pattern reversed as the position was reduced by ~39%. Last four quarters have seen a combined ~18% increase at prices between $16 and $23. The stock currently trades at $16.87.Citigroup Inc. (C), Coca Cola (KO), Daimler AG ADR (DDAIF), General Electric (GE), GlaxoSmithKline plc ADR (GSK), HDFC Bank (HDB), Infosys Ltd. (INFY), Intel Corporation (INTC), Microsoft Corporation (MSFT), Merck Inc. (MRK), Novartis A G ADR (NVS), PepsiCo Inc. (PEP), Pfizer Inc. (PFE), Sanofi ADR (SNY), Schlumberger Ltd. (SLB), United Technologies (UTX), Visa Inc. (V), & Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:Amazon.com (AMZN): AMZN is the largest individual stock position at 3.25% of the portfolio. The stake saw a marginal reduction this quarter. The position is from 2011 and the cost-basis is ~$200 compared to the current price of $575.Bayer AG ADR (BAYRY): BAYRY is a 1.14% of the US long portfolio position. The bulk of the current position was purchased in Q2 2014 at prices between $128 and $145. Q2 2015 saw a huge 84% increase at prices between $139 and $155. The stock currently below the low-end of his purchase-price-ranges at $111. For investors attempting to follow Fisher, BAYRY is a very good option to consider for further research.Credit Suisse Group AG ADR (CS): CS was an insignificantly small position as of Q3 2014. It was increased to a ~0.50% of the US long portfolio position in Q4 2014 at prices between $24.84 and $28.08. The stock currently trades below the low-end of that range at $18.49. The stake is now at 0.42% of the portfolio.Dr. Reddy’s ADR (RDY): RDY stake is now very small at 0.40% of the US long portfolio. Last significant activity was in Q1 2015 when there was a ~25% increase at prices between $50 and $57. The stock is now well below that range at $42.64.Exxon Mobil (XOM): XOM is a very long-term position. In 2008, just over 5M shares were purchased at prices between $62 and $95. Most of that position was eliminated in 2009 at prices between $66 and $82. The stake was built back up in 2011 at prices between $69 and $87. Last quarter saw a ~22% increase at prices between $68.71 and $83.14. The current position stands at 5.39M shares (0.81% of the US long portfolio) and the stock is at $76.36. This quarter saw a very minor decrease.Novo-Nordisk A S ADR (NVO): NVO was first purchased in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last six quarters have seen a combined ~16% reduction. The stock currently trades at $53.20 and the position is at 1.28% of the US long portfolio. Fisher is harvesting long-term gains from this position.HSBC plc (HSBC) and Qualcomm Inc. (QCOM): These are significant positions (more than 0.5% of the US long portfolio) that were decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Kept Steady:None.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for around 13% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW) - 6.8%, Heartland Payment Systems (HPY) - 5.05%, Wright Medical (WMGI) - 4.6%, Veeco Instruments (VECO) - 5.26%, Ryland Group (RYL) - 4.96%, and PMC-Sierra (PMCS) - 5.95%.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q4 2015:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2015 Update"

"Fisher’s US long portfolio value decreased from $51.45B to $48B in Q3 2015.Amazon.com, Apple Inc., Visa, Pfizer, and Johnson & Johnson are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 10/20/2015. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q2 2015.This quarter, Fisher’s US long portfolio decreased 6.70% from $51.45B to $48B. The number of holdings increased from 632 to 716. Significantly large positions remained steady at 64. The largest holding is Amazon.com at 2.66% of the US long portfolio. The five largest individual stock positions are Amazon.com, Apple Inc., Visa, Pfizer, and Johnson & Johnson. They together account for ~13% of the overall US long portfolio.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Stake Increases:Anheuser Busch Inbev SA ADR (BUD): BUD was a minutely small stake as of last quarter. This quarter, the stake was increased to a ~1% of the portfolio position at prices between $104 and $129. The stock currently trades at $119.Exxon Mobil (XOM): XOM is a very long-term position. In 2008, just over 5M shares were purchased at prices between $62 and $95. Most of that position was eliminated in 2009 at prices between $66 and $82. The stake was built back up in 2011 at prices between $69 and $87. This quarter saw a ~22% increase at prices between $68.71 and $83.14. The current position stands at 5.47M shares (0.85% of the US long portfolio). The stock currently trades at $82.97.CTrip.com International ADR (CTRP): CTRP is a 0.53% of the US long portfolio stake. It was increased by ~25% this quarter at prices between $60.50 and $79.50. The stock currently trades at $74.34.Apple Inc. (AAPL): AAPL is a 2.56% of the US long portfolio position that was built-up in 2012 at prices between $60 and $72. It is currently the second-largest individual stock position. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. Last four quarters have also seen marginal increases. The stock currently trades at $119.Barclays PLC ADR (BCS): BCS was an insignificantly small position as of Q3 2014. It was increased to a ~0.50% of the US long portfolio position in Q4 2014 at prices between $13.50 and $15.54. Last two quarters have seen a combined ~11% increase at prices between $14.57 and $17.98. The stock currently trades at $15.51.Bayer AG ADR (BAYRY): BAYRY is a 1.25% of the US long portfolio position. The bulk of the current position was purchased in Q2 2014 at prices between $128 and $145. Last quarter saw a huge 84% increase at prices between $139 and $155. This quarter saw a marginal further increase. The stock currently trades near the low-end of his purchase-price-ranges at $129. For investors attempting to follow Fisher, BAYRY is a very good option to consider for further research.Berkshire Hathaway (BRK.B): BRK.B is a 1.50% of the US long portfolio position. The last three quarters have seen minor increases. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%. The stock currently trades at $138. It is a very long-term position.Comcast Corporation (CMCSA): CMCSA is a 1.45% of the US long portfolio position. The original stake was established in 2012 at prices between $24 and $37. It had since been marginally reduced. Q2 2014 saw a 5.2% increase at prices between $48 and $54. There has only been minor activity since. The stock currently trades at $61.98.Credit Suisse Group AG ADR (CS): CS was an insignificantly small position as of Q3 2014. It was increased to a ~0.50% of the US long portfolio position in Q4 2014 at prices between $24.84 and $28.08. The stock currently trades at the low-end of that range at $24.85. Last three quarters have seen very minor increases.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. The stock has more than doubled and currently trades at $113. Q2 2014 saw a 5% stake increase at prices between $77 and $85.50. There has only been marginal activity since. The position currently stands at 8.51M shares (1.81% of the US long portfolio).Alphabet Inc. previously Google Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock has more than doubled and currently trades at $702. Q2 2014 saw a 5.8% stake increase and that was followed by marginal additional purchases in the last five quarters. The position currently stands at 1.88% of the US long portfolio.Home Depot (HD): HD is a 2.02% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2014 saw a 6.2% stake increase at prices between $75.70 and $81. There has only been very minor activity since. The stock currently trades well above his purchase price ranges at $125.JP Morgan Chase (JPM): JPM is a 1.76% of the US long portfolio position. The bulk of the current stake was established in 2012 when almost 12M shares were purchased at prices between $32 and $46. The stock currently trades at $63.88 and the position is at 13.82M shares. The stake saw marginal buying in the last three quarters.Johnson & Johnson (JNJ): JNJ is a top-five individual stock position at $998M (2.08% of the US long portfolio - 10.69M shares). Around two-thirds of the position was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The last significant buying was in Q2 2014 when a 4.7% stake increase happened at prices between $96 and $106. The stock currently trades at $100.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% position in 2012 at prices between $20 and $28. Last two years saw a combined ~20% reduction at prices between $30 and $39. The stock currently trades at $38.34 and the remaining stake is at 0.67% of the US long portfolio. This quarter saw a marginal increase.Procter & Gamble (PG): PG is another long-term 1.17% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. Last five quarters have seen minor buying. The stock currently trades at $77.03.Roche Holding Limited ADR (RHHBY): RHHBY was a minutely small 0.19% of the portfolio position as of Q1 2015. Last quarter saw a whopping ~400% increase at prices between $34.38 and $38.46 and this quarter saw a marginal further increase. The stock currently trades at $33.95 and the stake is now at ~1% of the portfolio.SAP AG ADR (SAP): SAP is a 0.81% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stake has wavered since. Q4 2014 saw a ~6% reduction at prices between $64.14 and $72.16 while Q1 2015 saw a 4.5% increase at prices between $63.56 and $73.53. There were very minor increases in the last two quarters. The stock currently trades at $77.32.Taiwan Semiconductor (TSM): TSM is a very long-term 1.19% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. Last six quarters have seen a combined ~27% increase at prices between $20 and $25. The stock currently trades at $22.47.UBS AG GRS (UBS): UBS is a 1.07 % of the US long portfolio position established in Q3 2013 at prices between $16.92 and $21.45. The original stake was reduced by around one-third in Q4 2013 at prices between $19.30 and $21.60. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.62 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18.32 and $21.15. In Q4 2014, the pattern reversed as the position was reduced by ~39%. Last three quarters have seen minor buying. The stock currently trades at $20.55.Amazon.com (AMZN), Citigroup Inc. (C), Coca Cola (KO), Daimler AG ADR (DDAIF), General Electric (GE), HDFC Bank (HDB), Intel Corporation (INTC), Novartis A G ADR (NVS), PepsiCo Inc. (PEP), Pfizer Inc. (PFE), Sanofi ADR (SNY), Visa Inc. (V), & Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:Chevron Corporation (CVX): CVX has been in the portfolio since 2009. Most of the stake was purchased in 2012 at prices between $96 and $117. This quarter saw a ~26% reduction at prices between $70 and $97. The stock is currently at $91.24. The position currently accounts for 0.43% of the US long portfolio.Toyota Motor ADR (TM): The 1.23% TM stake as of last quarter was almost eliminated this quarter at prices between $114 and $136. The stock currently trades at $126. The original position is from 2012 purchased in the high-70s.American Express (AXP): AXP has been in the portfolio since 2012. The original stake was around 9M shares and the current stake is 11.58M shares. This quarter saw a marginal decrease and the position is fairly large at 1.79% of the US long portfolio.Bank of America (BAC): BAC is a 1.39% of the US long portfolio stake. The original position was established in Q2 2013 and Q3 2013 at prices between $11.50 and $15 and had since been kept relatively steady. The stock currently trades at $16.53.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares but was since reduced. Q2 2014 saw an about-turn as the position was increased by 6.7% at prices between $22.41 and $25. The activity has been marginal since. The stock currently trades at $29.35. The stake now stands at 15.35M shares (0.84% of the US long portfolio).LVMH Moet Hennssy ADR (LVMUY): LVMUY was a 1.26% of the US long portfolio position as of Q3 2014. It was reduced by 22% to a 0.94% stake in Q4 2014 at prices between $31.59 and $35.84. Last quarter saw a further ~43% reduction at prices between $34.59 and $38.18 and this quarter saw a marginal further decrease. The stock currently trades at $37.78. The position was first established in 2008 with the bulk of the current stake purchased in 2012 at prices between $27.62 and $37.24. The remaining stake is at 0.55% of the US long portfolio.Lloyds Banking Group plc ADR (LYG): LYG is a 0.82% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The stake was increased by ~10% in Q1 2014 at prices between $5 and $5.76 and another two-thirds the following quarter at prices between $4.83 and $5.53. Q4 2014 saw a one-third reduction at prices between $4.64 and $5.04. Last three quarters have also seen minor selling. The stock currently trades at $4.83.Novo-Nordisk A S ADR (NVO): NVO was first purchased in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last five quarters have seen a combined ~15% stake reduction. The stock currently trades at $55.72 and the position is at 1.32% of the US long portfolio. Fisher is harvesting long-term gains from this position.Oracle Corporation (ORCL): ORCL is a 0.84% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Q2 2014 saw a 6.7% increase at prices between $39 and $43 and since then the activity has been minor. The stock currently trades at $38.07.Qualcomm Inc. (QCOM): QCOM is a 1.05% of the US long portfolio position first purchased in 2011 at prices between $46 and $60. The stake was increased by ~62% in 2012 at prices between $55 and $68. Last significant activity was in Q2 2014 when the stake was increased by ~5% at prices between $77.61 and $81.32. The stock currently trades well below his most recent purchase-price-range at $60.72.Infosys Ltd. (INFY), Tata Motors ADR (TTM), & Dr. Reddy’s ADR (RDY): The stakes in these Indian ADRs were built up over several quarters. They each represent less than 1% of the US long portfolio but combined are at around 2%. All three stakes saw minor reductions this quarter. For investors attempting to follow Fisher, these are good options to consider for further research.GlaxoSmithKline plc ADR (GSK), HSBC plc (HSBC), Microsoft Corporation (MSFT), Merck Inc. (MRK), Schlumberger Ltd. (SLB), & United Technologies (UTX): These are significant positions (more than 0.5% of the US long portfolio) that were decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Kept Steady:None.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for around 13% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW) - 6.8%, Heartland Payment Systems (HPY) - 5.05%, Wright Medical (WMGI) - 4.6%, Veeco Instruments (VECO) - 5.26%, Ryland Group (RYL) - 4.96%, and PMC-Sierra (PMCS) - 5.95%.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q3 2015:13G’s during Q3 2015: None.13G’s during Q1 2015: PMCS (1/30/2015 - 11.84M shares, 5.95%), RYL (1/30/2015 - 2.3M shares, 4.96%), VECO (1/30/2015 - 2.12M shares - 5.26%), WMGI (1/30/2015 - 2.35M shares - 4.6%), HPY (1/30/2015 - 1.84M shares - 5.05%), AAWW (1/30/2015 - 1.7M shares - 6.8%), OVTI (2/25/2015 - 0 - 0%)."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q2 2015 Update"

"Fisher’s US long portfolio value increased from $50.05B to $51.45B in Q2 2015.Apple Inc., Amazon.com, Pfizer, Wells Fargo, and Johnson & Johnson are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 07/16/2015. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q1 2015.This quarter, Fisher’s US long portfolio increased 2.80% from $50.05B to $51.45B. The number of holdings increased 605 to 632. Significantly large positions increased from 59 to 61. The largest holding is Apple Inc. at 2.68% of the US long portfolio. The five largest individual stock positions are Apple Inc., Amazon.com, Pfizer, Wells Fargo, and Johnson & Johnson. They together account for ~13% of the overall US long portfolio.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.Stake Increases:Bayer AG ADR (BAYRY): BAYRY is a 1.25% of the US long portfolio position. The bulk of the current position was purchased in Q2 2014 at prices between $128 and $145. This quarter saw a huge 84% increase at prices between $139 and $155. The stock currently trades at $147.Roche Holding Limited ADR (RHHBY): RHHBY was a minutely small 0.19% of the portfolio position as of last quarter. This quarter saw a whopping ~400% increase at prices between $34.38 and $38.46. The stock currently trades at $36.05 and the stake is now at ~1% of the portfolio.HDFC Bank (HDB), Infosys Ltd. (INFY), & Tata Motors ADR (TTM): The stakes in these Indian ADRs were built up over several quarters. They each represent less than 1% of the US long portfolio but combined are at around 2%. All three stakes have seen significant increases in the last two quarters indicating a clear bullish bias. For investors attempting to follow Fisher, these are very good options to consider for further research.American Express (AXP): AXP has been in the portfolio since 2012. The original stake was around 9M shares and the current stake is 11.58M shares. This quarter saw a marginal increase and the position is fairly large at 1.75% of the US long portfolio.Apple Inc. (AAPL): AAPL is a 2.68% of the US long portfolio position that was built-up in 2012 at prices between $60 and $72. It is currently the largest individual stock position. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. Last three quarters have also seen marginal increases. The stock currently trades at $122.Bank of America (BAC): BAC is a 1.41% of the US long portfolio stake. The original position was established in Q2 2013 and Q3 2013 at prices between $11.50 and $15 and had since been kept relatively steady. Q4 2014 saw marginal selling while last two quarters have seen minor increases. The stock currently trades at $18.12.Barclays PLC ADR (BCS): BCS was an insignificantly small position as of Q3 2014. It was increased to a ~0.50% of the US long portfolio position in Q4 2014 at prices between $13.50 and $15.54. This quarter saw a further ~5.5% increase at prices between $14.57 and $17.15. The stock currently trades at $17.83.Berkshire Hathaway (BRK.B): BRK.B is a 1.46% of the US long portfolio position. The last two quarters have seen minor increases. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%. The stock currently trades at $143. It is a very long-term position.Chevron Corporation (CVX): CVX has been in the portfolio since 2009. Most of the stake was purchased in 2012 at prices between $96 and $117. The stock currently trades just below that range at $93. Last two quarters have seen marginal increases. The position currently accounts for 0.66% of the US long portfolio.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares but was since reduced. Q2 2014 saw an about-turn as the position was increased by 6.7% at prices between $22.41 and $25. Last four quarters have also seen marginal increases. The stock currently trades at $28.30. The stake now stands at 15.47M shares (0.83% of the US long portfolio).Comcast Corporation (CMCSA): CMCSA is a 1.42% of the US long portfolio position. The original stake was established in 2012 at prices between $24 and $37. It had since been marginally reduced. Q2 2014 saw a 5.2% increase at prices between $48 and $54 and the following three quarters saw marginal trimming. There was a very minor increase this quarter. The stock currently trades at $62.36.Credit Suisse Group AG ADR (CS): CS was an insignificantly small position as of Q3 2014. It was increased to a ~0.50% of the US long portfolio position in Q4 2014 at prices between $24.84 and $28.08. The stock currently trades just outside that range at $29.44. Last two quarters have seen very minor increases.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. The stock has more than doubled and currently trades at $120. Q2 2014 saw a 5% stake increase at prices between $77 and $85.50. The following three quarters saw marginal trimming while this quarter there was a marginal increase. The position currently stands at 8.45M shares (1.87% of the US long portfolio).Exxon Mobil (XOM): XOM is a very long-term position. In 2008, just over 5M shares were purchased at prices between $62 and $95. Most of that position was eliminated in 2009 at prices between $66 and $82. The stake was built back up in 2011 at prices between $69 and $87. Last two quarters have seen marginal further buying. The current position stands at 4.49M shares (0.73% of the US long portfolio). The stock currently trades at $83.Google Inc. (GOOG) (GOOGL): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock has doubled and currently trades at $633. Q2 2014 saw a 5.8% stake increase and that was followed by marginal additional purchases in the last four quarters. The position currently stands at 1.47% of the US long portfolio.Home Depot (HD): HD is a 1.80% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. Q2 2014 saw a 6.2% stake increase at prices between $75.70 and $81. There has only been very minor activity since. The stock currently trades well above his purchase price ranges at $116.JP Morgan Chase (JPM): JPM is a 1.81% of the US long portfolio position. The bulk of the current stake was established in 2012 when almost 12M shares were purchased at prices between $32 and $46. The stock currently trades at $69 and the position is at 13.74M shares. The stake saw marginal buying in the last two quarters.Johnson & Johnson (JNJ): JNJ is a top-five individual stock position at $1.04B (2.02% of the US long portfolio - 10.64M shares). Around two-thirds of the position was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The last significant buying was in Q2 2014 when a 4.7% stake increase happened at prices between $96 and $106. The stock currently trades at $99.84.Oracle Corporation (ORCL): ORCL is a 0.89% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Q2 2014 saw a 6.7% increase at prices between $39 and $43 and since then the activity has been minor. The stock currently trades at $39.65.Procter & Gamble (PG): PG is another long-term 1.18% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. Last four quarters have seen minor buying. The stock currently trades at $77.55.Qualcomm Inc. (QCOM): QCOM is a 1.15% of the US long portfolio position first purchased in 2011 at prices between $46 and $60. The stake was increased by ~62% in 2012 at prices between $55 and $68. Last significant activity was in Q2 2014 when the stake was increased by ~5% at prices between $77.61 and $81.32. The stock currently trades well below his most recent purchase-price-range at $64.31.SAP AG ADR (SAP): SAP is a 0.82% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stake has wavered since. Q4 2014 saw a ~6% reduction at prices between $64.14 and $72.16 while last quarter saw a 4.5% increase at prices between $63.56 and $73.53. There was a very minor increase this quarter. The stock currently trades at $71.64.Siemens AG ADR (SIEGY): SIEGY is a 0.49% of the US long portfolio position first purchased in Q4 2013 at prices between $119 and $138. The stake was increased by ~7% in Q1 2014 at prices between $123 and $136 and the stock currently trades below his purchase price ranges at $105. Last significant activity was in Q4 2014 when the stake saw a ~38% reduction at prices between $105 and $120. Last two quarters have seen minor increases.Taiwan Semiconductor (TSM): TSM is a very long-term 1.17% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The stake was reduced by ~50% in Q2 2013 at prices between $17 and $20. Last five quarters have seen a combined ~55% increase at prices between $19 and $26. The stock currently trades at $22.70.UBS AG GRS (UBS): UBS is a 0.96% of the US long portfolio position established in Q3 2013 at prices between $16.92 and $21.45. The original stake was reduced by around one-third in Q4 2013 at prices between $19.30 and $21.60. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.62 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18.32 and $21.15. In Q4 2014, the pattern reversed as the position was reduced by ~39%. Last two quarters have seen minor buying. The stock currently trades at $22.99.Amazon.com (AMZN), Citigroup Inc. (C), Coca Cola (KO), Daimler AG ADR (DDAIF), General Electric (GE), GlaxoSmithKline plc ADR (GSK), HSBC plc (HSBC), Intel Corporation (INTC), Microsoft Corporation (MSFT), Merck Inc. (MRK), Novartis A G ADR (NVS), PepsiCo Inc. (PEP), Pfizer Inc. (PFE), Sanofi ADR (SNY), Schlumberger Ltd. (SLB), Toyota Motor ADR (TM), United Technologies (UTX), Visa Inc. (V), & Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:LVMH Moet Hennssy ADR (LVMUY): LVMUY was a 1.26% of the US long portfolio position as of Q3 2014. It was reduced by 22% to a 0.94% stake in Q4 2014 at prices between $31.59 and $35.84. This quarter saw a further ~43% reduction at prices between $34.59 and $38.18. The stock currently trades at $36.85. The position was first established in 2008 with the bulk of the current stake purchased in 2012 at prices between $27.62 and $37.24. The remaining stake is at 0.54% of the US long portfolio.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% position in 2012 at prices between $20 and $28. Last two years saw a combined ~20% reduction at prices between $30 and $39. The stock currently trades at $36.89 and the remaining stake is at 0.65% of the US long portfolio. Fisher is harvesting long-term gains from this position.Lloyds Banking Group plc ADR (LYG): LYG is a 0.91% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The stake was increased by ~10% in Q1 2014 at prices between $5 and $5.76 and another two-thirds the following quarter at prices between $4.83 and $5.53. Q4 2014 saw a one-third reduction at prices between $4.64 and $5.04. Last two quarters have also seen minor selling. The stock currently trades at $5.41.Novo-Nordisk A S ADR (NVO): NVO was first purchased in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last four quarters have seen a combined ~10% stake reduction. The stock currently trades at $58.28 and the position is at 1.31% of the US long portfolio. Fisher is harvesting long-term gains from this position.Royal Bank of Canada (RY) & Dr. Reddy’s ADR (RDY): These are significant positions (more than 0.5% of the US long portfolio) that were decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Kept Steady:None.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for around 13% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW) - 6.8%, Heartland Payment Systems (HPY) - 5.05%, Wright Medical (WMGI) - 4.6%, Veeco Instruments (VECO) - 5.26%, Ryland Group (RYL) - 4.96%, and PMC-Sierra (PMCS) - 5.95%.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q2 2015:13G’s during Q2 2015: None.13G’s during Q1 2015: PMCS (1/30/2015 - 11.84M shares, 5.95%), RYL (1/30/2015 - 2.3M shares, 4.96%), VECO (1/30/2015 - 2.12M shares - 5.26%), WMGI (1/30/2015 - 2.35M shares - 4.6%), HPY (1/30/2015 - 1.84M shares - 5.05%), AAWW (1/30/2015 - 1.7M shares - 6.8%), OVTI (2/25/2015 - 0 - 0%)."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q1 2015 Update"

"Fisher’s US long portfolio value increased from $48.37B to $50.05B in Q1 2015.Apple Inc., Johnson & Johnson, Pfizer, Wells Fargo, and United Technologies are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 04/30/2015. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q4 2014.This quarter, Fisher’s US long portfolio increased from $48.37B to $50.05B. The number of holdings decreased from 621 to 605. Significantly large positions increased from 56 to 59. The largest holding is iShares iBoxx Bond Fund at 2.75% of the US long portfolio. The five largest individual stock positions are Apple Inc., Johnson & Johnson, Pfizer, Wells Fargo, and United technologies accounting for ~2% of the overall US long portfolio each.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.New Stakes:None.Stake Disposals:None.Stake Increases:American Express (AXP): AXP has been in the portfolio since 2012. The original stake was around 9M shares and the current stake is 11.37M shares. This quarter saw a marginal increase and the position is fairly large at 1.78% of the US long portfolio.Apple Inc. (AAPL): AAPL is a 2.69% of the US long portfolio position that was built-up in 2012 at prices between $60 and $72. It is currently the largest individual stock position. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. Last two quarters have seen marginal increases. The stock currently trades at $119.Bank of America (BAC): BAC is a 1.29% of the US long portfolio stake. The original position was established in Q2 2013 and Q3 2013 at prices between $11.50 and $15 and had since been kept relatively steady. Last quarter saw marginal selling while this quarter saw a minor increase. The stock currently trades at $16.44.Barclays PLC ADR (BCS): BCS was an insignificantly small position as of Q3 2014. It was increased to a ~0.50% of the US long portfolio position last quarter at prices between $13.50 and $15.54. This quarter saw a marginal increase. The stock currently trades at $15.71. For investors attempting to follow Fisher, BCS is a good option to consider for further research.Bayer AG ADR (BAYRY): BAYRY is a 0.75% of the US long portfolio position that was increased by ~9% in Q3 2014 at prices between $128 and $145. The bulk of the current position was purchased in Q2 2014 at around the same price range. The stock currently trades at $145. Last quarter saw minor selling while this quarter saw a marginal increase.Berkshire Hathaway (BRK.B): BRK.B is a 1.57% of the US long portfolio position. It was decreased marginally last quarter while this quarter saw a minor increase. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%. The stock currently trades at $146. It is a very long-term position.Chevron Corporation (CVX): CVX has been in the portfolio since 2009. Most of the stake was purchased in 2012 at prices between $96 and $117. The stock currently trades at $108. This quarter saw a marginal increase. The position currently accounts for 0.73% of the US long portfolio.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares but was since reduced. Q2 2014 saw an about-turn as the position was increased by 6.7% at prices between $22.41 and $25. Last three quarters have also seen marginal increases. The stock currently trades at $29.17. The stake now stands at just over 15M shares (0.84% of the US long portfolio).Credit Suisse Group AG ADR (CS): CS was insignificantly small position as of Q3 2014. It was increased to a ~0.50% of the US long portfolio position last quarter at prices between $24.84 and $28.08. The stock currently trades at $25.96. This quarter saw a very minor increase. For investors attempting to follow Fisher, CS is a good option to consider for further research.Exxon Mobil (XOM): XOM is a very long-term position. In 2008, just over 5M shares were purchased at prices between $62 and $95. Most of that position was eliminated in 2009 at prices between $66 and $82. The stake was built back up in 2011 at prices between $69 and $87. Last several quarters saw minor selling but there was a marginal increase this quarter. The current position stands at ~4.43M shares (0.75% of the US long portfolio). The stock currently trades at $89.11.Google Inc. (GOOG) (GOOGL): Google was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock currently trades at around $541. Q2 2014 saw a 5.8% stake increase and that was followed by marginal additional purchases in the last three quarters. The position currently stands at 1.54% of the US long portfolio.Home Depot (HD): HD is a 1.88% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock currently trades at $110. Q2 2014 saw a 6.2% stake increase at prices between $75.70 and $81. Since then, the activity has been very minor.JP Morgan Chase (JPM): JPM is a 1.64% of the US long portfolio position. It was marginally increased this quarter. The bulk of the current stake was established in 2012 when almost 12M shares were purchased at prices between $32 and $46. The stock currently trades at $64.72 and the position is at 13.58M shares.Johnson & Johnson (JNJ): JNJ is the second-largest individual stock position at $1.05B (2.10% of the US long portfolio - 10.46M shares). Around two-thirds of the position was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The last significant buying was in Q2 2014 when a 4.7% stake increase happened at prices between $96 and $106. The stock currently trades at $100.Oracle Corporation (ORCL): ORCL is a 0.96% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Q2 2014 saw a 6.7% increase at prices between $39 and $43 and since then the activity has been minor. The stock currently trades at $44.59.Procter & Gamble (PG): PG is another long-term 1.25% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. Last three quarters have seen minor buying. The stock currently trades at $80.35.Qualcomm Inc. (QCOM): QCOM is a 1.29% of the US long portfolio position first purchased in 2011 at prices between $46 and $60. The stake was increased by ~62% in 2012 at prices between $55 and $68. The stock currently trades at $69.06. Last significant activity was in Q2 2014 when the stake was increased by 4.8% at prices between $77.61 and $81.32.SAP AG ADR (SAP): SAP is a 0.85% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. Last quarter saw a ~6% stake reduction at prices between $64.14 and $72.16 while this quarter saw a 4.5% increase at prices between $63.56 and $73.53. The stock currently trades at $76.21.Siemens AG ADR (SIEGY): SIEGY is a 0.53% of the US long portfolio position first purchased in Q4 2013 at prices between $119 and $138. The position was increased by ~7% in Q1 2014 at prices between $123 and $136 and the stock currently trades below his purchase price ranges at $110. Last quarter saw a ~38% reduction at prices between $105 and $120 while this quarter saw a minor increase.Taiwan Semiconductor (TSM): TSM is a very long-term 1.16% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The position was reduced by ~50% in Q2 2013 at prices between $17 and $20. Q2 2014 saw a ~16% stake increase at prices between $19.50 and $21.69 while the following quarter saw an about-turn: ~8% stake reduction at prices between $19.50 and $22.95. Last quarter the pattern reversed again: ~12% increase at prices between $19.44 and $23.47. This quarter saw a further ~11% increase at prices between $20.79 and $25.04. The stock currently trades at $24.32.UBS AG GRS (UBS): UBS is a 0.96% of the US long portfolio position established in Q3 2013 at prices between $16.92 and $21.45. The original stake was reduced by around one-third in Q4 2013 at prices between $19.30 and $21.60. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.62 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18.32 and $21.15. Last quarter, the pattern reversed as the position was reduced by ~39%. The stock currently trades at $20.36. This quarter saw a minor increase.Dr. Reddy’s ADR (RDY), HDFC Bank (HDB), Infosys Ltd. (INFY), & Tata Motors ADR (TTM): The stakes in these Indian ADRs were built up over several quarters. They each represent less than 1% of the US long portfolio but combined are at around 2.5%. All four stakes were increased significantly this quarter indicating a clear bullish bias. For investors attempting to follow Fisher, these are very good options to consider for further research.Amazon.com (AMZN), Citigroup Inc. (C), General Electric (GE), HSBC plc (HSBC), Intel Corporation (INTC), Microsoft Corporation (MSFT), Merck Inc. (MRK), PepsiCo Inc. (PEP), Pfizer Inc. (PFE), Schlumberger Ltd. (SLB), United Technologies (UTX), Visa Inc. (V), & Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:Comcast Corporation (CMCSA): CMCSA is a 1.37% of the US long portfolio position. The original stake was established in 2012 at prices between $24 and $37. It had since been marginally reduced. Q2 2014 saw a 5.2% stake increase at prices between $48 and $54 and the following three quarters have seen marginal trimming. The stock currently trades at $58.78.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. The stock has more than doubled and currently trades at $111. Q2 2014 saw a 5% stake increase at prices between $77 and $85.50 while last three quarters saw marginal trimming. The position currently stands at just over 8.4M shares (1.76% of the US long portfolio).L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% position in 2012 at prices between $20 and $28. Last few quarters saw a combined ~17% trimming at prices between $30 and $36 and the position currently stands at 0.69% of the US long portfolio. The stock currently trades at $38.15.LVMH Moet Hennssy ADR (LVMUY): LVMUY was a 1.26% of the US long portfolio position as of Q3 2014. It was reduced by 22% to a 0.94% stake last quarter at prices between $31.59 and $35.84. This quarter saw minor additional trimming. The stock currently trades at $35.57. The position was first established in 2008 with the bulk of the current stake purchased in 2012 at prices between $27.62 and $37.24.Lloyds Banking Group plc ADR (LYG): LYG is a 0.81% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The position was increased by ~10% in Q1 2014 at prices between $5 and $5.76 and another two-thirds the following quarter at prices between $4.83 and $5.53. Last quarter saw a one-third stake reduction at prices between $4.64 and $5.04 while this quarter saw minor selling. The stock currently trades at $5.12.Novo-Nordisk A S ADR (NVO): NVO was first purchased in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last three quarters have seen a combined ~7% stake reduction. The stock currently trades at $56.93 and the position is at 1.35% of the US long portfolio. Fisher is starting to harvest gains from this position.Coca Cola (KO), Daimler AG ADR (DDAIF), GlaxoSmithKline plc ADR (GSK), Novartis A G ADR (NVS), Royal Bank of Canada (RY), Sanofi ADR (SNY), & Toyota Motor ADR (TM): These are significant positions (more than 0.5% of the US long portfolio) that were decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Kept Steady:None.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for just below 13% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW) - 6.8%, Heartland Payment Systems (HPY) - 5.05%, Wright Medical (WMGI) - 4.6%, Veeco Instruments (VECO) - 5.26%, Ryland Group (RYL) - 4.96%, and PMC-Sierra (PMCS) - 5.95%.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q1 2015:13G’s during Q1 2015: PMCS (1/30/2015 - 11.84M shares, 5.95%), RYL (1/30/2015 - 2.3M shares, 4.96%), VECO (1/30/2015 - 2.12M shares - 5.26%), WMGI (1/30/2015 - 2.35M shares - 4.6%), HPY (1/30/2015 - 1.84M shares - 5.05%), AAWW (1/30/2015 - 1.7M shares - 6.8%), OVTI (2/25/2015 - 0 - 0%)."

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q4 2014 Update"

"Fisher’s US long portfolio value increased from $46.91B to $48.37B in Q4 2014.Apple Inc., Johnson & Johnson, American Express, Wells Fargo, and Pfizer are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 01/29/2015. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q3 2014.This quarter, Fisher’s US long portfolio increased from $46.91B to $48.37B. The number of holdings increased from 585 to 621. Significantly large positions remained steady at 56. The largest holding is FI Enhanced Global High Yield ETN (FIGY) at 2.81% of the US long portfolio. Although it is exchange traded, the instrument is tailor-made for Fisher Investments and they hold nearly all the shares. The five largest individual stock positions are Apple Inc., Johnson & Johnson, American Express, Wells Fargo, and Pfizer accounting for ~2% of the overall US long portfolio each.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.New Stakes:None.Stake Disposals:None.Stake Increases:Barclays PLC ADR (BCS) & Credit Suisse Group AG ADR (CS): BCS & CS were insignificantly small positions as of last quarter. They were increased to a ~0.50% of the US long portfolio position each this quarter. The BCS position was purchased at prices between $13.50 and $15.54 and the stock currently trades near the low end of that range at $14.04. The CS stake was purchased at prices between $24.84 and $28.08 and the stock currently trades below that range at $21.04. For investors attempting to follow Fisher, BCS & CS are good to consider for further research.Taiwan Semiconductor (TSM): TSM is a very long-term 1.03% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The position was reduced by ~50% in Q2 2013 at prices between $17 and $20. Q2 2014 saw a ~16% stake increase at prices between $19.50 and $21.69 while last quarter saw an about-turn: ~8% stake reduction at prices between $19.50 and $22.95. This quarter the pattern reversed again: ~12% increase at prices between $19.44 and $23.47. The stock currently trades at $22.71.Apple Inc. (AAPL): AAPL is a 2.46% of the US long portfolio position that was built-up in 2012 at prices between $60 and $72. It is currently the largest individual stock position. The original stake was increased by ~60% in Q2 2013 at prices between $59 and $65. Last quarter saw a very minor stake reduction and this quarter saw a minor increase. The stock currently trades at $117.Note: AAPL stock split 7-for-1 on June 9th 2014 and the numbers above reflect the split.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares but was since reduced. Q2 2014 saw an about-turn as the position was increased by 6.7% at prices between $22.41 and $25. Last two quarters have also seen marginal increases. The stock currently trades at $26.36. The stake now stands at just over 15M shares (0.87% of the US long portfolio).Google Inc. (GOOG) (GOOGL): Google was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock currently trades at around $535. Q2 2014 saw a 5.8% stake increase and that was followed by marginal additional purchases in the last two quarters. The position currently stands at 1.52% of the US long portfolio.Note: Google had a 2-for-1 stock split in April 2014 and the prices above reflect that split.Procter & Gamble (PG): PG is another long-term 1.44% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. Last two quarters have seen minor buying. The stock currently trades at $84.29.Coca Cola (KO), Intel Corporation (INTC), Microsoft Corporation (MSFT), Merck Inc. (MRK), PepsiCo Inc. (PEP), and Royal Bank of Canada (RY): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:BASF SE ADR (BASFY): BASFY is a very small 0.37% of the US long portfolio position. The original stake was a fairly large one established well before the financial crisis. In 2012, the position was reduced to an insignificantly small stake but had since been built back up. This quarter saw a one-third reduction at prices between $83.39 and $94.20. The bulk of the current position was purchased in Q2 2013 at prices between $88 and $96. The stock currently trades at $89.56. The large stake reduction indicates a bearish bias.LVMH Moet Hennssy ADR (LVMUY): LVMUY was a 1.26% of the US long portfolio position as of last quarter. It was reduced by 22% to a 0.94% stake this quarter at prices between $31.59 and $35.84. The stock currently trades at $32.21. The position was first established in 2008 with the bulk of the current stake purchased in 2012 at prices between $27.62 and $37.24.Lloyds Banking Group plc ADR (LYG): LYG is a 0.84% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The position was increased by ~10% in Q1 2014 at prices between $5 and $5.76 and another two-thirds the following quarter at prices between $4.83 and $5.53. This quarter saw a one-third stake reduction at prices between $4.64 and $5.04. The stock currently trades at $4.39.Siemens AG ADR (SIEGY): SIEGY is a 0.56% of the US long portfolio position first purchased in Q4 2013 at prices between $119 and $138. The position was increased by ~7% in Q1 2014 at prices between $123 and $136 and the stock currently trades below his purchase price ranges at $105. This quarter saw a ~38% stake reduction at prices between $105 and $120. The large disposal indicates a bearish bias.UBS AG GRS (UBS): UBS is a 0.87% of the US long portfolio position established in Q3 2013 at prices between $16.92 and $21.45. The original stake was reduced by around one-third in Q4 2013 at prices between $19.30 and $21.60. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.62 and $21.50 and the following quarter saw an additional 47% stake increase at prices between $18.32 and $21.15. This quarter the pattern reversed as the position was reduced by ~39%. The stock currently trades below his purchase price ranges at $16.68. The activity indicates a bearish bias.American Express (AXP): AXP has been in the portfolio since 2012. It is currently the third largest individual stock position at 2.17% of the US long portfolio. The original stake was around 9M shares and the current stake is 11.2M shares. This quarter saw a marginal reduction.Bank of America (BAC): BAC is a 1.55% of the US long portfolio stake. The original position was established in Q2 2013 and Q3 2013 at prices between $11.50 and $15 and had since been kept relatively steady. This quarter saw minor selling. The stock currently trades at $15.15.Bayer AG ADR (BAYRY): BAYRY is a 0.70% of the US long portfolio position that was increased by ~9% last quarter at prices between $128 and $145. The bulk of the current position was purchased in Q2 2014 at around the same price range. The stock currently trades at $143. This quarter saw minor selling.Berkshire Hathaway (BRK.B): BRK.B is a 1.69% of the US long portfolio position that was decreased marginally this quarter. It was increased by ~6% in Q2 2014 at prices between $121 and $129. The stock currently trades at $144. It is a very long-term position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%.Chevron Corporation (CVX): CVX has been in the portfolio since 2009. Most of the stake was purchased in 2012 at prices between $96 and $117. The stock currently trades at $103. This quarter saw a ~2% reduction at prices between $101 and $119. The position currently accounts for 0.80% of the US long portfolio.Comcast Corporation (CMCSA): CMCSA is a 1.45% of the US long portfolio position. The original stake was established in 2012 at prices between $24 and $37. It had since been marginally reduced. Q2 2014 saw a 5.2% stake increase at prices between $48 and $54 and last two quarters saw marginal trimming. The stock currently trades at $53.15.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. The stock currently trades well over that range at $90.96. Q2 2014 saw a 5% stake increase at prices between $77 and $85.50 while last two quarters saw marginal trimming. The position currently stands at just over 8.4M shares (1.64% of the US long portfolio).Exxon Mobil (XOM): XOM is a very long-term position. In 2008, just over 5M shares were purchased at prices between $62 and $95. Most of that position was eliminated in 2009 at prices between $66 and $82. The stake was built back up in 2011 at prices between $69 and $87. Last several quarters have seen minor selling. The current position stands at ~4.4M shares (0.84% of the US long portfolio). The stock currently trades at $87.42.Home Depot (HD): HD is a 1.80% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock currently trades at $104. Q2 2014 saw a 6.2% stake increase at prices between $75.70 and $81 while the last two quarters have seen minor selling.Johnson & Johnson (JNJ): JNJ is the second-largest individual stock position at just under $1.1B (2.25% of the US long portfolio - 10.42M shares). Around two-thirds of the position was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. The last significant buying was in Q2 2014 when a 4.7% stake increase happened at prices between $96 and $106. The stock currently trades at $100.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% position in 2012 at prices between $20 and $28. Last few quarters saw a combined ~17% trimming at prices between $30 and $36 and the position currently stands at 0.67% of the US long portfolio. The stock currently trades at $35.85.Novo-Nordisk A S ADR (NVO): NVO was first purchased in 2011 with the bulk purchased in 2012 at prices between $23 and $34. Last two quarters have seen a combined ~5% stake reduction in the mid-40s price-range. The stock currently trades at $44.56 and the position is at 1.14% of the US long portfolio.Oracle Corporation (ORCL): ORCL is a 1.03% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Q2 2014 saw a 6.7% increase at prices between $39 and $43 while last two quarters have seen minor selling. The stock currently trades at $41.89.Qualcomm Inc. (QCOM): QCOM is a 1.42% of the US long portfolio position first purchased in 2011 at prices between $46 and $60. The stake was increased by ~62% in 2012 at prices between $55 and $68. The stock currently trades at $62.46. Q2 2014 saw a 4.8% stake increase at prices between $77.61 and $81.32 and this quarter saw minor selling.SAP AG ADR (SAP): SAP is a 0.82% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. This quarter saw a ~6% stake reduction at prices between $64.14 and $72.16. The stock currently trades at $65.36.Amazon.com (AMZN), Citigroup Inc. (C), Daimler AG ADR (DDAIF), General Electric (GE), GlaxoSmithKline plc ADR (GSK), HDFC Bank (HDB), HSBC plc (HSBC), Novartis A G ADR (NVS), Pfizer Inc. (PFE), Sanofi ADR (SNY), Schlumberger Ltd. (SLB), Toyota Motor ADR (TM), United Technologies (UTX), Visa Inc. (V), & Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Kept Steady:JP Morgan Chase (JPM): JPM is a 1.75% of the US long portfolio position kept steady this quarter. The bulk of the current stake was established in 2012 when almost 12M shares were purchased at prices between $32 and $46. The stock currently trades at $54.38 and the position is at 13.5M shares.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for just below 13% of the US long portfolio. Fisher also had large stakes in the following businesses per the latest 13G filings: Atlas Air (AAWW) - 6.8%, Heartland Payment Systems (HPY) - 5%, Wright Medical (WMGI) - 4.6%, Veeco Instruments (VECO) - 5.26%, Ryland Group (RYL) - 4.96%, and PMC-Sierra (PMCS) - 5.95%.The spreadsheet below highlights changes to Fisher’s US stock holdings (only positions that are over 0.5% of the US long portfolio each are individually listed) in Q4 2014:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q3 2014 Update"

"Fisher’s US long portfolio value decreased from $47.56B to $46.91B in Q3 2014.American Express, Apple Inc., Johnson & Johnson, Pfizer, and Wells Fargo are the largest five individual stock positions.Fisher has substantial stakes in several ETFs/ETNs and hundreds of very small positions. They together account for more than one-third of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 10/20/2014. Please visit our article for an idea on his investment style and philosophy and highlighting the fund’s moves in Q2 2014.This quarter, Fisher’s US long portfolio decreased from $47.56B to $46.91B. The number of holdings decreased from 599 to 585. Significantly large positions remained steady at 56. The largest holding is FI Enhanced Global High Yield ETN (FIEG) at 3.08% of the US long portfolio. Although it is exchange traded, the instrument is tailor-made for Fisher Investments and they hold nearly all the shares. The five largest individual stock positions are American Express, Johnson & Johnson, Pfizer, Apple Inc., and Wells Fargo accounting for ~2% of the overall US long portfolio each.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.New Stakes:None.Stake Disposals:None.Stake Increases:American Express (AXP): AXP has been in the portfolio since 2012. It was a 9M share position at the time and since then has seen minor adjustments every quarter. Currently, the position is at 11.4M shares. This quarter saw a marginal increase at prices between $86 and $96 and the stock currently trades below that range at $84. It is a top-five position at 2.12% of the US long portfolio.BASF SE ADR (BASFY): BASFY is a 0.61% of the US long portfolio position that was increased marginally this quarter. The bulk of the current position was purchased in Q2 2013 at prices between $88 and $96. The stock currently trades just below that range at around $87.46. BASFY was a fairly large long-term position in the portfolio that was established well before the financial crisis. In 2012, the position was reduced to an insignificantly small stake but has since been built back up. The activity indicates a bullish bias.Bank of America (BAC): BAC is a 1.54% of the US long portfolio position that was increased marginally this quarter at prices between $15 and $17.18. The stock currently trades at $16.26. The original position was established in Q2 2013 and Q3 2013 at prices between $11.50 and $15 and had since been kept relatively steady.Bayer AG ADR (BAYRY): BAYRY is a 0.75% of the US long portfolio position that was increased by ~9% this quarter at prices between $128 and $145. The bulk of the current position was purchased last quarter at around the same price range. The stock currently trades near the low end of his purchase price ranges at $132. The activity indicates a clear bullish bias.Berkshire Hathaway (BRK.B): BRK.B is a 1.60% of the US long portfolio position that was increased marginally this quarter. It was increased by ~6% last quarter at prices between $121 and $129. The stock currently trades at $137. It is a very long-term position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%.Chevron Corporation (CVX): CVX has been in the portfolio since 2009. Most of the stake was purchased in 2012 at prices between $96 and $117. The stock currently trades at $111. This quarter saw a very minor stake increase. The position currently accounts for 0.89% of the US long portfolio.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares but was since reduced. Last quarter saw an about-turn as the position was increased by 6.7% at prices between $22.41 and $25. This quarter saw a marginal increase. The stock currently trades at $22.93. The stake now stands at just over 15M shares (0.81% of the US long portfolio).Google Inc. (GOOG) (GOOGL): Google was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock currently trades at around $520. Last quarter saw a 5.8% stake increase and that was followed by a marginal additional purchase this quarter. The position currently stands at 1.73% of the US long portfolio.Note: Google had a 2-for-1 stock split in April 2014 and the prices above reflect that split.Lloyds Banking Group plc ADR (LYG): LYG is a 1.46% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The position was increased by ~10% in Q1 2014 at prices between $5 and $5.76 and another two-thirds last quarter at prices between $4.83 and $5.53. The stock currently trades near the low end of his purchase price ranges at $4.85. This quarter saw a minor increase. The stake build-up indicates a clear bullish bias.Procter & Gamble (PG): PG is another long-term 1.36% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. This quarter saw minor buying. The stock currently trades at $84.18.Qualcomm Inc. (QCOM): QCOM is a 1.48% of the US long portfolio position first purchased in 2011 at prices between $46 and $60. The stake was increased by ~62% in 2012 at prices between $55 and $68. The stock currently trades well outside those ranges at $73.27. Last quarter saw a 4.8% stake increase at prices between $77.61 and $81.32 and this quarter saw minor additional buying.SAP AG ADR (SAP): SAP is a 0.93% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The position had since been reduced by ~8% at prices between $70 and $87 but the last two quarters has seen minor buying. The stock currently trades at $65.68.Siemens AG ADR (SIEGY): SIEGY is a 0.97% of the US long portfolio position first purchased in Q4 2013 at prices between $119 and $138. The position was increased by ~7% in Q1 2014 at prices between $123 and $136 and the stock currently trades below his purchase price ranges at $107. Last two quarters has seen minor additional buying. The stake built-up indicates a clear bullish bias.UBS AG GRS (UBS): UBS is a 1.49% of the US long portfolio position established in Q3 2013 at prices between $16.92 and $21.45. The original stake was reduced by around one-third in Q4 2013 at prices between $19.30 and $21.60. Q1 2014 saw an about-turn as the position was increased by ~37% at prices between $18.62 and $21.50 and last quarter saw an additional 47% stake increase at prices between $18.32 and $21.15. This quarter, the position was again increased by 2.67% at prices between $16.83 and $18.83. The stock currently trades below his purchase price ranges at $16.05. The activity indicates a clear bullish bias.BHP Billiton (BHP), Coca Cola (KO) & Citigroup Inc. (C), Daimler AG ADR (DDAIF), General Electric (GE), GlaxoSmithKline plc ADR (GSK), HSBC plc (HSBC), Merck Inc. (MRK), Novartis A G ADR (NVS), PepsiCo Inc. (PEP), Pfizer Inc. (PFE), Royal Bank of Canada (RY), Sanofi ADR (SNY), Toyota Motor ADR (TM), United Technologies (UTX), Visa Inc. (V), & Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias. PepsiCo and Pfizer are top-five positions in the portfolio.Stake Decreases:Apple Inc. (AAPL): AAPL is a 2.31% of the US long portfolio position that was built-up in 2012 at prices between $60 and $72. The position was increased by ~60% in Q2 2013 at prices between $59 and $65. This quarter saw a very minor stake reduction. The stock currently trades at $99.76. AAPL is a top-five position.Note: AAPL stock split 7-for-1 on June 9th and the numbers above reflect the split.Comcast Corporation (CMCSA): CMCSA is a 1.40% of the US long portfolio position. The original position was established in 2012 at prices between $24 and $37. It had since been marginally reduced. Last quarter saw a 5.2% stake increase at prices between $48 and $54 and this quarter saw marginal trimming. The stock currently trades at around $51.30.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. The stock currently trades well over that range at $85.52. Last quarter saw a 5% stake increase at prices between $77 and $85.50 while this quarter saw marginal trimming. The position currently stands at just over 8.4M shares (1.60% of the US long portfolio).Exxon Mobil (XOM): XOM is a very long-term position. In 2008, just over 5M shares were purchased at prices between $62 and $95. Most of that position was eliminated in 2009 at prices between $66 and $82. The stake was built back up in 2011 at prices between $69 and $87. Last quarter had seen a 2.6% stake increase while this quarter saw a very minor reduction. The current position stands at ~4.4M shares (0.89% of the US long portfolio). The stock currently trades at $91.77.Home Depot (HD): HD is a 1.62% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock currently trades at $91.85. Last quarter saw a 6.2% stake increase at prices between $75.70 and $81 while this quarter saw marginal trimming.Johnson & Johnson (JNJ): JNJ is a top-five individual stock position at just over $1.1B (2.37% of the US long portfolio - 10.45M shares). Around two-thirds of the position was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. Last quarter saw a 4.7% stake increase at prices between $96 and $106 while this quarter saw a very minor reduction. The stock currently trades at $99.20.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% position in 2012 at prices between $20 and $28. Last few quarters saw a ~13% trimming at prices between $31.50 and $36 and the position currently stands at 0.68% of the US long portfolio. The stock currently trades at $30.70.Novo-Nordisk A S ADR (NVO): NVO was first purchased in 2011 with the bulk purchased in 2012 at prices between $23 and $34. This quarter saw a 2.59% stake reduction at prices between $43.90 and $46.50. The stock currently trades at $44.95. The position is currently at 1.36% of the US long portfolio.Oracle Corporation (ORCL): ORCL is a 0.91% of the US long portfolio position that has been in the portfolio since before the financial crisis. The large ~2% stake was reduced by around 50% in Q4 2013 at prices between $32 and $38. Last quarter saw a 6.7% stake increase at prices between $39 and $43 while this quarter saw a very minor reduction. The stock currently trades at $37.80.Taiwan Semiconductor (TSM): TSM is a very long-term 0.86% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The position was reduced by ~50% in Q2 2013 at prices between $17 and $20. Last quarter saw a ~16% stake increase at prices between $19.50 and $21.69 while this quarter saw an about-turn: ~8% stake reduction at prices between $19.50 and $22.95. The stock currently trades at $20.87.Amazon.com (AMZN), HDFC Bank (HDB), Intel Corporation (INTC), JP Morgan Chase (JPM), LVMH Moet Hennssy ADR (LVMUY), Microsoft Corporation (MSFT), & Schlumberger Ltd. (SLB): These are significant positions (more than 0.5% of the US long portfolio) that were decreased marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Kept Steady:None.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for just below 13% of the US long portfolio.The spreadsheet below highlights changes to Fisher’s US stock holdings in Q3 2014:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q2 2014 Update"

"Fisher’s US long portfolio value increased from $44.34B to $47.56B in Q2 2014.American Express, Johnson & Johnson, Pfizer, United Technologies, and Wells Fargo continue to be the largest five individual stock positions.Fisher substantially increased stakes in Lloyds Banking Group, Taiwan Semiconductor, & UBS AG while almost eliminating International Business Machines and McDonald’s Corporation.This article is part of a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 07/25/2014. Please visit our article for an idea on his investment style and philosophy and the fund’s moves during Q1 2014.This quarter, Fisher’s US long portfolio increased from $44.34B to $47.56B. The number of holdings increased from 586 to 599. Significantly large positions increased from 54 to 56: ~1% positions in a couple of FI Enhanced Large Cap Growth ETNs (FBGX) (FLGE) were added this quarter. The largest holding is FI Enhanced Global High Yield ETN (FIEG), an instrument tailor-made for them (Fisher Investments has nearly all the shares, although it is exchange traded). The five largest individual stock positions remained the same as last quarter: American Express, Johnson & Johnson, Pfizer, United Technologies, and Wells Fargo accounting for ~2% of the overall US long portfolio each.To know more about Ken Fisher, check-out his (most notably in Behavioral Finance), (several of them were NY Times best sellers) and his father Philip Fisher’s scuttlebutt investment philosophy explained in the book “”.New Stakes:None, excluding the two ETNs mentioned above.Stake Disposals:None.Stake Increases:Apple Inc. (AAPL): AAPL is a 2.10% of the US long portfolio position that was built-up in 2012 at prices between $60 and $72. The position was increased by ~60% in Q2 2013 at prices between $59 and $65. Last two quarters saw minor stake increases. The stock currently trades at $97.67. The activity indicates a bullish bias.Note: AAPL stock split 7-for-1 on June 9th and the numbers above reflect the split.BASF SE ADR (BASFY): BASFY is a 0.76% of the US long portfolio position that was increased marginally this quarter. The bulk of the current position was purchased in Q2 2013 at prices between $88 and $96. The stock currently trades at around $108. BASFY was a fairly large long-term position in the portfolio that was established well before the financial crisis. In 2012, the position was reduced to an insignificantly small stake but has since been built back up. The activity indicates a bullish bias.Bank of America (BAC): BAC is a 1.36% of the US long portfolio position that was increased by ~6% this quarter at prices between $14.51 and $17.34. The stock currently trades at $15.59. The original position was established in Q2 2013 and Q3 2013 at prices between $11.50 and $15 and had since been kept relatively steady.Berkshire Hathaway (BRK.B): BRK.B is a 1.44% of the US long portfolio position that was increased by ~6% this quarter at prices between $121 and $129. The stock currently trades at $127.55. It is a very long-term position. The last time a substantial stake build-up happened was in Q3 2013 at prices between $112 and $119 when the position was increased by ~55%.Chevron Corporation (CVX): CVX has been in the portfolio since 2009. Most of the stake was purchased in 2012 at prices between $96 and $117. The stock currently trades well outside that range at $133. The position was reduced marginally over the last few quarters although this quarter saw a ~3% stake increase. The stake currently accounts for 0.96% of the US long portfolio. Fisher is bullish on CVX.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares but was since reduced. This quarter saw an about-turn as the position was increased by 6.7% at prices between $22.41 and $25. The stock currently trades just outside that range at around $26. The stake now stands at just over 15M shares (0.79% of the US long portfolio).Comcast Corporation (CMCSA): CMCSA is a 1.38% of the US long portfolio position. The original position was established in 2012 at prices between $24 and $37. It had since been marginally reduced. This quarter saw a 5.2% stake increase at prices between $48 and $54. The stock currently trades at around $54.39.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. The stock currently trades well over that range at $86.23. The last two quarters saw minor trimming at prices between $64 and $77 but this quarter saw a 5% stake increase at prices between $77 and $85.50. The position currently stands at just over 8.4M shares (1.52% of the US long portfolio).Exxon Mobil (XOM): XOM is a very long-term position. In 2008, just over 5M shares were purchased at prices between $62 and $95. Most of that position was eliminated in 2009 at prices between $66 and $82. The stake was built back up in 2011 at prices between $69 and $87. Last several quarters had seen some trimming but this quarter saw a 2.6% stake increase. The current position stands at ~4.4M shares (0.94% of the US long portfolio). The stock currently trades at around $103.Google Inc. (GOOG) (GOOGL): Google was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $301. The stock currently trades at around $590. Last few quarters had seen minor trimming at prices between $450 and $610 but this quarter saw a 5.8% stake increase. The position currently stands at 1.69% of the US long portfolio.Note: Google had a 2-for-1 stock split in April 2014 and the prices above reflect that split.Home Depot (HD): HD is a 1.42% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock currently trades at $81. Last two quarters saw minor trimming at prices between $74 and $83 but this quarter saw a 6.2% stake increase at prices between $75.70 and $81.Johnson & Johnson (JNJ): JNJ is a top-five individual stock position at just over $1B (2.30% of the US long portfolio - 10.45M shares). Around two-thirds of the position was purchased in 2008 at prices between $55 and $72 and most of the rest in 2011 at prices between $58 and $68. This quarter saw a 4.7% stake increase at prices between $96 and $106. The stock currently trades at $102.11.Lloyds Banking Group plc ADR (LYG): LYG is a 1.45% of the US long portfolio position first purchased in Q4 2013 at prices between $4.67 and $5.36. The position was increased by ~10% last quarter at prices between $5 and $5.76 and another two-thirds this quarter at prices between $4.83 and $5.53. The stock currently trades at $5.17. The aggressive stake built-up indicates a clear bullish bias.Oracle Corporation (ORCL): ORCL is a 0.95% of the US long portfolio position that has been in the portfolio since before the financial crisis. The large ~2% stake was reduced by around 50% in Q4 2013 at prices between $32 and $38 and was marginally trimmed last quarter. This quarter saw a 6.7% stake increase at prices between $39 and $43. The stock currently trades at $40.33.Procter & Gamble (PG): PG is another long-term 1.25% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70 and has since been kept relatively steady. This quarter saw minor buying. The stock currently trades at $79.56.Qualcomm Inc. (QCOM): QCOM is a 1.58% of the US long portfolio position first purchased in 2011 at prices between $46 and $60. The stake was increased by ~62% in 2012 at prices between $55 and $68. The stock currently trades at $76.10. The last few quarters had seen minor trimming but this quarter saw a 4.8% stake increase at prices between $77.61 and $81.32.SAP AG ADR (SAP): SAP is a 0.97% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The position had since been reduced by ~8% at prices between $70 and $87 but this quarter saw minor buying. The stock currently trades at $80.68.Siemens AG ADR (SIEGY): SIEGY is a 1.02% of the US long portfolio position first purchased in Q4 2013 at prices between $119 and $138. The position was increased by ~7% last quarter at prices between $123 and $136 and the stock currently trades at $125. This quarter saw minor additional buying. The stake built-up indicates a clear bullish bias.Taiwan Semiconductor (TSM): TSM is a very long-term 0.98% of the US long portfolio position. A large block was purchased in 2012 at prices between $12.50 and $16.50. The position was reduced by ~50% in Q2 2013 at prices between $17 and $20. This quarter saw a ~16% stake increase at prices between $19.50 and $21.69. The stock currently trades at $20.35. The activity indicates a bullish bias.UBS AG GRS (UBS): UBS is a 1.51% of the US long portfolio position established in Q3 2013 at prices between $16.92 and $21.45. The stake was reduced by around one-third in Q4 2013 at prices between $19.30 and $21.60. Last quarter saw an about-turn as the position was increased by ~37% at prices between $18.62 and $21.50 and this quarter saw an additional 47% stake increase at prices between $18.32 and $21.15. The stock currently trades at $18.37. The activity indicates a clear bullish bias.Coca Cola (KO), Citigroup Inc. (C), General Electric (GE), Intel Corporation (INTC), JP Morgan Chase (JPM), Microsoft Corporation (MSFT), Pfizer Inc. (PFE), Schlumberger Ltd. (SLB), Visa Inc. (V) & Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were increased less than ~5% this quarter. The activity indicates a mild bullish bias toward these businesses.American Express (AXP), Amazon.com (AMZN), BHP Billiton (BHP), Daimler AG ADR (DDAIF), Glaxosmithkline plc ADR (GSK), HSBC plc (HSBC), LVMH Moet Hennssy ADR (LVMUY), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Pepsico Inc. (PEP), Royal Bank of Canada (RY), Sanofi ADR (SNY), Toyota Motor ADR (TM), & United Technologies (UTX): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a change in bias.Stake Decreases:International Business Machines (IBM): IBM has been in the portfolio since 2008 when a very small stake was established. In 2011 and 2012 the position was increased substantially to just over 3.2M shares (~1.7% of the portfolio position) at prices between $150 and $211. Since then, the stake had been kept relatively steady although there were minor adjustments every quarter. This quarter, the position was reduced to an insignificantly small position at prices between $180 and $198. The stock currently trades at $194.40. The large stake reduction of a fairly large position indicates a clear bearish bias.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% position in 2012 at prices between $20 and $28. Last few quarters saw a ~13% trimming at prices between $31 and $36 and the position currently stands at 0.74% of the US long portfolio.McDonalds Corporation (MCD): MCD was a small position that has been in the portfolio since before the financial crisis. During the crisis, the position was almost sold out. In 2012 and early 2013, the stake was built back up to over 5.2M shares at prices between $84 and $104. The position was almost completely eliminated this quarter at prices between $97 and $104. The stock currently trades at $95.72. The large stake reduction indicates a clear bearish bias.Kept Steady:None.The portfolio also has several large positions in different ETNs and ETFs (FEEU) (FIGY) (FBG) (FBGX) (FLGE) (LQD) (MBB) (SCPB) - those together accounts for just over 13% of the US long portfolio.The spreadsheet below highlights changes to Fisher’s US stock holdings in Q2 2014:"

"Tracking Ken Fisher’s Fisher Asset Management Portfolio – Q1 2014 Update"

"This article is the first in a series that provides an ongoing analysis of the changes made to Kenneth Fisher’s US stock portfolio on a quarterly basis. It is based on Fisher Asset Management’s regulatory filed on 04/22/2014. The firm primarily invests money for institutions and high net worth individuals. Ken Fisher founded Fisher Investments in 1979. His active management style focuses on identifying information not widely known or interpreting widely-known information differently and correctly as compared to other market participants. Equity classifications (growth vs value, small cap vs large cap, etc.) do not play any role in security selection as over the long-term each such category will have almost identical real-risk-adjusted returns.Ken Fisher is a prolific writer and is best known for his long-running . He has also written several (most notably in Behavioral Finance) and (several of them were NY Times best sellers). He pioneered the use of P/S ratios as an analytical tool and applied his father to generate consistently high returns for Fisher Investments. The firm has over $50B in Assets Under Management (AUM). The portfolio is diversified with recent 13F reports showing over 500 individual positions. There are a large number of very small positions and the significantly large positions (more than 0.5% of the US long portfolio) in the portfolio are distributed among 50 or so stakes.This quarter, Fisher’s US long portfolio increased marginally from $44.12B to $44.34B. The number of holdings increased from 561 to 586. Significantly large positions remained remarkably steady at 54 and that part of the portfolio saw only minor adjustments to the position sizes during the quarter. The largest holding is FI Enhanced Global High Yield ETN (FIEG), an instrument tailor-made for them (Fisher Investments has nearly all the shares, although it is exchange traded). Largest five individual stock positions are American Express, Johnson & Johnson, Pfizer, United Technologies, and Wells Fargo accounting for ~2% of the overall US long portfolio each.New Stakes:None.Stake Disposals:None.Stake Increases:Apple Inc. (AAPL): AAPL is a 1.76% of the US long portfolio position that was built-up in 2012 at prices between $422 and $500. The position was increased by ~60% in Q2 2013 at prices between $415 and $450. The stock currently trades at $570. The activity indicates a bullish bias.Lloyds Banking Group plc ADR (LYG): LYG is a 0.94% of the US long portfolio position first purchased last quarter at prices between $4.67 and $5.36. The position was increased by ~10% this quarter at prices between $5 and $5.76 and the stock currently trades at $5.08. The aggressive stake built-up indicates a clear bullish bias.Siemens AG ADR (SI): SI is a 1.10% of the US long portfolio position first purchased last quarter at prices between $119 and $138. The position was increased by ~7% this quarter at prices between $123 and $136 and the stock currently trades at $133. The aggressive stake built-up indicates a clear bullish bias.Taiwan Semi. (TSM): TSM is a very long-term 0.78% of the US long portfolio position. The bulk of the original stake was purchased in 2012 at prices between $12.50 and $16.50. The position was reduced by ~50% in Q2 2013 at prices between $17 and $20. The stock currently trades at $19.94.UBS AG GRS (UBS): UBS is a 1.24% of the US long portfolio position established in Q3 2013 at prices between $16.92 and $21.45. The stake was reduced by around one-third last quarter at prices between $19.30 and $21.60. This quarter saw an about-turn as the position was increased by ~37% at prices between $18.62 and $21.50. The stock currently trades at $20.28.American Express (AXP), BHP Billiton (BHP), Daimler AG ADR (DDAIF), Glaxosmithkline plc ADR (GSK), International Business Machines (IBM), Novartis A G ADR (NVS), Novo-Nordisk A S ADR (NVO), Pepsico Inc. (PEP), Royal Bank of Canada (RY), Sanofi ADR (SNY), Toyota Motor ADR (TM), & United Technologies (UTX): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Stake Decreases:BASF SE ADR (BASFY): BASFY is a 0.74% of the US long portfolio position that was reduced marginally this quarter. The bulk of the current position was purchased in Q2 2013 at prices between $88 and $96. The stock currently trades at around $112. BASFY was a fairly large long-term position in the portfolio that was established well before the financial crisis. In 2012, the position was reduced to an insignificantly small stake but has since been built back up. The activity indicates a bullish bias.Chevron Corporation (CVX): CVX has been in the portfolio since 2009. Most of the stake was purchased in 2012 at prices between $96 and $117. The stock currently trades just outside that range at $124. The position was reduced marginally over the last few quarters and it currently accounts for 0.91% of the US long portfolio. Fisher is bullish on CVX.Cisco Systems (CSCO): CSCO is another long-term holding that was first purchased in 2009. By 2012, the stake was at over 33M shares but has since been reduced. The position currently stands at just over 14M shares (0.72% of the US long portfolio). The consistent stake reductions over several quarters indicate a bearish bias.Comcast Corporation (CMCSA): CMCSA is a 1.31% of the US long portfolio position. The original position was established in 2012 at prices between $24 and $37. It has since been marginally reduced. The stock currently trades at around $51.Walt Disney (DIS): DIS was a very small position in the portfolio till 2012 when over 8M shares were purchased at prices between $39 and $53. The stock currently trades well over that range at $78.50. The last two quarters saw minor trimming at prices between $64 and $77. The position still stands at just over 8M shares (1.45% of the US long portfolio).Exxon Mobil (XOM): XOM is a very long-term position. In 2008, just over 5M shares was purchased at prices between $62 and $95. Most of that position was eliminated in 2009 at prices between $66 and $82. The stake was built back up in 2011 at prices between $69 and $87. Last several quarters have seen some trimming and the current position stands at ~4.3M shares (~1% of the US long portfolio). The stock currently trades at around $100.Google Inc. (GOOG): GOOG was a very small position that was built-up to a substantial 2% position in 2011 at prices between $242 and $300. The stock currently trades at $518. Last few quarters have seen minor trimming at prices between $450 and $610. The stake still stands at 1.64% of the US long portfolio.Home Depot (HD): HD is a 1.41% of the US long portfolio position first purchased in 2012 at prices between $42 and $65. The stock currently trades at $79. Last two quarters saw minor trimming at prices between $74 and $83.Johnson & Johnson (JNJ): JNJ is a top-five individual stock position at just under $1B (2.21% of the US long portfolio - almost 10M shares). Around two-thirds of the position was purchased in 2008 at prices between $55 and $72 and the rest in 2011 at prices between $58 and $68. The stock currently trades at $100.L Oreal Co. ADR (LRLCY): LRLCY was a very small position first purchased in 2008. It was built up to a significant ~1% position in 2012 at prices between $20 and $28. Last few quarters saw an ~8% trimming at prices between $31 and $36 and the position currently stands at 0.76% of the US long portfolio.Oracle Corporation (ORCL): ORCL is a ~1% of the US long portfolio position that has been in the portfolio since before the financial crisis. The large ~2% stake was reduced by around 50% in Q4 2013 at prices between $32 and $38 and was marginally trimmed this quarter. The activity indicates a bearish bias.Procter & Gamble (PG): PG is another long-term 1.36% of the US long portfolio position that has been in the portfolio since before the financial crisis. The original position was increased by just over 75% in 2012 at prices between $60 and $70. The stock currently trades at $81.Qualcomm Inc. (QCOM): QCOM is a 1.58% of the US long portfolio position first purchased in 2011 at prices between $46 and $60. The stake was increased by ~62% in 2012 at prices between $55 and $68. The stock currently trades at $78 and the last few quarters have seen minor trimming.SAP AG ADR (SAP): SAP is a 1.09% of the US long portfolio position that was built-up over several quarters in 2012 at prices between $54 and $80. The stock currently trades at $78. The position has since been reduced by ~8% at prices between $70 and $87.Amazon.com (AMZN), Bank of America (BAC), Berkshire Hathaway (BRK.B), Citigroup Inc. (C), Coca Cola (KO), General Electric (GE), HSBC plc (HSBC), Intel Corporation (INTC), JP Morgan Chase (JPM), LVMH Moet Hennssy ADR (LVMUY), McDonalds Corporation (MCD), Microsoft Corporation (MSFT), Pfizer Inc. (PFE), Visa Inc. (V), Wells Fargo (WFC), & Schlumberger Ltd. (SLB): These are significant positions (more than 0.5% of the US long portfolio) that were reduced marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:None.The portfolio also has several large positions in different ETNs and ETFs - those together accounts for just over 13% of the US long portfolio.The spreadsheet below highlights changes to Fisher’s US stock holdings in Q1 2014:"

"Tracking Carl Icahn’s Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 8/14/2023. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2023.This quarter, Icahn’s 13F portfolio value decreased from $22.03B to $15.48B. The number of holdings increased from 17 to 15. The portfolio is very concentrated with the largest five positions accounting for ~88% of the entire holdings: Icahn Enterprises, CVR Energy, Southwest Gas Holdings, Occidental Petroleum warrants, and FirstEnergy.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises with Carl Icahn as the majority holder for Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).Stake Disposals:Cheniere Energy (LNG): LNG is a small 0.72% portfolio position. The bulk of the original large stake was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. Q4 2020 saw another ~20% selling at prices between ~$46 and ~$61. That was followed with another ~94% reduction over the four quarters through Q3 2022 at prices between ~$103 and ~$174. The remainder was sold this quarter at prices between ~$138 and ~$158. The stock currently trades at ~$167.Herc Holdings (HRI): HRI was a minutely small 0.12% of the portfolio position as of last quarter. It was established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. The stock started trading at ~$33 and currently goes for ~$134. The position was almost sold out last quarter at prices between ~$106 and ~$160. The remainder was disposed this quarter.Stake Decreases:FirstEnergy Corp (FE): FE is a 3.45% of the portfolio position purchased in Q1 2021 at prices between ~$29.50 and ~$35.60 and the stock currently trades just above that range at $35.69. There was a ~25% selling this quarter at prices between ~$37 and ~$42.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, 222M shares in 2020, 257M shares in 2021, 300M shares in 2022, and 334M shares as of H1 2023. The stock currently trades at ~$20.Note 1: In May, IEP stock price dropped sharply following a short from Hindenburg Research.Note 2: The stake increase over the years is primarily due to them taking the dividend consideration in additional shares rather than cash. The dividend was cut by 50% to $1 per unit in early August.Southwest Gas Holdings (SWX): SWX is a 4.46% of the portfolio position established over the two quarters through Q3 2021 at prices between ~$63 and ~$72. There was a ~75% stake increase during Q3 2022 through a tender offer at $82.50 per share. That was followed with a ~60% further increase last quarter at prices between ~$59 and ~$67. The stock currently trades at ~$62. There was a minor ~3% stake increase this quarter.Note 1: They have a ~16% ownership stake in the business.Note 2: The position was made public last October in a regulatory when they said they were opposed to Southwest’s acquisition of Questar Pipeline, Dominion Energy’s (D) transportation and storage business.Kept Steady:CVR Energy Inc. (CVI): CVI is a top three ~14% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $34.78.Note 1: Regulatory filings since the quarter ended show them owning ~70.8M shares. This is compared to ~71.2M shares in the 13F report. The reduction happened at ~$34.75 per share.Note 2: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Occidental Petroleum (OXY) wts: The ~4% of the portfolio position was established in Q3 2020 when 19.3M warrants (strike 22, 8/3/2027 expiry) were purchased for ~$2.75 per warrant. The stake saw a ~20% selling in Q3 2021. There were minor increases in the last five quarters. The warrants currently trade at $42.44.Note: They had a large position in the common stock of OXY but that was sold in Q1 2022.Xerox Corporation (XRX): XRX is a 3.29% of the portfolio position established in Q4 2015 at prices between $24 and $32. The four quarters through Q2 2021 had seen a roughly one-third stake increase. Their overall cost basis is ~$25 and they have a ~22% ownership stake in the business. The stock is now at $16.48. Q2 2022 saw a minor ~7% increase.Note 1: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In May 2020, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Bausch Health (BHC): The 1.79% of the portfolio BHC position was purchased in Q4 2020 at prices between ~$15.30 and ~$21 and increased by ~575% next quarter at prices between ~$21.25 and ~$34.40. The stock currently trades well below their purchase price ranges at $8.46.Note: They own 34.7M shares (~10% of the business). Two Icahn nominees are on the board.Newell Brands (NWL): NWL is a 1.68% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now at $10.71. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. There was a ~25% reduction in Q1 2022 at $25.86 per share in a repurchase agreement with the company. That was followed by ~9% selling last quarter.Note 1: Regulatory filings since the quarter ended show them owning ~20.4M shares (~4.9% of business). This is compared to ~30M shares in the 13F report. The reduction happened at prices between ~$10 and ~$11.Note 2: In April 2019, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Dana Inc. (DAN): The 1.57% DAN stake was established in Q4 2020 at prices between ~$13.25 and ~$20 and increased by ~200% next quarter at prices between ~$19 and ~$27. Q3 2021 also saw a ~20% stake increase at prices between $20.90 and $24.60. The stock currently trades at $16.44.Note: Icahn controls ~10% of Dana Inc.Conduent Inc. (CNDT): The small 0.84% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $3.17. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a ~20% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business.Crown Holdings (CCK): CCK is a 0.58% of the portfolio stake established during Q3 2022 at prices between ~$80 and ~$102 and the stock currently trades at ~$94.Note 1: Regulatory filings show them beneficially owning 10.2M shares (8.5% of the business). This includes forward contracts at an aggregate price of $75 per share. The total outlay was ~$687M.Note 2: A director appointment and nomination agreement was reached in January for the company’s 2023 election.Illumina Inc. (ILMN): ILMN is a small 0.52% of the portfolio stake established last quarter at prices between ~$194 and ~$233 and the stock currently trades below that range at ~$168.Note: Icahn launched a proxy battle and succeeded in ousting board Chairman John Thompson in May. The CEO Francis deSouza also resigned in June.Sandridge Energy (SD): SD is a 0.47% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now at $16.41.Note: Icahn has a ~13.5% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Bausch + Lomb Corp (BLCO): BLCO is a spinoff from Bausch Health that started trading in May last year at ~$18 per share. The stock currently trades at around the same price. Last June, two nominees of Icahn joined the board.International Flavors & Fragrances (IFF): IFF is a very small 0.27% of the portfolio stake established in Q1 2022 at prices between ~$116 and ~$150 and the stock currently trades well below that range at ~$70.25.Note: Icahn also owns ~90% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC).The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Carl Icahn’s 13F filings for Q1 2023 and Q2 2023.Note for all update articles – Get the latest investor presentation and give the link at their website in the Note which has the link and make sure Slide 5 is still the correct one.Regulatory filings from 3/5/2023 to 6/3/2023: Form 5/26 - SWX – 85K shares @ 57.95 – 10.61M shares, Form 3/A – 5/19 –2.09M shares (cash settled swap), Form 4 & 13D/A – 3/28 – 303K shares @ 60.2 – 10.52M shares (14.75% of business), Form 4 & 13D/A – 3/23 – 525K shares @ 60.5, Form 4 & 13D/A – 3/17 – 205K shares @ 60, Form 4 – 3/14 – 540K shares @ 60, Form 3 – 3/13 – misc, Form 4 & 13D/A – 3/10 – 2.33M shares @ 60.12 – 8.94M shares (12.64% of business) . Form 4 – 4/21 – IEP – 11.48M shares @ 52.26 – 311.48M shares. 13D/A – 3/15 – NWL – 30.53M shares – 7.38% of business. 13D/A – 3/13 – HRI – 1.37M shares – 4.71% of business."

"Tracking Carl Icahn’s Portfolio – Q1 2023 Update"

"Carl Icahn’s 13F portfolio value increased from $21.75B to $22.03B this quarter.They added Illumina and increased Southwest Gas Holdings while decreasing Herc Holdings.Icahn Enterprises, CVR Energy, and FirstEnergy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 5/15/2023. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2022.This quarter, Icahn’s 13F portfolio value increased from $21.75B to $22.03B. The number of holdings increased from 16 to 17. The portfolio is very concentrated with the largest five positions accounting for ~90% of the entire holdings: Icahn Enterprises, CVR Energy, FirstEnergy, Occidental Petroleum warrants, and Southwest Gas Holdings.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:Illumina Inc. (ILMN): ILMN is a small 0.45% of the portfolio stake established this quarter at prices between ~$194 and ~$233 and the stock currently trades at ~$207.Note: Icahn launched a proxy battle and succeeded in ousting board Chairman John Thompson last month.Stake Decreases:Newell Brands (NWL): NWL is a 1.69% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now at $8.78. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. There was a ~25% reduction in Q1 2022 at $25.86 per share in a repurchase agreement with the company. That was followed with a ~9% selling this quarter.Note 1: They still have a ~7.5% stake in the business.Note 2: In April 2019, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Herc Holdings (HRI): HRI is now a minutely small 0.12% of the portfolio position. It was established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. The stock started trading at ~$33 and currently goes for ~$114. The position was almost sold out this quarter at prices between ~$106 and ~$160.Stake Increases:Occidental Petroleum (OXY) wts: The ~3% of the portfolio position was established in Q3 2020 when 19.3M warrants (strike 22, 8/3/2027 expiry) were purchased for ~$2.75 per warrant. The stake saw a ~20% selling in Q3 2021. There were minor increases in the last five quarters. The warrants currently trade at ~$38.Note: They had a large position in the common stock of OXY but that was sold in Q1 2022.Southwest Gas Holdings (SWX): SWX is a ~3% of the portfolio position established over the two quarters through Q3 2021 at prices between ~$63 and ~$72. There was a ~75% stake increase during Q3 2022 through a tender offer at $82.50 per share. That was followed with a ~60% further increase this quarter at prices between ~$59 and ~$67. The stock currently trades at ~$60.Note 1: They have a ~15% ownership stake in the business.Note 2: The position was made public last October in a regulatory when they said they were opposed to Southwest’s acquisition of Questar Pipeline, Dominion Energy’s (D) transportation and storage business.Kept Steady:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, 222M shares in 2020, 257M shares in 2021, and 300M shares as of Q1 2023. The stock currently trades at ~$22.Note 1: Last month, IEP stock price dropped sharply following a short from Hindenburg Research.Note 2: The stake increase over the years is primarily due to them taking the dividend consideration in additional shares rather than cash. Regulatory filings since the quarter ended show them owning ~311.5M shares. This is compared to ~300M shares in the 13F report. The increase happened at $52.26 per share.CVR Energy Inc. (CVI): CVI is a top three 10.60% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $25.39.Note: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.FirstEnergy Corp (FE): FE is a 3.45% of the portfolio position purchased in Q1 2021 at prices between ~$29.50 and ~$35.60 and the stock currently trades at $37.70.Xerox Corporation (XRX): XRX is a 2.39% of the portfolio position established in Q4 2015 at prices between $24 and $32. The four quarters through Q2 2021 had seen a roughly one-third stake increase. Their overall cost basis is ~$25 and they have a ~22% ownership stake in the business. The stock is now at $14.78. Q2 2022 saw a minor ~7% increase.Note 1: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In May 2020, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Bausch Health (BHC): The 1.28% of the portfolio BHC position was purchased in Q4 2020 at prices between ~$15.30 and ~$21 and increased by ~575% next quarter at prices between ~$21.25 and ~$34.40. The stock currently trades well below their purchase price ranges at $8.23.Note: They own 34.7M shares (~10% of the business). Two Icahn nominees are on the board.Dana Inc. (DAN): The ~1% DAN stake was established in Q4 2020 at prices between ~$13.25 and ~$20 and increased by ~200% next quarter at prices between ~$19 and ~$27. Q3 2021 also saw a ~20% stake increase at prices between $20.90 and $24.60. The stock currently trades at $13.88.Note: Icahn controls ~10% of Dana Inc.Cheniere Energy (LNG): LNG is now a small 0.72% portfolio position. The bulk of the original large stake was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. Q4 2020 saw another ~20% selling at prices between ~$46 and ~$61. That was followed with another ~94% reduction over the four quarters through Q3 2022 at prices between ~$103 and ~$174. They realized long-term gains. The stock currently trades at ~$146.Conduent Inc. (CNDT): The small 0.59% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $3.25. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a ~20% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business.Crown Holdings (CCK): CCK is a 0.39% of the portfolio stake established during Q3 2022 at prices between ~$80 and ~$102 and the stock currently trades at $80.37.Note 1: Regulatory filings show them beneficially owning 10.2M shares (8.5% of the business). This includes forward contracts at an aggregate price of $75 per share. The total outlay was ~$687M.Note 2: A director appointment and nomination agreement was reached in January for the company’s 2023 election.Sandridge Energy (SD): SD is a 0.32% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now below that range at $14.62.Note: Icahn has a ~13.5% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Bausch + Lomb Corp (BLCO): BLCO is a spinoff from Bausch Health that started trading in May last year at ~$18 per share. The stock currently trades at $18.25. Last June, two nominees of Icahn joined the board.International Flavors & Fragrances (IFF): IFF is a very small 0.27% of the portfolio stake established in Q1 2022 at prices between ~$116 and ~$150 and the stock currently trades well below that range at ~$80.Note: Icahn also owns significant stakes in the following OTC stocks: ~36M shares (48.6% of business) of Enzon Pharmaceuticals (ENZN) at a cost-basis of ~$2.70, and ~89% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). The Enzon position saw a substantial increase in Q4 2020 as they participated in a rights offering.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Carl Icahn’s 13F filings for Q4 2022 and Q1 2023.Icahn’s 13F vs IEP’s private investment in the fund: Response to reader query – 10/11/2022 – “Thank you for posting this 10K info. As general partner of the fund, IEP both invest and manage the portfolio. Their investment in the fund was valued at ~$4.7B. This is compared to Icahn's 13F filing which shows ~$21B. We also know Icahn primarily invests through this fund. Although not certain, as disclosures are not granular enough, it is reasonable to say ~22% of the 13F value distributed at the same percentages in the 13F is likely IEP's private capital.”. The 10K info quoted by reader was the following: “Our investment segment is comprised of various private investment funds in which we have general partner interests and through which we invest our private capital. As a general partner we provide investment advisory and certain administrative and back-office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. We and certain of Mr. Icahn’s family members and affiliates are the only investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $4.7 billion and $4.2 billion as of March 31, 2022 and December 31, 2021, respectively.”Note for all update articles – Get the latest investor presentation and give the link at their website in the Note which has the link and make sure Slide 5 is still the correct one.Regulatory filings from 12/18/2022 3/5/2023: 13D/A – HRI – 3/7 – 1.67M shares – 5.73% of business - 2/24 – 2.1M shares – 7.23% of business, 13D/A – 2/17 – 2.44M shares – 8.38% of business, Form 4 – 2/10 – 78K shares sold at ~151 – 2.85M shares, Form 4 – 2/9 - ~133K shares disposed at ~156 – 2.93M shares, 13D/A – 2/9 – 2.93M shares – 10.02% of business, Form 4 – 2/6 – 132K shares disposed at 159 – 3.07M shares, Form 4 – 2/1 - ~120K shares disposed at ~153 – 3.22M shares, Form 4 – 1/27 – 125K shares disposed at ~148 – 3.34M shares, 13D/A – 1/27 – 3.34M shares – 11.4% of business, Form 4 – 1/24 – 115K shares disposed at 144 – 3.47M shares, Form 4 – 1/19 - ~113K shares disposed at ~143 – 3.58M shares, . 13D/A – 2/10 – NWL – letter agreement about directors related filing. Form 4 – 12/23 – IEP – 11.44M shares acquired at 50.44 - ~300M shares, 13D/A – 12/23 - ~300M shares – 85.98% of business, .Note – 10/2022: TWTR – Icahn built a stake in the mid-30s over the last few months -"

"Tracking Carl Icahn’s Portfolio – Q4 2022 Update"

"Carl Icahn’s 13F portfolio value increased from $21.23B to $21.75B this quarter.They decreased Cheniere Energy substantially this quarter.Icahn Enterprises, CVR Energy, and FirstEnergy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 2/14/2023. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2022.This quarter, Icahn’s 13F portfolio value increased ~3% from $21.23B to $21.75B. The number of holdings decreased from 17 to 16. The portfolio is very concentrated with the largest five positions accounting for ~84% of the entire holdings: Icahn Enterprises, CVR Energy, FirstEnergy, Occidental Petroleum warrants, and Xerox Corp.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).Stake Disposals:Twitter Inc.: The large (top five) Twitter position was built in the mid-30s. The trade realized substantial short-term gains as Elon Musk’s deal for Twitter closed at $54.20 per share last October.Stake Decreases:Cheniere Energy (LNG): LNG is now a small 0.69% portfolio position. The bulk of the original large stake was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. Q4 2020 saw another ~20% selling at prices between ~$46 and ~$61. That was followed with another ~94% reduction over the last four quarters at prices between ~$103 and ~$174. The stock currently trades at ~$153. They are realizing long-term gains.Herc Holdings (HRI): HRI is a 2.24% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. The stock started trading at ~$33 and currently goes for ~$135. Recent activity follows. Q4 2021 saw a ~11% trimming at prices between ~$180 and ~$190. That was followed with a ~7% trimming in the low-130s this quarter.Note: Regulatory filings since the quarter ended show them owning 1.67M shares (~5.7% of the business) of Herc Holdings. This is compared to 3.7M shares in the 13F report. The reduction happened at prices between $141 and $158 per share.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, 222M shares in 2020, 257M shares in 2021, and 3000M shares as of EOY 2022. The stock currently trades at ~$53. IEP Book Value per share is ~$12 per share.Note: The stake increase over the years is primarily due to them taking the dividend consideration in additional shares rather than cash.Occidental Petroleum (OXY) wts: The ~3% of the portfolio position was established in Q3 2020 when 19.3M warrants (strike 22, 8/3/2027 expiry) were purchased for ~$2.75 per warrant. The stake saw a ~20% selling in Q3 2021. There were minor increases in the last four quarters. The warrants currently trade at $39.21.Note: They had a large position in the common stock of OXY but that was sold in Q1 2022.Crown Holdings (CCK): CCK is a 0.39% of the portfolio stake established last quarter at prices between ~$80 and ~$102 and the stock currently trades at $84.17. There was a marginal increase this quarter.Note 1: Regulatory filings show them beneficially owning 10.2M shares (8.5% of the business). This includes forward contracts at an aggregate price of $75 per share. The total outlay was ~$687M.Note 2: A director appointment and nomination agreement was reached in January for the company’s 2023 election.Kept Steady:CVR Energy Inc. (CVI): CVI is a top three ~10% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $31.13.Note: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.FirstEnergy Corp (FE): FE is a 3.66% of the portfolio position purchased in Q1 2021 at prices between ~$29.50 and ~$35.60 and the stock currently trades at $39.15.Xerox Corporation (XRX): XRX is a 2.30% of the portfolio position established in Q4 2015 at prices between $24 and $32. The four quarters through Q2 2021 had seen a roughly one-third stake increase. Their overall cost basis is ~$25 and they have a ~22% ownership stake in the business. The stock is now at $16.10. Q2 2022 saw a minor ~7% increase.Note 1: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In May 2020, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Newell Brands (NWL): NWL is a ~2% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now at ~$13. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. There was a ~25% reduction in Q1 2022 at $25.86 per share in a repurchase agreement with the company.Note 1: They still have a ~8.2% stake in the business.Note 2: In April 2019, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Southwest Gas Holdings (SWX): SWX is a 1.88% of the portfolio position established over the two quarters through Q3 2021 at prices between ~$63 and ~$72. There was a ~75% stake increase last quarter through a tender offer at $82.50 per share. That was followed with a ~30% further increase this quarter at prices between ~$70 and ~$88. The stock currently trades at $59.64.Note 1: They have a ~9.8% ownership stake in the business.Note 2: The position was made public last October in a regulatory when they said they were opposed to Southwest’s acquisition of Questar Pipeline, Dominion Energy’s (D) transportation and storage business. A proxy contest and a $75 per share tender offer for all outstanding shares soon . A motion to block the Quester Pipeline deal but later a deal was reached whereby the CEO was replaced.Bausch Health (BHC): The ~1% of the portfolio BHC position was purchased in Q4 2020 at prices between ~$15.30 and ~$21 and increased by ~575% next quarter at prices between ~$21.25 and ~$34.40. The stock currently trades well below those ranges at $8.32.Note: They own 34.7M shares (~10% of the business). Two Icahn nominees are on the board.Dana Inc. (DAN): The ~1% DAN stake was established in Q4 2020 at prices between ~$13.25 and ~$20 and increased by ~200% next quarter at prices between ~$19 and ~$27. Q3 2021 also saw a ~20% stake increase at prices between $20.90 and $24.60. The stock currently trades at $15.11.Note: Icahn controls ~10% of Dana Inc.Conduent Inc. (CNDT): The small 0.71% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $3.63. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a ~20% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business.Sandridge Energy (SD): SD is a 0.38% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now at $14.30.Note: Icahn has a ~13.5% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.International Flavors & Fragrances (IFF): IFF is a very small 0.31% of the portfolio stake established in Q1 2022 at prices between ~$116 and ~$150 and the stock currently trades at ~$86.Bausch + Lomb Corp (BLCO): BLCO is a spinoff from Bausch Health that started trading in May last year at ~$18 per share. The stock currently trades at $16.23. Last June, two nominees of Icahn joined the board.Note: Icahn also owns significant stakes in the following OTC stocks: ~36M shares (48.6% of business) of Enzon Pharmaceuticals (ENZN) at a cost-basis of ~$2.70, and ~89% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). The Enzon position saw a substantial increase in Q4 2020 as they participated in a rights offering.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Carl Icahn’s 13F filings for Q3 2022 and Q4 2022.Icahn’s 13F vs IEP’s private investment in the fund: Response to reader query – 10/11/2022 – “Thank you for posting this 10K info. As general partner of the fund, IEP both invest and manage the portfolio. Their investment in the fund was valued at ~$4.7B. This is compared to Icahn's 13F filing which shows ~$21B. We also know Icahn primarily invests through this fund. Although not certain, as disclosures are not granular enough, it is reasonable to say ~22% of the 13F value distributed at the same percentages in the 13F is likely IEP's private capital.”. The 10K info quoted by reader was the following: “Our investment segment is comprised of various private investment funds in which we have general partner interests and through which we invest our private capital. As a general partner we provide investment advisory and certain administrative and back-office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. We and certain of Mr. Icahn’s family members and affiliates are the only investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $4.7 billion and $4.2 billion as of March 31, 2022 and December 31, 2021, respectively.”Note for all update articles – Get the latest investor presentation and give the link at their website in the Note which has the link and make sure Slide 5 is still the correct one.Regulatory filings from 9/5/2022 to 12/18/2022: 13D/A & Form 4 – 12/15 - HRI – 3.7M shares – 12.63% of business – selling at prices in the low-130s, Form 4 – 11/29 –minor – 3.94M shares, Form 4 – 11/23 – 70K shares disposed at 134 – 3.95M shares, Form 4 – 11/17 – minor – 4M shares, . 13D/A – 12/13 - CCK – director appointment & nomination agreement for 2023 election, 13D – 11/3 - 10.2M shares – 8.5% of business - ~$687M outlay including forward contracts at an aggregate price of $75 per share. 13D/A – 10/26 – SWX – 6.61M shares – 9.8% of business. 13D/A, Form 4 – 9/30 – IEP – 288.56M shares – 86.48% of business – 10.9M shares acquired at 50.93.Note – 10/2022: TWTR – Icahn built a stake in the mid-30s over the last few months -"

"Tracking Carl Icahn’s Portfolio – Q3 2022 Update"

"Carl Icahn’s 13F portfolio value increased from $20.86B to $21.23B this quarter.They increased Southwest Gas Holdings while decreasing Cheniere Energy.Icahn Enterprises, CVR Energy, and FirstEnergy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 11/14/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2022.This quarter, Icahn’s 13F portfolio value increased ~2% from $20.86B to $21.23B. The number of holdings increased from 16 to 17. The portfolio is very concentrated with the largest five positions accounting for ~86% of the entire holdings: Icahn Enterprises, CVR Energy, FirstEnergy, Occidental Petroleum warrants, and Twitter Inc.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:Twitter Inc.: The large (top five) Twitter position was built in the mid-30s. The trade realized substantial short-term gains as Elon Musk’s deal for Twitter closed at $54.20 per share.Crown Holdings (CCK): CCK is a 0.40% of the portfolio stake established this quarter at prices between ~$80 and ~$102 and the stock currently trades at $80.50.Note 1: Regulatory filings show them beneficially owning 10.2M shares (8.5% of the business). This includes forward contracts at an aggregate price of $75 per share. The total outlay was ~$687M.Note 2: A director appointment and nomination agreement was reached last week for the company’s 2023 election.Stake Disposals:Welbilt Inc. (WBT) previously Manitowoc Food Service: The small 1.21% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. Icahn’s overall cost-basis was ~$13 and they had a ~9.5% ownership stake in the business. Ali Group acquired Welbilt in a $24 all-cash deal that closed in July.Stake Decreases:Cheniere Energy (LNG): LNG is now a small 1.65% portfolio position. The bulk of the original large stake was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. Q4 2020 saw another ~20% selling at prices between ~$46 and ~$61. That was followed with another ~87% reduction over the last three quarters at prices between ~$103 and ~$174. The stock currently trades at ~$158.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, 222M shares in 2020, 257M shares in 2021, and 289M shares as of Q3 2022. The stock currently trades at $50.71. IEP Book Value per share is ~$12 per share.Note: The stake increase over the years is primarily due to them taking the dividend consideration in additional shares rather than cash.Occidental Petroleum (OXY) wts: The ~3% of the portfolio position was established in Q3 2020 when 19.3M warrants (strike 22, 8/3/2027 expiry) were purchased for ~$2.75 per warrant. The stake saw a ~20% selling in Q3 2021. There were minor increases in the last three quarters. The warrants currently trade at $40.80.Note: They had a large position in the common stock of OXY but that was sold in Q1 2022.Southwest Gas Holdings (SWX): SWX is a 2.17% of the portfolio position established over the two quarters through Q3 2021 at prices between ~$63 and ~$72. There was a ~75% stake increase last quarter through a tender offer at $82.50 per share. That was followed with a ~30% further increase this quarter at prices between ~$70 and ~$88. The stock currently trades at $63.69.Note 1: They have a ~9.8% ownership stake in the business.Note 2: The position was made public last October in a regulatory when they said they were opposed to Southwest’s acquisition of Questar Pipeline, Dominion Energy’s (D) transportation and storage business. A proxy contest and a $75 per share tender offer for all outstanding shares soon . A motion to block the Quester Pipeline deal but later a deal was reached whereby the CEO was replaced.Kept Steady:CVR Energy Inc. (CVI): CVI is a top three ~10% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $29.65.Note: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.FirstEnergy Corp (FE): FE is a 3.31% of the portfolio position purchased in Q1 2021 at prices between ~$29.50 and ~$35.60 and the stock currently trades at $40.93.Newell Brands (NWL): NWL is a 2.16% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now at $13.07. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. There was a ~25% reduction in Q1 2022 at $25.86 per share in a repurchase agreement with the company.Note 1: They still have a ~8.2% stake in the business.Note 2: In April 2019, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Xerox Corporation (XRX): XRX is a 2.11% of the portfolio position established in Q4 2015 at prices between $24 and $32. The four quarters through Q2 2021 had seen a roughly one-third stake increase. Their overall cost basis is ~$25 and they have a ~22% ownership stake in the business. The stock is now at $15.19. Last quarter saw a minor ~7% increase.Note 1: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In May 2020, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Herc Holdings (HRI): HRI is a ~2% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for ~$127. Q4 2021 saw a ~11% trimming at prices between ~$180 and ~$190.Note: Regulatory filings since the quarter ended show them owning 3.7M shares (12.63% of business). This is compared to 4.02M shares in the 13F report. The reduction happened at prices in the low-130s.Bausch Health (BHC): The 1.13% of the portfolio BHC position was purchased in Q4 2020 at prices between ~$15.30 and ~$21 and increased by ~575% next quarter at prices between ~$21.25 and ~$34.40. The stock currently trades well below those ranges at $7.13.Note: They own 34.7M shares (~10% of the business). Two Icahn nominees are on the board.Dana Inc. (DAN): The 0.77% DAN stake was established in Q4 2020 at prices between ~$13.25 and ~$20 and increased by ~200% next quarter at prices between ~$19 and ~$27. Q3 2021 also saw a ~20% stake increase at prices between $20.90 and $24.60. The stock currently trades at $15.56.Note: Icahn controls ~10% of Dana Inc.Conduent Inc. (CNDT): The small 0.60% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $3.77. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a ~20% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business.Sandridge Energy (SD): SD is a 0.37% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now at $17.24.Note: Icahn has a ~13.5% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.International Flavors & Fragrances (IFF): IFF is a very small 0.28% of the portfolio stake established in Q1 2022 at prices between ~$116 and ~$150 and the stock currently trades at ~$103.Bausch + Lomb Corp (BLCO): BLCO is a spinoff from Bausch Health that started trading in May this year at ~$18 per share. The stock currently trades at $14.87. In June, two nominees of Icahn joined the board.Note: Icahn also owns significant stakes in the following OTC stocks: ~36M shares (48.6% of business) of Enzon Pharmaceuticals (ENZN) at a cost-basis of ~$2.70, and ~89% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). The Enzon position saw a substantial increase in Q4 2020 as they participated in a rights offering.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Carl Icahn’s 13F filings for Q2 2022 and Q3 2022.Icahn’s 13F vs IEP’s private investment in the fund: Response to reader query – 10/11/2022 – “Thank you for posting this 10K info. As general partner of the fund, IEP both invest and manage the portfolio. Their investment in the fund was valued at ~$4.7B. This is compared to Icahn's 13F filing which shows ~$21B. We also know Icahn primarily invests through this fund. Although not certain, as disclosures are not granular enough, it is reasonable to say ~22% of the 13F value distributed at the same percentages in the 13F is likely IEP's private capital.”. The 10K info quoted by reader was the following: “Our investment segment is comprised of various private investment funds in which we have general partner interests and through which we invest our private capital. As a general partner we provide investment advisory and certain administrative and back-office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. We and certain of Mr. Ichan’s family members and affiliates are the only investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $4.7 billion and $4.2 billion as of March 31, 2022 and December 31, 2021, respectively.”Note for all update articles – Get the latest investor presentation and give the link at their website in the Note which has the link and make sure Slide 5 is still the correct one.Regulatory filings from 6/11/2022 to 9/5/2022: 13D/A – 9/6 - SWX - 6.48M shares – 9.7% of business, 13D/A – 8/16 –5.81M shares – 8.7% of business. 13D/A – 7/29 – WBT – zero - $24 cash-deal closed related filing. Form 4, 13D/A – 9/30 - IEP – 288.56M shares (86.48% of business) – 10.9M shares @ 50.9336, Form 4, 13D/A – 7/1 –11M shares acquired – 277.7M shares (87.32% of business).Note: TWTR – Ichan built a stake in the mid-30s over the last few months -"

"Tracking Carl Icahn’s Portfolio – Q2 2022 Update"

"Carl Icahn’s 13F portfolio value decreased from $21.87B to $20.86B this quarter.They reduced Cheniere Energy while increasing Southwest Gas Holdings.Icahn Enterprises, CVR Energy, and Cheniere Energy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 8/15/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2022.This quarter, Icahn’s 13F portfolio value decreased ~5% from $21.87B to $20.86B. The number of holdings remained steady at 16. The portfolio is very concentrated with the largest five positions accounting for ~86% of the entire holdings: Icahn Enterprises, CVR Energy, Cheniere Energy, FirstEnergy, and Newell Brands.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note 1: Earlier this week, it was that Icahn had built a ~$500M merger-arbitrage stake in Twitter (TWTR) in the last few months. The cost-basis is in the mid-30s. The trade would realize substantial short-term gains if Elon Musk’s deal for Twitter closes at $54.20 per share.Note 2: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:Bausch + Lomb Corp (BLCO): BLCO is a spinoff from Bausch Health that started trading in May at ~$18 per share. The stock currently trades at $16.18. In June, two nominees of Icahn joined the board.Stake Disposals:Delek US Holdings (DK): DK stake came about as partial consideration of the special dividend paid by CVR Energy (0.1048 shares of DK for each CVI and the rest in cash). The stock currently trades at $30.51. The position was sold down by ~80% last quarter and the remainder stake was disposed this quarter. Part of the liquidation was through the sale of ~3.49M shares back to the issuer at $18.30 per share in a Stock Purchase and Cooperation Agreement with the company.Stake Decreases:Cheniere Energy (LNG): LNG is a top-three 3.58% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. Q4 2020 saw another ~20% selling at prices between ~$46 and ~$61. That was followed with another two-thirds reduction over the last two quarters at prices between ~$103 and ~$149. The stock currently trades at ~$173.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, 222M shares in 2020, 257M shares in 2021, and 278M shares as of Q2 2022. The stock currently trades at $52.72. IEP Book Value per share is ~$13 per share.Note: The stake increase over the years is primarily due to them taking the dividend consideration in additional shares rather than cash. Regulatory filings from last month show them owning ~288M shares (~87% of business). This is compared to 278M shares in the 13F report. The increase happened at ~$50.93 per share.Occidental Petroleum (OXY) wts: The 2.71% of the portfolio position was established in Q3 2020 when 19.3M warrants (strike 22, 8/3/2027 expiry) were purchased for ~$2.75 per warrant. The stake saw a ~20% selling in Q3 2021. There was a marginal increase over the last two quarters. The warrants currently trade at $48.55.Note: They had a large position in the common stock of OXY but that was sold last quarter.Xerox Corporation (XRX): XRX is a 2.44% of the portfolio position established in Q4 2015 at prices between $24 and $32. The four quarters through Q2 2021 had seen a roughly one-third stake increase. Their overall cost basis is ~$25 and they have a ~22% ownership stake in the business. The stock is now at $14.70. This quarter saw a minor ~7% increase.Note 1: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In May 2020, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Southwest Gas Holdings (SWX): SWX is a 2.13% of the portfolio position established over the two quarters through Q3 2021 at prices between ~$63 and ~$72. There was a ~75% stake increase this quarter through a tender offer at $82.50 per share. The stock currently trades at $68.78.Note 1: Regulatory filings from last month show them owning 6.48M (9.7% of the business) shares of SWX. This is compared to 5.1M shares in the 13F Report.Note 2: The position was made public on October 4th in a regulatory when they said they were opposed to Southwest’s acquisition of Questar Pipeline, Dominion Energy’s (D) transportation and storage business. A proxy contest and a $75 per share tender offer for all outstanding shares soon on October 14th. A motion to block the Quester Pipeline deal was denied in December. Last Month, a settlement was reached whereby the CEO was replaced.Kept Steady:CVR Energy Inc. (CVI): CVI is a top three 11.44% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $33.98.Note: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.FirstEnergy Corp (FE): FE is a 3.49% of the portfolio position purchased in Q1 2021 at prices between ~$29.50 and ~$35.60 and the stock currently trades at $36.85.Newell Brands (NWL): NWL is a ~3% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now at $19.14. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. There was a ~25% reduction last quarter at $25.86 per share in a repurchase agreement with the company.Note 1: They still have a ~8.2% stake in the business.Note 2: In April 2019, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Herc Holdings (HRI): HRI is a 1.74% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for ~$117. Q4 2021 saw a ~11% trimming at prices between ~$180 and ~$190.Note: They have a ~13.5% ownership stake in the business.Bausch Health (BHC): The 1.39% of the portfolio BHC position was purchased in Q4 2020 at prices between ~$15.30 and ~$21 and increased by ~575% next quarter at prices between ~$21.25 and ~$34.40. The stock currently trades well below those ranges at $7.39.Note: They own 34.7M shares (~10% of the business). Two Icahn nominees are on the board.Welbilt Inc. (WBT) previously Manitowoc Food Service: The small 1.21% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. Icahn’s overall cost-basis was ~$13 and they had a ~9.5% ownership stake in the business. Ali Group acquired Welbilt in a $24 all-cash deal that closed in July.Dana Inc. (DAN): The ~1% DAN stake was established in Q4 2020 at prices between ~$13.25 and ~$20 and increased by ~200% next quarter at prices between ~$19 and ~$27. Q3 2021 also saw a ~20% stake increase at prices between $20.90 and $24.60. The stock currently trades at $12.93.Note: Icahn controls ~10% of Dana Inc.Conduent Inc. (CNDT): The small 0.79% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $3.47. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a ~20% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business.International Flavors & Fragrances (IFF): IFF is a very small 0.37% of the portfolio stake established last quarter at prices between ~$116 and ~$150 and the stock currently trades at ~$90.40.Sandridge Energy (SD): SD is a 0.36% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now at $19.30.Note: Icahn has a ~13.5% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note: Icahn also owns significant stakes in the following OTC stocks: ~36M shares (48.6% of business) of Enzon Pharmaceuticals (ENZN) at a cost-basis of ~$2.70, and ~89% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). The Enzon position saw a substantial increase in Q4 2020 as they participated in a rights offering.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Carl Icahn’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 4/4/2022 to 6/11/2022: DFAN14A – 6/6 – discontinued proxy contests at McDonald’s and Kroger. 13D – 6/3 – SWX – 5.09M shares – 7.6% of business – the increase was due to the acquisition of 2.19M shares from a tender offer at the offer price of $82.50. Form 4, 13D/A – 4/29 – IEP – 9.59M shares @ 53.63 – 266.63M shares (88% of business). Form 4 – 4/25 – XRX – 2.13M shares @ ~17.10 – 34.25M shares (21.90% of business)."

"Tracking Carl Icahn’s Portfolio – Q1 2022 Update"

"Carl Icahn’s 13F portfolio value decreased from $22.29B to $21.87B this quarter.They reduced Cheniere Energy and Newell Brands during the quarter. They also dropped Occidental Petroleum.Icahn Enterprises, CVR Energy, and Cheniere Energy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 5/13/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2021.This quarter, Icahn’s 13F portfolio value decreased marginally from $22.29B to $21.87B. The number of holdings remained steady at 16. The portfolio is very concentrated with the largest five positions accounting for ~83% of the entire holdings: Icahn Enterprises, CVR Energy, Cheniere Energy, FirstEnergy, and Bausch Health.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note 1: Regulatory filings from last week disclosed that they have discontinued their proxy contests at McDonald’s (MCD) and Kroger (KR).Note 2: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:International Flavors & Fragrances (IFF): IFF is a very small 0.39% of the portfolio stake established this quarter at prices between ~$116 and ~$150 and the stock currently trades at ~$125.Stake Disposals:Occidental Petroleum (OXY): OXY was a 5.85% of the portfolio stake established in Q2 2019 at ~$52 per share. Q3 2019 saw a ~23% selling at prices between $42 and $53 and that was followed with a ~15% reduction in Q1 2020 at prices between $37.25 and $44.50. The pattern reversed in Q2 2020: ~300% stake increase at an average cost of ~$14.60. There was a ~40% selling in Q2 2021 at prices between ~$23 and ~$33. The elimination this quarter was at prices between ~$31 and ~$61. The stock is now at $63.87. Their overall cost-basis is ~$22 per share.Note: they still hold a 15M stake in the warrants with a strike price of $22 per share.Stake Decreases:Cheniere Energy (LNG): LNG is a large (top three) ~6% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. Q4 2020 saw another ~20% selling at prices between ~$46 and ~$61. That was followed with a ~40% selling this quarter at prices between ~$103 and ~$149. The stock currently trades at ~$135.Newell Brands (NWL): NWL is a 3.24% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now at $19.14. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. There was a ~25% reduction this quarter at $25.86 per share in a repurchase agreement with the company. Overall, their cost-basis is ~$25.60.Note 1: They still have a ~8.2% stake in the business.Note 2: In April 2019, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Delek US Holdings (DK): DK is a very small 0.13% of the portfolio position. It came about as partial consideration of the special dividend paid by CVR Energy (0.1048 shares of DK for each CVI and the rest in cash). The stock currently trades at $33.39. The position was sold down by ~80% this quarter. Part of it was through the sales of ~3.49M shares back to the issuer at $18.30 per share in a Stock Purchase and Cooperation Agreement with the company.Stake Increases:Occidental Petroleum (OXY) wts: The 2.43% of the portfolio position was established in Q3 2020 when 19.3M warrants (strike 22, 8/3/2027 expiry) were purchased for ~$2.75 per warrant. The stake saw a ~20% selling in Q3 2021. There was a marginal increase this quarter. The warrants currently trade at $41.98.Note: The large position in the common stock was sold during the quarter.Kept Steady:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, 222M shares in 2020, 257M shares in 2021, and 266M shares (~88% of business) as of Q1 2022. The stock currently trades at $51.27. IEP Book Value per share is ~$11.60 per share.Note: The stake increase over the years is primarily due to them taking the dividend consideration in additional shares rather than cash.CVR Energy Inc. (CVI): CVI is a top three 8.32% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $41.45.Note: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.FirstEnergy Corp (FE): FE is a ~4% of the portfolio position purchased in Q1 2021 at prices between ~$29.50 and ~$35.60 and the stock currently trades at $40.60.Bausch Health (BHC): The 3.63% of the portfolio BHC position was purchased in Q4 2020 at prices between ~$15.30 and ~$21 and increased by ~575% next quarter at prices between ~$21.25 and ~$34.40. The stock currently trades well below those ranges at $8.03.Note: They own 34.7M shares (~10% of the business). Two Icahn nominees are on the board.Herc Holdings (HRI): HRI is a ~3% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for ~$112. Last quarter saw a ~11% trimming at prices between ~$180 and ~$190.Note: They have a ~13.5% ownership stake in the business.Xerox Corporation (XRX): XRX is a ~3% of the portfolio position established in Q4 2015 at prices between $24 and $32. The four quarters through Q2 2021 had seen a roughly one-third stake increase. Their overall cost basis is ~$25 and they have a ~22% ownership stake in the business. The stock is now at $17.83.Note 1: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In May 2020, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Welbilt Inc. (WBT) previously Manitowoc Food Service: The small 1.21% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $23.68 compared to Icahn’s overall cost-basis of ~$13. There was a ~18% stake increase in Q1 2020.Note: Icahn controls ~9.5% of the business.Dana Inc. (DAN): The 1.15% DAN stake was established in Q4 2020 at prices between ~$13.25 and ~$20 and increased by ~200% next quarter at prices between ~$19 and ~$27. Q3 2021 also saw a ~20% stake increase at prices between $20.90 and $24.60. The stock currently trades at $16.44.Note: Icahn controls ~10% of Dana Inc.Southwest Gas Holdings (SWX): SWX is a ~1% of the portfolio position established over the two quarters through Q3 2021 at prices between ~$63 and ~$72. The stock currently trades at $91.89.Note 1: Regulatory filings from earlier this month show them owning 5.09M shares (7.6% of the business). This is compared to ~2.9M shares in the 13F report. The increase was due to the acquisition of 2.19M shares from a tender offer at a price of $82.50 per share.Note 2: The position was made public on October 4th in a regulatory when they said they were opposed to Southwest’s acquisition of Questar Pipeline, Dominion Energy’s (D) transportation and storage business. A proxy contest and a $75 per share tender offer for all outstanding shares soon on October 14th. A motion to block the Quester Pipeline deal was denied in December. Last Month, a settlement was reached whereby the CEO was replaced.Conduent Inc. (CNDT): The small 0.90% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $4.96. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a ~20% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business.Sandridge Energy (SD): SD is a 0.35% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now at $26.87.Note: Icahn has a ~13.5% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note: Icahn also owns significant stakes in the following OTC stocks: ~36M shares (48.6% of business) of Enzon Pharmaceuticals (ENZN) at a cost-basis of ~$2.70, and ~89% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). The Enzon position saw a substantial increase in Q4 2020 as they participated in a rights offering.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Carl Icahn’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 1/4/2022 to 4/4/2022: 13D – 3/2 – OXY – 32.59M shares – 3.44% of business – reduction at ~$47 per share. 13D – 3/8 - LNG – 12.13M shares – 4.77% of business – reduction at prices between 133 and 139, 13D – 3/1 –14.86M shares – 5.84% of business – reduction at ~$132 per share. 13D – 1/7 – DANA – 14.29M shares – 9.91% of business. 13D/A – 3/7 – DK – 3.48M shares – 4.93% of business – sold back to issuer at $18.30 per share, 13D/A - 2/1– 6.98M shares – 9.41% of business. 13D/A, Form 4 – 2/22 – NWL - 34.64M shares – 8.35% of business - ~10.6M shares disposed at $25.86 in a repurchase agreement with the company.2/20/2022: MCD – nominated 2 members to the board starting a proxy fight over the treatment of pigs - ."

"Tracking Carl Icahn’s Portfolio – Q4 2021 Update"

"Carl Icahn’s 13F portfolio value decreased from $22.52B to $22.29B this quarter.They increased Southwest Gas Holdings during the quarter.Icahn Enterprises, Cheniere Energy, and Occidental Petroleum are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 2/14/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2021.This quarter, Icahn’s 13F portfolio value decreased marginally from $22.52B to $22.29B. The number of holdings decreased from 17 to 16. The portfolio is very concentrated with the largest five positions accounting for ~80% of the entire holdings: Icahn Enterprises, Cheniere Energy, Occidental Petroleum, CVR Energy, and Bausch Health.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:None.Stake Disposals:Cloudera: The 3.71% of the portfolio position in Cloudera was purchased in Q3 2019 at a cost-basis of ~$5.41. His ownership interest was just under ~20%. Cloudera was acquired in a $16 per share all-cash PE deal announced in June. The transaction closed in October.Stake Decreases:Herc Holdings (HRI): HRI is a 2.83% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for ~$156. This quarter saw a ~11% trimming at prices between ~$180 and ~$190.Note: They have a ~13.5% ownership stake in the business.Occidental Petroleum (OXY) and wts: It is a top three 6.70% of the portfolio position established in Q2 2019 at ~$52 per share. Q3 2019 saw a ~23% selling at prices between $42 and $53 and that was followed with a ~15% reduction in Q1 2020 at prices between $37.25 and $44.50. The pattern reversed in Q2 2020: ~300% stake increase at an average cost of ~$14.60. Next quarter saw the position increased further thru the purchase of 19.3M warrants (strike 22, 8/3/2027 expiry) for ~$2.75 per warrant. There was a ~40% selling in Q2 2021 at prices between ~$23 and ~$33. That was followed with a ~8% trimming last quarter. The small warrant stake also saw a ~20% selling. The stock is now at $57.79. Their overall cost-basis is ~$22 per share. This quarter saw marginal trimming in the warrants.Note: Regulatory filings since the quarter ended show them owning 32.59M shares (3.44% of business) of Occidental Petroleum. This is compared to ~45M shares in the 13F report. The reduction happened at ~$47 per share.Delek US Holdings (DK): DK is a very small 0.47% of the portfolio position. It came about as partial consideration of the special dividend paid by CVR Energy (0.1048 shares of DK for each CVI and the rest in cash). The stock currently trades at ~$22. They have a ~9.4% ownership stake in the business.Note: Regulatory filings since the quarter ended show them owning 3.48M shares (4.93% of business) of Delek US Holdings. This is compared to 6.98M shares in the 13F report. They sold ~3.49M shares back to the issuer at $18.30 per share in a Stock Purchase and cooperation Agreement with the company.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, 222M shares in 2020, and 257M shares (~89% of business) in 2021. The stock currently trades at $52.81. IEP Book Value per share is ~$12 per share.Note: The stake increase over the years is primarily due to them taking the dividend consideration in additional shares rather than cash.Bausch Health (BHC): The 4.30% of the portfolio BHC position was purchased in Q4 2020 at prices between ~$15.30 and ~$21 and increased by ~575% next quarter at prices between ~$21.25 and ~$34.40. The stock currently trades at $23.63. This quarter saw a marginal increase.Note: They own 34.7M shares (~10% of the business). Two Icahn nominees are on the board.Xerox Corporation (XRX): XRX is a 3.26% of the portfolio position established in Q4 2015 at prices between $24 and $32. The four quarters through Q2 2021 had seen a roughly one-third stake increase. Their overall cost basis is ~$25 and they have a ~16% beneficial ownership stake in the business including forward contracts. The stock is now at $19.50.Note 1: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In May 2020, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Southwest Gas Holdings (SWX): SWX is a 0.91% of the portfolio position established over the last two quarters at prices between ~$63 and ~$72. The stock currently trades at $80.73.Note: Including forward contracts, Icahn’s stake is at ~2.9M shares (4.9% of the business). The position was made public on October 4th in a regulatory when they said they were opposed to Southwest’s acquisition of Questar Pipeline, Dominion Energy’s (D) transportation and storage business. A proxy contest and a $75 per share tender offer for all outstanding shares soon on October 14th. A motion to block the Quester Pipeline deal was denied in December. Southwest’s board unanimously rejected the tender offer in January.Kept Steady:Cheniere Energy (LNG): LNG is a large (top three) 7.36% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. Q4 2020 saw another ~20% selling at prices between ~$46 and ~$61. The stock currently trades at ~$141.Note: Regulatory filings since the quarter ended show them owning 12.13M shares (4.77% of business) of Cheniere Energy. This is compared to 16.17M shares in the 13F report. The reduction happened at prices between ~$132 and ~$139.CVR Energy Inc. (CVI): CVI is a top five 5.37% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $26.25.Note: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Newell Brands (NWL): NWL is a 4.28% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now at $21.75. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. Overall, their cost-basis is ~$25.60. Q1 2020 also saw a ~6% stake increase.Note 1: Regulatory filings since the quarter ended show them owning 34.64M shares (8.35% of business). This is compared to 43.7M shares in the 13F report. Around 11M shares were sold at $25.86 per share in a repurchase agreement with the company.Note 2: In April 2019, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.FirstEnergy Corp (FE): FE is a 3.54% of the portfolio position purchased in Q1 2021 at prices between ~$29.50 and ~$35.60 and the stock currently trades at $46.31.Dana Inc. (DAN): The 1.46% DAN stake was established in Q4 2020 at prices between ~$13.25 and ~$20 and increased by ~200% next quarter at prices between ~$19 and ~$27. Last quarter also saw a ~20% stake increase at prices between $20.90 and $24.60. The stock currently trades at $17.24.Note: Icahn controls ~10% of Dana Inc.Welbilt Inc. (WBT) previously Manitowoc Food Service: The small 1.19% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $23.74 compared to Icahn’s overall cost-basis of ~$13. There was a ~18% stake increase in Q1 2020.Note: Icahn controls ~9.5% of the business.Conduent Inc. (CNDT): The small 0.91% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $5.14. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a ~20% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business.Sandridge Energy (SD): SD is a 0.23% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now at $16.82.Note: Icahn has a ~13.5% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note: Icahn also owns significant stakes in the following OTC stocks: ~36M shares (48.6% of business) of Enzon Pharmaceuticals (ENZN) at a cost-basis of ~$2.70, and ~89% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). The Enzon position saw a substantial increase in Q4 2020 as they participated in a rights offering.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Carl Icahn’s 13F filings for Q3 2021 and Q4 2021.Note for all update articles – Get the latest investor presentation and give the link at their website in the Note which has the link and make sure Slide 5 is still the correct one.10/5/2021 – Icahn a substantial stake in Southwest Gas Holdings (SWX) and said he opposes their rumored acquisition of Questar Pipeline, Dominion Energy’s (D) Transportation & Storage business. Details of the 4.91% SWX stake at - ~1.269M shares purchased for $90.2M for a cost-basis of ~$71. Also forward contracts for ~1.63M shares (forward price $63, $102.6M + financing charge is the outlay, $12.7M to counterparties upon entering the contracts). 10/14/2021 – Icahn announced a $75 per share tender offer and proxy contest.Regulatory filings from 10/6/2021 to 1/4/2022: 13D, Form 4 – 12/27 – IEP – 257.05M shares – 89.09% of business – 9.93M shares acquired at 49.80. Form 4 and 13D/A – 10/8 - CLDR - zero. Form 4 – 10/27 – HRI – 205K shares disposed at ~180 – 4.29M shares remain, Form 4 – 11/1 - ~75K shares disposed at ~181 – 4.21M shares remain, Form 4 – ~192K shares disposed at ~$189.50 – 4.02M shares remain, 11/17 - 13D/A – 11/17 – 4.02M shares – 13.56% of business. Form 4 – 11/1 – XRX - ~1M shares acquired at ~17.88 – 32.11M shares total. Form 4 – 11/9 – DK – ~440K shares disposed @ ~18.65 – 7.02M shares remain, 13D/A – 11/16 – 6.99M shares – 9.43% of business, ."

"Tracking Carl Icahn’s Portfolio – Q3 2021 Update"

"Carl Icahn’s 13F portfolio value decreased from $24.29B to $22.52B this quarter.They added Southwest Gas Holdings during the quarter.Icahn Enterprises, Cheniere Energy, and Occidental Petroleum are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 11/15/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2021.This quarter, Icahn’s 13F portfolio value decreased ~7% from $24.29B to $22.52B. The number of holdings remained steady at 17. The portfolio is very concentrated with the largest five positions accounting for ~77% of the entire holdings: Icahn Enterprises, Cheniere Energy, Occidental Petroleum, CVR Energy, and Newell Brands.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:Southwest Gas Holdings (SWX): SWX is a 0.38% of the portfolio position established this quarter at an average cost of ~$71 per share. The stock currently trades at $68.31.Note: The stake was made public on October 4th in a regulatory when they said they were opposed to Southwest’s acquisition of Questar Pipeline, Dominion Energy’s (D) transportation and storage business. A proxy contest and a $75 per share tender offer for all outstanding shares soon on October 14th. A motion to block the Quester Pipeline deal was denied last month. Including forward contracts, Icahn’s stake is at ~2.9M shares (4.9% of the business).Stake Disposals:Navistar International (NAV): NAV was a ~3% of the 13F portfolio long-term position. The last significant activity was a ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. Icahn controlled ~17% of the business. Last November, Volkswagen’s truck unit TRATON reached an agreement to acquire Navistar for $44.50 cash and that transaction closed on July 1st.Stake Decreases:Occidental Petroleum (OXY) and wts: OXY is a top three 5.91% of the portfolio position established in Q2 2019 at ~$52 per share. Q3 2019 saw a ~23% selling at prices between $42 and $53 and that was followed with a ~15% reduction in Q1 2020 at prices between $37.25 and $44.50. The pattern reversed in Q2 2020: ~300% stake increase at an average cost of ~$14.60. Next quarter saw the position increased further thru the purchase of 19.3M warrants (strike 22, 8/3/2027 expiry) for ~$2.75 per warrant. There was a ~40% selling last quarter at prices between ~$23 and ~$33. That was followed with a ~8% trimming this quarter. The small warrant stake also saw a ~20% selling. The stock is now at $31.81. Their overall cost-basis is ~$22 per share.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, 222M shares in 2020, and 257M shares (~89% of business) in 2021. The stock currently trades at $53.04. IEP Book Value per share is ~$17 per share.Note: The stake increase over the years is primarily due to them taking the dividend consideration in additional shares rather than cash.Dana Inc. (DAN): The 1.41% DAN stake was established in Q4 2020 at prices between ~$13.25 and ~$20 and increased by ~200% next quarter at prices between ~$19 and ~$27. This quarter also saw a ~20% stake increase at prices between $20.90 and $24.60. The stock currently trades at $23.51.Note: Icahn controls ~9.5% of Dana Inc.Kept Steady:Cheniere Energy (LNG): LNG is a large (top three) ~7% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. Q4 2020 saw another ~20% selling at prices between ~$46 and ~$61. The stock currently trades at ~$105.Note: Icahn’s ownership stake in the business is ~7%.CVR Energy Inc. (CVI): CVI is a top five 5.27% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $18.05.Note: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Newell Brands (NWL): NWL is a 4.30% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now at $23.04. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. Overall, their cost-basis is ~$25.60. Q1 2020 also saw a ~6% stake increase.Note: In April 2019, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Bausch Health (BHC): The 4.22% of the portfolio BHC position was purchased in Q4 2020 at prices between ~$15.30 and ~$21 and increased by ~575% next quarter at prices between ~$21.25 and ~$34.40. The stock currently trades at $27.01.Note: They own 34.1M shares (9.59% of the business). Two Icahn nominees are on the board.Cloudera: The 3.71% of the portfolio position in Cloudera was purchased in Q3 2019 at a cost-basis of ~$5.41. His ownership interest was just under ~20%. Cloudera was acquired in a $16 per share all-cash PE deal announced in June. The transaction closed in October.Herc Holdings (HRI): HRI is a 3.26% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for ~$157.Note: Regulatory filings since the quarter ended show them owning 4.02M shares (~13.5% of business). This is compared to 4.49M shares in the 13F report. The reduction happened at prices between $180 and $190.FirstEnergy Corp (FE): FE is a ~3% of the portfolio position purchased in Q1 2021 at prices between ~$29.50 and ~$35.60 and the stock currently trades at $40.80.Xerox Corporation (XRX): XRX is a 2.79% of the portfolio position established in Q4 2015 at prices between $24 and $32. The four quarters through Q2 2021 had seen a roughly one-third stake increase. Their overall cost basis is ~$25 and they have a ~16% beneficial ownership stake in the business including forward contracts. The stock is now at ~$23.33.Note 1: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. Last May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small ~1% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $23.83 compared to Icahn’s overall cost-basis of ~$13. There was a ~18% stake increase in Q1 2020. Last quarter saw a ~6% trimming.Note: Icahn controls ~9.5% of the business.Conduent Inc. (CNDT): The small 1.12% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $6.20. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a ~20% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business.Delek US Holdings (DK): DK is a very small 0.60% of the portfolio position. It came about as partial consideration of the special dividend paid by CVR Energy (0.1048 shares of DK for each CVI and the rest in cash). The stock currently trades at $16.43. They have 10.60% ownership stake in the business.Sandridge Energy (SD): SD is a 0.28% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now at $11.30.Note: Icahn has a ~13.5% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note: Icahn also owns significant stakes in the following OTC stocks: ~36M shares (48.6% of business) of Enzon Pharmaceuticals (ENZN) at a cost-basis of ~$2.70, and ~89% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). The Enzon position saw a substantial increase in Q4 2020 as they participated in a rights offering.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Carl Icahn’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 5/27/2021 thru 10/6/2021: 13D/A – 8/6 – OXY – 66.16M shares (19.3M shares are in warrants) – 6.94% of business – aggregate price of $1.53B for a cost-basis of $23.12. 13D/A – 9/3 – SD – filing related to paying back debt - ~$20M. 13D/A – 7/28 - amendment to credit agreement related filing. Form 4 & 13D – 10/1 – IEP – 247.1M shares – 90.19% of business – 9.48M shares acquired at $50.156 as paid-in-kind dividend. Form 4, 13D/A – 7/1 – 8.18M shares acquired @ 56.12 in-kind dividend distribution, 237.7M shares total (91.17% of business). Form 4, 13D/A – 7/1 – NAV – exchanged 16.73M shares for $44.50 per share cash, zero remain – due to merger agreement with TRATON SE and Dusk inc. that consummated. 13D/A – 6/1 – Cloudera – CLDR – Sky Parent agreement related filing. 13D/A – 6/1 – Delek – DK – 7.83M shares – 10.60% of business – 0.1048 shares of DK for each CVI distributed on June 10 2021. Form 4 – 5/28 – CVI/DK – there is a 3.08M share reduction in holdings due to the DK distribution to shareholders other than CVI (IEP holds 71% of CVI related accounting)…"

"Tracking Carl Icahn’s Portfolio – Q2 2021 Update"

"Carl Icahn’s 13F portfolio value increased from $23.85B to $24.29B this quarter.They decreased Occidental Petroleum and dropped Herbalife during the quarter.Icahn Enterprises, Occidental Petroleum, and Cheniere Energy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 8/13/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2021.This quarter, Icahn’s 13F portfolio value increased ~2% from $23.85B to $24.29B. The number of holdings decreased from 19 to 17. The portfolio is very concentrated with the largest five positions accounting for ~75% of the entire holdings: Icahn Enterprises, Occidental Petroleum, Cheniere Energy, CVR Energy, and Newell Brands.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note 1: Earlier this week, Icahn a substantial stake in Southwest Gas Holdings (SWX) and said he is opposed to their rumored acquisition of Questar Pipeline, Dominion Energy’s (D) transportation and storage business.Note 2: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:None.Stake Disposals:Herbalife (HLF): HLF was a 1.49% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. Q2 2018 saw the position sold down by ~25% at $52.50 per share. Last August 14.72M shares (~40% of his position of ~35M shares as of last quarter) were sold back to the company at $48.75 per share following Herbalife's self-tender offer. Last quarter saw a ~60% reduction at ~$48.50 per share. That was followed with the disposal this quarter at prices between $46 and $48. The stock currently trades at $42.62.Note: The prices quoted above are adjusted for a 2-for-1 stock-split done in April 2018.Tenneco Inc. (TEN): Tenneco was a small 0.38% portfolio position. It came as partial consideration for the acquisition of Federal-Mogul: Tenneco issued ~5.65M Class A shares and ~23.79M Class B (non-voting) shares. Q2 2020 saw a ~62% stake increase at prices between $2.32 and $12.56. There was a ~20% reduction in Q4 2020 while last quarter saw a roughly one-third increase. The position was disposed this quarter at prices between ~$10 and ~$22. The stock is now at $14.16.Note: The Class B non-voting shares are not in the 13F report.Stake Decreases:Occidental Petroleum (OXY) and wts: OXY is a top three 6.32% of the portfolio position established in Q2 2019 at ~$52 per share. Q3 2019 saw a ~23% selling at prices between $42 and $53 and that was followed with a ~15% reduction last quarter at prices between $37.25 and $44.50. The pattern reversed in Q2 2020: ~300% stake increase at an average cost of ~$14.60. Next quarter saw the position increased further thru the purchase of 19.3M warrants (strike 22, 8/3/2027 expiry) for ~$2.75 per warrant. There was a ~40% selling this quarter at prices between ~$23 and ~$33. The stock is now at ~$32. Their overall cost-basis is ~$22 per share.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small ~1% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $23.55 compared to Icahn’s overall cost-basis of ~$13. There was a ~18% stake increase in Q1 2020. This quarter saw a ~6% trimming.Note: Icahn controls ~9.5% of the business.Delek US Holdings (DK): DK is a very small 0.66% of the portfolio position. It came about as partial consideration of the special dividend paid by CVI Energy (0.1048 shares of DK for each CVI and the rest in cash). The stock currently trades at $18.25. They have 10.60% ownership stake in the business.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, 222M shares in 2020, and 238M YTD 2021. The stock currently trades at $53.67.Note: IEP Book Value per share is ~$17 per share. The increase over the years is primarily due to them taking the dividend consideration in additional shares rather than cash. Regulatory filings since the quarter ended show them owning ~247M shares (~90.2% of business) of IEP. This is compared to ~238M shares in the 13F report.Xerox Corporation (XRX): XRX is a ~3% of the portfolio position established in Q4 2015 at prices between $24 and $32. Last two quarters have seen a ~25% stake increase. Their overall cost basis is ~$25 and they have a 16.22% beneficial ownership stake in the business including forward contracts. The stock is now at ~$21.Note 1: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. Last May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Kept Steady:Cheniere Energy (LNG): LNG is a large (top five) 4.88% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. Q4 2020 saw another ~20% selling at prices between ~$46 and ~$61. The stock currently trades at $98.80.Note: Icahn’s ownership stake in the business is ~7%.CVR Energy Inc. (CVI): CVI is a top five 5.26% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $17.22.Note: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Newell Brands (NWL): NWL is a 4.94% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now at $22.14. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. Overall, their cost-basis is ~$25.60. Q1 2020 also saw a ~6% stake increase.Note: In April 2019, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Bausch Health (BHC) and Dana Inc. (DAN): These two stakes were established in Q4 2020. The 4.12% of the portfolio BHC position was purchased at prices between ~$15.30 and ~$21 and increased by ~575% last quarter at prices between ~$21.25 and ~$34.40. The stock currently trades at $27.59. The 1.18% DAN stake was established at prices between ~$13.25 and ~$20 and increased by ~200% last quarter at prices between ~$19 and ~$27. The stock currently trades at $22.99.Note: The ownership percentage in Bausch Health is 34.1M shares (9.59% of the business). Two Icahn nominees are on the board.Note 2: Icahn controls ~8% of Dana Inc.Cloudera (CLDR): The 3.42% of the portfolio position in CLDR was purchased in Q3 2019 at a cost-basis of ~$5.41. The stock is currently at $15.98. His ownership interest is just under ~20%. Q2 2020 saw a ~5% trimming.Note: In August 2019, it was announced that Carl Icahn had reached an agreement with management at Cloudera: in exchange to keeping his ownership interest capped at ~20%, he got to nominate two directors to the company’s board.Navistar International (NAV): NAV is ~3% of the 13F portfolio long-term position. The last significant activity follows: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38.Note: Icahn controlled ~17% of the business. In November, Volkswagen’s truck unit TRATON reached and agreement to acquire Navistar for $44.50 cash and that transaction closed on July 1st.FirstEnergy Corp (FE): FE is a 2.91% of the portfolio position purchased last quarter at prices between ~$29.50 and ~$35.60 and the stock currently trades at $36.68.Herc Holdings (HRI): HRI is a small ~2% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for ~$168.Note: Icahn controls ~16% of the business.Conduent Inc. (CNDT): The small 1.18% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $6.87. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a ~20% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business. Last August, Hunter Gray was appointed to the Board of Directors.Sandridge Energy (SD): SD is a 0.12% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now well below that range at $12.57.Note: Icahn has a ~13.5% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~36M shares (48.6% of business) of Enzon Pharmaceuticals (ENZN) at a cost-basis of ~$2.70, and ~89% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). The Enzon position saw a substantial increase in Q4 2020 as they participated in a rights offering.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Carl Icahn’s 13F filings for Q1 2021 and Q2 2021.6/10/2021 – Special Dividend & Delek (DK) Stock: $2.40 per share cash & 0.1048 shares of Delek common stock for each share held:5/26/2021 – Bloomberg Interview: Need permanent capital for activism and hedge funds generally don’t have it and that is why activism is reducing. ESG – renewable fuels usage will increase. CVI refineries – transitioning into renewable fuels – refineries not in a bad position – least costly way to build a renewable fuel plant – transitioning parts of a refinery possible – making renewables part of the infrastructure bill is a good idea – should still keep small refineries – we have capital – middle size. XOM revolt – not involved – but in general there are good and bad managements. Activism – where is it going? Economy – is inflation transitory? – we have pumped money and inflation is already here. We have to put on the brakes. CMBX short – absolute power corrupts completely – wealth-gap. Shopping mall short – alliance Bernstein & Putnam form of corruption – selling stuff as though they are treasury but they are much higher risk – 2% return in excess of treasuries to sell insurance on the malls – those bets could loose 40-50%. Crypto – what would it take to invest? – natural manifestation of inflation is looking for other stores of value outside the dollar – reserve currency may eventually be threatened – ETHE payment system and store of value, BTC is store of value. Are ETHE/BTC what you are focusing? – looking at the whole crypto space to get involved in a relatively big way – could be a billon to billion-half dollars on the average. AMC/GME etc. meme stocks – ridiculous pricing – eventually you can’t have this without excess inflation. Risks – where are they? – RE specifically commercial real-estate. Cap-rates ridiculously low even before COVID. ~$400M stake in All State confirmed – ALL – bought 6 months ago in the 90s – undervalued at that time – 7x earnings. Progressive was 17x EBITDA. So why is 7x? – it is because they need to do some things which they already said they will do – transitioning model – cost-savings – direct-to-consumer – we did nothing but did well – not his idea but one of his guys Andrew Tenow. Hertz – what was learned from selling at bottom? – can’t be right all the time – tough business – congratulate those who held on to debt – we held some but nothing like what we could have. At that time, nobody thought we will come out as well out of covid. Pep Boys etc. working well for us. SPAC – we are not in that at all. Sponsors get the returns – so, where are the customers yachts? – big percentage take can come back to bite you. Some are good. Lot are paying too much for the companies. Economic/Move to Florida/etc. – is Florida RE in a bubble? – could be. Don’t know whether move from NY is permanent. Residential may not be a bubble. NY turned bad and that is why he moved – not taxes. Taxes – infrastructure would be great, but how do you pay without the taxes.Note for all update articles – Get the latest investor presentation and give the link at their website in the Note which has the link and make sure Slide 5 is still the correct one.Regulatory filings from 3/2/2021 to 5/26/2021: 13D/As – 5/19 – TEN – 4.05M shares – 4.94% of business - ~700K shares sold @ ~14, 5/17 - ~980K shares sold @ ~13.90, 5/13 – 965K shares sold @ ~13.40, 5/11 – 947K shares sold @ 13.77, Form 4 – 5/10 - ~2.75M shares disposed at prices between 11.20 and 14.13, 13D/A – 5/10 – 7.64M shares – 9.32% of business, Form 4 – 4/30 – minor, 13D/A – 4/30 – 10.36M shares – 12.64% of business, Form 4 – 4/26 – TEN - ~220K shares disposed @ ~10.85 – 10.38M shares, 13D/A – 4/26 – 10.38M shares – 12.66% of business, Form 4 & 13D/A – 4/21 - ~135K shares sold at ~10.75 – 10.81M shares – 13.19% of business, Form 4, 13D/A – 4/16 - ~560K shares disposed @ ~10.85 – 10.95M shares – 13.35% of business, Form 4, 13D/A – 4/13 - ~700K shares disposed @ ~10.85 – 11.5M shares - ~14% of business, Form 4, 13D/A – 4/8 – 3.08M shares – 12.21M shares – 14.89% of business, Form 4 – 4/7 - ~250K shares disposed @ 10.82 – 9.13M shares – 11.58% of business, Form 4, 13D/A – 4/2 - ~315K shares disposed @ 10.80 – 9.38M shares – 11.9% of business, 13D/A, Form 4 - ~670K shares disposed @ 10.77 – 9.7M shares. 10.37M shares – 13.14% of business, 3/30 – 9.7M shares – 12.3% of business, etc. . 13D/A – 5/11 – DK – CVI special dividend related filing – in cash & DK shares, 13D/A – 4/20 – CVI’s Delek proxy related, 13D/A – 4/8 – CVR energy proxy related. Etc. 13D/A – 5/6 – HLF – 0 - ~8M shares sold at prices between 46 and 48. Form 4 – 4/30 – XRX – 2.37M shares acquired @ 20 thru forward contract expiring 2/22/2023 – ~5.40 cost for contracts - 31.14M shares, 13D/A – 4/30 – 31.14M shares – 16.22% of business, Form 4, 13D/A – 3/8 - ~850K shares in forward contracts expiring 2/22/2023 – 31.14M shares – 15.68% of business, 3/2 – 123.5K in forward contracts – 30.30M shares – 15.25% of business. 13D/A – 4/29 – OXY – 77.93M shares – 8.2% of business - ~12.5M shares sold at ~25 price, Form 4, 13D/A – 4/7 – 7M shares disposed @ 25.65 – 73.63M shares, 91.33M shares – 9.61% of business, Form 4, 13D/A – 4/2 – 8M shares disposed @ ~27.5 – 80.63M shares. 99.93M shares – 10.51% of business, . Form 4 – 4/29 – IEP – 7.72M shares acquired @ 57.46 – 229.5M shares total, 13D/A – 4/29 – 229.5M shares – 92.2% of business. 13D/A – 4/21 – WBT – minor amendment. 13D/A – 3/16 – BHC – 34.1M shares – 9.59% of business, 13D/A – 3/11 - same."

"Tracking Carl Icahn’s Portfolio – Q1 2021 Update"

"Carl Icahn’s 13F portfolio value increased from $20.06B to $23.85B this quarter.They added FirstEnergy and increased Bausch Health & Dana Corp while reducing Herbalife.Icahn Enterprises, Occidental Petroleum, and CVR Energy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 5/17/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2020.This quarter, Icahn’s 13F portfolio value increased ~19% from $20.06B to $23.85B. The number of holdings increased from 18 to 19. The portfolio is very concentrated with the largest five positions accounting for ~75% of the entire holdings: Icahn Enterprises, Occidental Petroleum, CVR Energy, Newell Brands, and Cheniere Energy.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note 1: In a Bloomberg interview yesterday, Icahn disclosed he is long Allstate (ALL) at a cost-basis in the 90s. This is compared to the current price of ~$136. The following was also confirmed during the interview: a) they are still short CMBX and went so far as to criticize the counter-parties saying they were irresponsible – took undue risks whereby they could loose 40-50% to get an upside of just ~2% over treasuries, b) they are looking to see whether to go long on cryptos (GBTC) (ETHE) in a big way, and c) regarding ESG support in the infrastructure bill, they feel CVI Energy is in a good position – as a mid-sized refinery, they are transforming to renewables – it is the least costly way to build a renewable power plant.Note 2: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:First Energy Corp (FE): FE is a 2.76% of the portfolio position purchased this quarter at prices between ~$29.50 and ~$35.60 and the stock currently trades at $37.58.Stake Decreases:Occidental Petroleum (OXY) and wts: OXY is a top three 9.60% of the portfolio position established in Q2 2019 at ~$52 per share. Q3 2019 saw a ~23% selling at prices between $42 and $53 and that was followed with a ~15% reduction last quarter at prices between $37.25 and $44.50. The pattern reversed in Q2 2020: ~300% stake increase at an average cost of ~$14.60. Next quarter saw the position increased further thru the purchase of 19.3M warrants (strike 22, 8/3/2027 expiry) for ~$2.75 per warrant. The stock is now at $25.29. Their overall cost-basis is ~$20.50 per share. There was minor trimming this quarter.Note: Regulatory filings since the quarter ended show them owning ~78M shares (8.2% of the business). This is compared to 86M shares in the 13F report. The reduction happened in the mid-to-high 20s price-range.Herbalife (HLF): HLF is a 1.49% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. Q2 2018 saw the position sold down by ~25% at $52.50 per share. Last August 14.72M shares (~40% of his position of ~35M shares as of last quarter) were sold back to the company at $48.75 per share following Herbalife's self-tender offer. This quarter saw a ~60% reduction at ~$48.50 per share. The stock currently trades at $52.66.Note 1: Regulatory filings show them no longer owning any shares. The ~8M shares held at quarter end were disposed at prices between $46 and $48.Note 2: The prices quoted above are adjusted for a 2-for-1 stock-split done in April 2018.Stake Increases:Bausch Health (BHC) and Dana Inc. (DAN): These were the two new stakes last quarter. The 4.54% of the portfolio BHC position was purchased at prices between ~$15.30 and ~$21 and increased by ~575% this quarter at prices between ~$21.25 and ~$34.40. The stock currently trades at ~$32. The 1.23% DAN stake was established at prices between ~$13.25 and ~$20 and increased by ~200% this quarter at prices between ~$19 and ~$27. The stock currently trades at $26.24.Note: The ownership percentage in Bausch Health is 34.1M shares (9.59% of the business). Two Icahn nominees are on the board.Note 2: Icahn controls ~8% of Dana Inc.Xerox Corporation (XRX): XRX is a 2.93% of the portfolio position established in Q4 2015 at prices between $24 and $32. This quarter saw a ~17% stake increase. Their overall cost basis is $25.50. The stock is now at $23.75.Note 1: Regulatory filings since the quarter ended show them beneficially owning 31.14M shares (16.22% of the business) including forward contracts. This is compared to 28.8M shares in the 13F report.Note 2: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. Last May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 3: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Tenneco Inc. (TEN): Tenneco is a small 0.38% portfolio position. It came as partial consideration for the acquisition of Federal-Mogul: Tenneco issued ~5.65M Class A shares and ~23.79M Class B (non-voting) shares. The stock is now at $15.24. Q2 2020 saw a ~62% stake increase at prices between $2.32 and $12.56. There was a ~20% reduction last quarter while this quarter saw a roughly one-third increase.Note: The Class B non-voting shares are not in the 13F report. Regulatory filings since the quarter ended show them owning ~4M shares (~5% of the business). This is compared to 9.6M shares in the 13F report. The reduction happened at prices between ~$11 and ~$14.Kept Steady:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, and 222M shares in 2020. The stock currently trades at $58.57.Note: IEP Book Value per share is ~$17.50 per share.CVR Energy Inc. (CVI): CVI is a top five 5.73% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $21.83.Note: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Newell Brands (NWL): NWL is a 4.91% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now at $28.25. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. Overall, their cost-basis is ~$25.60. Q1 2020 also saw a ~6% stake increase.Note: In April 2019, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Cheniere Energy (LNG): LNG is a large (top five) 4.88% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. Last quarter saw another ~20% selling at prices between ~$46 and ~$61. The stock currently trades at $84.50.Note: Icahn’s ownership stake in the business is ~7%.Navistar International (NAV): NAV is ~3% of the 13F portfolio long-term position. The last significant activity follows: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $44.23.Note: Icahn controls ~17% of the business.Cloudera (CLDR): The 2.67% of the portfolio position in CLDR was purchased in Q3 2019 at a cost-basis of ~$5.41. The stock is currently at $12.83. His ownership interest is just under ~20%. Q2 2020 saw a ~5% trimming.Note: In August 2019, it was announced that Carl Icahn had reached an agreement with management at Cloudera: in exchange to keeping his ownership interest capped at ~20%, he got to nominate two directors to the company’s board.Herc Holdings (HRI): HRI is a small 1.91% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for ~$108.Note: Icahn controls ~16% of the business.Conduent Inc. (CNDT): The small ~1% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $7.36. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a ~20% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business. Last August, Hunter Gray was appointed to the Board of Directors.Delek US Holdings (DK): DK is a very small ~1% of the portfolio position purchased at prices between $8.35 and ~$28 and the stock currently trades at $21.58. Icahn has a ~15% ownership stake in the business.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small 0.81% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $19.65 compared to Icahn’s overall cost-basis of ~$13. There was a ~18% stake increase in Q1 2020.Note: Icahn controls ~10% of the business.Sandridge Energy (SD): SD is a 0.08% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now well below that range at $5.23.Note: Icahn has a ~13.5% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~36M shares (48.6% of business) of Enzon Pharmaceuticals (ENZN) at a cost-basis of ~$2.70, and ~89% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). The Enzon position saw a substantial increase last quarter as they participated in a rights offering.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Carl Icahn’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/1/2021: 13D/A – 3/1 – DK – letter sent to demand right to inspect book, etc., 13D/A – 2/18 – similar filing, 13D/A – 2/2 – seeking to elect 3 to the board, 13D/A – 1/14 – letter to board, . Form 4, 13D/A – 2/25 – XRX – Forward contracts for 1.4M shares – 30.17M shares – 15.21% of business, 13D/A – 1/26 – Nomination & Standstill agreement. Form 4 – 2/24 – TEN - ~1.7M shares disposed @ ~11.30 - ~8.3M shares remain, Form 4, 13D/A – 2/17 – 2.85M shares acquired – 9.96M shares remain (~15% of business), Form 4 – 2/11 - ~80K shares disposed at ~10.75 – 7.11M shares remain – 11.23% of business, Form 4 – 2/8 – 335K shares disposed @ ~10.90, ~7.2M shares remain, 13D/A – 2/8 – 7.2M shares – 11.36% of business, Form 4 – 2/3 – 370K shares disposed @ 10.85 – 7.5M shares remain, 13D/A – 2/3 – 7.53M shares – 11.89% of business, Form 4 – 1/25 – 160K disposed @ 10.85 – 7.9M shares remain, 13D/A – 1/25 – 7.9Mshares – 12.48% of business, Form 4 – 1/20 – 165K shares disposed @ 10.80, 8.06M shares remain, 13D/A – 1/20 – 8.06M shares – 12.73% of business, similar several. 13D/A – 2/24 – BHC – director appointment & nomination related, 13D – 2/11 – 27.8M shares – 7.8% of business – forward purchase agreements for 22.77M shares @ $17 per share, also purchased ~2.3M shares at ~20.50. 13G – 2/4 – DAN – 10.76M shares – 7.45% of business. Form 4, 13D/A – ¼ - Herbalife – HLF – 12.49M shares disposed @ 48.05, 8.02M shares remain (6.73% of business), . Form 4, 13D/A – 12/30 – IEP – 8.36M shares acquired @ 51.05, 221.75M shares – 92.2% of business, . 13D/A – 12/11 – LNG – 18.12M shares – 7.18% of business. 13D/A – 12/1 – SD – Sandridge Energy – 4.82M shares – 13.41% of business."

"Tracking Carl Icahn’s Portfolio – Q4 2020 Update"

"Carl Icahn’s 13F portfolio value increased from $17.37B to $20.06B this quarter.They added Bausch Health and Dana Corp while reducing Cheniere Energy.Icahn Enterprises, Occidental Petroleum, and CVR Energy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 2/12/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2020.This quarter, Icahn’s 13F portfolio value increased ~16% from $17.37B to $20.06B. The number of holdings increased from 16 to 18. The portfolio is very concentrated with the largest five positions accounting for ~79% of the entire holdings: Icahn Enterprises, Occidental Petroleum, CVR Energy, Herbalife, and Cheniere Energy.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:Bausch Health (BHC) and Dana Inc. (DAN): These are the two new stakes this quarter. The 0.52% of the portfolio BHC position was purchased at prices between ~$15.30 and ~$21 and the stock currently trades well above that range at $31.90. The ~0.4% DAN stake was established at prices between ~$13.25 and ~$20 and the stock currently trades above that range at $23.44.Note 1: Regulatory filings since the quarter ended show them beneficially owning 27.8M shares (7.8% of the business) of Bausch Health. 22.77M of those shares are through forward purchase agreements. Two new Icahn nominees are joining the board.Note 2: Regulatory filings since the quarter ended show them owning 10.76M shares (7.45% of the business) of Dana Inc. This is compared to ~4M shares in the 13F report.Stake Decreases:Cheniere Energy (LNG): LNG is a large (top five) 4.84% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. This quarter saw another ~20% selling at prices between ~$46 and ~$61. The stock currently trades at $73.27.Note: Icahn’s ownership stake in the business is ~7%.Tenneco Inc. (TEN): Tenneco is a small 0.38% portfolio position. It came as partial consideration for the acquisition of Federal-Mogul: Tenneco issued ~5.65M Class A shares and ~23.79M Class B (non-voting) shares. The stock is now at $10.90. Q2 2020 saw a ~62% stake increase at prices between $2.32 and $12.56. There was a ~20% reduction this quarter.Note: The Class B non-voting shares are not in the 13F report.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, and 222M shares in 2020. The stock currently trades at $59.66.Note: IEP Book Value per share is ~$18 per share.Xerox Corporation (XRX): XRX is a 3.33% of the portfolio position established in Q4 2015 at prices between $24 and $32. This quarter saw a ~17% stake increase. Their overall cost basis is $25.50, and they control ~14.5% of the business. The stock is now at $25.57.Note 1: Regulatory filings since the quarter ended show them beneficially owning 30.17M shares (15.21% of the business) including forward contracts. This is compared to 27.8M shares in the 13F report.Note 2: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. Last May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 3: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Kept Steady:Occidental Petroleum (OXY) and wts: OXY is a top three 7.65% of the portfolio position established in Q2 2019 at ~$52 per share. Q3 2019 saw a ~23% selling at prices between $42 and $53 and that was followed with a ~15% reduction last quarter at prices between $37.25 and $44.50. The pattern reversed in Q2 2020: ~300% stake increase at an average cost of ~$14.60. Last quarter saw the position increased further thru the purchase of 19.3M warrants (strike 22, 8/3/2027 expiry) for ~$2.75 per warrant. The stock is now at $29.90. Their overall cost-basis is ~$20.50 per share and their beneficial ownership stake is ~11% of the business.CVR Energy Inc. (CVI): CVI is a top five 4.84% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $23.83.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.Herbalife (HLF): HLF is a large (top five) 4.91% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. Q2 2018 saw the position sold down by ~25% at $52.50 per share. Last August 14.72M shares (~40% of his position of ~35M shares as of last quarter) were sold back to the company at $48.75 per share following Herbalife's self-tender offer. The stock currently trades at $45.82.Note 1: Regulatory filings show them owning ~8M shares (6.73% of the business). This is compared to 20.5M shares in the 13F report. Around 12.5M shares were sold at ~$48.50 per share.Note 2: The prices quoted above are adjusted for a 2-for-1 stock-split done in April 2018.Newell Brands (NWL): NWL is a 4.63% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now below that at $23.96. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. Overall, their cost-basis is ~$25.60. Q1 2020 also saw a ~6% stake increase.Note: In April 2019, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Navistar International (NAV): NAV is 3.67% of the 13F portfolio long-term position. The last significant activity follows: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $44.09.Note: Icahn controls ~17% of the business.Cloudera (CLDR): The 3.63% of the portfolio position in CLDR was purchased in Q3 2019 at a cost-basis of ~$5.41. The stock is currently at $14.96. His ownership interest is just under ~20%. Q2 2020 saw a ~5% trimming.Note: In August 2019, it was announced that Carl Icahn had reached an agreement with management at Cloudera: in exchange to keeping his ownership interest capped at ~20%, he got to nominate two directors to the company’s board.Herc Holdings (HRI): HRI is a small 1.49% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for $85.20.Note: Icahn controls ~16% of the business.Conduent Inc. (CNDT): The small 0.91% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $6.14. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a ~20% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business. In August, Hunter Gray was appointed to the Board of Directors.Delek US Holdings (DK): DK is a very small 0.84% of the portfolio position purchased at prices between $8.35 and ~$28 and the stock currently trades at $23.89. Icahn has a ~15% ownership stake in the business.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small 0.79% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $15.32 compared to Icahn’s overall cost-basis of ~$13. There was a ~18% stake increase in Q1 2020.Note: Icahn controls ~10% of the business.Sandridge Energy (SD): SD is a 0.07% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now well below that range at $4.15.Note: Icahn has a ~13.5% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~36M shares (48.6% of business) of Enzon Pharmaceuticals (ENZN) at a cost-basis of ~$2.70, and ~89% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). The Enzon position saw a substantial increase last quarter as they participated in a rights offering.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q4 2020:Regulatory filings thru 8/25 thru 11/16/2020: Form 4, 13D/A – 11/10 – XRX – 243K shares acquired at 18.99, 28.77M shares. 28.77M shares – 14.5% of business - $732.8M total outlay for a cost-basis of $25.47, Form 4, 13D/A – 11/5 - ~1M shares acquired @ ~18.4, 9/9 – 13D/A, Form 4 – 150K shares acquired @ ~18.5 - 27.5M shares. 13D/A – 11/10 – NAV – minor. 13D/A – 11/5 – HLF – minor regarding warrant issue. Form 4, 13D/A – 10/14 – ENZN – 29.5M shares acquired thru a rights offering for an outlay of ~$42.81M - ~36M shares total (48.6% of business) + 39277 preferred stock for a total outlay of $97.6M for a cost-basis of ~$2.7, 13D/A – 9/1 – rights related filing, . Form 4, 13D/A – 10/1 – IEP - ~8.35M shares acquired @ ~48 – 213.4M shares total (92.2% of business). 13D/A – 10/1 – OXY – 108M shares – 11.37% of business for a total outlay of $2.21B for a cost-basis of ~$20.5. 19.3M shares are in warrants strike 22, 8/3/2027 expiry acquired at ~2.75. Form 4 – 9/11 to 9/30 – warrant purchases."

"Tracking Carl Icahn’s Portfolio – Q3 2020 Update"

"Carl Icahn’s 13F portfolio value decreased from $19.72B to $17.37B this quarter.Xerox was increased while decreasing Herbalife and dropping Caesars Entertainment. Also, some Occidental Petroleum warrants (22 strike, 8/3/2027 expiry) were acquired during the quarter.Icahn Enterprises, Herbalife, and Cheniere Energy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 11/13/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2020.This quarter, Icahn’s 13F portfolio value decreased ~12% from $19.72B to $17.37B. The number of holdings remained steady at 16. The portfolio is very concentrated with the largest five positions accounting for ~82% of the entire holdings: Icahn Enterprises, Herbalife, Cheniere Energy, Occidental Petroleum, and CVR Energy.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note 1: it was disclosed in August that Icahn had made ~$1.3B shorting the CMBX 6 index (aka “mall short”). The position was put in place last November, well before COVID.Note 2: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).Stake Disposals:Caesars Entertainment (CZR): The original position (old Caesars) was disclosed in a regulatory filing last March which showed them owning 66.05M shares of Caesars Entertainment (~10% of the business). This included ~5.8M shares in convertible bonds. Total outlay was $646M for a cost-basis of $9.78 per share. The position was since increased to ~120M shares of beneficial ownership (17.55% of business, majority thru equity swaps and convertible bonds). Icahn pushed for a sale of the company and in April Anthony Rodio who previously ran Icahn’s Tropicana Entertainment was appointed CEO in a deal with the company. In June Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of old CZR held). The transaction closed in July, and the combined business took the Caesar’s name. Icahn exited the position soon after. The stock is now at ~$63.Stake Decreases:Herbalife (HLF): HLF is a large (top three) 5.51% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. Q2 2018 saw the position sold down by ~25% at $52.50 per share. In August 14.72M shares (~40% of his position of ~35M shares as of last quarter) were sold back to the company at $48.75 per share following Herbalife's self-tender offer. Icahn still controls ~16% of the business. The stock currently trades at ~$47.Note: The prices quoted above are adjusted for a 2-for-1 stock-split done in April 2018.Cheniere Energy (LNG): LNG is a large (top three) 5.36% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. The stock currently trades at ~$53. Last year saw a ~16% trimming while this year has so far seen only minor adjustments.Note: Icahn’s ownership stake in the business is ~8%.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, and 214M shares through Q3 2020. The stock currently trades at ~$53.Note: IEP Book Value per share is ~$14.50 per share.Xerox Corporation (XRX): XRX is a ~3% of the portfolio position established in Q4 2015 at prices between $24 and $32. This quarter saw a ~17% stake increase. Their overall cost basis is $25.50, and they control ~14.5% of the business. The stock is now at ~$22.75.Note 1: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. Last May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Kept Steady:Occidental Petroleum (OXY) and warrants: OXY is a top five 5.11% of the portfolio position established in Q2 2019 at ~$52 per share. Q3 2019 saw a ~23% selling at prices between $42 and $53 and that was followed with a ~15% reduction last quarter at prices between $37.25 and $44.50. The pattern reversed last quarter: ~300% stake increase at an average cost of ~$14.60. This quarter saw the position increased further thru the purchase of 19.3M warrants (strike 22, 8/3/2027 expiry) for ~$2.75 per warrant. The stock is now at ~$12.60. Their overall cost-basis is ~$20.50 per share and their beneficial ownership stake is ~11.4% of the business.CVR Energy Inc. (CVI): CVI is a top five ~5% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at ~$14.85.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.Newell Brands (NWL): NWL is a 4.32% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now well below that at ~$20.35. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. Overall, their cost-basis is ~$25.60. Q1 2020 also saw a ~6% stake increase.Note: In April last year, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Navistar International (NAV): NAV is 4.19% of the 13F portfolio long-term position. The last significant activity follows: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at ~$44.Note: Icahn controls ~17% of the business.Cloudera (CLDR): The 3.28% of the portfolio position in CLDR was purchased in Q3 2019 at a cost-basis of ~$5.41. The stock is currently at ~$10.90. His ownership interest is just under ~20%. Last quarter saw a ~5% trimming.Note: Last August, it was announced that Carl Icahn had reached an agreement with management at Cloudera: in exchange to keeping his ownership interest capped at ~20%, he got to nominate two directors to the company’s board.Herc Holdings (HRI): HRI is a small ~1% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for ~$55.85.Note: Icahn controls ~16% of the business.Conduent Inc. (CNDT): The small 0.70% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for ~$4. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a ~20% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business. In August, Hunter Gray was appointed to the Board of Directors.Delek US Holdings (DK): DK is a very small 0.68% of the portfolio position purchased at prices between $8.35 and ~$28 and the stock currently trades at ~$15. Icahn has a ~15% ownership stake in the business.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small 0.42% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at ~$9.25 compared to Icahn’s overall cost-basis of ~$13. There was a ~18% stake increase in Q1 2020.Note: Icahn controls ~10% of the business.Tenneco Inc. (TEN): Tenneco is a small 0.36% portfolio position. It came as partial consideration for the acquisition of Federal-Mogul: Tenneco issued ~5.65M Class A shares and ~23.79M Class B (non-voting) shares. The stock is now at ~$9. Last quarter saw a ~62% stake increase at prices between $2.32 and $12.56.Note: The Class B non-voting shares are not in the 13F report.Sandridge Energy (SD): SD is a 0.05% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now well below that range at ~$2.69.Note: Icahn has a ~13.5% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~36M shares (48.6% of business) of Enzon Pharmaceuticals (ENZN) at a cost-basis of ~$2.70, and ~89% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). The Enzon position saw a substantial increase this quarter as they participated in a rights offering.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q3 2020:8/2020 – Icahn ~$1.3B shorting the CMBX 6 index. The short was in place in November, well before COVID.8/12/2020 – Icahn - Icahn said the stock sale was part of Herbalife's self-tender offer, in which it accepts to buy back up to $750 million worth of its shares at $48.75 each. - Yesterday, Icahn Enterprises L.P. (Nasdaq: IEP) sold approximately 14.7 million shares pursuant to Herbalife Nutrition’s self-tender offer. We remain the Company’s largest shareholder with approximately 20.5 million shares, representing approximately 15.5% of the outstanding shares, and we continue to strongly believe in the great future of the Company.Regulatory filings thru 8/24/2020: Form 4 – 8/24 – OXY – 1.2M warrants (strike 22, 8/3/2027 expiry) purchased for ~$2.95 – 12.28M warrants total. Form 3 – 8/6 – 88.63M shares & 11.08M warrants. 13D/A – 8/5 – 99.71M shares – 10.73% of business - $2.21B total outlay for a cost-basis of ~$22 per share. Form 4, 13D/A – 8/19 – XRX - ~725K shares acquired at ~$18.15 – 27.3M shares remain – 12.82% of business – cost-basis $705.8M outlay at $25.85 per share. Form 4, 13D/A – 8/14 – 1.3M shares acquired @ ~17.4 – 26.58M shares total. 13D/A – 8/10 – 25.2M shares – 11.86% of business. 13D/A – 8/18 – CNDT – Hunter Gray appointed to BoD. Form 4 – 8/7 – 1.8M shares acquired @ ~16.40 – 25.27M shares total. 13D/A – 8/17 – HLF – 20.5M shares – 15.47% of business. Form 4 – 8/14 – 14.722M shares disposed at 48.75 – 20.5M shares remain. 13D/A – 8/12 – the sale related filing – from the first day they began purchase, stock up ~200%. Form 4 – 8/10 – ENZN – Jordan Bleznick appointed director. Form 4, 13D/A – 7/22 – Caesers Holdings – CZR – merger related – expect to beneficially own 2.2% of new Caesars stock. Form 4, 13D/A – 6/26 – IEP – 8.01M shares acquired @ 49.18 - 205M shares total – 92.2% of business. Form 4, 13D/A – 5/27 – HTZ – 55.34M shares disposed @ 0.72 – 0 remain."

"Tracking Carl Icahn’s Portfolio – Q2 2020 Update"

"Carl Icahn’s 13F portfolio value increased from $18B to $19.72B this quarter.HP Inc. and Hertz Global Holdings were dropped during the quarter.Icahn Enterprises, Occidental Petroleum, and Herbalife are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 08/14/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2020.This quarter, Icahn’s 13F portfolio value increased ~10% from $18B to $19.72B. The number of holdings decreased from 19 to 16. The portfolio is very concentrated with the largest five positions accounting for ~81% of the entire holdings: Icahn Enterprises, Occidental Petroleum, Herbalife, CVR Energy, and Caesars Entertainment.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note 1: it was disclosed earlier this month that Icahn had made ~$1.3B shorting the CMBX 6 index (aka “mall short”). The position was put in place in November, well before COVID.Note 2: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:None.Stake Disposals:HP Inc. (HPQ): The large (top five) ~6% HPQ stake was established in Q3 2019 at prices between $17.75 and $21.50. This quarter saw the position disposed at prices between $14 and $18. The stock currently trades at $18.33.Note: Last November, Xerox offered $22 per share ($17 cash and 0.137 Xerox for each HP) to buy HP. The offer was later increased to $24 per share. In late March, Xerox abandoned the plan.Hertz Global Holdings (HTZ): HTZ was a ~2% of the portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. There was a ~17% selling in Q1 2019 at ~$19.45. Q3 2019 saw a ~73% stake increase as a result of a rights offering at $12.95 per share. There was ~25% further increase last quarter at a cost-basis of ~$7.50 per share. Hertz filed for Chapter 11 bankruptcy protection on May 27th. Following that, the entire 55.3M share position was disposed at $0.72 per share. The stock currently trades at $1.45.Note: Icahn owned around 39% of the business. Their overall cost-basis was in the high-30s. The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.Freeport-McMoRan Inc. (FCX): FCX was a ~1% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. Q3 2017 saw another ~16% selling at prices between $11.89 and $15.55 and that was followed with a one-third reduction in Q1 2018 at prices between $17 and $20. Last year saw another ~50% selling at prices between $8.75 and $14. The disposal this quarter was at prices between $6.30 and $11.50. The stock currently trades at ~$15.Stake Decreases:Cloudera (CLDR): The 3.37% of the portfolio position in CLDR was purchased in Q3 2019 at a cost-basis of ~$5.41. The stock is currently at $12.42. His ownership interest is just under ~20%. This quarter saw a ~5% trimming.Note: Last August, it was announced that Carl Icahn had reached an agreement with management at Cloudera: in exchange to keeping his ownership interest capped at ~20%, he got to nominate two directors to the company’s board.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, 197M in 2019, and 205M shares H1 2020. The stock currently trades at $49.41.Note: IEP Book Value per share is ~$22 per share.Cheniere Energy (LNG): LNG is a large ~5% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. The stock currently trades at ~$51. Last year saw a ~16% trimming while this year has so far seen a ~7% stake increase.Note: Icahn’s ownership stake in the business is ~8.5%.Tenneco Inc. (TEN): Tenneco is a small 0.35% portfolio position. It came as partial consideration for the acquisition of Federal-Mogul: Tenneco issued ~5.65M Class A shares and ~23.79M Class B (non-voting) shares. The stock is now at $8.46. This quarter saw a ~62% stake increase at prices between $2.32 and $12.56.Note: The Class B non-voting shares are not in the 13F report.Kept Steady:Occidental Petroleum (OXY): OXY is a large (top three) 8.22% of the portfolio position established in Q2 2019 at ~$52 per share. Q3 2019 saw a ~23% selling at prices between $42 and $53 and that was followed with a ~15% reduction last quarter at prices between $37.25 and $44.50. The pattern reversed this quarter: ~300% stake increase at an average cost of ~$14.60. The stock is now at $12.96. Icahn controls ~8% of the business.Note: Regulatory filings from earlier this month show them having a beneficial ownership of 99.71M shares (10.73% of business). This includes 12.28M in warrants (strike 22, 8/3/2027 expiry). The total outlay was $2.21B for a cost-basis of ~$22 per share.Herbalife (HLF): HLF is a large (top three) ~8% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. Q2 2018 saw the position sold down by ~25% at $52.50 per share. The stock currently trades at $49.91.Note 1: Regulatory filings from earlier this month show them owning 20.5M shares of Herbalife. This is compared to 35.23M shares in the 13F report. 14.72M shares were sold back to the company at $48.75 per share following Herbalife's self-tender offer. Icahn still controls ~16% of the business.Note 2: The prices quoted above are adjusted for a 2-for-1 stock-split done in April 2018.CVR Energy Inc. (CVI): CVI is a large (top five) 7.26% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $17.41.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.Caesars Entertainment (CZR): The original position (old Caesars) was disclosed in a regulatory filing last March which showed them owning 66.05M shares of Caesars Entertainment (~10% of the business). This included ~5.8M shares in convertible bonds. Total outlay was $646M for a cost-basis of $9.78 per share. The position was since increased to ~120M shares of beneficial ownership (17.55% of business, majority thru equity swaps and convertible bonds). Icahn pushed for a sale of the company and in April Anthony Rodio who previously ran Icahn’s Tropicana Entertainment was appointed CEO in a deal with the company. In June Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of old CZR held). The transaction closed last month, and the combined business took the Caesar’s name.Newell Brands (NWL): NWL is a 3.52% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now well below that at $15.99. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. Overall, their cost-basis is ~$25.60. Last quarter also saw a ~6% stake increase.Note: In April last year, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Navistar International (NAV): NAV is 2.39% of the 13F portfolio long-term position. The last significant activity follows: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $31.97.Note: Icahn controls ~17% of the business.Xerox Corporation (XRX): XRX is a 1.82% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at $18.79. There was a ~5% trimming in Q1 2018.Note 1: Regulatory filings since the quarter ended show them owning 27.3M shares (12.82% of business). This is compared to 23.46M shares in the 13F report. Their overall cost-basis is now at $25.85 per share.Note 2: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. Last May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 3: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Delek US Holdings (DK): DK is a very small 0.93% of the portfolio position purchased at prices between $8.35 and ~$28 and the stock currently trades at $16.55. Icahn has a ~15% ownership stake in the business.Herc Holdings (HRI): HRI is a very small 0.70% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for $40.82.Note: Icahn controls ~16% of the business.Conduent Inc. (CNDT): The very small 0.46% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $3.66. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a a ~21% increase in Q4 2019 at ~$6.50 per share.Note: Their ownership interest in Conduent is at ~18% of the business. Earlier this month, Hunter Gray was appointed to the Board of Directors.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small 0.37% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $7.37 compared to Icahn’s overall cost-basis of ~$13. There was a ~18% stake increase last quarter.Note: Icahn controls ~10% of the business.Sandridge Energy (SD): SD is a 0.03% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now well below that range at $1.62.Note: Icahn has a 13.51% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), and ~79% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). Also, Jordan Bleznick was appointed to the Board of Directors at Enzon Pharma earlier this month.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q2 2020:Regulatory filings thru 5/18/2020: Form 4, 13D – 4/15, 4/13 – CLDR – 1.45M shares disposed at $8.05 (17.73% of business) – 52.33M shares remain, ~1M disposed at ~$8.30, 53.78M shares remain, Form 4 – 4/3 – TEN – 3.49M class A shares acquired – 9.14M class A shares & 20.31M class B shares remain - ~15% of business based on Class A ownership, 13D/A – 3/25 – OXY – director nomination related. Form ¾, 13D – 3/19 – DK - ~1.1M shares acquired at ~$10.75 – 10.54M shares total - ~15% of business. Ownership is thru CVI. Shares acquired at prices between $8.35 and ~$28. Form 4 – 3/12 – HTZ – 11.4M shares acquired at ~$7.5 – 55.34M shares remain (38.94% of business). 13D – 3/12 – OXY – 70.9M shares - ~8% of business - ~65M shares acquired at prices between $12.68 and $17.11. 13D/A – 3/12 – NWL – 45.12M shares – 10.65% of business – outlay for the 43.7M shares in the 13F is ~$1.12B – cost-basis of ~$25.62. The increase this quarter was at prices between $13.15 and $16.39."

"Tracking Carl Icahn’s Portfolio – Q1 2020 Update"

"Carl Icahn’s 13F portfolio value decreased from $26.18B to $18B this quarter.Occidental Petroleum and Hertz Global Holdings stakes saw substantial increases during the quarter.Icahn Enterprises, CVR Energy, and HP Inc. are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 05/15/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2019.This quarter, Icahn’s 13F portfolio value decreased ~31% from $26.18B to $18B. The number of holdings increased from 18 to 19. The portfolio is very concentrated with the largest five positions accounting for ~77% of the entire holdings: Icahn Enterprises, CVR Energy, HP Inc., Herbalife, and Occidental Petroleum.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:Delek US Holdings (DK): DK is a very small 0.92% of the portfolio position purchased at prices between $8.35 and ~$28 and the stock currently trades at $21.74. Icahn has a ~15% ownership stake in the business.Stake Disposals:None.Stake Decreases:None.Stake Increases:Occidental Petroleum (OXY): OXY is a 5.70% of the portfolio position established in Q2 2019 at ~$52 per share. Q3 2019 saw a ~23% selling at prices between $42 and $53 and that was followed with a ~15% reduction last quarter at prices between $37.25 and $44.50. The pattern reversed this quarter: ~300% stake increase at an average cost of ~$14.60. The stock is now at $15.07. Icahn controls ~8% of the business.Note: Icahn prepared for a proxy fight but settled in March as the company agreed to form a new committee to explore indications of interest for Occidental’s assets. Also, former CEO Stephen Chazen was brought back as Chairman and four directors replaced.Hertz Global Holdings (HTZ): HTZ is a ~2% of the portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. There was a ~17% selling in Q1 2019 at ~$19.45. Q3 2019 saw a ~73% stake increase as a result of a rights offering at $12.95 per share. There was ~25% further increase this quarter at a cost-basis of ~$7.50 per share. The stock currently trades at $3.17.Note: Icahn owns around 39% of the business. Their overall cost-basis is in the high-30s. The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.Cheniere Energy (LNG): LNG is a large 3.75% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. The stock currently trades at $43.52. There was a ~16% trimming over the last three quarters while this quarter there was a ~3% increase.Note: Icahn’s ownership stake in the business is ~8%.Newell Brands (NWL): NWL is a ~3% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now well below that at $12.66. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. Overall, their cost-basis is ~$25.60. This quarter also saw a ~6% stake increase.Note: In April last year, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small 0.34% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $5.22 compared to Icahn’s overall cost-basis of ~$13. There was a ~18% stake increase this quarter.Note: Icahn controls ~10% of the business.Kept Steady:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, and 197M as of EOY 2019. The stock currently trades at $49.60.Note: IEP Book Value per share is ~$17 per share as of March.CVR Energy Inc. (CVI): CVI is a large (top tree) 6.54% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $21.30.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.HP Inc. (HPQ) and Cloudera (CLDR): These two positions were established in Q3 2019. The large (top five) ~6% HPQ stake was established at prices between $17.75 and $21.50 and the stock currently trades at $16.12. For investors attempting to follow, HPQ is a good option to consider for further research. The 2.43% of the portfolio position in CLDR was purchased at a cost-basis of ~$5.41. The stock is currently at $8.61. His ownership interest is just under ~20%.Note 1: Last November, Xerox offered $22 per share ($17 cash and 0.137 Xerox for each HP) to buy HP. The offer was later increased to $24 per share. In late March, Xerox abandoned the plan.Note 2: Last August, it was announced that Carl Icahn had reached an agreement with management at Cloudera: in exchange to keeping his ownership interest capped at ~20%, he got to nominate two directors to the company’s board.Herbalife (HLF): HLF is a large (top five) ~6% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. Q2 2018 saw the position sold down by ~25% at $52.50 per share. The stock currently trades at $41.86.Note: Icahn controls ~24% of the business. In March 2018, Icahn disclosed that his profit on HLF was ~$1B. The stock was trading at ~$46 at the time. The prices quoted above are adjusted for a 2-for-1 stock-split done in April 2018.Caesar’s Entertainment (CZR): The position was disclosed in a regulatory filing in March which showed them owning 66.05M shares of Caesars Entertainment (~10% of the business). This included ~5.8M shares in convertible bonds. Total outlay was $646M for a cost-basis of $9.78 per share. The position was since increased to ~120M shares of beneficial ownership (17.55% of business, majority thru equity swaps and convertible bonds). The stock is now at $10.48.Note: Icahn pushed for a sale of the company and last April Anthony Rodio who previously ran Icahn’s Tropicana Entertainment was appointed CEO in a deal with the company. In June Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of CZR held).Xerox Corporation (XRX): XRX is a 3.30% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at $16.78. There was a ~5% trimming in Q1 2018. Icahn controls 10.60% of the business.Note 1: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. Last May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Navistar International (NAV): NAV is 1.53% of the 13F portfolio long-term position. The last significant activity follows: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $25.06.Note: Icahn controls ~17% of the business.Freeport-McMoRan Inc. (FCX): FCX is a ~1% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. Q3 2017 saw another ~16% selling at prices between $11.89 and $15.55 and that was followed with a one-third reduction in Q1 2018 at prices between $17 and $20. Last year saw seen another ~50% selling at prices between $8.75 and $14. The stock currently trades at $9.18.Conduent Inc. (CNDT): The very small 0.52% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $2.23. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a a ~21% increase last quarter at ~$6.50 per share. Their ownership interest is at ~18% of the business.Herc Holdings (HRI): HRI is a very small 0.51% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for $24.88.Note: Icahn controls ~16% of the business.Tenneco Inc. (TEN): Tenneco is a small 0.11% portfolio position. It came as partial consideration for the acquisition of Federal-Mogul: Tenneco issued ~5.65M Class A shares and ~23.79M Class B (non-voting) shares. The stock is now at $5.17.Note: The Class B non-voting shares are not in the 13F report.Sandridge Energy (SD): SD is a 0.02% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now well below that range at $1.57.Note: Icahn has a 13.51% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), and ~79% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). Also, he had majority ownership of Voltari Corp and bought the remaining shares at 86c in January.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q1 2020:Note: for the Tenneco, I should make it clear that the Class B shares are not in the 13F filings and so is not reported in the spreadsheet…Regulatory filings thru 2/20/2020: 13D/A – 2/13 – DELL – no longer holding shares. DFAN 14/A – 2/12 – OXY – letter to shareholders in preparation of proxy fight. Form 3 – 2/3 – TEN – 5.65M shares. 13D/A – 2/3 – 9.08M shares – 15% of business. Class A capped at 15%, but they have 8,638,023 shares of Class A Common Stock and 17,731,160 shares of Class B Common Stock of beneficial ownership. Form 4 – 12/23 – IEP – 6.2M shares acquired at $61.54, 197M shares total, 13D/A – 12/23 – 92.2% of business. 13D/A – 11/15 – LNG – 19.6M shares – 7.69% of business."

"Tracking Carl Icahn’s Portfolio – Q4 2019 Update"

"Carl Icahn’s 13F portfolio value increased from $25.69B to $26.18B this quarter.He decreased Occidental Petroleum and Freeport-McMoRan during the quarter.Icahn Enterprises, CVR Energy, and Herbalife are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 02/14/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2019.This quarter, Icahn’s 13F portfolio value increased ~2% from $25.69B to $26.18B. The number of holdings remained steady at 18. The portfolio is very concentrated with the largest five positions accounting for ~75% of the entire holdings: Icahn Enterprises, CVR Energy, Herbalife, Caesars Entertainment, and HP Inc.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:None.Stake Disposals:None.Stake Decreases:Occidental Petroleum (OXY): OXY is a 3.55% of the portfolio position established in Q2 2019 at ~$52 per share. The stock currently trades well below that at $32.74. Last quarter saw a ~23% selling at prices between $42 and $53 and that was followed with a ~15% reduction this quarter at prices between $37.25 and $44.50.Note: Icahn is preparing for a proxy fight with OXY. Last month, he sent a letter to OXY shareholders titled “What is OXY hiding?”.Freeport-McMoRan Inc. (FCX): FCX is a 1.34% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. Q3 2017 saw another ~16% selling at prices between $11.89 and $15.55 and that was followed with a one-third reduction in Q1 2018 at prices between $17 and $20. The stock currently trades at $9.96. Last four quarters have seen another ~50% selling at prices between $8.75 and $14.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, and 197M as of EOY 2019. The stock currently trades at $62.73.Note: IEP Book Value per share is ~$27 per share.Hertz Global Holdings (HTZ): HTZ is a 2.64% of the portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. The stock currently trades at $12.79. There was a ~17% selling in Q1 2019 at ~$19.45. Last quarter saw a ~73% stake increase as a result of a rights offering at $12.95 per share. There was ~5% further increase this quarter.Note 1: Icahn owns around 31% of the business. Their overall cost-basis is in the low-40s.Note 2: The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.Kept Steady:CVR Energy Inc. (CVI): CVI is a large (top tree) ~11% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $28.42.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.Herbalife (HLF): HLF is a large (top five) ~5% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. Q2 2018 saw the position sold down by ~25% at $52.50 per share. The stock currently trades at $32.36.Note 1: Icahn controls ~24% of the business. In March 2018, Icahn disclosed that his profit on HLF was ~$1B. The stock was trading at ~$46 at the time.Note 2: The prices quoted above are adjusted for a 2-for-1 stock-split done in April 2018.Caesar’s Entertainment (CZR): The position was disclosed in a regulatory filing in March which showed them owning 66.05M shares of Caesars Entertainment (~10% of the business). This included ~5.8M shares in convertible bonds. Total outlay was $646M for a cost-basis of $9.78 per share. The position was since increased to ~120M shares of beneficial ownership (17.55% of business, majority thru equity swaps and convertible bonds). The stock is now at $12.71.Note: Icahn pushed for a sale of the company and last April Anthony Rodio who previously ran Icahn’s Tropicana Entertainment was appointed CEO in a deal with the company. In June Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of CZR held).HP Inc. (HPQ) and Cloudera (CLDR): These two positions were established last quarter. The large (top five) 4.94% HPQ stake was established at prices between $17.75 and $21.50 and the stock currently trades at $20.79. The 2.43% of the portfolio position in CLDR was purchased at a cost-basis of ~$5.41. The stock is currently at $8.90. His ownership interest is 19.59%.Note 1: Last August, it was announced that Carl Icahn had reached an agreement with management at Cloudera: in exchange to keeping his ownership interest capped at ~20%, he gets to nominate two directors to the company’s board. Previously, he stated that the Hortonworks merger had not gone well. That along with the fact that they had an interim-CEO made it a perfect time for him to enter in an activist role. Also, Cloudera was trading at ~1.5x revenue which was very attractive. The stock was trading at $6.85 at the time.Note 2: Last November, Xerox offered $22 per share ($17 cash and 0.137 Xerox for each HP) to buy HP. The offer was later increased to $24 per share. Icahn owns 4.24% of HP and 10.6% of Xerox.Cheniere Energy (LNG): LNG is a large 4.57% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. The stock currently trades at $51.29. There was a ~16% trimming over the last three quarters.Note: Icahn’s ownership stake in the business is ~8%.Xerox Corporation (XRX): XRX is a 3.30% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at ~$32.20. There was a ~5% trimming in Q1 2018. Icahn controls 10.60% of the business.Note 1: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. Last May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Newell Brands (NWL): NWL is a ~3% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now well below that at $15.43. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. Q4 2018 also saw a ~6% stake increase. Overall, their cost-basis is $26.40.Note: In April last year, rival activist Starboard Value came to an agreement with Carl Icahn whereby they now together control Newell’s board.Navistar International (NAV): NAV is 1.85% of the 13F portfolio long-term position. The last significant activity follows: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at ~$36.31.Note: Icahn controls ~17% of the business.Conduent Inc. (CNDT): The small ~1% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $3.27. Q2 2019 saw a ~60% stake increase at around $9 per share. That was followed with a a ~21% increase last quarter at ~$6.50 per share. Their ownership interest is at ~18% of the business.Herc Holdings (HRI): HRI is a very small 0.84% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for $36.68.Note: Icahn controls ~16% of the business.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small 0.60% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $13.22 compared to Icahn’s overall cost-basis of $16.52. There was a ~5% trimming in Q4 2017.Note: Icahn controls 8.52% of the business.Tenneco Inc. (TEN): Tenneco is a small 0.28% portfolio position. It came as partial consideration for the acquisition of Federal-Mogul: Tenneco issued ~5.65M Class A shares and ~23.79M Class B (non-voting) shares. The stock is now at $9.17.Sandridge Energy (SD): SD is a 0.08% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now well below that range at $2.06.Note: Icahn has a 13.51% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note 1: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), and ~79% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC).Note 2: Icahn had a majority ownership of Voltari Corp and bought the remaining shares at 86c last quarter.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q4 2019:11/12 – OXY – regarding the sale of stock this quarter, Icahn has said he believes he may not be able to win a proxy battle. He also said he may sell more as he thinks it is extremely dangerous to hold the stock.11/8/2019 – Cloudera – CNBC interview with Icahn regarding 12.6% stake - 1.5x revenue very attractive – stock trading at ~$6.87. Not the best job on the merger with HortonWorks. Interim-ceo. That is the perfect time for him to buy. August 12th – agreement with management – cannot go higher than 20% - 2 directors nominated.11/5/2019 – Xerox offered $22 per share ($17 cash and 0.137 Xerox for each HP). HP rejected the offer and in response Xerox threatened a hostile bid, if they do not reconsider it by the 25th. Icahn on Xerox HP Combination – Icahn said it is a no-brainer. He owns 4.24% of HP and 10.6% of Xerox.Regulatory filings thru 11/22/2019: 13D/A – 11/15 – LNG – 19.6M shares – 7.7%, Proxy Statement Schedule 14A Information – Open letter to shareholders – OXY – proxy fight intent. 8/29 – open letter asking for support to remove directors and such, 13D/A – 10/30 – HLF – 35.23M shares – 23.92%, Form 4, 13D/A - 9/24 – Voltari – merger related. Form 4, 13D/A – 9/19 – IEP – 5.5M shares acquired at $67.22. 190.85M shares. 92.2% of business. 13D/A – 9/16 – HTZ – 43.93M shares – 30.92% of business. Form 4 & 13D/A – regarding September 2021 expiry forward contracts to purchase ~850K shares at ~$14 per share. Form 4 – 9/11 – similar. 13D/A, Form 4 – 9/9 – CLDR – 54.8M shares – 19.59% of business – average cost is $5.41 (two-thirds is in forward contracts which has additional charges)."

"Tracking Carl Icahn’s Portfolio – Q3 2019 Update"

"Carl Icahn’s 13F portfolio value decreased from $26.52B to $25.69B this quarter.He added HP Inc. and Cloudera during the quarter.Icahn Enterprises, CVR Energy, and Herbalife are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 11/14/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2019.This quarter, Icahn’s 13F portfolio value decreased ~3% from $26.52B to $25.69B. The number of holdings increased from 16 to 18. The portfolio is very concentrated with the largest five positions accounting for ~75% of the entire holdings: Icahn Enterprises, CVR Energy, Herbalife, Caesars Entertainment, and Cheniere Energy.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:HP Inc. (HPQ) and Cloudera (CLDR): These are the two new stakes this quarter. The 4.63% HPQ stake was established at prices between $17.75 and $21.50 and the stock currently trades at $19.94. Icahn owns ~4.24% of the business. The 1.89% of the portfolio position in CLDR was purchased at a cost-basis of ~$5.41. The stock is currently at $9.44. His ownership interest is 19.59%.Note 1: On August 12th, it was announced that Carl Icahn had reached an agreement with management at Cloudera: in exchange to keeping his ownership interest capped at ~20%, he gets to nominate two directors to the company’s board. Previously, he stated that the Hortonworks merger had not gone well. That along with the fact that they had an interim-CEO made it a perfect time for him to enter in an activist role. Also, Cloudera was trading at ~1.5x revenue which was very attractive. The stock was trading at $6.85 at the time.Note 2: Earlier this month, Xerox offered $22 per share ($17 cash and 0.137 Xerox for each HP) to buy HP. HP rejected the offer and in response Xerox threatened a hostile bid, if they did not reconsider it by the 25th. Icahn has commented that the combination is a no-brainer. He owns 4.24% of HP and 10.6% of Xerox.Stake Disposals:None.Stake Decreases:Cheniere Energy (LNG): LNG is a large (top five) 4.81% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. The stock currently trades at $60.84. There was a ~16% trimming over the last three quarters.Note: Icahn’s ownership stake in the business is ~7.2%.Freeport-McMoRan Inc. (FCX): FCX is a 1.27% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. Q3 2017 saw another ~16% selling at prices between $11.89 and $15.55 and that was followed with a one-third reduction in Q1 2018 at prices between $17 and $20. The stock currently trades at $11.35. Last three quarters have seen another ~23% selling at prices between $8.70 and $14.20.Occidental Petroleum (OXY): OXY is a large 4.56% of the portfolio position established last quarter at ~$52 per share. The stock currently trades well below that at $39.58. This quarter saw a ~23% selling at prices between $42 and $53.Note: Regarding the sale of stock this quarter, Icahn said he believes he may not be able to win a proxy battle. He also said he may sell more as he thinks it is extremely dangerous to hold the stock. Previously, Icahn was opposed to the merger with Anadarko calling it expensive and risky. He was to fight for shareholder rights thru board seats at the company.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, and 190.85M as of Q3 2019. The stock currently trades at ~$63. The increase this year was at ~$68.50 per share.Note: IEP Book Value per share is ~$27 per share.Caesar’s Entertainment (CZR): The position was disclosed in a regulatory filing in March which showed them owning 66.05M shares of Caesars Entertainment (~10% of the business). This included ~5.8M shares in convertible bonds. Total outlay was $646M for a cost-basis of $9.78 per share. The position was since increased to ~120M shares of beneficial ownership (17.55% of business, majority thru equity swaps and convertible bonds). The stock is now at $13.Note: Icahn pushed for a sale of the company and in April Anthony Rodio who previously ran Icahn’s Tropicana Entertainment was appointed CEO in a deal with the company. In June Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of CZR held).Hertz Global Holdings (HTZ): HTZ is a 2.26% of the portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. The stock currently trades at $15.61. There was a ~17% selling in Q1 2019 at ~$19.45. This quarter saw a ~73% stake increase as a result of a rights offering at $12.95 per share.Note 1: Icahn owns around 31% of the business. The total outlay so far is $1.77B and so their overall cost-basis is $42.24.Note 2: The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.Conduent Inc. (CNDT): The small ~1% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $6.37. Last quarter saw a ~60% stake increase at around $9 per share. That was followed with a a ~21% increase this quarter at ~$6.50 per share. Their ownership interest is at ~18% of the business.Kept Steady:CVR Energy Inc. (CVI): CVI is a large (top tree) ~12% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $45.29.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.Herbalife (HLF): HLF is a large (top five) ~5% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. Q2 2018 saw the position sold down by ~25% at $52.50 per share. The stock currently trades at $44.87.Note 1: Icahn controls ~24% of the business. In March 2018, Icahn disclosed that his profit on HLF was ~$1B. The stock was trading at ~$46 at the time.Note 2: The prices quoted above are adjusted for a 2-for-1 stock-split done in April 2018.Newell Brands (NWL): NWL is a ~3% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now well below that at $19. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. Q4 2018 also saw a ~6% stake increase. Overall, their cost-basis is $26.40.Note: In April last year, rival activist Starboard Value came to an with Carl Icahn whereby they now together control Newell’s board.Xerox Corporation (XRX): XRX is a 2.73% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at ~$39. There was a ~5% trimming in Q1 2018. Icahn controls 10.60% of the business.Note 2: In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In early May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn). Earlier this month, following Xerox’s offer to acquire HP, Icahn said a merger with HP was a no-brainer.Note 3: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Navistar International (NAV): NAV is a 1.83% of the 13F portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at ~$32.Note: Icahn controls ~17% of the business.Herc Holdings (HRI): HRI is a very small 0.81% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for $46.18.Note: Icahn controls ~16% of the business.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small 0.66% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $16.79 compared to Icahn’s overall cost-basis of $16.52. There was a ~5% trimming in Q4 2017.Note: Icahn controls 8.52% of the business.Tenneco Inc. (TEN): Tenneco is a small 0.24% portfolio position. It came as partial consideration for the acquisition of Federal-Mogul: Tenneco issued ~5.65M Class A shares and ~23.79M Class B (non-voting) shares. The stock is now at $11.51.Sandridge Energy (SD): SD is a 0.13% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now well below that range at $3.63.Note: Icahn has a 13.51% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note 1: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), and ~75% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC).Note 2: Icahn had a majority ownership of Voltari Corp and bought the remaining shares at 86c this quarter.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q3 2019:Regulatory filings thru 8/20/2019: 13D/A, Form 4 – 8/16 – CNDT – 38.15M shares – 18.05% of business - ~1.9M shares acquired at ~$6.57, 13D/A 8/13 – 4.55M shares acquired @ ~$6.50, 13D/A, Form 4, 13D/A – 8/13 - CLDR – 54.8M shares - ~20% of business – majority in forward contracts expiring mid-2021, 4.45M shares in forward contracts at ~$6.74, 13D/A 8/12 – standstill agreement related, Form 4 8/9 - ~5.2M shares, 13D/A 8/9 – ~5.1M shares @ ~$7, Form 4, 13D/A – 8/7 – 5.65M shares @ ~$6.5, Form 4. Similar 8/1 Form 3 and 8/6 Form 4 – 34.6M shares @ between 5.16 and 6.25 – majority thru forward contracts, 13D/A – 8/8 – CZR – ~120M shares – 17.55% of business, 15M shares @ 8.45, 13D/A 6/25 – voting agreement with Eldorado Resorts related. 13D/A – 8/6 – XRX – 23.5M shares – 10.60% of business, Form 4, 13D/A – 7/18 – HTZ – 930K shares acquired @ 12.95 - ~41.9M shares – 29.49% of business - $1.77B total outlay, Form 4, 13D/A 7/12, 6/13 – 16.7M shares @ 12.95 rights subscription related, 6/21 – 13D/A, Form 4 – IEP – 185.33M shares – 92.05% of business, 5.1M shares acquired @ $70.58,"

"Tracking Carl Icahn’s Portfolio – Q2 2019 Update"

"Carl Icahn’s 13F portfolio value increased from $24.10B to $26.52B this quarter.He added Occidental Petroleum while dropping Diamondback Energy.Icahn Enterprises, CVR Energy, and Occidental Petroleum are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 08/14/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2019.This quarter, Icahn’s 13F portfolio value increased ~10% from $24.10B to $26.52B. The number of holdings remained steady at 16. The portfolio is very concentrated with the largest five positions accounting for ~82% of the entire holdings: Icahn Enterprises, CVR Energy, Occidental Petroleum, Herbalife, and Cheniere Energy.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:Occidental Petroleum (OXY): OXY is a large (top three) 6.30% of the portfolio position established this quarter at ~$52 per share. The stock currently trades well below that at $45.06. For investors attempting to follow, OXY is a good option to consider for further research.Note: Icahn was opposed to the merger with Anadarko (APC) calling it expensive and risky. He is to fight for shareholder rights thru board seats at the company.Stake Disposals:Diamondback Energy (FANG): The 2.19% FANG stake came about as a result of the merger with Energen. Icahn held 9.67M shares of Energen for which they received 6.23M shares of Diamondback Energy in the ratio 0.6442:1. Overall, Icahn’s cost-basis on Diamondback Energy was ~$107 per share. Last quarter saw a ~17% selling at prices between $93 and $107. The disposal this quarter was at prices between $96 and $114. The stock is now at ~$100.Stake Decreases:Cheniere Energy (LNG): LNG is a large (top five) 5.57% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. The stock currently trades at $61.32. There was a ~8% trimming over the last two quarters.Note: Icahn’s ownership stake in the business is ~8%.Freeport-McMoRan Inc. (FCX): FCX is a ~2% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. Q3 2017 saw another ~16% selling at prices between $11.89 and $15.55 and that was followed with a one-third reduction in Q1 2018 at prices between $17 and $20. The stock currently trades at $9.14. Last quarter also saw a ~12% selling. There was marginal trimming this quarter.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent increases over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017, 175.4M in 2018, and 185.3M as of Q2 2019. The stock currently trades at ~$69. The increase this year was at ~$70 per share.Note: IEP Book Value per share was ~$29 as of June.Conduent Inc. (CNDT): The small ~1% portfolio stake came about as a result of Conduent’s spinoff from Xerox that closed in January 2017. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $7.19. This quarter saw a ~60% stake increase at around $9 per share.Note: Regulatory filings since the quarter ended show them owning 38.15M shares (18.05% of the business). This is compared to 31.6M shares in the 13F report. The increase was at ~$6.50 per share.Kept Steady:CVR Energy Inc. (CVI): CVI is a large (top tree) ~13% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $42.05.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy had majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.Herbalife (HLF): HLF is a large (top five) ~6% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. Q2 2018 saw the position sold down by ~25% at $52.50 per share. The stock currently trades at $34.90.Note 1: Icahn controls ~22% of the business. In March 2018, Icahn disclosed that his profit on HLF was ~$1B. The stock was trading at ~$46 at the time.Note 2: The prices quoted above are adjusted for a 2-for-1 stock-split done in April 2018.Caesar’s Entertainment (CZR): The position was disclosed in a regulatory filing in March which showed them owning 66.05M shares of Caesars Entertainment (~10% of the business). This included ~5.8M shares in convertible bonds. Total outlay was $646M for a cost-basis of $9.78 per share. The position was since increased to ~120M shares of beneficial ownership (17.55% of business, majority thru equity swaps and convertible bonds). The stock is now at $11.60.Note: Icahn pushed for a sale of the company and in April Anthony Rodio who previously ran Icahn’s Tropicana Entertainment was appointed CEO in a deal with the company. In June Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of CZR held).Xerox Corporation (XRX): XRX is a ~3% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at $28.59. There was a ~5% trimming in Q1 2018.Note 1: Icahn controls 10.60% of the business. In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In early May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Newell Brands (NWL): NWL is a 2.39% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now well below that at $16.55. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. Q4 2018 also saw a ~6% stake increase. Overall, their cost-basis is $26.40.Note: In April last year, rival activist Starboard Value came to an with Carl Icahn whereby they now together control Newell’s board.Navistar International (NAV): NAV is a 2.17% of the 13F portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $24.10.Note: Icahn controls ~17% of the business.Hertz Global Holdings (HTZ): HTZ is a 1.46% of the portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. The stock currently trades at $12.09. There was a ~17% selling last quarter at ~$19.45.Note 1: Regulatory filings since the quarter ended show them owning ~41.9M shares (29.49% of business). This is compared to 24.26M shares in the 13F report. The additional shares came about as a result of the rights offering at $12.95 per share. The total outlay so far is $1.77B and so their overall cost-basis is $42.24.Note 2: The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.Herc Holdings (HRI): HRI is a very small 0.78% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for $42.30.Note: Icahn controls ~16% of the business.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small 0.63% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $15.75 compared to Icahn’s overall cost-basis of $16.52. There was a ~5% trimming in Q4 2017.Note: Icahn controls 8.52% of the business.Tenneco Inc. (TEN): Tenneco is a small 0.24% portfolio position. It came as partial consideration for the acquisition of Federal-Mogul: Tenneco issued ~5.65M Class A shares and ~23.79M Class B (non-voting) shares. The stock is now at $8.80.Sandridge Energy (SD): SD is a 0.13% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now well below that range at $4.90.Note: Icahn has a 13.51% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note 1: Regulatory filings since the quarter ended show them owning 54.8M shares (~20% of the business) of Cloudera (CLDR). A majority of the position is thru forward contracts expiry in mid-2021 at prices between $5.15 and $7. The stock is currently at $6.83.Note 2: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), and ~75% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC).Note 3: Icahn had a majority ownership of Voltari Corp (VLTC) and has an agreement to buy the remaining shares at 86c.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q2 2019:Regulatory Filings thru 5/23/2019: 13D/A – 5/23 – CNDT – 31.6M shares – 15.04% of business, Form 4 – acquired 210K shares at $9. 13D/A – 5/20 – 31.4M shares – 14.94% of business, Form 4 - ~2.5M shares acquired at $8.85. Form 4 – 5/10 - ~6M shares acquired in the high-8s, 13D/A – 28.9M shares – 13.5% of business, a few previous ones as well. 13D/A – 5/15 – LNG – 21.65M shares – 8.41% of business, Form 4 – 4/19 – IEP – 4.8M shares acquired at $73.3, 180.23M shares – 91.9% of business, 13D/A – 3/29 – CZR – misc, Form 4 – 3/12 – 15M shares in forward cntracts, Form 3 – 3/7 – 99.25M shares beneficially owned – majority in equity swaps and convertible notes, 13D/A – 3/11 – 120M shares – 17.74% of business – previous as well. 13D/A – 3/13 – VLTC – merger related misc – 2/22 – offer increase to 80c related, Form 4, 13D/A – HTZ – 3/5 – 5M shares sold @ 19.45 – 24.26M shares – 28.91% of business, 13D/A – XRX – 2/25 – 23.5M shares – 10.21% of business,"

"Tracking Carl Icahn’s Portfolio – Q1 2019 Update"

"Carl Icahn’s 13F portfolio value increased from $20.43B to $24.10B this quarter.He added Caesars Entertainment while reducing Diamondback Energy and Hertz Global Holdings.Icahn Enterprises, CVR Energy, and Herbalife are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 05/15/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2018.This quarter, Icahn’s 13F portfolio value increased ~18% from $20.43B to $24.10B. The number of holdings decreased from 18 to 16. The portfolio is very concentrated with the largest five positions accounting for ~83% of the entire holdings: Icahn Enterprises, CVR Energy, Herbalife, Cheniere Energy, and Caesars Entertainment.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:Caesar’s Entertainment (CZR): The position was disclosed in a regulatory filing in March which showed them owning 66.05M shares of Caesars Entertainment (~10% of the business). This included ~5.8M shares in convertible bonds. Total outlay was $646M for a cost-basis of $9.78 per share. The position was since increased to ~120M shares of beneficial ownership (17.74% of business, majority thru equity swaps and convertible bonds). The stock is now at $9.06. Icahn is pushing for a sale of the company. Anthony Rodio who previously ran Icahn’s Tropicana Entertainment was appointed CEO in a deal with the company.Stake Disposals:CVR Refining LP (CVRR): CVRR was a minutely small 0.29% of the 13F portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The issue was withdrawn in January as the shares were consummated at $10.50 per share.Dell Technologies (DELL): The 3.06% of the portfolio DELL stake came about last quarter as a result of the tracking stock buyback. Icahn held 18.53M shares of DVMT for which they received partial consideration in the ratio 1.3665:1. The position was disposed this quarter at prices between $42.50 and $60.50. The stock currently trades at $65.70.Manitowoc Company (MTW): MTW was a very small 0.12% of the portfolio stake. It was established in Q4 2014 at prices between $14 and $22 and increased by ~136% in Q1 2015 at prices between $16 and $22. The stock currently trades at $15.06. There was a ~36% selling in Q1 2018 at prices between $32.50 and $34.50 and the disposal this quarter was at prices between $14.50 and $19.25.Note: The prices quoted above are adjusted for the Welbilt spin-off in March 2016 and the 1-for-4 stock-split last November.Stake Decreases:Cheniere Energy (LNG): LNG is a large (top five) 6.23% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. The stock currently trades at $64.89. There was a ~5% trimming this quarter.Note: Icahn’s ownership stake in the business is 8.41%.Freeport-McMoran Inc. (FCX): FCX is a 2.37% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. Q3 2017 saw another ~16% selling at prices between $11.89 and $15.55 and that was followed with a one-third reduction in Q1 2018 at prices between $17 and $20. The stock currently trades at $9.95. This quarter also saw a ~12% trimming.Diamondback Energy (FANG): The 2.19% FANG stake came about as a result of the merger with Energen. Icahn held 9.67M shares of Energen for which they received 6.23M shares of Diamondback Energy in the ratio 0.6442:1. Overall, Icahn’s cost-basis on Diamondback Energy was ~$107 per share. This quarter saw a ~17% selling at prices between $93 and $107. The stock is now at $104.Hertz Global Holdings (HTZ): HTZ is a 1.75% of the portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. The stock currently trades at $15.66. There was a ~17% selling this quarter at ~$19.45. Icahn realized losses.Note: Icahn controls 28.91% of the business. The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.Stake Increases:None.Kept Steady:Icahn Enterprises (IEP): IEP position has seen consistent buying over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017 and 175.4M as of EOY 2018. The stock currently trades at ~$70.Note: IEP Book Value per share was ~$30.50 as of March. Regulatory filings since the quarter ended show the 13F stake at ~180M shares. This is compared to 175.4M shares in the 13F report.CVR Energy Inc. (CVI): CVI is a large (top tree) ~12% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $44.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy has majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.Herbalife (HLF): HLF is a large (top three) ~8% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. Q2 2018 saw the position sold down by ~25% at $52.50 per share. The stock currently trades at $43.22.Note 1: Icahn controls ~22% of the business. In March 2018, Icahn disclosed that his profit on HLF was ~$1B. The stock was trading at ~$46 at the time.Note 2: The prices quoted above are adjusted for a 2-for-1 stock-split done in April 2018.Xerox Corporation (XRX): XRX is a 3.11% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at $31.88. There was a ~5% trimming in Q1 2018.Note 1: Icahn controls 9.21% of the business. In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In early May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Newell Brands (NWL): NWL is a 2.62% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now well below that at $15.15. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase next quarter at prices between $20.50 and $28. Last quarter also saw a ~6% stake increase. Overall, their cost-basis is $26.40.Note: In April last year, rival activist Starboard Value came to an with Carl Icahn whereby they now together control Newell’s board.Navistar International (NAV): NAV is a 2.24% of the 13F portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $30.66.Note: Icahn controls ~17% of the business.Conduent Inc. (CNDT): The stake came about as a result of Conduent’s spinoff from Xerox that closed in January last year. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. The current CNDT stake is consistent with this ratio: Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $9.34.Note: Regulatory filings since the quarter ended show them owning 31.6M shares (~15% of business). This is compared to 19.8M shares in the 13F report. The shares were acquired at an average cost in the high-8s. Icahn is engaged in a board battle.Herc Holdings (HRI): HRI is a very small 0.73% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for $37.09.Note: Icahn controls ~16% of the business.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small 0.69% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $15.93 compared to Icahn’s overall cost-basis of $16.52. There was a ~5% trimming in Q4 2017.Note: Icahn controls 8.52% of the business.Tenneco Inc. (TEN): Tenneco is a small 0.52% portfolio position. It came as partial consideration for the acquisition of Federal-Mogul: Tenneco issued ~5.65M Class A shares and ~23.79M Class B (non-voting) shares. The stock is now at $10.73.Sandridge Energy (SD): SD is a 0.16% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now below that range at $8.06.Note: Icahn has a 13.51% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note 1: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), and ~79% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC).Note 2: Icahn had a ~53% of Voltari Corp (VLTC) and offered to buy the remaining shares at 80c. The offer is up from 58c and 68c offered previously.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q1 2019:Regulatory filings thru 2/24/2019: 13D/A – 2/19 – VLTC – offer to purchase remaining shares increased from 58c to 68c, 13D/A – 12/7 – related, . 13D – 2/19 – CZR – 66.05M shares – 9.78% - this includes ~5.8M shares in convertible bonds. Total outlay – 566.6+79.4=$646M – cost-basis $9.78 , 13D/A – 2/14 – WBT – 11.94M shares – 8.52% - $197.2M outlay - $16.52 cost-basis – 10.08M shares in 13F and the rest in forward contracts, Form 4, 13D/A – 1/29 – CVRR – issue withdrawn after consummating remaining shares at $10.50, 13D/A - 1/18 & two 13D/A – 1/17 – CVR’s call-right exercise notification, 13D/A – 11/29, 13G – 1/7 – DELL – 10.9M shares – 6.3%, 13D/A – 12/31 – merger related, 13D/A, Form 4 – 12/19 – IEP – 175.44M shares – 91.7% - 4.65M shares acquired at $65.3, 13D/A- 12/19 – NWL - 41.8M shares – 9.89%, the 41.12M shares in 13F has a cost-basis of $26.4. Form 4 – 12/6 – CNDT – minor, 13D/A – 12/3 – 24.59M shares – 11.64% - 19.8M shares in 13F and rest in forward contracts. 13D/A, Form 4 – 11/28, 11/23, 11/19 – minor. Form 4 – 12/6 – ARII – merger consummation related - $70, 13D/A – 11/30 – EGN/FANG – 0 in EGN merger, 13D – 11/19 – 9.67M shares – 9.9% - 2M in options exercised included – 529.41+134.74=$664.15 total outlay - $68.68 cost-basis, 13D/A – 11/30 – AFSI – merger consummation,"

"Tracking Carl Icahn’s Portfolio – Q4 2018 Update"

"Carl Icahn’s 13F portfolio value decreased from $25.22B to $20.43B this quarter.Newell Brands stake was increased and a new Tenneco position was added during the quarter.Icahn Enterprises, CVR Energy, and Herbalife are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 02/14/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2018.This quarter, Icahn’s 13F portfolio value decreased ~19% from $25.22B to $20.43B. The number of holdings decreased from 20 to 18. The portfolio is very concentrated with the largest five positions accounting for ~82% of the entire holdings: Icahn Enterprises, CVR Energy, Herbalife, Cheniere Energy, and Newell Brands.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note 1: Regulatory filings since the quarter ended show them owning 66.05M shares of Caesars Entertainment (CZR) – 9.78% of business. This includes ~5.8M shares in convertible bonds. Total outlay was $646M for a cost-basis of $9.78 per share. This is compared to the current quote of $9.05.Note 2: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:Dell Technologies (DELL), Diamondback Energy (FANG), and Tenneco Inc. (TEN): These are the new 13F stakes this quarter. The 3.06% of the portfolio DELL stake came about as a result of the tracking stock buyback. Icahn held 18.53M shares of DVMT for which they received partial consideration in the ratio 1.3665:1. The 2.83% FANG stake came about as a result of the merger with Energen. Icahn held 9.67M shares of Energen for which they received 6.23M shares of Diamondback Energy in the ratio 0.6442:1. Tenneco is a small 0.76% portfolio position that came as partial consideration for the acquisition of Federal-Mogul: Tenneco issued ~5.65M Class A shares and ~23.79M Class B (non-voting) shares.Note 1: Regulatory filings since the quarter ended show them owning 10.9M shares (6.3% of business) of DELL. This is compared to 12.8M shares in the 13F report.Note 2: Overall, Icahn’s cost-basis on Diamondback Energy is ~$107 per share. Currently, it trades at $104.Stake Disposals:Dell VMWare Tracking Stock (DVMT): The 3.39% DVMT stake was established in Q2 2018 at prices between $70 and $90 and increased by ~270% last quarter at prices between $92 and $99. The disposal was due to the tracking stock buyback by Dell.Note: Icahn built the position after Dell revealed plans to buy the tracking stock back at a discount. Icahn filed a lawsuit and threatened a proxy fight. Dell came back with a somewhat better offer of $120 per share with a $14B cap. In response, Icahn dropped the lawsuit and walked away from the proxy fight saying it would be unwinnable as they have 17% favoring the current offer.VMWare Inc. (VMW): VMW was a 1.38% of the portfolio position purchased in Q2 2018 at prices between $119 and $151 and almost eliminated last quarter at prices between $145 and $163. The minutely small 0.26% remainder stake was disposed this quarter.Energen Corp. (EGN): EGN was a 2.62% of the portfolio stake purchased in Q2 2018 at prices between the low-60s and the low-70s. Last quarter saw a ~48% stake increase at prices between $71 and $87. Icahn controlled ~8% of the business. The disposal was due to the acquisition by Diamondback Energy.American Railcar Industries (ARII): In October, an ITE Rail Fund subsidiary agreed to buy ARII for $70 per share and that transaction closed in December thereby eliminating this position. Icahn had a ~62% ownership position in ARII.AmTrust Financial (AFSI): AFSI is a 1.06% of the portfolio stake established at a cost-basis of ~$13 per share. AFSI went private at $14.75 per share cash thereby eliminating this position. Icahn had control over 9.38% of the business.Note: The initial offer by the controlling family (Zysking/Karfunkel) was at $13.50 per share and Icahn sued successfully to up the price.Stake Decreases:Manitowoc Company (MTW): MTW is a very small 0.12% of the portfolio stake. It was established in Q4 2014 at prices between $14 and $22 and increased by ~136% in Q1 2015 at prices between $16 and $22. The stock currently trades at $19.19. There was a ~36% selling in Q1 2018 at prices between $32.50 and $34.50. Last quarter saw a marginal increase while this quarter there was a ~8% trimming.Note: The prices quoted above are adjusted for the Welbilt spin-off in March 2016 and the 1-for-4 stock-split last November.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent buying over the years. The position size increased from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, to ~158M shares in 2017 and 175.4M as of EOY 2018. The stock currently trades at ~$70.Note: IEP Book Value per share was $30.07 and Net Asset Value per share is $46.20 as of Q3 2018.Newell Brands (NWL): NWL is a 3.74% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now well below that at $17.06. Q2 2018 saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase last quarter at prices between $20.50 and $28. For investors attempting to follow Icahn, NWL is a good option to consider for further research. This quarter also saw a ~6% stake increase. Overall, their cost-basis is $26.40.Note: In April, rival activist Starboard Value came to an with Carl Icahn whereby they now together control Newell’s board.Kept Steady:CVR Energy Inc. (CVI): CVI is a large (top tree) ~12% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $42.70.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy has majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.Herbalife (HLF): HLF is a large (top three) ~10% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. Q2 2018 saw the position sold down by ~25% at $52.50 per share. The stock currently trades at $56.45.Note 1: Icahn controls ~22% of the business. In March 2018, Icahn disclosed that his profit on HLF was ~$1B. The stock was trading at ~$46 at the time.Note 2: The prices quoted above are adjusted for a 2-for-1 stock-split done in April 2018.Cheniere Energy (LNG): LNG is a large (top five) 6.78% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn in Q2 2018: ~28% reduction at ~$65. The stock currently trades at $65.20. There was a marginal trimming last quarter.Note: Icahn’s ownership stake in the business is 9.8%.Freeport-McMoran Inc. (FCX): FCX is a 2.53% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. Q3 2017 saw another ~16% selling at prices between $11.89 and $15.55 and that was followed with a one-third reduction in Q1 2018 at prices between $17 and $20. The stock currently trades at $13.22.Xerox Corporation (XRX): XRX is a 2.27% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at $31.49. There was a ~5% trimming in Q1 2018.Note 1: Icahn controls 9.21% of the business. In December 2017, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In early May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Navistar International (NAV): NAV is a 2.13% of the 13F portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $38.49.Note: Icahn controls ~17% of the business.Hertz Global Holdings (HTZ): HTZ is a ~2% of the portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. The stock currently trades at $18.77.Note 1: Icahn controls ~35% of the business. The total outlay so far is ~$1.85B and the market value is ~$550M.Note 2: The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.Conduent Inc. (CNDT): The stake came about as a result of Conduent’s spinoff from Xerox that closed in January last year. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. The current CNDT stake is consistent with this ratio: Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $15.28.Note: Regulatory filings since the quarter ended show them owning 24.6M shares (11.64% of business). This is compared to 19.8M shares in the 13F report. The difference is due to forward contracts they also hold.Herc Holdings (HRI): HRI is a very small 0.57% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for $42.19.Note: Icahn controls ~16% of the business.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small 0.55% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $15.98 compared to Icahn’s overall cost-basis of $16.52. There was a ~5% trimming in Q4 2017.Note: Icahn controls 8.52% of the business.CVR Refining LP (CVRR): CVRR is a minutely small 0.29% of the 13F portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The issue was withdrawn last month as the shares were consummated at $10.50 per share.Sandridge Energy (SD): SD is a 0.18% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now below that range at $8.23.Note: Icahn has a 13.51% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June 2018, Icahn gained control of Sandridge’s board by winning a proxy battle.Note 1: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), and ~79% of Viskase Companies (VKSC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC).Note 2: Icahn had a ~53% of Voltari Corp (VLTC) and earlier this month has offered to buy the remaining shares for 68c per share. The price is up from 58c offered previously.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q4 2018:11/13 – Dell the offer to $120 per share with a $14B cap – Icahn dropped the suit & proxy fight in response – basically, although they believed a much higher figure was possible, with 17% in support of the offer, they consider a proxy contest unwinnable and so decided to walk away…10/16/2018 – CNBC Interview – - Michael Dell plan opposed on DVMT – he has 16.5M shares (~8.3%) now - $109 final offer – he thinks $144 is the value – he thinks he can coerce shareholders (Icahn says Dell did coercion and manipulation) with scare tactics about IPO and such. VMW is at ~$145 and that is the value. Basically, Dell & Silverlake is trying to walk away with ~$11B for doing nothing. It is basically stealing. IPO THREAT IS EMPTY – Icahn says he will fight it and others will join. Dell says threat of litigation is act of desperation. CONSIDERING COMPETING PARTIAL BID. They might bump it a bit and at that point they might consider a competing bid and probably look around for partners. Not giving assurance he is going to do that. MARKET PULLBACK – don’t know but guessing – have to be cautious. Trump did well getting regulations, tax deal, etc. Tariffs are a dangerous game he is playing – brought the crash of 1929. Donald is a deal maker and so he might get something done with China – some settlement. Other problems in the market – interest rate will put a damper. Holds stock but have hedges. President said Sears was a shame – Icahn says he cannot talk about it – problems there – in bankruptcy – taking a look at some of the bonds. President says Fed was crazy – Icahn says that is the way Donald Trump is. Cramer & Icahn are both very bullish on VMW prospects. 10/31 – Icahn 9.3% stake.Note for Q4 2017 onwards: BV from their website & the indicative net-asset-value from their earnings conference calls (might be useful as the comment stream usually debates over these). 11/21/2018 Update: Per their investor website (http://www.ielp.com/financial-information/key-ratios), BV is 30.07. The historical value for IEP P/BV (https://ycharts.com/companies/IEP/price_to_book_value) is much lower although in recent years it has stayed high. Net Asset Value per share - per the Q3 earnings press release, that figure would be $46.20 (8.64B/187M).”Regulatory Filings thru 11/20/2018: 13D – 11/19 – EGN – 9.67M shares – 9.9% of business, Form 4 – 11/19, 11/13, Form 3 11/13, 13D/A 11/13 – CNDT – forward contract related, 19.81M shares, 22.3M shares – 10.56% of business. ~3.56M shares acquired at prices between $2.98 and $3.38. 13D, 13D/A – 11/1, 10/30, 10/15, – DVMT – 18.53M shares – 9.3% of business, Overall cost-basis was ~$92.3. 13D/A – 10/22 – ARII – ITE merger at $70 related filing. 13D – 10/1 – TEN – 5.65M shares – 9.9% of business - As partial consideration for the acquisition of Federal-Mogul, on the Closing Date, Tenneco issued to the Reporting Persons an aggregate of 5,651,177 shares of Class A Common Stock and 23,793,669 shares of Class B Non-Voting Common Stock, Form 4 – 10/1 – TPCA – 19.98M shares @ 75.14 disposal – merger consideration Form 4 & 13D/A – 9/20 – IEP – 170.8M shares – 91.5% of business."

"Tracking Carl Icahn’s Portfolio – Q3 2018 Update"

"Carl Icahn’s 13F portfolio value increased from $24.14B to $25.22B this quarter.Dell Technologies, Newell Brands, and Energen Corporation were increased significantly during the quarter.Icahn Enterprises, CVR Energy, and Herbalife are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 11/14/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2018.This quarter, Icahn’s 13F portfolio value increased ~5% from $24.14B to $25.22B. The number of holdings decreased from 21 to 20. The portfolio is very concentrated with the largest five positions accounting for ~77% of the entire holdings: Icahn Enterprises, CVR Energy, Herbalife, Cheniere Energy, and Dell Technologies.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:None.Stake Disposals:Cigna Corp. (CI): CI was a minutely small 0.35% of the portfolio position established last quarter at prices between $165 and $181 and disposed this quarter at prices between $170 and $210. The stock is now at ~$208.Stake Decreases:Cheniere Energy (LNG): LNG is a large (top five) 6.44% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn last quarter: ~28% reduction at ~$65. The stock currently trades at $58.16. There was a marginal trimming this quarter.Note: Icahn’s ownership stake in the business is 9.8%.VMWare Inc. (VMW): VMW was a 1.38% of the portfolio position purchased at prices between $119 and $151 and disposed this quarter at prices between $145 and $163. The stock is now at ~$148.Note: Last quarter, Icahn started building positions in VMW and the tracking stock DVMT. Since then, the VMW stake was sold out but a very big position in DVMT was built. Please see details under the DVMT section below.Stake Increases:Icahn Enterprises (IEP): IEP position has seen consistent buying over the years. The position size saw increases from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, and to ~158M shares as of Q4 2017. Last two quarters have also seen a ~8% further increase. The stock currently trades at $65.66.Note: IEP Book Value per share is $30.07 and Net Asset Value per share is $46.20 as of Q3 2018.Dell Technologies (DVMT): The 3.39% DVMT stake was established last quarter at prices between $70 and $90 and increased by ~270% this quarter at prices between $92 and $99. It is now at ~$103.Note 1: Regulatory filings since the quarter ended show them owning 18.53M shares (9.3% of business). This is compared to 8.8M shares in the 13F report. Overall, their cost-basis is ~$92.30.Note 2: Icahn built the position after Dell revealed plans to buy the tracking stock back at a discount. Icahn filed a lawsuit and threatened a proxy fight. Dell came back with a somewhat better offer of $120 per share with a $14B cap. In response, Icahn dropped the lawsuit and walked away from the proxy fight saying it would be unwinnable as they have 17% favoring the current offer.Newell Brands (NWL): NWL is a 3.12% of the portfolio position established in Q1 2018 at a cost-basis of $27.40 per share. The stock is now below that at $21.60. Last quarter saw a ~10% stake increase at prices between $23 and $28 and that was followed with a ~15% increase this quarter at prices between $20.50 and $28. For investors attempting to follow Icahn, NWL is a good option to consider for further research.Note: In April, rival activist Starboard Value came to an with Carl Icahn whereby they now together control Newell’s board.Energen Corp. (EGN): EGN is a 2.62% of the portfolio stake purchased last quarter at prices between the low-60s and the low-70s. This quarter saw a ~48% stake increase at prices between $71 and $87. The stock is now at $70.01. Icahn controls ~8% of the business.Note: Regulatory filings since the quarter ended show them owning 9.67M shares (9.9% of business). This is compared to 7.67M shares in the 13F report.Manitowoc Company (MTW): MTW is a very small 0.16% of the portfolio activist stake. It was established in Q4 2014 at prices between $14 and $22 and increased by ~136% in Q1 2015 at prices between $16 and $22. The stock currently trades at $17.87. There was a ~36% selling in Q1 2018 at prices between $32.50 and $34.50. This quarter saw a marginal increase.Note: The prices quoted above are adjusted for the Welbilt spin-off in March 2016 and the 1-for-4 stock-split last November.Kept Steady:CVR Energy Inc. (CVI): CVI is a large (top tree) ~11% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $37.46.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy has majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. Q2 2018 saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.Herbalife (HLF): HLF is a large (top three) ~8% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. Last quarter saw the position sold down by ~25% at $52.50 per share. The stock currently trades at $54.54.Note 1: Icahn controls ~22% of the business. In March Icahn disclosed that his profit on HLF was ~$1B. The stock was trading at ~$46 at the time.Note 2: The prices quoted above are adjusted for the 2-for-1 stock-split in April.Freeport-McMoran Inc. (FCX): FCX is a 2.77% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. Q3 2017 saw another ~16% selling at prices between $11.89 and $15.55 and that was followed with a one-third reduction in Q1 2018 at prices between $17 and $20. The stock currently trades at $10.88.Navistar International (NAV): NAV is a 2.55% of the 13F portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $28.60. There was a very minor ~3% increase in Q1 2017 at ~$25.70.Note: Icahn controls ~17% of the business.Xerox Corporation (XRX): XRX is a 2.51% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at $25.29. There was a ~5% trimming in Q1 2018.Note 1: Icahn controls 9.21% of the business. In December, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In early May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.American Railcar Industries (ARII): ARII is a long-term ~2% of the portfolio position held steady this quarter. Icahn owns ~62% of ARII.Note: Last month, an ITE Rail Fund subsidiary agreed to buy ARII for $70 per share.Hertz Global Holdings (HTZ): HTZ is a ~2% of the portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. The stock currently trades at $17.37.Note 1: Icahn controls ~35% of the business. The total outlay so far is ~$1.85B and the market value is ~$475M.Note 2: The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.Conduent Inc. (CNDT): The stake came about as a result of Conduent’s spinoff from Xerox that closed in January last year. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. The current CNDT stake is consistent with this ratio: Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $13.09.Note: Regulatory filings since the quarter ended show them owning 22.3M shares (10.56% of business). This is compared to 19.8M shares in the 13F report.AmTrust Financial (AFSI): AFSI is a 1.06% of the portfolio stake established at a cost-basis of ~$13 per share. AFSI is going private at $14.75 per share cash and shareholders have approved the deal. Icahn controls 9.38% of the business.Note: The initial offer by the controlling family (Zysking/Karfunkel) was at $13.50 per share and Icahn sued successfully to up the price.Herc Holdings (HRI): HRI is a very small ~1% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for $34.27.Note: Icahn controls ~16% of the business.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small ~1% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $13.05 compared to Icahn’s cost-basis of ~$15. There was a ~5% trimming in Q4 2017.Note: Icahn controls ~7% of the business.CVR Refining LP (CVRR): CVRR is a minutely small 0.53% of the 13F portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades at $15.31.Sandridge Energy (SD): SD is a 0.21% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now below that range at $9.51.Note: Icahn has a 13.51% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June, Icahn gained control of Sandridge’s board by winning a proxy battle.Note 1: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), ~79% of Viskase Companies (VKSC), and ~53% of Voltari Corp (VLTC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC).Note 2: In April, Icahn entered into an agreement to sell majority owned Tropicana Entertainment’s (TPCA) real-estate assets to Gaming & Leisure Properties and (GLPI) and gaming & hotel operations to Eldorado Resorts (ERI). The transaction closed last month.Note 3: Regulatory filings from early October show them owning ~5.65M shares (9.9% of business) of Tenneco (TEN). This is partial consideration for the acquisition of Federal-Mogul: Tenneco issued ~5.65M Class A shares and ~23.79M Class B (non-voting) shares.The spreadsheet below highlights changes to Icahn’s 13F stock holdings in Q3 2018:6/7/2018 – Bloomberg - – AGN - Icahn’s new investment in Allergan comes as the company’s plan to sell the two divisions has come under fire from billionaire investor David Tepper. In a sternly worded letter to Allergan’s board Tuesday, Tepper called the decision to sell the units after a strategic review a “half-hearted attempt to restore strategic momentum” and is asking for a board shakeup at the drugmaker. NOT IN 13F…Note for future: NFLX & AAPL trades come up in the comment stream often. The has the details on AAPL and that of Netflix – he generated ~$2B each profits from these two trades. On March 1, 2018, Icahn that his profit on HLF was ~$1B. The stock was trading at ~$46 at the time.Regulatory filings thru 9/2/2018: 13D/A – 8/29 – NWL – 38.3M shares – 8.1% of business – increase at ~$21.50, Form 4 – 8/15 – EGN - ~1M shares acquired at ~$74 per share – 7.67M shares total, Form 4 – 8/10 - ~650K shares purchased at ~$71.50, Form 4 – 8/2 - ~300K shares acquired at ~$74, Form 4 – 6/20 to 7/30 filings –purchases in the low-60s and low-70s, Form 3 – 6/18, 13D/A – 8/3 – HLF – 35.2M shares – 22.41% of business, Form 4, 13D/A – 5/31 – 10.5M shares disposed at $52.5, 35.23M shares – 22.41%, 13D/A 5/25 – tender related, Form 4 – 8/1 – CVRR – acquired 21.63M shares thru exchange offer for CVR Energy shares at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR) - ~125M shares total, 13D/a – 8/1 – 84.5% of business, 13D/A 5/29 – tender related, 13D/A – 8/1 – CVI – 71.198M shares – 70.8% of business, 13d/a 5/29 – tender related, Form 4 – 6/29 & 13d/a 6/28 – LNG – 9M shares disposed at $64.93 – 23.68M shares remain (9.5% of business), Form 4 & 13D/A – 6/28 – KDUS – 8.46M shares acquired at $1.61, 26.29M shares total – StarFire acquisition of Cadus related, 13D/a – 6/25, 6/20, 6/18, 6/15, 6/14, 6/11, 6/7, 6/6, 6/4, 5/31, 5/25, 5/23 – Sandridge – proxy, misc confidentiality agreement related, 13D/A – 6/21 – IEP – 166M shares – 91.4% of business, Form 4 – 6/21 – 3.95M share acquisition at $71.95, 6/10 – 13D/A – AFSI – 18.42M shares – 9.38% of business, 6/4 13D/A – going private discussion related, 6/1 13D/A – appraisal rights related,"

"Tracking Carl Icahn’s Portfolio – Q2 2018 Update"

"Carl Icahn’s 13F portfolio value increased from $20.12B to $24.14B this quarter.Herbalife and Cheniere Energy were reduced while increasing Newell Brands.Icahn Enterprises, CVR Energy, and Herbalife are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 08/14/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2018.This quarter, Icahn’s 13F portfolio value increased ~20% from $20.12B to $24.14B. The number of holdings increased from 16 to 21. The portfolio is very concentrated with the largest five positions accounting for ~78% of the entire holdings: Icahn Enterprises, CVR Energy, Herbalife, Cheniere Energy, and Freeport-McMoran.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:Energen Corp. (EGN): EGN is a 1.57% of the portfolio stake purchased this quarter at prices between the low-60s and the low-70s. The stock is now at $77.55. Icahn controls ~5.4% of the business.VMWare Inc. (VMW) and Dell Technologies (DVMT): VMW is a 1.38% of the portfolio position purchased at prices between $119 and $151 and the stock is now just above that range at ~$153. The 0.84% DVMT stake was established at prices between $70 and $90 and it is now well above that range at $96.17.AmTrust Financial (AFSI): AFSI is a 1.11% of the portfolio stake established at a cost-basis of ~$13 per share. AFSI is going private at $14.75 per share cash and shareholders have approved the deal. Icahn controls 9.38% of the business.Note: The initial offer by the controlling family (Zysking/Karfunkel) was at $13.50 per share and Icahn sued successfully to up the price.Cigna Corp. (CI): CI is a minutely small 0.35% of the portfolio position established at prices between $165 and $181 and the stock is now at ~$188.Stake Disposals:None.Stake Decreases:Herbalife (HLF): HLF is a large (top three) ~8% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. This quarter saw the position sold down by ~25% at $52.50 per share. The stock currently trades at $56.59.Note 1: Icahn controls ~22% of the business. On March 1, 2018, Icahn that his profit on HLF was ~$1B. The stock was trading at ~$46 at the time.Note 2: The prices quoted above are adjusted for the 2-for-1 stock-split in April.Cheniere Energy (LNG): LNG is a large (top five) ~6% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. There was an about turn this quarter: ~28% reduction at ~$65. The stock currently trades at $66.93.Note: Icahn’s ownership stake in the business is 9.8%.Stake Increases:Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. The position size saw increases from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, and to ~158M shares as of Q4 2017. The stake was kept steady last quarter but saw a ~5% increase at ~$66.5 per share cost-basis this quarter. The stock currently trades at $76.81.Newell Brands (NWL): NWL is a 3.56% of the portfolio position established last quarter at a cost-basis of $27.40 per share. The stock is now below that at $21.72. This quarter saw a ~10% stake increase at prices between $23 and $28. For investors attempting to follow Icahn, NWL is a good option to consider for further research.Note 1: Regulatory filings since the quarter ended show them owning 38.3M shares (8.1% of business). This is compared to 33.3M shares in the 13F report. The increase was at ~$21.50 per share cost-basis.Note 2: In April, rival activist Starboard Value came to an with Carl Icahn whereby they now together control Newell’s board.Kept Steady:CVR Energy Inc. (CVI): CVI is a large (top tree) ~11% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: ~71% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $38.05.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy has majority ownership stake in both. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen. This quarter saw a tender offer whereby new CVR Energy shares were exchanged for CVRR at a valuation of $24.26 per common unit (0.6335 shares of CVI for one CVRR). ~22M new shares were issued.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.Freeport-McMoran Inc. (FCX): FCX is a fairly large 3.59% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. Q3 2017 saw another ~16% selling at prices between $11.89 and $15.55 and that was followed with a one-third reduction last quarter at prices between $17 and $20. The stock currently trades at $14.05.Navistar International (NAV): NAV is a 2.82% of the 13F portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $43.57. There was a very minor ~3% increase in Q1 2017 at ~$25.70.Note: Icahn controls ~17% of the business.Xerox Corporation (XRX): XRX is a 2.33% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at $27.86. There was a ~5% trimming last quarter.Note 1: Icahn controls 9.21% of the business. In December, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. In early May, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.American Railcar Industries (ARII): ARII is a long-term ~2% of the portfolio position held steady this quarter. Icahn owns ~62% of ARII.Hertz Global Holdings (HTZ): HTZ is a ~2% of the portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. The stock currently trades at $17.61.Note 1: Icahn controls ~35% of the business. The total outlay so far is ~$1.85B and the market value is ~$450M.Note 2: The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.Conduent Inc. (CNDT): The stake came about as a result of Conduent’s spinoff from Xerox that closed in January last year. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. The current CNDT stake is consistent with this ratio: Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $23.18.Herc Holdings (HRI): HRI is a very small ~1% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for $52.58.Note: Icahn controls ~16% of the business.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small ~1% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $22.13 compared to Icahn’s cost-basis of ~$15. There was a ~5% trimming in Q4 2017.Note: Icahn controls ~7% of the business.CVR Refining LP (CVRR): CVRR is a minutely small 0.53% of the 13F portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades at $21.40.Sandridge Energy (SD): SD is a 0.35% of the portfolio activist stake established in Q4 2017 at prices between $16 and $21 and the stock is now below that range at $15.86.Note: Icahn has a 13.51% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. In June, Icahn gained control of Sandridge’s board by winning a proxy battle for board seats.Manitowoc Company (MTW): MTW is a very small 0.18% of the portfolio activist stake. It was established in Q4 2014 at prices between $14 and $22 and increased by ~136% in Q1 2015 at prices between $16 and $22. The stock currently trades at $23.19. There was a ~36% selling last quarter at prices between $32.50 and $34.50.Note: The prices quoted above are adjusted for the Welbilt spin-off in March 2016 and the 1-for-4 stock-split last November.Note 1: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), ~79% of Viskase Companies (VKSC), and ~53% of Voltari Corp (VLTC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC).Note 2: In April, Icahn entered into an agreement to sell majority owned Tropicana Entertainment’s (TPCA) real-estate assets to Gaming & Leisure Properties and (GLPI) and gaming & hotel operations to Eldorado Resorts (ERI).The spreadsheet below highlights changes to Icahn’s US stock holdings in Q2 2018:3/18/2018 – Icahn reached with NWL – four new directors to join board.3/16/2018 – Icahn 6.86% (33.3M shares) active stake in Newell Brands (NWL). Total Outlay: ~$916M total outlay - cost-basis $27.52. The stake was first revealed March 1st. Starboard Value is already in a proxy fight but Icahn has not decided which side he will be on.Regulatory Filings from 2/19 thru 5/19/2018: 13D/A – 5/18, 5/11, 4/23, 4/16, 4/4, – SD – Misc, Two Directors to be appointed – slate expanded from 5 to 7,seeking to nominate & elect 5 board members, 13D – 5/17 – AFSI – 18.4M shares – 9.4%, 6.93M shares purchased at $90.3 (~$13 cost-basis) and the rest in forward contracts – opposes the going private transaction by the Zyskind/Karfunkel families for $13.50 per share, 13D/A – 5/16, Form 4 4/27 – TPCA – sale related, Form 4 & 13D/A – 5/15, 5/10, 5/7, 5/4, 4/20, 4/17, 3/14, 3/2, 2/20, – XRX – Group with Darwin Deason termination (as a result of Director Appointment, Nomination & Settlement agreement with Xerox) & so no longer 10% owner, 23.5M shares – 9.21% of business, 13D/A – 4/23, 3/19, 3/16, – NWL – misc director nomination agreement amendment, 33.8M shares – 6.96% of business, 30.28M shares acquired at $27.4 thru purchase ($829.7M outlay), the rest ~3M shares in forward contracts, 13D/A & Form 4 – 4/18 – IEP – 162.4M shares – 91.2%, 4.5M shares acquired at $60.81, 13D/1 – 3/20 – HLF – lock-up agreement with Notes purchasers related, 13D/A – 2/22 – MTW – 1.7M shares – 4.85% of business – selling at between $32.50 & $34.50,4/16/2018 – Icahn Tropicana for $1.85B."

"Tracking Carl Icahn’s Portfolio – Q1 2018 Update"

"Carl Icahn’s 13F portfolio value decreased from $22.66B to $20.12B this quarter.American International Group and PayPal were dropped while adding Newell Brands.Icahn Enterprises, Herbalife, and CVR Energy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 05/15/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2017.This quarter, Icahn’s 13F portfolio value decreased ~11% from $22.66B to $20.12B. The number of holdings increased from 17 to 16. The portfolio is very concentrated with the largest five positions accounting for ~80% of the entire holdings: Icahn Enterprises, Herbalife, CVR Energy, Cheniere Energy, and Freeport-McMoran.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:Newell Brands (NWL): NWL is a ~4% of the portfolio position established this quarter at a cost-basis of $27.40 per share. The stock is now below that at $26.32. For investors attempting to follow Icahn, NWL is a good option to consider for further research.Note 1: Carl Icahn controls ~7% of the outstanding shares of Newell Brands. This includes the 30.3M shares listed in the 13F thru direct purchase and another ~3M shares beneficially owned thru forward contracts.Note 2: In April, rival activist Starboard Value came to an with Carl Icahn whereby they now together control Newell’s board.Stake Disposals:American International Group (AIG): AIG was a minutely small 0.28% portfolio stake as of Q3 2015. It was increased to a top-three position the following quarter at prices between $57 and $64. H1 2016 also saw a minor increase. The stock currently trades at $55.15. The stake was at 11.30% of the portfolio as of last quarter. It was an activist position and Icahn’s ownership interest was at ~4%. There was a ~6% selling in Q2 2017 and that was followed with the disposal this quarter at prices between $53 and $65.PayPal Holdings (PYPL): PYPL was a 2.60% of the portfolio position. It was established as a result of the spinoff of PayPal Holdings from eBay Inc. (EBAY) that closed in July 2015. Icahn sold the EBAY stake soon after but held on to the PYPL position. 2016 saw selling in PYPL as well: Q2 & Q3 2016 had seen a combined ~30% reduction at prices between $34 and $40.50. There was a two-thirds reduction in Q2 2017 at prices between $42.50 and $54.50 and that was followed with a ~20% selling last quarter at prices between $64 and $79. The elimination this quarter was at prices between $72 and $85.50. The stock currently trades at $80.79.Stake Decreases:Freeport-McMoran Inc. (FCX): FCX is a fairly large ~4% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. Q3 2017 saw another ~16% selling at prices between $11.89 and $15.55 and that was followed with a one-third reduction this quarter at prices between $17 and $20. The stock currently trades at $16.87.Xerox Corporation (XRX): XRX is a ~3% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at $28.19. There was a ~5% trimming this quarter.Note 1: Icahn controls 9.21% of the business. In December, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier. Earlier this month, Xerox scrapped the deal with Fujifilm in a settlement with Icahn and Darwin Deason (another activist alongside Icahn).Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Manitowoc Company (MTW): MTW is a very small 0.24% of the portfolio activist stake. It was established in Q4 2014 at prices between $14 and $22 and increased by ~136% in Q1 2015 at prices between $16 and $22. The stock currently trades at $27.09. There was a ~36% selling this quarter at prices between $32.50 and $34.50.Note: The prices quoted above are adjusted for the Welbilt spin-off in March 2016 and the 1-for-4 stock-split last November.Stake Increases:None.Kept Steady:Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. The position size saw increases from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, and to ~158M shares as of Q4 2017. The stake was kept steady this quarter. The stock currently trades at $68.09.Note: Regulatory filings since the quarter ended show them owning 162.4M shares (91.2% of the business). This is compared to ~158M shares in the 13F report. The increase happened at an average cost-basis of $60.81.Herbalife (HLF): HLF is a large (top three) ~11% of the 13F portfolio stake first purchased in Q1 2013 in the high-teens price range. Q3 2016 saw a ~15% increase at prices between $29 and $34 and that was followed with a similar increase the following quarter at prices between $24 and $32. The stock currently trades at $53.70.Note 1: Icahn controls ~25% of the business. On March 1, 2018, Icahn that his profit on HLF was ~$1B. The stock was trading at ~$46 at the time.Note 2: The prices quoted above are adjusted for the 2-for-1 stock-split last week.CVR Energy Inc. (CVI): CVI is a large (top tree) ~11% of the 13F portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 82% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $44.77.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.Cheniere Energy (LNG): LNG is a large (top five) ~9% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. The stock currently trades at $62.76.Note: Icahn’s ownership stake in the business is ~14%.Navistar International (NAV): NAV is a ~3% of the 13F portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $40.15. There was a very minor ~3% increase in Q1 2017 at ~$25.70.Note: Icahn controls ~17% of the business.Hertz Global Holdings (HTZ): HTZ is a ~3% of the portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. The stock currently trades at $16.21. For investors attempting to follow Icahn, HTZ is a good option to consider for further research.Note 1: Icahn controls ~35% of the business. The total outlay so far is ~$1.85B and the market value is ~$580M.Note 2: The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.American Railcar Industries (ARII): ARII is a long-term ~2% of the portfolio position held steady this quarter. Icahn owns ~62% of ARII.Conduent Inc. (CNDT): The stake came about as a result of Conduent’s spinoff from Xerox that closed in January last year. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. The current CNDT stake is consistent with this ratio: Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $19.37.Herc Holdings (HRI): HRI is a very small 1.45% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase in Q3 2017 at ~$38.50. The stock started trading at ~$33 and currently goes for $58.74.Note: Icahn controls ~16% of the business.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small ~1% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $19.57 compared to Icahn’s cost-basis of ~$15. There was a ~5% trimming last quarter.Note: Icahn controls ~7% of the business.CVR Refining LP (CVRR): CVRR is a minutely small 0.42% of the 13F portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades at $21.90.Sandridge Energy (SD): SD is a 0.45% of the portfolio activist stake established last quarter at prices between $16 and $21 and the stock is now below that range at $14.95.Note: Icahn has a 13.51% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. Last month, he nominated a slate of five directors to replace the entire board.Note 1: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), ~79% of Viskase Companies (VKSC), and ~53% of Voltari Corp (VLTC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC).Note 2: In January, majority owned (~68%) Cadus Corporation (KDUS) agreed to an acquisition by an affiliate of Icahn for $1.61 per share. Last month, Icahn entered into an agreement to sell majority owned Tropicana Entertainment’s (TPCA) real-estate assets to Gaming & Leisure Properties and (GLPI) and gaming & hotel operations to Eldorado Resorts (ERI).Note 3: A regulatory 13D filing last week disclosed Icahn beneficially owning 18.4M shares (~9.4% of the business) of AmTrust Financial Services (AFSI). 6.93M shares were purchased directly at a cost-basis of ~$13 per share ($90.3M outlay) and the rest in forward contracts. The filing also disclosed Icahn’s opposition to the going-private transaction by the Zysking/Karfunkel families for $13.50 per share. AFSI currently trades at $13.76.The spreadsheet below highlights changes to Icahn’s US stock holdings in Q1 2018:Regulatory Filings thru 2/19/2018: 13D/A – 2/15 – FCX – 60M shares – 4.14% of business – reductions at ~$18, 13D/A – 2/12, 13D/A – 1/22, 1/18, Form 4 2/7 & 2/2 & Form 3 1/22, 13D/A 12/12 (open letter to shareholders), 12/11, – XRX – 38.8M shares – 15.2% of business (23.5M shares by Icahn & the rest with Darwin Deason) – ~1.3M shares sold @ ~$34, 13D/A – 1/22, 1/10, 11/29 – KDUS – 67.81% ownership after merger transaction, 13D/A – 1/9, 12/15 – SD – letter to sandridge, Bonanza Creek AGAINST vote solicitation, 13D/A 12/1 – 220 demand for compensation, Bonanza Creek transaction, & poison pill, 13D/A – 11/30 – letter, Form 4 – 12/22, Form 3, 4, and 13D – 11/22 – 4.8M shares – 13.51% of business, 13D/A – IEP – 157.9M shares (91% of business) – 4.4M shares acquired @ $52.17, Form 4, 13D/A – 12/18 – VLTC – 1.15M shares – minor acquisition @ $27.63, 4.7M shares (52.7% of business),11/22/2017 – New SD activist stake – 13G – 11/15 - 4.82M shares, 13.51% of business – opposes BCEI acquisition."

"Tracking Carl Icahn’s Portfolio – Q4 2017 Update"

"Carl Icahn’s 13F portfolio value increased from $21.25B to $22.66B this quarter.Sandridge was added while reducing PayPal Holdings.Icahn Enterprises, CVR Energy, and American International Group are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 02/14/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2017.This quarter, Icahn’s 13F portfolio value increased ~7% from $21.25B to $22.66B. The number of holdings increased from 16 to 17. The portfolio is very concentrated with the largest five positions accounting for ~75% of the entire holdings: Icahn Enterprises, CVR Energy, American International Group, Cheniere Energy, and Herbalife.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).New Stakes:Sandridge Energy (SD): SD is a 0.45% of the portfolio activist stake established this quarter at prices between $16 and $21 and the stock is now below that range at $15.45.Note: Icahn has a 13.51% ownership stake in the business. He lobbied the board and succeeded in ending the Bonanza Creek acquisition on December 28, 2017. Earlier this year, he sent a letter seeking replacement of two directors and removal of the poison pill.Stake Decreases:PayPal Holdings (PYPL): PYPL is a 2.60% of the portfolio position. It was established as a result of the spinoff of PayPal Holdings from eBay Inc. (EBAY) that closed in July 2015. Icahn sold the EBAY stake soon after but held on to the PYPL position. 2016 saw selling in PYPL as well: Q2 & Q3 2016 had seen a combined ~30% reduction at prices between $34 and $40.50. There was a two-thirds reduction in Q2 2017 at prices between $42.50 and $54.50 and that was followed with a ~20% selling this quarter at prices between $64 and $79. The stock currently trades at $78.37.Welbilt Inc. (WBT) previously Manitowoc Food Service: The very small ~1% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March 2016 with WBT at $13.41. It currently trades at $21.94 compared to Icahn’s cost-basis of ~$15. There was a ~5% trimming this quarter.Note: Icahn controls ~7.2% of the business.Manitowoc Company (MTW): MTW is a very small 0.46% of the portfolio activist stake. It was established in Q4 2014 at prices between $14 and $22 and increased by ~136% in Q1 2015 at prices between $16 and $22. The stock currently trades at $33.59. There was a marginal trimming this quarter.Note: The prices quoted above are adjusted for the Welbilt spin-off in March 2016 and the 1-for-4 stock-split last November.Stake Increases:Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. The position size saw increases from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, and to ~158M shares currently. Q1 2017 had seen a ~10M share increase at a cost-basis of $53.71 and that was followed with a ~9M share increase in Q2 2017 at a cost-basis of ~$49. Another ~4M shares were acquired last quarter at ~$53 and that was followed with a ~4.4M share increase this quarter at ~$52. The stock currently trades at $56.95.Note: Icahn controls 91% of the business.Kept Steady:CVR Energy Inc. (CVI): CVI is a large (top three) ~12% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 82% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $33.44.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis was $15.67 as of that date.American International Group (AIG): AIG was a minutely small 0.28% portfolio stake as of Q3 2015. It was increased to a top-three position the following quarter at prices between $57 and $64. H1 2016 also saw a minor increase. The stock currently trades at $59.47. The stake is now at 11.30% of the portfolio. It is an activist position and Icahn’s ownership interest is at ~4%. There was a ~6% selling in Q2 2017. For investors attempting to follow Icahn, AIG is a good option to consider for further research.Cheniere Energy (LNG): LNG is a large (top five) ~8% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. The stock currently trades at $57.64.Note: Icahn’s ownership stake in the business is ~14%.Herbalife (HLF): HLF is a large (top five) ~7% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. Q3 2016 saw a ~15% increase at prices between $58 and $68 and that was followed with a similar increase the following quarter at prices between $48 and $64. The stock currently trades at $83.72. The total outlay so far is ~$950M with an overall cost-basis of ~$42.Note: Icahn controls ~25% of the business.Freeport-McMoran Inc. (FCX): FCX is a fairly large ~6.5% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. Last quarter saw another ~16% selling at prices between $11.89 and $15.55. The stock currently trades at $18.73.Note: Regulatory filings since the quarter ended show them owning 60M shares (4.14% of the business). This is compared to ~77.2M shares in the 13F. The reduction happened at ~$18 per share.Xerox Corporation (XRX): XRX is a ~3% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at $30.55. For investors attempting to follow Icahn, XRX is a good option to consider for further research.Note 1: Icahn controls ~10% of the business. In December, Icahn launched a proxy battle nominating four new board members in an effort to stop the Xerox-Fujifilm deal announced earlier.Note 2: Icahn’s activism earned him three board seats in 2016. Xerox spun-off Conduent and that transaction closed in January 2017. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Navistar International (NAV): NAV is a ~3% of the US long portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $38.52. There was a very minor ~3% increase in Q1 2017 at ~$25.70.Note: Icahn controls ~17% of the business.Hertz Global Holdings (HTZ): HTZ is a ~3% of the US long portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. The stock currently trades at $19.24. For investors attempting to follow Icahn, HTZ is a good option to consider for further research.Note 1: Icahn controls ~35% of the business. The total outlay so far is ~$1.85B and the market value is ~$563M.Note 2: The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.American Railcar Industries (ARII): ARII is a long-term ~2% of the portfolio position held steady this quarter. Icahn owns ~62% of ARII.Conduent Inc. (CNDT): The stake came about as a result of Conduent’s spinoff from Xerox that closed in January last year. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. The current CNDT stake is consistent with this ratio: Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $16.02.Herc Holdings (HRI): HRI is a very small 1.24% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase last quarter at ~$38.50. The stock started trading at ~$33 and currently goes for $62.05.Note: Icahn controls 15.9% of the business.CVR Refining LP (CVRR): CVRR is a minutely small 0.42% of the 13F portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades at $14.95.Note: Icahn also owns significant stakes in the following OTC stocks as per latest regulatory filings: ~68% of Cadus Corporation (KDUS), ~15% of Enzon Pharmaceuticals (ENZN), ~75% of Viskase Companies (VKSC), ~84% of Tropicana Entertainment (TPCA), and ~53% of Voltari Corp (VLTC). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC).The spreadsheet below highlights changes to Icahn’s US stock holdings in Q4 2017:Regulatory Filings thru 11/17/2017: 13D/A – 11/15 – FCX – 77.2M shares – 5.33% of business. 13D/A – 10/11 – HLF – 22.9M shares – 26.22% of business. 13D/A – 9/20 – KDUS – sent letter to board with a merger offer. 13D/A, Form 4 – 9/19 – IEP – 153.5M shares – 90.8% of business – 4.2M shares acquired @ $53.19.Note for Q4 2017 onwards: Mention the BV from their website & the indicative net-asset-value from their earnings conference calls. I replied with this info for a reader’s comment: “Per their investor website (http://bit.ly/2B3lvHO), BV is 19.04. The historical value for IEP P/BV (http://bit.ly/1SvzY2W) is much lower although in recent years it has stayed high. I believe the 42 number you used is the Indicative Net Asset Value per share - per the Q3 earnings webcast presentation (http://bit.ly/2B1XYY5), that figure would be $41.84 (7.08B/169.1M) which is close to what you used.”"

"Tracking Carl Icahn’s Portfolio – Q3 2017 Update"

"Carl Icahn’s 13F portfolio value increased from $19.55B to $21.25B this quarter.Freeport-McMoran stake was reduced during the quarter.Icahn Enterprises, American International Group, and CVR Energy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 11/14/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2017.This quarter, Icahn’s 13F portfolio value increased ~9% from $19.55B to $21.25B. The number of holdings remained steady at 16. The portfolio is very concentrated with the largest five positions accounting for ~75% of the entire holdings: Icahn Enterprises, American International Group, CVR Energy, Herbalife, and Cheniere Energy.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).Stake Decreases:American International Group (AIG): AIG was a minutely small 0.28% portfolio stake as of Q3 2015. It was increased to a top-three position the following quarter at prices between $57 and $64. H1 2016 also saw a minor increase. The stock currently trades at $60.06. The stake is now at 12.42% of the portfolio. It is an activist position and Icahn’s ownership interest is at ~4%. There was a ~6% selling last quarter and that was followed with a marginal trimming this quarter. For investors attempting to follow Icahn, AIG is a good option to consider for further research.Freeport-McMoran Inc. (FCX): FCX is a fairly large ~5% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. This quarter saw another ~16% selling at prices between $11.89 and $15.55. The stock currently trades at $13.86.Note: Icahn controls 5.33% of the business.Stake Increases:Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. The position size saw increases from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, and to ~154M shares currently. Q1 2017 had seen a ~10M share increase at a cost-basis of $53.71 and that was followed with a ~9M share increase last quarter at a cost-basis of ~$49. Another ~4M shares were acquired this quarter at ~$53. The stock currently trades at $52.86.Note: Icahn controls 90.8% of the business.Herc Holdings (HRI): HRI is a very small ~1% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. There was a ~4% stake increase this quarter at ~$38.50. The stock started trading at ~$33 and currently goes for $56.32.Note: Icahn controls 15.9% of the business.Kept Steady:CVR Energy Inc. (CVI): CVI is a fairly large ~9% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 82% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $31.74.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis is $15.67.Herbalife (HLF): HLF is a large (top five) 7.30% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. Q3 2016 saw a ~15% increase at prices between $58 and $68 and that was followed with a similar increase the following quarter at prices between $48 and $64. The stock currently trades at $65.67. The total outlay so far is ~$950M with an overall cost-basis of ~$42.Note: Icahn controls ~25% of the business.Cheniere Energy (LNG): LNG is a large (top five) ~7% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. The stock currently trades at $48.70.Note: Icahn’s ownership stake in the business is ~14%.Xerox Corporation (XRX): XRX is a ~4% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at $28.36. For investors attempting to follow Icahn, XRX is a good option to consider for further research.Note 1: Icahn controls ~10% of the business.Note 2: XRX is an activist stake and Icahn got three board seats last year. Xerox spun-off Conduent and that transaction closed in January. That was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.Navistar International (NAV): NAV is a ~2% of the US long portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $37.60. There was a very minor ~3% increase in Q1 2017 at ~$25.70.Note: Icahn controls ~17% of the business.Hertz Global Holdings (HTZ): HTZ is a ~3% of the US long portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. The stock currently trades at $17.69. For investors attempting to follow Icahn, HTZ is a good option to consider for further research.Note 1: Icahn controls ~35% of the business. The total outlay so far is ~$1.85B and the market value is ~$553M.Note 2: The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.PayPal Holdings (PYPL): PYPL is a ~3% of the 13F portfolio position. It was established as a result of the spinoff of PayPal Holdings from eBay Inc. (EBAY) that closed in July 2015. Icahn sold the EBAY stake soon after but held on to the PYPL position. Last year saw selling in PYPL as well: Q2 & Q3 2016 had seen a combined ~30% reduction at prices between $34 and $40.50. There was another two-thirds reduction last quarter at prices between $42.50 and $54.50. The stock currently trades at $76.38.American Railcar Industries (ARII): ARII is a long-term ~2% of the portfolio position held steady this quarter. Icahn owns ~62% of ARII.Conduent Inc. (CNDT): The stake came about as a result of Conduent’s spinoff from Xerox that closed in January this year. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. The current CNDT stake is consistent with this ratio: Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $15.50.Welbilt Inc. (WBT) previously Manitowoc Food Service (MFS): The very small ~1% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March with WBT at $13.41. It currently trades at $21.61 compared to Icahn’s cost-basis of ~$15.Note: Icahn controls ~8% of the business.Manitowoc Company (MTW): MTW is a very small 0.45% of the portfolio activist stake. It was established in Q4 2014 at prices between $3.50 and $5.50 and increased by ~136% in Q1 2015 at prices between $4 and $5.50. The stock currently trades at $9.79.Note: The prices quoted above are adjusted for the Welbilt spin-off.CVR Refining LP (CVRR): CVRR is a minutely small 0.27% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades at $12.30.Note 1: Icahn also owns significant stakes in the following OTC stocks as per latest 10Q and regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), ~75% of Viskase Companies (VKSC) and ~84% of Tropicana Entertainment (TPCA). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC).Note 2: Icahn started a tender offer for Tropicana in June ($38 to $45 price-range, modified Dutch auction for 5.58M shares) and that resulted in the stake increase from ~73% to ~84% of the business.Note 3: A regulatory 13D/A filing in September indicates Icahn had made a merger offer for Cadus Corporation (KDUS). Icahn owns around two-thirds of the outstanding shares.The spreadsheet below highlights changes to Icahn’s US stock holdings in Q3 2017:Regulatory Filings thru 8/17/2017: 13D/A – 8/15/2017 – HRI – 4.5M shares – 15.9% - shares acquired at ~$38.50. 13D/A – 6/19/2017, 6/12/2017 – minor purchases at ~$37.50. Has forward contracts. Form 4, 13D/A – IEP – 6/16/2017 – 4.5M shares @ $48.39 – 149.3M shares total – 90.6% of business. 13D/A – TPCA – 6/9/2017 – tender offer related – owns 72.5% of business – 17.86M shares – not to increase above 95% thru tender – price-range of $38 to $45. 13D/A – FCX – 6/9/2017 – 91.6M shares – 6.33% of business – transaction at ~$11.41.June 2017: : The following situation stems from our Tropicana Entertainment () idea () presented back in April. At the time, we concluded our write-up saying that “We only see one possible outcome for Tropicana: to be taken private by Icahn”. Well, that was precisely what happened: on 23 June Icahn Enterprises IEP (Icahn’s investment vehicle) and Tropicana  a tender offer to purchase up to 5.58M shares of Tropicana in a modified Dutch auction for a minimum of $38 and maximum of $45 per share with the tender running through August 2."

"Tracking Carl Icahn’s Portfolio – Q2 2017 Update"

"Carl Icahn’s 13F portfolio value decreased from $19.94B to $19.55B this quarter.PayPal Holdings was reduced by two-thirds during the quarter.Icahn Enterprises, American International Group, and Herbalife are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 08/14/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2017.This quarter, Icahn’s 13F portfolio value decreased ~2% from $19.94B to $19.55B. The number of holdings remained steady at 16. The portfolio is very concentrated with the largest five positions accounting for ~78% of the entire holdings: Icahn Enterprises, American International Group, Herbalife, Cheniere Energy, and CVR Energy.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).Stake Decreases:American International Group (AIG): AIG was a minutely small 0.28% portfolio stake as of Q3 2015. It was increased to a top-three position the following quarter at prices between $57 and $64. H1 2016 also saw a minor increase. The stock currently trades at $62.97. The stake is now at 13.75% of the portfolio. It is an activist position and Icahn’s ownership interest is at ~4%. There was a ~6% trimming this quarter. For investors attempting to follow Icahn, AIG is a good option to consider for further research.PayPal Holdings (PYPL): PYPL is a 2.74% of the 13F portfolio position. It was established as a result of the spinoff of PayPal Holdings from eBay Inc. (EBAY) that closed in July 2015. Icahn sold the EBAY stake soon after but held on to the PYPL position. Last year saw selling in PYPL as well: Q2 & Q3 2016 had seen a combined ~30% reduction at prices between $34 and $40.50. There was another two-thirds reduction this quarter at prices between $42.50 and $54.50. The stock currently trades at $60.29.Stake Increases:Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. The position size saw increases from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, and to ~149M shares currently. Last quarter had seen a ~10M share increase at a cost-basis of $53.71 and that was followed with a ~9M share increase this quarter at a cost-basis of ~$49. The stock currently trades at $50.87.Note: Icahn controls 90.6% of the business.Freeport-McMoran Inc. (FCX): FCX is a fairly large 5.63% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Q4 2016 saw a ~12% trimming at prices between $9.50 and $16.50. The stock currently trades at $14.77. There was a marginal increase this quarter at $11.41 per share.Note: Icahn controls ~6.3% of the business.Kept Steady:Herbalife (HLF): HLF is a large (top three) 8.34% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. Q3 2016 saw a ~15% increase at prices between $58 and $68 and that was followed with a similar increase the following quarter at prices between $48 and $64. The stock currently trades at $63.13. Last quarter saw a marginal ~2% increase at an average cost-basis of $51.35. The total outlay so far is ~$950M with an overall cost-basis of ~$42.Note: Icahn controls ~25% of the business.Cheniere Energy (LNG): LNG is a large (top five) 8.14% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. The stock currently trades at $42.04.Note: Icahn’s ownership stake in the business is ~14%.CVR Energy Inc. (CVI): CVI is a fairly large ~7% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 82% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $17.81.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen.Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis is $15.67.Xerox Corporation (XRX): XRX is a 3.64% of the portfolio position established in Q4 2015 at prices between $24 and $32. The stock is now at $32.41. For investors attempting to follow Icahn, XRX is a good option to consider for further research.Note 1: Icahn controls ~10% of the business.Note 2: XRX is an activist stake and Icahn got three board seats last year. Xerox spun-off Conduent and that transaction closed in January and that was followed with a 1:4 stock-split in June. The prices quoted above are adjusted for these two transactions.American Railcar Industries (ARII): ARII is a long-term 2.45% of the portfolio position held steady this quarter. Icahn owns ~62% of ARII.Navistar International (NAV): NAV is a ~2% of the US long portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $30.05. There was a very minor ~3% increase last quarter at ~$25.70.Note: Icahn controls ~17% of the business.Hertz Global Holdings (HTZ): HTZ is a 1.72% of the US long portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Q4 2016 saw another ~125% increase at prices between $21 and $40. The stock currently trades at $18.89. For investors attempting to follow Icahn, HTZ is a good option to consider for further research.Note 1: Icahn controls ~35% of the business. The total outlay so far is ~$1.85B and the market value is ~$553M.Note 2: The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.Conduent Inc. (CNDT): The stake came about as a result of Conduent’s spinoff from Xerox that closed in January this year. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. The current CNDT stake is consistent with this ratio: Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $17.11.Welbilt Inc. (WBT) previously Manitowoc Food Service (MFS): The very small ~1% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March with WBT at $13.41. It currently trades at $19.89 compared to Icahn’s cost-basis of ~$15.Note: Icahn controls ~8% of the business.Herc Holdings (HRI): HRI is a very small 0.87% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. Following the transaction, there was a marginal increase in the position. The stock started trading at ~$33 and currently goes for $38.03.Note: Regulatory Filings this week show Icahn owning ~4.5M shares of HRI. This is compared to 4.3M shares in the 13F. The increase happened at ~$38.50 per share. Icahn controls 15.9% of the business.Manitowoc Company (MTW): MTW is a very small 0.33% of the portfolio activist stake. It was established in Q4 2014 at prices between $3.50 and $5.50 and increased by ~136% in Q1 2015 at prices between $4 and $5.50. The stock currently trades at $7.95.Note: The prices quoted above are adjusted for the Welbilt spin-off.CVR Refining LP (CVRR): CVRR is a minutely small 0.27% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades at $6.80.Note: Icahn also owns significant stakes in the following OTC stocks as per latest 10Q and regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), ~75% of Viskase Companies (VKSC) and ~73% of Tropicana Entertainment (TPCA). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). Icahn started a tender offer for Tropicana in June ($38 to $45 price-range, modified Dutch auction for 5.58M shares) and it was last extended to August 9th.The spreadsheet below highlights changes to Icahn’s US stock holdings in Q2 2017:2/21/2017: Dow Jones reported that Carl Icahn has started a large stake in - the actual size of the stake is unknown. 5/19/2017 Update: seems to be false news.Regulatory Filings thru 5/18/2017: 13D/A & Form 4 - 4/20 - IEP - 144.8M shares - 90.4% - 4.3M shares added at $49.44. Also 3/1 Form 4/1 - 10.5M shares acquired @ $53.71. 13D/A & Form 4 - 3/17 - NAV - 16.7M shares - 17.05% - 34K shares acquired at $25.77. Also 3/10 ~420K shares @ ~$25.6. 13D/A & Form 4 - 3/13 - HLF - 22.9M shares - 24.6% - 372K shares acquired @ $51.35. 13D/A - 2/27 - TPCA - 17.9M shares - 72.51%, ARII - 11.9M shares - 62.2%."

"Tracking Carl Icahn’s Portfolio – Q1 2017 Update"

"Carl Icahn’s US long portfolio value decreased from $22.37B to $19.94B this quarter.Small stakes in Nuance Communications and Allergan plc were dropped during the quarter.Icahn Enterprises, American International Group, and Cheniere Energy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 05/15/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2016.This quarter, Icahn’s 13F portfolio value decreased ~11% from $22.37B to $19.94B. The decrease was mainly due to the absence of Federal Mogul in the filing - Ichan acquired the business and it became a wholly owned subsidiary. The number of holdings decreased from 18 to 16. The portfolio is very concentrated with the largest five positions accounting for ~72% of the entire holdings: Icahn Enterprises, American International Group, Cheniere Energy, CVR Energy, and PayPal Holdings.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 5).Stake Disposals:Allergan plc (AGN): AGN was a very small ~0.40% of the portfolio stake as of last quarter. It was established in Q2 2016 at prices between $202 and $278 and reduced by ~88% the following quarter at prices between $230 and $260. The disposal this quarter was at prices between $211 and $250. The stock is now at $219.Federal Mogul (FDML): Last February, Icahn offered to acquire the company for $7 per share. The offer was raised to $8 per share in June, to $9.25 per share in September, and the deal was sealed at $10 per share in January this year. Federal Mogul is now a wholly owned subsidiary.Note: Icahn first purchased FDML shares in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. In Q3 2013, FDML had a rights offering and Icahn got 44M of the 51M shares in the offering at $9.78 per share. Q1 2015 saw a ~14% increase at prices between $12.50 and $16.Nuance Communications (NUAN): NUAN was a 1.22% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18 and $20. Q1 2016 saw an about turn: ~50% stake reduction at ~$19 per share in a buyback transaction with Nuance. The following quarter saw another ~30% selling at prices between $14.50 and $19.50. The disposal this quarter was at prices between $15 and $17.50. The stock is now at $18.53.New Stakes:Conduent Inc. (CNDT): The stake came about as a result of Conduent’s spinoff from Xerox that closed in January this year. Terms called for Xerox shareholders to receive Conduent shares in the ratio 1:5. The current CNDT stake is consistent with this ratio: Icahn owned 99M shares of Xerox for which he received 19.8M shares of Conduent. CNDT started trading at ~$15 and currently goes for $16.70.Stake Decreases:PayPal Holdings (PYPL): PYPL is a fairly large (top five) 6.81% of the 13F portfolio position. It was established as a result of the spinoff of PayPal Holdings from eBay Inc. (EBAY) that closed in July 2015. Icahn sold the EBAY stake soon after but held on to the PYPL position. Last year saw selling in PYPL as well: Q2 & Q3 2016 had seen a combined ~30% reduction at prices between $34 and $40.50 and that was followed with minor trimming in the last two quarters. The stock currently trades at $49.11.Stake Increases:Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. The position size saw increases from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, to ~130M shares in 2016, and to ~140M shares currently. This quarter saw a ~10M share increase at a cost-basis of $53.71. The stock currently trades at $49.32.Note: Icahn controls ~90% of the business. Regulatory filings after the quarter ended show them owning ~144.8M shares of IEP compared to ~140.5M shares in the 13F: around 4.3M shares were acquired at $49.44.Herbalife (HLF): HLF is a 6.67% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. Q3 2016 saw a ~15% increase at prices between $58 and $68 and that was followed with a similar increase last quarter at prices between $48 and $64. The stock currently trades at $70.82. This quarter saw a marginal ~2% increase at an average cost-basis of $51.35. The total outlay so far is ~$950M with an overall cost-basis of ~$42.Note: Icahn controls ~25% of the business.Navistar International (NAV): NAV is a ~2% of the US long portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $25.22. There was a very minor ~3% increase this quarter at ~$25.70.Note: Icahn controls ~17% of the business.Kept Steady:American International Group (AIG): AIG was a minutely small 0.28% portfolio stake as of Q3 2015. It was increased to a top-three position the following quarter at prices between $57 and $64. H1 2016 also saw a minor increase. The stock currently trades at $61.39. The stake is now at 14.29% of the portfolio. It is an activist position and Icahn’s ownership interest is at ~4%. For investors attempting to follow Icahn, AIG is a good option to consider for further research.Cheniere Energy (LNG): LNG is a large (top three) 7.75% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. The stock currently trades at $48.71.Note: Icahn’s ownership stake in the business is ~14%.CVR Energy Inc. (CVI): CVI is a fairly large ~7% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 82% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $21.10.Note 1: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen (RNF).Note 2: Icahn disclosed that CVI stock including dividends was up ~62% as of EOY2016 from the tender offer at $30. CVI stock was trading at $25.39 at the time. So, his adjusted cost-basis is $15.67.Freeport-McMoran Inc. (FCX): FCX is a fairly large ~6% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. Last quarter saw a ~12% trimming at prices between $9.50 and $16.50. The stock currently trades at $11.29.Note: Icahn controls ~6.3% of the business.Xerox Corporation (XRX): XRX is a 3.65% of the portfolio position established in Q4 2015 at prices between $6 and $8. The stock is now at $6.99. For investors attempting to follow Icahn, XRX is a good option to consider for further research.Note 1: Icahn controls ~10% of the business.Note 2: XRX is an activist stake and Icahn got three board seats last year. Xerox spun-off Conduent and that transaction closed in January. The prices quoted above are adjusted for this.Hertz Global Holdings (HTZ): HTZ is a 2.57% of the US long portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. Last quarter saw another ~125% increase at prices between $21 and $40. The stock currently trades at $9.33. For investors attempting to follow Icahn, HTZ is a good option to consider for further research.Note 1: Icahn controls ~35% of the business. The total outlay so far is ~$1.85B and the market value is ~$273M.Note 2: The prices quoted above are adjusted for the Herc Holdings spinoff in Q2 2016.American Railcar Industries (ARII): ARII is a long-term 2.45% of the portfolio position held steady this quarter. Icahn owns ~62% of ARII.Herc Holdings (HRI): HRI is a very small ~1% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. Following the transaction, there was a marginal increase in the position. The stock started trading at ~$33 and currently goes for $35.01.Note: Icahn controls ~15% of HRI.Welbilt Inc. (WBT) previously Manitowoc Food Service (MFS): The very small 0.91% of the portfolio WBT stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of WBT for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of WBT shares. Regular-way trading started in early March with WBT at $13.41. It currently trades at $19.06 compared to Icahn’s cost-basis of ~$15.Note: Icahn controls ~8% of the business.Manitowoc Company (MTW): MTW is a very small 0.30% of the portfolio activist stake. It was established in Q4 2014 at prices between $3.50 and $5.50 and increased by ~136% in Q1 2015 at prices between $4 and $5.50. The stock currently trades at $5.40.Note: The prices quoted above are adjusted for the Welbilt spin-off.CVR Refining LP (CVRR): CVRR is a minutely small 0.27% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades at $10.10.Note: Icahn also owns significant stakes in the following OTC stocks as per latest 10Q and regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), ~75% of Viskase Companies (VKSC) and ~73% of Tropicana Entertainment (TPCA). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). In January, Icahn reached an agreement with ENZN not to increase ownership.The spreadsheet below highlights changes to Icahn’s US stock holdings in Q1 2017:Regulatory Filings thru 2/21/2017: 13GA - NUAN - 1/25/2017 - 12.9M shares - 4.4%. 13E-3 - FDML - 1/23/2017 - Merger transaction closed following tender at $10 - around 30.5M out of the 169M outstanding that they did not hold was acquired. 13D - CNDT - 1/9/2017 - 19.8M shares - 9.8%. 13D/A - IEP - 12/21/2016 - ~130M shares - 89.89%. 13D/A - ENZN - 11/28/2016 - 6.6M shares - 690K acquired at $0.405 - they also entered into agreement not to acquire additional shares. 13D/A - FCX - 11/23/2016 - 104M shares - 7.2%.1/26/2017 - NUAN - Most of the reduction in Q1 2016 was a $500M buyback by NUAN at $19 per share. MIGHT INCLUDE THIS FROM Q4 2016 Update onwards.1/10/2017 - CNDT - Conduent spinoff from Xerox completed on 1/3/2017 (one share for every five shares of Xerox held). Today, Icahn disclosed a ~10% stake (19.8M shares, 9.77% of business) in a 13D filing - he owned close to 100M shares of Xerox for which he received these shares following the spinoff.1/3/2017 - FDML offer raised to $10 per share:"

"Tracking Carl Icahn’s Portfolio – Q4 2016 Update"

"Carl Icahn’s US long portfolio value increased from $19.80B to $22.37B this quarter.Freeport-McMoran was reduced while increasing Herbalife and Hertz Global Holdings.Icahn Enterprises, American International Group, and CVR Energy are the three largest positions.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 02/14/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2016.This quarter, Icahn’s 13F portfolio value increased ~13% from $19.80B to $22.37B. The number of holdings decreased from 19 to 18. The portfolio is very concentrated with the largest five positions accounting for over two-thirds of the entire holdings: Icahn Enterprises, American International Group, CVR Energy (CVI), Federal Mogul, and Cheniere Energy.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 9).Stake Disposals:None.Note: The minutely small position in Voltari Corporation (VLTC) as of last quarter is no longer listed in the 13F. This is probably because Voltari was delisted from NASDAQ in December and so as an OTC stock is no longer a 13F security. Icahn’s original VLTC stake was increased by ~600% in Q1 2015 to a 52.3% ownership stake. As a percentage of the portfolio, the position was still minutely small. The stake increase came about from Voltari’s rights offering in February 2016: 95% of the issued shares were acquired by Icahn by making use of the oversubscription privilege at a cost-basis of $1.36. The stock currently trades at $1.92.New Stakes:None.Stake Decreases:PayPal Holdings (PYPL): PYPL is a fairly large (top five) ~6% of the 13F portfolio position. It was established as a result of the spinoff of PayPal Holdings from eBay Inc. (EBAY) that closed in July 2015. Icahn sold the EBAY stake while keeping the PYPL position steady. Last year saw selling in PYPL as well: Q2 & Q3 2016 had seen a combined ~30% reduction at prices between $34 and $40.50 and that was followed with a minor trimming this quarter. The stock currently trades at $41.96.Freeport-McMoran Inc. (FCX): FCX is a fairly large 5.38% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. This quarter saw a ~12% trimming at prices between $9.50 and $16.50. The stock currently trades at $14.91.Note: Icahn controls ~6.3% of the business.Nuance Communications (NUAN): NUAN is a 1.22% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18 and $20. Q1 2016 saw an about turn: ~50% stake reduction at ~$19 per share in a buyback transaction with Nuance. The following quarter saw another ~30% selling at prices between $14.50 and $19.50. Last quarter also saw a ~9% further reduction at prices between $14 and $16.50. The stock is now at $16.96. There was a ~6% further trimming this quarter.Note: Regulatory filings since the quarter ended show them owning 12.9M shares (4.4% of business). This is compared to 18.4M shares in the 13F.Stake Increases:Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. The position size saw increases from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, to ~117M shares in 2015, and to ~130M shares currently. The last big increase happened in 2012 when around 20M shares were purchased at prices between $36.50 and $42.50. Last year saw a ~10% increase at prices between $46 and $63.50. The stock currently trades at $55.98.Note: Icahn controls ~90% of the business. A capital raise using a rights offering was announced earlier this month.Herbalife (HLF): HLF is a ~5% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. Last quarter saw a ~15% further increase at prices between $58 and $68 and that was followed with a similar increase this quarter at prices between $48 and $64. The stock currently trades at $61.23. The total outlay so far is $943M with an overall cost-basis of $41.91.Note: Icahn controls ~24% of the business.Hertz Global Holdings (HTZ): HTZ is a 2.82% of the US long portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. This quarter saw another ~125% increase at prices between $21 and $40. The stock currently trades at $20. For investors attempting to follow Icahn, HTZ is a good option to consider for further research.Note 1: Icahn controls ~35% of the business. The total outlay so far is ~$1.85B and the market value is ~$600M.Note 2: The shares owned went down significantly in Q2 2016 because of the spinoff of Herc Holdings. The net position had a marginal increase after accounting for the spinoff ratio (3:15). The prices quoted above are adjusted for this transaction.Kept Steady:American International Group (AIG): AIG was a minutely small 0.28% portfolio stake as of Q3 2015. It was increased to a top-three position the following quarter at prices between $57 and $64. H1 2016 also saw a minor increase. The stock currently trades at $62.50. The stake is now at 13.32% of the portfolio. It is an activist position and Icahn’s ownership interest is at ~4%. For investors attempting to follow Icahn, AIG is a good option to consider for further research.CVR Energy Inc. (CVI): CVI is a fairly large ~8% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 82% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $23.74.Note: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen (RNF).Federal Mogul (FDML): FDML is a very long-term 6.39% stake (top five) first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. In Q3 2013, FDML had a rights offering and Icahn got 44M of the 51M shares in the offering at $9.78 per share. Q1 2015 saw a ~14% increase at prices between $12.50 and $16.Note: Icahn offered to acquire the rest of the company for $7 per share in February 2016, raised the offer to $8 per share in June, to $9.25 per share in September, and sealed the deal at $10 per share. The transaction closed last month.Cheniere Energy (LNG): LNG is a large (top five) ~6% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. The stock currently trades at $46.71.Note: Icahn’s ownership stake in the business is ~14%.Xerox Corporation (XRX): XRX is a fairly large ~4% of the portfolio position established in Q4 2015 at prices between $6 and $8. The stock is now at $7.44. For investors attempting to follow Icahn, XRX is a good option to consider for further research.Note 1: Icahn controls ~10% of the business.Note 2: XRX is an activist stake and Icahn got three board seats last year. Xerox spun-off Conduent (CNDT) and that transaction closed last month. The prices quoted above are adjusted for this. Regulatory filings show Icahn owning 19.8M shares (9.8% of the business). This is consistent with the 5:1 spinoff ratio.American Railcar Industries (ARII): ARII is a long-term 2.40% of the portfolio position held steady this quarter. Icahn owns ~61% of ARII.Navistar International (NAV): NAV is a 2.28% of the US long portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $27.19.Note: Icahn controls ~20% of the business.Manitowoc Food Service (MFS): The very small 0.91% of the portfolio MFS stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of MFS for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of MFS shares. Regular-way trading started in early March with MFS at $13.41. It currently trades at $18.51 compared to Icahn’s cost-basis of ~$15.Note: Icahn controls ~8% of the business.Herc Holdings (HRI): HRI is a very small 0.77% of the portfolio position established in Q2 2016 as a result of the spinoff of Herc Holdings from Hertz Global Holdings. Following the transaction, there was a marginal increase in the position. The stock started trading at ~$33 and currently goes for $49.49.Note: Icahn controls ~15% of HRI.Allergan plc (AGN): AGN is a very small ~0.40% of the portfolio stake. It was established in Q2 2016 at prices between $202 and $278 and reduced by ~88% last quarter at prices between $230 and $260. The stock is now at $247.Manitowoc Company (MTW): MTW is a very small 0.28% of the portfolio activist stake. It was established in Q4 2014 at prices between $3.50 and $5.50 and increased by ~136% in Q1 2015 at prices between $4 and $5.50. The stock currently trades at $6.54.Note: The prices quoted above are adjusted for Manitowoc Food Service spin-off.CVR Refining LP (CVRR): CVRR is a minutely small 0.25% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades at $10.95.Note: Icahn also owns significant stakes in the following OTC stocks as per latest 10Q and regulatory filings: ~15% of Enzon Pharmaceuticals (ENZN), ~73% of Viskase Companies (VKSC) and ~69% of Tropicana Entertainment (TPCA). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC). Last month, Icahn also reached an agreement with ENZN not to increase ownership.The spreadsheet below highlights changes to Icahn’s US stock holdings in Q4 2016:- ARII spiked ~5% primarily due to confusion: “Confusion on ARL and ARII. ARL is 100% privately owned by Icahn. Nothing to do with ARII beyond production and maintenance agreements”Regulatory filings thru 11/20/2016: T/A 11/15/2016 - FDML - tender offer extension to December 15 @ $9.25 per share - first offered September. HTZ - 11/10/2016 Form 4 - ~1.2M shares @ ~$28.25 - 29.26M shares. 11/10/2016 - 13D/A - 16.33M shares acquired at a cost-basis of $24.16. Total 29.26M shares, 35.27% of business, 1.66B total cost, overall cost-basis - $56.73. 11/8/2016 - 13D/A - HLF - ~1M shares acquired at a coast-basis of $55.05. Total 22.5M shares, 24.18% of business, ~$943M total cost, overall cost-basis - $41.91 overall cost-basis. 11/3/2016 - 13D/A - 1.8M shares @ $54.7. 21.44M shares. 11/1/2016 13D/A - TPCA - 17.86M shares - 68.75% of business. 10/31/2016 - 13D/A - ARII - 11.87M shares - 61.31%.$51M worth (6.8M of FNMA & 5.7M of FMCC - $4.08 combined cost basis) of Fannie/Freddie common stock from Bruce Berkowitz in March 2014. Might add this from Q3 2016 report onwards."

"Tracking Carl Icahn’s Portfolio – Q3 2016 Update"

"Carl Icahn’s US long portfolio decreased from $20.28B to $19.80B this quarter.Chesapeake Energy and Transocean were dropped while increasing Herbalife.The large Allergan plc stake established last quarter was reduced significantly this quarter.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 11/14/2016. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2016.This quarter, Icahn’s US long portfolio decreased ~2% from $20.28B to $19.80B. The number of holdings decreased from 21 to 19. The portfolio is very concentrated with the largest five positions accounting for two-thirds of the entire holdings: Icahn Enterprises, American International Group, Cheniere Energy, PayPal Holdings, and Federal Mogul.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 9).Stake Disposals:Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. Q2 2012 saw a huge build-up at prices between $12.50 and $21. The disposal this quarter was at prices between $4 and $8. The stock currently trades at $5.94. Icahn realized losses. He had a ~9% ownership stake in Chesapeake.Transocean Ltd. (RIG): RIG was a small ~1 % of the US long portfolio stake first purchased in Q4 2012 at prices between $44 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The elimination this quarter was at prices between $9 and $13. The stock currently is at $11.21. Icahn realized losses. Icahn had a ~6% ownership stake in Transocean.New Stakes:None.Stake Decreases:Allergan plc (AGN): AGN is a very small ~0.5% of the portfolio stake. It was established last quarter at prices between $202 and $278 and reduced by ~88% this quarter at prices between $230 and $260. The stock is now at $192. The quick about-turn indicates a bearish bias.CVR Refining LP (CVRR): CVRR is a minutely small 0.25% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades well below that range at $8.60. There was a ~4% trimming this quarter.Nuance Communications (NUAN): NUAN is a 1.44% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18 and $20. Q1 2016 saw an about turn: ~50% stake reduction at prices between $16 and $20.50. Last quarter saw another ~28% selling at prices between $14.50 and $19.50. This quarter also saw a ~9% further reduction at prices between $14 and $16.50. The stock is now at $16.91. Icahn’s ownership is currently at ~7% of the business (~19.68M shares).Stake Increases:Herbalife (HLF): HLF is a ~6% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. There were minor increases since. This quarter saw a ~15% further increase at prices between $58 and $68. The stock currently trades at $50.86.Note: After the quarter ended, the position was increased from 19.6M shares to 22.5M shares (24.18% of business). The total outlay so far is ~$943M with an overall cost-basis of $41.91.Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. The position size saw increases from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, and to ~117M shares in 2015. The last big increase happened in 2012 when around 20M shares were purchased at prices between $36.50 and $42.50. This year has seen a ~8.5% increase at prices between $48 and $60. The stock currently trades at $55.68 and the stake is at ~92% of the business.Kept Steady:American International Group (AIG): AIG was a minutely small 0.28% portfolio stake as of Q3 2015. It was increased to a top-three position the following quarter at prices between $57 and $64. H1 2016 also saw a minor increase. The stock currently trades at $63.91. The stake is now at 13.68% of the portfolio. It is an activist position and Icahn’s ownership interest is at ~4%. For investors attempting to follow Icahn, AIG is a good option to consider for further research.CVR Energy Inc. (CVI): CVI is a fairly large ~5% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 82% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $17.47.Note: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen (RNF).Cheniere Energy (LNG): LNG is a large (top three) 7.19 % portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.50 and $70.50. Q4 2015 saw a ~15% increase at prices between $36 and $54. The stock currently trades at $38.45. Icahn’s ownership stake in the business is ~14%.Federal Mogul (FDML): FDML is a very long-term 6.72% stake (top five) first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. In Q3 2013, FDML had a rights offering and Icahn got 44M of the 51M shares in the offering at $9.78 per share. The stock currently trades at $9.73. Q1 2015 saw a ~14% increase at prices between $12.50 and $16. Icahn controls ~82% of the business.Note: Icahn offered to acquire the rest of the company for $7 per share in February, raised the offer to $8 per share in June, and again raised the offer to $9.25 per share in September.Freeport-McMoran Inc. (FCX): FCX is a fairly large 5.70% of the portfolio stake established in Q3 2015 at prices between $7.50 and $18.50. The stock currently trades at $13.73. Icahn controls ~10% of the business.Herc Holdings (HRI): HRI is a very small 0.73% of the portfolio position established last quarter as a result of the spinoff of Herc Holdings from Hertz Global Holdings. Following the transaction, there was a marginal increase in the position. Icahn controls ~15% of HRI.Hertz Global Holdings (HTZ): HTZ is a 2.62% of the US long portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. The stock currently trades at $25.23. For investors attempting to follow Icahn, HTZ is a good option to consider for further research.Note 1: After the quarter ended, the position was increased from 12.9M shares to 29.26M shares (35.27% of business). The total outlay so far is $1.66B at an overall cost-basis of $56.73.Note 2: The shares owned went down significantly last quarter because of the spinoff of Herc Holdings. The net position had a marginal increase after accounting for the spinoff ratio (3:15). The prices quoted above are adjusted for this transaction.Manitowoc Food Service (MFS): The very small 0.87% of the portfolio MFS stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of MFS for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of MFS shares. Regular-way trading started in early March with MFS at $13.41. It currently trades at $17.50 compared to Icahn’s cost-basis of ~$15. He controls ~8% of the business.Manitowoc Company (MTW): MTW is a very small 0.26% of the portfolio activist stake. It was established in Q4 2014 at prices between $3.50 and $5.50 and increased by ~136% in Q1 2015 at prices between $4 and $5.50. The stock currently trades at $5.37.Note: The prices quoted above are adjusted for Manitowoc Food Service spin-off.Navistar International (NAV): NAV is a relatively small 0.94% of the US long portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $29. Icahn controls ~20% of the business.PayPal Holdings (PYPL): PYPL is a fairly large (top five) 7.01% of the 13F portfolio position. It was established as a result of the spinoff of PayPal Holdings from eBay Inc. (EBAY) that closed in July 2015. Icahn sold the EBAY stake last year while keeping the PYPL position steady. This year saw selling in PYPL as well: Last two quarters had seen a combined ~30% reduction at prices between $34 and $40.50. The stock currently trades at $40.08.Voltari Corporation (VLTC): VLTC position was increased by ~600% in Q1 2015 to a 52.3% ownership stake. As a percentage of the portfolio, the position is minutely small. The stake increase came about from Voltari’s rights offering in February: 95% of the issued shares were acquired by Icahn by making use of the oversubscription privilege at a cost-basis of $1.36. The stock currently trades at $2.55.Xerox Corporation (XRX): XRX is a fairly large ~5% of the portfolio position established in Q4 2015 at prices between $9 and $11. Last two quarters had seen minor increases. The stock is now at $9.44. For investors attempting to follow Icahn, XRX is a good option to consider for further research. Icahn controls ~10% of the business.Note: XRX is an activist stake and Icahn got three board seats earlier this year. Xerox also announced plans to split into two companies.American Railcar Industries (ARII): ARII is a long-term 2.49% of the portfolio position held steady this quarter. Icahn owns ~61% of ARII.Note: Icahn also owns significant stakes in the following OTC stocks as per latest 10Q: ~73% of Viskase Companies (VKSC) and ~69% of Tropicana Entertainment (TPCA). He is also known to have a position in Fannie/Freddie (FNMA) (FMCC).The spreadsheet below highlights changes to Icahn’s US stock holdings in Q3 2016:8/26/2016 - - Billionaire investor Carl Icahn told CNBC late Friday he has "bought another 2.3 million shares" of Herbalife Ltd. HLF, -2.31% the latest in a tug of war between Icahn and fellow billionaire investor Bill Ackman over the nutritional-supplement company. Earlier Friday, The Wall Street Journal reported Icahn recently discussed selling his Herbalife stake to a group of investors including Ackman. The report cited people familiar with the matter. Shares of Herbalife gained 4.1% in late Friday trading after ending the regular session down 2.3%.Form 3/4, 13G/D/A Filing thru 8/20/2016: CHK - 8/5/2016 13D/A - 73.05M shares - 9.04%. CVRR - till 8/2/2016 Form 4, 13D/A - 103M shares - 69.8%. SSEA - 8/2/2016 13D/A - 0. HLF - 7/15/2016 13D/A - 17M shares, 18.32%. HTZ - 7/11/2016 - Form 3, 13D/A - 12.94M shares, 15.24%. HRI - 7/8/2016 - 13D/A - 4.3M shares - 15.24%. XRX - 6/27/2016 - 13D/A - 99M shares - 9.78%. IEP - 6/20/2016 - 13D/A - 123.6M shares - 89.5%. FDML - 6/20/2016 13D/A - acquisition offer letter.7/29/2016: CVI ownership percentage change: From CVI’s Q2 2016 call: “As a reminder, CVR Energy does own approximately 66% of CVR Refining and effective with the acquisition of Rentech Nitrogen, CVR Energy’s ownership percentage was reduced from approximately 53% to 34% on April 01, 2016 in CVR Partners.”"

"Tracking Carl Icahn’s Portfolio – Q2 2016 Update"

"Carl Icahn’s US long portfolio decreased from $21.49B to $20.28B this quarter.Allergan plc was newly added while reducing Nuance Communications and PayPal Holdings.The stakes in Icahn Enterprises, Xerox Corp., and American International Group were substantially increased during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 08/15/2016. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2016.This quarter, Icahn’s US long portfolio decreased ~6% from $21.49B to $20.28B. The number of holdings remained steady at 21. The portfolio is very concentrated with the largest five positions accounting for ~63% of the entire holdings: Icahn Enterprises, American International Group, PayPal Holdings, Cheniere Energy, and Freeport-McMoRan.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 9).Stake Disposals:Seventy Seven Energy (SSE): SSE was a minutely small 0.01% of the US long portfolio position established in Q3 2014 as a result of the spin-off from Chesapeake Energy. Chesapeake Energy shareholders received SSE shares in the ratio 1:14. Icahn controlled ~9% of the business. In June, the company filed for Chapter 11 bankruptcy.Enzon Pharmaceuticals (ENZN): ENZN was a minutely small 0.01% long-term stake. The bulk of the position was purchased in 2011 at much higher prices. This quarter saw the position disposed of at prices between $0.45 and $$0.55. The stock is now at $0.38.Note: Icahn owned ~14% of ENZN as of Q1 2016 and the disposal resulted in realized long-term losses.New Stakes:Allergan plc (AGN): AGN is a medium-sized 3.88% of the portfolio stake established this quarter at prices between $202 and $278. The stock is now at $253.Note: AGN is a recent super-investor favorite. Seth Klarman (Baupost), David Tepper (Appaloosa), and Wallace Weitz (Weitz) had large increases this quarter.Herc Holdings (HRI): HRI is a very small 0.73% of the portfolio position established this quarter as a result of the spinoff of Herc Holdings from Hertz Global Holdings. Following the transaction, there was a marginal increase in the position. Icahn controls ~15% of HRI.Stake Decreases:Nuance Communications (NUAN): NUAN is a 1.67% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18.31 and $20. Last quarter saw an about turn: ~50% stake reduction at prices between $16.15 and $20.53. This quarter saw another ~28% selling at prices between $14.72 and $19.23. The stock is now at $14.63. Icahn’s ownership is currently at ~8% (~21.65M shares).PayPal Holdings (PYPL): PYPL is a fairly large (top three) 6.10% of the 13F portfolio position. It was established as a result of the spinoff of PayPal Holdings from eBay Inc. (EBAY) that closed in July 2015. Icahn sold the EBAY stake last year while keeping the PYPL position steady. This year saw selling in PYPL as well: Last two quarters have seen a combined ~30% reduction at prices between $34.20 and $40.31. The stock currently trades at $38.09.Stake Increases:American International Group (AIG): AIG was a minutely small 0.28% portfolio stake as of Q3 2015. It was increased to a top-three position the following quarter at prices between $57 and $64. The stock currently trades at $58.86. Last two quarters have seen minor increases. The stake is now at 11.91% of the portfolio. It is an activist position and Icahn’s ownership interest is at ~4%. For investors attempting to follow Icahn, AIG is a good option to consider for further research.Xerox Corporation (XRX): XRX is a fairly large 4.64% of the portfolio position established in Q4 2015 at prices between $9.29 and $10.88. Last two quarters have seen minor increases. The stock is now at $9.69. For investors attempting to follow Icahn, XRX is a good option to consider for further research. Icahn controls ~10% of the business.Note: XRX is an activist stake and Icahn got three board seats earlier this year. Xerox also announced plans to split into two companies.Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. The position size saw increases from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, and to ~117M shares in 2015. The last big increase happened in 2012 when around 20M shares were purchased at prices between $36.50 and $42.50. This year has seen a ~6% increase at prices between $44 and $68. The stock currently trades at $52.68 and the stake is at 89.5% of the business.Hertz Global Holdings (HTZ): HTZ is a 3.12% of the US long portfolio position. It was established in Q3 2014 at a cost-basis of ~$105. In Q4 2014, the stake was increased by just over one-third at prices between $72 and $95. Q4 2015 saw another ~23% increase at prices between $51 and $74. The stock currently trades at $51. Icahn owns ~15% of the business. For investors attempting to follow Icahn, HTZ is a good option to consider for further research.Note: The share count is down significantly this quarter because of the spinoff of Herc Holdings. The net position had a marginal increase after accounting for the spinoff ratio (3:15). The prices quoted above are adjusted for this transaction.Kept Steady:CVR Energy Inc. (CVI): CVI is a fairly large 5.44% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 82% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $13.91.Note: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen (RNF).CVR Refining LP (CVRR): CVRR is a small 0.23% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades well below that range at $6.45.Cheniere Energy (LNG): LNG is a large (top five) 6.05% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.47 and $70.65. Q4 2015 saw a ~15% increase at prices between $36 and $54. The stock currently trades at $45. Icahn’s ownership stake in the business is ~14%.Note: LNG has strong recent super-investor interest: Seth Klarman (Baupost Group), John Griffin (Blue Ridge Capital), and Stephen Mandel (Lone Pine Capital) have established large stakes.Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $12.67 and $21.17. The stock currently trades well below those ranges at $6.09. The ownership stake in Chesapeake is at ~9% (~73M shares).Note 1: Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO.Note 2: The stock prices quoted above are adjusted for the spinoff of Seventy Seven Energy (SSE) in June 2014. The terms of the deal called for CHK shareholders to receive one share of SSE for every 14 shares of CHK held.Federal Mogul (FDML): FDML is a very long-term 5.68% stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. In Q3 2013, FDML had a rights offering and Icahn got 44M of the 51M shares in the offering at $9.78 per share. The stock currently trades at $9.01. Q1 2015 saw a ~14% increase at prices between $12.61 and $16.09. Icahn controls ~82% of the business.Note: Icahn offered to acquire the rest of the company for $7 per share in February and raised the offer to $8 per share in June.Freeport-McMoran Inc. (FCX): FCX is a 5.71% (top five) of the portfolio stake established in Q3 2015 at prices between $7.92 and $18.62. The stock currently trades at $11.97. Icahn controls ~10% of the business.Herbalife (HLF): HLF is a 4.91% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. The position was marginally increased in Q2 2013 to 17M shares (~18% of business). The stock currently trades at $63.31.Manitowoc Company (MTW): MTW is a very small 0.28% of the portfolio activist stake. It was established in Q4 2014 at prices between $3.76 and $5.22 and increased by ~136% in Q1 2015 at prices between $4.01 and $5.17. The stock currently trades at $5.03.Note: The prices quoted above are adjusted for Manitowoc Food Service spin-off.Manitowoc Food Service (MFS): The very small 0.92% of the portfolio MFS stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of MFS for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of MFS shares. Regular-way trading started in early March with MFS at $13.41. It currently trades at $16.65 compared to Icahn’s cost-basis of ~$15. He controls ~8% of the business.Navistar International (NAV): NAV is a relatively small 0.94% of the US long portfolio long-term position. The last significant activity follow: ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $14.27. Icahn controls ~20% of the business.Transocean Ltd. (RIG): RIG is a small 1.26 % of the US long portfolio stake first purchased in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The stock currently trades well below those ranges at $10.49.Voltari Corporation (VLTC): VLTC position was increased by ~600% in Q1 2015 to a 52.3% ownership stake. As a percentage of the portfolio, the position is minutely small. The stake increase came about from Voltari’s rights offering in February: 95% of the issued shares were acquired by Icahn by making use of the oversubscription privilege at a cost-basis of $1.36. The stock currently trades at $3.27.American Railcar Industries (ARII): ARII is a long-term 2.31% of the portfolio position held steady this quarter. Icahn owns ~61% of ARII.Note: Icahn also owns significant stakes in the following OTC stocks as per latest 10Q: ~73.3% of Viskase Companies (VKSC) and ~68.5% of Tropicana Entertainment (TPCA).The spreadsheet below highlights changes to Icahn’s US stock holdings in Q2 2016:Form 3/4, 13G/D/A Filing thru 5/20/2016: IEP - 4/14/2016 Form 4 & 13D/A - 2,771571 shares acquired @ $60.88, 120,490,760 shares - 89.75% held. HOLX - 4/13/2016 13D/A - 10.23M shares - 3.6% - no longer subjected to 13D requirements - seems inconsistent with 13F. RNF - 3/24/2016 Form 4 - ~92K acquired at $10.94 - 400K shares total. 13D/A - 23.65M shares - 60.7%. NUAN - 3/16/2016 13G - 30.07M shares - 9.88%. MFS - 3/11/2016 13D - 10.58M shares - 7.73%. FDML - 2/29/2016 13D/A - acquisition offer. ARII - 2/24/2016 13D/A - 11.87M shares - 60.31% - due to buybacks.4/9/2016: . Selling started in February and overall he made ~$2B during their ~3 year holding period.3/4/2016: The spin-off was achieved through a tax-free distribution to Manitowoc shareholders of one share of Manitowoc Foodservice stock for every share of Manitowoc stock held at the close of business on the record date of February 22, 2016. Regular-way trading started on 3/4/2016 with MTW at $4.19 and MFS at $13.41. This is compared to a $16.92 close for the combined entity the previous day.2/29/2016: IEP offered $7 per share for FDML today. FDML traded just below $5 at the end of the previous trading day."

"Tracking Carl Icahn’s Portfolio – Q1 2016 Update"

"Carl Icahn’s US long portfolio decreased from $29.44B to $21.49B this quarter.Apple Inc. was dropped and Nuance Communications and PayPal Holdings were decreased substantially during the quarter.Icahn netted $2B in gains from the Apple exit.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 05/16/2016. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2015.This quarter, Icahn’s US long portfolio decreased ~27% from $29.44B to $21.49B. The number of holdings decreased from 26 to 21. The portfolio is very concentrated with the largest five positions accounting for ~68% of the entire holdings: Icahn Enterprises, American International Group, CVR Energy Inc., PayPal Holdings and Federal Mogul.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 9).Stake Disposals:Apple Inc. (AAPL): The huge 16.36% of the portfolio stake in AAPL was established in mid-August 2013 at around $68 per share. The original position was increased by ~22% in Q4 2013 and the following quarter saw another ~60% increase at prices between $57 and $80. Last quarter saw an about turn: ~13% reduction at prices between $105 and $123. The entire position was sold this quarter at prices between $93 and $110. The stock currently trades at $94.20. Icahn harvested $2B in gains over the three-year holding period.Gannett Inc. (GCI) previously Gannett SpinCo: GCI was a very small 0.36% of the US long portfolio stake established in Q2 2015 as a result of Gannett’s Tegna Inc. spin-off and rename transaction that closed in June 2015. Last quarter saw a ~13% trimming. The elimination this quarter was at prices between $14.03 and $16.74.Note: The publishing business (owns USA Today and 90+ local daily publications) was spun-off and named Gannett Inc. while the parent company was renamed Tegna Inc. The terms called for shareholders of the parent to receive shares of the spinoff in the ratio 1:2.Hologic Incorporated (HOLX): HOLX was a 3.70% of the US long portfolio activist stake established in Q4 2013 at around $21 per share. Last quarter saw a ~18% reduction at prices between $37.22 and $42.92 and the elimination this quarter was at prices between $32.42 and $38.69. The stock currently trades at $33.28. Icahn harvested large long-term gains.Note: Icahn nominated two representatives to the board and in December 2013 a new CEO (Stephen MacMillan formerly of Stryker) was appointed. Since then, most of the upper management was replaced as well.Mentor Graphics (MENT): MENT was a relatively small ~1% of the portfolio stake as of last quarter. As a percentage of the business, the position was very significant at ~14%. The entire stake was eliminated this quarter at prices between $18 and $20. The stock currently trades at $19.36.Pep Boys Manny Moe & Jack (PBY): Following a bidding war with Bridgestone, Icahn agreed to buy PBY at $18.50 cash and that transaction closed in January. The small 0.41% 13F position as of last quarter was thus eliminated.Tegna Inc. (TGNA) previously Gannett: Icahn held 12.77M shares (5.8% of the business) of TGNA at a cost-basis of around $25 as of last quarter. The original stake was from Q2 2014 with the bulk purchased the following quarter. Last quarter saw a ~15% reduction at prices between $22.39 and $28.68. The elimination this quarter was at prices between $21.37 and $25.52. The stock currently trades at $22.22.Note: The cost-basis quoted above is adjusted for the publishing business spinoff that closed in June 2015.New Stakes:Manitowoc Food Service (MFS): The very small 0.73% of the portfolio MFS stake was established as a result of the spin-off from Manitowoc. The spin-off terms called for one share of MFS for each share of MTW held. Icahn held 10.58M shares of MTW for which he received the same number of MFS shares. Regular-way trading started in early March with MFS at $13.41. It currently trades at $15.69 which is very close to Icahn’s cost-basis. He controls 7.73% of the business.Stake Decreases:Nuance Communications (NUAN): NUAN is a 2.62% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18.31 and $20. This quarter saw an about turn: ~50% stake reduction at prices between $16.15 and $20.53. The stock is now at $16.18. Icahn’s ownership is currently at 9.88% (~30M shares).PayPal Holdings (PYPL): PYPL is a fairly large (top five) 6.80% of the 13F portfolio position. It was established as a result of the spinoff of PayPal Holdings from eBay Inc. that closed in July 2015. Icahn sold the eBay stake but held on to the PayPal position. The stock currently trades at $37.65.Stake Increases:American International Group (AIG): AIG was a minutely small 0.28% portfolio stake as of Q3 2015. It was increased to a top five position last quarter at prices between $57 and $64. The stock currently trades just below that range at $56.36. This quarter also saw a ~5% increase and the stake is now at 11.18% of the portfolio. It is an activist position and Icahn’s ownership interest is at ~3.9%. For investors attempting to follow Icahn, AIG is a good option to consider for further research.Xerox Corporation (XRX): XRX is a fairly large 4.80% of the portfolio position established last quarter at prices between $9.29 and $10.88 and increased by ~7% this quarter at prices between $8.69 and $11.16. The stock is now at $9.06. For investors attempting to follow Icahn, XRX is a good option to consider for further research. Icahn controls ~10% of the business.Note: XRX is an activist stake and Icahn got three board seats earlier this year. Xerox also announced plans to split into two companies.Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. The position size saw increases from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, and to ~117M shares in 2015. The last big increase happened in 2012 when around 20M shares were purchased at prices between $36.50 and $42.50. The stock currently trades at $53.92.Note: Regulatory Form 4 & 13D/A filings on 4/14/2016 shows Icahn added 2.77M shares after the quarter ended at $60.88. Including that, the ownership is now at 120.5M shares (89.75% of the business).Kept Steady:CVR Energy Inc. (CVI): CVI is a huge (top three) 8.65% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 80% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $20.48.Note: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen (RNF).CVR Refining LP (CVRR): CVRR is a small 0.34% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades well below that range at $10.51.Cheniere Energy (LNG): LNG is a large 5.15% portfolio position. The bulk of it was purchased in Q3 2015 at prices between $47.47 and $70.65. Last quarter saw a ~15% increase at prices between $36 and $54. The stock currently trades below the low end of those ranges at $32.88. Icahn’s ownership stake in the business is ~14%.Note: LNG has strong recent super-investor interest: Seth Klarman (Baupost Group), John Griffin (Blue Ridge Capital), and Stephen Mandel (Lone Pine Capital) have established large stakes.Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $14.50 and $23. Q1 2015 saw a ~10% increase at prices between $13.50 and $21.26. The stock currently trades well below those ranges at $3.88. The ownership stake in Chesapeake is at ~11% (~73M shares).Note 1: Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO.Note 2: The implied performance of this stake by the prices quoted above is negatively skewed because of the spinoff of Seventy Seven Energy (SSE), its Oilfield Services business unit. The terms of the deal called for CHK shareholders to receive one share of SSE for every 14 shares of CHK held.Federal Mogul (FDML): FDML is a very long-term 6.37% stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. In Q3 2013, FDML had a rights offering and Icahn got 44M of the 51M shares in the offering at $9.78 per share. The stock currently trades at $8.25. Q1 2015 saw a ~14% increase at prices between $12.61 and $16.09. Icahn controls ~82% of the business.Note: A regulatory 13D filing on 2/29/2016 showed an Icahn offer to acquire the company for $7 per share.Freeport-McMoran Inc. (FCX): FCX is a 5.01% of the portfolio stake established in Q3 2015 at prices between $7.92 and $18.62. The stock currently trades at $10.98. Icahn controls ~10% of the business.Herbalife (HLF): HLF is a 4.87% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. The position was marginally increased in Q2 2013 to almost 17M shares. The stock currently trades at $59.51.Note: Herbalife is being investigated by the FTC (Civil Investigative Demand - CID). Recent indications from the company suggest they may be close to a resolution.Hertz Global Holdings (HTZ): HTZ is a 3.12% of the US long portfolio position. It was established in Q3 2014 at a cost-basis of $28.35. In Q4 2014, the stake was increased by just over one-third at prices between $19.38 and $25.47. Last quarter saw another ~23% increase at prices between $13.70 and $19.85. The stock currently trades at $8.40. Icahn owns 14.34% of the business. For investors attempting to follow Icahn, HTZ is a good option to consider for further research.Manitowoc Company (MTW): MTW is a very small 0.21% of the portfolio activist stake. It was established in Q4 2014 at prices between $3.76 and $5.22 and increased by ~136% in Q1 2015 at prices between $4.01 and $5.17. The stock currently trades at $5.59. For investors attempting to follow Icahn, MTW is a good option to consider for further research.Note: The prices quoted above are adjusted for Manitowoc Food Service spin-off.Navistar International (NAV): NAV is a relatively small 0.95% of the US long portfolio long-term position. Recent activity follow: ~12% increase in Q3 2013 at prices between $27.50 and $40 and another ~22% increase in Q2 & Q3 2014 at prices between $29 and $38. The stock currently trades at $10.66. Icahn controls ~20% of the business.Seventy Seven Energy (SSEI): SSEI is a minutely small 0.01% of the US long portfolio position established in Q3 2014 as a result of the spin-off of SSEI from Chesapeake Energy. Chesapeake Energy shareholders received one SSEI share for 14 Chesapeake Energy shares held. Icahn’s stake is consistent with that ratio. The OTC stock currently trades at 9c. Icahn controls 9.34% of the business. Last month, the company indicated plans to file for bankruptcy.Transocean Ltd. (RIG): RIG is a small ~0.91% of the US long portfolio stake first purchased in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The stock currently trades well below those ranges at $9.07.Voltari Corporation (VLTC): VLTC position was increased by ~600% in Q1 2015 to a 52.3% ownership stake. As a percentage of the portfolio, the position is still minutely small. The stake increase came about from Voltari’s rights offering in February: 95% of the issued shares were acquired by Icahn by making use of the oversubscription privilege at a cost-basis of $1.36. The stock currently trades at $3.50.American Railcar Industries (ARII) and Enzon Pharmaceuticals (ENZN): These are relatively small (less than 2% of the US long portfolio) positions that were held steady this quarter. Although the stakes are small on a relative basis, the ownership interests are very significant: Icahn owns 60.31% of ARII and 13.7% of ENZN.Note: Icahn also owns significant stakes in the following OTC stocks as per latest 10Q: ~73% of Viskase Companies (VKSC) and ~68% of Tropicana Entertainment (TPCA).The spreadsheet below highlights changes to Icahn’s US stock holdings in Q1 2016:Form 3/4, 13G/D/A Filing thru 2/20/2016: MENT - 2/19/2016 Form 4 & 13D/A - 8.06M shares sold at $8.12 - 8.06M shares - 6.86%. PBY - 2/8/2016 13D/A - 45.91M shares - 84.5%. 39.35M shares tendered at $18.50 and the remaining and the remaining 8.4M shares cancelled in connection with merger. XRX - 1/29/2016 13D/A - 92.38M shares - 9.12%. GCI - 1/13/2016 13D/A - 5.38M shares - 4.66%. MTW - 1/4/2016 13D/A -minor amendment ot 2/2015 settlement agreement. MSTX - 12/30/2015 13D/A - 0. IEP - 12/29/2015 13D/A -117M shares - 89.04%. LNG - 12/22/2016 Form 4 - 2500 purchase @ $35.88. 12/8/2015 Form 4 - 30.84K shares @ $41.84. 12/7/2015 Form 4 - ~2.9M shares acquired at ~$42. HTZ - 12/7/2015 Form 4 & 13D/A - 11.79M shares acquired @ $14.23. 63.71M shares total - 14.34%.Note: : After a bidding war with Bridgestone, Icahn agreed to buy PBY at $18.50 cash.Note: : WSJ reported that Icahn said he owns ~42M shares (~$2.61B - 3.4% stake) of AIG. Paulson & Icahn are urging for a 3-way split-up (life, property-and-casualty and mortgage) with the idea that each one will be small enough to avoid the Systemically Important Financial Institution label that comes with tougher regulations and capital requirements - the contention is that, the tougher regulations in turn undermines AIG’s ability to grow. They also want cost-cuts."

"Tracking Carl Icahn’s Portfolio – Q4 2015 Update"

"Carl Icahn’s US long portfolio increased from $27.88B to $29.44B this quarter.Hertz Global Holdings and American International Group were increased substantially and Pep Boys acquired during the quarter.The huge Apple position was reduced and it is now at ~16% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 02/16/2016. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2015.This quarter, Icahn’s US long portfolio increased 5.60% from $27.88B to $29.44B. The number of holdings increased from 25 to 26. The portfolio is very concentrated with the largest five positions accounting for ~65% of the entire holdings: Icahn Enterprises, Apple Inc., CVR Energy Inc., American International Group, and PayPal Holdings.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 9).Stake Disposals:None.New Stakes:Pep Boys Manny Moe & Jack (PBY): Following a bidding war with Bridgestone, Icahn agreed to buy PBY at $18.50 cash and that transaction closed last month. The 13F showed a small 0.41% position.Stake Decreases:Apple Inc. (AAPL): The stake in AAPL was established in mid-August 2013 at around $68 per share. The original position was increased by ~22% in Q4 2013 and the following quarter saw another ~60% increase at prices between $57 and $80. This quarter saw an about turn: ~13% reduction at prices between $105 and $123. The stock currently trades at $96.04. Apple is the second largest position in the portfolio at 16.36%.Gannett Inc. (GCI) previously Gannett SpinCo: GCI is a very small 0.36% of the US long portfolio stake established in Q2 2015 as a result of Gannett’s Tegna Inc. spin-off and rename transaction that closed in June 2015. This quarter saw a ~13% trimming. Icahn controls 5.6% of the business.Note: The publishing business (owns USA Today and 90+ local daily publications) was spun-off and named Gannett Inc. while the parent company was renamed Tegna Inc. The terms called for shareholders of the parent to receive shares of the spinoff in the ratio 1:2.Tegna Inc. (TGNA) previously Gannett: Icahn holds 12.77M shares (5.8% of the business) of TGNA at a cost-basis of around $25. The original stake is from Q2 2014 with the bulk purchased the following quarter. This quarter saw a ~15% reduction at prices between $22.39 and $28.68. The stock currently trades at $23.91 and the stake is at 1.11% of the US long portfolio.Note: The cost-basis quoted above is adjusted for the publishing business spinoff that closed in June.Stake Increases:American International Group (AIG): AIG was a minutely small 0.28% portfolio stake last quarter. It was increased to a large (top five) 8.89% position this quarter at prices between $57 and $64. The stock currently trades below that range at $51.52. It is an activist stake and Icahn’s ownership is at ~3.4%. For investors attempting to follow Icahn, AIG is a good option to consider for further research.Note: Icahn is urging a 3-way split-up of AIG - life, property-and-casualty and mortgage units. The idea is that each one will be small enough to avoid the Systemically Important Financial Institution label.Cheniere Energy (LNG): LNG is a large 4.14% portfolio position. The bulk of it was purchased last quarter at prices between $47.47 and $70.65. This quarter saw a ~15% increase at prices between $36 and $54. The stock currently trades well below the low end of that range at $29.37. Icahn’s ownership stake in the business is ~14%.Note: LNG has strong recent super-investor interest: Seth Klarman (Baupost Group), John Griffin (Blue Ridge Capital), and Stephen Mandel (Lone Pine Capital) have established large stakes.Freeport-McMoran Inc. (FCX): FCX is a 2.39% of the portfolio stake established last quarter at prices between $7.92 and $18.62. The stock currently trades below the low end of that range at $6.91. Icahn controls ~10% of the business. This quarter saw a ~4% increase.Hertz Global Holdings (HTZ): HTZ is a 3.08% of the US long portfolio position. It was established in Q3 2014 at a cost-basis of $28.35. In Q4 2014, the stake was increased by just over one-third at prices between $19.38 and $25.47. This quarter saw another ~23% increase at prices between $13.70 and $19.85. The stock currently trades at $8.30. Icahn owns 14.34% of the business. For investors attempting to follow Icahn, HTZ is a good option to consider for further research.Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. The position size saw increases from ~98M shares to ~102M shares in 2013, to ~109M shares in 2014, and to ~117M shares in 2015. The last big increase happened in 2012 when around 20M shares were purchased at prices between $36.50 and $42.50. The stock currently trades at $48.75.Kept Steady:CVR Energy Inc. (CVI): CVI is a huge (top three) 9.52% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 80% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $23.96.Note: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners. In August 2015, CVR Partners agreed to merge with Rentech Nitrogen (RNF).CVR Refining LP (CVRR): CVRR is a small 0.39% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades well below that range at $11.01.Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $14.50 and $23. Q1 2015 saw a ~10% increase at prices between $13.50 and $21.26. The stock currently trades well below those ranges at $2.01. The ownership stake in Chesapeake is at ~11% (~73M shares).Note 1: Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO.Note 2: The implied performance of this stake by the prices quoted above is negatively skewed because of the spinoff of Seventy Seven Energy (SSE), its Oilfield Services business unit. The terms of the deal called for CHK shareholders to receive one share of SSE for every 14 shares of CHK held.Federal Mogul (FDML): FDML is a very long-term 3.22% stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. In Q3 2013, FDML had a rights offering and Icahn got 44M of the 51M shares in the offering at $9.78 per share. The stock currently trades at $4.25. Q1 2015 saw a ~14% increase at prices between $12.61 and $16.09. Icahn controls ~82% of the business.Herbalife (HLF): HLF is a 3.10% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. The position was marginally increased in Q2 2013 to almost 17M shares. The stock currently trades at $47.78.Note: Herbalife is being investigated by the FTC (Civil Investigative Demand - CID).Hologic Incorporated (HOLX): HOLX is a 3.70% of the US long portfolio activist stake established in Q4 2013 at around $21 per share. Last quarter saw a ~18% reduction at prices between $37.22 and $42.92. The stock currently trades at $34.49. Icahn controls ~10% of the business.Note: Icahn nominated two representatives to the board and in December 2013 a new CEO (Stephen MacMillan formerly of Stryker) was appointed. Since then, most of the upper management was replaced as well.Manitowoc Company (MTW): MTW is a small 0.55% of the portfolio activist stake. It was established in Q4 2014 at prices between $16.60 and $23.05 and increased by ~136% in Q1 2015 at prices between $17.69 and $22.83. The stock currently trades at $15.32. For investors attempting to follow Icahn, MTW is a good option to consider for further research.Note: Carl Icahn reached an agreement with Manitowoc in February 2015 whereby he got a board seat. Also, Manitowoc’s Cranes and Food Services businesses will be separated in a spinoff.Navistar International (NAV): NAV is a relatively small 0.49% of the US long portfolio position that was increased by ~12% in Q3 2013 at prices between $27.50 and $40. Q2 2014 saw a ~8% increase at prices between $31.93 and $38.35 and the following quarter saw a further ~14% increase at prices between $29.10 and $37.76. The stock currently trades well below the low-end of those ranges at $7.81. Icahn controls ~20% of the business.Nuance Communications (NUAN): NUAN is a 3.57% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18.31 and $20. The stock currently trades at $18.70. Icahn’s ownership is currently at over 17% of the company (~61M shares). For investors attempting to follow Icahn, Nuance is a good option to consider for further research.PayPal Holdings (PYPL): PYPL is a fairly large (top five) 5.69% of the 13F portfolio position. It was established as a result of the spinoff of PayPal Holdings from eBay Inc. that closed in July 2015. Icahn sold the eBay stake but held on to the PayPal position. The stock has not budged since the spinoff and trades at $35.76.Seventy Seven Energy (SSE): SSE is a minutely small 0.02% of the US long portfolio position established in Q3 2014 as a result of the spin-off of SSE from Chesapeake Energy. Chesapeake Energy shareholders received one SSE share for 14 Chesapeake Energy shares held. Icahn’s stake is consistent with that ratio. The stock is currently at $0.43. Icahn controls 9.34% of the business and the stock is down a whopping ~98% since the spin-off.Transocean Ltd. (RIG): RIG is a small ~0.90% of the US long portfolio stake first purchased in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The stock currently trades well below those ranges at $8.34.Voltari Corporation (VLTC): VLTC position was increased by ~600% in Q1 2015 to a 52.3% ownership stake. As a percentage of the portfolio, the position is still minutely small. The stake increase came about from Voltari’s rights offering in February: 95% of the issued shares were acquired by Icahn by making use of the oversubscription privilege at a cost-basis of $1.36. The stock currently trades at $3.99.American Railcar Industries (ARII), Enzon Pharmaceuticals (ENZN), and Mentor Graphics (MENT): These are relatively small (less than 2% of the US long portfolio) positions that were held steady this quarter. Although the stakes are small on a relative basis, the percentages owned of the businesses concerned are very significant. Icahn owns 59.82% (recent increase due to repurchase), 13.7%, and 6.86% of ARII, ENZN, and MENT respectively.Note 1: The Mentor Graphics stake saw a ~50% reduction at $8.12 last week.Note 2: Icahn also owns significant stakes in the following OTC stocks as per latest 10Q: ~73% of Viskase Companies (VKSC) and ~68% of Tropicana Entertainment (TPCA). The TPCA stake is set to increase 76.91% due to share repurchase.The spreadsheet below highlights changes to Icahn’s US stock holdings in Q4 2015:Form 3/4, 13G/D/A Filings after 8/15/2015: 11/12/2015 - 13D/A - LNG - 29,867,977 shares - 12.65% of business.11/3/2015 - 13D/A - ARII - 11,871,268 shares - 59.82% of business - increase due to repurchase. 10/16/2015 - 13D/A - TGNA - nothing relevant. 10/7/2015 - 13D/A - FCX - nothing relevant. 10/2/2015 - Form 4 - CVRR - minor disposal by wife. 8/27/2015 - 13D - FCX - 88M shares - 8.46% of business - approximate cost-basis around $15. 8/17/2015 - 13D - TPCA - 26,312,500 shares - could increase from 67.89% to 76.91% after repurchase.Note: Sep 14, 2015 - from MarketWatch - Carl Icahn raised his stake in Cheniere to 9.59% from 8.18%, the billionaire investor reported in a regulatory filing on Monday. Icahn now owns 22,682,159 shares in the energy company, according to a filing with the Securities and Exchange Commission, up from the 19,353,530 shares reported on Aug. 31.Note: Sep 9, 2015 - Chanos announced a short-position in LNG this week. See"

"Tracking Carl Icahn’s Portfolio – Q3 2015 Update"

"Carl Icahn’s US long portfolio decreased from $31.20B to $27.88B this quarter.A new stake in Freeport-McMoran was established and the Cheniere Energy stake was substantially increased.The huge Apple position is now at 20.88% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 11/16/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2015.This quarter, Icahn’s US long portfolio decreased 10.66% from $31.20B to $27.88B. The number of holdings increased from 22 to 24. The portfolio is very concentrated with the largest five positions accounting for ~70% of the entire holdings: Icahn Enterprises (27.54%), Apple Inc. (20.88%), CVR Energy Inc. (10.48%), PayPal Holdings (5.15%), and Cheniere Energy (4.95%).Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check-out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 9).Stake Disposals:Ebay Inc. (EBAY): EBAY was a large (top-three) 8.93% of the US long portfolio position as of last quarter. It was established in Q1 2014 at prices between $20 and $23. The position was increased by ~11% in Q2 2014 at prices between $19 and $22 and by another ~49% the following quarter at prices between $19.50 and $22.25. The elimination this quarter happened at prices between $24.08 and $28.75. The stock currently trades at $28.77.Note 1: EBAY spun-off its PayPal (PYPL) subsidiary in July and the prices quoted above are adjusted for that spin-off.Note 2: The stake was first disclosed in eBay’s FY 2013 earnings release when it was also revealed that Carl Icahn proposed spinning off PayPal and nominated two board members. In April 2014, an agreement was reached that prevented an immediate proxy fight and in September 2014, eBay announced plans to spinoff PayPal into a separate publicly traded company.New Stakes:Freeport-McMoran Inc. (FCX): FCX is a medium-sized 3.48% of the portfolio stake established this quarter at prices between $7.92 and $18.62. The stock currently trades near the low end of that range at $8.42. Icahn controls ~8.6% of the business.PayPal Holdings (PYPL): PYPL is a fairly large (top five) 5.15% of the 13F portfolio position. It was established as a result of the spinoff of PayPal Holdings from eBay Inc. that closed in July. Icahn is holding on to the PayPal position but has sold the eBay stake. The stock has not budged since the spinoff and trades at $36.19.Stake Decreases:Hologic Incorporated (HOLX): HOLX is a 3.95% of the US long portfolio activist stake established in Q4 2013 at around $21 per share. This quarter saw a ~18% reduction at prices between $37.22 and $42.92. The stock currently trades at $39.85. HOLX has risen a stunning ~50% so far this year. Icahn controls ~10% of the business.Note: Icahn nominated two representatives to the board and in December 2013 a new CEO (Stephen MacMillan formerly of Stryker) was appointed. Since then, most of the upper management was replaced as well.Stake Increases:Cheniere Energy (LNG): The very small LNG stake established last quarter was increased to a large (top five) 4.95% of the portfolio position this quarter at prices between $47.47 and $70.65. The stock currently trades near the low end of that range at $50.15. For investors attempting to follow Icahn, LNG is a good option to consider for further research.Note 1: A November 12, 2015 13D/A regulatory filing shows Icahn beneficially owning 29.87M shares (~12.65% of the business).Note 2: LNG has strong recent super-investor interest: Seth Klarman (Baupost Group), John Griffin (Blue Ridge Capital), and Stephen Mandel (Lone Pine Capital) have established large stakes.Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. In 2013, the position size increased from ~98M shares to ~102M shares and 2014 saw a further increase to ~109M shares. Last three quarters have also seen increases with the current share count at ~115M shares. The last big increase happened in 2012 when around 20M shares were purchased at prices between $36.50 and $42.50. The stock currently trades at $70.47.Kept Steady:Apple Inc. (AAPL): The stake in AAPL was established in mid-August 2013 at around $68 per share. The original position was increased by ~22% in Q4 2013 and the following quarter saw another ~60% increase at prices between $57 and $80. The stock currently trades at $119. Apple is the second largest position in the portfolio at 20.88%. Icahn is very bullish on Apple.CVR Energy Inc. (CVI): CVI is a huge (top three) 10.48% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 80% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $44.71.Note: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners. Earlier in August, CVR Partners agreed to merge with Rentech Nitrogen (RNF).CVR Refining LP (CVRR): CVRR is a small 0.41% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades well below that range at $20.66.Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $14.50 and $23. Q1 2015 saw a ~10% increase at prices between $13.50 and $21.26. The stock currently trades well below those ranges at $5.40. The ownership stake in Chesapeake is at ~11% (~73M shares).Note 1: Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO.Note 2: The implied performance of this stake by the prices quoted above is negatively skewed because of the spinoff of Seventy Seven Energy (SSE), its Oilfield Services business unit. The terms of the deal called for CHK shareholders to receive one share of SSE for every 14 shares of CHK held.Federal Mogul (FDML): FDML is a very long-term 3.40% stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. In Q3 2013, FDML had a rights offering and Icahn got 44M of the 51M shares in the offering at $9.78 per share. The stock currently trades at $7.45. Q1 2015 saw a ~14% increase at prices between $12.61 and $16.09. Icahn controls ~82% of the business.Gannett Inc. (GCI) previously Gannett SpinCo: GCI is a very small 0.40% of the US long portfolio stake established last quarter as a result of Gannett’s Tegna Inc. spin-off and rename transaction that closed in June. Icahn controls 6.51% of the business.Note: The publishing business (owns USA Today and 90+ local daily publications) was spun-off and named Gannett Inc. while the parent company was renamed Tegna Inc. The terms called for shareholders of the parent to receive shares of the spinoff in the ratio 1:2.Herbalife (HLF): HLF is a 3.32% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. The position was marginally increased in Q2 2013 to almost 17M shares. The stock currently trades at $56.49.Note: Herbalife is being investigated by the FTC (Civil Investigative Demand - CID).Hertz Global Holdings (HTZ): HTZ is a 3.12% of the US long portfolio position. It was established in Q3 2014 at a cost-basis of $28.35. In Q4 2014, the stake was increased by just over one-third at prices between $19.38 and $25.47. The stock currently trades at $16.75. Icahn owns 11.34% of the business. For investors attempting to follow Icahn, HTZ is a very good option to consider for further research.Manitowoc Company (MTW): MTW is a small 0.57% of the portfolio activist stake. It was established in Q4 2014 at prices between $16.60 and $23.05 and increased by ~136% in Q1 2015 at prices between $17.69 and $22.83. The stock currently trades at $15.89. For investors attempting to follow Icahn, MTW is a good option to consider for further research.Note: Carl Icahn reached an agreement with Manitowoc in February whereby he got a board seat. Also, Manitowoc’s Cranes and Food Services businesses will be separated in a spinoff.Navistar International (NAV): NAV is a relatively small 0.74% of the US long portfolio position that was increased by ~12% in Q3 2013 at prices between $27.50 and $40. Q2 2014 saw a ~8% increase at prices between $31.93 and $38.35 and the following quarter saw a further ~14% increase at prices between $29.10 and $37.76. The stock currently trades well below the low-end of those ranges at $13.30 having dropped ~60% so far this year. Icahn controls ~20% of the business.Nuance Communications (NUAN): NUAN is a 3.57% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18.31 and $20. The stock currently trades at $20.20. Icahn’s ownership is currently at over 17% of the company (~61M shares). For investors attempting to follow Icahn, Nuance is a good option to consider for further research.Note: On October 8, 2013 Nuance appointed two Icahn recommended directors and avoided a proxy fight.Seventy Seven Energy (SSE): SSE is a minutely small 0.02% of the US long portfolio position established in Q3 2014 as a result of the spin-off of SSE from Chesapeake Energy. Chesapeake Energy shareholders received one SSE share for 14 Chesapeake Energy shares held. Icahn’s stake is consistent with that ratio. The stock is currently at $1.18. Icahn controls 9.34% of the business and the stock is down a whopping ~95% since the spin-off.Tegna Inc. (TGNA) previously Gannett: Icahn holds 14.97M shares (~6.6% of the business) of TGNA at a cost-basis of around $25. The original stake is from Q2 2014 with the bulk purchased the following quarter. The stock currently trades at $27.70 and the stake is at 1.72% of the US long portfolio.Note: The cost-basis quoted above is adjusted for the publishing business spinoff that closed in June. Tegna’s business has broadcasting and digital assets: they own 45+ television stations and digital businesses such as Cars.com, CareerBuilder, PointRoll, and Shoplocal.Transocean Ltd. (RIG): RIG is a small ~1% of the US long portfolio stake first purchased in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The stock currently trades well below those ranges at $14.19.Voltari Corporation (VLTC): VLTC position was increased by ~600% in Q1 2015 to a 52.3% ownership stake. As a percentage of the portfolio, the position is still minutely small. The stake increase came about from Voltari’s rights offering in February: 95% of the issued shares were acquired by Icahn by making use of the oversubscription privilege at a cost-basis of $1.36. The stock currently trades at $3.89.American Railcar Industries (ARII), Enzon Pharmaceuticals (ENZN), and Mentor Graphics (MENT): These are relatively small (less than 2% of the US long portfolio) positions that were held steady this quarter. Although the stakes are small on a relative basis, the percentages owned of the businesses concerned are very significant. Icahn owns 59.82% (recent increase due to repurchase), 13.7%, and 14.2% of ARII, ENZN, and MENT respectively.Note: Icahn also owns significant stakes in the following OTC stocks as per latest 10Q: ~73% of Viskase Companies (VKSC) and ~68% of Tropicana Entertainment (TPCA). The TPCA stake is set to increase 76.91% due to share repurchase.The spreadsheet below highlights changes to Icahn’s US stock holdings in Q3 2015:13D/13G/A Updates: 8/19/2015 -13D - RNF - Rentech Nitrogen - 23.25M shares - 59.7% - merger with CVR Partners LP related filing, 8/17/2015 - 13D/A - TPCA - Tropicana Entertainment - 17.86M shares - 67.89% - On August 6th, they announced a $50M repurchase program and the filing was to indicate that the ownership stake would increase in the future, 8/14/2015 - 13D/A -ARII - American Railcar - 11.87M shares - 55.60% - On July 29, 2015, ARII announced a $250M share repurchase program and the filing is to indicate that the ownership stake would increase in the future.13D/13G/A Updates: 8/7/2015 - 13D/A - VLTC - some note issue, 8/6/2015 - 13D - LNG - event date July 27, 2015 - 19.35M shares - 8.2% of business, 8/4/2015 - HOLX - 13D/A - 5.63M shares - 2% of business, 7/9/2015 - 13D - GCI - 7.48M shares - 6.51% of business, 7/9/2015 - 13D/A - TGNA - Tegna Inc. - spinoff from GCI and rename transaction - spunoff the publishing business as GCI and the remaining was renamed TGNA - related filing.13D/13G/A Updates: 5/8/2015 - TLM - 0, 3/31/2015 - VLTC - 4.74M - 52.3%, 3/27/2015 - FDML - 139M - 81.99%, 3/23/2015 - CHK - 73M shares - 10.98%, PREVIOUS: MTW - 10.58M shares compared to 4.5M in 13F, 7.81% - separation of cranes and food services businesses settlement agreement. GCI - two directors to the board, HTZ - 51.92M shares - 11.34% - same as 13F, Navistar - 16.27M shares - 19.99% - same as 13F."

"Tracking Carl Icahn’s Portfolio – Q2 2015 Update"

"Carl Icahn’s US long portfolio decreased from $32.05B to $31.20B this quarter.A stake in Cheniere Energy was established this quarter while eliminating Netflix.The huge Apple position is now at 21.21% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 08/14/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2015.This quarter, Icahn’s US long portfolio decreased 2.65% from $32.05B to $31.20B. The number of holdings increased from 21 to 22. The portfolio is very concentrated with the largest five positions accounting for ~75% of the entire holdings: Icahn Enterprises (31.21%), Apple Inc. (21.21%), eBay Inc. (8.93%), CVR Energy Inc. (8.59%), and Federal Mogul Corporation (5.04%).Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check-out “”.Note: Icahn’s 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out (Slide 9) and the “Included Managers” list in the .Stake Disposals:Netflix Inc. (NFLX): NFLX was a 1.84% of the US long portfolio position as of last quarter. It was eliminated this quarter at prices between $59 and $97. The original stake was established in Q3 2012 at prices between $7.57 and $12.14. The position was increased by ~300% in Q4 2012 at a cost-basis of around $7. Over the last five quarters, the stake was sold down by ~75% at prices between $43 and $69. Icahn harvested large long-term gains from the position. The stock is now at $122 having vaulted ~150% YTD.Note 1: The prices quoted above are adjusted for the 7:1 stock-split last month.Note 2: The original 2012 stake in NFLX was an activist position but Icahn backed-off as the company started posting strong financial results.New Stakes:Cheniere Energy (LNG): LNG is a very small 0.24% of the US long portfolio stake established this quarter at prices between $68.49 and $79.78. The stock currently trades at $64.37.Note 1: An August 6, 2015 13D regulatory filing showed Icahn beneficially owning 19.35M shares (~8.2% of the business) at a cost-basis in the high-60s.Note 2: LNG has strong recent super-investor interest: Seth Klarman (Baupost Group) has a huge ~18% of the portfolio (~6.5% of the business) stake while John Griffin (Blue Ridge Capital) and Stephen Mandel (Lone Pine Capital) have also established significantly large stakes.Gannett Inc. (GCI) previously Gannett SpinCo: GCI is a very small 0.34% of the US long portfolio stake established this quarter as a result of Gannett’s Tegna Inc. spin-off and rename transaction that closed in June. Icahn controls 6.51% of the business.Note: The publishing business (owns USA Today and 90+ local daily publications) was spun-off and named Gannett Inc. while the parent company was renamed Tegna Inc. The terms called for shareholders of the parent to receive shares of the spinoff in the ratio 1:2.Stake Decreases:None.Stake Increases:Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. In 2013, the position size increased from ~98M shares to ~102M shares and 2014 saw a further increase to ~109M shares. Last two quarters have also seen increases with the current share count at ~112M shares. The last big increase happened in 2012 when around 20M shares were purchased at prices between $36.50 and $42.50. The stock currently trades at $72.14.Kept Steady:Apple Inc. (AAPL): The stake in AAPL was established in mid-August 2013 at around $68 per share. The original position was increased by ~22% in Q4 2013 and the following quarter saw another ~60% increase at prices between $57 and $80. The stock currently trades at $115. Apple is the second largest position in the portfolio at 21.21%. Icahn is very bullish on Apple and recently said the fair-value is $240.CVR Energy Inc. (CVI): CVI is a huge 8.59% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 80% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $42.06.Note: Two MLPs were carved out since the 2012 tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners. Earlier this month, CVR Partners agreed to merge with Rentech Nitrogen (RNF).CVR Refining LP (CVRR): CVRR is a small 0.35% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades well below that range at $20.02.Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $14.50 and $23. Last quarter saw a ~10% increase at prices between $13.50 and $21.26. The stock currently trades well below those ranges at $7.34. The ownership stake in Chesapeake is at ~11% (~73M shares).Note 1: Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO.Note 2: The implied performance of this stake by the prices quoted above is negatively skewed because of the spinoff of Seventy Seven Energy (SSE), its Oilfield Services business unit. The terms of the deal called for CHK shareholders to receive one share of SSE for every 14 shares of CHK held.Ebay Inc. (EBAY): EBAY is a large (top-three) 8.93% of the US long portfolio position (~3.8% of the business) established in Q1 2014 at prices between $20 and $23. The position was increased by ~11% in Q2 2014 at prices between $19 and $22 and by ~49% the following quarter at prices between $19.50 and $22.25. The stock currently trades at $27.43.Note 1: EBAY spun-off its PayPal (PYPL) subsidiary last month and the prices quoted above are adjusted for that spin-off.Note 2: The stake was first disclosed in eBay’s FY 2013 earnings release when it was also revealed that Carl Icahn proposed spinning off PayPal and nominated two board members. In April 2014, an agreement was reached that prevented an immediate proxy fight and in September 2014, eBay announced plans to spinoff PayPal into a separate publicly traded company.Federal Mogul (FDML): FDML is a very long-term stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. In Q3 2013, his share count increased by ~58% (over 44M shares) - the new shares were purchased by exercising FDML’s rights offering (In May, Federal-Mogul launched a $500 million rights offering whereby shareholders could purchase an additional share for each one they currently held) at $9.78 per share - Icahn got 44M of the 51M shares purchased in the offering. The stock currently trades at around $9.36. Last quarter saw a ~14% increase at prices between $12.61 and $16.09. Icahn controls ~82% of the business. It is Icahn’s fifth-largest position at 5.04% of the US long portfolio.Tegna Inc. (TGNA) previously Gannett: Icahn holds 14.97M shares (~6.6% of the business) of TGNA at a cost-basis of around $25. The original stake is from Q2 2014 with the bulk purchased the following quarter. The stock currently trades at $24.99 and the stake is at 1.54% of the US long portfolio.Note: The cost-basis quoted above is adjusted for the publishing business spinoff that closed in June. Tegna’s business has broadcasting and digital assets: they own 45+ television stations and digital businesses such as Cars.com, CareerBuilder, PointRoll, and Shoplocal.Herbalife (HLF): HLF is a 3% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. The position was marginally increased in Q2 2013 to almost 17M shares. The stock currently trades at $58.28.Note: Bill Ackman is on the other side of this trade - short 20M shares since Q4 2012. Bill Ackman and Carl Icahn ended their feud in May 2014 and they have agreed to disagree on HLF. HLF is being investigated by the FTC (Civil Investigative Demand - CID).Hertz Global Holdings (HTZ): HTZ is a fairly large 3.02% of the US long portfolio position. It was established in Q3 2014 at a cost-basis of $28.35. In Q4 2014, the stake was increased by just over one-third at prices between $19.38 and $25.47. The stock currently trades at $18.89. Icahn owns 11.34% of the business. For investors attempting to follow Icahn, HTZ is a very good option to consider for further research.Hologic Incorporated (HOLX): HOLX is a 4.17% of the US long portfolio activist stake established in Q4 2013 at around $21 per share. Icahn currently has a 12.5% stake in the business. The stock currently trades at $42.21. HOLX has risen a stunning ~57% so far this year.Note: Icahn nominated two representatives to the board and in December 2013, a new CEO (Stephen MacMillan formerly of Stryker) was appointed stemming hopes that Icahn might immediately push for the sale of the business. But, later that month Stephen MacMillan confirmed that his focus will be on growing the business.Manitowoc Company (MTW): MTW is a small 0.66% of the portfolio activist stake. It was established in Q4 2014 at prices between $16.60 and $23.05 and increased by ~136% last quarter at prices between $17.69 and $22.83. The stock currently trades at $17.25. For investors attempting to follow Icahn, MTW is a good option to consider for further research.Note: Carl Icahn reached an agreement with Manitowoc in February whereby he got a board seat. Also, Manitowoc’s Cranes and Food Services businesses will be separated in a spinoff.Navistar International (NAV): NAV is a relatively small 1.18% of the US long portfolio position that was increased by ~12% in Q3 2013 at prices between $27.50 and $40. Q2 2014 saw a ~8% increase at prices between $31.93 and $38.35 and the following quarter saw a further ~14% increase at prices between $29.10 and $37.76. The stock currently trades well below the low-end of those ranges at $17.25. Icahn controls 19.99% of the business.Nuance Communications (NUAN): NUAN is a 2.72% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18.31 and $20. The stock currently trades below the low end of those ranges at $17.88. Icahn’s ownership is currently at over 17% of the company (~61M shares). For investors attempting to follow Icahn, Nuance is a very good option to consider for further research.Note: In response to activist pressure, Nuance adopted a poison-pill provision that allowed shareholders to purchase additional shares, if any one shareholder acquired more than 20% of the outstanding shares. On October 8, 2013 Nuance yielded somewhat by appointing two new Icahn recommended directors, thus avoiding a proxy fight.Seventy Seven Energy (SSE): SSE is a minutely small 0.07% of the US long portfolio position established in Q3 2014 as a result of the spin-off of SSE from Chesapeake Energy. Chesapeake Energy shareholders received one SSE share for 14 Chesapeake Energy shares held. Icahn’s stake is consistent with that ratio. The stock is currently at $2.60. Icahn controls 9.34% of the business and the stock is down a whopping ~90% since the spin-off.Transocean Ltd. (RIG): RIG is a small 1.11% of the US long portfolio stake first purchased in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The stock currently trades well below those ranges at $13.65.Voltari Corporation (VLTC): VLTC position was increased by ~600% last quarter to a 52.3% ownership stake. As a percentage of the portfolio, the position is still minutely small. The stake increase came about from Voltari’s rights offering in February: 95% of the issued shares were acquired by Icahn by making use of the oversubscription privilege at a cost-basis of $1.36. The stock currently trades at $7.89 having risen more than 5x in the last five months.Note: VLTC rights offering is another example of hedge funds exploiting inefficiencies in the mechanism. Per the terms of the offering, ordinary shareholders had oversubscription privilege at $0.97 but they overwhelmingly chose not to exercise even the basic right, let alone the oversubscription privilege. Basically, rights offerings involve investors having to put more money to keep their ownership interest at the same level - as new money is involved, most ordinary investors shy away from it leaving the door open for savvy investors to take advantage.American Railcar Inds. (ARII), Enzon Pharmaceuticals (ENZN), and Mentor Graphics (MENT): These are relatively small (less than 2% of the US long portfolio) positions that were held steady this quarter. Although the stakes are small on a relative basis, the percentages owned of the businesses concerned are very significant. Icahn owns 55.60%, 13.7%, and 14.2% of ARII, ENZN, and MENT respectively.Note 1: The ARII stake will increase further if the company follows through on a $250M share repurchase program announced last month.Note 2: Icahn also owns significant stakes in the following OTC stocks as per latest 10Q: ~73% of Viskase Companies (VKSC) and ~68% of Tropicana Entertainment (TPCA). The TPCA stake is set to increase further, if Tropicana follows through on a $50M repurchase program announced earlier this month.The spreadsheet below highlights changes to Icahn’s US stock holdings in Q2 2015:13D/13G/A Updates: 8/19/2015 -13D - RNF - Rentech Nitrogen - 23.25M shares - 59.7% - merger with CVR Partners LP related filing, 8/17/2015 - 13D/A - TPCA - Tropicana Entertainment - 17.86M shares - 67.89% - On August 6th, they announced a $50M repurchase program and the filing was to indicate that the ownership stake would increase in the future, 8/14/2015 - 13D/A -ARII - American Railcar - 11.87M shares - 55.60% - On July 29, 2015, ARII announced a $250M share repurchase program and the filing is to indicate that the ownership stake would increase in the future.13D/13G/A Updates: 8/7/2015 - 13D/A - VLTC - some note issue, 8/6/2015 - 13D - LNG - event date July 27, 2015 - 3.87M shares - 1.64% of business, 8/4/2015 - HOLX - 13D/A - 5.63M shares - 2% of business, 7/9/2015 - 13D - GCI - 1.5M shares - 1.3% of business, 7/9/2015 - 13D/A - TGNA - Tegna Inc. - spinoff from GCI and rename transaction - spunoff the publishing business as GCI and the remaining was renamed TGNA - related filing.13D/13G/A Updates: 5/8/2015 - TLM - 0, 3/31/2015 - VLTC - 4.74M - 52.3%, 3/27/2015 - FDML - 139M - 81.99%, 3/23/2015 - CHK - 73M shares - 10.98%, PREVIOUS: MTW - 10.58M shares compared to 4.5M in 13F, 7.81% - separation of cranes and food services businesses settlement agreement. GCI - two directors to the board, HTZ - 51.92M shares - 11.34% - same as 13F, Navistar - 16.27M shares - 19.99% - same as 13F."

"Tracking Carl Icahn’s Portfolio – Q1 2015 Update"

"Carl Icahn’s US long portfolio increased from $31.90B to $32.05B this quarter.Substantial stakes in Chesapeake Energy, Federal Mogul Corporation, and Manitowoc Company along with a minutely small stake in Voltari Corporation were increased.The huge Apple stake is now at 20.48% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 05/15/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2014.This quarter, Icahn’s US long portfolio increased marginally from $31.90B to $32.05B. The number of holdings in the portfolio decreased from 22 to 21: Talisman Energy stake was disposed of this quarter and no new positions were added. The portfolio is very concentrated with the largest five positions accounting for ~75% of the entire holdings: Icahn Enterprises (30.44%), Apple Inc. (20.48%), CVR Energy Inc. (9.45%), eBay Inc. (8.33%), and Federal Mogul Corporation (5.76%).Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check-out “”.Stake Disposals:Talisman Energy (TLM): TLM was a very small 0.30% of the US long portfolio position established in Q3 2013. In Q4 2013, the stake was increased by over ten-times to a 2.91% of the US long portfolio position at an average cost-basis of around $11.79. The stake was sold this quarter at prices between $7.44 and $7.83.Note: On December 16, 2014 Repsol SA (REPYY) agreed to acquire TLM for $8 per share and that transaction closed earlier this month.New Stakes:None.Stake Decreases:None.Stake Increases:Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $14.50 and $23. This quarter saw a ~10% increase at prices between $13.50 and $21.26. The stock currently trades at $14.75. Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO. The ownership stake in Chesapeake is at ~11% (~73M shares).Note: The implied performance of this stake by the prices quoted above is negatively skewed because of the spinoff of Seventy Seven Energy (SSE), its Oilfield Services business unit. The terms of the deal called for CHK shareholders to receive one share of SSE for every 14 shares of CHK held.Federal Mogul (FDML): FDML is a very long-term stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. The position was increased marginally in the last two quarters of 2011 at prices between $13 and $23. In Q3 2013, his share count increased by ~58% (over 44M shares) - the new shares were purchased by exercising FDML’s rights offering (In May, Federal-Mogul launched a $500 million rights offering whereby shareholders could purchase an additional share for each one they currently held) at $9.78 per share - Icahn got 44M of the 51M shares purchased in the offering. The stock currently trades at around $12.96. This quarter saw a ~14% increase at prices between $12.61 and $16.09. Icahn controls ~82% of the business. It is Icahn’s fifth-largest position at 5.76% of the US long portfolio.Manitowoc Company (MTW): MTW is a small 0.71% of the portfolio activist stake. It was established last quarter at prices between $16.60 and $23.05 and increased by ~136% this quarter at prices between $17.69 and $22.83. The stock currently trades at $19.85. For investors attempting to follow Icahn, MTW is a good option to consider for further research.Note: Carl Icahn reached an agreement with Manitowoc in February whereby he got a board seat. Also, Manitowoc’s Cranes and Food Services businesses will be separated in a spinoff.Voltari Corporation (VLTC): VLTC position was increased by ~600% this quarter to a 52.3% ownership stake. As a percentage of the portfolio, the position is still minutely small. The stake increase came about from Voltari’s rights offering in February: 95% of the issued shares were acquired by Icahn by making use of the oversubscription privilege at a cost-basis of $1.36. The stock currently trades at $7.97 having risen more than 7x in the last two months.Note: VLTC rights offering is another example of hedge funds exploiting inefficiencies in the mechanism. Per the terms of the offering, ordinary shareholders had oversubscription privilege at $0.97 but they overwhelmingly chose not to exercise even the basic right, let alone the oversubscription privilege. Basically, rights offerings involve investors having to put more money to keep their ownership interest at the same level - as new money is involved, most ordinary investors shy away from it leaving the door open for savvy investors to take advantage.Kept Steady:Apple Inc. (AAPL): The original stake in AAPL was established in mid-August 2013 at around $68 per share. It was increased by ~22% in Q4 2013. In Q1 2014, another 2.8M shares (pre-split share count: ~60% stake increase) were purchased at prices between $57 and $80. The stock currently trades at $130. Apple is the second largest position in the portfolio at 20.48%. Icahn is very bullish on Apple and recently said the fair-value is $240.CVR Energy Inc. (CVI): CVI is a huge 9.45% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 80% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $39.64: it has been a roller-coaster ride with the stock reaching as high as $72.32 in May 2013 and a low of $33.62 in Nov 2013.Two MLPs were carved out since the tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners.CVR Refining LP (CVRR): CVRR is a small 0.39% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades well below that range at $19.98.Ebay Inc. (EBAY): EBAY is a large (top-five) 8.33% of the US long portfolio position (~3.8% of the business) established in Q1 2014 at prices between $51 and $59. The position was increased by ~11% in Q2 2014 at prices between $48 and $56 and by ~49% in Q3 2014 at prices between $50 and $56.63. Last quarter also saw a marginal increase. The stock currently trades at $59.15. The initial stake was first disclosed in eBay’s FY 2013 earnings release when it was also revealed that Carl Icahn proposed spinning off PayPal and nominated two board members. On 4/10/2014, an agreement was reached that prevented an immediate proxy fight. On 9/30/2014, eBay announced plans to spinoff PayPal into a separate publicly traded company.Gannett Inc. (GCI): Icahn holds 14.97M shares (~6.6% of the business) of GCI at a cost-basis of around $31. The original stake is from Q2 2014 with the bulk purchased the following quarter. The stock currently trades at $36.63 and the stake is at 1.73% of the US long portfolio.Herbalife (HLF): HLF is a 2.27% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. The position was marginally increased in Q2 2013 to almost 17M shares. The stock currently trades at $51.50. Bill Ackman is on the other side of this trade - short 20M shares since Q4 2012. Bill Ackman and Carl Icahn ended their feud in May 2014 and they have agreed to disagree on HLF. HLF is being investigated by the FTC (Civil Investigative Demand - CID).Hertz Global Holdings (HTZ): HTZ is a fairly large 3.51% of the US long portfolio position. It was established in Q3 2014 at a cost-basis of $28.35. Last quarter, the stake was increased by just over one-third at prices between $19.38 and $25.47. The stock currently trades at $20.50. Icahn owns 11.34% of the business. For investors attempting to follow Icahn, HTZ is a very good option to consider for further research.Hologic Incorporated (HOLX): HOLX is a 3.52% of the US long portfolio activist stake established in Q4 2013 at around $21 per share. Icahn currently has a 12.5% stake in the business and have nominated two representatives to the board. In early December 2013, a new CEO (Stephen MacMillan formerly of Stryker) was appointed stemming hopes that Icahn might immediately push for the sale of the business. But, later that month Stephen MacMillan confirmed that his focus will be on growing the business. The stock currently trades at $34.89.Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. In 2013, the position size increased from ~98M shares to ~102M shares and 2014 saw a further increase to ~109M shares. Last quarter saw a marginal increase. The last big increase happened in 2012 when around 20M shares were purchased at prices between $36.50 and $42.50. The stock currently trades at $90.89.Navistar International (NAV): NAV is a relatively small 1.50% of the US long portfolio position that was increased by ~12% in Q3 2013 at prices between $27.50 and $40. Q2 2014 saw a ~8% increase at prices between $31.93 and $38.35 and last quarter saw a further ~14% increase at prices between $29.10 and $37.76. The stock currently trades near the low-end of those ranges at $28.57. Icahn controls 19.99% of the business.Netflix Inc. (NFLX): NFLX is a 1.84% of the US long portfolio position first purchased in Q3 2012 at prices between $53 and $85. The stake was increased by ~300% in Q4 2012 in the 50s price-range. Over the last five quarters, the position was sold down by ~75% at prices between $304 and $485. The stock currently trades at $622. Icahn harvested large long-term gains from the position. It was originally an activist stake but Icahn soon backed-off as the company started posting strong financial results.Nuance Communications (NUAN): NUAN is a 2.72% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18.31 and $20. The stock currently trades well below the low end of those ranges at $16.84. Icahn’s ownership is currently at over 17% of the company (~61M shares). Nuance adopted a poison-pill provision that allowed shareholders to purchase additional shares, if any one shareholder acquired more than 20% of the outstanding shares. On October 8, 2013 Nuance yielded somewhat by appointing two new Icahn recommended directors, thus avoiding a proxy fight. For investors attempting to follow Icahn, Nuance is a very good option to consider for further research.Seventy Seven Energy (SSE): SSE is a minutely small 0.06% of the US long portfolio position established in Q3 2014 as a result of the spin-off of SSE from Chesapeake Energy. Chesapeake Energy shareholders received one SSE share for 14 Chesapeake Energy shares held. Icahn’s current stake is consistent with that ratio. The stock is currently at $5.81. Icahn controls 9.34% of the business and the stock is down a whopping ~76% since the spin-off.Transocean Ltd. (RIG): RIG is a small ~0.98% of the US long portfolio stake first purchased in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The stock currently trades well below those ranges at around $19.26.American Railcar Inds. (ARII), Enzon Pharmaceuticals (ENZN), and Mentor Graphics (MENT): These are relatively small (less than 2% of the US long portfolio) positions that were held steady this quarter. Although the stakes are small on a relative basis, the percentages owned of the businesses concerned are very significant. Icahn owns 55.60%, 13.7%, and 14.2% of ARII, ENZN, and MENT respectively.Icahn also owns significant stakes in the following OTC stocks as per latest 10Q: 73.3% of Viskase Companies (VKSC) and 67.9% of Tropicana Entertainment (TPCA).The spreadsheet below highlights changes to Icahn’s US stock holdings in Q1 2015:Note: 13D/13G/A Updates: MTW - 10.58M shares compared to 4.5M in 13F, 7.81% - separation of cranes and food services businesses settlement agreement. GCI - two directors to the board, HTZ - 51.92M shares - 11.34% - same as 13F, Navistar - 16.27M shares - 19.99% - same as 13F."

"Tracking Carl Icahn’s Portfolio – Q4 2014 Update"

"Carl Icahn’s US long portfolio decreased ~5% from $33.63B to $31.90B this quarter.Hertz Global stake was increased substantially to over ~11% of the business.Carl Icahn established an activist stake in Manitowoc and he controls ~7.8% of the business.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 02/17/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2014.This quarter, Icahn’s US long portfolio decreased 5.17% from $33.63B to $31.90B. The number of holdings in the portfolio increased from 21 to 22: Manitowoc Company is the new stake. The portfolio is very concentrated with the largest five positions accounting for ~73% of the entire holdings: Icahn Enterprises (31.55%), Apple Inc. (18.26%), CVR Energy Inc. (8.64%), eBay Inc. (8.14%), and Federal Mogul Corporation (6.11%).Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check-out “”.Stake Disposals:None.New Stakes:Manitowoc Company (MTW): MTW is a very small 0.31% of the portfolio activist stake established this quarter at prices between $16.60 and $23.05. The position was more than doubled to 10.58M shares (7.8% of the business) after the quarter ended. The stock currently trades at $21.27. For investors attempting to follow Icahn, MTW is a good option to consider for further research.Note: Carl Icahn reached an agreement with Manitowoc earlier this month. Manitowoc’s Cranes and Food Services businesses is to be separated and Icahn gets a seat on the board.Stake Decreases:None.Stake Increases:Hertz Global Holdings (HTZ): HTZ is a fairly large 4.06% of the US long portfolio position. It was established last quarter at an average cost-basis of $28.35. This quarter, the stake was increased by just over one-third at prices between $19.38 and $25.47. The stock currently trades at $23.65. Icahn owns 11.34% of the business. For investors attempting to follow Icahn, HTZ is a very good option to consider for further research.Navistar International (NAV): NAV is a relatively small 1.71% of the US long portfolio position that was increased by ~12% in Q3 2013 at prices between $27.50 and $40. Q2 2014 saw a ~8% increase at prices between $31.93 and $38.35 and this quarter saw a further ~14% increase at prices between $29.10 and $37.76. The stock currently trades near the low-end of those ranges at $29.16. Icahn controls 19.99% of the business.Ebay Inc. (EBAY): EBAY is a large 8.14% of the US long portfolio position (~3.8% of the business) established in Q1 2014 at prices between $51 and $59. The position was increased by ~11% in Q2 2014 at prices between $48 and $56 and by ~49% last quarter at prices between $50 and $56.63. This quarter also saw a marginal increase. The stock currently trades at $57.65. The initial stake was first disclosed in eBay’s FY 2013 earnings release when it was also revealed that Carl Icahn proposed spinning off PayPal and nominated two board members. On 4/10/2014, an agreement was reached that prevented an immediate proxy fight. On 9/30/2014, eBay announced plans to spinoff PayPal into a separate publicly traded company.Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. In 2013, the position size increased from ~98M shares to ~102M shares and 2014 saw a further increase to ~109M shares. This quarter saw a marginal increase. The last big increase happened in 2012 when around 20M shares were purchased at prices between $36.50 and $42.50. The stock currently trades at $98.25.Kept Steady:Seventy Seven Energy (SSE): SSE is a minutely small 0.08% of the US long portfolio position established last quarter as a result of the spin-off of SSE from Chesapeake Energy. Chesapeake Energy shareholders received one SSE share for 14 Chesapeake Energy shares held. Icahn’s current stake is consistent with that ratio. The stock traded between $4.58 and $23.74 during the quarter and it currently at $5.33. Icahn controls 9.34% of the business and the stock is down a whopping 78% since the spin-off.Gannett Inc. (GCI): GCI was a small 0.26% (2.7M shares) of the US long portfolio position established in Q2 2014. On August 14, 2014, Icahn filed a 13D regulatory showing he controlled 6.6% (~15M shares) of the business. Icahn holds 14.97M shares at an average cost-basis of around $31. The stock currently trades at $34.45.Netflix Inc. (NFLX): NFLX is a 1.51% of the US long portfolio position first purchased in Q3 2012 at prices between $53 and $85. The stake was increased by ~300% in Q4 2012 in the 50s price-range. Q4 2013 saw an about-turn as more than half the position was disposed of at prices between $304 and $342. The pattern continued in Q1 2014 as the position was reduced by another ~16% at prices between $328 and $455. Q2 2014 saw an additional ~21% reduction at prices between $314 and $449 and it was sold down by another ~20% last quarter at prices between $422 and $485. The stock currently trades at $475. Icahn harvested large long-term gains from the position. It was originally an activist stake but Icahn soon backed-off as the company started posting strong financial results.Apple Inc. (AAPL): The original stake in AAPL was established in mid-August 2013 at around $68 per share. It was increased by ~22% in Q4 2013. In Q1 2014, another 2.8M shares (pre-split share count: ~60% stake increase) of AAPL stock was purchased at prices between $57 and $80. The stock currently trades at $128. Apple is now the second largest position in the portfolio at 18.26%. Icahn is very bullish on Apple and recently said the market should value it at a 20x PE - that translates to a stock price of $216.CVR Energy Inc. (CVI): CVI is a huge 8.64% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 80% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $38.71: it has been a roller-coaster ride with the stock reaching as high as $72.32 in May 2013 and a low of $33.62 in Nov 2013.Two MLPs were carved out since the tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners.CVR Refining LP (CVRR): CVRR is a small 0.32% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades well below that range at $18.56.Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $14.50 and $23. The stock currently trades at $20.40. Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO. Icahn increased the position by another ~10% in Q3 2013. He currently owns around 10% of Chesapeake (66.5M shares).Note: The implied performance of this stake by the prices quoted above is negatively skewed because of the spinoff of Seventy Seven Energy (SSE), its Oilfield Services business unit. The terms of the deal called for CHK shareholders to receive one share of SSE for every 14 shares of CHK held.Federal Mogul (FDML): FDML is a very long-term stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. The position was increased marginally in the last two quarters of 2011 at prices between $13 and $23. In Q3 2013, his share count increased by ~58% (over 44M shares) - the new shares were purchased by exercising FDML’s rights offering (In May, Federal-Mogul launched a $500 million rights offering whereby shareholders could purchase an additional share for each one they currently held) at $9.78 per share - Icahn got 44M of the 51M shares purchased in the offering. The stock currently trades at around $15.46. Icahn now controls just over 80% of the business. It is Icahn’s fifth-largest position at 6.11% of the US long portfolio.Herbalife (HLF): HLF is a 2.01% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. The position was marginally increased in Q2 2013 to almost 17M shares. The stock currently trades at $33.87. Bill Ackman is on the other side of this trade - short 20M shares since Q4 2012. Bill Ackman and Carl Icahn ended their feud in May 2014 and they have agreed to disagree on HLF. HLF is being investigated by the FTC (Civil Investigative Demand - CID).Hologic Incorporated (HOLX): HOLX is a 2.86% of the US long portfolio activist stake established in Q4 2013 at around $21 per share. Icahn currently has a 12.5% stake in the business and have nominated two representatives to the board. In early December 2013, a new CEO (Stephen MacMillan formerly of Stryker) was appointed stemming hopes that Icahn might immediately push for the sale of the business. But, later that month Stephen MacMillan confirmed that his focus will be on growing the business. The stock currently trades at $31.67.Nuance Communications (NUAN): NUAN is a 2.72% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18.31 and $20. The stock currently trades well below the low end of those ranges at $14.05. Icahn’s ownership is currently at over 17% of the company (~61M shares). Nuance adopted a poison-pill provision that allowed shareholders to purchase additional shares, if any one shareholder acquired more than 20% of the outstanding shares. On October 8, 2013 Nuance yielded somewhat by appointing two new Icahn recommended directors, thus avoiding a proxy fight. For investors attempting to follow Icahn, Nuance is a very good option to consider for further research.Talisman Energy (TLM): TLM was a new 0.30% of the US long portfolio position established in Q3 2013. In Q4 2013, the stake was increased by over ten-times to a 2.91% of the US long portfolio position at an average cost-basis of around $11.79. The stock currently trades at $7.70. TLM is being acquired by Repsol SA (REPYY) for $8 per share and shareholders approved the deal this week.Transocean Ltd. (RIG): RIG is a small ~1.23% of the US long portfolio stake first purchased in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The stock currently trades well below those ranges at around $17.41.American Railcar Inds. (ARII), Enzon Pharmaceuticals (ENZN), Mentor Graphics (MENT), & Voltari Corporation (VLTC): These are relatively small (less than 2% of the US long portfolio) positions that were held steady this quarter. Although the stakes are small on a relative basis, the percentages owned of the businesses concerned are very significant. Icahn owns 14%, 55.60%, 13.7%, and 14.2% of VLTC, ARII, ENZN, and MENT respectively.Icahn also owns significant stakes in the following OTC stocks as per latest 10Q: 73.5% of Viskase Companies (VKSC) and 67.9% of Tropicana Entertainment (TPCA).The spreadsheet below highlights changes to Icahn’s US stock holdings in Q4 2014:"

"Tracking Carl Icahn’s Portfolio – Q3 2014 Update"

"Carl Icahn’s US long portfolio increased marginally from $32.53B to $33.63B this quarter.Icahn’s eBay stake increased to 45.8M shares (~3.7% of business). Also, a significant stake (8.5% of the business) in Hertz was established as well.Carl Icahn is continuing to harvest long-term gains from Netflix.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 11/14/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2014.This quarter, Icahn’s US long portfolio increased 3.39% from $32.53B to $33.63B. The number of holdings in the portfolio increased from 19 to 21: Hertz Global Holdings and Seventy Seven Energy are the new positions. The largest holding is Icahn Enterprises with an allocation of 33.74% of the US long portfolio. It is followed by Apple Inc. with an allocation of 15.80%. It is a very concentrated portfolio with the largest five positions accounting for just over 72% of the entire portfolio.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check-out “”.Stake Disposals:None.New Stakes:Hertz Global Holdings (HTZ): HTZ is a fairly large 2.93% of the US long portfolio position established this quarter at an average cost-basis of $28.35. The stock traded between $25.39 and $31.56 during the quarter and now trades well below that at $22.18. Icahn owns 8.5% of the business. For investors attempting to follow Icahn, HTZ is a very good option to consider for further research.Seventy Seven Energy (SSE): SSE is a minutely small 0.34% of the US long portfolio position established this quarter as a result of the spin-off of SSE from Chesapeake Energy. Chesapeake Energy shareholders received one SSE share for 14 Chesapeake Energy shares held. Icahn’s current stake is consistent with that ratio. The stock traded between $22.50 and $26.87 during the quarter and it currently trades below half the low-end of that range at $10.44. Icahn controls 9.34% of the business.Stake Decreases:Netflix Inc. (NFLX): NFLX is a 1.89% of the US long portfolio position first purchased in Q3 2012 at prices between $53 and $85. The stake was increased by ~300% in Q4 2012 in the 50s price-range. Q4 2013 saw an about-turn as more than half the position was disposed of at prices between $304 and $342. The pattern continued in Q1 2014 as the position was reduced by another ~16% at prices between $328 and $455. Last quarter saw an additional ~21% reduction at prices between $314 and $449 and it was sold down by another ~20% this quarter at prices between $422 and $485. The stock currently trades at $363. Icahn is harvesting large long-term gains from the position. It was an activist stake and NFLX adopted a poison-pill provision to defend itself. Icahn backed-off as the company also started posting strong financial results.Stake Increases:Ebay Inc. (EBAY): EBAY is a large 7.72% of the US long portfolio position (~3.7% of the business) established in Q1 2014 at prices between $51 and $59. The position was increased by ~11% last quarter at prices between $48 and $56 and by ~49% this quarter at prices between $50 and $56.63. The stock currently trades at $54.94. The initial stake was first disclosed in eBay’s FY 2013 earnings release when it was also revealed that Carl Icahn proposed spinning off PayPal and had nominated two board members. On 4/10/2014, an agreement was reached that prevented an immediate proxy fight. On 9/30/2014, eBay announced plans to spinoff PayPal into a separate publicly traded company.Gannett Inc. (GCI): GCI was a small 0.26% (2.7M shares) of the US long portfolio position established last quarter. On August 14, 2014, Icahn filed a 13D regulatory showing he controlled 6.6% (~15M shares) of the business. 12.2M of the shares were a synthetic long stake (long calls and short puts) while the rest were a direct long position. On September 12, 2014, an amended 13D showed the synthetic longs were converted to a straight long position. All told, Icahn holds 14.97M shares with an average cost-basis of around $31. The stock currently trades at $31.36.Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. Last year, the position size increased from ~98M shares to ~102M shares and currently the share count is at ~107M. The last big stake increase happened in 2012 when around 20M shares were purchased at prices between $36.50 and $42.50. The stock currently trades at $105.Kept Steady:Apple Inc. (AAPL): The original stake in AAPL was established in mid-August last year at around $68 per share. It was increased by ~22% in Q4 2013. In Q1 2014, another 2.8M shares (pre-split share count: ~60% stake increase) of AAPL stock was purchased at prices between $57 and $80. The stock currently trades at $115. Apple is now the second largest position in the portfolio at 15.80%. Icahn is continuing to push Apple to do more buybacks.CVR Energy Inc. (CVI): CVI is a huge 9.47% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 80% of the whole business) was purchased through a $35 per share tender offer. The stock currently trades at $47.14: it has been a roller-coaster ride with the stock reaching as high as $72.32 in May 2013 and a low of $33.62 in Nov 2013.Two MLPs were carved out since the tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners.CVR Refining LP (CVRR): CVRR is a small 0.42% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades below that range at $23.75.Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $14.50 and $23. The stock currently trades at $23.05. Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO. Icahn increased the position by another ~10% in Q3 2013. He currently owns around 10% of Chesapeake (66.5M shares).Note: The implied performance of this stake by the prices quoted above is negatively skewed because of the spinoff of Seventy Seven Energy (SSE), its Oilfield Services business unit. The terms of the deal called for CHK shareholders to receive one share of SSE for every 14 shares of CHK held.Federal Mogul (FDML): FDML is a very long-term stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. The position was increased marginally in the last two quarters of 2011 at prices between $13 and $23. In Q3 2013, his share count increased by ~58% (over 44M shares) - the new shares were purchased by exercising FDML’s rights offering (In May, Federal-Mogul launched a $500 million rights offering whereby shareholders could purchase an additional share for each one they currently held) at $9.78 per share - Icahn got 44M of the 51M shares purchased in the offering. The stock currently trades at around $14.99. Icahn now controls just over 80% of the business. It is Icahn’s fifth-largest position at 5.35% of the US long portfolio.Herbalife (HLF): HLF is a 3.37% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. The position was marginally increased in Q2 2013 to almost 17M shares. Last quarter saw a very minor stake increase. The stock currently trades at around $38.66. Bill Ackman is on the other side of this trade - short 20M shares since Q4 2012. Bill Ackman and Carl Icahn ended their feud in May and they have agreed to disagree on HLF. HLF is being investigated by the FTC (Civil Investigative Demand - CID).Hologic Incorporated (HOLX): HOLX is a 2.47% of the US long portfolio activist stake established in Q4 2013 at around $21 per share. Icahn currently has a 12.5% stake in the business and have nominated two representatives to the board. In early December, a new CEO (Stephen MacMillan formerly of Stryker) was appointed stemming hopes that Icahn might immediately push for the sale of the business. The stock currently trades at $26.29.Navistar International (NAV): NAV is a relatively small 1.40% of the US long portfolio position that was increased by ~12% in Q3 2013 at prices between $27.50 and $40. Last quarter saw a ~8% increase at prices between $31.93 and $38.35. The stock currently trades at $35.83. Icahn controls around 18% of the business.Nuance Communications (NUAN): NUAN is a 2.79% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18.31 and $20. The stock currently trades below the low end of those ranges at $15.18. Icahn’s ownership is currently at over 17% of the company (~60M shares). Nuance adopted a poison-pill provision that allowed shareholders to purchase additional shares, if any one shareholder acquired more than 20% of the outstanding shares. On October 8, 2013 Nuance yielded somewhat by appointing two new Icahn recommended directors, thus avoiding a proxy fight, at least for the time being. For investors attempting to follow Icahn, Nuance is a very good option to consider for further research.Talisman Energy (TLM): TLM was a new 0.30% of the US long portfolio position established in Q3 2013. In Q4 2013, the stake was increased by over ten-times to a 2.91% of the US long portfolio position at an average cost-basis of around $11.79. The stock currently trades below half of Icahn’s cost-basis at $5.78. Icahn has succeeded in nominating two new board members. For investors attempting to follow Icahn, TLM is a very good option to consider for further research.Transocean Ltd. (RIG): RIG is a small ~2.04% of the US long portfolio stake first purchased in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The stock currently trades well below those ranges at around $25.36.American Railcar Inds. (ARII), Enzon Pharmaceuticals (ENZN), Mentor Graphics (MENT), & Voltari Corporation (VLTC): These are relatively small (less than 2% of the US long portfolio) positions that were held steady this quarter. Although the stakes are small on a relative basis, the percentages owned of the businesses concerned are very significant. Icahn owns 14%, 55.60%, 13.7%, and 14.2% of VLTC, ARII, ENZN, and MENT respectively.Icahn also owns significant stakes in the following OTC stocks as per latest 10Q: 73.5% of Viskase Companies (VKSC) and 67.9% of Tropicana Entertainment (TPCA).The spreadsheet below highlights changes to Icahn’s US stock holdings in Q3 2014:On a synthetic long position (bought June 2016 calls and sold June 2016 puts at the same strike of $17.50) in Hertz consisting of 38.8M shares. On September 9, 2014, the to a straight-long position for aggregate purchase price of just over a billion dollars (cost-basis $28.35).SA User Note/Feedback: Family Dollar Stores were purchased by Carl C. Icahn and not by Icahn Enterprises, LP. per IEP investor relations."

"Tracking Carl Icahn’s Portfolio – Q2 2014 Update"

"Carl Icahn’s US long portfolio decreased marginally from $32.93B to $32.53B this quarter.Icahn’s eBay stake increased to 30.8M shares (~2.5% of business) this quarter. Also, a significant stake (6.6% of the business) in Gannett was established as well.Carl Icahn is continuing to harvest long-term gains from Netflix.This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 08/14/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2014.This quarter, Icahn’s US long portfolio went down marginally from $32.93B to $32.53B. The portfolio increased 8%, 24% and 14.50% respectively in the previous three quarters. The number of holdings in the portfolio remained steady at 19: the huge 8.59% position in Forest Labs was eliminated and a new position in Gannett was added. The largest holding is Icahn Enterprises with an allocation of 32.44% of the US long portfolio. It is followed by Apple Inc. with an allocation of 15.07%. It is a very concentrated portfolio with the largest five positions accounting for almost 72% of the entire portfolio.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check-out “”.NOTE: the listed value of the portfolio in the 13F appears to be incorrect as the quoted value of his HOLX holding is off by a decimal point. The value reported above was adjusted so that the HOLX value is consistent with the share count listed in the 13F. A similar adjustment was made in the quoted values for HOLX in the section below and the spreadsheet.Stake Disposals:Forest Labs (FRX): FRX was an 8.59% of the US long portfolio activist stake first purchased in Q2 2011 at prices between $32.50 and $40. Over the years, the position was increased by around 10%. Icahn engaged in two proxy battles and prepared for a third in 2012. A deal with the company in June 2013 resulted in an Icahn representative being appointed to the company’s board as the eleventh member. The CEO was replaced in October 2013 and in December the company announced an accelerated repurchase program to be funded with a $1B debt offering and also announced plans to cut $500M in costs by 2016. Icahn held 11.5% of the outstanding shares of FRX as of last quarter. On 2/18/2014, Actavis plc (ACT) agreed to buy FRX in a $25B cash-and-stock deal ($26.04 cash and 0.3306 ACT shares for each FRX common stock held). The acquisition closed on July 1, 2014 and the shares last traded at around $100. Icahn harvested large long-term gains from this position.New Stakes:Gannett Inc. (GCI): GCI is a small 0.26% (2.7M shares) of the US long portfolio position established this quarter. On August 14, 2014, Icahn filed a showing he controlled 6.6% (~15M shares) of the business. 12.2M of the shares are a synthetic long stake (long calls and short puts) while the rest are a direct long position. The shares purchased have an average cost-basis of around $30. The stock currently trades at $34.41.Stake Decreases:Netflix Inc. (NFLX): NFLX is a 2.39% of the US long portfolio position first purchased in Q3 2012 at prices between $53 and $85. The stake was increased by ~300% in Q4 2012 in the 50s price-range. Q4 2013 saw an about-turn as more than half the position was disposed of at prices between $304 and $342. The pattern continued last quarter as the position was reduced by another ~16% at prices between $328 and $455. This quarter saw an additional ~21% reduction at prices between $314 and $449. The stock currently trades at around $466. Icahn is harvesting large long-term gains from the position. It was an activist stake and NFLX adopted a poison-pill provision to defend itself. Icahn backed-off as the company also started posting strong financial results.Stake Increases:Ebay Inc. (EBAY): EBAY is a 4.74% of the US long portfolio position (~2.5% of the business) established last quarter at prices between $51 and $59. The position was increased by ~11% this quarter at prices between $48 and $56. The stock currently trades at $53.11. The initial stake was first disclosed in eBay’s FY 2013 earnings release when it was also revealed that Carl Icahn proposed spinning off Paypal and had nominated two board members. On 4/10/2014, an agreement was reached that prevented an immediate proxy fight.Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. Last year, the position size increased from ~98M shares to ~102M shares and currently the share count is at ~106M. The last big stake increase happened in 2012 when around 20M shares were purchased at prices between $36.50 and $42.50. The stock currently trades at around $108.Navistar International (NAV): NAV is a relatively small 1.65% of the US long portfolio position that was increased by ~12% in Q3 2013 at prices between $27.50 and $40. This quarter saw a ~8% increase at prices between $31.93 and $38.35. The stock currently trades at $37.77. Icahn controls around 18% of the business.Kept Steady:Apple Inc. (AAPL): The original stake in AAPL was established in mid-August last year at around $68 per share. It was increased by ~22% in Q4 2013. Last quarter, another 2.8M shares (pre-split share count: ~60% stake increase) of AAPL stock was purchased at prices between $57 and $80. The stock currently trades at $99. Apple is now the second largest position in the portfolio at 15.07%. Icahn had pushed Apple to do a $50B buyback but in February the call was abandoned - the campaign was partly successful as Apple is buying back more shares.CVR Energy Inc. (CVI): CVI is a huge 10.55% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 80% of the whole business) was purchased through a $35 per share tender offer. The stock currently trades at $48: it has been a roller-coaster ride with the stock reaching as high as $72.32 in May 2013 and a low of $33.62 in Nov 2013. The stock has returned ~14% for the year so far.Two MLPs were carved out since the tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners.CVR Refining LP (CVRR): CVRR is a small 0.46% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades below that range at $24.27.Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $14.50 and $23. The stock currently trades at $25.46. Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO. Icahn increased the position by another ~10% in Q3 2013. He currently owns around 10% of Chesapeake (66.5M shares).Note: The implied performance of this stake by the prices quoted above is negatively skewed because of the spinoff of Seventy Seven Energy (SSE), its Oilfield Services business unit. The terms of the deal called for CHK shareholders to receive one share of SSE for every 14 shares of CHK held.Federal Mogul (FDML): FDML is a very long-term stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. The position was increased marginally in the last two quarters of 2011 at prices between $13 and $23. In Q3 2013, his share count increased by ~58% (over 44M shares) - the new shares were purchased by exercising FDML’s rights offering (In May, Federal-Mogul launched a $500 million rights offering whereby shareholders could purchase an additional share for each one they currently held) at $9.78 per share - Icahn got 44M of the 51M shares purchased in the offering. The move paid off as the stock currently trades at around $16.37. Icahn now controls just over 80% of the business. It is Icahn’s fourth-largest position at 7.53% of the US long portfolio.Herbalife (HLF): HLF is a 3.37% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. The position was marginally increased in Q2 2013 to almost 17M shares. Last quarter saw a very minor stake increase. The stock currently trades at around $51.03. Bill Ackman is on the other side of this trade - short 20M shares since Q4 2012. Bill Ackman and Carl Icahn ended their feud in May and they have agreed to disagree on HLF. HLF stock experienced a drop below $50 in March after disclosing that they are being investigated by the FTC (Civil Investigative Demand - CID).Hologic Incorporated (HOLX): HOLX is a 2.66% of the US long portfolio activist stake established in Q4 2013 at around $21 per share. Icahn currently has a 12.5% stake in the business and have nominated two representatives to the board. In early December, a new CEO (Stephen MacMillan formerly of Stryker) was appointed stemming hopes that Icahn might immediately push for the sale of the business. The stock currently trades at $25.42.Nuance Communications (NUAN): NUAN is a 3.51% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18.31 and $20. The stock currently trades below the low end of those ranges at $16.86. Icahn’s ownership is currently at over 17% of the company (~60M shares). Nuance adopted a poison-pill provision that allowed shareholders to purchase additional shares, if any one shareholder acquired more than 20% of the outstanding shares. On October 8, 2013 Nuance yielded somewhat by appointing two new Icahn recommended directors, thus avoiding a proxy fight, at least for the time being. For investors attempting to follow Icahn, Nuance is a very good option to consider.Talisman Energy (TLM): TLM was a new 0.30% of the US long portfolio position established in Q3 2013. In Q4 2013, the stake was increased by over ten-times to a 2.91% of the US long portfolio position at an average cost-basis of around $11.79. The stock currently trades below that price range at $10.35. Icahn has succeeded in nominating two new board members.Transocean Ltd. (RIG): RIG is a small ~2.97% of the US long portfolio stake first purchased in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The stock currently trades below those ranges at around $39.25.Voltari Corporation (VLTC), American Railcar Inds. (ARII), Enzon Pharmaceuticals (ENZN), and Mentor Graphics (MENT): These are relatively small (less than 2% of the US long portfolio) positions that were held steady this quarter. Although the stakes are small on a relative basis, the percentages owned of the businesses concerned are very significant. Icahn owns 14%, 55.60%, 13.7%, and 14.2% of VLTC, ARII, ENZN, and MENT respectively.Icahn also owns significant stakes in the following OTC stocks as per latest 10Q: 73% of Viskase Companies (VKSC) and 68% of Tropicana Entertainment (TPCA).The spreadsheet below highlights changes to Icahn’s US stock holdings in Q2 2014:"

"Tracking Carl Icahn’s Portfolio – Q1 2014 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 05/15/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2013.This quarter, Icahn’s US long portfolio went up from $30.46B to $32.93B, an increase of 8%. The portfolio increased 24% and 14.50% respectively in the last two quarters as well. The number of holdings in the portfolio increased from 18 to 19: a fairly large 4.66% of the US long portfolio position in eBay was established this quarter. The largest holding is Icahn Enterprises with an allocation of 32.09% of the US long portfolio. It is followed by Apple Inc. with an allocation of 12.29%. It is a very concentrated portfolio with the largest five positions accounting for just below 69% of the entire portfolio.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check-out “”.Stake Disposals:None.New Stakes:Ebay Inc. (EBAY): EBAY is a 4.66% of the US long portfolio position (~2.2% of the business) established this quarter at prices between $51 and $59. The stock currently trades at $52.33. The initial stake was first disclosed in eBay’s FY 2013 earnings release when it was also revealed that Carl Icahn proposed spinning off Paypal and had nominated two board members. On 4/10/2014, an agreement was reached that prevented an immediate proxy fight.Stake Decreases:Netflix Inc. (NFLX): NFLX is a 2.40% of the US long portfolio position first purchased in Q3 2012 at prices between $53 and $85. The stake was increased by ~300% in Q4 2012 in the 50s price-range. Last quarter saw an about-turn as more than half the position was disposed of at prices between $304 and $342. The pattern continued this quarter as the position was reduced by another ~16% at prices between $328 and $455. The stock currently trades at around $365. Icahn is harvesting large gains from the position. It was an activist stake and NFLX adopted a poison-pill provision to defend itself. Icahn backed-off as the company also started posting strong financial results.Stake Increases:Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. Last year, the position size increased from ~98M shares to ~102M shares and this quarter saw an additional ~1M share purchase at prices between $100 and $118. The last big stake increase happened in 2012 when around 20M shares were purchased at prices between $36.50 and $42.50. The stock currently trades at around $100.Apple Inc. (AAPL): On 08/13/2013, Icahn revealed a "large position in APPLE" through a . AAPL price-per-share spiked from $475 to close that day at $489.57. The original stake was increased by ~22% last quarter. This quarter, another 2.8M shares (~60% stake increase) of AAPL stock was purchased at prices between $500 and $561. The stock currently trades at $605. Apple is now the second largest position in the portfolio at 12.29%. Icahn had pushed Apple to do a $50B buyback but in February the call was abandoned - the campaign was partly successful as Apple is buying back more shares.Herbalife (HLF): HLF is a 2.96% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. The position was marginally increased in Q2 2013 to almost 17M shares. This quarter saw a very minor stake increase. The stock currently trades at around $63. Bill Ackman is on the other side of this trade - short 20M shares since Q4 2012. Bill Ackman and Carl Icahn ended their feud late last month and they have apparently agreed to disagree on HLF. It will be interesting to see how their respective stakes progress in the coming quarters. HLF stock experienced a drop below $50 in March after disclosing that they are being investigated by the FTC (Civil Investigative Demand - CID).Kept Steady:CVR Energy Inc. (CVI): CVI is a huge 10.15% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 80% of the whole business) was purchased through a $35 per share tender offer. The stock currently trades at $46.72: it has been a roller-coaster ride with the stock reaching as high as $72.32 in May 2013 and a low of $33.62 in Nov 2013. The stock has returned ~11% for the year so far.Two MLPs were carved out since the tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners.Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $14.50 and $23. The stock currently trades at $27.96. Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO. Icahn increased the position by another ~10% in Q3 2013. He currently owns around 10% of Chesapeake (66.5M shares).Federal Mogul (FDML): FDML is a very long-term stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. The position was increased marginally in the last two quarters of 2011 at prices between $13 and $23. In Q3 2013, his share count increased by ~58% (over 44M shares) - the new shares were purchased by exercising FDML’s rights offering (In May, Federal-Mogul launched a $500 million rights offering whereby shareholders could purchase an additional share for each one they currently held) at $9.78 per share - Icahn got 44M of the 51M shares purchased in the offering. The move paid off as the stock currently trades at around $16.66. Icahn now controls just over 80% of the business. It is Icahn’s fourth-largest position at 7.83% of the US long portfolio.Navistar International (NAV): NAV is a relatively small 1.67% of the US long portfolio position that was increased by ~12% in Q3 2013 at prices between $27.50 and $40. The stock currently trades at $33.49. Icahn controls around 16% of the business.Forest Labs (FRX): FRX is an 8.59% of the US long portfolio activist stake first purchased in Q2 2011 at prices between $32.50 and $40. Over the years, the position has been increased by around 10%. Icahn engaged in two proxy battles and prepared for a third in 2012. A deal with the company in June 2013 resulted in an Icahn representative being appointed to the company’s board as the eleventh member. The CEO was replaced in October 2013 and in December the company announced an accelerated repurchase program to be funded with a $1B debt offering and also announced plans to cut $500M in costs by 2016. Icahn holds 11.5% of the outstanding shares of FRX.On 2/18/2014, Actavis plc (ACT) agreed to buy FRX in a $25B cash-and-stock deal ($26.04 cash and 0.3306 ACT shares for each FRX common stock held). The stock has returned ~55% YTD and that is following a stellar 72% return last year.CVR Refining LP (CVRR): CVRR is a small 0.42% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades below that range at $26.09.Transocean Ltd. (RIG): RIG is a small ~2.70% of the US long portfolio stake first purchased in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The stock currently trades below those ranges at around $41.43.Hologic Incorporated (HOLX): HOLX is a 2.23% of the US long portfolio activist stake established last quarter at around $21 per share. Icahn currently has a 12.5% stake in the business and have nominated two representatives to the board. In early December, a new CEO (Stephen MacMillan formerly of Stryker) was appointed stemming hopes that Icahn might immediately push for the sale of the business. The stock currently trades at $23.91.Talisman Energy (TLM): TLM was a new 0.30% of the US long portfolio position established in Q3 2013. Last quarter, the stake was increased by over ten-times to a 2.91% of the US long portfolio position at an average cost-basis of around $11.79. The stock currently trades below that price range at $10.56. Icahn has already succeeded in nominating two new board members.Nuance Communications (NUAN): NUAN is a 3.17% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds in Q3 2013 at prices between $18.31 and $20. The stock currently trades below the low end of those ranges at $15.45. Icahn’s ownership is currently at over 17% of the company (~60M shares). Nuance adopted a poison-pill provision that allowed shareholders to purchase additional shares, if any one shareholder acquired more than 20% of the outstanding shares. On October 8, 2013 Nuance yielded somewhat by appointing two new Icahn recommended directors, thus avoiding a proxy fight, at least for the time being. For investors attempting to follow Icahn, Nuance is a very good option to consider.Voltari Corporation (VLTC), American Railcar Inds. (ARII), Enzon Pharmaceuticals (ENZN), and Mentor Graphics (MENT): These are relatively small (less than 2% of the US long portfolio) positions that were held steady this quarter. Although the stakes are small on a relative basis, the percentages owned of the businesses concerned are very significant. Icahn owns 14%, 55.60%, 13.7%, and 14.2% of VLTC, ARII, ENZN, and MENT respectively.Add the following info in the next report:Icahn also owns significant stakes in the following OTC stocks as per latest 10Q: 73% of Viskase Companies (VKSE) and 68% of Tropicana Entertainment (TPCA).The spreadsheet below highlights changes to Icahn’s US stock holdings in Q1 2014:1/22/2014 - Carl Icahn’s eBay position - add it in next updateeBay disclosed the position in their Q4 2013 earnings press release - 0.82% position in common and derivatives - he is calling to spinoff ebay. See:"

"Tracking Carl Icahn’s Portfolio – Q4 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 02/14/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2013.This quarter, Icahn’s US long portfolio went up from $24.64B to $30.46B, an increase of 24%. The portfolio increased 14.50% last quarter as well. The number of holdings in the portfolio remained steady at 18: Take-Two Interactive Software position was eliminated and Hologic Inc. was newly added during the quarter. The largest holding is Icahn Enterprises (IEP) with an allocation of 36.60% of the US long portfolio. It is followed by CVR Energy (CVI) with an allocation of 10.15%. It is a very concentrated portfolio with the largest five positions accounting for just over 69% of the entire portfolio.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check-out “”.Stake Disposals:Take-Two Interactive Software (TTWO): TTWO was a very small 0.89% of the US long portfolio. It was disposed of this quarter as TTWO agreed to purchase the shares from Icahn at $16.93 per share on 11/26/2013. Icahn controlled 12.9% of the business as of last quarter - it was an activist stake that was first established in 2009 but Icahn has moved on. The stock currently trades at $19.11.New Stakes:Hologic Incorporated (HOLX): HOLX is a new 2.51% of the US long portfolio activist stake established this quarter at around $21 per share. Icahn currently has a 12.5% stake in the business and have nominated two representatives to the board. In early December, a new CEO (Stephen MacMillan formerly of Stryker) was appointed stemming hopes that Icahn might immediately push for the sale of the business. The stock currently trades at $21.25.Stake Decreases:Netflix Inc. (NFLX): NFLX is a 3.22% of the US long portfolio position first purchased in Q3 2012 at prices between $53 and $85. The stake was increased by ~300% in Q4 2012 in the 50s price-range. This quarter saw an about-turn as more than half the position was disposed of at prices between $304 and $342. The stock currently trades at around $435. Icahn is harvesting large gains from the position. It was an activist stake and NFLX adopted a poison-pill provision to defend itself. Icahn backed-off as the company also started posting strong financial results.Stake Increases:Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. In the last three quarters, about ~4M shares were purchased. Last year the position size increased from ~79M shares to ~98M shares and since then the purchases have slowed. Most of that buying happened in Q1 2012 at prices between $36.50 and $42.50. The stock currently trades at $112.Apple Inc. (AAPL): On 08/13/2013, Icahn revealed a "large position in APPLE" through a . AAPL price-per-share spiked from $475 to close that day at $489.57. The original stake was increased by ~22% this quarter. Since the end of the quarter, another $1B worth of AAPL stock was purchased. The recent stake increases happened at an average cost-basis of around $500. The stock currently trades at $544. Icahn had pushed Apple to do a $50B buyback but earlier this month the call was abandoned - the campaign was partly successful as Apple is on track to buyback $32B worth of stock this year.Talisman Energy (TLM): TLM was a new 0.30% of the US long portfolio position established last quarter. This quarter, the stake was increased by over ten-times to a 2.91% of the US long portfolio position at an average cost-basis of around $11.79. The stock currently trades below that price range at $10.61. Icahn is very bullish on Talisman Energy and has already succeeded in nominating two new board members.Nuance Communications (NUAN): NUAN is a 3.03% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds last quarter at prices between $18.31 and $20. The stock currently trades below the low end of those ranges at $14.81. Icahn’s ownership is currently at over 17% of the company (~60M shares). Nuance adopted a poison-pill provision that allowed shareholders to purchase additional shares, if any one shareholder acquired more than 20% of the outstanding shares. On October 8, 2013 Nuance yielded somewhat by appointing two new Icahn recommended directors, thus avoiding a proxy fight, at least for the time being. For investors attempting to follow Icahn, Nuance is a very good option to consider.The rest of the positions were kept steady:CVR Energy Inc. (CVI): CVI is a huge 10.15% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 80% of the whole business) was purchased through a $35 per share tender offer. The stock currently trades at $37.66: it has been a roller-coaster ride with the stock reaching as high as $72.32 in May but has since been in an extended downtrend. Two MLPs were carved out since the tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners.Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $14.50 and $23. The stock currently trades at $25.14. Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO. Icahn increased the position by another ~10% last quarter, indicating a clear bullish bias. He currently owns around 10% of Chesapeake (66.5M shares).Federal Mogul (FDML): FDML is a very long-term stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. The position was increased marginally in the last two quarters of 2011 at prices between $13 and $23. Last quarter, his share count increased by ~58% (over 44M shares) - the new shares were purchased by exercising FDML’s rights offering (In May, Federal-Mogul launched a $500 million rights offering whereby shareholders could purchase an additional share for each one they currently held) at $9.78 per share - Icahn got 44M of the 51M shares purchased in the offering. The move paid off almost immediately as the stock currently trades at at around $16.91. Icahn now controls just over 80% of the business. It is Icahn’s fourth-largest position at 7.83% of the US long portfolio.Navistar International (NAV): NAV is a relatively small 1.97% of the US long portfolio position that was increased by ~12% last quarter at prices between $27.50 and $40. The stock currently trades at $35.74. Icahn controls around 16% of the business.Forest Labs (FRX): FRX is a 6.04% of the US long portfolio activist stake first purchased in Q2 2011 at prices between $32.50 and $40. The stock currently trades well outside that range at $71.39. Over the years, the position has been increased by around 10%. Icahn engaged in two proxy battles in the interim and prepared for a third one last year. A deal with the company in June 2013 avoided that and an Icahn representative was appointed to the company’s board as the eleventh member. The activism is finally starting to yield results: the CEO was replaced in October and in December the company announced an accelerated repurchase program to be funded with a $1B debt offering and also announced plans to cut $500M in costs by 2016. Icahn holds 11.5% of the outstanding shares of FRX. The stock has already returned ~19% YTD and that is following a stellar 72% return last year.CVR Refining LP (CVRR): CVRR is a small 0.45% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% in Q2 2013 at prices between $28 and $35. The stock currently trades well below that range at $20.97.Herbalife (HLF): HLF is a 4.38% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. The position was marginally increased in Q2 2013 to almost 17M shares. The stock currently trades at $66.39. Bill Ackman is on the other side of this trade - short 20M shares since Q4 2012.Transocean Ltd. (RIG): RIG is a small ~3.49% of the US long portfolio stake first purchased in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The stock currently trades below those ranges at around $43.13.Voltari Corporation (VLTC), American Railcar Inds. (ARII), Enzon Pharmaceuticals (ENZN), and Mentor Graphics (MENT): These are relatively small (less than 2% of the US long portfolio) positions that were held steady this quarter. Although the stakes are small on a relative basis, the percentages owned of the businesses concerned are very significant. Icahn owns 14%, 55.60%, 13.7%, 14.2%, and 12.9% of VLTC, ARII, ENZN, and MENT respectively.The spreadsheet below highlights changes to Icahn’s US stock holdings in Q4 2013:"

"Tracking Carl Icahn’s Portfolio – Q3 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 11/14/2013. Please visit our to get an idea of his investment philosophy and the fund’s moves in Q2 2013.This quarter, Icahn’s US long portfolio went up from $21.52B to 24.64B, an increase of ~14.50%. The portfolio increased ~27% last quarter as well. The number of holdings in the portfolio decreased from 19 to 18: Dell Inc., Hain Celestial, and WebMD were liquidated and Apple Inc. and Talisman Energy were newly added. The largest holding is Icahn Enterprises (IEP) with an allocation of just over one-third of the US long portfolio. It is followed by CVR Energy (CVI) with an allocation of 11.13%. It is a very concentrated portfolio with the largest five positions accounting for just over two-thirds of the entire portfolio.Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value. To learn more about his investing style and philosophy check-out “”.Stake Disposals:Dell Inc. (DELL): DELL was a huge 9.46% of the US long portfolio position first established in Q1 2013. The bulk of the stake was purchased last quarter at a cost-basis of around $13.89. Icahn along with Southeastern Asset Management planned a proxy fight for control of the company. Together, they owned about 14% of the outstanding shares but ultimately had to walk away and settle for the LBO offer from Michael Dell and Silver Lake Management LLC - $13.75/share + $0.13/share special dividend + a guaranteed $0.08/share quarterly dividend payment.Hain Celestial (HAIN): HAIN was a relatively small 2.19% of the US long portfolio stake first purchased in 2010. The bulk of the position was purchased in Q2 2011 at prices between $31 and $36. It was disposed of this quarter at prices between $65 and $82. The stock currently trades just outside that range at $84.51. Icahn owned 15.3% of the business as of last quarter and harvested huge gains from the position. The stake elimination indicates a clear bearish bias.WebMD Health Corp. (WBMD): WBMD was a very small 0.91% position that had been in the portfolio since 2011. Here again, even though the relative size of the stake was very small, Icahn controlled ~16.75% of the entire business as of last quarter. WBMD had an outstanding year rising 180% so far YTD. Icahn sold his position back to the company at $32.08 per share on 10/21/2013 - there were disagreements with management over whether to pursue a sale of the business or go with a larger buyback.New Stakes:Apple Inc. (AAPL): On 08/13/2013, Icahn revealed a "large position in APPLE" () through a . AAPL price-per-share spiked from $475 to close that day at $489.57. Per the Q3 report, the stake is a huge $1.85B position (~3.9M shares). Icahn has since been pushing for a $150B stock-buyback to increase shareholder value.Talisman Energy (TLM): TLM is a new 0.30% of the US long portfolio position established this quarter. Since the end of the quarter, the stake has been increased by over ten-times, per regulatory schedule 13D filings. He currently controls 6.96% of the business (over 71M shares) and his average cost-basis is around $11.79. The stock currently trades above that price at $12.38. Icahn is very bullish on Talisman Energy and is seeking to engage management regarding “strategic alternatives, board seats, etc.”Stake Decreases:None.Stake Increases:Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. Last quarter, about ~1.4M shares were purchased and it was followed up with a ~1.2M share purchase this quarter. Last year the position size increased from ~79M shares to ~98M shares and since then the purchases have slowed. Most of that buying happened in Q1 2012 at prices between $36.50 and $42.50. The stock currently trades at $119.Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $14.50 and $23. The stock currently trades at $25.88. Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO. Icahn increased the position by another ~10% this quarter, indicating a clear bullish bias. He currently owns around 10% of Chesapeake (66.5M shares).Federal Mogul (FDML): FDML is a very long-term stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares, as debt he owned got converted into equity. The position was increased marginally in the last two quarters of 2011 at prices between $13 and $23. This quarter, his share count increased by ~58% (over 44M shares) - the new shares were purchased by exercising FDML’s rights offering (In May, Federal-Mogul launched a $500 million stock rights offering whereby shareholders could purchase an additional share for each one they currently held) at $9.78 per share - Icahn got 44M of the 51M shares purchased in the offering. The move paid off almost immediately as the stock currently trades at more than double that price at around $20. Icahn now controls just over 80% of the business. It is Icahn’s third-largest position at 8.25% of the US long portfolio.Nuance Communications (NUAN): NUAN is a 3.98% of the US long portfolio stake established in Q1 2013 at prices between $18 and $25. The position was increased by roughly two-thirds this quarter at prices between $18.31 and $20. The stock currently trades below the low end of those ranges at $16.28. Icahn’s ownership is currently at over 16% of the company (~52M shares). Nuance adopted a poison-pill provision that allowed shareholders to purchase additional shares, if any one shareholder acquired more than 20% of the outstanding shares. On October 8, 2013 Nuance yielded somewhat by appointing two new Icahn recommended directors, thus avoiding a proxy fight, at least for the time being. For investors attempting to follow Icahn, Nuance is a very good option to consider.Navistar International (NAV): This is a relatively small 1.97% of the US long portfolio position that was increased by ~12% this quarter at prices between $27.50 and $40. The stock currently trades at $39.85. Icahn controls around 16% of the business.The rest of the positions were kept steady:CVR Energy Inc. (CVI): CVI is a huge 11.13% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 80% of the whole business) was purchased through a $35 per share tender offer. The stock currently trades at $37.85: it has been a roller-coaster ride with the stock reaching as high as $72.32 in May but has since been in an extended downtrend. Two MLPs were carved out since the tender: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVR Energy owns 71% of CVR Refining and 53% of CVR Partners.Forest Labs (FRX): FRX is a 5.33% of the US long portfolio activist stake first purchased in Q2 2011 at prices between $32.50 and $40. The stock currently trades well outside that range at $51.66. Over the years, the position has been increased by around 10%. Icahn engaged in two proxy battles in the interim and was preparing for a third one this year. A deal with the company in early June avoided that and an Icahn representative was appointed to the company’s board as the eleventh member. The CEO was promptly replaced in October. Icahn holds 11.5% of the outstanding shares of FRX. The stock has returned just over 45% so far YTD.Netflix Inc. (NFLX): NFLX is 6.95% of the US long portfolio position first purchased in Q3 2012 at prices between $53 and $85. The stake was increased by ~300% in Q4 2012 in the 50s price-range. The stock currently trades at around $350. It was an activist stake and NFLX adopted a poison-pill provision to defend itself. Since then, Icahn backed-off as the company also started posting strong financial results. An October 22nd schedule 13D regulatory filing indicates that more than half the position was disposed of at prices between $304 and $342. Icahn is harvesting large gains from the position.CVR Refining LP (CVRR): CVRR is a small 0.61% of the US long portfolio position established in Q1 2013 as a result of the spin-off (carve-out) of CVR Refining from CVR Energy. The position was increased by 50% last quarter at prices between $28 and $35. The stock currently trades well below that range at $23.65.Herbalife (HLF): HLF is a 4.81% of the US long portfolio stake first purchased in Q1 2013 in the high-30s price range. The position was marginally increased last quarter to almost 17M shares. The stock currently trades at $69.40. Bill Ackman is on the other side of this trade - short 20M shares since Q4 2012.Transocean Ltd. (RIG): RIG is a small ~3.88% of the US long portfolio stake first purchased in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% in Q1 2013 at prices between $44 and $60. The stock currently trades at around $55.Voltari Corporation (VLTC), American Railcar Inds. (ARII), Enzon Pharmaceuticals (ENZN), Mentor Graphics (MENT), and Take-Two Interactive Software (TTWO): These are relatively small (less than 2% of the US long portfolio) positions that were held steady this quarter. Although the stakes are small on a relative basis, the percentages owned of the businesses concerned are very significant. Icahn owns 14%, 55.60%, 13.7%, 14.2%, and 12.9% of VLTC, ARII, ENZN, MENT, and TTWO respectively.The spreadsheet below highlights changes to Icahn’s US stock holdings in Q3 2013:"

"Tracking Carl Icahn’s Portfolio – Q2 2013 Update"

"This article is first in a series that provides an ongoing analysis of the changes made to Carl Icahn’s US stock portfolio on a quarterly basis. It is based on Icahn’s regulatory filed on 08/14/2013. Carl Icahn ran a hedge fund from 2004 but in 2011 returned outside money to shareholders. The fund currently invests Icahn’s own money which is estimated at over $25B. In addition, he is also the Chairman of Icahn Enterprises (IEP) and a few other businesses. IEP is a publicly listed private equity enterprise 88% owned by Carl Icahn. IEP adopted an activist philosophy since 1999 and has cumulatively returned over 800% from that point on compared to just over 30% cumulative for the S&P 500 index. Icahn’s other assets are also invested using the same philosophy - build sizable stakes in businesses and push for changes to increase shareholder value.This quarter, Ichan’s US long portfolio went up from $16.96B to $21.52B, an increase of ~27%. The number of holdings in the portfolio remained steady at 19. The largest holding is Icahn Enterprises (EIP) which has an allocation of just over one-third of the US long portfolio followed by CVR Energy (CVI) with an allocation of 15.69%. It is a very concentrated portfolio with the largest five positions accounting for over 70% of the portfolio.On August 13th, Icahn revealed a "large position in APPLE" () through a . He has since said that the price of Apple Inc. can go up a lot if they announce a large buyback with borrowed money. AAPL price-per-share spiked from $475 to close that day at $489.57. It currently trades at around $503.Stake Disposals:None.New Stakes:Voltari Corporation (VLTC): VLTC is a minute 0.01% of the US long portfolio position established this quarter at prices between $3.40 and $7.42. The stock currently trades at $5.25. Although the position size is small on a relative basis, Icahn owns over 14% of the business, indicating a bullish bias.Stake Decreases:None.Stake Increases:Icahn Enterprises (IEP): IEP is a very long-term position that has seen consistent buying over the years. This quarter, about ~1.4M shares were purchased. Last year the position size increased from ~79M shares to ~98M shares and since then the purchases have slowed. Most of that buying happened in Q1 2012 at prices between $36.50 and $42.50. The stock currently trades at $74.66.Dell Inc. (DELL): DELL is a huge 9.46% of the US long portfolio position first established last quarter. The bulk of the stake was purchased this quarter at a cost-basis of around $13.89. Icahn along with Southeastern Asset Management is preparing for a proxy fight in October for control of the company. Together, they own about 14% of the outstanding shares.Transocean Ltd. (RIG): RIG was a small ~2% of the US long portfolio stake established in Q4 2012 at prices between $44.20 and $49.50. The position was increased by ~250% last quarter at prices between $44 and $60. This quarter, the stake was marginally increased. The stock currently trades at the low-end of those ranges at around $46.Herbalife (HLF): HLF is a 3.56% of the US long portfolio stake first purchased last quarter in the high-30s price range. The position was marginally increased this quarter to almost 17M shares. The stock currently trades at $63.50. Bill Ackman is on the other side of this trade - short 20M shares since Q4 2012.Nuance Communications (NUAN): NUAN is a 2.69% of the US long portfolio stake established last quarter at prices between $18 and $25. The stock currently trades near the low-end of that range at $19.20. Icahn has disclosed in an August 8th 13G filing that his overall ownership is at 16% of the company (~51M shares). Since then, NUAN has adopted a poison-pill provision that allows shareholders to purchase additional shares if any one shareholder acquires more than 20% of the outstanding shares.CVR Refining LP (CVRR): CVRR is a small 0.84% of the US long portfolio position established last quarter as a result of the spin-off (carve-out) of CVRR from CVR Energy (CVI). The position was increased by 50% this quarter at prices between $28 and $35. The stock currently trades below that range at $27.34.The rest of the positions were kept steady:CVR Energy Inc. (CVI): CVI is a huge 15.69% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 80% of the whole business) was purchased through a $35 per share tender offer. The stock currently trades at $45. Since then, two MLPs were carved out: CVR Refining (CVRR) the refining portion and CVR Partners (UAN) the nitrogen fertilizer unit. CVI owns 71% of CVRR and 53% of UAN.Forest Labs (FRX): FRX is a 5.84% of the US long portfolio activist stake first purchased in Q2 2011 at prices between $32.50 and $40. The stock currently trades at $43. Over the years, the position has been increased by around 10%. Icahn engaged in two proxy battles in the interim and was preparing for a third one this year. A deal with the company in early June avoided that and an Icahn representative was appointed to the company’s board as the eleventh member. Icahn holds 11.5% of the outstanding shares of FRX.Chesapeake Energy (CHK): CHK was first purchased in 2010 but was quickly sold. The bulk of the current stake was purchased in Q2 2012 at prices between $14.50 and $23. The stock currently trades at $25.51. Icahn successfully engaged in a proxy fight alongside Southeastern Asset Management that led to the eventual departure of the CEO. Since the end of the quarter, Icahn has increased the position by another ~10% indicating a clear bullish bias. He currently owns around 10% of CHK (66.5M shares).Netflix Inc. (NFLX): NFLX is 5.44% of the US long portfolio position first purchased in Q3 2012 at prices between $53 and $85. The stake was increased by ~300% in Q4 2012 in the 50s price-range. The stock currently trades at $270. It was an activist stake and NFLX adopted a poison-pill provision to defend itself. Since then, Icahn has backed-off as the company started posting strong financial results.Federal Mogul (FDML): FDML is a very long-term stake first purchased in 2000. It went through an asbestos-claim related bankruptcy and emerged in 2007 with Icahn owning over 75% of the outstanding shares as debt he owned got converted into equity. The position was increased marginally in the last two quarters of 2011 at prices between $13 and $23. Since then, the position has been kept steady. The stock currently trades at $16.41.Hain Celestial (HAIN: HAIN is a relatively small 2.19% of the US long portfolio stake first purchased in 2010. The bulk of the current position was purchased in Q2 2011 at prices between $31 and $36. The stock currently trades at $81.American Railcar Inds. (ARII), Enzon Pharmaceuticals (ENZN), Mentor Graphics (MENT), Navistar International (NAV), Take-Two Interactive Software (TTWO), & Webmd Health Corp. (WBMD): These are relatively small (less than 2% of the US long portfolio) positions that were held steady this quarter. Although the stakes are small on a relative basis, the percentage ownership of the businesses is very significant. Icahn owns 55.60%, 13.7%, 14.2%, 14.7%, 12.9%, and 13.4% of ARII, ENZN, MENT, NAV, TTWO, and WBMD respectively.The spreadsheet below highlights changes to Icahn’s US stock holdings in Q2 2013:"

"Tracking John Paulson’s Paulson & Company Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 8/14/2023. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2023.This quarter, Paulson’s 13F portfolio value decreased ~15% from ~$1.20B to ~$1.02B. There are 21 13F securities in the portfolio although only 17 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Brightsphere Investment Group, Perpetua Resources, Novagold, and Madrigal Pharma. They add up to ~64% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: In August 2021, Paulson called a bubble in crypto (GBTC) (ETHE) saying “I would describe cryptocurrencies as a limited supply of nothing.” But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.New Stakes:Madrigal Pharma (MDGL) and Newmont Corp (NEM): MDGL is a large ~8% of the portfolio stake established this quarter at prices between ~$204 and ~$312 and the stock currently trades well below that range at ~$164. The ~2% NEM position was purchased at prices between ~$40.40 and ~$52 and it is now at $40.47.Stake Disposals:Bally’s Corporation (BALY): The very small ~1.5% BALY stake was disposed this quarter.Stake Decreases:Horizon Therapeutics (HZNP): HZNP is now at ~5% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Q3 2021 saw a ~23% reduction at prices between ~$92 and ~$110. Q4 2022 saw another ~75% selling at prices between ~$61.60 and ~$114. That was followed by a one-third reduction last quarter at prices between ~$107 and ~$114. This quarter saw another ~50% selling at prices between ~$96 and ~$112. The stock is now at ~$115.Note: Amgen (AMGN) is acquiring Horizon Therapeutics in a $116.50 all-cash deal announced last December.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $8.37, and the stake is now the largest position in the portfolio at ~21%.BrightSphere Investment Group (BSIG): BSIG is currently the second largest 13F stake at 18.30% of the portfolio. It was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction in Q4 2021 at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at $20.23.Note: Paulson’s ownership stake in BSIG is ~20%.Perpetua Resources (PPTA): The ~9% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades well below that range at $3.78. There was a ~18% stake increase in Q3 2021 at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.NovaGold Resources (NG): NG is a large (top three) 8.66% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while the next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $4.11.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.AngloGold Ashanti (AU): AU is a 7.89% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 saw a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 saw a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. Q3 2022 saw another one-third selling at prices between ~$12 and ~$16. That was followed with a ~80% reduction next quarter at prices between ~$12.25 and ~$19.75. The stake was rebuilt last quarter at prices between ~$17 and ~$24. The stock is currently at $18.05.Thryv Holdings (THRY) previously Dex Media: The 4.80% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Next two quarters saw another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at $19.17. There was a minor ~7% trimming during Q4 2022.Note: Paulson & Company has a 5.8% ownership stake in the business.Agnico Eagle Mines (AEM): The 3.82% AEM position came about as a result of Agnico’s acquisition of Kirkland Lake Gold in an all-stock deal (0.7935 shares of AEM for each share held) that closed last January. Paulson & Company had a 1.303M share stake in Kirkland Lake Gold for which they received these shares. There was a ~270% stake increase during Q4 2022 at prices between ~$40 and ~$53.50. The last quarter saw a ~80% reduction at prices between ~$45 and ~$58. AEM currently trades at $49.79.SSR Mining Inc. (SSRM): The 2.51% of the portfolio stake in SSRM saw a ~140% stake increase in Q4 2021 at prices between ~$14.50 and ~$20. There was a ~35% selling during Q4 2022 at prices between ~$13 and ~$16.35. The stock currently trades at $15.05.International Tower Hill Mines (THM): THM is a 2.51% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 also saw the purchase of around 2.34M shares at ~$1.40. The stock is now at 38c.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Seabridge Gold (SA): The 2.44% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $11.89.Equinox Gold (EQX), Newmark Group (NMRK), Tellurian Inc. (TELL), and Trilogy Metals (TMQ): These very small (less than ~1.5% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q2 2023:Source: John Vincent. Data constructed from Paulson & Company’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 2/24/2023 to 6/20/2023: None."

"Tracking John Paulson’s Paulson & Company Portfolio – Q1 2023 Update"

"John Paulson’s 13F portfolio value increased from $1.11B to $1.20B this quarter.Paulson & Company increased AngloGold Ashanti while dropping KraneShares CSI China Internet ETF this quarter.The top three positions are at 47% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 5/15/2023. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2022.This quarter, Paulson’s 13F portfolio value increased ~8% from ~$1.11B to ~$1.20B. There are 20 13F securities in the portfolio although only 17 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Brightsphere Investment Group, Novagold, Perpetua Resources, and Horizon Therapeutics. They add up to ~65% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: In August 2021, Paulson called a bubble in crypto (GBTC) (ETHE) saying “I would describe cryptocurrencies as a limited supply of nothing.” But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Kraneshares CSI China Internet (KWEB): KWEB was a 6.34% of the portfolio position primarily built in Q1 2022 at prices between ~$21 and ~$39. There was a ~27% selling during Q3 2022 at prices between ~$25 and ~$33. The disposal this quarter was at prices between ~$28 and ~$36. The stock currently trades at $27.84.Overseas Shipholding Group (OSG): The very small 0.73% stake in OSG was disposed during the quarter.Stake Increases:AngloGold Ashanti (AU): AU is a 7.71% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. Q3 2022 saw another one-third selling at prices between ~$12 and ~$16. That was followed with a ~80% reduction last quarter at prices between ~$12.25 and ~$19.75. The stake was rebuilt this quarter at prices between ~$17 and ~$24. The stock is currently at $23.19.Stake Decreases:Horizon Therapeutics (HZNP): HZNP is now at ~9% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Q3 2021 saw a ~23% reduction at prices between ~$92 and ~$110. Last quarter saw another ~75% selling at prices between ~$61.60 and ~$114. That was followed by a one-third reduction this quarter at prices between ~$107 and ~$114. The stock is now at ~$101.Note: Amgen (AMGN) is acquiring Horizon Therapeutics in a $116.50 all-cash deal announced last December. FTC has sued to block the deal.Agnico Eagle Mines (AEM): The 3.32% AEM position came about as a result of Agnico’s acquisition of Kirkland Lake Gold in an all-stock deal (0.7935 shares of AEM for each share held) that closed last January. Paulson & Company had a 1.303M share stake in Kirkland Lake Gold for which they received these shares. There was a ~270% stake increase last quarter at prices between ~$40 and ~$53.50. This quarter saw a ~80% reduction at prices between ~$45 and ~$58. AEM currently trades at $48.73.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $7.40, and the stake is now the largest position in the portfolio at ~18%.BrightSphere Investment Group (BSIG): BSIG is currently the second largest 13F stake at 17.55% of the portfolio. It was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction in Q4 2021 at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at $21.75.Note: Paulson’s ownership stake in BSIG is ~20%.NovaGold Resources (NG): NG is a large (top three) 11.49% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $4.85.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Perpetua Resources (PPTA): The ~4% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades well below that range at $3.81. There was a ~18% stake increase in Q3 2021 at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.Thryv Holdings (THRY) previously Dex Media: The 3.83% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Next two quarters saw another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at $25.67. There was a minor ~7% trimming last quarter.Note: Paulson & Company has a 5.8% ownership stake in the business.International Tower Hill Mines (THM): THM is a ~3% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 also saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.42.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.SSR Mining Inc. (SSRM): The 2.51% of the portfolio stake in SSRM saw a ~140% stake increase in Q4 2021 at prices between ~$14.50 and ~$20. There was a ~35% selling last quarter at prices between ~$13 and ~$16.35. The stock currently trades at $14.04.Seabridge Gold (SA): The 2.23% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $12.25.Bally’s Corporation (BALY), Equinox Gold (EQX), Newmark Group (NMRK), Tellurian Inc. (TELL), and Trilogy Metals (TMQ): These very small (less than ~1.5% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q1 2023:Source: John Vincent. Data constructed from Paulson & Company’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/20/2022 to 2/24/2023: 13G/A – 2/14 – THRY – 2M shares – 5.8% of business."

"Tracking John Paulson’s Paulson & Company Portfolio – Q4 2022 Update"

"John Paulson’s 13F portfolio value decreased from $1.37B to $1.11B this quarter.Paulson & Company decreased AngloGold Ashanti while increasing Agnico Eagle Mines.The top three positions are at 47% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 2/14/2023. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2022.This quarter, Paulson’s 13F portfolio value decreased ~19% from ~$1.37B to ~$1.11B. There are 22 13F securities in the portfolio although only 18 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Brightsphere Investment Group, Horizon Therapeutics, Bausch Health, Novagold, and Agnico Eagle Mines. They add up to ~47% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: In August 2021, Paulson called a bubble in crypto (GBTC) (ETHE) saying “I would describe cryptocurrencies as a limited supply of nothing.” But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:APA Corporation (APA): The ~3% APA stake was purchased in Q2 2021 at prices between ~$17 and ~$23.50. Next quarter saw a ~25% selling at prices between ~$16 and ~$23. There was a ~60% reduction last quarter at prices between ~$31 and ~$42. The disposal this quarter was at prices between ~$34 and ~$49.50. The stock is now at $38.38.Barrick Gold (GOLD): The 1.82% GOLD position saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% increase in Q2 2021 at prices between ~$19.80 and ~$25.30. Last quarter saw a roughly two-thirds reduction at prices between ~$14 and ~$18. The elimination this quarter was at prices between ~$13.10 and ~$17.80. The stock is now at $16.12.VMWare Inc. (VMW): VMWare was a merger arbitrage stake. It is getting acquired by Broadcom (AVGO) in a $142.50 in cash or 0.252 shares of AVGO for each share in a deal announced last May. The stake was acquired in Q2 2022 at prices between ~$94 and ~$132. The disposal this quarter was at prices between ~$106 and ~$125. VMW is now at ~$110.Duke Realty: Duke Realty was a 1.75% merger-arbitrage stake established last quarter. Prologis (PLD) acquired Duke Realty in an all-stock (0.475 shares of Prologis for each share of Duke Realty held) deal announced last June. The transaction closed last October.Stake Increases:Agnico Eagle Mines (AEM): The large (top five) 6.70% AEM position came about as a result of Agnico’s acquisition of Kirkland Lake Gold in an all-stock deal (0.7935 shares of AEM for each share held) that closed last January. Paulson & Company had a 1.303M share stake in Kirkland Lake Gold for which they received these shares. There was a ~270% stake increase this quarter at prices between ~$40 and ~$53.50. AEM currently trades at $46.03.Stake Decreases:Horizon Therapeutics (HZNP): HZNP is currently the largest position at ~28% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Q3 2021 saw a ~23% reduction at prices between ~$92 and ~$110. This quarter saw another ~75% selling at prices between ~$61.60 and ~$114. The stock is now at ~$110.Note: Amgen (AMGN) is acquiring Horizon Therapeutics in a $116.50 all-cash deal announced last December.Kraneshares CSI China Internet (KWEB): KWEB is a 6.34% of the portfolio position primarily built in Q1 2022 at prices between ~$21 and ~$39 and the stock currently trades at $29.19. There was a ~27% selling last quarter at prices between ~$25 and ~$33. This quarter also saw a ~4% trimming.AngloGold Ashanti (AU): AU is a 3.67% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. Last quarter saw another one-third selling at prices between ~$12 and ~$16. That was followed with a ~80% reduction this quarter at prices between ~$12.25 and ~$19.75. The stock is currently at $16.66.Thryv Holdings (THRY) previously Dex Media: The 3.42% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Next two quarters saw another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at $23.84. There was a minor ~7% trimming this quarter.Note: Paulson & Company has a 5.8% ownership stake in the business.SSR Mining Inc. (SSRM): The 2.82% of the portfolio stake in SSRM saw a ~140% stake increase in Q4 2021 at prices between ~$14.50 and ~$20. There was a ~35% selling this quarter at prices between ~$13 and ~$16.35. The stock currently trades at $13.65.Overseas Shipholding Group (OSG): The very small 0.73% stake in OSG was reduced by ~50% during the quarter.Kept Steady:BrightSphere Investment Group (BSIG): BSIG is currently the largest 13F stake at ~17% of the portfolio. It was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction in Q4 2021 at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at ~$25.Note: Paulson’s ownership stake in BSIG is ~20%.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $9.31, and the stake is the third-largest position in the portfolio at ~15%.NovaGold Resources (NG): NG is a ~12% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $5.59.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Perpetua Resources (PPTA): The ~4% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades well below that range at $3.57. There was a ~18% stake increase in Q3 2021 at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.International Tower Hill Mines (THM): THM is a 2.37% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 also saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.50.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Seabridge Gold (SA): The 2.34% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $10.98.Bally’s Corporation (BALY), Equinox Gold (EQX), Newmark Group (NMRK), Tellurian Inc. (TELL), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q4 2022:Source: John Vincent. Data constructed from Paulson & Company’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 8/23/2022 to 11/20/2022: None."

"Tracking John Paulson’s Paulson & Company Portfolio – Q3 2022 Update"

"John Paulson’s 13F portfolio value decreased from $2.03B to $1.37B this quarter.Paulson & Company dropped Occidental Petroleum and decreased APA Corp and Barrick Gold during the quarter.The top three positions are at 51% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 11/14/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2022.This quarter, Paulson’s 13F portfolio value decreased ~33% from $2.03B to ~$1.37B. There are 28 13F securities in the portfolio although only 22 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Horizon Therapeutics, Bausch Health, Brightsphere Investment Group, Novagold, and KraneShares CSI China Internet ETF. They add up to ~63% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: Last August, Paulson called a bubble in crypto (GBTC) (ETHE) saying “I would describe cryptocurrencies as a limited supply of nothing.” But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.New Stakes:Duke Realty: Duke Realty was a 1.75% merger-arbitrage stake established during the quarter. Prologis (PLD) acquired Duke Realty in an all-stock (0.475 shares of Prologis for each share of Duke Realty held) deal announced in June. The transaction closed last month.Stake Disposals:Occidental Petroleum (OXY): OXY was a large (top five) 7.26% stake that saw a ~150% increase in Q1 2021 at prices between ~$17.50 and ~$31.25. Next quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. There was a ~25% selling in Q3 2021 at prices between ~$22 and ~$33. Last two quarters had seen a one-third reduction at prices between ~$31 and ~$71. The elimination this quarter was at prices between ~$57 and ~$75. The stock is now at ~$69.Pacira Biosciences (PCRX): The ~1% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Q4 2021 saw a ~35% stake increase at prices between ~$48 and ~$62. The position was reduced by ~70% in Q1 2022 at prices between ~$60 and ~$77. That was followed with a ~30% selling last quarter at prices between ~$52 and ~$82. The disposal this quarter was at prices between ~$51 and ~$59. The stock is now at $47.69.Endo International plc: The ENDPQ position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. Last quarter saw a ~55% selling at prices between ~$0.30 and ~$2.74. The remainder stake was disposed this quarter. It was a long-term stake that had been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis. The stake had wavered over the years.Note: In August, Endo filed for Chapter 11 bankruptcy.Coherent Inc. and IronSource: These were merger-arbitrage stakes established last quarter. Coherent Inc. was acquired by II-VI Inc. (IIVI) in a cash-and-stock deal ($222 in cash and 0.91 shares of IIVI for each share) announced last May. The transaction closed in July. Unity (U) bought IronSource in an all-stock deal (0.1089 shares of Unity for each share) announced in July. The transaction closed earlier this month.Stake Decreases:Horizon Therapeutics (HZNP): HZNP is currently the largest position at ~28% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Q3 2021 saw a ~23% reduction at prices between ~$92 and ~$110. The stock is now at $78.76. Last four quarters have seen only minor adjustments.Kraneshares CSI China Internet (KWEB): KWEB is a 4.39% of the portfolio position primarily built in Q1 2022 at prices between ~$21 and ~$39 and the stock currently trades at $26.39. There was a ~27% selling this quarter at prices between ~$25 and ~$33.AngloGold Ashanti (AU): AU is a ~4% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. This quarter saw another one-third selling at prices between ~$12 and ~$16. The stock is currently at $17.81.APA Corporation (APA): The ~3% APA stake was purchased in Q2 2021 at prices between ~$17 and ~$23.50. Next quarter saw a ~25% selling at prices between ~$16 and ~$23. There was a ~60% reduction this quarter at prices between ~$31 and ~$42. The stock is now at $46.59.VMWare Inc. (VMW): VMWare is a merger arbitrage stake. It is getting acquired by Broadcom (AVGO) in a $142.50 in cash or 0.252 shares of AVGO for each share in a deal announced in May. VMW is now at ~$118.Barrick Gold (GOLD): The 1.82% GOLD position saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% increase in Q2 2021 at prices between ~$19.80 and ~$25.30. This quarter saw a roughly two-thirds reduction at prices between ~$14 and ~$18. The stock is now at $15.87.Bally’s Corporation (BALY), Overseas Shipholding Group (OSG), and Tellurian Inc. (TELL): These very small (less than ~1.5% of the portfolio each) stakes were reduced this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG).Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $6.82, and the stake is the second-largest position in the portfolio at ~13%. There was a minor ~2% increase last quarter.BrightSphere Investment Group (BSIG): The large (top three) ~10% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction in Q4 2021 at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at $19.74.Note: Paulson’s ownership stake in BSIG is ~20%.NovaGold Resources (NG): NG is a 7.63% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $5.64.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Perpetua Resources (PPTA): The ~4% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades well below that range at $2.05. There was a ~18% stake increase in Q3 2021 at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.Thryv Holdings (THRY) previously Dex Media: The 3.57% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Next two quarters saw another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at $18.96. Paulson & Company has a 6.3% ownership stake in the business.SSR Mining Inc. (SSRM): The 3.36% of the portfolio stake in SSRM saw a ~140% stake increase in Q4 2021 at prices between ~$14.50 and ~$20. The stock currently trades at $14.67.Agnico Eagle Mines (AEM): The 3.20% AEM position came about as a result of Agnico’s acquisition of Kirkland Lake Gold in an all-stock deal (0.7935 shares of AEM for each share held) that closed in January. Paulson & Company had a 1.303M share stake in Kirkland Lake Gold for which they received these shares. AEM currently trades at $49.89.International Tower Hill Mines (THM): THM is a 2.33% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 also saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.44.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Seabridge Gold (SA): The 1.80% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $11.91.Equinox Gold (EQX), Newmark Group (NMRK), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q3 2022:Source: John Vincent. Data constructed from Paulson & Company’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/24/2022 to 8/23/2022: None."

"Tracking John Paulson’s Paulson & Company Portfolio – Q2 2022 Update"

"John Paulson’s 13F portfolio value decreased from $3.25B to $2.03B this quarter.Paulson & Company dropped SPDR Gold ETF and Exxon Mobil while increasing Horizon Therapeutics.The top three positions are at 43% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 8/15/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2022.This quarter, Paulson’s 13F portfolio value decreased ~38% from $3.25B to $2.03B. There are 32 13F securities in the portfolio although only 26 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Horizon Therapeutics, Bausch Health, Brightsphere Investment Group, Occidental Petroleum, and KraneShares CSI China Internet ETF. They add up to ~56% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: Last August, Paulson called a bubble in crypto (GBTC) (ETHE) saying “I would describe cryptocurrencies as a limited supply of nothing.” But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.New Stakes:VMWare Inc. (VMW), Coherent Inc., and IronSource (IS): These are merger-arbitrage stakes established this quarter. VMWare is getting acquired by Broadcom (AVGO) in a $142.50 in cash or 0.252 shares of AVGO for each share in a deal announced in May. VMW is now at ~$118. Coherent Inc. was acquired by II-VI Inc. (IIVI) in a cash-and-stock deal ($222 in cash and 0.91 shares of IIVI for each share) announced last May. The transaction closed in July. Unity (U) is buying IronSource in an all-stock deal (0.1089 shares of Unity for each share) announced in July.Stake Disposals:SPDR Gold ETF (GLD): GLD was a large (top five) 5.56% of the portfolio position purchased last quarter at prices between ~$167 and ~$192. It was disposed this quarter at prices between ~$168 and ~$185. The stock currently trades at ~$161.Didi Global (DIDIY): DIDIY had an IPO last June. Shares started trading at ~$14 and currently goes for $2.40. Paulson’s original investment was made in fund-raising rounds in the 2016-2018 timeframe. Q3 2021 saw a ~15% stake increase at prices between ~$7.20 and ~$16.40. Last quarter saw another ~175% stake increase at prices between ~$1.75 and ~$5.35. Didi de-listed from NYSE in June and now trades OTC. As it is no longer a 13F security it is unclear whether Paulson sold the position during the quarter.Exxon Mobil (XOM): XOM was a small 2.54% stake built over the two quarters through Q1 2021 at prices between ~$32 and ~$62. Q2 2021 saw a ~50% stake increase at prices between ~$55 and ~$65. Last three quarters had seen a one-third selling at prices between ~$53 and ~$88. The elimination this quarter was at prices between ~$82 and ~$105. The stock is now at $96.31.Tim SA (TIMB): The 1.40% TIMB stake was primarily built in Q1 2021 at prices between ~$11 and ~$14. Last quarter saw the position reduced by ~75% to a very small 0.43% stake at prices between ~$11 and ~$15. The remainder stake was sold this quarter. It currently trades at $11.58.Vaneck Vectors Oil Services ETF (OIH): The small 1.44% stake in OIH was sold this quarter.Stake Decreases:Occidental Petroleum (OXY): OXY is a large (top five) 7.26% stake that saw a ~150% increase in Q1 2021 at prices between ~$17.50 and ~$31.25. Next quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. There was a ~25% selling in Q3 2021 at prices between ~$22 and ~$33. Last two quarters have seen a one-third reduction at prices between ~$31 and ~$71. The stock is now at ~$72.Pacira Biosciences (PCRX): The ~1% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Q4 2021 saw a ~35% stake increase at prices between ~$48 and ~$62. The position was reduced by ~70% last quarter at prices between ~$60 and ~$77. That was followed with a ~30% selling this quarter at prices between ~$52 and ~$82. The stock is now at $52.22.Endo International plc (ENDPQ): The ENDPQ position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. This quarter saw a ~55% selling at prices between ~$0.30 and ~$2.74. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis. The stake had wavered over the years.Note: Earlier this month, Endo filed for Chapter 11 bankruptcy.Newmark Group (NMRK): The very small 0.61% of the portfolio stake in NMRK was reduced this quarter.Stake Increases:Horizon Therapeutics (HZNP): HZNP is currently the largest position at ~24% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Q3 2021 saw a ~23% reduction at prices between ~$92 and ~$110. The stock is now at $58.92. Last two quarters had seen minor trimming while this quarter there was a ~11% increase.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $5.12, and the stake is the second-largest position in the portfolio at 11%. There was a minor ~2% increase this quarter.Kept Steady:BrightSphere Investment Group (BSIG): The large (top three) ~8% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction in Q4 2021 at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at $17.84.Note: Paulson’s ownership stake in BSIG is ~20%.Kraneshares CSI China Internet (KWEB): KWEB is a 5.35% of the portfolio position primarily built last quarter at prices between ~$21 and ~$39 and the stock currently trades at $28.83.NovaGold Resources (NG): NG is a 5.27% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $4.50.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.APA Corporation (APA): The 5.16% APA stake was purchased in Q2 2021 at prices between ~$17 and ~$23.50. Next quarter saw a ~25% selling at prices between ~$16 and ~$23. The stock is now at $39.32.AngloGold Ashanti (AU): AU is a 4.36% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. The stock is currently at $13.71.Perpetua Resources (PPTA): The ~4% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades well below that range at $2.62. There was a ~18% stake increase in Q3 2021 at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.Barrick Gold (GOLD) and Seabridge Gold (SA): The ~4% GOLD position saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% increase in Q2 2021 at prices between ~$19.80 and ~$25.30. The stock is now well below those ranges at ~$15. The small 1.27% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $12.27.SSR Mining Inc. (SSRM): The 2.57% of the portfolio stake in SSRM saw a ~140% stake increase in Q4 2021 at prices between ~$14.50 and ~$20. The stock currently trades at $13.68.Thryv Holdings (THRY) previously Dex Media: The 2.36% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Next two quarters saw another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at $25.94. Paulson & Company has a 6.3% ownership stake in the business.Agnico Eagle Mines (AEM): The 2.33% AEM position came about as a result of Agnico’s acquisition of Kirkland Lake Gold in an all-stock deal (0.7935 shares of AEM for each share held) that closed in January. Paulson & Company had a 1.303M share stake in Kirkland Lake Gold for which they received these shares. AEM currently trades at $42.30.International Tower Hill Mines (THM): THM is a 1.59% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 also saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.53.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Tellurian Inc. (TELL): The ~1% of the portfolio TELL stake saw a ~40% stake increase last quarter at prices between ~$2.25 and ~$6.35. The stock currently trades at $3.76.Bally’s Corporation (BALY), Overseas Shipholding Group (OSG), Equinox Gold (EQX), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q2 2022:Source: John Vincent. Data constructed from Paulson & Company’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 2/26/2022 to 5/24/2022: None."

"Tracking John Paulson’s Paulson & Company Portfolio – Q1 2022 Update"

"John Paulson’s 13F portfolio value increased marginally from $3.24B to $3.25B this quarter.Paulson & Company added SPDR Gold ETF while reducing Pacira Biosciences and Tim SA. They also dropped Shell plc and TotalEnergies SE.The top three positions are at 43% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 5/16/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2021.This quarter, Paulson’s 13F portfolio value increased marginally from $3.24B to $3.25B. There are 33 13F securities in the portfolio although only 27 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Horizon Therapeutics, Bausch Health, Brightsphere Investment Group, SPDR Gold ETF, and Occidental Petroleum. They add up to ~54% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: Last August, Paulson called a bubble in crypto (GBTC) (ETHE) saying “I would describe cryptocurrencies as a limited supply of nothing.” But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.New Stakes:SPDR Gold ETF (GLD) and Agnico Eagle Mines (AEM): GLD is a large (top five) 5.56% of the portfolio position purchased this quarter at prices between ~$167 and ~$192 and the stock currently trades at ~$174. The ~2% AEM position came about as a result of Agnico’s acquisition of Kirkland Lake Gold in an all-stock deal (0.7935 shares of AEM for each share held) that closed in January. Paulson & Company had a 1.303M share stake in Kirkland Lake Gold for which they received these shares.Stake Disposals:Cerner Corporation (CERN): CERN was a 1.36% of the portfolio merger-arbitrage stake established last quarter. Oracle is buying Cerner in a $95 per share all-cash deal announced in December. The position was dropped this quarter at prices between ~$91 and ~$94. The stock currently trades at $94.44.Shell plc (SHEL): SHEL is a 1.34% of the portfolio position established in Q2 2021 at prices between ~$37.75 and ~$42.35. The stake was reduced by ~50% last quarter at prices between ~$37 and ~$45. The disposal this quarter was at prices between ~$44.50 and ~$55.75. It now goes for $59.94.BP plc (BP), Kirkland Lake Gold, and Total Energies SE (TTE): These small (less than 1.75% of the portfolio each) stakes were eliminated during the quarter.Stake Decreases:Horizon Therapeutics (HZNP): HZNP is currently the largest position at ~18% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Q3 2021 saw a ~23% reduction at prices between ~$92 and ~$110. The stock is now at ~$88. Last two quarters have seen minor trimming.Occidental Petroleum (OXY): OXY is a 5.42% stake that saw a ~150% increase in Q1 2021 at prices between ~$17.50 and ~$31.25. Next quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. There was a ~25% selling in Q3 2021 at prices between ~$22 and ~$33. This quarter saw another ~17% trimming at prices between ~$31 and ~$61. The stock is now at ~$65.Exxon Mobil (XOM): XOM is a small 2.54% stake built over the two quarters through Q1 2021 at prices between ~$32 and ~$62. Q2 2021 saw a ~50% stake increase at prices between ~$55 and ~$65. Last three quarters have seen a one-third selling at prices between ~$53 and ~$88. The stock is now at $94.40.Pacira Biosciences (PCRX): The 1.17% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Last quarter saw a ~35% stake increase at prices between ~$48 and ~$62. The position was reduced by ~70% this quarter at prices between ~$60 and ~$77. The stock is now at $60.65.Tim SA (TIMB): The 1.40% TIMB stake was primarily built in Q1 2021 at prices between ~$11 and ~$14. This quarter saw the position reduced by ~75% to a very small 0.43% stake at prices between ~$11 and ~$15. It currently trades at $14.34.Newmark Group (NMRK): The very small 0.69% of the portfolio stake in NMRK was reduced by ~40% this quarter.Stake Increases:Kraneshares CSI China Internet (KWEB): KWEB is a 2.91% of the portfolio position primarily built this quarter at prices between ~$21 and ~$39 and the stock currently trades at $24.79.Didi Global (DIDI): DIDI had an IPO last June. Shares started trading at ~$14 and currently goes for $1.48. Paulson’s 1.83% of the portfolio position goes back to investments made in the 2016-2018 timeframe. Q3 2021 saw a ~15% stake increase at prices between ~$7.20 and ~$16.40. This quarter saw another ~175% stake increase at prices between ~$1.75 and ~$5.35.Note: DIDI has plans to delist from NYSE and they have submitted the paperwork this Monday.Tellurian Inc. (TELL): The 1.14% of the portfolio TELL stake saw a ~40% stake increase this quarter at prices between ~$2.25 and ~$6.35. The stock currently trades at $4.45.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $9.28, and the stake is the second-largest position in the portfolio at 18%.BrightSphere Investment Group (BSIG): The large (top three) ~7% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction last quarter at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at $19.48.Note: Paulson’s ownership stake in BSIG is ~20%.NovaGold Resources (NG): NG is a 5.29% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $5.83.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.AngloGold Ashanti (AU): AU is a 4.36% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. The stock is currently at ~$18.APA Corporation (APA): The 3.82% APA stake was purchased in Q2 2021 at prices between ~$17 and ~$23.50. Next quarter saw a ~25% selling at prices between ~$16 and ~$23. The stock is now at $43.62Barrick Gold (GOLD) and Seabridge Gold (SA): The 3.43% GOLD position saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% increase in Q2 2021 at prices between ~$19.80 and ~$25.30. The stock is now at $21.31. The small 1.18% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $14.43.Perpetua Resources (PPTA): The 3.13% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades at $3.38. There was a ~18% stake increase in Q3 2021 at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.SSR Mining Inc. (SSR): The ~2% of the portfolio stake in SSR saw a ~140% stake increase last quarter at prices between ~$14.50 and ~$20. The stock currently trades at $20.54.International Tower Hill Mines (THM): THM is a 1.87% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 also saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.69.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Thryv Holdings (THRY) previously Dex Media: The 1.85% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Next two quarters saw another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at ~$24. Paulson & Company has a 6.3% ownership stake in the business.Endo International plc (ENDP): The 1.23% ENDP position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $0.36. The stake had wavered over the years.Note: Their ownership stake in the business is ~7.4%.Bally’s Corporation (BALY), Equinox Gold (EQX), Trilogy Metals (TMQ), and Vaneck Vectors Oil Services ETF (OIH): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q1 2022:Source: John Vincent. Data constructed from Paulson & Company’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/24/2021 to 2/26/2022: 13G – 2/14 – THRY – 2.18M shares – 6.3% fo business, ENDP – 17.38M shares – 7.4% of business, Form 3 – 1/3 – PPTA - ~25M shares, Form 4. 13/DA – 12/22 – BSIG – 690K shares disposed at 31.5 & 100K at 25.18 – 8.95M shares (19.77% of business), Form 4 – 12/8 – 10.26M shares disposed at 31.50. 13D/A – 12/10 – 9.74M shares – 21.19% of business."

"Tracking John Paulson’s Paulson & Company Portfolio – Q4 2021 Update"

"John Paulson’s 13F portfolio value decreased from $3.51B to $3.24B this quarter.Paulson & Company increased Pacira Biosciences and SSR mining while reducing Brightsphere Investment Group and Thryv Holdings.The top three positions are at 49% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 2/14/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2021.This quarter, Paulson’s 13F portfolio value decreased ~8% from $3.51B to $3.24B. There are 36 13F securities in the portfolio although only 31 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Horizon Therapeutics, Brightsphere Investment Group, Novagold, and AngloGold Ashanti and they add up to ~58% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: Last August, Paulson called a bubble in crypto (GBTC) (ETHE) saying “I would describe cryptocurrencies as a limited supply of nothing.” But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.New Stakes:Cerner Corporation (CERN): CERN is a 1.36% of the portfolio merger-arbitrage stake established this quarter. Oracle is buying Cerner in a $95 per share all-cash deal announced in December. The stock currently trades at $93.41.Stake Disposals:Cloudera Inc. : Cloudera was a ~2% of the portfolio merger-arbitrage stake. Cloudera was acquired in a $16 per share all-cash PE deal announced in June. The transaction closed in October.Pretium Resources (PVG): PVG was a very small 0.66% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $14.73. The disposal this quarter was at prices between $9.50 and $14.60. Newcrest mining is acquiring Pretium for C$18.50 per share deal announced in November.Viatris (VTRS) previously Mylan: The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. That was followed with a ~70% reduction last quarter at prices between ~$13 and ~$16.15. Last quarter saw another similar reduction at prices between ~$13.25 and ~$15. The elimination this quarter was at prices between ~$12 and ~$14.70. The stock currently trades at $10.48.Kansas City Southern: The very small 0.23% stake in KSU was eliminated as Canadian Pacific’s (CP) acquisition of Kansas City Southern closed in December.Stake Decreases:Horizon Therapeutics (HZNP): HZNP is currently the second-largest position at ~20% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Last quarter saw a ~23% reduction at prices between ~$92 and ~$110. The stock is now at $98.31. This quarter also saw a ~3% trimming.BrightSphere Investment Group (BSIG): The large (top three) ~7% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction this quarter at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at $24.37.Note: Paulson’s ownership stake in BSIG is ~20%.Thryv Holdings (THRY) previously Dex Media: The 2.71% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Last two quarters have seen another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at $29.04. Paulson & Company has a 6.3% ownership stake in the business.Didi Global (DIDI): DIDI had an IPO last June. Shares started trading at ~$14 and currently goes for ~$4. Paulson’s 1.83% of the portfolio position goes back to investments made in the 2016-2018 timeframe. Last quarter saw a ~15% stake increase at prices between ~$7.20 and ~$16.40. while this quarter there was a ~6% trimming.Stake Increases:Pacira Biosciences (PCRX): The ~3% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. This quarter saw a ~35% stake increase at prices between ~$48 and ~$62. The stock is now at $71.28.SSR Mining Inc. (SSR): The 1.70% of the portfolio stake in SSR saw a ~140% stake increase this quarter at prices between ~$14.50 and ~$20. The stock currently trades at $20.58.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $24.17, and the stake has become the largest position in the portfolio at 22%.NovaGold Resources (NG): NG is a 4.70% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $7.29.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.AngloGold Ashanti (AU): AU is a 3.86% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. The stock is currently at ~$24.Perpetua Resources (PPTA): The fairly large 3.63% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades at ~$4. There was a ~18% stake increase last quarter at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.Occidental Petroleum (OXY): OXY is a 3.35% stake that saw a ~150% increase in Q1 2021 at prices between ~$17.50 and ~$31.25. Next quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. There was a ~25% selling last quarter at prices between ~$22 and ~$33. The stock is now at $48.37.Barrick Gold (GOLD) and Seabridge Gold (SA): The 2.66% GOLD stake saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% stake increase in Q2 2021 at prices between ~$19.80 and ~$25.30. The stock is now at $23.15. The small ~1% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $17.90.APA Corporation (APA) and Shell plc (SHEL): These two positions were purchased in Q2 2021. The 2.49% APA stake was purchased at prices between ~$17 and ~$23.50 and it is now at $37.87. Last quarter saw a ~25% selling at prices between ~$16 and ~$23. SHEL is a 1.34% of the portfolio position established at prices between ~$37.75 and ~$42.35. The stake was reduced by ~50% last quarter at prices between ~$37 and ~$45. It now goes for $54.62.Exxon Mobil (XOM): XOM is a small 2.12% stake built over the two quarters through Q1 2021 at prices between ~$32 and ~$62. Q2 2021 saw a ~50% stake increase at prices between ~$55 and ~$65. There was a ~25% selling last quarter at prices between ~$53 and ~$63. The stock is now at $80.53.Endo International plc (ENDP): The ~2% ENDP position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $2.27. The stake had wavered over the years.Note: Their ownership stake in the business is ~7.4%.International Tower Hill Mines (THM): THM is a 1.31% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 saw the purchase of around 2.34M shares at ~$1.40. The stock is now at ~$1.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Tim SA (TIMB): The 1.40% TIMB stake was primarily built in Q1 2021 at prices between ~$11 and ~$14. It currently trades at $13.04.Bally’s Corporation (BALY), BP plc (BP), Kirkland Lake Gold, Newmark Group (NMRK), Total Energies SE (TTE), Trilogy Metals (TMQ), and Vaneck Vectors Oil Services ETF (OIH): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.Note 1: Agnico Eagle Mines (AEM) acquired Kirkland Lake Gold in an all-stock transaction (0.7935 shares of AEM for each share held) that closed last month.Note 2: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q4 2021:Source: John Vincent. Data constructed from Paulson & Company’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 9/8/2021 to 11/24/2021: 13D – 11/5 – BSIG – 20M shares – 25.1% of business."

"Tracking John Paulson’s Paulson & Company Portfolio – Q3 2021 Update"

"John Paulson’s 13F portfolio value decreased from $4.35B to $3.51B this quarter.Paulson & Company increased Perpetua Resources and Didi Global while dropping Dish Network.The top three positions are at 55% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 11/15/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2021.This quarter, Paulson’s 13F portfolio value decreased ~19% from $4.35B to $3.51B. There are 38 13F securities in the portfolio although only 30 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Horizon Therapeutics, Brightsphere Investment Group, Novagold, and Perpetua Resources and they add up to ~63% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. Last July, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: In August, Paulson called a bubble in crypto (GBTC) (ETHE) saying “I would describe cryptocurrencies as a limited supply of nothing.” But, he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Dish Network (DISH) and Discovery Inc. (DISCK): DISH is a 3.21% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. Q2 2020 saw a ~27% selling at prices between $18.70 and $37.30. The stake was disposed this quarter at prices between ~$39 and ~$46. The stock is currently at $30.55. The very small 0.60% of the portfolio stake in DISCK established last quarter was sold this quarter.New Stakes:Cloudera Inc. : Cloudera is a ~2% of the portfolio merger-arbitrage stake. Cloudera was acquired in a $16 per share all-cash PE deal announced in June. The transaction closed in October.Stake Decreases:Horizon Pharmaceuticals (HZNP): HZNP is currently the second-largest position at 19.25% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. This quarter saw a ~23% reduction at prices between ~$92 and ~$110. The stock is now at ~$106.Occidental Petroleum (OXY): OXY is a 3.16% stake that saw a ~150% increase in Q1 2021 at prices between ~$17.50 and ~$31.25. Last quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. There was a ~25% selling this quarter at prices between ~$22 and ~$33. The stock is now at $28.95.Thryv Holdings (THRY) previously Dex Media: The 2.26% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. The stock currently trades at $38.82. This quarter also saw a ~6% trimming. Paulson & Company has a ~9% ownership stake in the business.Pacira Biosciences (PCRX): The ~2% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $53.29. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Q4 2020 saw a ~13% stake increase while last quarter saw a similar reduction. There was marginal trimming this quarter.Exxon Mobil (XOM): XOM is a small 1.89% stake built over the two quarters through Q1 2021 at prices between ~$32 and ~$62. Last quarter saw a ~50% stake increase at prices between ~$55 and ~$65. There was a ~25% selling this quarter at prices between ~$53 and ~$63. The stock is now at $59.79.APA Corporation (APA) and Royal Dutch Shell (RDS.A): These two positions purchased last quarter were reduced this quarter. The 1.83% APA stake was purchased at prices between ~$17 and ~$23.50 and it is now at $25.25. This quarter saw a ~25% selling at prices between ~$16 and ~$23. RDS.A is a 1.27% of the portfolio position established last quarter at prices between ~$37.75 and ~$42.35. The stake was reduced by ~50% this quarter at prices between ~$37 and ~$45. It now goes for $41.59.Endo International plc (ENDP): The 1.60% ENDP position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $5.27. The stake had wavered over the years. Last three quarters have seen only minor adjustments.Note: Their ownership stake in the business is ~7.5%.Kirkland Lake Gold (KL): KL is a 1.54% of the portfolio position established in Q1 2020 at prices between $23 and $45 and the stock currently trades at $38.12. There was a ~13% trimming this quarter.Viatris (VTRS) previously Mylan Inc. (MYL): VTRS stake is now a minutely small 0.41% of the portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. That was followed with a ~70% reduction last quarter at prices between ~$13 and ~$16.15. This quarter saw another similar reduction at prices between ~$13.25 and ~$15. The stock currently trades at $12.09.BP plc (BP), Kansas City Southern (KSU), Newmark Group (NMRK), Total Energies SE (TTE), and Vaneck Vectors Oil Services ETF (OIH): These very small (less than ~1% of the portfolio each) positions were reduced this quarter.Stake Increases:Perpetua Resources (PPTA): The fairly large 3.51% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades at $4.89. There was a ~18% stake increase this quarter at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.Didi Global (DIDI), : These are the new positions this quarter. DIDI had an IPO in June. Shares started trading at ~$14 and currently goes for $7.81. Paulson’s 2.82% of the portfolio position goes back to investments made in the 2016-2018 timeframe. This quarter saw a ~15% stake increase at prices between ~$7.20 and ~$16.40.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at ~$23 and the stake has become the largest position in the portfolio at 20.50%.BrightSphere Investment Group (BSIG): The large (top three) ~15% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $30.24.Note: Paulson’s ownership stake in BSIG is ~25%.NovaGold Resources (NG): NG is a 4.36% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $6.55.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.AngloGold Ashanti (AU): AU is a 2.72% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. The stock is currently at $21.11.Barrick Gold (GOLD) and Seabridge Gold (SA): The 2.34% GOLD stake saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% stake increase last quarter at prices between ~$19.80 and ~$25.30. The stock is now at $18.39. The small 0.91% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase last quarter at prices between ~$16.15 and ~$19.75. It currently trades at $18.58.International Tower Hill Mines (THM): THM is a 1.31% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.74.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Tim SA (TIMB): The 1.19% TIMB stake was primarily built in Q1 2021 at prices between ~$11 and ~$14. It currently trades at $12.10.Pretium Resources (PVG): PVG is a very small 0.66% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $13.30.Bally’s Corporation (BALY), SSR Mining Inc. (SSR), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q3 2021:Source: John Vincent. Data constructed from Paulson & Company’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 5/25/2021 thru 9/8/2021: 13D - 8/27 – Perpetua Resources – PPTA – 20.93M shares – 33.3% of business.8/30/2021 – – Crypto Bubble call by John Paulson – “"I would describe cryptocurrencies as a limited supply of nothing,"” -"

"Tracking John Paulson’s Paulson & Company Portfolio – Q2 2021 Update"

"John Paulson’s 13F portfolio value remained steady at $4.35B this quarter.Paulson & Company's added Didi Global & increased Occidental Petroleum while reducing Viatris and dropping Takeda.The top three positions are at 45% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 8/16/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2021.This quarter, Paulson’s 13F portfolio value remained steady at $4.35B. There are 40 13F securities in the portfolio although only 32 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Horizon Therapeutics, Brightsphere Investment Group, Novagold, and Didi Global and they add up to ~53% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. Last July, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: Last month, Paulson called a bubble in crypto (GBTC) (ETHE) saying “I would describe cryptocurrencies as a limited supply of nothing.” But, he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Alexion Pharmaceuticals (ALXN): Alexion was a merger arbitrage stake. AstraZeneca (AZN) bought Alexion in a cash-and-stock ($60 cash and 2.1243 AstraZeneca ADS’s for each share held) deal announced last December. Paulson’s fairly large 4.92% portfolio stake was built at prices between ~$100 and ~$160. The transaction closed last month.Takeda Pharma (TAK): The ~2% TAK stake as of last quarter came about as a result of Takeda’s Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed last January. Last quarter saw the stake reduced by ~60% to a ~2% portfolio stake at prices between $16.70 and $19.90. The disposal this quarter was at prices between ~$16.50 and ~$18.65. Takeda currently trades at $17.14.Michaels Companies (MIK) and Talend SA (TLND): The ~1% MIK position was a merger-arbitrage stake. The business was taken private by Apollo Global Management in a $22 per share cash deal that closed in April. TLND was also a ~1% merger-arbitrage stake. They got acquired by Thoma Bravo in a $66 per share cash deal that closed in July.RealPage Inc. (RP), and SPDR Energy ETF (XLE): These two are small (less than ~1% of the portfolio each) stakes established in Q4 2020. RealPage was a merger-arbitrage stake. Last December, Thoma Bravo agreed to acquire RealPage for $88.75 per share cash and that transaction closed in April.New Stakes:Didi Global (DIDI), APA Corporation (APA), and Royal Dutch Shell (RDS.A): These are the new positions this quarter. DIDI had an IPO in June. Shares started trading at ~$14 and currently goes for ~$9. Paulson’s 3.60% of the portfolio position goes back to investments made in the 2016-2018 timeframe. The ~2% APA stake was purchased at prices between ~$17 and ~$23.50 and it is now at $19.04. RDS.A is a 1.89% of the portfolio position established this quarter at prices between ~$37.75 and ~$42.35 and it now goes for $39.53.Bally’s Corporation (BALY), BP plc (BP), Kansas City Southern (KSU), Vaneck Vectors Oil Services ETF (OIH), Total Energies SE (TTE), and Discovery Inc. (DISCK): These are very small (less than ~1.25% of the portfolio each) new positions established this quarter.Stake Decreases:Dish Network (DISH): DISH is a 3.21% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $45.30. Q2 2020 saw a ~27% selling at prices between $18.70 and $37.30. There was a ~8% trimming this quarter.Pacira Biosciences (PCRX): The 1.77% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $56.81. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Q4 2020 saw a ~13% stake increase while this quarter saw a similar reduction.Viatris (VTRS) previously Mylan Inc. (MYL): VTRS stake is now at 1.10% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. That was followed with a ~70% reduction this quarter at prices between ~$13 and ~$16.15. The stock currently trades at $14.55.SPDR Gold Trust (GLD): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. Q1 2020 saw another ~55% selling at prices between $138 and $158. This quarter saw the position almost sold out at prices between ~$158 and ~$179. The stock currently trades at ~$167.Stake Increases:Occidental Petroleum (OXY): OXY is a 3.59% stake that saw a ~150% increase last quarter at prices between ~$17.50 and ~$31.25. This quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. The stock is now at $24.91.Exxon Mobil (XOM): XOM is a small 2.17% stake built over the last two quarters at prices between ~$32 and ~$62. This quarter saw a ~50% stake increase at prices between ~$55 and ~$65. The stock is now at $54.05Barrick Gold (GOLD) and Seabridge Gold (SA): The 2.16% GOLD stake saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% stake increase this quarter at prices between ~$19.80 and ~$25.30. The stock is now at $19.86. The small 0.83% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase this quarter at prices between ~$16.15 and ~$19.75. It currently trades at $17.97.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $28.50 and the stake has become the largest position in the portfolio at 17.40%.Horizon Pharmaceuticals (HZNP): HZNP is currently the second-largest position at 17.19% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. The stock is now at ~$108.BrightSphere Investment Group (BSIG): The large (top three) ~11% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $26.91.Note: Paulson’s ownership stake in BSIG is ~25%.NovaGold Resources (NG): NG is a ~4% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $7.14.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Perpetua Resources (PPTA): The fairly large 3.51% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades below that range at $5.05.Note: Paulson & Company has a one-third ownership stake in the business.AngloGold Ashanti (AU): AU is a 2.55% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. The stock is currently at $15.85.Thryv Holdings (THRY) previously Dex Media: The 2.30% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Last quarter saw a ~12% trimming at $27 per share. The stock currently trades at $29.47. Paulson & Company still has a ~10% ownership stake in the business.Endo International plc (ENDP): The ~2% ENDP position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $2.11. The stake had wavered over the years.Note: Their ownership stake in the business is ~8%.International Tower Hill Mines (THM): THM is a 1.49% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.84.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Kirkland Lake Gold (KL): KL is a 1.33% of the portfolio position established in Q1 2020 at prices between $23 and $45 and the stock currently trades at $41.55.Tim SA (TIMB): The ~1% TIMB stake was primarily built last quarter at prices between ~$11 and ~$14. It currently trades at $11.05.Pretium Resources (PVG): PVG is a very small 0.53% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $10.06.Newmark Group (NMRK), SSR Mining Inc. (SSR), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q2 2021:Source: John Vincent. Data constructed from Paulson & Company’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 3/2/2021 thru 5/25/2021: None."

"Tracking John Paulson’s Paulson & Company Portfolio – Q1 2021 Update"

"John Paulson’s 13F portfolio value increased from $3.85B to $4.35B this quarter.Paulson & Company's added Perpetua Resources and increased Alexion Pharmaceuticals while dropping Discovery Communications and ViacomCBS during the quarter.Their top three positions are at 45% of the entire 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 5/17/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2020.This quarter, Paulson’s 13F portfolio value increased ~13% from $3.85B to $4.35B. There are 36 13F securities in the portfolio although only 30 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Horizon Therapeutics, Brightsphere Investment Group, SPDR Gold ETF, and Alexion Pharmaceuticals, and they add up to ~57% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. Last July, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50. That was followed with a ~140% further increase next quarter at prices between $21 and $24. H1 2020 had seen a ~37% reduction at prices between $18.25 and $32.75. The disposal this quarter was at prices between ~$30 and ~$77. DISCA currently trades at $30.66.ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of Q3 2019. Following the ViacomCBS merger transaction, they increased the stake substantially at prices between $35.50 and $42.75. The stock currently trades at $40.90. The position was reduced by ~75% in Q2 2020 at prices between $12.40 and $28.50. The remaining ~1.5% portfolio position was disposed this quarter at prices between ~$36.60 and ~$100.New Stakes:Perpetua Resources (PPTA), Michaels Companies (MIK), and Talend SA (TLND): These are the three new positions this quarter. The fairly large 3.67% PPTA stake was purchased at prices between ~$6 and ~$11 and the stock currently trades at $8.08. The ~1% MIK position was a merger-arbitrage stake. The business was taken private by Apollo Global Management in a $22 per share cash deal that closed last month. TLND is also a ~1% merger-arbitrage stake. They are getting acquired by Thoma Bravo in a $66 per share cash deal announced in March.Stake Decreases:Takeda Pharma (TAK): The 5.34% TAK stake as of last quarter came about as a result of Takeda’s Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed last January. This quarter saw the stake reduced by ~60% to a ~2% portfolio stake at prices between $16.70 and $19.90. Takeda currently trades at $17.12.Thryv Holdings (THRY) previously Dex Media: The 1.51% THRY stake was established last quarter at prices between ~$8 and ~$14. This quarter saw a ~12% trimming at $27 per share. The stock currently trades at $25.22. Paulson & Company still has a ~10% ownership stake in the business.Stake Increases:Alexion Pharmaceuticals (ALXN) and Exxon Mobil (XOM): These two stakes established last quarter were increased substantially this quarter. Alexion is a merger arbitrage stake. AstraZeneca is buying Alexion in a cash-and-stock ($60 cash and 2.1243 AstraZeneca ADS’s for each share held) deal announced last December. Paulson’s fairly large ~5% portfolio stake was built at prices between ~$100 and ~$160. The stock currently trades at ~$177. XOM is a small 1.28% stake built at prices between ~$32 and ~$62 and it is now at $58.26.Occidental Petroleum (OXY) and Tim SA (TIMB): These two positions saw large increases this quarter. OXY is a 1.83% stake that saw a ~150% increase this quarter at prices between ~$17.50 and ~$31.25. The stock is now at $24.62. The ~1% TIMB stake was primarily built this quarter at prices between ~$11 and ~$14. It currently trades at $11.24.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $31.26 and the stake has become the largest position in the portfolio at ~19%.Horizon Pharmaceuticals (HZNP): HZNP is currently the second-largest position at ~17% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while last quarter saw a ~20% stake increase at prices between ~$67 and ~$84. The stock is now at $95.75.BrightSphere Investment Group (BSIG): The large (top three) ~9% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $22.21.Note: Paulson’s ownership stake in BSIG is ~25%.SPDR Gold Trust (GLD): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. Q1 2020 saw another ~55% selling at prices between $138 and $158. The stock currently trades at ~$178. The stake is still the fourth-largest at ~7% of the portfolio.NovaGold Resources (NG): NG is a 4.47% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $10.17.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Viatris (VTRS) previously Mylan Inc. (MYL): VTRS stake is now at 3.68% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at ~$15.Endo International plc (ENDP): The 3.12% ENDP position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase last quarter at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $5.37. The stake had wavered over the years.Note: Their ownership stake in the business is ~8%.AngloGold Ashanti (AU): AU is a ~3% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $25.15. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling last quarter.Dish Network (DISH): DISH is a ~3% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $43.35. Q2 2020 saw a ~27% selling at prices between $18.70 and $37.30.Pacira Biosciences (PCRX): The 2.28% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $66.40. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Last quarter saw a ~13% stake increase.Barrick Gold (GOLD) and Seabridge Gold (SA): These two stakes were more than doubled last quarter. The 1.61% GOLD stake saw a ~130% stake increase at prices between ~$22.50 and ~$29.50 and the stock is now at $24.58. The small 0.58% SA position saw a ~125% increase last quarter at prices between ~$17 and ~$21 and it is now at $18.54.International Tower Hill Mines (THM): THM is a 1.52% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Last quarter saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $1.18.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Kirkland Lake Gold (KL): KL is a 1.47% of the portfolio position established in Q1 2020 at prices between $23 and $45 and the stock currently trades at $43.77.RealPage Inc. (RP), and SPDR Energy ETF (XLE): These two are small (less than ~1% of the portfolio each) stakes established last quarter. RealPage is a merger-arbitrage stake. Last December, Thoma Bravo agreed to acquire RealPage for $88.75 per share cash and that transaction closed last month.Pretium Resources (PVG): PVG is a very small 0.57% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $11.51.Equinox Gold Corp (EQX), Newmark Group (NMRK), SR Mining Inc. (SSR), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q1 2021:Source: John Vincent. Data constructed from Paulson & Company’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/1/2021: Form 4 – 2/18 – THRY - ~315K shares disposed at 27, 2.9M shares remain, 13G – 2/16 – 3.2M shares (10.4% of business). 13G/A – 2/16 – NG – 22.23M shares – 6.7% of business, 13G – 2/16 – ENDP – 18.3M shares – 8% of business."

"Tracking John Paulson’s Paulson & Company Portfolio – Q4 2020 Update"

"John Paulson’s 13F portfolio value increased from $3.21B to $3.85B this quarter.Paulson & Company's largest three positions are Horizon Therapeutics, Bausch Health, and Brightsphere Investment Group.The stake in Barrick Gold was more than doubled during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 2/16/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2020.This quarter, Paulson’s 13F portfolio value increased ~20% from $3.21B to $3.85B. There are 36 13F securities in the portfolio although only 26 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Horizon Therapeutics, Bausch Health, Brightsphere Investment Group, SPDR Gold ETF, and Viatris, and they add up to ~54% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. Last July, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Qiagen NV (QGEN): QGEN was a very small 0.65% of the portfolio position. It was a merger-arbitrage stake. Thermo Fisher Scientific (TMO) had an agreement to acquire Qiagen NV for 43 Euros per share but that offer was terminated as Qiagen shareholders rejected the amended offer (the original offer was 39 Euros). Thermo Fisher received a reimbursement payment of $95M cash as per the terms of the acquisition agreement. The stake was disposed this quarter at prices between ~$46 and ~$55. Qiagen currently trades at $49.10 per share.Tiffany & Co (TIF): TIF was a ~2% merger-arbitrage stake. LVMH (LVMHF) acquired Tiffany in a transaction that closed in early January. The deal-price was negotiated down last October from $135 to $131.50 per share cash.New Stakes:Thryv Holdings (THRY), Alexion Pharmaceuticals (ALXN), RealPage Inc. (RP), Exxon Mobil (XOM), and SPDR Energy ETF (XLE): These are small (less than ~1% of the portfolio each) new stakes established this quarter. Alexion and RealPage are merger-arbitrage stakes. Last December, Thoma Bravo agreed to acquire RealPage for $88.75 per share cash. AstraZeneca is buying Alexion in a cash-and-stock ($60 cash and 2.1243 AstraZeneca ADS’s for each share held) deal announced last December.Note: Regulatory filings since the quarter ended show them owning ~2.9M shares of Thryv Holdings (previously Dex Media). This is compared to 3.2M shares in the 13F report. Around 315K shares were sold at $27 per share. Paulson & Company still has a ~10% ownership stake in the business.Stake Decreases:AngloGold Ashanti (AU): AU is a 3.51% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $20.14. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling this quarter. Paulson is harvesting gains.Stake Increases:Horizon Pharmaceuticals (HZNP): HZNP is currently the top position at ~15% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. The stock is now at ~$91. Q2 2020 saw a ~16% selling at prices between $30 and $57 while this quarter saw a ~20% stake increase at prices between ~$67 and ~$84.SPDR Gold Trust (GLD): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. Q1 2020 saw another ~55% selling at prices between $138 and $158. The stock currently trades at ~$161. The stake is still the fourth-largest at ~9% of the portfolio. This quarter saw a marginal increase.Endo International plc (ENDP): The 3.42% ENDP position saw a ~50% stake increase last quarter at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase this quarter at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $6.85. The stake had wavered over the years.Note: Their ownership stake in the business is ~8%.Pacira Biosciences (PCRX): The 2.20% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $69.35. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. This quarter saw a ~13% stake increase.Barrick Gold (GOLD) and Seabridge Gold (SA): These two stakes were more than doubled this quarter. The 2.20% GOLD stake saw a ~130% stake increase at prices between ~$22.50 and ~$29.50 and the stock is now below that range at $19.50. The small 0.86% SA position saw a ~125% increase this quarter at prices between ~$17 and ~$21 and it is now at $17.04.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $32.56 and the stake has become the second-largest position in the portfolio at ~14%.BrightSphere Investment Group (BSIG): The large (top three) ~10% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $18.90.Note: Paulson’s ownership stake in BSIG is ~25%.Viatris (VTRS) previously Mylan Inc. (MYL): VTRS stake is now at 5.58% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $13.88.NovaGold Resources (NG): NG is a 5.58% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $8.40.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Takeda Pharma (TAK): The large 5.34% TAK stake came about as a result of Takeda’s Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed last January. Takeda currently trades at $17.71.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50. That was followed with a ~140% further increase next quarter at prices between $21 and $24. H1 2020 had seen a ~37% reduction at prices between $18.25 and $32.75. DISCA currently trades at $61.45 and the stake is now at 4.69% of the portfolio.Dish Network (DISH): DISH is a ~3% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $33.64. Q2 2020 saw a ~27% selling at prices between $18.70 and $37.30.International Tower Hill Mines (THM): THM is a 2.22% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Around 2.34M shares were purchased at an average cost of ~$1.40 last quarter. The stock is now at $1.17.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Kirkland Lake Gold (KL): KL is a ~2% of the portfolio position established in Q1 2020 at prices between $23 and $45 and the stock currently trades at $33.05.ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of Q3 2019. Following the ViacomCBS merger transaction, they increased the stake substantially at prices between $35.50 and $42.75. The stock currently trades at ~$71. The position was reduced by ~75% in Q2 2020 at prices between $12.40 and $28.50. The stake is now at 1.52% of the portfolio.Pretium Resources (PVG): PVG is a very small 0.72% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $9.94.Equinox Gold Corp (EQX), SSR Mining Inc. (SSR), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~7.3% ownership stake in Overseas Shipbuilding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q4 2020:Regulatory filings thru 11/20/2020: Form 3 – 9/25 – Thryv Holdings (formerly DexMedia Holdings) – THRY – 3.22M shares. Form 4, 13D/A – 9/4 – THM – 2.34M shares acquired at $1.4 – 61.93M shares total (32% of the business)."

"Tracking John Paulson’s Paulson & Company Portfolio – Q3 2020 Update"

"John Paulson’s 13F portfolio value increased from $3.13B to $3.21B this quarter.Paulson & Company's largest three positions are Horizon Therapeutics, Bausch Health, and SPDR Gold ETF.The stake in Endo International plc was increased substantially during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 11/16/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2020.This quarter, Paulson’s 13F portfolio value increased ~3% from $3.13B to $3.21B. There are 31 13F securities in the portfolio although only 24 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Horizon Therapeutics, Bausch Health, SPDR Gold ETF, Novagold, and BrightSphere Investment Group, and they add up to ~55% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. In July, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:TD Ameritrade (AMTD): TD Ameritrade was a ~1% of the portfolio merger-arbitrage stake. Charles Schwab (SCHW) bought TD Ameritrade in an all-stock deal (1.0837 shares of Charles Schwab for each TD Ameritrade share held) that closed last month. SCHW currently trades at $46.61.New Stakes:None.Stake Decreases:Horizon Pharmaceuticals (HZNP): HZNP is currently the top position at ~16% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. The stock is now at $70.15. Last quarter saw a ~16% selling at prices between $30 and $57. This quarter also saw a ~3% trimming. Paulson is starting to harvest gains.Takeda Pharma (TAK): The large 6.28% TAK stake came about as a result of Takeda’s Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $17.55. This quarter saw marginal trimming.Pacira Biosciences (PCRX): The 2.35% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $66.26. There was a ~25% reduction last quarter at prices between $31 and $53. This quarter also saw a ~3% trimming.Tiffany & Co (TIF): TIF is a ~2% merger-arbitrage stake. The position saw a minor ~2% trimming during the quarter. LVMH (LVMHF) is purchasing Tiffany. The deal-price was negotiated down last month from $135 to $131.50 per share cash.Qiagen NV (QGEN): QGEN is a very small 0.65% of the portfolio position. It was a merger-arbitrage stake. Thermo Fisher Scientific (TMO) had an agreement to acquire Qiagen NV for 43 Euros per share but that offer was terminated as Qiagen shareholders rejected the amended offer (the original offer was 39 Euros). Thermo Fisher received a reimbursement payment of $95M cash as per the terms of the acquisition agreement. Qiagen currently trades at $47.21 per share.TIM SA (TIMB) previously Tim Participacoes (TSU): TIMB is a 0.36% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. Recent activity follows. Q3 2019 saw a ~25% selling at prices between $14 and $16.40. Last three quarters have seen another ~75% reduction at prices between ~$10 and ~$20. The stock is currently trading at $12.80.Stake Increases:International Tower Hill Mines (THM): THM is a 2.57% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. The stock is now at $1.47 and has spiked ~250% since the March lows. ~2.34M shares were purchased at an average cost of ~$1.40 this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Endo International plc (ENDP): The ~1.5% ENDP position saw a ~50% stake increase this quarter at prices between ~$2.75 and ~$3.65. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $5.20. The stake had wavered over the years.ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of Q3 2019. Following the ViacomCBS merger transaction, they increased the stake substantially at prices between $35.50 and $42.75. The stock currently trades just below that range at ~$34. The position was reduced by ~75% last quarter at prices between $12.40 and $28.50. The stake is now at 1.37% of the portfolio. This quarter saw ~7% stake increase.SSR Mining Inc. (SSR): The 0.76% SSR stake saw a ~13% increase during the quarter.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Last quarter saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $19.68 and the stake has become the second-largest position in the portfolio at ~13%. For investors attempting to follow, BHC is a good option to consider for further research.SPDR Gold Trust (GLD): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. Q1 2020 saw another ~55% selling at prices between $138 and $158. The stock currently trades at ~$176. The stake is still the third-largest at ~10% of the portfolio.NovaGold Resources (NG): NG is a 8.24% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while last quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $10.55.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.BrightSphere Investment Group (BSIG): The ~8% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $18.22.Note: Paulson’s ownership stake in BSIG is ~25%.AngloGold Ashanti (AU): AU is a 5.73% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $22.56. Last two quarters had seen a ~45% reduction at prices between $14 and $30. Paulson is harvesting gains.Viatris (VTRS) previously Mylan Inc. (MYL): VTRS stake is now at 5.31% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $17.13. Last quarter saw a ~4% trimming.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50. That was followed with a ~140% further increase next quarter at prices between $21 and $24. Last two quarters had seen a ~37% reduction at prices between $18.25 and $32.75. DISCA currently trades at $25.49 and the stake is now at 4.22% of the portfolio.Dish Network (DISH): DISH is a 3.28% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at ~$34. Last quarter saw a ~27% selling at prices between $18.70 and $37.30.Kirkland Lake Gold (KL): KL is a 2.28% of the portfolio position established in Q1 2020 at prices between $23 and $45 and the stock currently trades at $41.20.Pretium Resources (PVG): PVG is a very small 0.96% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $11.67.Barrick Gold (GOLD), Equinox Gold Corp (EQX), Overseas Shipbuilding Group (OSG), and Trilogy Metals (TMQ): These small (less than ~1.50% of the portfolio each) stakes were kept steady this quarter.Note 1: Paulson has a ~7.3% ownership stake in Overseas Shipbuilding Group.Note 2: A regulatory filing in September also show them owning 3.22M shares of Thryv Holdings (THRY) formerly DexMedia Holdings.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q3 2020:Regulatory filings thru 8/19/2020: Form 4 – 6/26 – BSIG – minor – 20M shares. 13D/A – 5/21 – 20M shares – 24.9% of business. Form 4 – 6/26 – TMQ – minor – 14.3M shares.7/1/2020: Paulson converting to Family Office - ."

"Tracking John Paulson’s Paulson & Company Portfolio – Q2 2020 Update"

"John Paulson’s 13F portfolio value increased from $2.62B to $3.13B this quarter.Paulson & Company's largest three positions are Bausch Health, Horizon Therapeutics, and SPDR Gold ETF.Bausch Health was increased while reducing Horizon Therapeutics and AngloGold Ashanti.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 08/14/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2020.This quarter, Paulson’s 13F portfolio value increased ~19% from $2.62B to $3.13B. There are 30 13F securities in the portfolio although only 24 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Horizon Therapeutics, SPDR Gold ETF, BrightSphere Investment Group, & Takeda Pharma, and they add up to ~52% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”. Last month, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Allergan plc (AGN): The original AGN stake was built during the four quarters thru Q2 2015 at prices between $202 and $313. In Q4 2015 there was an about-turn: ~75% selling over the next two years at prices between $192 and $320. H2 2018 also saw a ~18% selling at prices between $131 and $192. There was an about-turn in Q2 2019: ~45% stake increase at prices between $116 and $168. Next quarter saw another ~30% stake increase at prices between $156 and $170. In May, AbbVie (ABBV) closed the transaction for Allergan (cash-and-stock deal - $120.30 cash and 0.8660 shares of ABBV for each AGN held) announced last June.Sprint (S): Sprint was a 1.67% of the portfolio position built last year at prices between $5.20 and $8. It was a merger arbitrage stake. In January, the terms of the merger with T-Mobile was adjusted: one share of T-Mobile (TMUS) for every 11 shares of Sprint compared to 9.75 shares agreed previously. The transaction closed in May.Tech Data Corp (TECD): TECD was a small ~1% merger-arbitrage stake established in Q4 2019. The position was increased by ~50% last quarter. Apollo Global (APO) agreed to acquire TECD in a $130 per share transaction announced last November. The deal closed in June.New Stakes:TD Ameritrade (AMTD) and Qiagen NV (QGEN): These two are new merger-arbitrage stakes established this quarter. Charles Schwab (SCHW) is buying TD Ameritrade in an all-stock deal (1.0837 shares of Charles Schwab for each TD Ameritrade share held) announced last November. SCHW currently trades at ~$35 and AMTD at ~$38. Thermo Fisher Scientific (TMO) had an agreement to acquire Qiagen NV for 43 Euros per share but that offer was terminated as Qiagen shareholders rejected the amended offer (the original offer was 39 Euros). Thermo Fisher received a reimbursement payment of $95M cash as per the terms of the acquisition agreement. Qiagen currently trades well above the amended offer price at $52.21 per share.Stake Decreases:Horizon Pharmaceuticals (HZNP): The top three 12.24% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. The stock is now at $73.17. This quarter saw a ~16% selling at prices between $30 and $57. Paulson is starting to harvest gains.Takeda Pharma (TAK): The large (top five) 6.58% TAK stake came about as a result of Takeda’s Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $18.86. This quarter saw a ~13% trimming.AngloGold Ashanti (AU): AU is a 6.57% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $29.53. Last two quarters have seen a ~45% reduction at prices between $14 and $30. Paulson is harvesting gains.Novagold (NG): NG is a 6.52% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Last quarter saw a ~15% stake increase at prices between $5.87 and $9.51 while this quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $9.44.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Mylan Inc. (MYL): MYL stake is now at ~6% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $16.19. This quarter saw a ~4% trimming.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50. That was followed with a ~140% further increase next quarter at prices between $21 and $24. Last two quarters have seen a ~37% reduction at prices between $18.25 and $32.75. DISCA currently trades at ~$22 and the stake is now at 4.25% of the portfolio.Note: Liberty’s John Malone said in an interview last October that he believes Discovery shares are dramatically undervalued – he has been buying shares all the way from the teens to ~$28 per share.Dish Network (DISH): DISH is a ~4% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $34.36. This quarter saw a ~27% selling at prices between $18.70 and $37.30.Pacira Biosciences (PCRX): The ~2% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $62.67. There was a ~25% reduction this quarter at prices between $31 and $53.ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of Q3 2019. Following the ViacomCBS merger transaction, they increased the stake substantially at prices between $35.50 and $42.75. The stock currently trades well below that range at ~$27. The position was reduced by ~75% during the quarter at prices between $12.40 and $28.50. The stake is now at 1.17% of the portfolio.TIM Participacoes (TSU): TSU is a 0.52% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. Recent activity follows. Q3 2019 saw a ~25% selling at prices between $14 and $16.40. Last quarter saw another ~55% selling at prices between $11.75 and $20. That was followed with a ~25% selling this quarter at prices between $10.50 and $15. The stock is currently trading at $13.54.Stake Increases:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. This quarter saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $17.33 and the stake has become the largest position in the portfolio at ~15%. For investors attempting to follow, BHC is a good option to consider for further research.Kept Steady:SPDR Gold Trust (GLD) and International Tower Hill Mines (THM): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. Last quarter saw another ~55% selling at prices between $138 and $158. The stock currently trades at ~$188. The remaining stake is still the third-largest at ~10% of the portfolio. THM is a 3.39% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. The stock is now at $1.49 and has spiked ~250% since the March lows.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.BrightSphere Investment Group (BSIG): The ~8% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades below those ranges at $13.28.Note: Paulson’s ownership stake in BSIG is ~25%.Endo International plc (ENDP), and Tiffany & Co (TIF): These two positions saw substantial increases last quarter. TIF is a merger-arbitrage stake. ENDP & TIF stakes are at 1% and 2.35% of the portfolio respectively.Kirkland Lake Gold (KL): KL is a small ~2% of the portfolio position established last quarter at prices between $23 and $45 and the stock currently trades well above that range at ~$54.Pretium Resources (PVG): PVG is a very small 0.64% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $12.33. Last quarter saw a ~7% trimming.Barrick Gold (GOLD), Overseas Shipbuilding Group (OSG), SSR Mining Inc. (SSR), and Trilogy Metals (TMQ): These small (less than ~1.25% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~7.3% ownership stake in Overseas Shipbuilding Group.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q2 2020:Regulatory filings thru 5/23/2020: 13D/A – 5/21 – BSIG – 20M shares – 24.9% of business, 13D/A – 5/15 – BHC – 25.8M shares – 7.28% of business - ~5M shares acquired at ~$16.50, 13D/A – 4/13 – OSG – 6.3M shares – 7.3% of business"

"Tracking John Paulson’s Paulson & Company Portfolio – Q1 2020 Update"

"John Paulson’s 13F portfolio value decreased from $4.63B to $2.62B this quarter.Paulson & Company's largest three positions are Bausch Health, SPDR Gold ETF, and Horizon Therapeutics.The huge stake in SPDR Gold Trust ETF was reduced substantially during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 05/15/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2019.This quarter, Paulson’s 13F portfolio value decreased ~43% from $4.63B to $2.62B. There are 33 13F securities in the portfolio although only 25 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, SPDR Gold ETF, Horizon Therapeutics, Takeda Pharma, & AngloGold Ashanti and they add up to ~47% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Wellcare Health Plans (WCG): Centene acquired Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced last March. Paulson bought the merger-arbitrage stake in H1 2019 at prices between $247 and $299. The position was sold down by ~85% last quarter at prices between $258 and $333. The transaction closed in January.Agnico Eagle Mines (AEM) and Caesars Entertainment (CZR): These small (less than ~1% of the portfolio each) stakes were eliminated this quarter.New Stakes:Kirkland Lake Gold (KL): KL is a small 1.69% of the portfolio position established at prices between $23 and $45 and the stock currently trades at $38.61.Stake Decreases:Allergan plc (AGN): The original AGN stake was built during the four quarters thru Q2 2015 at prices between $202 and $313. In Q4 2015 there was an about-turn: ~75% selling over the next two years at prices between $192 and $320. H2 2018 also saw a ~18% selling at prices between $131 and $192. There was an about-turn in Q2 2019: ~45% stake increase at prices between $116 and $168. Next quarter saw another ~30% stake increase at prices between $156 and $170. Earlier this month, Abbvie (ABBV) closed the transaction for Allergan (cash-and-stock deal - $120.30 cash and 0.8660 shares of ABBV for each AGN held) announced last June.SPDR Gold Trust (GLD): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. This quarter saw another ~55% selling at prices between $138 and $158. The stock currently trades at ~$163. The remaining stake is still the second-largest at ~11% of the portfolio.AngloGold Ashanti (AU): AU is a 7.20% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $25.45. This quarter also saw a ~11% trimming.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50. That was followed with a ~140% further increase next quarter at prices between $21 and $24. DISCA currently trades at $20.30 and the stake is now fairly large at 6.19% of the portfolio. This quarter saw a ~15% trimming.Note: Liberty’s John Malone said in an interview last October that he believes Discovery shares are dramatically undervalued – he has been buying shares all the way from the teens to ~$28 per share.TIM Participacoes (TSU): TSU is a 0.78% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. Q3 2019 also saw a ~25% selling at prices between $14 and $16.40. This quarter saw another ~55% selling at prices between $11.75 and $20. The stock is currently trading at $11.43.Pretium Resources (PVG): PVG is a very small 0.52% of the portfolio stake purchased last quarter at prices between $8.70 and $12.50 and the stock currently trades near the low end of that range at $8.87. This quarter saw a ~7% trimming.Sprint (S): Sprint was a 1.67% of the portfolio position built last year at prices between $5.20 and $8. It was a merger arbitrage stake. In January, the terms of the merger with T-Mobile was adjusted: one share of T-Mobile for every 11 shares of Sprint compared to 9.75 shares agreed previously. The transaction closed last month.Barrick Gold (GOLD) and Overseas Shipbuilding Group (OSG): These two very small (less than ~1% of the portfolio each) stakes were reduced this quarter.Note: Paulson & Company has a ~7.3% ownership stake in Overseas Shipbuilding Group.Stake Increases:Novagold (NG): NG is a 7.10% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. This quarter saw a ~15% stake increase at prices between $5.87 and $9.51. The stock is currently at $11.57.Note: Paulson has a high cost-basis on NG and controls ~8% of the business.Endo International plc (ENDP), Tech Data Corp (TECD), and Tiffany & Co (TIF): These positions saw substantial increases this quarter. TIF and TECD are merger-arbitrage stakes.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $17.76 and the stake has become the largest position in the portfolio at 12.32%.Note: Regulatory filings since the quarter ended show them owning 25.8M shares (7.28% of the business). This is compared to 20.84M shares in the 13F Report - ~5M shares acquired at ~$16.50. For investors attempting to follow, BHC is a good option to consider for further research.Horizon Pharmaceuticals (HZNP): The 9.23% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. The stock is now at $49.56.Takeda Pharma (TAK): The fairly large 7.67% TAK stake came about as a result of Takeda’s Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $18.93.Mylan Inc. (MYL): MYL stake is now at 6.83% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $15.64. There was a ~9% stake increase in Q3 2019.Brightsphere Investment Group (BSIG): The 4.88% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades below those ranges at $8.34.Note: Paulson’s ownership stake in BSIG is ~25%.Dish Network (DISH): DISH is a 3.79% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $29.56. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase.ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of Q3 2019. Following the ViacomCBS merger transaction, they increased the stake substantially at prices between $35.50 and $42.75. The stock currently trades well below that range at $19.59. The stake is now at 3.21% of the portfolio. For investors attempting to follow, VIAC is a good option to consider for further research.Pacira Biosciences (PCRX): The 2.20% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $45.10.International Tower Hill Mines (THM), SSR Mining Inc. (SSR), and Trilogy Metals (TMQ): These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note 1: Paulson has a ~32% ownership stake in International Tower Hill Mines.Note 2: Although the position size relative to the size of the portfolio is very small, it is significant that Paulson owns ~10.5% of Synthesis Energy Systems (SES).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q1 2020:Regulatory filings thru 2/19/2020: 13G/A – 2/14 – SES – 166K shares – 10.5% of business, Form 4 – 2/7 – TMQ – 14.33M shares - ~159K shares acquired and disposed at ~$2.30. 13D/A – 12/5 – BSIG – 20M shares – 23.2% of business. 13D/A – 11/18 – CPE – 10.34M shares – 4.5% of business - ~10.5M shares sold at ~$4.40."

"Tracking John Paulson’s Paulson & Company Portfolio – Q4 2019 Update"

"John Paulson’s 13F portfolio value decreased from $4.99B to $4.63B this quarter.Paulson & Company's largest three positions are Bausch Health, SPDR Gold ETF, and Allergan plc.The ViacomCBS stake was substantially increased during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 02/14/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2019.This quarter, Paulson’s 13F portfolio value decreased ~7% from $4.99B to $4.63B. There are 37 13F securities in the portfolio although only 23 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, SPDR Gold ETF, Allergan plc, Discovery Communications, & Horizon Therapeutics and they add up to ~51% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Callon Petroleum (CPE) and Presidio Inc. (PCRX): The 1.88% CPE stake was purchased last quarter at prices between ~$4 and ~$5.50 and disposed this quarter at prices between $3.60 and $4.85. The stock currently trades at $2.85. PSDO was a small 0.90% of the portfolio merger-arbitrage stake established last quarter. They went private in a $16 all-cash deal that closed in December.Note: Callon Petroleum is merging with Carrizo Oil & Gas (CRZO).Altaba Inc. (AABA) previously Yahoo: The ~3% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. There was a ~23% stake increase in Q4 2018 at prices between $55.50 and $67 and that was followed with a ~12% increase in Q1 2019. Next quarter saw a ~20% selling at prices between $59 and $79. There was a ~300% stake increase last quarter. Last September, shareholders received a pre-dissolution distribution of $51.50 per share. The stock is no longer traded.Spark Therapeutics (ONCE): ONCE is a merger-arbitrage stake established in Q2 2019 at prices between $97.50 and $114. There was a ~90% stake increase last quarter at prices between $96 and $106. Roche (RHHBY) acquired Spark Therapeutics in a $114.50 all-cash deal that closed in December.Celgene Corp (CELG): CELG was a large (top five) 6.35% merger-arbitrage stake established in Q1 2019. Bristol Myers Squibb bought Celgene in a cash-and-stock deal ($50 cash and 1 share of BMY for each share of CELG held) that closed in November.International Seaways (INSW): INSW position came about as a result of its spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $20.25. There was ~6% trimming in Q2 2017 and that was followed with ~18% selling in H2 2018 at prices between $16 and $24. Last three quarters had seen another ~75% selling at prices between $15 and $20. The remainder stake was disposed this quarter at prices between $19.50 and $30.Lyft Inc. (LYFT): LYFT was a 2.77% of the portfolio position. It had an IPO last March. Shares started trading at ~$78 and currently goes for ~$44.70. Paulson was an early investor in Lyft having participated in funding rounds prior to the IPO. Last quarter saw the position reduced to a minutely small stake at prices between $41 and $67.50. The remainder stake was disposed this quarter.PG&E Corp (PCG): The very small ~0.50% of the portfolio stake in PCG was purchased in Q2 2019 at prices between $17 and $24. Last quarter saw a ~13% trimming and the disposal this quarter was at prices between $3.75 and $12.25. The stock is now at $17.92.Sotheby’s (BID): BID was a medium-sized merger-arbitrage stake established in Q2 2019. It was taken private at $57 per share by a group headed by Patrick Drahi.Tesla (TSLA) Puts: The 2.41% of the portfolio short stake in TSLA thru Puts was established in Q2 2019 as the stock traded between $179 and $292. It currently trades at $901. This quarter saw the stake disposed as the underlying traded between ~$230 and ~$430.Versum Materials (VSM): The very small ~1% portfolio stake was eliminated during the quarter as the business got acquired by Merck KGaA for $53 per share cash in a transaction that closed in October.New Stakes:Pretium Resources (PVG): PVG is a very small 0.62% of the portfolio stake purchased this quarter at prices between $8.70 and $12.50 and the stock currently trades well below that range at $7.81.Stake Decreases:Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: a combined ~75% selling over the next two years at prices between $192 and $320. H2 2018 also saw a ~18% selling at prices between $131 and $192. There was an about-turn in Q2 2019: ~45% stake increase at prices between $116 and $168. Last quarter saw another ~30% stake increase at prices between $156 and $170. The stock is now at ~$200 and it is now a top three position at ~11% of the portfolio. This quarter saw a ~9% trimming.Note: Abbvie (ABBV) is buying Allergan in a cash-and-stock deal ($120.30 cash and 0.8660 shares of ABBV for each AGN held) announced last June.Wellcare Health Plans (WCG): Centene acquired Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced last March. Paulson bought the merger-arbitrage stake in H1 2019 at prices between $247 and $299. The position was sold down by ~85% this quarter at prices between $258 and $333. The transaction closed last month.Caesars Entertainment (CZR): The minutely small 0.35% stake was reduced by ~60% during the quarter.Stake Increases:ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of last quarter. Following the ViacomCBS merger transaction, they increased the stake substantially to 5.44% of the portfolio at prices between $35.50 and $42.75. The stock currently trades well below that range at $28.26. For investors attempting to follow, VIAC is a good option to consider for further research.Sprint (S): Sprint is a 1.80% of the portfolio position built at prices between $5.50 and $8. The stock is now at $10.05. There was a ~27% stake increase this quarter at prices between $5.19 and $6.50.Note: Earlier this week, the terms of the merger with T-Mobile was adjusted so that Sprint shareholders will receive one share of T-Mobile for every 11 shares of Sprint. This is compared to 9.75 shares agreed previously.Barrick Gold (GOLD): GOLD is a very small 0.82% of the portfolio stake established in Q2 2019. There were marginal increases over the last two quarters.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $26.50 and the stake has become the largest position in the portfolio at 13.46%.Note: Paulson controls ~6% of Bausch Health.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the 13F portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$155. The remaining stake is still the second-largest at 13.33% of the portfolio.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50 while next quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $29.20 and the stake is now fairly large (top five) at 7.19% of the portfolio. There was a ~22% stake increase in Q3 2017 at prices between $25.50 and $32.25.Note: Liberty’s John Malone said in an interview in October that he believes Discovery shares are dramatically undervalued – he has been buying shares all the way from the teens to ~$28 per share.Horizon Pharmaceuticals (HZNP): The 6.38% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $35.50. There was a ~23% stake increase last quarter at prices between $23 and $28.AngloGold Ashanti (AU): AU is a 6.16% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $22.13.Note: Paulson controls ~3% of AngloGold Ashanti.Takeda Pharma (TAK): The fairly large 5.64% TAK stake came about as a result of Takeda’s Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $18.79.Mylan Inc. (MYL): MYL stake is now at 5.21% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $21.15. There was a ~9% stake increase last quarter.Brightsphere Investment Group (BSIG): The 4.41% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades below those ranges at $10.95.Note: Paulson’s ownership stake in BSIG is ~23%.Novagold (NG): NG is a 4.25% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $9.41.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Dish Network (DISH): DISH is a 3.81% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $40.73. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase.Pacira Biosciences (PCRX): The 1.68% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $48.49.TIM Participacoes (TSU): TSU is a 1.53% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. Last quarter also saw a ~25% selling at prices between $14 and $16.40. The stock is currently trading at $19.29.Agnico Eagle Mines (AEM), Endo International plc (ENDP), International Tower Hill Mines (THM), and Trilogy Metals (TMQ): These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note 1: Paulson has a ~32% ownership stake in International Tower Hill Mines.Note 2: Although the position size relative to the size of the portfolio is very small, it is significant that Paulson owns ~10.5% of Synthesis Energy Systems (SES).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q4 2019:Regulatory filings thru 11/26/2019: 13D/A – 11/18 – CPE – Callon Petroleum – 10.34M shares – 4.5% of business, 13D/A – 11/6 – 21.59M shares – 9.5% of business. 13D/A – 10/22 – letter to board, 13D/A – 9/10 – letter to mgmt. – has details on stake establishment in the $4 to $5.5 price range. Form 4 – 10/21 & 10/24 – Synthesis Energy – SYMX –warrants exercise & disposal,11/18 - Callon Petroleum “truce” – no longer opposed to Carrizo Oil & Gas merger but reduced position."

"Tracking John Paulson’s Paulson & Company Portfolio – Q3 2019 Update"

"John Paulson’s 13F portfolio value decreased from $5.88B to $4.99B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Allergan plc, and Bausch Health.The large long position in SPDR Gold Trust ETF is maintained.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 11/14/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2019.This quarter, Paulson’s 13F portfolio value decreased ~15% from $5.88B to $4.99B. There are 45 13F securities in the portfolio although only 33 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Allergan plc, Bausch Health, Celgene Corp, and Discovery Communications and they add up to ~43% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Anadarko Petroleum (APC), Array Biopharma (ARRY), and Red Hat Inc. (RHT): These were merger-arbitrage stakes that got eliminated as the deals closed during the quarter. APC was a large 5.18% established last quarter. Occidental Petroleum (OXY) agreed to acquire Anadarko in a cash-and-stock deal ($59 cash and 0.2934 shares of OXY for each APC held) announced in May. The transaction closed in August. ARRY was a medium-sized 2.58% stake established last quarter. Pfizer (PFE) acquired Array Biopharma in a $48 per share all-cash deal announced in June. The transaction closed the following month. RHT was a small 0.61% of the portfolio stake established in Q4 2018 and increased by ~12% next quarter. In October, IBM agreed to buy Red Hat for $190 per share cash and that transaction closed in July.T-Mobile US (TMUS): A 2.46% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. The three quarters thru Q1 2018 had seen a combined ~37% selling at prices between $55 and $65.50 and that was followed with a similar reduction in Q3 2018 at prices between $58 and $70.50. Q4 2018 also saw a ~20% selling at prices between $61 and $70. The stock is now at ~$79. This quarter saw the position sold out at prices between $74 and $84.Vaneck Vectors Gold Miners (GDX) Puts: The vast majority of the 2.82% Short position in GDX thru Puts was purchased last quarter as the underlying traded between $20 and $26. GDX currently trades at $26.66. The stake was disposed this quarter as the underlying traded between $24.50 and $31.Stewart Information Services (STC) and Tribune Media (TRCO): The minutely small ~0.50% portfolio stakes were disposed during the quarter.New Stakes:Callon Petroleum (CPE) and Presidio Inc. (PCRX): The 1.88% CPE stake was purchased this quarter at prices between ~$4 and ~$5.50 and the stock currently trades at $3.81. PSDO is a small 0.90% of the portfolio merger-arbitrage stake established this quarter. They are going private in a $16 all-cash deal.Note: Callon Petroleum is merging with Carrizo Oil & Gas (CRZO). Paulson initially opposed the merger and Callon cut the CRZO offer from $1.2B to $723M. Earlier this month Paulson said they are no longer opposed to the merger, but has chosen to reduce the position (sold more than half the original position). Their current stake is currently at ~4.5% of the business.Stake Decreases:Celgene Corp (CELG): CELG was a large (top five) 6.35% merger-arbitrage stake established in Q1 2019. Bristol Myers Squibb bought Celgene in a cash-and-stock deal ($50 cash and 1 share of BMY for each share of CELG held) that closed last week.Wellcare Health Plans (WCG): Centene is acquiring Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced in late March. WCG is currently at ~$322. Paulson bought the merger-arbitrage stake in July and increased it by ~85% during the quarter at prices between $247 and $299. There was a ~5% trimming this quarter.Tesla (TSLA) Puts: The 2.41% of the portfolio short stake in TSLA thru Puts was established last quarter as the stock traded between $179 and $292. It currently trades at $331. This quarter saw a ~7% trimming.Sotheby’s (BID): BID was a medium-sized merger-arbitrage stake established last quarter. It was taken private at $57 per share by a group headed by Patrick Drahi.TIM Participacoes (TSU): TSU is a ~1% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading below those ranges at $16. This quarter saw a ~25% selling at prices between $14 and $16.40.PG&E Corp (PCG): The very small ~0.50% of the portfolio stake in PCG was purchased last quarter at prices between $17 and $24. It is now at $7.55. This quarter saw a ~13% trimming.International Seaways (INSW): INSW position came about as a result of its spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $17.22. There was ~6% trimming in Q2 2017 and that was followed with ~18% selling in H2 2018 at prices between $16 and $24. Last three quarters have seen another ~75% selling at prices between $15 and $20.Lyft Inc. (LYFT): LYFT was a 2.77% of the portfolio position. It had an IPO in March. Shares started trading at ~$78 and currently goes for ~$50. Paulson was an early investor in Lyft having participated in funding rounds prior to the IPO. This quarter saw the position reduced to a minutely small stake at prices between $41 and $67.50. Lyft currently trades at $49.37.Stake Increases:Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: a combined ~75% selling over the next two years at prices between $192 and $320. H2 2018 also saw a ~18% selling at prices between $131 and $192. There was an about-turn last quarter: ~45% stake increase at prices between $116 and $168. This quarter saw another ~30% stake increase at prices between $156 and $170. The stock is now at ~$185 and it is now a top three position at ~10% of the portfolio.Note: Abbvie (ABBV) is buying Allergan in a cash-and-stock deal ($120.30 cash and 0.8660 shares of ABBV for each AGN held) announced in June.Mylan Inc. (MYL): MYL stake is now at 4.76% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades near the low end of those ranges at $18.78. There was a ~9% stake increase this quarter.Horizon Pharmaceuticals (HZNP): The 4.46% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $32.57. There was a ~23% stake increase this quarter at prices between $23 and $28.Altaba Inc. (AABA) previously Yahoo: The ~3% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. There was a ~23% stake increase in Q4 2018 at prices between $55.50 and $67 and that was followed with a ~12% increase in Q1 2019. Last quarter saw a ~20% selling at prices between $59 and $79. In September, shareholders received a pre-dissolution distribution of $51.50 per share. There was a ~300% stake increase this quarter.Spark Therapeutics (ONCE): ONCE is a merger-arbitrage stake established last quarter at prices between $97.50 and $114 and the stock currently trades at ~$111. There was a ~90% stake increase this quarter at prices between $96 and $106. Roche (RHHBY) is acquiring Spark Therapeutics in a $114.50 all-cash deal announced in February.Pacira Biosciences (PCRX) and Sprint (S): These two small positions were increased substantially over the last two quarters. The 1.31% PCRX stake was built at prices between $35.50 and $48 and it is now at $45.65. Sprint is a 1.56% of the portfolio position built at prices between $5.50 and $8. The stock is now at $5.91.Viacom (VIAB): The ~1% VIAB position saw a ~160% stake increase in Q1 2018 at prices between $29 and $34. Q4 2018 saw a ~50% selling at prices between $25 and $34. There was a ~63% stake increase this quarter at prices between $24 and $32. The stock is now near the low end of those ranges at $24.13.Barrick Gold (GOLD): GOLD is a minutely small 0.71% of the portfolio stake established last quarter. There was a marginal increase this quarter.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the 13F portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$137. The remaining stake is still the largest at ~12% of the portfolio.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $28.17 and the stake has become the third-largest position in the portfolio at ~9%.Note: Paulson controls ~6% of Bausch Health.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50 while next quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $33.12 and the stake is now fairly large (top five) at 5.39% of the portfolio. There was a ~22% stake increase in Q3 2017 at prices between $25.50 and $32.25.Note: Liberty’s John Malone said in an interview earlier this month that he believes Discovery shares are dramatically undervalued – he has been buying shares all the way from the teens to ~$28 per share.AngloGold Ashanti (AU): AU is a 4.68% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $18.49.Note: Paulson controls ~3% of AngloGold Ashanti.Takeda Pharma (TAK): The fairly large 4.56% TAK stake came about as a result of Takeda’s Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $20.55.Brightsphere Investment Group (BSIG): The ~4% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades below those ranges at $9.40.Note: Paulson’s ownership stake in BSIG is ~22%.Dish Network (DISH): DISH is a 3.39% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $34.74. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase.Novagold (NG): NG is a 2.21% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $6.75.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Agnico Eagle Mines (AEM), Caesars Entertainment (CZR), Endo International plc (ENDP), International Tower Hill Mines (THM), Trilogy Metals (TMQ), and Versum Materials (VSM): These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q3 2019:Regulatory filings thru 8/28/2019: 13D/A – 7/3 – INSW – 1.46M shares – 5% of business – reduction at ~$20 per share average. Form 4 – 6/28 – TMQ – 14.33M shares – 2.76M shares acquired @ $1.52 thru warrant execution."

"Tracking John Paulson’s Paulson & Company Portfolio – Q2 2019 Update"

"John Paulson’s 13F portfolio value increased from $4.59B to $5.88B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Bausch Health, and Allergan plc.Paulson added short positions in Tesla and Vaneck Gold Miner ETF by purchasing Puts. The large long position in SPDR Gold Trust ETF is maintained.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 08/14/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2019.This quarter, Paulson’s 13F portfolio value increased ~24% from $4.59B to $5.88B. There are 51 13F securities in the portfolio although only 38 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Bausch Health, Allergan plc, Discovery Communications, Celgene Corp and they add up to ~36% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Fox Corp (FOX): The original position was a merger-arbitrage stake in Twenty First Century Fox purchased in Q2 2018 at prices between $35.70 and $50. Q4 2018 saw a ~85% stake increase at prices between $44.50 and $49.50. In December 2017, Walt Disney Company (DIS) agreed to acquire the film & entertainment assets of Twenty First Century Fox and that transaction closed this March. What remained (broadcasting networks and stations, news channel, business network, and Sports – FS1 & FS2, Fox Deportes, and Big Ten Network) became Fox Corp. Terms of the transaction were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. The stake was eliminated this quarter at prices between $33.50 and $39. The stock is currently at $32.45.Centene Corp (CNC): Centene is acquiring Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced in late March. WCG & CNC currently trade at ~$270 and $46.32 respectively. Last quarter, Paulson built almost equal positions in both. The Centene stake was disposed this quarter.Travelport Worldwide (TVPT): Travelport went private at $15.75 per share in a transaction that closed in May. The transaction was announced last December and Paulson’s 1.33% merger-arbitrage stake came about soon after.Bristol Myers Squibb (BMY) Calls and First Data Corp: These were very small new stakes (less than ~1% of the portfolio each) established last quarter. First Data Corp got acquired by Fiserv (FISV) in an all-stock deal (0.303 shares of FISV for each share First Data Corp held) and that transaction closed last month. Bristol Myers Squibb is acquiring Celgene. Paulson acquired a large ~5% stake in Celgene and a small ~1% stake in BMY thru calls last quarter. The calls were disposed this quarter.New Stakes:Anadarko Petroleum (APC): APC was a large 5.18% merger-arbitrage stake established this quarter. Occidental Petroleum (OXY) agreed to acquire Anadarko in a cash-and-stock deal ($59 cash and 0.2934 shares of OXY for each APC held) announced in May. The transaction closed earlier this month.Sotheby’s (BID) and Array Biopharma (ARRY): BID and ARRY are medium-sized merger-arbitrage stakes established this quarter. BID is being taken private at $57 per share by a group headed by Patrick Drahi. Pfizer (PFE) is acquiring Array Biopharma in a $48 per share all-cash deal announced in June.Tesla (TSLA) Puts: The ~2% of the portfolio short stake in TSLA thru Puts was established this quarter as the stock traded between $179 and $292. It currently trades at $222.Spark Therapeutics (ONCE) and PG&E Corp (PCG): ONCE is a merger-arbitrage stake established this quarter at prices between $97.50 and $114 and the stock currently trades at ~$100. Roche (RHHBY) is acquiring Spark Therapeutics in a $114.50 all-cash deal announced in February. The ~1% of the portfolio stake in PCG was purchased at prices between $17 and $24 and the it is now at $10.43.Stake Decreases:Altaba Inc. (AABA) previously Yahoo: The 2.24% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. There was a ~23% stake increase in Q4 2018 at prices between $55.50 and $67 and that was followed with a ~12% increase last quarter. This quarter saw a ~20% selling at prices between $59 and $79. It is now at $69.48.Red Hat Inc. (RHT): RHT was a 0.61% of the portfolio merger arbitrage stake established in Q4 2018 and increased by ~12% last quarter. In October, IBM agreed to buy Red Hat for $190 per share cash and that transaction closed last month.International Seaways (INSW): INSW position came about as a result of its spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $17.22. There was ~6% trimming in Q2 2017 and that was followed with ~18% selling in H2 2018 at prices between $16 and $24. Last two quarters have seen another ~45% selling at prices between $16.50 and $20.25.Note: Paulson controls ~5% of International Seaways.Stewart Information Services (STC): The minutely small 0.37% portfolio stake in STC saw a ~10% trimming during the quarter.Stake Increases:Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: a combined ~75% selling over the next two years at prices between $192 and $320. H2 2018 also saw a ~18% selling at prices between $131 and $192. There was an about-turn this quarter: ~45% stake increase at prices between $116 and $168. The stock is now at ~$160 and the stake is at 6.40% of the portfolio.Note: Abbvie (ABBV) is buying Allergan in a cash-and-stock deal ($120.30 cash and 0.8660 shares of ABBV for each AGN held) announced in June.Celgene Corp (CELG): CELG is a large (top five) 5.26% merger-arbitrage stake established last quarter. Bristol Myers Squibb is buying Celgene in a cash-and-stock deal ($50 cash and 1 share of BMY for each share of CELG held). CELG currently trades at $97.11. There was a marginal stake increase during the quarter.Wellcare Health Plans (WCG): Centene is acquiring Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced in late March. WCG is currently at ~$270. Paulson bought the merger-arbitrage stake last month and increased it by ~85% during the quarter at prices between $247 and $299.Vaneck Vectors Gold Miners (GDX) Puts: The vast majority of the 2.82% Short position in GDX thru Puts was purchased during this quarter as the underlying traded between $20 and $26. GDX currently trades at $29.66.Pacira Biosciences (PCRX), Sprint (S), Trilogy Metals (TMQ), and Versum Materials (VSM): These small (less than ~1% of the portfolio each) positions were increased during the quarter. The TMQ increase was due to the execution of warrants at $1.52 per share.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the 13F portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$144. The remaining stake is still the largest at ~10% of the portfolio.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades near the low end of those ranges at $21.51 and the stake has become the second-largest position in the portfolio at ~9%.Note: Paulson controls ~6% of Bausch Health.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50 while next quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $27.73 and the stake is now fairly large (top five) at 5.28% of the portfolio. There was a ~22% stake increase in Q3 2017 at prices between $25.50 and $32.25. Last two quarters had seen a combined ~12% trimming.Takeda Pharma (TAK): The fairly large ~4% TAK stake came about as a result of Takeda’s Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $16.56.Brightsphere Investment Group (BSIG): The ~4% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Last quarter saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades below those ranges at $9.06.Note: Paulson’s ownership stake in BSIG is ~22%.AngloGold Ashanti (AU): AU is a 3.87% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $22.54.Note: Paulson controls ~3% of AngloGold Ashanti.Mylan Inc. (MYL): MYL stake is now at 3.56% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades near the low end of those ranges at $19.90.Dish Network (DISH): DISH is a 3.25% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $33.77. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase. For investors attempting to follow Paulson, DISH is a good option to consider for further research.Lyft Inc. (LYFT): LYFT is a 2.77% of the portfolio position. LYFT had an IPO in March. Shares started trading at ~$78 and currently goes for ~$50. Paulson is an early investor in Lyft having participated in funding rounds prior to the IPO.Horizon Pharmaceuticals (HZNP): The 2.73% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $27.55. There was a ~3% trimming in Q1 2018 and that was followed with a ~7% selling in Q3 2018. Last quarter also saw a ~7% trimming.T-Mobile US (TMUS): The 2.46% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. The three quarters thru Q1 2018 had seen a combined ~37% selling at prices between $55 and $65.50 and that was followed with a similar reduction in Q3 2018 at prices between $58 and $70.50. Q4 2018 also saw a ~20% selling at prices between $61 and $70. The stock is now at ~$78.Novagold (NG): NG is a 2.21% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $7.42.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.TIM Participacoes (TSU): TSU is a 1.27% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading below those ranges at $14.59.Viacom (VIAB): The 0.67% VIAB position saw a ~160% stake increase in Q1 2018 at prices between $29 and $34. Q4 2018 saw a ~50% selling at prices between $25 and $34. The stock is now at $25.16.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $2.46 and the stake is at 0.60% of the portfolio. There was a ~28% increase in Q1 2018 at prices between $5.50 and $9.Agnico Eagle Mines (AEM), Barrick Gold (ABX), Caesars Entertainment (CZR), International Tower Hill Mines (THM), and Tribune Media (TRCO): These minutely small (less than ~0.50% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q2 2019:Regulatory Filings thru 5/22/2019: 13D/A – 5/20 – INSW – 1.674M shares – 5.7% of business, 3/22 – 2.02M shares – reduction at ~$18 per share on the average, 3/15 – 2.45M shares – reduction at ~$18, 13D – 3/4 - BSIG – 20M shares – 21.7% of business, Form 3 – 2/27 – 20M shares."

"Tracking John Paulson’s Paulson & Company Portfolio – Q1 2019 Update"

"John Paulson’s 13F portfolio value increased from $4.17B to $4.59B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Bausch Health, and Mylan NV.Paulson increased Brightsphere Investment Group during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 05/15/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2018.This quarter, Paulson’s 13F portfolio value increased ~7% from $4.17B to $4.59B. There are 53 13F securities in the portfolio although only 33 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Bausch Health, Mylan NV, Celgene Corp and Discover Communications and they add up to ~42% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”.Stake Disposals:Nielsen Holdings (NLSN): NLSN was a 0.76% position established in Q3 2018 at prices between $21.75 and $32 and reduced by ~60% last quarter at prices between $22 and $28. The disposal this quarter was at prices between $23.25 and $27.50. It currently trades at $23.98.Mallinckrodt PLC (MNK): The MNK position was established in Q3 2013 at prices between $42 and $47. The seven quarters thru Q4 2017 saw a combined ~60% reduction at prices between $21 and $81 and that was followed with a ~45% selling in Q3 2018 at prices between $19 and $36. The position saw another ~70% selling last quarter at prices between $15.80 and $31.60. The disposal this quarter was at prices between $16 and $25. The stock currently trades at $9.23.Note: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Shire PLC ADR (SHPG): The large 9.68% SHPG stake was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. The stake was since increased but in Q2 2015, the pattern reversed: combined ~57% selling in the next three years at prices between $127 and $227. Shire plc got acquired by Takeda in a stock deal valued at $195 per share in a transaction that closed in January.Twenty First Century Fox: FOX stake was first purchased in Q4 2017 at prices between $24.50 and $34.75 but was almost sold out next quarter at prices between $34 and $38.50. Q2 2018 saw the position built back up to a ~1.5% portfolio position at prices between $35.70 and $50. Last quarter saw a ~85% stake increase at prices between $44.50 and $49.50.Note: In December 2017, Walt Disney Company (DIS) agreed to acquire the film & entertainment assets of Twenty First Century Fox and that transaction closed in March. What remained became Fox Corp – the assets of Fox Corp include broadcasting networks and stations, news channel, business network, and Sports – FS1 & FS2, Fox Deportes, and Big Ten Network. Terms of the transaction were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. DIS and FOX currently trade at ~$134 and ~$36.67 respectively.Pandora (P): P was a 1.83% portfolio position established in Q3 2018 at prices between $6.75 and $10 and increased by ~130% last quarter at prices between $5.35 and $6.40. In September, Sirius XM (SIRI) agreed to acquire Pandora in an all-stock deal (1.44 shares of SIRI for each P held) and that transaction closed in February. Sirius currently trades at $5.56.Randgold Resources: The small ~1% portfolio stake in Randgold saw a ~27% increase in Q3 2018 at prices between $61 and $77 and another ~17% increase last quarter. It was a merger arbitrage stake. Barrick Gold acquired Randgold in an all-stock deal (6.128 shares of Barrick Gold for each Randgold share held) that closed in January.Note: Barrick Gold changed their ticker symbol to GOLD from ABX after the deal for Randgold closed.Brookdale Senior Living (BKD), Imperva Inc. (IMPV), and Office Depot (ODP): These small (less than ~1% of the portfolio each) stakes were disposed during the quarter.New Stakes:Celgene Corp (CELG) and Takeda Pharma (TAK): CELG is a large (top five) 6.78% merger-arbitrage stake established this quarter. Bristol Myers Squibb is buying Celgene in a cash-and-stock deal ($50 cash and 1 share of BMY for each share of CELG held). CELG currently trades at $96.36 and BMY at $47.74. The fairly large 5.88% TAK stake came about as a result of Takeda’s Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Paulson trimmed the position by ~10% during the quarter. Takeda currently trades at $17.48.Wellcare Health Plans (WCG) and Centene Corp (CNC): Centene is acquiring Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced in late March. WCG & CNC currently trade at $278 and $56.78 respectively. Paulson has a 3.65% of the portfolio stake split almost evenly among WCG & CNC.Bristol Myers Squibb (BMY) Calls, First Data Corp (FDC), Versum Materials (VSM), Barrick Gold (ABX), and Fox Corp (FOX): These are very small new stakes (less than ~1% of the portfolio each) established this quarter.Stake Decreases:Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50 while next quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $27.42 and the stake is now fairly large at 6.05% of the portfolio. There was a ~22% stake increase in Q3 2017 at prices between $25.50 and $32.25. Last two quarters have seen a combined ~12% trimming.Horizon Pharmaceuticals (HZNP): The 3.84% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $25.57. There was a ~3% trimming in Q1 2018 and that was followed with a ~7% selling in Q3 2018. This quarter also saw a ~7% trimming.Travelport Worldwide (TVPT): Travelport is being taken private at $15.75 per share in a transaction announced in December. The stock is now at $14.85. The share price dropped earlier this week due to concerns that the deal might fall thru.International Seaways (INSW): INSW position came about as a result of its spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $19.60. There was ~6% trimming in Q2 2017 and that was followed with ~18% selling over the last two quarters at prices between $16 and $24. This quarter saw another ~30% selling at prices between $16.50 and $19.Note: Paulson controls ~5.7% of International Seaways.Stake Increases:Brightsphere Investment Group (BSIG): The large 5.91% BSIG stake was built last quarter at prices between $10 and $13.30. This quarter saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $11.73.Note: Paulson’s ownership stake in BSIG is ~22%.Altaba Inc. (AABA) previously Yahoo: The 3.85% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. It is now at $63.35. There was a ~23% stake increase last quarter at prices between $55.50 and $67 and that was followed with a ~12% increase this quarter.Red Hat Inc. (RHT): RHT is a 1.67% of the portfolio merger arbitrage stake established last quarter and increased by ~12% this quarter. In October, IBM agreed to buy Red Hat for $190 per share cash. The stock is currently at ~$186.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the 13F portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$120. The remaining stake is still the largest at 11.49% of the portfolio.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades near the low end of those ranges at $24.44 and the stake has become the second-largest position in the portfolio at 11.22%.Note: Paulson controls ~6% of Bausch Health.Mylan Inc. (MYL): MYL is a top three position at 6.80% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $19.65.Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: a combined ~75% selling over the next two years at prices between $192 and $320. There was another ~15% reduction last quarter at prices between $167 and $193. The stock is now at ~$140 and the stake is at 4.94% of the portfolio. Last quarter saw a ~4% trimming.AngloGold Ashanti (AU): AU is a 3.65% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $11.61.Note: Paulson controls ~3% of AngloGold Ashanti.Dish Network (DISH): DISH is a 3.43% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently below the low end of those ranges at $34.87. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase. For investors attempting to follow Paulson, DISH is a good option to consider for further research.T-Mobile US (TMUS): The 2.94% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. The three quarters thru Q1 2018 had seen a combined ~37% selling at prices between $55 and $65.50 and that was followed with a similar reduction in Q3 2018 at prices between $58 and $70.50. Last quarter also saw a ~20% selling at prices between $61 and $70. The stock is now at $76.35.Novagold (NG): NG is a ~2% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $3.79.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.TIM Participacoes (TSU): TSU is a 1.64% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading below those ranges at $13.13.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $6.32 and the stake is at 1.51% of the portfolio. There was a ~28% increase in Q1 2018 at prices between $5.50 and $9.Viacom (VIAB): The 0.81% VIAB position saw a ~160% stake increase in Q1 2018 at prices between $29 and $34. Last quarter saw a ~50% selling at prices between $25 and $34. The stock is now at $28.81.Agnico Eagle Mines (AEM), Caesars Entertainment (CZR), International Tower Hill Mines (THM), Stewart Information Services (STC), Tribune Media (TRCO), and Trilogy Metals (TMQ): These are small (less than ~1% of the portfolio each) stakes kept steady this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q1 2019:Regulatory Filings thru 2/21/2019: Form 4, 13D/A – 11/30 – INSW – 2,909,100 shares - ~175K shares disposed at ~$19 per share – 9.97% of business."

"Tracking John Paulson’s Paulson & Company Portfolio – Q4 2018 Update"

"John Paulson’s 13F portfolio value decreased from $5.34B to $4.17B this quarter.Paulson & Company's largest three positions are Shire plc, SPDR Gold ETF, and Bausch Health.Paulson increased Twenty First Century Fox, Pandora Media, and Brightsphere Investment Group while reducing Viacom, Nielsen, and Mallinckrodt.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 02/14/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2018.This quarter, Paulson’s 13F portfolio value decreased ~22% from $5.34B to $4.17B. There are 51 13F securities in the portfolio although only 34 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions Shire plc, SPDR Gold ETF, Bausch Health, Mylan NV, and Discover Communications and they add up to ~48% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”.Stake Disposals:CA Inc. (CA), Dell Technologies (DVMT), and Dun & Bradsheet (DNB): These were merger arbitrage stakes established last quarter. The fairly large 4.5% CA position was established at ~$44. Broadcom (AVGO) acquired CA for $44.50 per share cash and that transaction closed in October. The 3.55% DVMT stake was purchased at prices between $92 and $99. Dell proposed to purchase the tracking stock for $120 per share cash subject to a $14B cap and that transaction closed in December. In August, an investor group led by CC Capital agreed to acquire DNB for $145 per share cash and that transaction closed earlier this month.AT&T Inc. (T): The small 1.44% portfolio stake in T came about as a result of the Time Warner acquisition that closed in June. They had a small position in Time Warner for which they received these shares when the transaction closed. The stake was disposed this quarter. The stock is currently at $31.15.Mitel Networks (MITL): MITL is a merger-arbitrage stake purchased in Q2 2018. It got acquired by affiliates of Searchlight Capital Partners for $11.15 per share cash and the transaction closed in November, thus eliminating this position. There was a ~25% selling last quarter at prices between $10.94 and $11.05.Rockwell Collins (COL): The COL position was increased by ~135% in Q4 2017 at prices between $130 and $137 and that was followed with a ~63% increase next quarter at prices between $133 and $139. It was a merger-arbitrage stake. It got acquired by United Technologies (UTX) for $140 per share in a cash-and-stock deal ($93.33 cash) that closed in November.Aetna Inc. (AET): The merger-arbitrage stake in AET saw a ~70% increase in Q2 2018 at prices between $168 and $190 and another ~28% increase last quarter at prices between $185 and $206. In December 2017, CVS agreed to acquire Aetna in a cash-and-stock deal ($145 per share in cash and 0.8378 CVS shares for each share held) and that transaction closed in November.New Stakes:Red Hat Inc. (RHT), Travelport Worldwide (TVPT), Imperva Inc. (IMPV), Tribune Media (TRCO), and Stewart Information Services (STC): These are new merger arbitrage stakes established this quarter. In October, IBM agreed to buy Red Hat for $190 per share cash. The stock is currently at ~$183. Travelport is being taken private at $15.75 per share in a transaction announced in December. The stock is now at $15.74. In October, private equity firm Thoma Bravo agreed to acquire Imperva for $55.75 per share cash and that transaction closed last month. Nexstar Media (NXST) is buying Tribune Media in a $46.50 per share cash deal announced in December. In March, Fidelity National Financial (FNF) agreed to acquire Stewart Information Services in a $50 per share cash-and-stock (50% cash) deal. The stock is currently at $43.17.Stake Decreases:Mylan Inc. (MYL): MYL is a top five position at 7.22% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. Last two years have seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $31.26.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50 while next quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $29.21 and the stake is now fairly large at 6.48% of the portfolio. There was a ~22% stake increase last quarter at prices between $25.50 and $32.25. This quarter saw a ~4% trimming.Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: a combined ~75% selling over the next two years at prices between $192 and $320. There was another ~15% reduction last quarter at prices between $167 and $193. The stock is now at ~$137 and the stake is at 4.96% of the portfolio. This quarter saw a ~4% trimming.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase in Q1 2017 to a 1.56% portfolio position at prices between $96 and $104. The position was almost sold out in Q3 2017 at prices between $109 and $113. Q4 2017 saw another about turn: huge increase to a 3.31% portfolio stake at prices between $113 and $118. There was a ~16% selling in Q1 2018 at prices between $115 and $126. The pattern reversed again in Q2 2018: almost two-thirds increase at prices between $92 and $120 and that was followed with a ~28% increase last quarter at prices between $85 and $110. The stock currently trades at $94.51. This quarter saw a ~9% trimming.Note: NXPI was a merger-arbitrage stake. Qualcomm (QCOM) was to acquire them at $127.50 per share cash but that transaction fell through in July.T-Mobile US (TMUS): The ~3% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. The three quarters thru Q1 2018 had seen a combined ~37% selling at prices between $55 and $65.50 and that was followed with a similar reduction last quarter at prices between $58 and $70.50. This quarter also saw a ~20% selling at prices between $61 and $70. The stock is now at $73.20.International Seaways (INSW): INSW position came about as a result of its spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $18.11. There was ~6% trimming in Q2 2017 and that was followed with ~18% selling over the last two quarters at prices between $16 and $24.Note: Paulson controls ~10% of International Seaways.Viacom (VIAB): The 0.81% VIAB position saw a ~160% stake increase in Q1 2018 at prices between $29 and $34. This quarter saw a ~50% selling at prices between $25 and $34. The stock is now at $29.19.Caesars Entertainment (CZR) and Office Depot (ODP): These very small (less than ~1% of the portfolio each) stakes saw significant selling this quarter.Nielsen Holdings (NLSN): NLSN is a 0.76% position established last quarter prices between $21.75 and $32 and reduced by ~60% this quarter at prices between $22 and $28. It currently trades at $26.10.Mallinckrodt PLC (MNK): MNK is now a minutely small 0.23% of the 13F portfolio position. The original position was established in Q3 2013 at prices between $42 and $47. The stake has wavered. Recent activity follow: the seven quarters thru Q4 2017 saw a combined ~60% reduction at prices between $21 and $81 and that was followed with a ~45% selling last quarter at prices between $19 and $36. The position saw another ~70% selling this quarter at prices between $15.80 and $31.60. The stock currently trades at $21.49.Note: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Stake Increases:Shire PLC ADR (SHPG): The large 9.68% SHPG stake was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. The stake was since increased but in Q2 2015, the pattern reversed: combined ~57% selling in the next three years at prices between $127 and $227. Last two saw quarters saw minor increases.Note: Shire plc got acquired by Takeda in a stock deal valued at $195 per share in a transaction that closed last month.Twenty First Century Fox (FOX): FOX stake was first purchased in Q4 2017 at prices between $24.50 and $34.75 but was almost sold out next quarter at prices between $34 and $38.50. Q2 2018 saw the position built back up to a ~1.5% portfolio position at prices between $35.70 and $50. This quarter saw a ~85% stake increase at prices between $44.50 and $49.50. The stock is now at $51.17.Altaba Inc. (AABA) previously Yahoo: The 2.94% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. It is now at $71.72. There was a ~23% stake increase this quarter at prices between $55.50 and $67.Pandora (P): P is a 1.83% portfolio position established last quarter at prices between $6.75 and $10 and increased by ~130% this quarter at prices between $5.35 and $6.40. In September, Sirius XM (SIRI) agreed to acquire Pandora in an all-stock deal (1.44 shares of SIRI for each P held) and that transaction closed earlier this month. Sirius currently trades at ~$6.Brightsphere Investment Group (BSIG): The vast majority of the 1.33% BSIG stake was purchased this quarter at prices between $10 and $13.30 and the stock currently trades at $14.03.Randgold Resources (GOLD): The small ~1% portfolio stake in Randgold saw a ~27% increase last quarter at prices between $61 and $77 and another ~17% increase this quarter. It was a merger arbitrage stake. Barrick Gold acquired Randgold in an all-stock deal (6.128 shares of Barrick Gold for each Randgold share held) that closed last month.Note: Barrick Gold changed their ticker symbol to GOLD from ABX after the deal for Randgold closed.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the 13F portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at $125.50. The remaining stake is still the second-largest at 12.55% of the portfolio.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades near the low end of those ranges at $23.75 and the stake has become the third-largest position in the portfolio at 9.22%.Note: Paulson controls ~6% of Bausch Health.AngloGold Ashanti (AU): AU is a ~4% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $14.85.Note: Paulson controls ~3% of AngloGold Ashanti.Horizon Pharmaceuticals (HZNP): The 3.36% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $21.20. There was a ~3% trimming in Q1 2018 and that was followed with a ~7% selling last quarter.Dish Network (DISH): DISH is a ~3% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently below the low end of those ranges at $32.82. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase. For investors attempting to follow Paulson, DISH is a good option to consider for further research.Novagold (NG): NG is a ~2% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $3.93.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.TIM Participacoes (TSU): TSU is a 1.84% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading below those ranges at $16.41.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $10.51 and the stake is at 1.51% of the portfolio. There was a ~28% increase in Q1 2018 at prices between $5.50 and $9. Last quarter saw a ~6% trimming.Agnico Eagle Mines (AEM), Brookdale Senior Living (BKD), International Tower Hill Mines (THM), and Newmark Group (NMRK): These are small (less than ~1% of the portfolio each) stakes kept steady this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Synthesis Energy Systems (SES), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q4 2018:Regulatory Filings thru 11/19/2018: Form 4 – 9/18, 9/13, 9/7 – INSW – 125K disposed at $18.15 – 3.08M shares remain, 44K disposed at $19.08 & 102K disposed at $18.88, ~102K disposed at ~$19."

"Tracking John Paulson’s Paulson & Company Portfolio – Q3 2018 Update"

"John Paulson’s 13F portfolio value increased from $4.90B to $5.34B this quarter.Paulson & Company's largest three positions are Bausch Health, Shire plc, and SPDR Gold ETF.Paulson increased Discovery Communications and NXP Semiconductors while reducing T-Mobile US and Mallinckrodt plc.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 11/14/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2018.This quarter, Paulson’s 13F portfolio value increased ~9% from $4.90B to $5.34B. There are 58 13F securities in the portfolio although only 36 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Shire plc, SPDR Gold ETF, Mylan NV, and Discover Communications and they add up to ~44% of the portfolio. The largest holding is Bausch Health at ~10% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book “”.Stake Disposals:Comcast (CMCSA) & Calls: CMCSA was a very small 0.70% portfolio stake established last quarter at prices between $30.50 and $34.50 and disposed this quarter at prices between $33 and $38. The stock currently trades at $38.18.XL Group (XL): XL was a ~1% merger-arbitrage stake. AXA Group agreed to acquire XL Group for $57.30 per share cash in a transaction announced in March. It closed in September thus eliminating the position.Vistra Energy (VST) previously TCEH: VST was a 1.79% of the portfolio position established in Q2 2017 at prices between $15 and $20. Vistra exited bankruptcy and started trading in October 2016 at ~$16 per share. There was a ~13% trimming in Q4 2017 and that was followed with a two-thirds reduction in Q1 2018 at prices between $17.50 and $21. The disposal this quarter was at prices between $22 and $25. The stock is now at $23.55.Energen Corp. (EGN): EGN was a ~1% portfolio stake established in Q1 2018 at prices between $49 and $63 and disposed this quarter at prices between $71 and $87. The stock currently trades well above that range at $73.28.CenturyLink Inc. (CTL): The very small 0.75% CTL position was established in Q4 2017 at prices between $13.75 and $20.25 and exited this quarter at prices between $18.25 and $24. It now goes for $19.03.New Stakes:CA Inc. (CA), Dell Technologies (DVMT), Nielsen Holdings (NLSN), Dun & Bradsheet (DNB), and Pandora (P): These are the five new positions this quarter. The fairly large 4.5% CA position was established at ~$44. It was a merger arbitrage stake. Broadcom (AVGO) acquired CA Inc. for $44.50 per share cash and that transaction closed earlier this month. The 3.55% DVMT stake was purchased at prices between $92 and $99 and it is now at $103. Dell has proposed to purchase the tracking stock for $120 per share cash subject to a $14B cap. NLSN is a 1.81% position established at prices between $21.75 and $32 and it currently goes for $25.60. The ~1% DNB position was purchased at prices between $124 and $145 and it is now at $143. In August, DNB agreed to be acquired by an investor group led by CC Capital for $145 per share cash. P is a very small 0.72% portfolio position established at prices between $6.75 and $10 and the stock is now at $8.58.Stake Decreases:Mylan Inc. (MYL): MYL is a top five position at 7.88% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. Last two years have seen a ~50% selling at prices between $30.50 and $45. The stock currently trades at $34.60.Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: a combined ~75% selling over the next two years at prices between $192 and $320. There was another ~15% reduction this quarter at prices between $167 and $193. The stock is now at ~$156 and the stake is at 5.78% of the portfolio.T-Mobile US (TMUS): The ~3% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. Last three quarters thru Q1 2018 had seen a combined ~37% selling at prices between $55 and $65.50 and that was followed with a similar reduction this quarter at prices between $58 and $70.50. The stock is now at $68.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $12.46 and the stake is at 2.72% of the portfolio. There was a ~28% increase in Q1 2018 at prices between $5.50 and $9. This quarter saw a ~6% trimming.Horizon Pharmaceuticals (HZNP): The 2.63% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $22.22. There was a ~3% trimming in Q1 2018 and that was followed with a ~7% selling this quarter.Altaba Inc. (AABA) previously Yahoo: The 2.20% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. It is now at $62.22. There was a ~10% stake increase in the last two quarters while this quarter saw a ~6% trimming.AT&T Inc. (T): The small 1.44% portfolio stake in T came about as a result of the Time Warner acquisition that closed in June. They had a small position in Time Warner for which they received these shares when the transaction closed. The stock is currently at $30.35.International Seaways (INSW): INSW position came about as a result of its spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $16.68. There was ~6% trimming in Q2 2017 and that was followed with a ~11% trimming this quarter.Note: Paulson controls ~10% of International Seaways.Mallinckrodt PLC (MNK): MNK is now a very small ~1% of the 13F portfolio position. It was established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the pattern reverse: ~31% increase at prices between $53 and $77. The seven quarters thru Q4 2017 had seen a combined ~60% reduction at prices between $21 and $81 and that was followed with a ~45% selling this quarter at prices between $19 and $36. The stock currently trades at $30.82.Note: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Rockwell Collins (COL): The COL position was increased by ~135% in Q4 2017 at prices between $130 and $137 and that was followed with a ~63% increase next quarter at prices between $133 and $139. It currently trades at ~$130. There was a ~9% trimming last quarter and a similar reduction this quarter.Note: Rockwell-Collins is a merger-arbitrage stake. It is getting acquired by United Technologies (UTX) for $140 per share in a cash-and-stock deal ($93.33 cash).Mitel Networks (MITL) and Akron Inc. (AKRX): These two positions purchased last quarter saw reductions this quarter. MITL is a merger-arbitrage stake. It is getting acquired by affiliates of Searchlight Capital Partners for $11.15 per share cash. There was a ~25% selling this quarter at prices between $10.94 and $11.05. The stock is now at ~$11. Akron had an agreement to be acquired by Fresenius for $34 per share but Fresenius abandoned the offer in April after it found material breaches to FDA data integrity requirements. Akorn in turn has filed a complaint against Fresenius asking to fulfill its merger obligation. The position was reduced by ~70% this quarter at prices between $12.85 and $19.50. The stock is currently at $6.78.Stake Increases:Shire PLC ADR (SHPG): SHPG is the second-largest position at 9.68% of the portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. The stake was since increased but in Q2 2015, the pattern reversed: Last three years saw a combined ~57% selling at prices between $127 and $227. The stock currently trades at ~$176. There was a marginal increase this quarter.Note: Shire plc is getting acquired by Takeda in a deal valued at ~$195 per share.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50 while last quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $30.47 and the stake is now fairly large at 6.77% of the portfolio. There was a ~22% stake increase this quarter at prices between $25.50 and $32.25.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase in Q1 2017 to a 1.56% portfolio position at prices between $96 and $104. The position was almost sold out in Q3 2017 at prices between $109 and $113. Q4 2017 saw another about turn: huge increase to a 3.31% portfolio stake at prices between $113 and $118. There was a ~16% selling in Q1 2018 at prices between $115 and $126. The pattern reversed again last quarter: almost two-thirds increase at prices between $92 and $120 and that was followed with a ~28% increase this quarter at prices between $85 and $110. The stock currently trades at $81.36.Note: NXPI was a merger-arbitrage stake. Qualcomm (QCOM) was to acquire them at $127.50 per share cash but that transaction fell through in July.Aetna Inc. (AET): The merger-arbitrage stake in AET saw a ~70% increase last quarter at prices between $168 and $190 and another ~28% increase this quarter at prices between $185 and $206. The stock is now at ~$208. Last December, CVS agreed to acquire Aetna in a cash-and-stock deal ($145 per share in cash and 0.8378 CVS shares for each share held).Twenty First Century Fox (FOX): The FOX position was almost sold out in Q1 2018 at prices between $34 and $38.50. It was purchased in Q4 2017 at prices between $24.50 and $34.75. Last quarter saw the position built back up to a ~1.5% portfolio position at prices between $35.70 and $50. The stock is now at $48.54. There was a marginal increase this quarter.Randgold Resources (GOLD): The very small 0.56% portfolio stake in GOLD saw a ~27% increase this quarter at prices between $61 and $77 and it is now at $81.90.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades near the low end of those ranges at $23.50 and the stake has become the largest position in the portfolio at ~10%.Note: Paulson controls ~6% of Bausch Health.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the 13F portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$116. The remaining stake is still the third-largest at ~9% of the portfolio.Dish Network (DISH): DISH is a 3.33% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently below the low end of those ranges at $31.50. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase. For investors attempting to follow Paulson, DISH is a good option to consider for further research.AngloGold Ashanti (AU): AU is a ~2% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $9.87.Note: Paulson controls ~3% of AngloGold Ashanti.Viacom (VIAB): The 1.63% VIAB position saw a ~160% stake increase in Q1 2018 at prices between $29 and $34 and it is currently near the low end of that range at $31.42.Novagold (NG): NG is a 1.53% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $3.84.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.TIM Participacoes (TSU): TSU is a 1.36% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading below those ranges at $15.41.Agnico Eagle Mines (AEM), Brookdale Senior Living (BKD), Caesars Entertainment (CZR), International Tower Hill Mines (THM), Newmark Group (NMRK), and Office Depot (ODP): These are small (less than ~1% of the portfolio each) stakes kept steady this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Synthesis Energy Systems (SES), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q3 2018:Regulatory Filings thru 9/2/2018: Form 4 & 13D/A – 8/21 – OSG - ~2M shares disposed at ~$3.3 – 8.3M shares remain (9.8% of business)."

"Tracking John Paulson’s Paulson & Company Portfolio – Q2 2018 Update"

"John Paulson’s 13F portfolio value increased from $4.57B to $4.90B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Bausch Health, and Shire plc.Paulson increased Discovery Communications while reducing Caesars Entertainment.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 08/14/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2018.This quarter, Paulson’s 13F portfolio value increased ~7% from $4.57B to $4.90B. There are 54 13F securities in the portfolio although only 36 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Bausch Health, Shire plc, Mylan NV, and Allergan plc and they add up to ~45% of the portfolio. The largest holding is SPDR Gold ETF at ~11% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:DST Systems and Blackhawk Network Holdings (HAWK): These two positions established last quarter was disposed this quarter. SS&C acquired DST Systems for $84 per share cash and the transaction closed in April. Blackhawk Network Holdings was acquired by Silver Lake and P2 Capital Partners for $45.25 per share cash and the transaction closed in July.Monsanto Company (MON): MON position had seen a stake doubling in Q4 2017 at prices between $115 and $122. There was a ~7% further increase last quarter. It was a merger-arbitrage stake - Monsanto got acquired by Bayer AG (BAYRY) in a transaction that closed in June.Time Warner Inc. (TWX): TWX was a large 5.38% of the portfolio merger-arbitrage stake purchased in Q4 2016. AT&T (T) reached a deal in October 2016 to acquire Time Warner in a $107.50 half-cash half-stock deal. The transaction closed in June.New Stakes:AT&T Inc. (T), Mitel Networks (MITL), Comcast (CMCSA) & Calls, and Akron Inc. (AKRX): These are the new positions this quarter. The T stake came about as a result of the Time Warner acquisition that closed in June. MITL is a merger-arbitrage stake. It is getting acquired by affiliates of Searchlight Capital Partners for $11.15 per share cash. The stock is now at $11. Akron had an agreement to be acquired by Fresenius for $34 per share but Fresenius abandoned the offer in April after it found material breaches to FDA data integrity requirements. Akorn in turn has filed a complaint against Fresenius asking to fulfill its merger obligation. The stock is currently at $15.69.Stake Decreases:Shire PLC ADR (SHPG): SHPG is the third-largest position at 9.66% of the portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 & Q3 2016 also saw a combined ~40% reduction at prices between $165 and $207. Last seven quarters saw another ~40% reduction at prices between $125 and $203. The stock currently trades at ~$175.Note: Shire plc is getting acquired by Takeda in a deal valued at ~$195 per share.Rockwell Collins (COL): The COL position was increased by ~135% in Q4 2017 at prices between $130 and $137 and that was followed with a ~63% increase last quarter at prices between $133 and $139. It currently trades at ~$136. There was a ~9% trimming this quarter.Note: Rockwell-Collins is a merger-arbitrage stake. It is getting acquired by United Technologies (UTX) for $140 per share in cash-and-stock ($93.33 cash).Caesars Entertainment (CZR): In October last year, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. Paulson had ~10% stakes in both. Including the conversion, the position saw a ~53% reduction in Q4 2017. Last quarter saw another ~73% selling at prices between $11 and $14.50. The stock currently trades at $10.20. This quarter also saw a ~40% selling at prices between $10.65 and $13.20.Agnico Eagle Mines (AEM) and Randgold Resources (GOLD): These two small (~0.5% of the portfolio each) stakes were both reduced by ~20% each this quarter.Stake Increases:Discovery Communications (DISCA): DISCA position saw a 320% stake increase last quarter at prices between $21.50 and $26.50 while this quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $27.83 and the stake is now fairly large at 5.21% of the portfolio.T-Mobile US (TMUS): The fairly large ~5% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. Last three quarters had seen a combined ~37% selling at prices between $55 and $65.50. The stock is now at $66.04. There was a very minor ~3% stake increase this quarter.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase in Q1 2017 to a 1.56% portfolio position at prices between $96 and $104. The position was almost sold out in Q3 2017 at prices between $109 and $113. Q4 2017 saw another about turn: huge increase to a 3.31% portfolio stake at prices between $113 and $118. There was a ~16% selling last quarter at prices between $115 and $126. The pattern reversed again this quarter: almost two-thirds increase at prices between $92 and $120. The stock currently trades at $93.14.Note: NXPI was a merger-arbitrage stake. Qualcomm (QCOM) was to acquire them at $127.50 per share cash but that transaction fell through in July.Altaba Inc. (AABA) previously Yahoo: The 2.73% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. It is now at $69.55. There was a ~10% stake increase in the last two quarters.Twenty First Century Fox (FOX): The FOX position was almost sold out last quarter at prices between $34 and $38.50. It was purchased in Q4 2017 at prices between $24.50 and $34.75. This quarter saw the position built back up to a ~1.5% portfolio position at prices between $35.70 and $50. The stock is now at $45.40.XL Group (XL) and Aetna Inc. (AET): These two ~1% of the portfolio merger-arbitrage stakes saw significant increases this quarter. AXA Group is acquiring XL Group for $57.30 per share cash in a transaction announced in March. Last December, CVS agreed to acquire Aetna in a cash-and-stock deal ($145 per share in cash and 0.8378 CVS shares for each share held). The XL stake was increased by roughly one-third and AET stake by ~71% this quarter. XL and AET currently trade at ~$57 and ~$200 respectively.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$114. The remaining stake is still the largest at ~11% of the portfolio.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals (VRX): BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades near the low end of those ranges at $23.11 and the stake is at 9.89% of the portfolio.Note: Paulson controls ~6% of Bausch Health.Mylan Inc. (MYL): MYL is a top five position at 8.52% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~50% increase in Q2 2015 at prices between $58 and $76. Last five quarters had seen a ~47% selling at prices between $30.50 and $47.50. The stock trades currently at $39.13.Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. The five quarters thru Q4 2017 had seen a combined ~54% selling at prices between $165 and $255. The stock is now at ~$192 and the stake is at ~7% of the portfolio.Dish Network (DISH): DISH is a 3.41% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently below the low end of those ranges at $35.35. There was a ~11% trimming in Q4 2017 while last quarter there was a ~19% stake increase. For investors attempting to follow Paulson, DISH is a good option to consider for further research.Horizon Pharmaceuticals (HZNP): The 2.59% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $21.14. There was a ~3% trimming last quarter.AngloGold Ashanti (AU): AU is a ~2% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $7.91.Note: Paulson controls ~3% of AngloGold Ashanti.Novagold (NG): NG is a ~2% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $3.67.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Vistra Energy (VST) previously TCEH: VST is a 1.79% of the portfolio position established in Q2 2017 at prices between $15 and $20. Vistra exited bankruptcy and started trading in October 2016 at ~$16 per share. There was a ~13% trimming in Q4 2017 and that was followed with a two-thirds reduction last quarter at prices between $17.50 and $21. The stock is now at $23.54.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $17.15 and the stake is at 1.77% of the portfolio. There was a ~28% increase last quarter at prices between $5.50 and $9.TIM Participacoes (TSU): TSU is a 1.72% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Last quarter saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading below those ranges at $15.04.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $20.52. There was ~6% trimming in Q2 2017 at ~$20.Note: Paulson controls ~12% of International Seaways.Viacom (VIAB): The 1.59% VIAB position saw a ~160% stake increase last quarter at prices between $29 and $34 and it is currently near the low end of that range at $29.28.Mallinckrodt PLC (MNK): MNK is a 1.40% of the 13F portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the pattern reverse: ~31% increase at prices between $53 and $77. The seven quarters thru Q4 2017 had seen a combined ~60% reduction at prices between $21 and $81. The stock currently trades at $34.46.Note 1: Paulson controls ~3.9% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Energen Corp. (EGN): EGN is a ~1% portfolio stake established last quarter at prices between $49 and $63 and the stock currently trades well above that range at $77.55.Brookdale Senior Living (BKD), CenturyLink Inc. (CTL), International Tower Hill Mines (THM), Newmark Group (NMRK), and Office Depot (ODP): These are small (less than ~1% of the portfolio each) stakes kept steady this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Synthesis Energy Systems (SES), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q2 2018:Regulatory Filings thru 5/18/2018: Form 4 – 3/19 – INSW – 3.5M shares, 13D/A 3/16 & Form 4 3/15 – ITHM – 59.6M shares - ~32% of business - ~4.1M shares acquired in a 24M share private placement for ~$2.05M - $0.50 per share, Form 4 3/8 - TMQ – 11.57M shares."

"Tracking John Paulson’s Paulson & Company Portfolio – Q1 2018 Update"

"John Paulson’s 13F portfolio value decreased from $5.12B to $4.57B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Mylan NV, and Shire plc.Paulson increased Discovery Communications and Viacom while reducing Vistra Energy and Caesars Entertainment.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s 13F stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 05/15/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2017.This quarter, Paulson’s 13F portfolio value decreased ~11% from $5.12B to $4.57B. There are 51 13F securities in the portfolio although only 36 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Mylan NV, Shire plc, Valeant Pharmaceuticals, and Allergan plc and they add up to ~46% of the portfolio. The largest holding is SPDR Gold ETF at ~12% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Extended Stay America (STAY): STAY was a very small 0.67% of the portfolio position as of last quarter. The position was eliminated this quarter at prices between $18.50 and $21. The stake came about as a result of the firm’s IPO in November 2013 (see Note below) at $20 per share. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction in Q3 2016 at ~$14. There was a ~25% reduction in Q4 2016 at prices between $13 and $17 and that was followed with a ~30% selling in Q1 2017 at $17.81. The position was reduced by ~90% in Q2 2017 at prices between $15.76 and $19.80. Paulson harvested long-term gains.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Scripps Networks Interactive (SNI) and Sucampo Pharmaceuticals (SCMP): These were very small (less than ~1% of the portfolio each) merger-arbitrage stakes established last quarter. Scripps Networks Interactive was acquired by Discovery Communications (DISCA) and Sucampo Pharmaceuticals by Mallinckrodt plc (MNK). The acquisitions closed this quarter thereby eliminating the positions.Oasis Petroleum (OAS) and Synergy Pharmaceuticals (SGYP): These two small (less than ~1% of the portfolio each) stakes were disposed this quarter.New Stakes:Energen Corp. (EGN), XL Group (XL), DST Systems, and Blackhawk Network Holdings (HAWK): These are the new positions this quarter. EGN is a ~1% portfolio stake established at prices between $49 and $63 and the stock currently trades above that range at $68.37. XL Group, DST Systems, and Blackhawk Network Holdings are merger-arbitrage stakes: AXA Group is acquiring XL Group for $57.30 per share cash. SS&C acquired DST Systems for $84 per share cash and the transaction closed last month. Blackhawk Network Holdings is being acquired by Silver Lake and P2 Capital Partners for $45.25 per share cash.Stake Decreases:SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$122. The remaining stake is still the largest at ~12% of the portfolio. There was marginal trimming this quarter.Mylan Inc. (MYL): MYL is a top three position at 10.39% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~50% increase in Q2 2015 at prices between $58 and $76. Last five quarters have seen a ~47% selling at prices between $30.50 and $47.50. The stock trades currently at $40.08.Shire PLC ADR (SHPG): SHPG is the third-largest position at 9.64% of the portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 & Q3 2016 also saw a combined ~40% reduction at prices between $165 and $207. Last six quarters saw another ~38% reduction at prices between $127 and $194. The stock currently trades at ~$172.T-Mobile US (TMUS): The ~5% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. Last three quarters have seen a combined ~37% selling at prices between $55 and $65.50. The stock is now at $56.68.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase in Q1 2017 to a 1.56% portfolio position at prices between $96 and $104. There was a ~6% further increase in the following quarter. The position was almost sold out in Q3 2017 at prices between $109 and $113. Last quarter saw another about turn: huge increase to a 3.31% portfolio stake at prices between $113 and $118. There was a ~16% selling this quarter at prices between $115 and $126. The stock currently trades at ~$107.Note: NXPI is a merger-arbitrage stake. It is getting acquired by Qualcomm (QCOM) for $127.50 per share cash.Horizon Pharmaceuticals (HZNP): The 2.38% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% last quarter at prices between $13 and $15. The stock is now at $15.07. There was a ~3% trimming this quarter.TIM Participacoes (TSU): TSU is a 2.37% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. This quarter saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading at $18.14.Vistra Energy (VST) previously TCEH: VST is a 1.68% of the portfolio position established in Q2 2017 at prices between $15 and $20. Vistra exited bankruptcy and started trading in October 2016 at ~$16 per share. There was a ~13% trimming last quarter and that was followed with a two-thirds reduction this quarter at prices between $17.50 and $21. The stock is now at $22.88.Caesars Entertainment (CZR): In October last year, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. Paulson had ~10% stakes in both. Including the conversion, the position saw a ~53% reduction last quarter. This quarter saw another ~73% selling at prices between $11 and $14.50. The stock currently trades at $13.15.Twenty First Century Fox (FOX): The FOX position was almost sold out this quarter at prices between $34 and $38.50. It was purchased last quarter at prices between $24.50 and $34.75 and the stock is now at $37.28.Stake Increases:Time Warner Inc. (TWX): TWX is a 5.38% of the portfolio merger-arbitrage stake purchased in Q4 2016. AT&T (T) reached a deal in October 2016 to acquire Time Warner in a $107.50 half-cash half-stock deal. The stock currently trades at $92.88. There was a ~20% selling in Q3 2017 while last quarter saw a ~6% increase. This quarter also saw a marginal increase.Dish Network (DISH): DISH is a 4.12% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently below the low end of those ranges at $32.65. There was a ~11% trimming last quarter while this quarter there was a ~19% stake increase. For investors attempting to follow Paulson, DISH is a good option to consider for further research.Altaba Inc. (AABA) previously Yahoo: The 2.77% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Last quarter saw an about turn: ~55% reduction at prices between $65 and $73. It is now at $76.50. There was a minor ~3% stake increase this quarter.Discovery Communications (DISCA) and Viacom (VIAB): These two positons saw large increases this quarter. The DISCA stake saw a 320% increase to a 1.80% portfolio position at prices between $21.50 and $26.50. It is now at $23.02. The VIAB position saw a ~160% increase to a 1.75% portfolio stake at prices between $29 and $34 and it is currently below that range at $28.16.Monsanto Company (MON) and Rockwell Collins (COL): These two positions were increased substantially over the last two quarters. MON position had seen a stake doubling last quarter at prices between $115 and $122. There was a ~7% further increase this quarter and the stake is at 1.15% of the portfolio. The stock is now at ~$125. The COL position was increased by ~135% last quarter at prices between $130 and $137 and that was followed with a ~63% increase this quarter at prices between $133 and $139. It is now at ~$136 and the stake is at 1.26% of the portfolio.Note: Monsanto and Rockwell-Collins are merger-arbitrage stakes. Monsanto is getting acquired by Bayer AG (BAYRY) and Rockwell Collins by United Technologies (UTX).Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $6.20 and the stake is at 1.19% of the portfolio. There was a ~28% increase this quarter at prices between $5.50 and $9.International Tower Hill Mines (THM), Newmark Group (NMRK), and Aetna Inc. (AET): These very small (less than ~1% of the portfolio each) stakes saw substantial increases this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Kept Steady:Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades near the low end of those ranges at $22.03 and the stake is at 7.25% of the portfolio.Note: Paulson controls ~6% of Valeant Pharmaceuticals.Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. The five quarters thru Q4 2017 had seen a combined ~54% selling at prices between $165 and $255. The stock is now at ~$160 and the stake is at ~7% of the portfolio.AngloGold Ashanti (AU): AU is a 2.65% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $8.31.Note: Paulson controls ~3% of AngloGold Ashanti.Novagold (NG): NG is a small 1.69% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $4.86.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $18.76. There was ~6% trimming in Q2 2017 at ~$20.Note: Paulson controls ~12% of International Seaways.Mallinckrodt PLC (MNK): MNK is a 1.16% of the 13F portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the pattern reverse: ~31% increase at prices between $53 and $77. The seven quarters thru Q4 2017 had seen a combined ~60% reduction at prices between $21 and $81. The stock currently trades at $16.07.Note 1: Paulson controls ~3.9% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Centurylink Inc. (CTL): CTL is a small 0.72% of the portfolio position established last quarter at prices between $13.50 and $20.50 and the stock is currently at $19.25.Office Depot (ODP): ODP is a very small 0.47% stake. It was doubled in Q2 2016 at prices between $3 and $8. The stock is now at $2.47. Q1 2017 saw a minor ~7% trimming and that was followed with a ~12% reduction in the following quarter. There was another ~20% selling in Q3 2017 at prices between $3.95 and $6.20.Agnico Eagle Mines (AEM), Brookdale Senior Living (BKD), and Randgold Resources (GOLD): These are small (less than ~1% of the portfolio each) stakes kept steady this quarter.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Synthesis Energy Systems (SES), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q1 2018:Regulatory Filings thru 2/18/2018: 13G/As – 2/14 – AKRX – 0, CZR – 18.75M shares – 2.66% of business, SES – 1.38M shares – 11.4% of business, TMQ – 14.3M shares – 13.45% of business, MNK – 3.67M shares – 3.87% of business, CIEIQ – 2.05M shares – 6.84% of business, NG – 21.99M shares – 6.82% of business, Misc Form 4 2/5 on TMQ, 13G/A – 12/12 – SGYP – 4.4M shares – 1.78% of business, Form 4 – 12/1 – OSG – 10.2M shares – minor disposal.2/21/2018 – reader asked whether he owns Fannie/Freddie – my reply: “On Fannie/Freddie, Paulson has not disclosed what he owns and how much. In June 2017, a Bloomberg article () said he supports the Moelis recapitalization plan. That article also referenced an interview () which mentioned he has a huge position but no specifics.”"

"Tracking John Paulson’s Paulson & Company Portfolio – Q4 2017 Update"

"John Paulson’s 13F portfolio value decreased from $5.57B to $5.12B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Mylan NV, and Shire plc.Paulson increased Horizon Pharmaceuticals while reducing Synergy Pharmaceuticals.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 02/14/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2017.This quarter, Paulson’s 13F portfolio value decreased ~8% from $5.57B to $5.12B. There are 54 13F securities in the portfolio although only 33 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Mylan NV, Shire plc, Valeant Pharmaceuticals, and Allergan plc and they add up to ~45% of the portfolio. The largest holding is SPDR Gold ETF at 10.52% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Teva Pharmaceuticals (TEVA): TEVA was a very small stake established in Q2 2015. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q2 2016 saw a ~19% reduction at prices between $48.50 and $57 and that was followed with a ~30% selling in Q1 2017 at prices between $32 and $38. There was another ~40% reduction the following quarter at prices between $27.50 and $33 and that was followed with another two-thirds selling last quarter at prices between $15.50 and $33.50. The remaining 0.77% stake was disposed this quarter at prices between $11.20 and $19.10. The stock is now at $20.90. Paulson realized losses.Realogy Holdings (RLGY): RLGY was a 0.59% of the portfolio position as of last quarter. The original investment was made prior to the October 2012 IPO. It was reduced by two-thirds over the six quarters thru Q2 2016 at prices between $28 and $49. There was a ~16% trimming in Q2 2017 at prices between $28 and $32.50 and that was followed with a 75% reduction last quarter at prices between $32 and $35. The elimination this quarter was at prices between $26 and $34. The stock currently trades at $26.11.Bank of America (BAC) warrants: The small ~1.5% stake in the A warrants (Jan 2019 expiry, $12.76 strike) was disposed this quarter. An even smaller (less than 0.5% of the portfolio) stake in the more leveraged B warrants (Oct 2018 expiry, $30.79 strike) was kept.New Stakes:Centurylink Inc. (CTL): CTL is a small 0.83% of the portfolio position established this quarter at prices between $13.50 and $20.50 and the stock is currently at $18.93.Scripps Networks Interactive (SNI), Sucampo Pharmaceuticals (SCMP), and Twenty First Century Fox (FOX): These are three merger-arbitrage stakes established this quarter. They are all very small positions at less than ~0.65% of the portfolio each. Scripps Networks Interactive is being acquired by Discovery Communications (DISCA), Sucampo Pharmaceuticals by Mallinckrodt plc (MNK), and certain assets of Twenty First Century Fox is being bought by Walt Disney (DIS).Stake Decreases:Mylan Inc. (MYL): MYL is a top three position at 10.27% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~50% increase in Q2 2015 at prices between $58 and $76. Last four quarters have seen a 42% selling at prices between $30.50 and $45. The stock trades currently at $42.14.Shire PLC ADR (SHPG): SHPG is the third-largest position at 9.24% of the portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 & Q3 2016 also saw a combined ~40% reduction at prices between $165 and $207. Last five quarters saw another ~36% reduction at prices between $140 and $195. The stock currently trades at $134.Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. Last five quarters have seen a combined ~54% selling at prices between $165 and $255. The stock is now at $164 and the stake is at ~6% of the portfolio.T-Mobile US (TMUS): The 5.55% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. Last quarter saw a ~14% trimming and that was followed with a similar reduction this quarter. The stock is at $60.06.Dish Network (DISH): DISH is a 3.69% portfolio position established in Q1 2017 at prices between $58 and $64. Last two quarters saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently at $45.69. There was a ~11% trimming this quarter.Vistra Energy (VST) previously TCEH: VST is a 3.58% of the portfolio position established in Q2 2017. It exited bankruptcy in December 2016 and started trading in May 2016 at ~$15 per share. The stock is now at $18.83. There was a ~13% trimming this quarter.Altaba Inc. (AABA) previously Yahoo: The 2.27% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% last quarter at prices between $54.50 and $67.50. This quarter saw an about turn: ~55% reduction at prices between $65 and $73. It is now at $73.51.Mallinckrodt PLC (MNK): MNK is a 1.62% of the US long portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the pattern reverse: ~31% increase at prices between $53 and $77. Last seven quarters have seen a combined ~60% reduction at prices between $21 and $81. The stock currently trades at $16.80.Note 1: Paulson controls ~3.9% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Synergy Pharmaceuticals (SGYP): SGYP is now a minutely small position at 0.17% of the portfolio. The original position saw a ~150% increase in Q2 2016 at prices between $2.50 and $4. As of last quarter, the stake was at 1.25% of the portfolio. This quarter saw a ~85% selling at prices between $1.85 and $3.50. The stock is now at $2.03.Stake Increases:Caesars Entertainment (CZR): In October last year, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. Paulson had ~10% stakes in both. Including the conversion, the position saw a ~53% reduction this quarter. The stake is still fairly large at 4.63% of the portfolio.Time Warner Inc. (TWX): TWX is a 4.59% of the portfolio merger-arbitrage stake purchased in Q4 2016. AT&T (T) reached a deal in October 2016 to acquire Time Warner in a $107.50 half-cash half-stock deal. The stock currently trades at $95.37. There was a ~20% selling last quarter. This quarter saw a ~6% increase.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase in Q1 2017 to a 1.56% portfolio position at prices between $96 and $104. There was a ~6% further increase in Q2 2017. The position was almost sold out last quarter at prices between $109 and $113. This quarter saw another about turn: huge increase to a 3.31% portfolio stake at prices between $113 and $118. It is now at ~$119.Note: NXPI is a merger-arbitrage stake. It is getting acquired by Qualcomm (QCOM) for $110 per share cash.Horizon Pharmaceuticals (HZNP): The 2.24% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% this quarter at prices between $13 and $15. The stock is now at $13.89.Monsanto Company (MON) and Rockwell Collins (COL): These two minutely small (less than 0.5% of the portfolio each) positions as of last quarter saw large increases this quarter. MON position saw a stake doubling to ~1% of the portfolio at prices between $115 and $122. The stock is now at $121. The COL position was increased by ~135% to a 0.69% portfolio stake at prices between $130 and $137 and it is now at $136.Note: Monsanto and Rockwell-Collins are merger-arbitrage stakes. Monsanto is getting acquired by Bayer AG (BAYRY) and Rockwell Collins by United Technologies (UTX).Kept Steady:SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$128. The remaining stake is still the largest at 10.52% of the portfolio.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades below those ranges at $18.88 and the stake is at 8.45% of the portfolio.Note: Paulson controls ~6% of Valeant Pharmaceuticals.AngloGold Ashanti (AU): AU is a 2.54% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $10.45.Note: Paulson controls ~3% of AngloGold Ashanti.Novagold (NG): NG is a small 1.69% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $4.17.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $16.78. There was ~6% trimming in Q2 2017 at ~$20.Note: Paulson controls ~12% of International Seaways.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $6.88 and the stake is at ~1% of the portfolio. There was a ~9% trimming in Q2 2017.Extended Stay America (STAY): STAY is now a very small 0.67% of the portfolio position. The stake came about as a result of the firm’s IPO in November 2013 (see Note below). STAY currently trades at $19.60 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction in Q3 2016 at ~$14. There was a ~25% reduction in Q4 2016 at prices between $13 and $17 and that was followed with a ~30% selling in Q1 2017 at $17.81. The position was reduced by ~90% in Q2 2017 at prices between $15.76 and $19.80. Paulson harvested long-term gains.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Office Depot (ODP): ODP is a very small 0.69% stake. It was doubled in Q2 2016 at prices between $3 and $8. The stock is now at $3.18. Q1 2017 saw a minor ~7% trimming and that was followed with a ~12% reduction in the following quarter. There was another ~20% selling last quarter at prices between $3.95 and $6.20.Agnico Eagle Mines (AEM), Brookdale Senior Living (BKD), International Tower Hill Mines (THM), Oasis Petroleum (OAS), Randgold Resources (GOLD), and TIM Participacoes (TSU): These are small (less than ~2% of the portfolio each) stakes kept steady this quarter.Note: Paulson has a ~34% ownership stake in International Tower Hill Mines.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Cobalt International Energy (CIEIQ), Enzymotec Ltd., Synthesis Energy Systems (SES), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q4 2017:Regulatory Filings thru 11/17/2017: 13G/A – 9/11 – ENZY – 2.1M shares – 9.2% of business. Form 4 – 10/26 – SYMX – 1M shares – conversion of warrants. Form 4 – 11/14 – SGYP – 15.3M shares – 8.75M shares sold at $2.82."

"Tracking John Paulson’s Paulson & Company Portfolio – Q3 2017 Update"

"John Paulson’s U.S. long portfolio value decreased from $7.38B to $5.57B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Shire plc, and Mylan NV.Paulson reduced Teva Pharmaceuticals & Realogy Holdings while increasing Altaba.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 11/14/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2017.This quarter, Paulson’s US long portfolio value decreased ~25% from $7.38B to $5.57B. There are 54 13F securities in the portfolio although only 31 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Shire plc, Mylan NV, Allergan plc, and T-Mobile US and they add up to ~40% of the portfolio. The largest holding is SPDR Gold ETF at 9.52% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:American International Group (AIG): AIG was a ~3.5% of the US long portfolio stake established in Q1 2015 at prices between $49 and $56. Q4 2015 saw a ~20% reduction at prices between $57 and $64 and the following quarter saw another ~20% reduction at prices between $49 and $58. There was a ~50% further selling in Q4 2016 at prices between $57 and $67. The disposal this quarter was at prices between $58 and $66. The stock currently trades at $60.06.Alexion Pharmaceuticals (ALXN) & Calls: ALXN stake saw a ~250% increase in Q1 2017 at prices between $118 and $145. The position was reduced by ~80% last quarter at prices between $98 and $133 and was disposed this quarter at prices between $121 and $147. It is now at $111.VWR Corp (VWR): VWR was a 1.20% portfolio position purchased at prices between $27 and $34 and eliminated this quarter at ~$33. The stock is currently at $33.24.Note: In May, Avantor agreed to acquire VWR for $33.25 per share cash.Loxo Encology (LOXO) and William Lyon Homes (WLH): These are very small (less than ~1% of the portfolio each) stakes disposed this quarter.New Stakes:None.Stake Decreases:Shire PLC ADR (SHPG): SHPG is currently the second-largest position at 8.67% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 & Q3 2016 also saw a combined ~40% reduction at prices between $165 and $207. Last four quarters saw another ~33% reduction at prices between $145 and $195. The stock currently trades at $147.Mylan Inc. (MYL): MYL is a top-three position at 8.29% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~50% increase in Q2 2015 at prices between $58 and $76. Last three quarters have seen a one-third selling at prices between $29.50 and $45.50. The stock trades currently at $37.59.Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. Last four quarters have seen a combined ~45% selling at prices between $190 and $255. The stock is currently at $175 and the stake is at ~8% of the portfolio.T-Mobile US (TMUS): The 5.76% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% last quarter at prices between $60 and $68. This quarter saw a ~14% trimming. The stock is at $60.02.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades well below those ranges at $14.69 and the stake is at 5.36% of the portfolio. There was a ~5% trimming this quarter.Note: Paulson controls ~6% of Valeant Pharmaceuticals.Time Warner Inc. (TWX: TWX is a ~4.5% of the portfolio merger-arbitrage stake purchased in Q4 2016. AT&T (T) reached a deal last October to acquire Time Warner in a $107.50 half-cash half-stock deal. The stock currently trades at $88.72. There was a ~20% selling this quarter.Mallinckrodt PLC (MNK): MNK is a 4.45% of the US long portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the pattern reverse: ~31% increase at prices between $53 and $77. Last five quarters had seen a combined ~23% reduction at prices between $40 and $81. The stock currently trades at $22.38. There was marginal trimming this quarter.Note 1: Paulson controls ~7% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Synergy Pharmaceuticals (SGYP): The 1.25% SGYP position saw a ~150% increase in Q2 2016 at prices between $2.50 and $4. There was a ~13% reduction in the following quarter at ~$5.60 and the stock currently trades at $1.95. This quarter saw marginal trimming.Note: Regulatory filings since the quarter ended show them owning 15.3M shares (6.2% of the business) – 8.75M shares sold at $2.82.Office Depot (ODP): ODP is a very small 0.81% stake. It was doubled in Q2 2016 at prices between $3 and $8. The stock is now at $3.28. Q1 2017 saw a minor ~7% trimming and that was followed with a ~12% reduction last quarter. There was another ~20% selling this quarter at prices between $3.95 and $6.20.Teva Pharmaceuticals (TEVA): TEVA was a very small stake established in Q2 2015. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q2 2016 saw a ~19% reduction at prices between $48.50 and $57 and that was followed with a ~30% selling in Q1 2017 at prices between $32 and $38. There was another ~40% reduction last quarter at prices between $27.50 and $33 and that was followed with another two-thirds selling this quarter at prices between $15.50 and $33.50. The stock is now at $13.84 and the stake is at ~0.77%.Realogy Holdings (RLGY): RLGY is a 0.59% of the US long portfolio position that was reduced by two-thirds over the six quarters thru Q2 2016 at prices between $28 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $26.50. There was a ~16% trimming last quarter at prices between $28 and $32.50 and that was followed with a 75% reduction this quarter at prices between $32 and $35.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase in Q1 2017 to a 1.56% portfolio position at prices between $96 and $104. There was a ~6% further increase last quarter. The position was almost sold out this quarter at prices between $109 and $113. It is now at ~$116.Note: NXPI is a merger-arbitrage stake. It is getting acquired by Qualcomm (QCOM) for $110 per share cash.Oasis Petroleum (OAS): The very small 0.80% OAS stake saw marginal trimming this quarter.Stake Increases:Dish Network (DISH): DISH is a 4.55% portfolio position established in Q1 2017 at prices between $58 and $64 and increased by ~16% last quarter at prices between $58 and $66. This quarter saw a similar increase at prices between $52 and $66. The stock is currently trading below those ranges at $50.66.Altaba Inc. (AABA) previously Yahoo, and Horizon Pharmaceuticals (HZNP): These two positions purchased last quarter saw increases this quarter. The 4.52% AABA stake was established at prices between $46 and $56 and increased by ~42% this quarter at prices between $54.50 and $67.50. It is now well above those ranges at $71.02. The small 1.27% HZNP position purchase was at prices between $9.65 and $15.75. It was increased by ~13% this quarter. The stock is now at $13.65.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$123. The remaining stake is still the largest at ~10% of the portfolio.Caesars Acquisition and Caesars Entertainment (CZR): Paulson has significant ~10% ownership stakes in each of Caesars Acquisition and Caesars Entertainment. Last month, Caesars Entertainment combined with Caesars Acquisition in a merger. The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held.Vistra Energy (VST) previously TCEH: VST is a ~4% of the portfolio position established last quarter. It exited bankruptcy last December and started trading in May at ~$15 per share. The stock is now at $19.15.AngloGold Ashanti (AU): AU is a ~2% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a further one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $9.99.Note: Paulson controls ~3% of AngloGold Ashanti.Novagold (NG): NG is a small 1.63% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $3.89.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. Q2 & Q3 2016 had seen a combined ~18% reduction at prices between $17 and $43. The stock is now at $7.54 and the stake is at ~1% of the portfolio. There was a ~9% trimming last quarter.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December last year at ~$15 per share. It is now at $17.17. There was ~6% trimming last quarter at ~$20.Note: Paulson controls ~12% of International Seaways.Extended Stay America (STAY): STAY is now a very small 0.65% of the US long portfolio position. The stake came about as a result of the firm’s IPO in November 2013. STAY currently trades at $16.46 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction in Q3 2016 at ~$14. There was a ~25% reduction in Q4 2016 at prices between $13 and $17 and that was followed with a ~30% selling in Q1 2017 at $17.81. The position was reduced by ~90% last quarter at prices between $15.76 and $19.80. Paulson harvested long-term gains.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Agnico Eagle Mines (AEM), Bank of America (BAC) warrants, Brookdale Senior Living (BKD), International Tower Hill Mines (THM), Randgold Resources (GOLD), and TIM Participacoes (TSU): These are small (less than ~2% of the portfolio each) stakes kept steady this quarter.Note: Paulson has a ~34% ownership stake in International Tower Hill Mines.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Cobalt International Energy (CIE), Enzymotec Ltd. (ENZY), Synthesis Energy Systems (SYMX), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q3 2017:Regulatory Filings thru 8/18/2017: Form 4 – 8/15/2017 – OSG – 117K disposal at $2.25, 10.25M shares remains, 4/A – 7/20 – minor disposal 2k, 7/6 – Form 4& 13D/A – 600K disposed at 2.67, 10.96M shares remain, 14.7% of business. Form 4 – 6/1/2017 – 693K acquired at 0.01, minor disposal, 11M remain. Form 4 – 8/9/2017 – SGYP – 26K disposal at $3.77 – 24.06M shares remains, also 1.25M shares in derivatives. 13D – 8/9/2017 - VRX – 20.8M shares – 6% of business - ~1M shares sold @ $14.66. 6/20 – 13D – 21.8M shares - 6.3% of business. Form 4 – 7/18/2017 – TMQ – 27K disposed at $0.57 – 11.57M shares remain. Form 4 – 6/30/2017 – INSW – 225K disposed at ~20 – 3.46M shares remain. 13D/A – 6/7/2017 – ESH & STAY – 1.8M shares – less than 1% of business."

"Tracking John Paulson’s Paulson & Company Portfolio – Q2 2017 Update"

"John Paulson’s U.S. long portfolio decreased from $7.53B to $7.38B this quarter.Paulson & Company's largest three positions are Allergan plc, Mylan NV, and Shire plc.Paulson reduced Extended Stay America while increasing T-Mobile and adding Vistra Energy & Altaba.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 08/14/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2017.This quarter, Paulson’s US long portfolio decreased ~2% from $7.53B to $7.38B. There are 110 13F securities in the portfolio although only 34 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions are Allergan plc, Mylan NV, Shire plc, SPDR Gold ETF, and Valeant Pharmaceuticals and they add up to ~38% of the portfolio. The largest holding is Allergan plc at 8.90% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Akorn Inc. (AKRX): The 2.68% AKRX position was first purchased in Q4 2015 at prices between $22 and $37.50 and increased by ~225% the following quarter at prices between $18.50 and $38.50. The disposal this quarter was at prices between $23 and $34. The stock is now at $32.60. Paulson controlled ~6.7% of Akorn as of last quarter.Note: In April, Fresenius (FMS) agreed to acquire Akorn for $34 per share cash.Mead Johnson (MJN): MJN stake was increased by roughly 37-times to a 1.40% portfolio position last quarter at prices between $69.50 and $89. This quarter, the position was eliminated as MJN was acquired by Reckitt Benckiser (RBGLY) for $90 per share cash. The transaction closed in June.New Stakes:Vistra Energy (VST) previously TCEH, Altaba Inc. (AABA) previously Yahoo, VWR Corp (VWR), and Horizon Pharmaceuticals (HZNP): These are the new positions this quarter. VST is a 2.62% of the portfolio position. It exited bankruptcy last December and started trading in NYSE in May at ~$15 per share. The stock is now at $17.12. The ~2% AABA stake was established at prices between $46 and $56 and it now goes for $62.20. VWR is a 1.20% portfolio position purchased at prices between $27 and $34 and the stock is currently at $32.95. The very small 0.79% HZNP position purchase was at prices between $9.65 and $15.75 and it is now at $13.14.Note: In May, Avantor agreed to acquire VWR for $33.25 per share cash.Stake Decreases:Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. There was a ~8% trimming in Q4 2016 and that was followed with a ~22% selling last quarter at prices between $211 and $250. The stock is currently at $225 and the stake is Paulson’s largest at 8.90% of the portfolio. There was a ~8% trimming this quarter.Mylan Inc. (MYL): MYL is a top-three position at 8.48% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~47% increase in Q2 2015 at prices between $58 and $76. The stock trades currently at $30.56. There was a ~20% selling last quarter at prices between $35.50 and $45.50 and that was followed with a ~8% trimming this quarter.Shire PLC ADR (SHPG): SHPG is currently the third-largest position at ~8% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 & Q3 2016 also saw a combined ~40% reduction at prices between $165 and $207. The stock currently trades at $148. Last two quarters had seen a combined ~14% trimming at prices between $162 and $207 and this quarter saw similar selling at prices between $162 and $190. Paulson is realizing long-term gains.Mallinckrodt PLC (MNK): MNK is a 4.18% of the US long portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the pattern reverse: ~31% increase at prices between $53 and $77. The stock currently trades at $36.36. Last five quarters have seen a combined ~23% reduction at prices between $40 and $81.Note 1: Paulson controls ~7.2% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Time Warner Inc. (TWX: TWX is a ~4% of the portfolio merger-arbitrage stake purchased in Q4 2016. AT&T (T) reached a deal last October to acquire Time Warner in a $107.50 half-cash half-stock deal. The stock currently trades at $102. There was marginal trimming this quarter.American International Group (AIG): AIG is a ~3.5% of the US long portfolio stake established in Q1 2015 at prices between $49 and $56. Q4 2015 saw a ~20% reduction at prices between $57 and $64 and the following quarter saw another ~20% reduction at prices between $49 and $58. There was a ~50% further selling in Q4 2016 at prices between $57 and $67 and that was followed with minor trimming in the last two quarters. The stock currently trades at $61.67.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $59 and $67. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q2 2016 saw a ~19% reduction at prices between $48.50 and $57 and that was followed with a ~30% selling last quarter at prices between $32 and $38. There was another ~40% reduction this quarter at prices between $27.50 and $33. The stock is now at $17.10 and the stake is at ~3%.Realogy Holdings (RLGY): RLGY is a 1.76% of the US long portfolio position that was reduced by two-thirds over the six quarters thru Q2 2016 at prices between $28 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $34.02. There was a ~16% trimming this quarter at prices between $28 and $32.50.Novagold (NG): NG is a small 1.36% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $4.09. There was marginal trimming in the last two quarters.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. Q2 & Q3 2016 had seen a combined ~18% reduction at prices between $17 and $43. The stock is now at $8.63 and the stake is at ~1% of the portfolio. There was a ~9% trimming this quarter.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December last year at ~$15 per share. It is now at $18.55. There was ~6% trimming this quarter at ~$20.Note: Paulson controls ~12% of International Seaways.Office Depot (ODP): ODP is a very small ~1% stake. It was doubled in Q2 2016 at prices between $3 and $8. The stock is now at $4.09. Last quarter saw a minor ~7% trimming and that was followed with a ~12% reduction this quarter.Note: In May 2016, a merger deal with Staples (SPLS) was scuttled by a federal judge.Extended Stay America (STAY): STAY is now a very small 0.47% of the US long portfolio position. The stake came about as a result of the firm’s IPO in November 2013. STAY currently trades at $18.46 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction in Q3 2016 at ~$14. There was a ~25% reduction in Q4 2016 at prices between $13 and $17 and that was followed with a ~30% selling last quarter at $17.81. The position was reduced by ~90% this quarter at prices between $15.76 and $19.80. Paulson harvested long-term gains.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Alexion Pharmaceuticals (ALXN) & Calls: The very small 0.86% ALXN stake saw a ~250% increase last quarter at prices between $118 and $145. The position was reduced by ~80% this quarter at prices between $98 and $133. It is now at $135.Brookdale Senior Living (BKD), Loxo Encology (LOXO), Oasis Petroleum (OAS), and TIM Participacoes (TSU): These are very small (less than ~1% of the portfolio each) stakes that were further reduced this quarter.Stake Increases:Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $14.34 and the stake is at 5.11% (top five) of the portfolio. This quarter also saw a ~13% increase.Note: Paulson controls 6.3% of Valeant Pharmaceuticals. There was a ~1M share reduction after the quarter ended at $14.66.T-Mobile US (TMUS) & Dish Network (DISH): These are fairly large stakes established last quarter and increased substantially this quarter. The ~5% portfolio stake in TMUS was purchased at prices between $56.60 and $65 and increased by ~46% this quarter at prices between $60 and $68. The stock is at $62.99. DISH is a 3.4% portfolio position established at prices between $58 and $64 and increased by ~16% this quarter at prices between $58 and $66. The stock currently goes for $56.94.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase last quarter to a 1.56% portfolio position at prices between $96 and $104. There was a ~6% further increase this quarter. It is now at ~$112.Note: NXPI is a merger-arbitrage stake. It is getting acquired by Qualcomm (QCOM) for $110 per share cash.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$123. Q4 2016 saw a ~9% trimming. The remaining stake is still a top five stake at ~7% of the portfolio.Caesars Acquisition (CACQ) and Caesars Entertainment (CZR): Paulson has significant ~10% ownership stakes in each of CACQ and CZR. Q3 2016 had seen minor trimming.AngloGold Ashanti (AU): AU is a 1.68% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a further one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock currently trades at $9.83.Note: Paulson controls ~3% of AngloGold Ashanti.Synergy Pharmaceuticals (SGYP): The 1.45% SGYP position saw a ~150% increase in Q2 2016 at prices between $2.50 and $4. There was a ~13% reduction in the following quarter at ~$5.60 and the stock currently trades at $2.90. There was a marginal reduction in Q4 2016.Note: Paulson controls ~13% of the business. There was very minor trimming after the quarter ended at $3.77.Bank of America (BAC) warrants, Randgold Resources (GOLD), and William Lyon Homes (WLH): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Cobalt International Energy (CIE), Enzymotec Ltd. (ENZY), International Tower Hill Mines (THM), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q2 2017:Regulatory Filings thru 5/19/2017: 13D/A & Form 4s on 5/5 - STAY & ESH Hospitality (paired trades) - 10.25M disposed at $17.23, 9.84M shares remain - 5.1%. 13D/A & Forms 4s on 3/14 - STAY & ESH Hospitality (paired trades) - 20.9M shares - 10.3%, 8.53M shares sold at $16.7. Trades connected to two secondary offering aggregating 25M shares & 30M shares."

"Tracking John Paulson’s Paulson & Company Portfolio – Q1 2017 Update"

"John Paulson’s U.S. long portfolio decreased from $7.93B to $7.53B this quarter.Paulson & Company's largest three positions are and Shire plc, Allergan plc, and Mylan NV.Paulson added T-Mobile & Dish Network while reducing Allergan plc, Mylan NV, Teva Pharmaceuticals, and Extended Stay America.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 05/15/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2016.This quarter, Paulson’s US long portfolio decreased ~5% from $7.93B to $7.53B. There are 100 13F securities in the portfolio although only 32 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions are Shire plc, Allergan plc, Mylan NV, SPDR Gold ETF, and Teva Pharmaceuticals and they add up to ~40% of the portfolio. The largest holding is Shire plc at 9.55% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Harman International (HAR) and B/E Aerospace (BEAV): These two were merger-arbitrage positions established last quarter. In November last year, Samsung agreed to acquire Harman International in a $112 per share all-cash deal and the deal closed in March this year. Rockwell Collins (COL) agreed to acquire B/E Aerospace in a $62 per share cash-and-stock deal ($34.50 cash) in October last year and that deal closed last month.Note: BEAV had a previous roundtrip: BEAV is a ~0.5% of the portfolio stake purchased in Q1 2016 at prices between $38 and $47 and reduced by two-thirds the following quarter at prices between $42.50 and $50. The stake was disposed in Q3 2016 at prices between $45 and $52.Hewlett Packard Enterprise (HPE): HPE was a ~1% portfolio position purchased in Q3 2016 at prices between $12.50 and $17.50. Last quarter saw a ~50% selling at prices between $15.50 and $19.25 and the disposal this quarter was at prices between $16.50 and $19. The stock is now at $18.53.Note: The prices quoted above are adjusted for the spin-merger with Computer Sciences Corporation. HPE holders received 0.086 shares of DXC Technology (DXC) for each share held.Dell Technologies (DVMT) and VMWare (VMW): DVMT was a very small ~0.75% of the portfolio stake established in Q3 2016. The VMWare (VMW) tracking stock came about as a result of Dell’s deal for EMC Corporation. Paulson had ~10.5M shares of EMC for which he received ~1M shares of DVMT in the ration 1:0.111 along with $24.05 per share in cash. The elimination this quarter happened at prices between $54.50 and $65. A ~1% position in VMW was also disposed of this quarter.New Stakes:T-Mobile US (TMUS) & Dish Network (DISH): These are fairly large ~3% portfolio stakes established this quarter. The 3.55% portfolio stake in TMUS was purchased at prices between $56.60 and $65 and the stock is now just above that range at $66.37. DISH is a 2.91% portfolio position established at prices between $58 and $64 and the stock currently goes for $63.53.Note: A merger rumor involving T-Mobile & Dish Network got some press earlier this year. Sprint (S) is also in the mix.Brookdale Senior Living (BKD): BKD is a very small 0.90% portfolio position purchased this quarter at prices between $11.90 and $16.30 and the stock is now at $14.02.Stake Decreases:Shire PLC ADR (SHPG): SHPG is currently the largest position at 9.55% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 & Q3 2016 also saw a combined ~40% reduction at prices between $165 and $207. The stock currently trades at $189. Last two quarters have seen a combined ~14% trimming at prices between $162 and $207. Paulson is realizing long-term gains.Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. There was a ~8% trimming last quarter and that was followed with a ~22% selling this quarter at prices between $211 and $250. The stock is currently at $219 and the stake is still Paulson’s second-largest at 9.33% of the portfolio.Mylan Inc. (MYL): MYL is a top-three position at 9.04% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~47% increase in Q2 2015 at prices between $58 and $76. The stock trades currently at $37.94. There was a ~20% selling this quarter at prices between $35.50 and $45.50.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $59 and $67. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q2 2016 saw a ~19% reduction at prices between $48.50 and $57 and that was followed with a ~30% selling this quarter at prices between $32 and $38. The stock is now at $29.88.Mallinckrodt PLC (MNK): MNK is a 4.44% of the US long portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the patter reverse: ~31% increase at prices between $53 and $77. The stock currently trades at $41.05. Last four quarters have seen a combined ~16% reduction at prices between $43 and $81.Note 1: Paulson controls ~7.5% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Extended Stay America (STAY): STAY is a 4.23% of the US long portfolio position. The stake came about as a result of the firm’s IPO in November 2013. STAY currently trades at $17.81 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction in Q3 2016 at ~$14. There was a ~25% reduction last quarter at prices between $13 and $17 and that was followed with a ~30% selling this quarter at $17.81. Paulson is harvesting long-term gains.Note 1: Regulatory filings since the quarter ended show Paulson owning 9.84M shares of STAY. This is compared to 20.09M shares in the 13F. They sold ~10M shares at $17.23. Paulson still controls 5.1% of the business.Note 2: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.American International Group (AIG): AIG is a ~3.8% of the US long portfolio stake established in Q1 2015 at prices between $49 and $56. Q4 2015 saw a ~20% reduction at prices between $57 and $64 and the following quarter saw another ~20% reduction at prices between $49 and $58. There was a ~50% further selling last quarter at prices between $57 and $67 and that was followed with a minor ~5% trimming this quarter. The stock currently trades at $61.20.Akorn Inc. (AKRX): The 2.68% AKRX position was first purchased in Q4 2015 at prices between $22 and $37.50 and increased by ~225% the following quarter at prices between $18.50 and $38.50. The stock is now at $33.21. Last four quarters have seen minor trimming.Note: Paulson controls ~6.7% of Akorn Inc.Novagold (NG): NG is a small 1.43% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling last quarter. The stock is currently at $4.21. There was marginal trimming this quarter.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. Q2 & Q3 2016 had seen a combined ~18% reduction at prices between $17 and $43. The stock is now at $11.88 and the stake is at 1.16% of the portfolio. There was a marginal further reduction in the last two quarters.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December last year at ~$15 per share. It is now at $20.92. There was marginal trimming this quarter.Note: Paulson controls ~12.5% of International Seaways.Office Depot (ODP): ODP is a very small 0.88% stake. It was doubled in Q2 2016 at prices between $3 and $8. The stock is now at $5.03. This quarter saw a minor ~7% trimming.Note: In May 2016, a merger deal with Staples (SPLS) was scuttled by a federal judge.Agnico Eagle Mines (AEM), Bank of America (BAC) warrants, Oasis Petroleum (OAS), Randgold Resources (GOLD), and TIM Participacoes (TSU): These are very small (less than ~1% of the portfolio each) stakes were further reduced this quarter.Stake Increases:Time Warner Inc. (TWX: The ~4% of portfolio merger-arbitrage stake purchased last quarter saw a minor ~5% increase this quarter. AT&T (T) reached a deal last October to acquire Time Warner in a $107.50 half-cash half-stock deal. The stock currently trades at $97.63.NXP Semiconductors (NXPI), Mead Johnson (MJN), and Alexion Pharmaceuticals (ALXN) & Calls: These three were minutely small (less than 0.5% of the portfolio each) positions as of last quarter. All three saw substantial increases this quarter. NXPI stake saw a ~200% increase to a 1.56% portfolio position at prices between $96 and $104 and it is now at $108. MJN stake was increased by roughly 37-times to a 1.40% portfolio position at prices between $69.50 and $89 and the stock currently goes for $89. The very small 0.86% ALXN stake also saw a ~250% increase at prices between $118 and $145 and it is now just below that range at $114.Note: NXPI & MJN are merger-arbitrage stakes. NXPI is getting acquired by Qualcomm (QCOM) for $110 per share and MJN by Reckitt Benckiser (RBGLY) for $90 per share (both all cash).Kept Steady:SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$119. Last quarter also saw a ~9% trimming. The remaining stake is still a top five stake at ~7% of the portfolio.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $13.52 and the stake is at ~2.84% of the portfolio. There was marginal trimming in Q3 2016 and a minor increase last quarter.Note: Paulson controls 5.6% of Valeant Pharmaceuticals.Caesars Acquisition (CACQ) and Caesars Entertainment (CZR): Paulson has significant ~10% ownership stakes in each of CACQ and CZR. Q3 2016 had seen minor trimming.Realogy Holdings (RLGY): RLGY is a 1.89% of the US long portfolio position that was reduced by two-thirds over the six quarters thru Q2 2016 at prices between $28 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $29.94.Note: Paulson controls ~3% of Realogy Holdings.AngloGold Ashanti (AU): AU is a 1.83% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a further one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock currently trades at $11.59.Note: Paulson controls ~3% of AngloGold Ashanti.Synergy Pharmaceuticals (SGYP): The 1.49% SGYP position saw a ~150% increase in Q2 2016 at prices between $2.50 and $4. There was a ~13% reduction in the following quarter at ~$5.60 and the stock currently trades at $3.92. There was a marginal reduction last quarter.Note: Paulson controls 13.4% of the business.Bank of America (BAC) warrants and William Lyon Homes (WLH): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Cobalt International Energy (CIE), Enzymotec Ltd. (ENZY), International Tower Hill Mines (THM), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q1 2017:Regulatory Filings thru 2/20/2017: 13G/As on 2/14/2017: AKRX - 8.7M shares - ~7%. CIE - 31.1M shares - 7.5%. VNDA - 0. VRX - 19.4M shares - 5.6%. MNK - 8M shares - 7.5%. TMQ - 14.4M shares - 13.3%. CACQ - 13.1M shares - 9.5%. NG - 22.3M shares - ~7%. LIVN - 310K - 0.63%. POST - 0. AU - 12.8M shares - 3.13%. CZR - 14.4M shares - 9.8%. ENZY - 4.2M shares - 18.5%. SGYP - 24.1M shares - 13.4%. 12/30/2016 13D - THM - 55.5M shares - 34.2%. 12/20/2016 - 13D - STAY & ESH Hospitality (2) - 28.6M shares - 14.6%. 12/12/2016 - 13D - INSW - 3.7M shares - 12.6%."

"Tracking John Paulson’s Paulson & Company Portfolio – Q4 2016 Update"

"John Paulson’s U.S. long portfolio decreased from $9.23B to $7.93B this quarter.Paulson & Company's largest three positions are Mylan NV, Allergan plc, and Shire plc.Paulson added Time Warner while reducing American International Group and dropping Grifols SA during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 02/14/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2016.This quarter, Paulson’s US long portfolio decreased ~14% from $9.23B to $7.93B. There are 103 13F securities in the portfolio although only 33 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions are Mylan NV, Allergan plc, Shire plc, Teva Pharmaceuticals, and SPDR Gold ETF and they add up to ~43% of the portfolio. The largest holding is Mylan at ~10% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Grifols S A (GRFS): GRFS was a minutely small 0.43% of the US long portfolio position as of last quarter. The original stake was from 2011 and Paulson’s cost-basis was very low. Last two quarters had seen a combined ~80% selling at ~$16 and the disposal this quarter was at prices between $14 and $16.50. The stock is now at $17.40. Paulson harvested long-term gains.New Stakes:Time Warner Inc. (TWX), Harman International (HAR), and B/E Aerospace (BEAV): These three are new merger-arbitrage positions established this quarter. AT&T (T) reached a deal last October to acquire Time Warner in a $107.50 half-cash half-stock deal. The stock currently trades at $96.48. In November, Samsung agreed to acquire Harman International in a $112 per share all-cash deal. The stock is now at $111. Rockwell Collins (COL) agreed to acquire B/E Aerospace in a $62 per share cash-and-stock deal ($34.50 cash) in October. BEAV is now at $62.83.Note: BEAV had a previous roundtrip: BEAV is a ~0.5% of the portfolio stake purchased in Q1 2016 at prices between $38 and $47 and reduced by two-thirds the following quarter at prices between $42.50 and $50. The stake was disposed last quarter was at prices between $45 and $52.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December at ~$15 per share. It is now at $18.51.Note: Paulson controls 12.6% of International Seaways.Stake Decreases:Mylan Inc. (MYL): MYL is currently the largest position at 10.34% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~47% increase in Q2 2015 at prices between $58 and $76. The stock trades currently at $42.05. Last three quarters saw minor trimming. For investors attempting to follow Paulson, MYL is a good option to consider for further research.Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. The stock is currently at $247 and the stake is still Paulson’s second-largest at ~10% of the portfolio. There was a ~8% trimming this quarter.Shire PLC ADR (SHPG): SHPG is a top-three stake at ~9 % of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 2016 saw a ~26% reduction at prices between $165 and $192 and that was followed with a ~11% selling last quarter at prices between $184 and $207. The stock currently trades at $181. There was a ~8% further trimming this quarter.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $59 and $67. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q4 2015 saw a further ~13% increase at prices between $56 and $66. The stock currently trades at $35.20 and it is a now a large stake at ~7%. Q2 2016 saw a ~19% reduction at prices between $48.50 and $57. That was followed with very minor trimming in the last two quarters. For investors attempting to follow Paulson, TEVA is a good option to consider for further research.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 saw a ~38% reduction at prices between $100 and $114 and that was followed with a ~17% selling the following quarter at prices between $102 and $122. The stock currently trades at ~$118. This quarter also saw a ~9% trimming. The remaining stake is still a top five stake at ~6% of the portfolio.Extended Stay America (STAY): STAY is a fairly large ~6% of the US long portfolio position. The stake came about as a result of the firm’s IPO in November 2013. STAY currently trades at $17.43 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction last quarter at ~$14. There was another ~25% reduction this quarter at prices between $13 and $17.Note 1: Paulson controls 14.6% of the business.Note 2: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.American International Group (AIG): AIG is a fairly large ~4% of the US long portfolio stake established in Q1 2015 at prices between $49 and $56. Q4 2015 saw a ~20% reduction at prices between $57 and $64 and the following quarter saw another ~20% reduction at prices between $49 and $58. There was a ~50% further selling this quarter at prices between $57 and $67. The stock currently trades at $62.50.Akorn Inc. (AKRX): The 2.39% AKRX position was first purchased in Q4 2015 at prices between $22 and $37.50 and increased by ~225% the following quarter at prices between $18.50 and $38.50. The stock is now at $21.78. Last three quarters have seen minor trimming.Note: Paulson controls ~7% of Akorn Inc.Synergy Pharmaceuticals (SGYP): The ~2% SGYP position saw a ~150% increase in Q2 2016 at prices between $2.50 and $4. There was a ~13% reduction last quarter at ~$5.60 and the stock currently trades at $6.07. There was a marginal reduction this quarter.Note: Paulson controls 13.4% of the business.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. Last two quarters had seen a combined ~18% reduction at prices between $17 and $43. The stock is now at $13.08. The stake is at 1.63% of the portfolio. There was a marginal further reduction this quarter.Novagold (NG): NG is a small 1.28% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling this quarter. The stock is currently at $6.04.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Office Depot (ODP): ODP is a very small ~1% stake. It was doubled in Q2 2016 at prices between $3 and $8. The stock is now at $4.54. Last two quarters saw marginal trimming.Note: Office Depot stock price dropped sharply in May 2016 after the merger deal with Staples (SPLS) was scuttled by a federal judge.Hewlett Packard Enterprise (HPE): HPE is a ~1% portfolio position purchased last quarter at prices between $18 and $23. This quarter saw a ~50% selling at prices between $21 and $24.79. The stock is now at $24.40.Dell Technologies (DVMT): DVMT is a very small ~0.75% of the portfolio stake established last quarter. The VMWare (VMW) tracking stock came about as a result of Dell’s deal for EMC Corporation. Paulson had ~10.5M shares of EMC for which he received ~1M shares of DVMT in the ration 1:0.111 along with $24.05 per share in cash. There was a marginal trimming this quarter.Note: DVMT currently trades at $64.59, a wide discount to VMW which is trading at $91.22.American Capital Ltd. (ACAS) and Biogen Inc. (BIIB): These two positions saw ~80% reductions this quarter and now are minutely small 0.20% stakes. BIIB had seen a huge 150% increase last quarter. The quick about-turn indicates a bearish bias.Agnico Eagle Mines (AEM), Oasis Petroleum (OAS), VMWare Inc. (VMW), TIM Participacoes (TSU), and Bank of America (BAC) warrants: These are very small (less than ~1% of the portfolio each) stakes reduced this quarter.Stake Increases:Mallinckrodt PLC (MNK): MNK is a ~5% of the US long portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the patter reverse: ~31% increase at prices between $53 and $77. The stock currently trades at $54.74. Last two quarters had seen a combined ~11% reduction at prices between $54 and $83. There was a marginal increase this quarter.Note 1: Paulson controls ~7.5% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $16.04 and the stake is at ~3.5% of the portfolio. There was marginal trimming last quarter and a minor increase this quarter.Note: Paulson controls 5.6% of Valeant Pharmaceuticals.Kept Steady:AngloGold Ashanti (AU): AU is a 2.23% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a further one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock currently trades at $12.90. Last quarter saw marginal trimming.Note: Paulson controls ~3% of AngloGold Ashanti.Caesars Acquisition (CACQ) and Caesars Entertainment (CZR): Paulson has significant ~10% ownership stakes in each of CACQ and CZR. Last quarter had seen minor trimming.Realogy Holdings (RLGY): RLGY is a 1.55% of the US long portfolio position that was reduced by two-thirds over the six quarters thru Q2 2016 at prices between $28 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $27.19.Note: Paulson controls ~3% of Realogy Holdings.Randgold Resources (GOLD) and William Lyon Homes (WLH): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Cobalt International Energy (CIE), Trilogy Metals (TMQ), Enzymotec Ltd. (ENZY), and International Tower Hill Mines (THM).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q4 2016:13G/D/A, Form 3/4 filings thru 11/19/2016: SGYP - 11/8/2016 Form 4 - 24.09M shares - 140K sold at $4.424. 9/29/2016 Form 4 - ~54K shares sold at ~$5.70. 9/16/2016 - Form 4 - ~2.5M shares sold @ $5.61. Form 3/A - 27.76M shares. STAY & ESH Hospitality paired - 10/4/0216 Form 4 & 13D/A - 37.68M shares - ~5M disposed @ $14.16 - 19% of business. TMQ - 9/29/2016 Form 4 - ~11K sold @ $0.55.13G/D/A, Form 3/4 filings thru 8/20/2016: OSG - 6/29/2016 Form 4, 13/D/A - 10.3M shares. disposal at $10.82 - 15.9%. NCQ - 6/6/2016 Form 4 - 11.62M shares.13G/D/A, Form 3/4 filings thru 5/20/2016: SGYP - 5/16/2016 Form 3 - 27.76M shares. NG - 4/13/2016 Form 4 - 1.13M shares disposed at $6.15. Owns 31,822,743. 4/6/2016 Form 4 disposals at upwards of $5.34. OSG - 3/21/2016 13D/A - 62.94M shares - 17.9%.13G/D/A, Form 3/4 filings thru 2/19/2016: NG - 2/16/2016 Form 4 - 2/11/2016 100K disposed at $4.72. CIE - 2/16/2016 13G/A - 39.75M shares - 9.59%. NCQ - 2/16/2016 13G/A -14.6M shares - 13.92%. RLGY- 2/16/2016 13G/A -5.26M shares - 3.59%. WLL - 2/16/2016 13G/A - 3.19M shares - 1.56%. VNDA - 2/16/2016 13G/A - 3.95M shares - 9.22%. POST - 2/16/2016 13G/A - 4.1M shares - 6.61%. Repsol Oil & Gas - 2/16/2016 13G/A -0. AU - 2/16/2016 13G/A - 22.89M shares - 5.65%. MNK - 2/16/2016 13G/A - 8.62M shares - 7.44%. Popular - 2/16/2016 13G/A - 0. RDN - 2/16/2016 13G/A - 1.17M shares - 0.56%. OAS - 2/16/2016 13G/A - 5.37M shares - 3.86%. CZR - 2/16/2016 13G/A - 14.56M shares - 9.98%. GULTU - 2/16/2016 13G/A - 0. CVC - 2/16/2016 13G/A - 3.09M shares - 1.39%. HMHC - 2/16/2016 13G/A - 1.4M shares - 1.04% thru warrants. CACQ - 2/16/2016 13G/A - 13.16M shares - 9.59%. SGYP - 2/16/2016 13G/A - 9M shares - 7.92%. LIVN - 2/16/2016 13G/A - 3.56M shares - 7.29%. HOT - 2/16/2016 13G/A - 11.6M shares - 6.87%. DXMM - 1/4/2016 13D/A - 1.35M shares - 7.7%."

"Tracking John Paulson’s Paulson & Company Portfolio – Q3 2016 Update"

"John Paulson’s U.S. long portfolio decreased from $9.84B to $9.23B this quarter.Paulson & Company's largest three positions are Allergan plc, Shire plc, and Mylan NV.Paulson increased Biogen Inc. while reducing Grifols SA during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 11/14/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2016.This quarter, Paulson’s US long portfolio decreased ~6% from $9.84B to $9.23B. There are 94 13F securities in the portfolio although only 31 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions are Allergan plc, Shire plc, Mylan NV, Teva Pharmaceuticals, and SPDR Gold ETF. They together account for ~44% of the entire portfolio. The largest holding is Allergan plc at 10.25% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:EMC Corporation (EMC): EMC was a ~3% of the portfolio position established last quarter at prices between $25.50 and $28. On October 12, 2015, Dell announced a deal to acquire EMC for $24.05 per share cash and 0.111 per share in VMWare (VMW) tracking stock. The transaction closed in September thus eliminating the position.Starwood Hotels & Resorts (HOT): HOT was a ~3% of the US long portfolio position established in Q2 2015 at prices between $80.50 and $87.50 and increased by ~30% the following quarter at prices between $64.50 and $85.50. Q4 2015 saw a ~26% reduction at prices between $66 and $80 and that was followed with a ~52% in Q1 2016 at prices between $59 and $84. There was another ~19% selling last quarter at prices between $70 and $83. In November 2015, Marriott International (MAR) announced a merger with HOT in a cash-and-stock deal ($21 cash and 0.8 shares of MAR for each share of HOT held). The transaction closed in September thus eliminating the position.B/E Aerospace (BEAV): BEAV is a ~0.5% of the portfolio stake purchased in Q1 2016 at prices between $38 and $47 and reduced by two-thirds last quarter at prices between $42.50 and $50. The disposal this quarter was at prices between $45 and $52. The stock is now at $59.13.New Stakes:Dell Technologies (DVMT): DVMT is a very small ~0.50% of the portfolio stake established this quarter. The VMWare (VMW) tracking stock came about as a result of Dell’s deal for EMC Corporation. Paulson had ~10.5M shares of EMC for which he received ~1M shares of DVMT in the ration 1:0.111 along with $24.05 per share in cash.Note: DVMT currently trades at ~$52, a wide discount to VMW which is trading at ~$80.Hewlett Packard Enterprise (HPE): HPE is a ~1.5% portfolio position purchased this quarter at prices between $18 and $23 and the stock is now just above that range at $23.31.Stake Decreases:Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Last quarter saw another ~26% selling at prices between $202 and $278. The stock is currently at $192 and the stake is still Paulson’s largest at 10.25% of the portfolio. There was marginal trimming this quarter.AngloGold Ashanti (AU): AU is a 2.21% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a further one-third reduction at prices between $7 and $14. Last quarter saw another ~19% reduction at prices between $13 and $18. The stock currently trades at $11.43. Paulson still controls ~3% of the business. This quarter saw marginal trimming.Akorn Inc. (AKRX): The 2.65% AKRX position was first purchased in Q4 2015 at prices between $22 and $37.50 and increased by ~225% the following quarter at prices between $18.50 and $38.50. The stock is now at $21.89. Last two quarters have seen minor trimming.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The stake was more than doubled in Q1 2014 at prices between $16 and $19.50 and the following quarter saw a further 52% increase at prices between $17 and $19.50. This quarter saw ~20% selling at prices between $0.84 and $1.72. The stock currently trades at $1.22 and the stake stands at 0.42% of the US long portfolio (~8% of the business). Paulson realized losses.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. Last two quarters have seen a combined ~18% reduction at prices between $17 and $43. The stock is now at $23.25. The stake is at 1.74% of the portfolio.Extended Stay America (STAY): STAY is a fairly large ~6% of the US long portfolio position. The stake came about as a result of the firm’s IPO in November 2013. STAY currently trades at $15.38 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction this quarter at ~$14. Paulson still controls ~19% of the business.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Grifols S A (GRFS): GRFS is a minutely small 0.43% of the US long portfolio position. There was a ~30% reduction in Q4 2015 at prices between $15 and $18 while the following quarter saw a ~40% increase at prices between $14 and $16. Last two quarters have seen a combined ~80% selling at ~$16. The stock is now at $15.36. The original stake is from 2011 and Paulson’s cost-basis on that was very low.Mallinckrodt PLC (MNK): MNK is a ~6% of the US long portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the patter reverse: ~31% increase at prices between $53 and $77. The stock currently trades at $54.59. The current stake is at ~7.4% of the business. Last two quarters have seen a combined ~11% reduction at prices between $54 and $83.Note: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Mylan Inc. (MYL): MYL is a large (top three) 9.40% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~47% increase in Q2 2015 at prices between $58 and $76. The stock trades currently at $36.47. Last two quarters saw marginal trimming.Novagold (NG): NG is a small 1.55% of the portfolio long-term stake established in 2010. This quarter saw a ~28% reduction at prices between $5 and $6.50. The stock is currently at $4.44. Paulson has a high cost-basis on NG and controls ~8% of the business. There was a marginal reduction this quarter.Office Depot (ODP): ODP is a very small ~0.5% stake. It was doubled last quarter at prices between $3 and $8 and it is now at $4.68. There was a marginal ~2% selling this quarter.Note: Office Depot stock price dropped sharply in May after the merger deal with Staples (SPLS) was scuttled by a federal judge.Shire PLC ADR (SHPG): SHPG is a top-three stake at 9.93% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Last quarter saw a ~26% reduction at prices between $165 and $192 and that was followed with a ~11% selling this quarter at prices between $184 and $207. The stock currently trades at $178.Synergy Pharmaceuticals (SGYP): The ~1.50% SGYP position saw a ~150% increase last quarter at prices between $2.50 and $4. There was a ~13% reduction this quarter at ~$5.60 and the stock currently trades at $5.59. SGYP has doubled since the lows reached in March partly due to acquisition rumors.Note: Regulatory filings since the quarter ended show a marginal 140K share reduction at $4.42. Paulson still controls ~13% of the business.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $59 and $67. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q4 2015 saw a further ~13% increase at prices between $56 and $66. The stock currently trades at $38.56 and it is a now a large stake at ~8%. Last quarter saw a ~19% reduction at prices between $48.50 and $57. That was followed with a very minor ~4% trimming this quarter.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued last quarter: ~44% increase at prices between $19 and $36. The stock currently trades at $17.95 and the stake is at ~5% of the portfolio. There was marginal trimming this quarter.Bank of America (BAC) warrants, Caesars Acquisition (CACQ), and Caesars Entertainment (CZR), Oasis Petroleum (OAS), TIM Participacoes (TSU), and VMWare Inc. (VMW): These are very small (less than ~1.5% of the portfolio each) stakes reduced marginally this quarter. Although the relative position sizes are small, it is very significant that Paulson has significant ~10% ownership stakes each in CACQ and CZR.Stake Increases:American Capital Ltd. (ACAS) and Biogen Inc. (BIIB): These are very small (less than ~1% of the portfolio each) stakes that saw increases this quarter. ACAS was increased marginally while BIIB saw a huge 150% increase at prices between $242 and $330. BIIB currently trades at $317.Kept Steady:American International Group (AIG): AIG is a fairly large ~6% of the US long portfolio stake established in Q1 2015 at prices between $49 and $56. Q4 2015 saw a ~21% reduction at prices between $57 and $64. Last quarter saw another ~19% reduction at prices between $49 and $58. The stock currently trades at $63.91.Note: Carl Icahn has a ~4% activist stake in the business.Realogy Holdings (RLGY): RLGY is a 1.34% of the US long portfolio (~3.3% of the business) position that was reduced by two-thirds over the six quarters thru Q2 2016 at prices between $28 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $24.44.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 saw a ~38% reduction at prices between $100 and $114 and that was followed with a ~17% selling the following quarter at prices between $102 and $122. The stock currently trades at $115. The remaining stake is still a top five stake at 6.50% of the portfolio.Agnico Eagle Mines (AEM), Randgold Resources (GOLD), and William Lyon Homes (WLH): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter. Although the relative position sizes are small, it is very significant that Paulson has significant ~10% ownership stakes each in CACQ and CZR.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Trilogy Metals (TMQ) previously NovaCopper and Vanda Pharmaceuticals (VNDA).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q3 2016:"

"Tracking John Paulson’s Paulson & Company Portfolio – Q2 2016 Update"

"John Paulson’s U.S. long portfolio decreased from $13.52B to $9.84B this quarter.Paulson & Company's largest three positions are Mylan NV, Allergan plc, and Shire plc.Paulson decreased Allergan plc, Perrigo plc, & Shire plc while increasing Synergy Pharmaceuticals, and Shire during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 08/15/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2016.This quarter, Paulson’s US long portfolio decreased ~27% from $13.52B to $9.84B. There are 86 13F securities in the portfolio although only 34 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions Mylan NV, Shire plc, Allergan plc, Teva Pharmaceuticals, and Extended Stay America. They together account for ~45% of the entire portfolio. The largest holding is Mylan at 10.14% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Cablevision Systems (CVC): CVC was first purchased between Q4 2012 and Q2 2013 at prices between $13.65 and $18.52. Q4 2014 saw an about-turn: ~29% reduction at prices between $17.24 and $21.32 and that was followed with a ~39% reduction the following quarter at prices between $17.72 and $20.76. In Q2 2015, the pattern reversed again: ~48% increase at prices between $17.95 and $25.86. The following quarter saw a ~37% reduction at prices between $22.59 and $33.13 and that was followed with another ~60% reduction last quarter at prices between $29.46 and $33.19. In September 2015, Altice SA agreed to acquire CVC in a $34.90 all-cash deal and that deal closed in June.Lam Research (LRCX): LRCX was a 2.72% stake established in Q4 2015 at prices between $64.44 and $80.75. Last quarter saw a ~11% selling at prices between $64.21 and $82.60 and the elimination this quarter was at prices between $73 and $87. The stock currently trades at $93.19.Time Warner Cable (TWC): TWC was a 2.74% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled the following quarter at prices between $110 and $138. Since then, there was a ~50% further increase at a cost-basis of around $140. Q4 2015 saw a ~28% reduction at prices between $179 and $192 and that was followed with another ~69% reduction last quarter at prices between $176 and $206. In May 2015, Charter Communications (CHTR) agreed to buy TWC in a cash-and-stock deal and the transaction closed in May. Paulson realized huge long-term gains from this position.CIT Group (CIT) and Post Holdings (POST): These very small (less than ~1% of the portfolio each) positions were dropped this quarter.New Stakes:EMC Corporation (EMC) and VMWare Inc. (VMW): EMC and VMW are 2.77% and 1.15% of the portfolio positions respectively established this quarter. On October 12, 2015, Dell announced a deal to acquire EMC for $24.05 per share cash and 0.111 per share in VMWare (VMW) tracking stock. EMC is now at $28.71 and VMW at $72.84.Stake Decreases:Activision Blizzard (ATVI): ATVI is a very small 0.79% of the portfolio position established last quarter at prices between $28 and $39. This quarter saw a two-thirds reduction at prices between $33 and $40. The stock currently trades at $39.98 and the remaining stake is at 0.40%.Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. This quarter saw another ~26% selling at prices between $202 and $278. The stock is currently at $253 and the stake is still Paulson’s third-largest at 9.78% of the portfolio.Note 1: In November 2015, Pfizer Inc. announced the acquisition of Allergan plc in a deal valued at $160B. Allergan shareholders were to receive 11.3 shares of a new company (Ireland domiciled - tax inversion deal structure) for each share held. The deal was called off in April following government pressure.Note 2: Q1 2015 had seen a ~260% increase in AGN (then Actavis). Part of that increase was due to the acquisition of Allergan by Actavis. Paulson held 6.37M shares of Allergan for which he received ~2.35M shares. That stake was established in Q2 2014 at prices between $117 and $174. Actavis plc agreed to acquire AGN in a cash-and-stock deal valued at $219 per share and that transaction closed in March 2015.American International Group (AIG): AIG is a fairly large 4.87% of the US long portfolio stake established in Q1 2015 at prices between $48.87 and $56.11. Q4 2015 saw a ~21% reduction at prices between $56.82 and $64.12 and that was followed with a ~3% trimming last quarter. This quarter saw another ~19% reduction at prices between $48.79 and $58.32. The stock currently trades at $58.86.Note: Carl Icahn has a ~3.9% activist stake in the business.AngloGold Ashanti (AU): AU is a 2.35% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while last quarter saw a further one-third reduction at prices between $7.10 and $13.95. This quarter saw another ~19% reduction at prices between $13.26 and $18.06. The stock currently trades at $19.17. Paulson still controls ~3% of the business.Akorn Inc. (AKRX): The 2.61% AKRX position was first purchased in Q4 2015 at prices between $22.06 and $37.34 and increased by ~225% last quarter at prices between $18.72 and $38.52. The stock is now at $29.27. This quarter saw minor trimming.B/E Aerospace (BEAV): BEAV is a ~0.5% of the portfolio stake purchased last quarter at prices between $38 and $47 and reduced by two-thirds this quarter at prices between $42.73 and $50.10. The stock is now at $49.48.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The stake was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. The stock currently trades at $1.33 and the stake stands at 0.53% of the US long portfolio (9.5% of the business). Last two quarters have seen marginal reductions. Paulson & Co. has large unrealized losses on this position.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% last quarter at prices between $28.27 and $61.22. The stock is now well below that range at $23.03. The stake is at 1.44% of the portfolio. This quarter saw a ~6% trimming.Grifols S A (GRFS): GRFS is a 1.24% of the US long portfolio position. There was a ~30% reduction in Q4 2015 at prices between $15.20 and $17.79 while last quarter saw a ~41% increase at prices between $14.20 and $16.20. This quarter saw a ~58% selling at prices between $14.54 and $17.30. The stock is now at $16.40. The original stake is from 2011 and Paulson’s cost-basis on that was very low.Mallinckrodt PLC (MNK): MNK is a 5.17% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the patter reverse: ~31% increase at prices between $53.41 and $76.66. The stock currently trades at $81.07. The current stake is at ~7.7% of the business. Last quarter saw a very minor increase while this quarter saw a ~6% trimming.Note: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Mylan Inc. (MYL): MYL is now the largest position at 10.14% of the US long portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45.27 and $58.62 and that was followed with a ~47% increase in Q2 2015 at prices between $57.94 and $76.06. The stock trades currently at $48.66. Last two quarters had seen minor increases while this quarter saw marginal trimming.Novagold (NG): NG is a small 1.60 % of the portfolio long-term stake established in 2010. This quarter saw a ~28% reduction at prices between $5 and $6.50. The stock is currently at $6.04. Paulson has a high cost-basis on NG and controls ~8% of the business.Perrigo plc (PRGO): The 2.50% portfolio stake as of last quarter was almost eliminated this quarter at prices between $87 and $131. The stock is now at $91.83. The original position is from Q3 2015 at prices between $153 and $194. Last two quarters had seen minor trimming.Note: PRGO was a merger arbitrage stake: Mylan (MYL) made a hostile takeover bid for PRGO but the tender offer lapsed in November 2015.Realogy Holdings (RLGY): RLGY is a 1.41% of the US long portfolio (~3.3% of the business) position that was reduced by two-thirds over the last six quarters at prices between $28 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $26.69.Shire PLC ADR (SHPG): SHPG is a top-three stake at 9.88% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Last two quarters saw minor increases while this quarter saw a ~26% reduction at prices between $165 and $192. The stock currently trades at $200.Starwood Hotels & Resorts (HOT): HOT is a 3.38% of the US long portfolio position established in Q2 2015 at prices between $80.55 and $87.53 and increased by ~30% the following quarter at prices between $64.53 and $85.62. Q4 2015 saw a ~26% reduction at prices between $66 and $80 and that was followed with a ~52% reduction last quarter at prices between $59 and $84. There was another ~19% selling this quarter at prices between $70 and $83. The stock currently trades at $79.51.Note: Following CEO exit in February 2015, Starwood said they were exploring strategic alternatives to increase shareholder value. In November, Marriott International (MAR) announced a merger with HOT in a cash-and-stock deal ($21 cash and 0.8 shares of MAR for each share of HOT held).Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $58.91 and $67.14. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q4 2015 saw a further ~13% increase at prices between $56 and $66. The stock currently trades at $52.99 and it is a top-five stake at 8.56%. Last quarter saw a minor increase while in this quarter there was a ~19% reduction at prices between $48.53 and $57.25.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. Q1 2015 saw a ~55% increase at prices between $26.87 and $33.20. Q4 2015 saw a ~16% reduction at prices between $34.56 and $41.38 while last quarter saw another ~26% selling at prices between $33.89 and $40.59. The remaining ~4% portfolio stake was almost sold out this quarter at prices between $38 and $44. The stock currently trades at $46.27. The original MetroPCS stake was a timely purchase for Paulson and he realized huge gains.American Capital Ltd. (ACAS), LivaNova plc (LIVN) previously Cyberonics (CYBX), Oasis Petroleum (OAS), and TIM Participacoes (TSU): These are very small (less than ~1% of the portfolio each) stakes further reduced this quarter.Note: Cyberonics and Italy-based Sorin Spa combined to form LivaNova in a merger that closed in October 2015. Paulson had a position in Cyberonics.Stake Increases:Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued this quarter: ~44% increase at prices between $19 and $36. The stock currently trades at $28.74 and the stake is at 3.90% of the portfolio.Office Depot (ODP) and Synergy Pharmaceuticals (SGYP): These two very small stakes (less than ~1% of the portfolio each) were increased this quarter. ODP was doubled at prices between $3.14 and $7.73 and it is now at $3.52. The SGYP position saw a ~150% increase at prices between $2.67 and $4.11 and it is now well above that range at $5.15. SGYP has doubled since the lows reached in March partly due to acquisition rumors involving Allergan.Note 1: With Synergy Pharmaceuticals, although the relative size is very small, it is significant that Paulson controls ~15% of the business.Note 2: Office Depot stock price dropped sharply in May after the merger deal with Staples (SPLS) was scuttled by a federal judge.Kept Steady:Extended Stay America (STAY): STAY is a fairly large (top-five) 6.48% of the US long portfolio position. The stake came about as a result of the firm’s IPO in November 2013. STAY currently trades at $14.44 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming. Paulson still controls ~21% of the business.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at 19.03% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $82.71 and $97.80 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 saw a ~38% reduction at prices between $100 and $114 and that was followed with a ~17% selling last quarter at prices between $102 and $122. The stock currently trades at $128. The remaining stake is at 6.14% of the portfolio.Agnico Eagle Mines (AEM), Caesars Acquisition (CACQ), Caesars Entertainment (CZR), Randgold Resources (GOLD), and William Lyon Homes (WLH): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter. Although the relative position sizes are small, it is very significant that Paulson has significant ~10% ownership stakes each in CACQ and CZR.Although the positions are relatively minute compared to the size of the portfolio, the following 13F stakes are significant as Paulson has sizable ownership: NovaCopper (NCQ), Overseas Shipholding Group (OSG), and Vanda Pharmaceuticals (VNDA).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q2 2016:"

"Tracking John Paulson’s Paulson & Company Portfolio – Q1 2016 Update"

"John Paulson’s U.S. long portfolio decreased from $16.73B to $13.52B this quarter.Paulson & Company's largest three positions are Allergan plc, Shire plc, and Mylan NV.Paulson increased Akorn Inc. and Endo International during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 05/16/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2015.This quarter, Paulson’s US long portfolio decreased ~19% from $16.73B to $13.52B. There are 97 13F securities in the portfolio although only 30 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions Allergan plc, Shire plc, Mylan NV, Teva Pharmaceuticals, and Extended Stay America. They together account for 41.72% of the entire portfolio. The largest holding is Allergan plc at 11.16% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Outfront Media (OUT): OUT was a very small 0.56% position. It was sold this quarter at prices between $18 and $22. The stock is currently at $21.75. Although the relative position size was small, as a percentage of the business the stake was very significant at 3.1%.New Stakes:Activision Blizzard (ATVI): ATVI is a 0.79% of the portfolio position established this quarter at prices between $28 and $39. The stock currently trades at $37.53.B/E Aerospace (BEAV): BEAV is a ~1% of the portfolio stake purchased this quarter at prices between $38 and $47 and the stock is now at $46.58.Stake Decreases:American International Group (AIG): AIG is a fairly large 4.49% of the US long portfolio stake established in Q1 2015 at prices between $48.87 and $56.11. Last quarter saw a ~21% reduction at prices between $56.82 and $64.12 and that was followed with a ~3% trimming this quarter. The stock currently trades at $56.97.Note: Carl Icahn has a ~3.9% activist stake in the business.AngloGold Ashanti (AU): AU is a very small 1.54% position. It is a long-term stake that has been in the portfolio since 2009. The stock currently trades at $14.46. Last quarter had seen a ~9% trimming while quarter saw a further one-third reduction at prices between $7.10 and $13.95. Paulson still controls ~3.7% of the business.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The position was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. The stock currently trades well below his purchase price ranges at $2.48 and the stake stands at 0.87% of the US long portfolio (~9% of the business). This quarter saw a marginal reduction.Lam Research (LRCX): LRCX is a 2.72% stake established last quarter at prices between $64.44 and $80.75. This quarter saw a ~11% selling at prices between $64.21 and $82.60. The stock currently trades at $76.68.Novagold (NG): NG is a small 1.32 % of the portfolio long-term stake established in 2010. The stock is currently at $5.98, well below Paulson’s cost-basis. The 13F shows very minor trimming during the quarter.Note: A regulatory Form 4 filing on 4/13/2016 shows Paulson owning 31.82M shares (~10% of the business). This is compared to 35.52M shares in the 13F - 3.7M shares were disposed after the quarter ended at prices between $5.34 and $6.15.Perrigo plc (PRGO): The 2.50% portfolio stake was purchased in Q3 2015 at prices between $153 and $194 and the stock is now well below that range at $93.76. Last quarter saw a ~9% trimming while this quarter saw a marginal further reduction. It was originally a merger arbitrage stake: Mylan (MYL) made a hostile takeover bid for PRGO but the tender offer lapsed in November 2015.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at 19.03% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $82.71 and $97.80 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Last quarter saw a ~38% reduction at prices between $100 and $114 and that was followed with a ~17% selling this quarter at prices between $102 and $122. The stock currently trades at $120. The remaining stake is at 4.15% of the portfolio.Starwood Hotels & Resorts (HOT): HOT is a 3.41% of the US long portfolio position established in Q2 2015 at prices between $80.55 and $87.53 and increased by ~30% the following quarter at prices between $64.53 and $85.62. Last quarter saw a ~26% reduction at prices between $66 and $80 and that was followed with a ~52% reduction this quarter at prices between $59 and $84. The stock currently trades at $72.68.Note: Following CEO exit in February 2015, Starwood said they were exploring strategic alternatives to increase shareholder value. In November, Marriott International (MAR) announced a merger with HOT in a cash-and-stock deal ($21 cash and 0.8 shares of MAR for each share of HOT held).Time Warner Cable (TWC): TWC is a 2.74% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled the following quarter at prices between $110 and $138. Since then, there was a ~50% further increase at a cost-basis of around $140. Last quarter saw a ~28% reduction at prices between $179 and $192 and that was followed with another ~69% reduction this quarter at prices between $176 and $206. Paulson harvested huge long-term gains from this position.Note: In May 2015, Charter Communications (CHTR) agreed to buy TWC in a cash-and-stock deal and the transaction closed last week.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. Q1 2015 saw a ~55% increase at prices between $26.87 and $33.20. The stock currently trades at $41.70. Last quarter saw a ~16% reduction at prices between $34.56 and $41.38 while this quarter saw another ~26% selling at prices between $33.89 and $40.59.Post Holdings (POST) and LivaNova plc (LIVN) previously Cybernics (CYBX): These are small (less than ~1.5% of the portfolio each) positions that saw decreases this quarter. Paulson controls ~5% of LIVN.Note: Cyberonics and Italy-based Sorin Spa combined to form LivaNova in a merger that closed in October 2015. Paulson had a position in Cyberonics.Bank of America (BAC) 2019 WTS, Caesars Acquisition (CACQ), and Caesars Entertainment (CZR): These are very small (less than ~1% of the portfolio each) stakes that were further decreased this quarter. Although the relative position sizes are small, it is very significant that Paulson has significant ~10% ownership stakes each in CACQ and CZR.Stake Increases:Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. Last quarter saw an about-turn: ~23% reduction at prices between $253 and $323. This quarter saw a marginal increase. The stock is currently at $229 and the stake is still Paulson’s largest at 11.16% of the portfolio.Note 1: In November 2015, Pfizer Inc. announced the acquisition of Allergan plc in a deal valued at $160B. Allergan shareholders were to receive 11.3 shares of a new company (Ireland domiciled - tax inversion deal structure) for each share held. The deal was called off last month following government pressure.Note 2: Q1 2015 had seen a ~260% increase in AGN (then Actavis). Part of that increase was due to the acquisition of Allergan by Actavis. Paulson held 6.37M shares of Allergan for which he received ~2.35M shares. That stake was established in Q2 2014 at prices between $117 and $174. Actavis plc agreed to acquire AGN in a cash-and-stock deal valued at $219 per share and that transaction closed in March 2015.Akorn Inc. (AKRX): The 0.64% AKRX position was first purchased last quarter at prices between $22.06 and $37.34 and increased by ~225% this quarter at prices between $18.72 and $38.52. The stock is now at $30.55.Cablevision Systems (CVC): CVC is now a very small 0.78% of the US long portfolio stake. It was first purchased between Q4 2012 and Q2 2013 at prices between $13.65 and $18.52. Q4 2014 saw an about-turn: ~29% reduction at prices between $17.24 and $21.32 and that was followed with a ~39% reduction the following quarter at prices between $17.72 and $20.76. In Q2 2015, the pattern reversed again: ~48% increase at prices between $17.95 and $25.86. The following quarter saw a ~37% reduction at prices between $22.59 and $33.13 and that was followed with another ~60% reduction last quarter at prices between $29.46 and $33.19. The stock currently trades at $34.64. There was a marginal increase this quarter.Note: In September 2015, Altice SA agreed to acquire CVC in a $34.90 all-cash deal.Grifols S A (GRFS): GRFS is a medium-sized 2.01% of the US long portfolio position. There was a ~30% reduction last quarter at prices between $15.20 and $17.79 while this quarter saw a ~41% increase at prices between $14.20 and $16.20. The stock is now at $14.84. The original stake is from 2011 and Paulson’s cost-basis is very low.Mallinckrodt PLC (MNK): MNK is a 4.05% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% in Q2 2014 at prices between $60.28 and $82.70 and an additional one-third the following quarter at prices between $68.12 and $90. Q1 2015 saw a ~6% trimming at prices between $93.89 and $133 and the following quarter saw another ~22% decrease at prices between $113 and $130. There was an about-turn last quarter: ~31% increase at prices between $53.41 and $76.66. The stock currently trades at $61.03. The current stake is at ~7% of the business. This quarter saw a very minor increase.Note: MNK, a July 2013 spinoff from Covidien plc (COV) started trading at around $42.Mylan Inc. (MYL): MYL is a top-three 8.21% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45.27 and $58.62 and that was followed with a ~47% increase in Q2 2015 at prices between $57.94 and $76.06. The stock trades currently at $41.51. Last two quarters have seen minor increases.Shire PLC ADR (SHPG): SHPG is a top-three stake at 9.06% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. The stock currently trades at $186. Last two quarters have seen minor increases.Note: In August 2015, SHPG made a hostile bid for Baxalta (BXLT), the Baxter (BAX) spin-off. In January this year, the businesses agreed on a $32B merger.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $58.91 and $67.14. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Last quarter saw a further ~13% increase at prices between $56 and $66. The stock currently trades at $51.94 and it is now a top-five stake at 8.15%. For investors attempting to follow Paulson, Teva is a good option to consider for further research. This quarter saw a very minor increase.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Last quarter also saw another ~50% increase at prices between $70 and $182. The stock currently trades at $27.56 and the stake is at 2.58% of the portfolio. This quarter also saw a marginal further increase.Endo International plc (ENDP): The very small ENDP stake was increased by almost 200% this quarter at prices between $28.27 and $61.22. The stock is now well below that range at $15.44. The stake is at ~2% of the portfolio.Kept Steady:Extended Stay America (STAY): STAY is a fairly large (top-five) 5.14% of the US long portfolio position. The stake came about as a result of the firm’s IPO in November 2013. STAY currently trades at $13.53 compared to the IPO offering price of $20. Last quarter had seen a ~11% trimming. Paulson still controls ~21% of the business.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Realogy Holdings (RLGY): RLGY is a 1.40% of the US long portfolio (3.59% of the business) position that was reduced by ~56% over the five quarters thru Q4 2015 at prices between $35 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $30.78.CIT Group (CIT): CIT is a very small 0.80% of the portfolio position kept steady this quarter.Although the positions are relatively minute compared to the size of the portfolio, the following 13F stakes are significant as Paulson has sizable ownership: NovaCopper (NCQ), Vanda Pharmaceuticals (VNDA), Radian Group (RDN), Oasis Petroleum (OAS), and Synergy Pharmaceuticals (SGYP).Note: A Form 3 regulatory filing on 5/16/2016 shows Paulson owning 27.76M shares (~15% of the business) of Synergy Pharmaceuticals. This is compared to 11M shares in the 13F.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q1 2016:13G/D/A, Form 3/4 Filings after 8/15/2015: Form 4 11/20/2015 - ESH Hospitality paired shares with STAY - 42.66M shares - 20.9% of the business.Note - 8/21/2015 - In the Q2 2015 Update, I removed the para near the end of the article that lists the very small positions. I might consider adding the names but not the symbols as SA errored out and their support could not determine the problem.Note - 8/13/2015 - - Overseas Shipholding (OSGIQ) - 56.43M shares - 19.4% of business."

"Tracking John Paulson’s Paulson & Company Portfolio – Q4 2015 Update"

"John Paulson’s U.S. long portfolio decreased from $19.27B to $16.73B this quarter.Paulson & Company's largest three positions are Allergan plc, Shire plc, and Valeant Pharmaceuticals.Paulson increased Valeant Pharmaceuticals and Mallickrodt plc substantially during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 02/16/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2015.This quarter, Paulson’s US long portfolio decreased ~13% from $19.27B to $16.73B. There are 77 13F securities in the portfolio although only 31 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions are all pharmaceuticals: Allergan plc, Shire plc, Valeant Pharmaceuticals, Teva Pharmaceuticals, and Mylan NV and they together account for 42.16% of the entire portfolio. The largest holding is Allergan plc at 10.33% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Altera Corporation (ALTR), Cameron International (CAM), and Precision Castparts (PCP): These were merger arbitrage stakes established last quarter and eliminated this quarter. Intel (INTC) agreed to acquire ALTR for $54 per share cash in June 2015 and the transaction closed in December. In August 2015, Schlumberger (SLB) announced the acquisition of Cameron International ($14.44 cash and 0.716 shares of SLB for each share held). The CAM elimination this quarter happened at prices between $60.55 and $70.68. Berkshire Hathaway (BRK.A) (BRK.B) acquired PCP in a $235 per share cash deal that closed last month.Computer Sciences Corporation (CSC): CSC was a minutely small 0.22% of the US long portfolio position. It was purchased in Q1 2015 at prices between $60.68 and $71.74 and reduced by ~84% last quarter at prices between $59.81 and $67.90.Note: CSRA Inc. (CSRA) separated from CSC in a transaction that closed in November 2015.HCA Holdings (HCA): HCA was a small 0.83% of the US long portfolio position in Q2 2014. It was increased by almost 80% in Q3 2014 at prices between $54.52 and $73.48. Q4 2014 saw an about-turn as the position was reduced by ~22% at prices between $62.94 and $74.96. The remaining 1.89% portfolio stake was eliminated this quarter at prices between $64 and $79. The stock currently trades at $67.92.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. Q4 2014 saw a ~70% reduction at prices between $18.01 and $23.25 and that was followed with a ~11% reduction the following quarter at prices between $19.13 and $22.85. The remaining 0.52% stake was sold this quarter at prices between $18.45 and $24.14. The stock currently trades at $18.07.WhiteWave Foods (WWAV): The very small 0.54% portfolio position was sold this quarter at prices between $36.56 and $43.82. The stock is now at $38.31.New Stakes:Akorn Inc. (AKRX) and Lam Research (LRCX): AKRX & LRCX are significantly large new stakes this quarter. The 0.64% AKRX position was purchased at prices between $22.06 and $37.34 and the stock is now at $24.95. LRCX is a 2.37% stake established at prices between $64.44 and $80.75 and the stock currently trades at $69.77.Stake Decreases:Allergan plc (AGN) previously Actavis plc: AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. This quarter saw an about-turn: ~23% reduction at prices between $253 and $323. The stock is currently at $275 and the stake is still Paulson’s largest at 10.33% of the portfolio.Note 1: In November 2015, Pfizer Inc. announced the acquisition of Allergan plc in a deal valued at $160B. Allergan shareholders will receive 11.3 shares of a new company (the new business will be domiciled in Ireland - tax inversion deal structure) for each share held. The deal is expected to close in H2 2016.Note 2: Q1 2015 had seen a ~260% increase in AGN (then Actavis). Part of that increase was due to the acquisition of Allergan by Actavis. Paulson held 6.37M shares of Allergan for which he received ~2.35M shares. That stake was established in Q2 2014 at prices between $117 and $174. Actavis plc agreed to acquire AGN in a cash-and-stock deal valued at $219 per share and that transaction closed in March 2015.American International Group (AIG): AIG is a fairly large 4.30% of the US long portfolio stake established in Q1 2015 at prices between $48.87 and $56.11. This quarter saw a ~21% reduction at prices between $56.82 and $64.12. The stock currently trades at $51.52.Note: Carl Icahn has a huge (42.24M shares - 3.42% of the business) activist stake in the business.AngloGold Ashanti (AU): AU is a very small ~1% position. It is a long-term stake that has been in the portfolio since 2009. The stock currently trades at $10.88. Paulson controls 5.65% of the business. This quarter saw a ~9% trimming.Bank of America (BAC) 2019 WTS: This is a very small 0.57% of the US long portfolio position. It was reduced by ~16% in Q4 2014 and another ~14% in Q2 2015. Last quarter also saw a further ~11% reduction. As the position size is very small, the activity does not indicate a clear bias. There was a marginal further decrease this quarter.Cablevision Systems (CVC): CVC is now a very small 0.59% of the US long portfolio stake. It was first purchased between Q4 2012 and Q2 2013 at prices between $13.65 and $18.52. Q4 2014 saw an about-turn: ~29% reduction at prices between $17.24 and $21.32 and that was followed with a ~39% reduction the following quarter at prices between $17.72 and $20.76. In Q2 2015, the pattern reversed again: ~48% increase at prices between $17.95 and $25.86. Last quarter saw a ~37% reduction at prices between $22.59 and $33.13 and that was followed with another ~60% reduction this quarter at prices between $29.46 and $33.19. The stock currently trades at $32.44.Note: In September 2015, Altice SA agreed to acquire CVC in a $34.90 all-cash deal.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The stake was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. The stock currently trades well below his purchase price ranges at $2.10 and the position stands at 1.28% of the US long portfolio (9.59% of the business). This quarter saw a ~5% trimming.Extended Stay America (STAY): STAY is a fairly large 4.05% of the US long portfolio position. The stake came about as a result of the firm’s IPO in November 2013. STAY currently trades at $12.26 compared to the IPO offering price of $20. This quarter saw a ~11% trimming. Paulson still controls ~21% of the business.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Grifols S A (GRFS): GRFS is a medium-sized 2.40% of the US long portfolio position. There was a ~30% reduction this quarter at prices between $15.20 and $17.79. The stock is now at $15.16. The original stake is from 2011 and Paulson’s cost-basis is very low.Perrigo plc (PRGO): The 2.30% portfolio stake was purchased last quarter at prices between $153 and $194 and the stock is now at $129. This quarter saw a ~9% trimming. It was originally a merger arbitrage stake: Mylan (MYL) made a hostile takeover bid for PRGO but the tender offer lapsed in November 2015.Realogy Holdings (RLGY): RLGY is a 1.15% of the US long portfolio (3.59% of the business) position that was reduced by ~56% over the last five quarters at prices between $35 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $31.06.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80 and was reduced by ~45% in 2011 at much higher prices. This quarter saw a ~38% reduction at prices between $100 and $114. The stock currently trades at $118. The remaining stake is at 3.50% of the portfolio.Starwood Hotels & Resorts (HOT): HOT is a 4.81% of the US long portfolio position established in Q2 2015 at prices between $80.55 and $87.53 and increased by ~30% last quarter at prices between $64.53 and $85.62. This quarter saw a ~26% reduction at prices between $66 and $80. The stock currently trades at $66.30.Note: Following CEO exit in February 2015, Starwood said they were exploring strategic alternatives to increase shareholder value. In November, Marriott International (MAR) announced a merger with HOT in a deal valued at ~$80.Time Warner Cable (TWC): TWC is a large 6.51% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled the following quarter at prices between $110 and $138. Since then, there was a ~50% further increase at a cost-basis of around $140. This quarter saw a ~28% reduction at prices between $179 and $192. The stock currently trades at $189.Note: In May 2015, Charter Communications (CHTR) agreed to buy TWC in a cash-and-stock deal valued at $195 per share ($100 cash).T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. Q1 2015 saw a ~55% increase at prices between $26.87 and $33.20. The stock currently trades at $34.95. This quarter saw a ~16% reduction at prices between $34.56 and $41.38.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. It has seen some selling since. Last quarter saw a ~23% reduction at prices between $14.59 and $33.60 and that was followed with a two-thirds further reduction this quarter at prices between $8.31 and $22.43. The stake is now at 0.18% of the portfolio (1.56% of the business). It currently trades well below his purchase price ranges at $4.31. Paulson realized losses from this position.CIT Group (CIT) and MGIC Investment (MTG): These very small positions (less than ~1% of the US long portfolio each) were further reduced this quarter.Stake Increases:Mallinckrodt PLC (MNK): MNK is a 3.85% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% in Q2 2014 at prices between $60.28 and $82.70 and an additional one-third the following quarter at prices between $68.12 and $90. Q1 2015 saw a ~6% trimming at prices between $93.89 and $133 and the following quarter saw another ~22% decrease at prices between $113 and $130. There was an about-turn this quarter: ~31% increase at prices between $53.41 and $76.66. The stock currently trades at $64.73. The current stake is at around 7.44% of the business.Note: MNK, a July 2013 spinoff from Covidien plc (COV) started trading at around $42.Mylan Inc. (MYL): MYL is a top-five 7.37% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45.27 and $58.62 and that was followed with a ~47% increase in Q2 2015 at prices between $57.94 and $76.06. The stock trades currently at $45.34. This quarter saw a ~4% further increase.Shire PLC ADR (SHPG): SHPG is a top-three stake at 8.39% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. The stock currently trades at $164. This quarter saw a marginal increase.Note: In August 2015, SHPG made a hostile bid for Baxalta (BXLT), the Baxter (BAX) spin-off. Last month, the businesses agreed on a $32B merger.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $58.91 and $67.14. It was increased to a fairly large 5.28% position last quarter at prices between $55 and $72. This quarter saw a further ~13% increase at prices between $56 and $66. The stock currently trades at $56.63 and it is now a top-five stake at 8.01%. For investors attempting to follow Paulson, Teva is a good option to consider for further research.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. This quarter also saw another ~50% increase at prices between $70 and $182. The stock currently trades at $84.97. It is a top three stake at 8.06% of the portfolio.Endo International plc (ENDP), LivaNova plc (LIVN) previously Cybernics (CYBX), and Post Holdings (POST): These are very small (less than ~1.5% of the portfolio each) positions that saw increases this quarter. Paulson controls 7.29% of LIVN.Note: Cyberonics and Italy-based Sorin Spa combined to form LivaNova in a merger that closed in October 2015. Paulson had a position in Cyberonics.Kept Steady:Novagold (NG): NG is a very small 0.90% of the portfolio stake. As a percentage of the business, the position is very significant at 11.5%. It is a very long-term stake and Paulson’s cost-basis is higher than the current price of $4.84.Note: A regulatory Form 4 filing on 2/11/2016 shows a minor 100K share disposal at $4.72 per share.Caesars Acquisition (CACQ), Caesars Entertainment (CZR), and Outfront Media (OUT): These are very small (less than ~0.5% of the portfolio each) stakes kept steady this quarter. Although the relative position sizes are small, it is very significant that Paulson has significant ownership stakes: 9.59% of CACQ, 9.98% of CZR, and 3.1% of OUT.Although the positions are relatively minute compared to the size of the portfolio, the following 13F stakes are significant as Paulson has sizable ownership: 13.92% of NovaCopper (NCQ), 9.22% of Vanda Pharmaceuticals (VNDA), 0.56% of Radian Group (RDN), 3.86% of Oasis Petroleum (OAS), 1.04% of Houghton Mifflin Harcourt (HMHC) thru warrants, 7.92% of Synergy Pharmaceuticals (SGYP), and 7.7% of Dex Media (DXMM).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q4 2015:"

"Tracking John Paulson’s Paulson & Company Portfolio – Q3 2015 Update"

"John Paulson’s U.S. long portfolio decreased from $21.69B to $19.27B this quarter.Paulson & Company's largest three positions are Allergan plc, Valeant Pharmaceuticals, and Time Warner Cable.Paulson increased Teva Pharmaceuticals and Starwood Hotels & Resorts while dropping Houghton Mifflin Harcourt during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 11/16/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2015.This quarter, Paulson’s US long portfolio decreased ~11% from $21.69B to $19.27B. There are 65 13F securities in the portfolio although only 35 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top-five positions are Allergan plc, Valeant Pharmaceuticals, Time Warner Cable, Shire plc, and Startwood Hotels & Resorts and they together account for 38.56% of the entire portfolio. The largest holding is Allergan plc at 10.13% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Houghton Mifflin Harcourt (HMHC): HMHC is a 1.42% of the US long portfolio position established in Q4 2013 as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $20.24. The disposal this quarter happened at prices between $20.24 and $26.75.DirecTV (DTV): DTV was a 4.88% of the portfolio merger arbitrage stake established in Q2 2014. AT&T (T) acquired DTV in a deal worth $95 per share ($28.50 cash and $66.60 stock) in a transaction that closed in August.New Stakes:Altera Corporation (ALTR), Cameron International (CAM), Perrigo plc (PRGO), and Precision Castparts (PCP): These are small (less than ~2.5% of the portfolio each) merger arbitrage stakes established this quarter. Intel (INTC) agreed to acquire ALTR for $54 per share cash in June and the stock is currently at $52.77. In August, Schlumberger (SLB) announced the acquisition of CAM ($14.44 cash and 0.716 shares of SLB for each share held) and it currently trades at $67.90. Mylan (MYL) made a hostile takeover bid for PRGO but the tender offer lapsed earlier this month. Berkshire Hathaway (BRK.A) (BRK.B) is acquiring PCP in a $235 per share cash deal announced in August and PCP currently trades at $231.CIT Group (CIT) and Endo International plc (ENDP): These are very small (less than ~1.5% of the portfolio each) stakes established this quarter.Stake Decreases:AngloGold Ashanti (AU): AU is a very small 1.06% AU position. It is a long-term position that has been in the portfolio since 2009. The stock currently trades at $6.54. Paulson controls ~6.2% of the business. This quarter saw a marginal reduction.Bank of America (BAC) 2019 WTS: This is a very small 0.49% of the US long portfolio position. It was reduced by ~16% in Q4 2014 and another ~14% last quarter. This quarter also saw a further ~11% reduction. As the position size is very small, the activity does not indicate a clear bias.Cablevision Systems (CVC): CVC is a 1.31% of the US long portfolio stake that was purchased between Q4 2012 and Q2 2013 at prices between $13.65 and $18.52. Q4 2014 saw an about-turn: ~29% reduction at prices between $17.24 and $21.32 and that was followed with a ~39% reduction the following quarter at prices between $17.72 and $20.76. Last quarter the pattern reversed again: ~48% increase at prices between $17.95 and $25.86. This quarter saw a ~37% reduction at prices between $22.59 and $33.13. The stock currently trades at $30.73.Note: In September, Altice SA agreed to acquire CVC in a $34.90 all-cash deal.Computer Sciences Corporation (CSC): CSC is a minutely small 0.22% of the US long portfolio position. It was purchased in Q1 2015 at prices between $60.68 and $71.74 and reduced by ~84% this quarter at prices between $59.81 and $67.90. The stock currently trades at $69.95.Grifols S A (GRFS): GRFS is a medium-sized 2.80% of the US long portfolio position. There have only been very minor adjustments in the last three quarters. As the recent activity is very minor, it does not indicate a change in bias.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. Q4 2014 saw a ~70% reduction at prices between $18.01 and $23.25 and that was followed with a ~11% reduction the following quarter at prices between $19.13 and $22.85. The stock currently trades at $22.67 and the remaining stake is at 0.52% of the portfolio. This quarter saw a minor further reduction.Oasis Petroleum (OAS): OAS was a very small 0.37% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position in Q4 2013 at prices between $43 and $57. It was further increased by one-third in Q1 2014 at prices between $39 and $47. Q1 2015 saw a ~10% reduction at prices between $12.56 and $18.65. The stock currently trades well below his purchase price ranges at $11.61. Last two quarters have also seen minor additional selling.Shire PLC ADR (SHPG): SHPG is Paulson’s fourth-largest position at 7.25% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. Last quarter, the pattern reversed: ~15% reduction at prices between $227 and $260. The stock currently trades at $213. This quarter saw a marginal further reduction.Note: In August, SHPG made a hostile bid for Baxalta (BXLT), the Baxter (BAX) spin-off.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. Q1 2015 saw a ~55% increase at prices between $26.87 and $33.20. The stock currently trades at $38.03. This quarter saw a minor reduction.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% last quarter at prices between $197 and $242. The stock currently trades at $87.34. It is a top three stake at 8.23% of the portfolio. This quarter saw a marginal reduction.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. It has seen some selling since. This quarter saw a ~23% reduction at prices between $14.59 and $33.60. The stake is now at 0.76% of the portfolio (~4.7% of the business). It currently trades well below his purchase price ranges at $15.89.MGIC Investment (MTG) and Radian Group (RDN): These very small positions (less than 0.5% of the US long portfolio each) were further reduced this quarter. Although the relative sizes are very small, Paulson has very significant ownership stakes: ~3.4% of MTG and ~2.7% of RDN.Stake Increases:Allergan plc (AGN) previously Actavis plc: ACT was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Last quarter saw a further ~27% increase at prices between $283 and $313. The stock is currently at $302 and the stake is Paulson’s largest at 10.13% of the portfolio. This quarter also saw a marginal further increase.Note: Q1 2015 had seen a ~260% increase in AGN (then Actavis). Part of that increase was due to the acquisition of Allergan by Actavis. Paulson held 6.37M shares of Allergan for which he received ~2.35M shares. That stake was established in Q2 2014 at prices between $117 and $174. Actavis plc agreed to acquire AGN in a cash-and-stock deal valued at $219 per share and that transaction closed in March.Starwood Hotels & Resorts (HOT): HOT is a 5.38% of the US long portfolio position established last quarter at prices between $80.55 and $87.53 and increased by ~30% this quarter at prices between $64.53 and $85.62. The stock currently trades at $72.38.Note: Following CEO exit in February this year, Starwood said they were exploring strategic alternatives to increase shareholder value. Last week, Marriott International (MAR) announced a merger with HOT in a deal valued at ~$80.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established last quarter at prices between $58.91 and $67.14. It was increased to a fairly large 5.28% position this quarter at prices between $55 and $72. The stock currently trades at $62.36.Cyberonics Inc. (CYBX) and Post Holdings (POST): These are very small (less than ~1% of the portfolio each) stakes increased this quarter. Paulson controls ~7.4% of CYBX and ~6.1% of POST.Kept Steady:American International Group (AIG): AIG is a fairly large 4.31% of the US long portfolio stake established in Q1 2015 at prices between $48.87 and $56.11. The stock currently trades at $62.76.Note: Carl Icahn has started a huge (42.24M shares - 3.42% of the business) activist stake in the business.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The position was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. The stock currently trades well below his purchase price ranges at $7.67 and the position stands at 1.53% of the US long portfolio (10.12% of the business).Extended Stay America (STAY): STAY is a fairly large 4.15% of the US long portfolio position. The stake came about as a result of the firm’s IPO in November 2013. STAY currently trades at $17.14 compared to the IPO offering price of $20.Note 1: A regulatory Form 4 filing on 11/20/2015 shows Paulson owning 42.66M shares (20.9% of the business). This is compared to 47.66M shares in the 13F.Note 2: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.HCA Holdings (HCA): HCA was a small 0.83% of the US long portfolio position in Q2 2014. It was increased by almost 80% in Q3 2014 at prices between $54.52 and $73.48. Q4 2014 saw an about-turn as the position was reduced by ~22% at prices between $62.94 and $74.96. The stock currently trades at $67.36 and the stake is now at 1.89%.Mallinckrodt PLC (MNK): MNK is a 2.19% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% in Q2 2014 at prices between $60.28 and $82.70 and an additional one-third in the following quarter at prices between $68.12 and $90. The stock currently trades at $66.10. Q1 2015 saw a ~6% trimming at prices between $93.89 and $133 and last quarter saw another ~22% decrease at prices between $113 and $130. The current stake is at around ~5.6% of the business.Note: MNK, a July 2013 spinoff from Covidien plc (COV) started trading at around $42.Mylan Inc. (MYL): MYL is a 4.58% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45.27 and $58.62 and that was followed with a ~47% increase last quarter at prices between $57.94 and $76.06. The stock trades currently at $50.88.Novagold (NG): NG is a very small 0.67% of the portfolio stake. As a percentage of the business, the position is very significant at ~11%. It is a very long-term stake and Paulson’s cost-basis is higher than the current price of $3.56.Realogy Holdings (RLGY): RLGY is a 1.38% of the US long portfolio (~4.9% of the business) position that was reduced by ~40% over the last three quarters at prices between $33.91 and $48.86. The original investment was made prior to the October 2012 IPO. The stock currently trades at $41.70.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $102. Last quarter saw a ~10% reduction at prices between $112 and $118. The remaining stake is still fairly large at 5.12% of the portfolio.Time Warner Cable (TWC): TWC is a large (top three) 7.56% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled the following quarter at prices between $110 and $138. Since then, there was a ~50% further increase at a cost-basis of around $140. Last quarter saw a ~7% reduction at prices between $149 and $184. The stock currently trades at $184.Note: In May, Charter Communications (CHTR) agreed to buy TWC in a cash-and-stock deal valued at $195 per share ($100 cash).WhiteWave Foods (WWAV): WWAV is a very small 0.54% of the portfolio stake kept steady this quarter.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Aetna Inc. (AET), Agnico Eagle Mines (AEM), BAC 2018 WTS, Caesars Acquisition (CACQ), Caesars Entertainment (CZR), Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), InterXion Holding (INXN), Kamada Ltd. (KMDA), Liberty Global (LBTYA), Novacopper Inc. (NCQ), Oi SA (OIBR), Outfront Media (OUT), PharMerica Corp. (PMC), Randgold Resources (GOLD), Sandridge Energy (SD), Synergy Pharmaceuticals (SGYP), Synthesis Energy (SYMX), Synergy Pharmaceuticals (SGYP), TIM Participacoes (TSU), Vanda Pharma (VNDA), and William Lyon Homes (WLH).Note 1: Although these positions are very small relative to the size of the portfolio, it should be noted that Paulson owns significant stakes in the following businesses: 9.6% of Caesars Acquisition, ~10% of Caesars Entertainment, 12.7% of Dex Media, 19.52% of Enzymotec Ltd, 11.3% of Novacopper, 7.9% of Synergy Pharmaceuticals, 11.7% of Synthesis Energy, and 9.34% of Vanda Pharmaceuticals.Note 2: A regulatory 13D filing on 08/13/2015 showed Paulson owning 56.43M shares (19.4% of business) of Overseas Shipholding (OSGIQ).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q3 2015:13G/13D/A Reports from 2/17/2015 to 5/15/2015: Synthesis Energy - 10M shares - 11.7%, MGM - 6.97M shares - 1.42%, Family Dollar - 89,200 - 0.08%, MGIC Investments - 15.25M shares - 4.49% vs 14.4M shares in 13F. AngloGold Ashanti - 26.21M shares - 6.49%. Post Holdings - 3.94M shares - 8.4% vs 1.93M shares in 13F. Vanda Pharmaceuticals - 3.63M shares - 9.14%. Cobalt International Energy - 41.75M shares - 10.12%. Caesars Entertainment - 13.61M shares - 9.43%. Enzymotec Ltd. - 4.24M shares - 19.52%. Caesars Acquisition - 12.27M shares - 9%. Whiting Petroleum - 13.45M shares - 8.01%. Realogy Holdings - 9.23M shares - 6.31%.Note: 13G/13D/A Reports (around 2/17/2015): MGM - 6.97M shares - 1.42%. Family Dollar - 89,200 - 0.08%. MGIC Investments - 15.25M shares - 4.49% vs 14.4M shares in 13F. AngloGold Ashanti - 26.21M shares - 6.49%. Post Holdings - 3.94M shares - 8.4% vs 1.93M shares in 13F. Vanda Pharmaceuticals - 3.63M shares - 9.14%. Cobalt International Energy - 41.75M shares - 10.12%. Caesars Entertainment - 13.61M shares - 9.43%. Enzymotec Ltd. - 4.24M shares - 19.52%. Caesars Acquisition - 12.27M shares - 9%. Whiting Petroleum - 13.45M shares - 8.01%. Realogy Holdings - 9.23M shares - 6.31%."

"Tracking John Paulson’s Paulson & Company Portfolio – Q2 2015 Update"

"John Paulson’s U.S. long portfolio increased from $19.64B to $21.69B this quarter.Paulson & Company's largest three positions are Allergan plc, Valeant Pharmaceuticals, and Shire plc.Paulson added Starwoods Hotels & Resorts and increased Allergan plc, Valeant Pharmaceuticals, & Mylan NV stakes during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 08/14/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2015.This quarter, Paulson’s US long portfolio increased ~10% from $19.64B to $21.69B. There are 61 13F securities in the portfolio although only 33 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top-five positions are Allergan plc, Valeant Pharmaceuticals, Shire plc, Mylan NV, & Time Warner Cable and they together account for 40.69% of the entire portfolio. The largest holding is Allergan plc at 10.04% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Salix Pharmaceuticals (SLXP): Salix was a fairly large 4.84% of the portfolio stake established in Q4 2014 at prices between $91.47 and $156.2 and reduced by ~5% last quarter.Note: Valeant Pharmaceuticals agreed to acquire Salix in a $173 per share cash deal and that transaction closed in April.Talisman Energy (TLM): TLM was a 2.73% of the US long portfolio position purchased in Q4 2014 at prices between $3.69 and $8.65.Note: Repsol SA (REPYY) agreed to acquire TLM for $8 per share and the deal closed in early May.Popular Inc. (BPOP): BPOP was a very small 0.83% long-term stake established in 2011. It was eliminated this quarter at prices between $28.36 and $35.58. The stock currently trades at $30.35. Although the relative size was small, Paulson’s ownership of BPOP was ~4.6%.New Stakes:Starwood Hotels & Resorts (HOT): HOT is a 4.49% of the US long portfolio position established this quarter at prices between $80.55 and $87.53. The stock currently trades below that range at $76.67. For investors attempting to follow Paulson, HOT is a good option to consider for further research.Note: Following CEO exit in February this year, Starwood said they were exploring strategic alternatives to increase shareholder value.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.55% of the US long portfolio stake established this quarter at prices between $58.91 and $67.14. The stock currently trades just outside that range at $68.78.Stake Decreases:Bank of America (BAC) 2019 WTS: This is a very small 0.53% of the US long portfolio position. It was reduced by ~16% in Q4 2014 and another ~14% this quarter. As the position size is very small, the activity does not indicate a clear bias.Houghton Mifflin Harcourt (HMHC): HMHC is a 1.42% of the US long portfolio position established in Q4 2013 as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $22.57.Mallinckrodt PLC (MNK): MNK is a fairly large 3.58% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% in Q2 2014 at prices between $60.28 and $82.70 and an additional one-third in the following quarter at prices between $68.12 and $90. The stock currently trades outside those ranges at $95.86. Last quarter saw a ~6% trimming at prices between $93.89 and $133 and this quarter saw another ~22% decrease at prices between $113 and $130. The current stake is at around ~5.6% of the business. He is harvesting huge long-term gains.Note: Mallinckrodt was spun-off from Covidien plc (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). MNK started trading at around $42.Shire PLC ADR (SHPG): SHPG is Paulson’s third-largest position at 7.90% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. This quarter, the pattern reversed: ~15% reduction at prices between $227 and $260. The stock currently trades at $240.Note: On July 18, 2014, AbbVie Inc. (ABBV) agreed to buy Shire PLC for $53B but they called off the deal three months later. Shire earned a break-up fee of $1.6B. In February 2015, SHPG acquired NPS Pharmaceuticals (NPSP) for $5.2B. Earlier this month, SHPG made a hostile bid for Baxalta (BXLT), the Baxter (BAX) spin-off.AngloGold Ashanti (AU): The 1.07% AU position was reduced by ~4.5% in Q2 2014 at prices between $15.42 and $18.57. Q1 2014 also saw a ~11% reduction at prices between $11.39 and $19.36. It is a long-term position that has been in the portfolio since 2009. The stock currently trades at $7.32. Paulson controls 6.49% of the business. This quarter saw a marginal reduction.Oasis Petroleum (OAS): OAS was a very small 0.64% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position in Q4 2013 at prices between $43 and $57. It was further increased by one-third in Q1 2014 at prices between $39 and $47. Last quarter saw a ~10% reduction at prices between $12.56 and $18.65. The stock currently trades well below his purchase price ranges at $10.23. This quarter saw very minor additional selling.Realogy Holdings (RLGY): RLGY is a 1.52% of the US long portfolio (~4.9% of the business) position that was reduced by ~40% in the last two quarters at prices between $33.91 and $48.86. This quarter saw a marginal further reduction. The original investment was made prior to the October 2012 IPO. The stock currently trades at $43.37.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $108. The position was kept steady in the last seven quarters but this quarter saw a change: ~10% reduction at prices between $112 and $118. The remaining stake is still fairly large at 4.79% of the portfolio.Time Warner Cable (TWC): TWC is a large (top-five) 6.67% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled the following quarter at prices between $110 and $138. The last four quarters also saw activity with the net effect of a ~50% stake increase at a cost-basis of around $140. This quarter saw a ~7% reduction at prices between $149 and $184. The stock currently trades at $191.Note: In February 2014, Comcast (CMCSA) agreed to buy TWC in an all-stock deal but that transaction was called off in April this year. In May, Charter Communications (CHTR) agreed to buy TWC in a cash-and-stock deal valued at $195 per share ($100 cash).Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. Last quarter saw a ~7.5% reduction at prices between $26.48 and $40.95. This quarter saw a very minor further reduction. The stake is now at 1.92% of the portfolio (~6% of the business). For investors attempting to follow Paulson, WLL is a very good option to consider for further research. It currently trades well below his purchase price ranges at $17.77.Note: The share count increased by ~44% in Q4 2014 as result of Whiting’s acquisition of Kodiak that closed in December 2014 - Paulson had a ~26M share position in Kodiak that converted into Whiting stock (0.177 shares of Whiting for each share held).MGIC Investment (MTG) & Radian Group (RDN): These very small positions (less than 1% of the US long portfolio) were further reduced this quarter. MTG saw a ~8% reduction while RDN was reduced by one-third. Although the relative sizes are very small, Paulson has very significant ownership stakes: ~3.5% of MTG and ~2.9% of RDN.Stake Increases:Allergan plc (AGN) previously Actavis plc: ACT was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. This quarter saw a further ~27% increase at prices between $283 and $313. The stock is currently at $317 and the stake is Paulson’s largest at 10.04% of the portfolio.Note 1: Last quarter had seen a ~260% increase in AGN (then Actavis). Part of that increase was due to the acquisition of Allergan by Actavis. Paulson held 6.37M shares of Allergan for which he received ~2.35M shares. That stake was established in Q2 2014 at prices between $117 and $174. Actavis plc agreed to acquire AGN in a cash-and-stock deal valued at $219 per share and that transaction closed in March.Note 2: This is the second renaming in the last few years: In January 2013, Watson Pharmaceuticals was renamed Actavis following an acquisition.Cablevision Systems (CVC): CVC is a 1.37% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% increase at prices between $13.93 and $16.82. Q4 2014 saw an about-turn: ~29% reduction at prices between $17.24 and $21.32 and that was followed with a ~39% reduction last quarter at prices between $17.72 and $20.76. This quarter the pattern reversed again: ~48% increase at prices between $17.95 and $25.86. The stock currently trades at $25.02.Mylan Inc. (MYL): MYL is a 6.86% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45.27 and $58.62 and that was followed with a ~47% increase this quarter at prices between $57.94 and $76.06. The stock trades currently at $54.98.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% last quarter at prices between $143 and $205 and another ~340% this quarter at prices between $197 and $242. The stock currently trades at $246 and the position is now very large (top-three) at 9.22% of the portfolio.Caesars Entertainment (CZR): CZR is a minutely small 0.41% portfolio stake. As a percentage of the business, the position is very significant at ~10%. The original stake was increased by 5.2% in Q4 2013 at prices between $16.74 and $22.39 and another 11% in Q1 2014 at prices between $19 and $26.47. This quarter also saw a minor ~6% increase. The stock currently trades at $6.99. The investment is from prior to the 02/2012 IPO.Computer Sciences Corporation (CSC): CSC is a small 1.28% of the US long portfolio position purchased last quarter at prices between $60.68 and $71.74. The stake saw a marginal increase this quarter. The stock currently trades at $66.43.Grifols S A (GRFS): GRFS is a medium-sized 2.55% of the US long portfolio position. It was increased slightly in the last two quarters. As the recent activity is very minor, it does not indicate a change in bias.Post Holdings (POST) & WhiteWave Foods (WWAV): These are very small (~0.5% of the portfolio each) stakes that were increased this quarter. The position sizes are still too small to indicate a clear bias. Paulson controls 4.7% of POST.Kept Steady:American International Group (AIG): AIG is a fairly large 4.16% of the US long portfolio stake established last quarter at prices between $48.87 and $56.11. The stock currently trades at $62.92.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The position was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. The stock currently trades well below his purchase price ranges at $7.66 and the position stands at 1.87% of the US long portfolio (10.12% of the business).Cyberonics Inc. (CYBX): CYBX is a very small 0.47% stake established last quarter at prices between $54.36 and $72.03. The stock currently trades at $59.79. Paulson controls ~6.6% of the business.DirecTV (DTV): DTV was a 4.88% of the portfolio merger arbitrage stake established in Q2 2014. AT&T (T) acquired DTV in a deal worth $95 per share ($28.50 cash and $66.60 stock) in a transaction that closed last month.Extended Stay America (STAY): STAY is a fairly large 4.13% of the US long portfolio position. The stake came about as a result of the firm’s IPO in November 2013. STAY currently trades at $19.23 compared to the IPO offering price of $20.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.HCA Holdings (HCA): HCA was a small 0.83% of the US long portfolio position in Q2 2014. It was increased by almost 80% in Q3 2014 at prices between $54.52 and $73.48. Q4 2014 saw an about-turn as the position was reduced by ~22% at prices between $62.94 and $74.96. The stock currently trades at $89.85.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. Q4 2014 saw a ~70% reduction at prices between $18.01 and $23.25 and that was followed with a ~11% reduction last quarter at prices between $19.13 and $22.85. The stock currently trades at $21.88 and the remaining stake is at 0.52% of the portfolio.Novagold (NG): NG is a very small 0.56% of the portfolio stake. As a percentage of the business, the position is very significant at ~11%. It is a very long-term stake and Paulson’s cost-basis is higher than the current price of $3.71.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. Last quarter saw a ~55% increase at prices between $26.87 and $33.20. The stock currently trades at $41.50.Tim Participaceoes S A (TSU): TSU is a minutely small 0.45% of the portfolio stake kept steady this quarter.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Agnico Eagle Mines (AEM), BAC 2018 WTS, Caesars Acquisition (CACQ), Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Gulf Coast Ultra Deep Royalty (GULTU), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), InterXion Holding (INXN), Kamada Ltd. (KMDA), Novacopper Inc. (NCQ), Oi SA (OIBR), Outfront Media (OUT), PharMerica Corp. (PMC), Randgold Resources (GOLD), Sprint Corp. (S), Synthesis Energy (SYMX), Synergy Pharmaceuticals (SGYP), Vanda Pharma (VNDA), and William Lyon Homes (WLH).Note 1: Although these positions are very small relative to the size of the portfolio, it should be noted that Paulson owns significant stakes in the following businesses: 9.6% of Caesars Acquisition, 11.7% of Synthesis Energy, 9.34% of Vanda Pharmaceuticals and 19.52% of Enzymotec Ltd.,Note 2: A regulatory 13D filing on 08/13/2015 showed Paulson owning 56.43M shares (19.4% of business) of Overseas Shipholding (OSGIQ).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q2 2015:"

"Tracking John Paulson’s Paulson & Company Portfolio – Q1 2015 Update"

"John Paulson’s U.S. long portfolio increased from $19.36B to $19.64B this quarter.Paulson & Company's largest three positions are Shire plc, Actavis plc, and Time Warner Cable.Paulson & Co. added American International Group and increased Actavis plc, T-Mobile US, and Valeant Pharmaceuticals during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 05/15/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2014.This quarter, Paulson’s US long portfolio increased marginally from $19.36B to $19.64B. There are 61 13F securities in the portfolio although only 35 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top-five positions are Shire plc, Actavis plc, Time Warner Cable, SPDR Gold ETF, and Mallinckrodt plc and they together account for 36.71% of the entire portfolio. The largest holding is Shire plc at 10.15% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Alibaba Group (BABA): BABA was a very small 1.02% of the US long portfolio position purchased in Q3 2014 at prices between $86.10 and $93.89. It was disposed of this quarter at prices between $81.58 and $105. The stock currently trades at $90.70.Allergan Inc. (AGN): AGN was a merger-arbitrage stake established in Q2 2014 when it traded between $117 and $174. Last quarter saw a further 18% increase at prices between $177 and $214. Actavis plc agreed to acquire AGN in a cash-and-stock deal valued at $219 per share and that transaction closed in March.Covidien plc (COV): The large 5.31% position was a merger-arbitrage stake. The position was increased by ~80% in Q3 2014 at prices between $82.54 and $91.76 but reduced by ~20% last quarter at prices between $82.20 and $104. Medtronic (MDT) agreed to acquire COV in June 2014 ($35.19 in cash and 0.956 of MDT for each share of COV held) and that transaction closed in January.Equinix Inc. (EQIX): EQIX was a 2.11% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. Q2 2013 saw a reversal as the position was reduced by half at prices between $176 and $230. Q3 2013 saw a 20% increase at prices between $165 and $203 and that was followed with a 74% increase in Q4 2013 at prices between $155 and $184. Last quarter, the pattern reversed again: 17% reduction at prices between $192 and $234 and that was followed with the elimination this quarter at prices between $217 and $239. The stock currently trades at $270.Family Dollar Stores (FDO): The 1.74% FDO position was almost eliminated last quarter at prices between $76.37 and $79.78 and the remaining minutely small stake was disposed of this quarter. It was established in Q1 2013 at prices between $54.87 and $64 and roughly doubled in the following two quarters at prices between $57.42 and $75. The stock currently trades at $78.12.NOTE: Dollar Tree (DLTR) is set to acquire FDO in a cash-and-stock deal ($59.60 cash and $14.90 in stock).PetSmart Inc. (PETM): PETM was a small 1.21% of the US long portfolio position established in Q3 2014. It was purchased at prices between $59.80 and $72.27 and reduced by ~52% last quarter at prices between $64.69 and $81.44. PETM was acquired in a private equity cash transaction for $83 per share by a consortium led by BC Partners in March.Verizon Communications (VZ): VZ was a 1.56% of the US long portfolio position established in Q1 2014 as a result of Vodafone’s Verizon stake disposal: Paulson held Vodafone (VOD) stock for which he received 0.26 shares of Verizon stock for each share of Vodafone held. Last quarter, the stake was almost eliminated at prices between $45.42 and $51.50 and the remaining minutely small position was disposed of this quarter. The stock currently trades at $49.69.New Stakes:American International Group (AIG): AIG is a fairly large 4.07% of the US long portfolio stake established this quarter at prices between $48.87 and $56.11. The stock currently trades at $59.96. The substantial stake establishment indicates a clear bullish bias.Computer Sciences Corporation (CSC): CSC is a small 1.39% of the US long portfolio position purchased this quarter at prices between $60.68 and $71.74. The stock currently trades at $69.26.Cyberonics Inc. (CYBX): CYBX is a very small 0.57% stake established this quarter at prices between $54.36 and $72.03. The stock currently trades at $61.82. Paulson controls ~6.6% of the business.Stake Decreases:Bank of America (BAC) 2019 WTS: This is a very small 0.65% of the US long portfolio position. It was reduced by ~16% last quarter and marginally this quarter. As the position size is very small, the activity does not indicate a clear bias.Cablevision Systems (CVC): CVC is a 0.78% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% increase at prices between $13.93 and $16.82. Last quarter saw a ~29% reduction at prices between $17.24 and $21.32 and that was followed with a ~39% reduction this quarter at prices between $17.72 and $20.76. The stock currently trades at $24.69.Mallinckrodt PLC (MNK): MNK is a large (top-five) 5.46% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% in Q2 2014 at prices between $60.28 and $82.70 and an additional one-third in the following quarter at prices between $68.12 and $90. The stock currently trades well outside those ranges at $129. This quarter saw a ~6% trimming at prices between $93.89 and $133. Mallinckrodt was spun-off from Covidien plc (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the current stake is at around ~7.3% of the business. He is starting to harvest huge long-term gains.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. Last quarter saw a ~70% reduction at prices between $18.01 and $23.25 and that was followed with a ~11% reduction this quarter at prices between $19.13 and $22.85. The stock currently trades at $20.07 and the remaining stake is at 0.67% of the portfolio. Paulson is harvesting long-term capital gains from this position.Oasis Petroleum (OAS): OAS was a very small 0.25% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position in Q4 2013 at prices between $43 and $57. It was further increased by one-third in Q1 2014 at prices between $39 and $47. Last two quarters had seen minor selling and this quarter saw a ~10% reduction at prices between $12.56 and $18.65. The stock currently trades well below his purchase price ranges at $16.Realogy Holdings (RLGY): RLGY is a 1.65% of the US long portfolio (~4.9% of the business) position that was reduced by ~40% in the last two quarters at prices between $33.91 and $48.86. The original investment was made prior to the October 2012 IPO. The stock currently trades at $47.42.Salix Pharmaceuticals (SLXP): The fairly large 4.84% of the portfolio stake in SLXP was established last quarter at prices between $91.47 and $156.2. It was reduced by ~5% this quarter.Note: Valeant Pharmaceuticals (VRX) agreed to acquire Salix in a $173 per share cash deal and that transaction closed last month.Sprint (S): S was Paulson’s largest position in Q2 2013 at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. In Q3 2013, the position was reduced to a 2.27% stake at prices between $5.50 and $7.25. Last quarter also saw a ~53% reduction at prices between $3.81 and $6.34. This quarter, the remaining stake was almost eliminated at prices between $4.08 and $5.38. The stock currently trades at $4.70.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. Last quarter saw a ~44% increase as result of Whiting’s acquisition of Kodiak that closed in December 2014 - Paulson had a ~26M share position in Kodiak that converted into Whiting stock (0.177 shares of Whiting for each share held). This quarter saw a ~7.5% reduction at prices between $26.48 and $40.95 and the stake is now at 1.96% of the portfolio (~6% of the business). For investors attempting to follow Paulson, WLL is a very good option to consider for further research. It currently trades well below his purchase price ranges at $32.85.Popular Inc. (BPOP), MGIC Investment (MTG), and Radian Group (RDN): These very small positions (less than 1% of the US long portfolio) were further reduced this quarter. Although the relative sizes are very small, Paulson’s ownership of these businesses are very significant: ~4.6% of BPOP, ~3.8% of MTG, and ~4.7% of RDN.Stake Increases:Actavis plc (ACT): ACT was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. This quarter saw another ~260% increase. Part of the increase was due to the acquisition of Allergan by Actavis. Paulson held 6.37M shares of Allergan for which he received ~2.35M shares. The stock is currently at $298 and the stake is huge (top-three) at 8.55% of the portfolio.Grifols S A (GRFS): GRFS is a 2.97% of the US long portfolio position that was marginally reduced in the last three quarters. It was increased slightly this quarter. As the activity is minor, it does not indicate a change in bias.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. This quarter saw a ~55% increase at prices between $26.87 and $33.20. The stock currently trades at $35.21. The activity indicates a bullish bias.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% this quarter at prices between $143 and $205. The stock currently trades at $228 and the position is now very significant at 2.07% of the portfolio.Post Holdings (POST) & Tim Participaceoes S A (TSU): These are very small (~0.5% of the portfolio each) stakes that were increased this quarter. Paulson controls 4.7% of POST.Kept Steady:AngloGold Ashanti (AU): The 1.25% AU position was reduced by ~4.5% in Q2 2014 at prices between $15.42 and $18.57. Q1 2014 also saw a ~11% reduction at prices between $11.39 and $19.36. It is a long-term position that has been in the portfolio since 2009. The stock currently trades at $10.35. Paulson controls 6.49% of the business.Caesars Acquisition Company (CACQ): CACQ is a 0.42% of the US long portfolio stake (9% of the business) established in Q4 2013. Caesars Acquisition is a spin-off from Caesars Entertainment and the terms of the deal allowed existing shareholders to get CACQ shares at $9.43 (rights offering). Paulson probably took this option to establish the position. The stock currently trades at $7.50Caesars Entertainment (CZR): CZR is a 0.73% position (9.43% of the business). The stake was increased by 5.2% in Q4 2013 at prices between $16.74 and $22.39 and another 11% in Q1 2014 at prices between $19 and $26.47. The stock currently trades at $9.95. The original holding is from prior to the 02/2012 IPO.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The stake was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. The stock currently trades well below his purchase price ranges at $9.90 and the position stands at 2% of the US long portfolio (10.12% of the business). For investors attempting to follow Paulson, CIE is a good option to consider for further research.DirecTV (DTV): DTV is a merger arbitrage stake established in Q2 2014. AT&T (T) is acquiring DTV in a deal worth $95 per share ($28.50 cash and $66.60 stock). The stock is currently at $91.55.Extended Stay America (STAY): STAY is a fairly large 4.74% of the US long portfolio position. The stake came about as a result of the firm’s IPO in November 2013. Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. The IPO has already made the firms more than three times their investment. It is interesting that Paulson has chosen to hold on. STAY currently trades at $20.06 compared to the IPO offering price of $20.HCA Holdings (HCA): HCA was a small 0.83% of the US long portfolio position in Q2 2014. It was increased by almost 80% in Q3 2014 at prices between $54.52 and $73.48. Last quarter saw an about-turn as the position was reduced by ~22% at prices between $62.94 and $74.96. The stock currently trades at $82.14.Houghton Mifflin Harcourt (HMHC): HMHC is a 3.70% of the US long portfolio position established in Q4 2013 as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $24.18.Mylan Inc. (MYL): MYL is a 4.52% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. Last quarter saw a ~20% increase at prices between $45.27 and $58.62. The stock trades currently at $70.45.Shire PLC ADR (SHPG): SHPG is Paulson’s largest position at 10.15% of the US long portfolio. It was first established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. Q3 2014 saw a whopping ~170% increase at prices between $232 and $263. The stock currently trades at $256.Note: On July 18, 2014, AbbVie Inc. (ABBV) agreed to buy Shire PLC for $53B but they called off the deal three months later. Shire earned a break-up fee of $1.6B. In January 2015, SHPG agreed to acquire NPS Pharmaceuticals (NPSP) for $5.2BSPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $116. The position was kept steady in the last seven quarters and it is currently his fourth-largest 13F position at 5.92% of the US long portfolio.Talisman Energy (TLM): TLM is a 2.73% of the US long portfolio position purchased at prices between $3.69 and $8.65. Repsol SA (REPYY) agreed to acquire TLM for $8 per share and the deal closed earlier this month.Time Warner Cable (TWC): TWC is a large (top-three) 6.64% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled in Q4 2013 at prices between $110 and $138. The aggressive stake build-up worked almost immediately as Comcast (CMCSA) agreed to buy TWC in an all-stock deal (announced 2/14/2014, 2.875 shares of CMCSA for each share of TWC held). However, the transaction was called off last month. The last four quarters also saw activity with the net effect of a ~50% stake increase. The stock currently trades at $167.Novagold (NG): NG is a very small 0.53% of the portfolio stake. As a percentage of the business, the position is very significant at ~11%. It is a very long-term stake and Paulson’s cost-basis is higher than the current price of $4.12.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Agnico Eagle Mines (AEM), Allied Nevada Gold (ANV), BAC 2018 WTS, Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Gulf Coast Ultra Deep Royalty (GULTU), Home Loan Servicing Solutions (HLSSF), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), InterXion Holding (INXN), Kamada Ltd. (KMDA), Novacopper Inc. (NCQ), Outfront Media (OUT), Randgold Resources (GOLD), Sprint Corp. (S), Strategic Hotels & Resorts (BEE), Synergy Pharmaceuticals (SGYP), Vanda Pharma (VNDA), Whitewave Foods (WWAV), William Lyon Homes (WLH), and Zillow Group (Z). Although these positions are very small relative to the size of the portfolio, it should be noted that he owns significant stakes in the following businesses: 9.14% of Vanda Pharmaceuticals and 19.52% of Enzymotec Ltd.,The spreadsheet below highlights changes to Paulson’s US stock holdings in Q1 2015:Note: 13G/13D/A Reports: MGM - 6.97M shares - 1.42%. Family Dollar - 89,200 - 0.08%. MGIC Investments - 15.25M shares - 4.49% vs 14.4M shares in 13F. AngloGold Ashanti - 26.21M shares - 6.49%. Post Holdings - 3.94M shares - 8.4% vs 1.93M shares in 13F. Vanda Pharmaceuticals - 3.63M shares - 9.14%. Cobalt International Energy - 41.75M shares - 10.12%. Caesars Entertainment - 13.61M shares - 9.43%. Enzymotec Ltd. - 4.24M shares - 19.52%. Caesars Acquisition - 12.27M shares - 9%. Whiting Petroleum - 13.45M shares - 8.01%. Realogy Holdings - 9.23M shares - 6.31%."

"Tracking John Paulson’s Paulson & Company Portfolio – Q4 2014 Update"

"John Paulson’s U.S. long portfolio decreased from $24.08B to $19.36B this quarter.Paulson & Company's largest three positions are Shire plc, Allergan Inc., and Time Warner Cable.Paulson & Co. added Salix Pharmaceuticals and increased Actavis plc, Allergan Inc., Mylan Inc., Time Warner Cable, and Whiting Petroleum this quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 02/17/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2014.This quarter, Paulson’s US long portfolio decreased ~20% from $24.08B to $19.36B. There are 63 13F securities in the portfolio although only 37 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top-five positions are Shire plc, Allergan Inc., Time Warner Cable, SPDR Gold ETF, and Covidien plc and they together account for over one-third of the entire portfolio. The largest holding is Shire plc at 9.14% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:AbbVie Inc. (ABBV): ABBV was a fairly large 3.12% of the US long portfolio stake established last quarter at prices between $52 and $59.62. It was disposed of this quarter at prices between $52.90 and $69.71. The stock currently trades at $61.30.Aetna Inc. (AET): AET was a 2.62% of the US long portfolio position. The original position was established in Q4 2012 at prices between $40 and $47 and was increased substantially the following two quarters at prices between $45.50 and $63.54. This quarter, the stake was sold at prices between $73.43 and $90.84 and it currently trades at $97.92. Paulson harvested large long-term gains from this position.Athlon Energy (ATHL): ATHL was a small 1.40% of the US long portfolio position established last quarter at prices between $41.34 and $58.32. On September 29, 2014 Encana (ECA) announced the acquisition of ATHL at $58.50 cash and that transaction closed mid-November 2014.Dollar General (DG): The ~1% of the US long portfolio DG position was established in Q1 2014 at prices between $55 and $63 and doubled the following quarter at prices between $53.50 and $62.82. It was disposed of this quarter at prices between $58.51 and $71.29. The stock currently trades at $71.69.Hartford Financial Services Group (HIG): The 0.50% of the US long portfolio HIG position was first purchased in 2009. It was an activist stake and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced limited success and in Q1 2013, the position was reduced by 40% at prices between $22.44 and $26.46 and the following quarter saw another 45% stake reduction at prices between $24.82 and $31.43. Q2 2014 saw a further 25% reduction at prices between $33.30 and $36.67 and last quarter there was another 28% reduction at prices between $33.85 and $37.80. This quarter finally saw the elimination at prices between $35.47 and $42.27. The stock currently trades at $41.47.Kodiak Oil & Gas (KOG): KOG was a 1.46% position purchased in Q2 2013 at prices between $7.47 and $9.60. It was almost doubled in Q3 2013 at prices between $8.42 and $12.06. Whiting Petroleum acquired Kodiak Oil & Gas in an all-stock deal (0.177 shares of Whiting for each share of Kodiak held) that closed in December 2014.Vodafone Group (VOD): VOD was a very small 0.57% position as of Q2 2013. It was substantially increased to a 4.53% position in Q3 2013 at prices between $28.50 and $35.12. Q4 2013 saw a ~76% increase at prices between $34.43 and $39.31. In Q1 2014, the share count reduced as a result of Vodafone’s Verizon stake disposal: VOD ADR holders received 6 new shares for 11 old shares held. They also received a $4.9 special dividend and 0.26 shares of Verizon for each share of VOD. This quarter, the fairly large 3.65% stake as of last quarter was eliminated at prices between $29.67 and $36.55. The stock currently trades at $35.91.New Stakes:Salix Pharmaceuticals (SLXP) and Talisman Energy (TLM): SLXP and TLM are fairly large positions established this quarter. SLXP is a 3.45% of the US long portfolio stake established at prices between $91.47 and $156.24 and the stock currently trades at $158. TLM is a 2.84% of the US long portfolio position purchased at prices between $3.69 and $8.65. TLM is being acquired by Repsol SA (REPYY) for $8 per share and shareholders approved the deal last week. There was a lot of M&A speculation in SLXP and a deal with Valeant Pharmaceuticals (VRX) for $158 per share in cash was reported yesterday.Stake Decreases:Bank of America (BAC) 2019 WTS: This is a very small 0.82% of the US long portfolio position. It was reduced by ~16% this quarter. As the position size is very small, the activity does not indicate a clear bias.Cablevision Systems (CVC): CVC is a 1.46% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% increase at prices between $13.93 and $16.82. Q1 2014 saw an about-turn as around 8% of the position was sold at prices between $15.85 and $18.15 and this quarter saw a further ~29% reduction at prices between $17.24 and $21.32. The stock currently trades at $19.86.Covidien plc (COV): The large 5.31% stake was established as a merger-arbitrage position - Medtronic (MDT) agreed to acquire COV in June 2014 ($35.19 in cash and 0.956 of MDT for each share of COV held) and that transaction closed last month. The position was increased by ~80% last quarter at prices between $82.54 and $91.76 but reduced by ~20% this quarter at prices between $82.20 and $104.Equinix Inc. (EQIX): EQIX is a 2.11% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. Q2 2013 saw a reversal as the position was reduced by half at prices between $176 and $230. Q3 2013 saw a 20% increase at prices between $165 and $203 and that was followed with a 74% increase in Q4 2013 at prices between $155 and $184. This quarter, the pattern reversed again: 17% reduction at prices between $192 and $234. The stock currently trades at $235.Family Dollar Stores (FDO): The 1.74% FDO position was almost eliminated this quarter at prices between $76.37 and $79.78. It was established in Q1 2013 at prices between $54.87 and $64 and increased by ~50% in Q2 2013 at prices between $57.42 and $65.49. Q3 2013 saw further buying as the stake was increased by another ~50% at prices between $62 and $75. The pattern reversed in Q4 2013: ~13% reduction at prices between $63.58 and $72.95. The selling increased the following quarter as the position was reduced by one-third at prices between $57 and $67.50. Q2 2014 saw a ~24% stake increase at prices between $56 and $69. The pattern reversed again last quarter: one-third reduction at prices between $60 and $80.22. The stock currently trades at $78.27.NOTE: Dollar Tree (DLTR) is set to acquire FDO in a cash-and-stock deal ($59.60 cash and $14.90 in stock).HCA Holdings (HCA): HCA was a small 0.83% of the US long portfolio position in Q2 2014. It was increased by almost 80% last quarter at prices between $54.52 and $73.48. This quarter saw an about-turn as the position was reduced by ~22% at prices between $62.94 and $74.96. The stock currently trades at $69.79.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. The stake was reduced by ~18% in Q1 2014 at prices between $23.25 and $28.29 and the following quarter saw a 5% reduction at prices between $23 and $26.70. This quarter saw a further ~70% reduction at prices between $18.01 and $23.25. The stock currently trades at $22.63 and the remaining stake is at 0.77% of the portfolio (1.42% of the business). Paulson is harvesting long-term capital gains from this position.PetSmart Inc. (PETM): PETM was a small 1.21% of the US long portfolio position established last quarter. It was purchased at prices between $59.80 and $72.27 and reduced by ~52% this quarter at prices between $64.69 and $81.44. The stock currently trades at $82.91.Popular Inc. (BPOP): The 1.10% BPOP stake was reduced by ~17% this quarter. The position size is very small and the activity is minor to indicate a clear bias.Realogy Holdings (RLGY): RLGY is a 2.12% of the US long portfolio (6.31% of the business) position that was reduced by ~23% this quarter at prices between $33.91 and $46.69. The original investment was made prior to the October 2012 IPO. The stock is currently trading at $47.48 and shows a return of around ~41% since IPO.Sprint (S): S was Paulson’s largest position in Q2 2013 at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. In Q3 2013, the position was reduced to a 2.27% stake at prices between $5.50 and $7.25. Q4 2013 saw a 13% increase at prices between $5.97 and $10.79. This quarter, the position was reduced by ~53% at prices between $3.81 and $6.34. The stock currently trades at $4.83 and the remaining stake is very small at 0.65% of the portfolio.Tim Participaceoes S A (TSU): TSU is a small 0.38% of the US long portfolio position. It was established in Q2 2014 at prices between $23.50 and $30.16 and reduced by ~14% last quarter at prices between $24 and $29.64. This quarter saw a further 28% reduction at prices between $21.51 and $27.52. The stock currently trades at $21.60.Verizon Communications (VZ): VZ was a 1.56% of the US long portfolio position established in Q1 2014 as a result of Vodafone’s Verizon stake disposal: Paulson held Vodafone stock for which he received 0.26 shares of Verizon stock for each share of Vodafone held. This quarter, the stake was almost eliminated at prices between $45.42 and $51.50. The stock currently trades at $48.97. Last quarter had also seen a ~14% reduction at prices between $48.40 and $51.97.AngloGold Ashanti (AU): The 1.18% AU position was reduced by ~4.5% in Q2 2014 at prices between $15.42 and $18.57. Q1 2014 also saw a ~11% reduction at prices between $11.39 and $19.36. Last two quarters have seen marginal selling. It is a long-term position that has been in the portfolio since 2009. The stock currently trades at $11.47. Paulson controls 6.49% of the business.Caesars Acquisition Company (CACQ): CACQ is a 0.65% of the US long portfolio stake (9% of the business) established in Q4 2013 and reduced marginally in the last two quarters. Caesars Acquisition is a spin-off from Caesars Entertainment and the terms of the deal allowed existing shareholders to get CACQ shares at $9.43 (rights offering). Paulson probably took this option to establish the position. The stock currently trades well below that at $7.87.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. Q3 2013 saw a reversal as ~17% of the position was sold at prices between $24.40 and $30.20. In Q4 2013, the stake was increased by 12.5% at prices between $22.49 and $25. The position was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. Last two quarters have seen only very minor activity. The stock currently trades well below his purchase price ranges at $8.86 and the position stands at 1.92% of the US long portfolio (10.12% of the business). For investors attempting to follow Paulson, CIE is a good option to consider for further research.Grifols S A (GRFS): GRFS is a fairly large 3.12% of the US long portfolio position that was marginally reduced in the last three quarters. As the activity is minor, it does not indicate a change in bias.Oasis Petroleum (OAS): OAS was a very small 0.25% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position in Q4 2013 at prices between $43 and $57. It was increased by an additional one-third in Q1 2014 at prices between $39 and $47. Last two quarters have seen minor selling. The stock currently trades well below his purchase price ranges at $16.65. For investors attempting to follow Paulson, OAS is a good option to consider for further research.Shire PLC ADR (SHPG): SHPG is Paulson’s largest position at 9.14% of the US long portfolio. It was first established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. Last quarter saw a whopping ~170% increase at prices between $232 and $263. This quarter saw a minor reduction. The stock currently trades at $237.Note: On July 18, 2014, AbbVie Inc. (ABBV) agreed to buy Shire PLC for $53B but they called off the deal three months later. Shire earned a break-up fee of $1.6B. Last month, SHPG agreed to acquire NPS Pharmaceuticals (NPSP) for $5.2BMGIC Investment (MTG), Novagold (NG), & Radian Group (RDN): These are small positions (less than 1% of the US long portfolio) that were reduced further this quarter. The MTG stake was increased slightly after the quarter ended. Paulson controls 4.49% of the business.Stake Increases:Actavis plc (ACT): ACT was a minutely small 0.29% of the US long portfolio position in Q2 2014. It was increased by just over 250% last quarter to a ~1% stake at prices between $202 and $248. This quarter saw a further ~47% increase at prices between $217 and $271. The stock currently trades outside those ranges at $296.Allergan Inc. (AGN): AGN is a merger-arbitrage stake established in Q2 2014 when it traded between $117 and $174. This quarter saw a further 18% increase at prices between $177 and $214. The stock currently trades at $234. On November 18th 2014, Actavis plc agreed to acquire Allergan Inc. in a cash-and-stock deal valued at $219 per share. Earlier last year, Bill Ackman collaborated with Valeant Pharmaceuticals (VRX) in a bid to force a merger between VRX and AGN that ultimately failed.Caesars Entertainment (CZR): CZR is a 1.1% position (9.43% of the business) that was marginally increased this quarter. The position was increased by 5.2% in Q4 2013 at prices between $16.74 and $22.39 and another 11% in Q1 2014 at prices between $19 and $26.47. The stock currently trades at $10.94. The original holding is from prior to the 02/2012 IPO.DirecTV (DTV): DTV is a merger arbitrage stake established in Q2 2014. AT&T (T) is acquiring DTV in a deal worth $95 per share ($28.50 cash and $66.60 stock). The stock is currently at $87.26.Mallinckrodt PLC (MNK): MNK is a 3.37% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% in Q2 2014 at prices between $60.28 and $82.70. Last quarter saw an additional one-third increase at prices between $68.12 and $90. The stock currently trades well outside those ranges at $118. This quarter saw a very minor increase. Mallinckrodt was spun-off from Covidien plc (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the stake is at around 7.9% of the entire business. He is sitting on huge gains on this position.Mylan Inc. (MYL): MYL is a 4.35% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. This quarter saw a ~20% increase at prices between $45.27 and $58.62. The stock trades currently at $57.87.Time Warner Cable (TWC): TWC is a large 6.83% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled in Q4 2013 at prices between $110 and $138. The aggressive stake build-up worked almost immediately as Comcast (CMCSA) agreed to buy TWC in an all-stock deal (announced 2/14/2014, 2.875 shares of CMCSA for each share of TWC held). Q2 2014 saw a 15% reduction at prices between $133 and $148 and last quarter the pattern reversed with a 42% increase at prices between $141 and $155. This quarter saw an additional ~19% increase at prices between $132 and $155. The stock currently trades at $149.Alibaba Group (BABA): BABA is a very small 1.02% of the US long portfolio position purchased last quarter at prices between $86.10 and $93.89 and increased marginally this quarter. The stock currently trades at $86.64.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. The position has seen some activity since although overall it has seen only a marginal reduction.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. Q1 2014 saw a 9% trimming at prices between $56 and $71. This quarter saw an about-turn as the stake was increased by ~44% as result of Whiting’s acquisition of Kodiak that closed in December 2014 - Paulson had a ~26M share position in Kodiak that converted into Whiting stock (0.177 shares of Whiting for each share held). WLL stake is now at 2.29% of the portfolio (8.01% of the business). For investors attempting to follow Paulson, WLL is a very good option to consider for further research. It currently trades well below his purchase price ranges at $38.15.Kept Steady:Extended Stay America (STAY): STAY is a fairly large 4.70% of the US long portfolio position. The stake came about as a result of the firm’s IPO in November 2013. Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. The IPO has already made the firms more than three times their investment. It is interesting that Paulson has chosen to hold on. STAY currently trades at $21.23 compared to the IPO offering price of $20.Houghton Mifflin Harcourt (HMHC): HMHC is a 3.31% of the US long portfolio position established in Q4 2013 as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $20.07.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $115. The position was kept steady in the last six quarters and it is currently his fourth-largest 13F position at 6% of the US long portfolio.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Agnico Eagle Mines (AEM), Allied Nevada Gold (ANV), BAC 2018 WTS, Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Gold Fields Ltd. (GFI), Gulf Coast Ultra Deep Royalty (GULTU), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), Kamada Ltd. (KMDA), Novacopper Inc. (NCQ), Post Holdings Inc. (POST), Randgold Resources (GOLD), Sibanye Gold (SBGL), Spansion Inc. (CODE), Strategic Hotels & Resorts (BEE), Valeant Pharmaceuticals (VRX), Vanda Pharma (VNDA), Whitewave Foods (WWAV), and William Lyon Homes (WLH). Since the quarter ended, Paulson doubled the stake in Post Holdings. He controls 8.4% of the business. Although these positions are very small relative to the size of the portfolio, it should be noted that he owns significant stakes in the following businesses: 9.14% of Vanda Pharmaceuticals and 19.52% of Enzymotec Ltd.,The spreadsheet below highlights changes to Paulson’s US stock holdings in Q4 2014:"

"Tracking John Paulson’s Paulson & Company Portfolio – Q3 2014 Update"

"John Paulson’s U.S. long portfolio increased from $23B to $24B this quarter.Paulson & Company's largest three positions are Shire plc, SPDR Gold ETF, and Extended Stay America.Paulson & Co. added Abbvie Inc. and increased Shire plc, Covidien plc, Time Warner Cable, and Mallinckrodt plc stakes this quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 11/14/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2014.This quarter, Paulson’s US long portfolio increased 4.36% from $23.08B to $24.08B. There are 75 13F securities in the portfolio although only 42 of them are significantly large holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top-five positions are Shire plc, SPDR Gold ETF, Extended Stay America, Covidien plc, and Time Warner Cable and they together account for 28% of the entire portfolio. The largest holding is Shire plc at 9.73% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:CBS Corporation (CBS): CBS was a 1.35% of the US long portfolio position established in Q1 2014 at prices between $56.31 and $67.55. The stake was reduced by ~36% last quarter at prices between $55.94 and $63.35 and disposed of this quarter at prices between $53.50 and $64.30. The stock currently trades at $53.34. The quick about-turn indicates a bearish bias.Freeport McMoran (FCX): FCX was a 0.84% of the US long portfolio position as of last quarter. The original stake was reduced by 35% in Q1 2014 at prices between $30.50 and $38. Last quarter, the position was decreased by another ~48% at prices between $32.56 and $36.50. The remaining stake was eliminated this quarter at prices between $32.40 and $39.04. The stock currently trades at $28.08. The original FCX position was established in Q4 2012 at prices between $30.81 and $42.43. It was increased by just over 70% in Q2 2013. That increase was due to the result of Freeport’s acquisition of Plains Exploration & Production and McMoran Exploration - Paulson held a 3.69% position in PXP and a 1.53% position in MMR, both established in Q4 2012 as risk-arbitrage stakes.Thermo Fisher Scientific (TMO): TMO was a 1.65% of the US long portfolio stake as of last quarter. It was established in Q2 2013 at prices between $75.53 and $88.76 and was reduced by ~18% in Q4 2013 at prices between $90 and $111. Last quarter saw an additional 30% stake reduction at prices between $113 and $122 and the remaining position was eliminated this quarter at prices between $117 and $126. The stock currently trades at $125. Paulson is harvesting gains from this position.Compuware Corporation (CPWR) & Genworth Financial (GNW): These were very small 0.62% and 0.68% of the US long portfolio positions respectively that were eliminated this quarter. As the stake sizes were minutely small, the activity does not indicate a clear bias.Hillshire Brands (HSH) & Questcor Pharmaceuticals (QCOR): These two merger-arbitrage positions established last quarter were eliminated this quarter as both the mergers closed in August. HSH was acquired by Tyson Foods (TSN) and QCOR by Mallinckrodt.New Stakes:AbbVie Inc. (ABBV): ABBV is a fairly large 3.12% of the US long portfolio stake established this quarter at prices between $52 and $59.62. The stock currently trades well above that range at $65.50. The large stake establishment indicates a bullish bias.Athlon Energy (ATHL) & PetSmart Inc. (PETM): ATHL & PETM are small 1.40% & 1.21% of the US long portfolio positions established this quarter. ATHL stake was established at prices between $41.34 and $58.32 and the stock currently trades at $58.49. On September 29, 2014 Encana (ECA) announced the acquisition of ATHL at $58.50 cash and that resulted in an immediate price spike. PETM was purchased at prices between $59.80 and $72.27 and it currently trades outside that range at $78.19.Alibaba Group (BABA): BABA is a very small 0.70% of the US long portfolio position purchased at prices between $86.10 and $93.89. The stock currently trades at $109.Stake Decreases:Aetna Inc. (AET): AET is a 2.62% of the US long portfolio position that saw a marginal reduction this quarter. The original position was established in Q4 2012 at prices between $40 and $47 and was increased substantially the following two quarters at prices between $45.50 and $63.54. It currently trades well outside those ranges at $85.55.Allergan Inc. (AGN): AGN is a merger-arbitrage stake established last quarter and reduced marginally this quarter. The stock traded between $116 and $172 last quarter and currently trades at $213. On November 18th, Actavis plc agreed to acquire Allergan Inc. in a cash-and-stock deal valued at $219 per share. The price had spiked earlier in the year due to activist involvement - Bill Ackman collaborated with Valeant Pharmaceuticals (VRX) in a bid to force a merger between VRX and AGN.AngloGold Ashanti (AU): The 1.32% AU position was reduced by ~4.5% last quarter at prices between $15.42 and $18.57. Q1 2014 also saw a ~11% reduction at prices between $11.39 and $19.36. This quarter saw marginal selling. It is a long-term position that has been in the portfolio since 2009. The stock currently trades at $9.34.Extended Stay America (STAY): STAY is Paulson’s third-largest 13F position at 4.70% of the US long portfolio. The stake came about as a result of the firm’s IPO in November 2013. Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. The IPO has already made the firms more than three times their investment. It is interesting that Paulson has chosen to hold on. STAY currently trades at $18.64 compared to the IPO offering price of $20.Family Dollar Stores (FDO): FDO is a 1.74% of the US long portfolio position. It was established in Q1 2013 at prices between $54.87 and $64 and was increased by ~50% in Q2 2013 at prices between $57.42 and $65.49. Q3 2013 saw further buying as the stake was increased by another ~50% at prices between $62 and $75. The pattern reversed in Q4 2013 as ~13% of the position was sold at prices between $63.58 and $72.95. The selling increased the following quarter as the position was reduced by one-third at prices between $57 and $67.50. Last quarter saw a ~24% stake increase at prices between $56 and $69. The pattern reversed this quarter: a one-third stake reduction at prices between $60 and $80.22. The stock currently trades at $78.45.NOTE: Dollar General (DG) and Dollar Tree (DLTR) have both offered to acquire FDO.Grifols S A (GRFS): GRFS is a fairly large 2.86% of the US long portfolio position that was marginally reduced in the last two quarters. As the activity is minor, it does not indicate a change in bias.Hartford Financial Services Group (HIG): The 0.50% of the US long portfolio HIG position was first purchased in 2009. It was an activist stake and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced some limited success but in Q1 2013, the position was reduced by 40% at prices between $22.44 and $26.46 and the following quarter saw another 45% stake reduction at prices between $24.82 and $31.43. Last quarter saw a further 25% reduction at prices between $33.30 and $36.67 and this quarter there was another 28% reduction at prices between $33.85 and $37.80. The stock currently trades at $40.80.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. The last few quarters have seen some selling. The stake was reduced by ~18% in Q1 2014 at prices between $23.25 and $28.29 and last quarter saw a 5% reduction at prices between $23 and $26.70. There was only very minor selling this quarter. The stock currently trades at $22.19 and the remaining position accounts for a still significant 2.13% of the US long portfolio. Paulson is harvesting long-term capital gains from this position.Oasis Petroleum (OAS): OAS was a very small 0.25% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position in Q4 2013 at prices between $43 and $57. It was increased by an additional one-third in Q1 2014 at prices between $39 and $47. This quarter saw minor selling. The stock currently trades well below his purchase price ranges at $25.85. For investors attempting to follow Paulson, OAS is a good option to consider for further research.Tim Participaceoes S A (TSU): TSU is a small 0.50% of the US long portfolio position established last quarter at prices between $23.50 and $30.16. It was reduced by ~14% this quarter at prices between $24 and $29.64. The stock currently trades at $24.85. Telecom Italia (the parent company) has proposed the merger of its Brazilian assets (aka Tim Participaceoes) to Vivendi.Verizon Communications (VZ): VZ is a 1.56% of the US long portfolio position established in Q1 2014 as a result of Vodafone’s Verizon stake disposal: Paulson held Vodafone stock for which he received 0.26 shares of Verizon stock for each share of Vodafone held. VZ currently trades at $50.49. This quarter saw a ~14% reduction at prices between $48.40 and $51.97.Note: Dan Loeb of Third Point and Warren Buffett have also established significantly sized positions in VZ recently.Vodafone Group (VOD): VOD was a very small 0.57% position as of Q2 2013. It was substantially increased to a 4.53% position in Q3 2013 at prices between $28.50 and $35.12. Q4 2013 saw a ~76% stake increase at prices between $34.43 and $39.31. In Q1 2014, the share count reduced as a result of Vodafone’s Verizon stake disposal: VOD ADR holders received 6 new shares for 11 old shares held. They also received a $4.9 special dividend and 0.26 shares of Verizon for each share of VOD. Last quarter, the position was reduced by ~6% at prices between $32 and $38.26 and this quarter saw very minor additional selling. The stock currently trades at $35.69.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. Q1 2014 saw a 9% trimming at prices between $56 and $71 and this quarter also saw minor additional selling. The stock currently trades below his purchase price ranges at $55.03. For investors attempting to follow Paulson, WLL is a very good option to consider for further research.Caesars Entertainment (CZR): CZR is a 0.69% position that was marginally reduced this quarter. The position was increased by 5.2% in Q4 2013 at prices between $16.74 and $22.39 and another 11% in Q1 2014 at prices between $19 and $26.47. The stock currently trades at $14.37. The original holding is from prior to the 02/2012 IPO.Bank of America (BAC) 2019 WTS: This is a very small 0.84% of the US long portfolio position marginally reduced this quarter. As the position size is very small, the activity does not indicate a clear bias.Stake Increases:Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. Q3 2013 saw a reversal, as ~17% of the position was sold at prices between $24.40 and $30.20. In Q4 2013, the position was increased by 12.5% at prices between $22.49 and $25. The stake was more than doubled in Q1 2014 at prices between $15.85 and $19.46. Last quarter, the position was again increased by 52% at prices between $17.20 and $19.36. This quarter saw marginal additional buying. The stock currently trades at $10.13 and the position stands at 2.36% of the US long portfolio. For investors attempting to follow Paulson, CIE is a good option to consider for further research.Equinix Inc. (EQIX): EQIX is a 1.92% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. It had since been kept steady. Q2 2013 saw a reversal as the position was reduced by half at prices between $176 and $230. Q3 2013 saw a 20% stake increase at prices between $165 and $203 and that was followed-up with a 74% stake increase in Q4 2013 at prices between $155 and $184. This quarter saw marginal additional buying. The stock currently trades at $226. The aggressive stake build-up indicates a clear bullish bias.Mallinckrodt PLC (MNK): MNK is a 3.37% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% last quarter at prices between $60.28 and $82.70. This quarter saw an additional one-third increase at prices between $68.12 and $90. The stock currently trades at $85.98. Mallinckrodt was spun-off from Covidien plc (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the stake is at around 7.9% of the entire business.Mylan Inc. (MYL): The 2.36% MYL stake was reduced by roughly one-third in Q2 2013 at prices between $28.70 and $32. The original stake was purchased in Q1 2010 at prices between $17 and $23. The position was kept relatively steady until Q1 2013 when it was reduced by a quarter at prices between $27.54 and $31. This quarter saw a minor increase. The stock trades currently at $55.68.Shire PLC ADR (SHPG): SHPG is Paulson’s largest position at 9.73% of the US long portfolio. It was first established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. Last quarter, the stake was again increased by ~36% at prices between $142 and $236. This quarter saw a whopping ~170% increase at prices between $232 and $263. The stock currently trades at $208. On July 18, 2014, AbbVie Inc. (ABBV) agreed to buy Shire PLC for $53B but they called off the deal last month.Time Warner Cable (TWC): TWC is a large 4.37% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled in Q4 2013 at prices between $110 and $138. The aggressive stake build-up worked almost immediately as Comcast (CMCSA) agreed to buy TWC in an all-stock deal (announced 2/14/2014, 2.875 shares of CMCSA for each share of TWC held). Last quarter saw a 15% stake reduction at prices between $133 and $148. This quarter, the pattern reversed with a 42% increase at prices between $141 and $155. The stock currently trades at $144.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. The TMUS stake was increased by ~17% to a 3.25% of the US long portfolio position in Q3 2013 at prices between $23 and $26.12. Q1 2014 saw a ~17% stake reduction at prices between $29.53 and $33.64 and last quarter saw a further ~18% reduction at prices between $28.10 and $34.86. This quarter, the pattern reversed with a ~14% increase at prices between $28.44 and $33.91. The stock currently trades at $27.45.Actavis plc (ACT): ACT was a minutely small 0.29% of the US long portfolio position last quarter. It was increased by just over 250% this quarter to a ~1% stake at prices between $202 and $248. The stock currently trades at $266.HCA Holdings (HCA): HCA was a small 0.83% of the US long portfolio position last quarter. It was increased by almost 80% this quarter at prices between $54.52 and $73.48. The stock currently trades at $67.04. The activity indicates a bullish bias.Popular Inc. (BPOP): The 1.10% BPOP stake was marginally increased this quarter. The activity is very minor to indicate a clear bias.Covidien plc (COV) & DirecTV (DTV): These positions, established last quarter are merger arbitrage positions. The COV position was increased by ~80% this quarter at prices between $82.54 and $91.76 and the stock currently trades at $97.50. The stake is at 4.52% of the portfolio. DTV position was marginally increased to a 3.74% stake this quarter. COV is getting acquired by Medtronic (MDT) while AT&T (T) is acquiring DTV.Kept Steady:Caesars Acquisition Company (CACQ): CACQ is a 0.48% of the US long portfolio stake established in Q4 2013 and reduced marginally last quarter. Caesars Acquisition is a spin-off from Caesars Entertainment and the terms of the deal allowed existing shareholders to get CACQ shares at $9.43 (rights offering). Paulson probably took this option to establish the position. The stock currently trades at $10.19.Cablevision Systems (CVC): CVC is a 1.40% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% stake increase at prices between $13.93 and $16.82. Q1 2014 saw an about-turn as around 8% of the position was sold at prices between $15.85 and $18.15. The stock currently trades at $18.93.Dollar General (DG): The ~1% of the US long portfolio DG position was established in Q1 2014 at prices between $55 and $63 and doubled last quarter at prices between $53.50 and $62.82. The stock currently trades at $66.10.Houghton Mifflin Harcourt (HMHC): HMHC is a 2.50% of the US long portfolio position established in Q4 2013 as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $19.94.Kodiak Oil & Gas (KOG): KOG is a 1.46% position purchased in Q2 2013 at prices between $7.47 and $9.60. It was almost doubled in Q3 2013 at prices between $8.42 and $12.06. The stock currently trades at $9.76.Realogy Holdings (RLGY): RLGY is a 1.85% of the US long portfolio position that was kept steady in the last four quarters. The original investment was made prior to the October 2012 IPO. The stock is currently trading at $42.94 and shows a return of around ~28% since IPO.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $114. The position was kept steady in the last five quarters and it is currently his second-largest 13F position at 4.94% of the US long portfolio.Sprint (S): S was Paulson’s largest position in Q2 2013 at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. In Q3 2013, the position was reduced to a 2.27% position at prices between $5.50 and $7.25. Q4 2013 saw a 13% stake increase at prices between $5.97 and $10.79. The stock currently trades at $4.71.Radian Group (RDN), Novagold (NG), & MGIC Investment (MTG): These are small positions (less than 1.5% of the US long portfolio) that were left untouched this quarter.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Agnico Eagle Mines (AEM), Allied Nevada Gold (ANV), Auxilium Pharmaceuticals (AUXL), BAC 2018 WTS, Delphi Automotive (DLPH), Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Gold Fields Ltd. (GFI), Gulf Coast Ultra Deep Royalty (GULTU), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), Kamada Ltd. (KMDA), Measurement Specialties (MEAS), Move Inc. (MOVE), Novacopper Inc. (NCQ), Post Holdings Inc. (POST), Gold Res. Ltd. ADR, Repros Therapeutics (RPRX), Rock-Tenn Co. (RKT), Sibanye Gold (SBGL), Strategic Hotels & Resorts (BEE), Sunstone Hotel Investments (SHO), Taminco Corporation (TAM), Valeant Pharmaceuticals (VRX), Vanda Pharma (VNDA), Whitewave Foods (WWAV), and William Lyon Homes (WLH).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q3 2014:"

"Tracking John Paulson’s Paulson & Company Portfolio – Q2 2014 Update"

"John Paulson’s U.S. long portfolio increased from $20.43B to $23.08B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Extended Stay America, and Allergan.Paulson & Co. added Covidien plc and increased Cobalt International Energy & Shire plc stakes this quarter. The fund also eliminated American Airlines.This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 08/14/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2014.This quarter, Paulson’s US long portfolio increased from $20.43B to $23.08B. This is compared to a ~30% spike from $15.52B to $20.30B in Q4 2013 and a drop from $17.72B to $14.18B in Q2 2013. The portfolio continues to demonstrate high volatility. There are 82 13F securities in although only 46 of them are significantly large holdings (more than 0.5% of the US long portfolio). The largest holding is SPDR Gold ETF at 5.68% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:American Airlines Group (AAL): AAL was a 1.06% of the US long portfolio position established in Q4 2013 and increased by 43% last quarter. The stake build-up happened at prices between $24.60 and $39. The position was eliminated this quarter at prices between $33.68 and $41. The stock currently trades at $39.19.General Motors (GM): GM was a very small 0.68% of the US long portfolio position that was disposed of this quarter at prices between $31.93 and $37.09. The original position was more than doubled last quarter at prices between $34 and $41. The quick reversal indicates a bearish bias.Hess Corporation (HES): HES was a 0.71% of the US long portfolio stake established in Q1 2013 at prices between $53 and $73. The position was increased by around 73% in Q2 2013 at prices between $62.87 and $74.14. Last quarter saw an about-turn as the position was reduced by ~62% at prices between $73.92 and $83.22. This quarter, the position was eliminated at prices between $82.88 and $98.40. The stock currently trades at $98.90.Pioneer Natural Resources (PXD): PXD was a 1.64% of the US long portfolio position that was reduced by 23% in Q4 2013 at prices between $179 and $225. Last quarter saw further selling as the stake was reduced by another ~20% at prices between $165 and $205. This quarter, the position was eliminated at prices between $181 and $233. The stock currently trades at $203. The original stake was established in Q4 2012 and doubled in Q1 2013 at prices between $102 and $131. Paulson harvested large long-term gains from this position.Capital One 2018 Warrants: This was a very small position (less than 1% of the US long portfolio) that was eliminated this quarter. As the position size was minute, the activity does not indicate any clear bias.New Stakes:Hillshire Brands (HSH), Questcor Pharmaceuticals (QCOR), Allergan Inc. (AGN), Covidien plc (COV), & Directv (DTV): These positions, established this quarter are special in that all of them are part of merger processes. Paulson is an expert in merger arbitrage and he is playing to his strength with these purchases.Tim Participaceoes S A (TSU): TSU is a small 0.67% of the US long portfolio position established this quarter at prices between $23.50 and $30.16. The stock currently trades at $24.11. This was probably an anticipated merger arbitrage play as it was announced last week that Telecom Italia (the parent company) has proposed the merger of its Brazilian assets (aka Tim Participaceoes) to Vivendi.Stake Decreases:Anglogold Ashanti (AU): This 1.98% position was reduced by ~4.5% this quarter at prices between $15.42 and $18.57. Last quarter also saw a ~11% reduction at prices between $11.39 and $19.36. The stock currently trades at $17.37.Caesars Entertainment (CZR): CZR is a 1.07% position that was marginally reduced this quarter. The position was increased by 5.2% in Q4 2013 at prices between $16.74 and $22.39 and another 11% last quarter at prices between $19 and $26.47. The stock currently trades at $13.56. The original holding is from prior to the 02/2012 IPO.CBS Corporation (CBS): CBS was a 1.35% of the US long portfolio position established last quarter at prices between $56.31 and $67.55. The stake was reduced by ~36% this quarter at prices between $55.94 and $63.35. The stock currently trades at $59.99. The quick about-turn indicates a bearish bias.Freeport McMoran (FCX): FCX is a 0.84% of the US long portfolio position that was reduced by 35% last quarter at prices between $30.50 and $38. This quarter, the position was decreased by another ~48% at prices between $32.56 and $36.50. The stock currently trades at $36.10. The original FCX position was established in Q4 2012 at prices between $30.81 and $42.43. It was increased by just over 70% in Q2 2013. That increase was due to the result of Freeport’s acquisition of Plains Exploration & Production and McMoran Exploration - Paulson held a 3.69% position in PXP and a 1.53% position in MMR, both established in Q4 2012 as risk-arbitrage stakes.Hartford Financial Services Group (HIG): The 0.69% of the US long portfolio HIG position was first purchased in 2009. It was an activist stake and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced some limited success but in Q1 2013, the position was reduced by 40% at prices between $22.44 and $26.46 and the following quarter saw another 45% stake reduction at prices between $24.82 and $31.43. This quarter saw a further 25% reduction at prices between $33.30 and $36.67. The stock currently trades at $35.11.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. The last few quarters have seen some selling. The stake was reduced by ~18% last quarter at prices between $23.25 and $28.29 and this quarter saw a 5% reduction at prices between $23 and $26.70. The stock currently trades at $25.04 and the remaining position accounts for a still significant 2.57% of the US long portfolio. Paulson is harvesting long-term capital gains from this position.Thermo Fisher Scientific (TMO): TMO is a 1.65% of the US long portfolio stake established in Q2 2013 at prices between $75.53 and $88.76. It was reduced by ~18% in Q4 2013 at prices between $90 and $111. This quarter saw an additional 30% stake reduction at prices between $113 and $122. The stock currently trades at $122. Paulson is harvesting gains from this position.Time Warner Cable (TWC): TWC is a large 3.29% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled in Q4 2013 at prices between $110 and $138. The aggressive stake build-up worked almost immediately as Comcast (CMCSA) agreed to buy TWC in an all-stock deal (announced 2/14/2014, 2.875 shares of CMCSA for each share of TWC held). This quarter saw a 15% stake reduction at prices between $133 and $148. The stock currently trades at $148.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. The TMUS stake was increased by ~17% to a 3.25% of the US long portfolio position in Q3 2013 at prices between $23 and $26.12. Last quarter saw a ~17% stake reduction at prices between $29.53 and $33.64 and this quarter saw a further ~18% reduction at prices between $28.10 and $34.86. The stock currently trades at $29.06. Paulson is harvesting large long-term gains from this position.Vodafone Group (VOD): VOD was a very small 0.57% position as of Q2 2013. It was substantially increased to a 4.53% position in Q3 2013 at prices between $28.50 and $35.12. Q4 2013 saw a ~76% stake increase at prices between $34.43 and $39.31. Last quarter, the share count reduced as a result of Vodafone’s Verizon stake disposal: VOD ADR holders received 6 new shares for 11 old shares held. They also received a $4.9 special dividend and 0.26 shares of Verizon for each share of VOD. This quarter, the position was reduced by ~6% at prices between $32 and $38.26. The stock currently trades at $33.14.Grifols S A (GRFS): GRFS is a fairly large 3.74% of the US long portfolio position that was marginally reduced this quarter. As the activity is minor, it does not indicate a change in bias.Valeant Pharmaceuticals (VRX), Bank of America (BAC) WTS, and CNO Financial (CNO): These are very small (less than 1% of the portfolio each) positions that were further reduced this quarter. As the position sizes are small, the activity does not indicate a clear bias.Stake Increases:Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. Q3 2013 saw a reversal, as ~17% of the position was sold at prices between $24.40 and $30.20. In Q4 2013, the position was increased by 12.5% at prices between $22.49 and $25. The stake was more than doubled last quarter at prices between $15.85 and $19.46. This quarter, the position was again increased by 52% at prices between $17.20 and $19.36. The stock currently trades at $14.61 and the position stands at 3.26% of the US long portfolio. For investors attempting to follow Paulson, CIE is a good option to consider for further research.Dollar General (DG): The 1% of the US long portfolio DG position was established last quarter at prices between $55 and $63 and was doubled this quarter at prices between $53.50 and $62.82. The stock currently trades at $57.46.Mallinckrodt PLC (MNK): MNK is a 2.33% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% this quarter at prices between $60.28 and $82.70. The stock currently trades at $71.66. Mallinckrodt was spun-off from Covidien PLC (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the stake is at around 11.5% of the entire business. In April 2014, MNK announced plans to acquire Questcor. Paulson has also acquired a small stake in Questcor this quarter.Shire PLC ADR (SHPG): SHPG is a 3.44% of the US long portfolio stake established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. This quarter, the position was again increased by ~36% at prices between $142 and $236. The stock currently trades at $243. On July 18, 2014, AbbVie Inc. (ABBV) agreed to buy Shire PLC in a $53B deal.Family Dollar Stores (FDO): FDO is a 2.30% of the US long portfolio position established in Q1 2013 at prices between $54.87 and $64. It was increased by ~50% in Q2 2013 at prices between $57.42 and $65.49. Q3 2013 saw further buying as the stake was increased by another ~50% at prices between $62 and $75. The pattern reversed in Q4 2013 as ~13% of the position was sold at prices between $63.58 and $72.95. Last quarter the selling increased as the position was reduced by one-third at prices between $57 and $67.50. This quarter saw a ~24% stake increase at prices between $56 and $69. The stock currently trades at $76.06.NOTE: On July 28, 2014, Dollar Tree (DLTR) agreed to acquire FDO in a cash-and-stock deal for $74.50 per share (cash portion is $59.60). Today, Dollar General (DG) upped that by offering to buy FDO at $78.50 per share cash deal.Kept Steady:Aetna Inc. (AET): AET is a 2.81% of the US long portfolio position that was kept steady this quarter. It was marginally decreased in the last two quarters.Caesars Acquisition Company (CACQ): CACQ is a 0.66% of the US long portfolio stake established in Q4 2013 and reduced marginally last quarter. Caesars Acquisition is a spin-off from Caesars Entertainment and the terms of the deal allowed existing shareholders to get CACQ shares at $9.43 (rights offering). Paulson probably took this option to establish the position. The stock currently trades at $11.18.Cablevision Systems (CVC): CVC is a 1.47% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% stake increase at prices between $13.93 and $16.82. Last quarter saw an about-turn as around 8% of the position was sold at prices between $15.85 and $18.15. The stock currently trades at $18.18.Equinix Inc. (EQIX): EQIX is a 1.90% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. It had since been kept steady. Q2 2013 saw a reversal as the position was reduced by half at prices between $176 and $230. Q3 2013 saw a 20% stake increase at prices between $165 and $203 and that was followed-up with a 74% stake increase in Q4 2013 at prices between $155 and $184. The stock currently trades at $217. The aggressive stake build-up indicates a clear bullish bias.Extended Stay America (STAY): STAY is Paulson’s second-largest 13F position at 5.59% of the US long portfolio. The stake came about as a result of the firm’s IPO in November 2013. Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. The IPO has already made the firms more than three times their investment. It is interesting that Paulson has chosen to hold on. STAY currently trades at $22.80 compared to the IPO offering price of $20.Houghton Mifflin Harcourt (HMHC): HMHC is a 2.57% of the US long portfolio position established in Q4 2013 as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $18.57.Kodiak Oil & Gas (KOG): KOG is a 1.64% position purchased in Q2 2013 at prices between $7.47 and $9.60. It was almost doubled in Q3 2013 at prices between $8.42 and $12.06. The stock currently trades at $14.87.Mylan Inc. (MYL): The 2.71% MYL stake was reduced by roughly one-third in Q2 2013 at prices between $28.70 and $32. The original stake was purchased in Q1 2010 at prices between $17 and $23. The position was kept relatively steady until Q1 2013 when it was reduced by a quarter at prices between $27.54 and $31. The stock trades currently at $46.45.Oasis Petroleum (OAS): OAS was a very small 0.25% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position in Q4 2013 at prices between $43 and $57. It was increased by an additional one-third last quarter at prices between $39 and $47. The stock currently trades at $46.70. For investors attempting to follow Paulson, OAS is a good option to consider.Realogy Holdings (RLGY): RLGY is a 1.96% of the US long portfolio position that was kept steady in the last three quarters. The original investment was made prior to the October 2012 IPO. The stock is currently trading at $40.20 and shows a return of around 20% since IPO.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $125.48. The position was kept steady in the last four quarters and it is currently his largest 13F position at 5.68% of the US long portfolio.Sprint (S): S was Paulson’s largest position in Q2 2013 at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. In Q3 2013, the position was reduced to a 2.27% position at prices between $5.50 and $7.25. Q4 2013 saw a 13% stake increase at prices between $5.97 and $10.79. The stock currently trades at $5.69.Verizon Communications (VZ): VZ is a 1.85% of the US long portfolio position established last quarter as a result of Vodafone’s Verizon stake disposal: Paulson held Vodafone stock for which he received 0.26 shares of Verizon stock for each share of Vodafone held. VZ currently trades at $48.80. Dan Loeb of Third Point and Warren Buffett also established significantly sized positions in VZ last quarter.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. Last quarter saw a 9% trimming at prices between $56 and $71. The stock currently trades at $84.61.Radian Group (RDN), Popular Inc. (BPOP), Novagold (NG), HCA Holdings (HCA), Genworth Financial (GNW), Compuware Corporation (CPWR) & MGIC Investment (MTG): These are small positions (less than 1.5% of the US long portfolio) that were left untouched this quarter.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Actavis PLC (ACT), Agnico Eagle Mines (AEM), Allied Nevada Gold (ANV), Ally Financial (ALLY), Auxilium Pharmaceuticals (AUXL), BAC 2018 WTS, Brixmor Property (BRX), Delphi Automotive (DLPH), Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Gold Fields Ltd. (GFI), Gulf Coast Ultra Deep Royalty (GULTU), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), Kamada Ltd. (KMDA), Measurement Specialties (MEAS), Novacopper Inc. (NCQ), Penn Virginia Corporation (PVA), Post Holdings Inc. (POST), Randgold Resourced Ltd. (GOLD), Rock-Tenn Co. (RKT), Sibanye Gold (SBGL), Strategic Hotels & Resorts (BEE), Sunstone Hotel Investments (SHO), Vanda Pharma (VNDA), Whitewave Foods (WWAV), and William Lyon Homes (WLH).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q2 2014:"

"Tracking John Paulson’s Paulson & Company Portfolio – Q1 2014 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 05/15/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2013.This quarter, Paulson’s US long portfolio increased marginally from $20.30B to $20.43B. This is compared to a ~30% spike from $15.52B to $20.30B last quarter, an increase from $14.18B to $15.52B in Q3 2013, and a drop from $17.72B to $14.18B in Q2 2013. There are 80 13F securities in the portfolio although only 46 of them are significantly large holdings (more than 0.5% of the US long portfolio). The largest holding is Extended Stay America at 6.21% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:M&T Bank (MTB): MTB was a small 0.5% of the US long portfolio position that was eliminated this quarter at prices between $109 and $121. The stock currently trades at $119. The bulk of the position was purchased in Q3 2013 at prices between $110 and $119. Last quarter, the position was reduced by half and it was followed up by the stake elimination this quarter.Santarus Inc. (SNTS): SNTS was a small 0.79% of the US long portfolio position established last quarter at prices between $21 and $31. The disposal this quarter happened as a result of Salix Pharmaceuticals (SLXP) buying SNTS for $32 per share cash.New Stakes:Verizon Communications (VZ): VZ is a 2.04% of the US long portfolio position established this quarter as a result of Vodafone’s Verizon stake disposal: Paulson held Vodafone stock for which he received 0.26 shares of Verizon stock for each share of Vodafone held. VZ currently trades at $49. Dan Loeb of Third Point and Warren Buffett also established significantly sized positions in VZ this quarter.CBS Corporation (CBS): CBS is a 1.35% of the US long portfolio position established this quarter at prices between $56.31 and $67.55. The stock currently trades near the low end of that range at $57. For investors attempting to follow Paulson, CBS is a good option to consider for further research. CBS saw some super-investor interest this quarter as David Tepper of Appaloosa also added a similarly sized (as percentage of portfolio) stake.Dollar General (DG) & Valeant Pharmaceuticals (VRX): DG & VRX are very small 0.54% & 0.65% of the US long portfolio stakes respectively established this quarter. The DG position was established at prices between $55 and $63 and the stock currently trades at $55.63. The VRX position was established at prices between $112 and $148 and the stock currently trades at $127.Stake Decreases:Caesars Acquisition Company (CACQ): CACQ is a 0.86% of the US long portfolio stake established last quarter and reduced marginally this quarter. Caesars Acquisition is a spin-off from Caesars Entertainment and the terms of the deal allowed existing shareholders to get CACQ shares at $9.43 (rights offering). Paulson probably took this option to establish the position. The stock currently trades at $13.06.Cablevision Systems (CVC): CVC is a 1.59% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% stake increase at prices between $13.93 and $16.82. This quarter saw an about-turn as around 8% of the position was sold at prices between $15.85 and $18.15. The stock currently trades at $17.15.Equinix Inc. (EQIX): EQIX is a 1.89% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. It had since been kept steady. Q2 2013 saw a reversal as the position was reduced by half at prices between $176 and $230. Q3 2013 saw a 20% stake increase at prices between $165 and $203 and that was followed-up with a 74% stake increase last quarter at prices between $155 and $184. This quarter saw a minor stake reduction. The stock currently trades at $195.27. The aggressive stake build-up indicates a clear bullish bias.Family Dollar Stores (FDO): FDO is a large 1.84% of the US long portfolio position established in Q1 2013 at prices between $54.87 and $64. It was increased by ~50% in Q2 2013 at prices between $57.42 and $65.49. Q3 2013 saw further buying as the stake was increased by another ~50% at prices between $62 and $75. The pattern reversed last quarter as ~13% of the position was sold at prices between $63.58 and $72.95. This quarter the selling increased as the position was reduced by one-third at prices between $57 and $67.50. The stock currently trades at $57.46. The about-turn indicates a bearish bias.Freeport McMoran (FCX): FCX is a 1.64% of the US long portfolio position that was increased by just over 70% in Q2 2013. The increase was due to the result of Freeport’s acquisition of Plains Exploration & Production and McMoran Exploration that closed in the quarter - Paulson held a 3.69% position in PXP and a 1.53% position in MMR, both established in Q4 2012 as risk-arbitrage stakes. The original FCX position was established in Q4 2012 at prices between $30.81 and $42.43 and had since been kept steady. The stock currently trades at $35. This quarter, the position was reduced by 35% at prices between $30.50 and $38.Hartford Financial Services Group (HIG): The 1.39% of the US long portfolio HIG position was first purchased in 2009. It was an activist stake and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced some limited success but in Q1 2013, the position was reduced by 40% at prices between $22.44 and $26.46 and the following quarter saw another 45% stake reduction at prices between $24.82 and $31.43. This quarter saw a marginal stake reduction. The stock currently trades at $34.29.Anglogold Ashanti (AU): This 2.33% position was reduced by 11% this quarter at prices between $11.39 and $19.36. The stock currently trades at $16.89. Last quarter also saw a minor stake reduction.Hess Corporation (HES): HES is a 0.71% of the US long portfolio stake established in Q1 2013 at prices between $53 and $73. The position was increased by around 73% in Q2 2013 at prices between $62.87 and $74.14. This quarter saw an about-turn as the position was reduced by ~62% at prices between $73.92 and $83.22. The stock currently trades at $87.40.Digital Realty (DLR): DLR is a small 0.43% of the US long portfolio position established last quarter at prices between $44.53 and $58.25. It was reduced by ~29% this quarter at prices between $49.12 and $54.94. The stock currently trades at $59.33.Kodiak Oil & Gas (KOG): KOG is a 1.54% position purchased in Q2 2013 at prices between $7.47 and $9.60. It was almost doubled in Q3 2013 at prices between $8.42 and $12.06. The stock currently trades at $12.25 and the position saw a marginal stake reduction this quarter. The activity indicates a bullish bias.Mallinckrodt PLC (MNK): MNK is a 1.75% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. The stock currently trades at $78.86. Mallinckrodt is a $2.7B business that was spun-off from Covidien PLC (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the stake is at just under 10% of the entire business. This quarter saw a minor stake reduction.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. It was reduced by ~30% in 2011 and since then had been kept relatively steady. Q2 2013 saw a ~10% trimming at prices between $12.06 and $15.86. In Q3 2013, the position was reduced further by ~12% at prices between $14.75 and $20.44 and last quarter saw a marginal stake reduction. The stake was reduced by ~18% this quarter at prices between $23.25 and $28.29. The stock currently trades at $23.90 and the remaining position accounts for a still significant 3% of the US long portfolio. Paulson is harvesting long-term capital gains from this position.Mylan Inc. (MYL): The 3.40% MYL stake was reduced by roughly one-third in Q2 2013 at prices between $28.70 and $32. The original stake was purchased in Q1 2010 at prices between $17 and $23. The position was kept relatively steady until Q1 2013 when it was reduced by a quarter at prices between $27.54 and $31. It was kept steady last two quarters and this quarter saw a minor trimming. The stock trades currently at around $50.Pioneer Natural Resources (PXD): PXD is a 1.64% of the US long portfolio position that was reduced by 23% last quarter at prices between $179 and $225. This quarter saw further selling as the stake was reduced by another ~20% at prices between $165 and $205. The stock currently trades at $202. The original stake was established in Q4 2012 and doubled in Q1 2013 at prices between $102 and $131. Paulson is harvesting gains from this position.Thermo Fisher Scientific (TMO): TMO is a 2.68% of the US long portfolio stake established in Q2 2013 at prices between $75.53 and $88.76. It was reduced by ~18% last quarter at prices between $90 and $111 and another 3% this quarter at prices between $109 and $127. The stock currently trades at $118.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he is sitting on large gains. The TMUS stake was increased by ~17% to a 3.25% of the US long portfolio position in Q3 2013 at prices between $23 and $26.12. Last quarter saw a marginal stake reduction and this quarter saw an additional ~17% reduction at prices between $29.53 and $33.64. The stock currently trades at $33.09.Time Warner Cable (TWC): TWC is a large 4.01% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled last quarter at prices between $110 and $138. The aggressive stake build-up worked almost immediately as Comcast (CMCSA) agreed to buy TWC an all-stock deal (announced 2/14/2014, 2.875 shares of CMCSA for each share of TWC held). This quarter saw a minor stake reduction.Vodafone Group (VOD): VOD was a very small 0.57% position as of Q2 2013. It was substantially increased to a 4.53% position in Q3 2013 at prices between $28.50 and $35.12. Last quarter saw a ~76% stake increase at prices between $34.43 and $39.31. This quarter, the share count reduced as a result of Vodafone’s Verizon stake disposal: VOD ADR holders received 6 new shares for 11 old shares held. They also received ia $4.9 special dividend and 0.26 shares of Verizon for each share of VOD. VOD is Paulson’s third-largest 13F position at 5.14% of the US long portfolio. The stock currently trades at $36.44.Sprint (S): S was Paulson’s largest position in Q2 2013 at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. In Q3 2013, the position was reduced to a 2.27% position at prices between $5.50 and $7.25. Last quarter saw a 13% stake increase at prices between $5.97 and $10.79 and there was minor trimming this quarter. The stock currently trades at $9.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position last quarter at prices between $58 and $70. This quarter saw a 9% trimming at prices between $56 and $71. The stock currently trades at $71.21.Aetna Inc. (AET) & Grifols S A (GRFS): These are medium-sized positions that were marginally decreased in the last two quarters. The positions were built-up aggressively over several quarters. The marginal stake reductions do not indicate a change in bias.Radian Group (RDN), HCA Holdings (HCA) & Novagold (NG): These are very small positions (less than 1% of the US long portfolio) that were reduced marginally this quarter. The minor activity does not indicate a change in bias.Stake Increases:Caesars Entertainment (CZR): CZR is a 1.70% position that was increased by 5.2% last quarter at prices between $16.74 and $22.39. The stake was increased by another 11% this quarter at prices between $19 and $26.47. The stock currently trades at $19. The original holding is from prior to the 02/2012 IPO.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. Q3 2013 saw a reversal, as ~17% of the position was sold at prices between $24.40 and $30.20. Last quarter, the position was increased by 12.5% at prices between $22.49 and $25. The stake was more than doubled this quarter at prices between $15.85 and $19.46. The stock currently trades at $17.22 and the position stands at 2.44% of the US long portfolio. For investors attempting to follow Paulson, CIE is a good option to consider for further research.Oasis Petroleum (OAS): OAS was a very small 0.25% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position last quarter at prices between $43 and $57. It was increased by an additional one-third this quarter at prices between $39 and $47. The stock currently trades below the low-end of that range at $47.78. For investors attempting to follow Paulson, OAS is a very good option to consider.American Airlines Group (AAL): AAL is a 1.06% of the US long portfolio position established last quarter and increased by 43% this quarter. The stake build-up happened at prices between $24.60 and $39 and the stock currently trades at $38.53.General Motors (GM): GM is a very small 0.68% of the US long portfolio position. The original position was more than doubled this quarter. The position size is still very small to indicate a clear bias.Kept Steady:Houghton Mifflin Harcourt (HMHC): HMHC is a 3.08% of the US long portfolio position established last quarter as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $17.66.Extended Stay America (STAY): STAY is Paulson’s largest 13F position at 6.21% of the US long portfolio. The stake came about as a result of the firm’s IPO in November 2013. Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. The IPO has already made the firms more than three times their investment. It is interesting that Paulson has chosen to hold on - so far. STAY currently trades at $22.30 compared to the IPO offering price of $20.SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $124.50. The position was kept steady in the last three quarters and it is currently his second-largest 13F position at 6.19% of the US long portfolio.Realogy Holdings (RLGY): RLGY is a 2.55% of the US long portfolio position that was kept steady in the last two quarters. The original investment was made prior to the October 2012 IPO. The stock is currently trading at $36.22 and shows a return of around 8% since IPO.Shire PLC ADR (SHPG): SHPG is a 1.84% of the US long portfolio stake established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. Last quarter saw a ~11% stake reduction at prices between $113 and $139. The stock currently trades at $166.CNO Financial (CNO), Popular Inc. (BPOP), Bank of America (BAC) WTS: These 1 to 1.5% positions were left untouched this quarter. The sizes are very small to indicate any bias.Compuware Corporation (CPWR), Capital One 2018 Warrants, Genworth Financial (GNW), & MGIC Investment (MTG): These are very small positions (less than 1% of the US long portfolio) that were left untouched this quarter.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Actavis PLC (ACT), Agnico Eagle Mines (AEM), Allied Nevada Gold (ANV), Cooper Tire & Rubber (CTB), Delphi Automotive (DLPH), Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Gold Fields Ltd. (GFI), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), Kamada Ltd. (KMDA), Novacopper Inc. (NCQ), Post Holdings Inc. (POST), Randgold Resourced Ltd. (GOLD), Rock-Tenn Co. (RKT), Sibanye Gold (SBGL), Strategic Hotels & Resorts (BEE), Sunstone Hotel Investments (SHO), Vanda Pharma (VNDA), Whitewave Foods (WWAV), and William Lyon Homes (WLH).The spreadsheet below highlights changes to Paulson’s US stock holdings in Q1 2014:"

"Tracking John Paulson’s Paulson & Company Portfolio – Q4 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 02/14/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2013.This quarter, Paulson’s US long portfolio increased ~30% from $15.52B to $20.30B. This is compared to a drop from $17.72B to $14.18B in Q2 2013 and an increase from $14.18B to $15.52B in Q3 2013. There are 87 13F securities in the portfolio although only 48 of them are significantly large holdings (more than 0.5% of the US long portfolio). The top five holdings represent just over 40% of the US long assets - the portfolio has become a lot more concentrated as they represented only 26% of the US long assets last quarter. The largest holding is Extended Stay America, a new position at 9.43% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Belo Corporation (BLC), Boise Inc. (BZ), Hillshire Brands (HSH), Jazz Pharmaceuticals (JAZZ), & W P Carey (WPC): These are very small positions (less than 1% of the US long portfolio) that were eliminated this quarter. As the position sizes were small, the activity does not indicate a clear bias.New Stakes:Extended Stay America (STAY): STAY is Paulson’s largest 13F position at 9.43% of the US long portfolio. The stake came about as a result of the firm’s IPO in November 2013. Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. The IPO has already made the firms more than three times their investment. It will be interesting to see whether Paulson will choose to hold on. STAY currently trades at $26.34 compared to the IPO offering price of $20.Houghton Mifflin Harcourt (HMHC): HMHC is a 3.38% of the US long portfolio position established this quarter as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $19.43.Caesars Acquisition Company (CACQ): CACQ is a 0.96% of the US long portfolio stake established this quarter. Caesars Acquisition is a spin-off from Caesars Entertainment and the terms of the deal allowed existing shareholders to get CACQ shares at $9.43 (rights offering). Paulson probably took this option to establish the position. The stock currently trades at $12.98.Santarus Inc. (SNTS), American Airlines Group (AAL), Compuware Corporation (CPWR), and Digital Realty (DLR): These are small (less than 1.5% of the US long portfolio each) positions established this quarter. As the position sizes are small, the stake establishment does not indicate a clear bias. With regards to DLR, Jon Jacobsen pitched a short-thesis on the name in the and the stock has been in an extended downturn since - Paulson is taking the other side with the long position.Stake Decreases:Aetna Inc. (AET) and Grifols S A (GRFS): These are medium-sized positions that were marginally decreased this quarter. The positions were built-up aggressively over several quarters. The marginal stake reductions this quarter do not indicate a change in bias.AMC Networks (AMCX): AMCX is a small 0.66% of the US long portfolio position first established in Q3 2011 at prices between $33 and $37.50. In Q2 2013, ~20% of the position was disposed of at prices between $60 and $68. This quarter, the position was reduced by two-thirds at prices between $62.61 and $72.35. The stock currently trades at $67.37. Paulson is harvesting huge long-term gains from this position.Cooper Tire & Rubber (CTB): CTB is a minute 0.31% of the US long portfolio position first purchased in Q2 2013 at prices between $23.25 and $34.66. It was increased by ~9% last quarter at prices between $28.85 and $34. This quarter, the position was reduced by ~63% at prices between $21.62 and $33.22. The stock currently trades at $23.87. The original stake was a merger-arbitrage position (a subsidiary of Apollo Tyres agreed to acquire CTB in June 2013 at $35 per share). In December 2013, the merger was called off.Family Dollar Stores (FDO): FDO is a large 4.09% of the US long portfolio position established in Q1 2013 at prices between $54.87 and $64. It was increased by ~50% in Q2 2013 at prices between $57.42 and $65.49. Last quarter saw further buying as the stake was increased by another ~50% at prices between $62 and $75. The pattern reversed this quarter as ~13% of the position was sold at prices between $63.58 and $72.95. The stock currently trades at $63.43. The about-turn indicates a mild bearish bias.Freeport McMoran (FCX): FCX is a 3.77% of the US long portfolio position that was increased by just over 70% in Q2 2013. The increase was due to the result of Freeport’s acquisition of Plains Exploration & Production and McMoran Exploration that closed in the quarter - Paulson held a 3.69% position in PXP and a 1.53% position in MMR, both established in Q4 2012 as risk-arbitrage stakes. The original FCX position was established in Q4 2012 at prices between $30.81 and $42.43 and had since been kept steady. The stock currently trades at $33.75 and this quarter saw a marginal stake reduction. For investors attempting to follow Paulson, FCX is a good option to consider for further research.M&T Bank (MTB), Interdigital Inc. (IDCC) & Interoil Corp. (IOC): These are very small positions (less than 1% of the US long portfolio) that were further reduced this quarter. As the position sizes are very small, the activity does not indicate a clear bias.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. It was reduced by ~30% in 2011 and since then had been kept relatively steady. Q2 2013 saw a ~10% trimming at prices between $12.06 and $15.86. Last quarter, the position was reduced further by ~12% at prices between $14.75 and $20.44 and this quarter saw a marginal stake reduction. The stock currently trades at $26.02. Paulson is harvesting long-term capital gains from this position.Pioneer Natural Resources (PXD): PXD is a 1.64% of the US long portfolio position that was reduced by 23% this quarter at prices between $179 and $225. The stock currently trades at $185.30. The original stake was established in Q4 2012 and doubled in Q1 2013 at prices between $102 and $131. Paulson has started to harvest gains from this position.Shire PLC ADR (SHPG): SHPG is a 2.30% of the US long portfolio stake established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100 and was kept steady last quarter. This quarter saw a ~11% stake reduction at prices between $113 and $139. The stock currently trades at $163.Thermo Fisher Scientific (TMO): TMO is a 3.37% of the US long portfolio stake established in Q2 2013 at prices between $75.53 and $88.76. It was reduced by ~18% this quarter at prices between $90 and $111. The stock currently trades at $124.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he is sitting on large gains. The TMUS stake was increased by ~17% to a 3.25% of the US long portfolio position last quarter at prices between $23 and $26.12. This quarter saw a marginal stake reduction. The stock currently trades at $31.29.Anglogold Ashanti (AU): This 2.37% position was reduced marginally this quarter. Paulson continues to stay bullish on gold.Stake Increases:Caesars Entertainment (CZR): This is a 1.70% position that was increased by 5.2% this quarter at prices between $16.74 and $22.39. The stock currently trades at $22.78. The original holding is from prior to the 02/2012 IPO.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. Last quarter saw a minor reversal, as ~17% of the position was sold at prices between $24.40 and $30.20. This quarter, the position was increased by 12.5% at prices between $22.49 and $25. The stock currently trades at $16.88 and the position stands at 1.39% of the US long portfolio. For investors attempting to follow Paulson, CIE is a good option to consider for further research.Equinix Inc. (EQIX): EQIX is a 2.39% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. It had since been kept steady. Q2 2013 saw a reversal as the position was reduced by half at prices between $176 and $230. Last quarter saw a 20% stake increase at prices between $165 and $203 and that was followed-up with a 74% stake increase this quarter at prices between $155 and $184. The stock currently trades at $193. The aggressive stake build-up indicates a clear bullish bias.Oasis Petroleum (OAS): OAS was a very small 0.25% of the US long portfolio position as of last quarter. The stake was increased substantially to a 2.24% position this quarter at prices between $43 and $57. The stock currently trades below the low-end of that range at $42.45. For investors attempting to follow Paulson, OAS is a very good option to consider.Sprint Nextel (S): S was Paulson’s largest position in Q2 2013 at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. Last quarter, the position was reduced to a 2.27% position at prices between $5.50 and $7.25. This quarter saw a 13% stake increase at prices between $5.97 and $10.79. The stock currently trades at $8.40.Time Warner Cable (TWC): TWC is a large 5.22% of the US long portfolio stake established last quarter at prices between $107 and $118. The position was almost doubled this quarter at prices between $110 and $138. The stock currently trades at $146. The move worked almost immediately as Comcast (CMCSA) agreed to pay $158.82 per share in an all-stock deal (announced 2/14/2014).Vodafone Group (VOD): VOD was a very small 0.57% position as of Q2 2013. It was substantially increased to a 4.53% position last quarter at prices between $28.50 and $35.12. This quarter saw a ~76% stake increase at prices between $34.43 and $39.31. It is now his second-largest 13F position. The stock currently trades at $36.81. The aggressive stake build-up indicates a clear bullish bias.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position last quarter. The stake was increased to a large 4.13% position this quarter at prices between $58 and $70. The stock currently trades near the low-end of that range at $60.76. For investors attempting to follow Paulson, WLL is a good option to consider.The rest of the positions were left untouched:SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $127. The position was kept steady last two quarters and it is currently his third-largest 13F position at 7.66% of the US long portfolio.Cablevision Systems (CVC): CVC is a 2.43% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% stake increase at prices between $13.93 and $16.82. It was kept steady in the last two quarters. The stock currently trades at $16.60.Hartford Financial Services Group (HIG): The 1.39% of the US long portfolio HIG position was first purchased in 2009. It was an activist position and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced some limited success but in Q1 2013, the position was reduced by 40% at prices between $22.44 and $26.46 and the following quarter saw another 45% stake reduction at prices between $24.82 and $31.43. The stock currently trades at $34.67.Delphi Automotive (DLPH): DLPH position was reduced to a very small 0.57% of the US long portfolio position in Q2 2013 at prices between $40.94 and $52.09. The position was established in 2011 as a result of conversion of Delphi Automotive debt to equity (at ~67c per share) as the firm emerged from bankruptcy. Paulson started harvesting the outsized gains from this position in Q1 2012 and a very small remainder position is what is left.Hess Corporation (HES): HES is a 2.49% of the US long portfolio stake established in Q1 2013 at prices between $53 and $73. The position was increased by around 73% in Q2 2013 at prices between $62.87 and $74.14. The stock currently trades at $79.50.Mylan Inc. (MYL): The 3.40% MYL stake was reduced by roughly one-third in Q2 2013 at prices between $28.70 and $32. The original stake was purchased in Q1 2010 at prices between $17 and $23. The position was kept relatively steady until Q1 2013 when it was reduced by a quarter at prices between $27.54 and $31. It was kept steady last two quarters and the stock trades currently at $46.10.Kodiak Oil & Gas (KOG): KOG was a very small 0.94% position purchased in Q2 2013 at prices between $7.47 and $9.60. It was almost doubled last quarter at prices between $8.42 and $12.06. The stock currently trades at $11.63 and the position is now at 1.88% of the US long portfolio. The stake build-up indicates a bullish bias.Mallinckrodt PLC (MNK): MNK is a 1.90% of the US long portfolio position established last quarter at prices between $42 and $47.20. The stock currently trades at $67.21. Mallinckrodt is a $2.7B business that was spun-off from Covidien PLC (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the stake is at just under 10% of the entire business.Realogy Holdings (RLGY): RLGY is 3.83% of the US long portfolio position that was kept steady this quarter. The original investment was made prior to the October 2012 IPO. The stock is currently trading at $46.86 and shows a return of around 40% since IPO.CNO Financial (CNO), Radian Group (RDN), Popular Inc. (BPOP), Bank of America (BAC) WTS: These 1 to 1.5% positions were left untouched this quarter. The sizes are very small to indicate any bias.William Lyon Homes (WLH), Novagold (NG), HCA Holdings (HCA), Capital One 2018 Warrants, Genworth Financial (GNW), & MGIC Investment (MTG): These are very small positions (less than 1% of the US long portfolio) that were left untouched this quarter.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q4 2013:"

"Tracking John Paulson’s Paulson & Company Portfolio – Q3 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 11/14/2013. Please visit our to get an idea of his investment philosophy and the fund’s moves in Q2 2013.This quarter, Paulson’s US long portfolio increased ~9% from $14.18B to $15.52B. This is compared to a drop from $17.72B to $14.18B seen last quarter. There are 87 13F securities in the portfolio although only 49 of them are significantly large holdings (more than 0.5% of the US long portfolio). The top five holdings represent just over 26% of the US long assets. The largest holding is SPDR Gold Trust (GLD) at 8.46%. This is quite a shift from Q1 2013 when GLD was at 19.03%.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out “”.Stake Disposals:Mead Johnson (MJN) & Gardner Denver (GDI): These were very small positions (less than 1% of the US long portfolio) that were eliminated this quarter. As the position sizes are very small, the activity does not indicate a clear bias.Smithfield Foods (SFD): SFD was a small 1.15% of the US long portfolio merger-arbitrage stake purchased last quarter at prices between $25.44 and $33.35. In May 2013, Shuanghui International Holdings agreed to purchase SFD at $34 per share. The transaction closed in September thus resulting in the stake elimination.New Stakes:Time Warner Cable (TWC): TWC is a 2.88% of the US long portfolio established this quarter at prices between $107 and $118. The stock currently trades at $120. The medium-sized stake establishment indicates a bullish bias.Mallinckrodt PLC (MNK): MNK is a 1.60% of the US long portfolio position established this quarter at prices between $42 and $47.20. The stock currently trades at $47.56. Mallinckrodt is a $2.7B business that was spun-off from Covidien PLC (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the stake is at just under 10% of the entire business.Stake Decreases:MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. It was reduced by ~30% in 2011 and since then had been kept relatively steady. Last quarter saw a ~10% trimming at prices between $12.06 and $15.86. This quarter, the position was reduced further by ~12% at prices between $14.75 and $20.44. The stock currently trades at $19.45. Paulson is harvesting long-term capital gains from this position.Life Technologies (LIFE): LIFE position was established in 2011. The bulk of the stake was purchased in Q3 2012 at prices between $42.47 and $49. Paulson had huge gains from this timely purchase (Thermo Fisher offered to buy LIFE at $76 in April 2013) and harvested most of it last quarter at prices between $64.63 and $75. This quarter, the position was reduced to an insignificantly small stake at prices between $74 and $75. The stock currently trades at $75.49.Sprint Nextel (S): S was Paulson’s largest position last quarter at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. Last quarter, the stance reversed as the position was reduced by ~15%. This quarter, the position was reduced to a 2.27% position at prices between $5.50 and $7.25. The stock currently trades at $7.42. Sprint Nextel was a risk-arbitrage position established due to Softbank’s acquisition. As such, the activity does not indicate a clear bias.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake last quarter at prices between $25 and $29. This quarter saw a minor reversal, as ~17% of the position was sold at prices between $24.40 and $30.20. The stock currently trades below those ranges at $22.87. The stake currently stands at 1.86% of the US long portfolio. For investors attempting to follow Paulson, CIE is a good option to consider for further research.Realogy Holdings (RLGY), Pioneer Natural Resources (PXD), CNO Financial (CNO), and Caesars Entertainment (CZR): These medium-sized (1% to 5% of the US long portfolio) positions were reduced incrementally this quarter. As the activity was minor and the remaining position sizes are still substantial, it does not indicate a change in bias.Interoil Corp. (IOC) and Rue21 Inc. (RUE): These were very small (less than 1% of the US long portfolio) positions that were further reduced this quarter. As the position sizes are very small, the activity does not indicate a clear bias.Stake Increases:Family Dollar Stores (FDO): FDO is a large 5.23% of the US long portfolio position established in Q1 2013 at prices between $54.87 and $64. It was increased by ~50% last quarter at prices between $57.42 and $65.49. This quarter saw further buying as the stake was increased by another ~50% at prices between $62 and $75. The stock currently trades at $70. The significant stake build-up indicates a clear bullish bias.Vodafone Group (VOD): VOD was a very small 0.57% position as of last quarter. It was substantially increased to a 4.53% position this quarter at prices between $28.50 and $35.12. The stock currently trades outside that range at $37.25. It is now Paulson’s third-largest position after SPDR Gold Trust and Family Dollar Stores. The aggressive stake build-up this quarter indicates a clear bullish bias.Grifols S A (GRFS), Anglogold Ashanti (AU), and Aetna Inc. (AET): These medium-sized positions were increased incrementally this quarter. The activity indicates a bullish bias.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he is sitting on large gains. The TMUS stake was increased by ~17% to a 3.25% of the US long portfolio position this quarter at prices between $23 and $26.12. Paulson continues to be very bullish on TMUS.Cooper Tire & Rubber (CTB): CTB is a 1.08% of the US long portfolio position purchased last quarter at prices between $23.25 and $34.66. It was increased by ~9% this quarter at prices between $28.85 and $34. The stock currently trades at $23.83. The stake is a merger-arbitrage position (a subsidiary of Apollo Tyres agreed to acquire CTB in June 2013) but the trade has not worked so far. The stake increase this quarter indicates he is continuing to stay bullish. The position is worth ~8% of the entire business.Equinix Inc. (EQIX): EQIX is a 1.42% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. It had since been kept steady. Last quarter saw a reversal as the position was reduced by half at prices between $176 and $230. This quarter saw a 20% stake increase at prices between $165 and $203. The stock currently trades at $168. For investors attempting to follow Paulson, EQIX is a decent option to consider.Kodiak Oil & Gas (KOG): KOG was a very small 0.94% position purchased last quarter at prices between $7.47 and $9.60. It was almost doubled this quarter at prices between $8.42 and $12.06. The stock currently trades at $12.14. The stake build-up indicates a bullish bias.Belo Corporation (BLC) and M&T Bank (MTB): BLC and MTB now account for 0.80% and 1.26% of the US long portfolio. They were increased substantially this quarter. But as the relative sizes are still very small, the activity does not indicate a clear bias.The rest of the positions were left untouched:SPDR Gold Trust (GLD): GLD was Paulson’s largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half last quarter at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The position was kept steady this quarter and it is still his largest 13F position at 8.46% of the US long portfolio.Freeport McMoran (FCX): FCX is a 3.31% of the US long portfolio position that was increased by just over 70% last quarter. The increase was due to the result of Freeport’s acquisition of Plains Exploration & Production and McMoran Exploration that closed in the quarter - Paulson held a 3.69% position in PXP and a 1.53% position in MMR, both established in Q4 2012 as risk-arbitrage stakes. The original FCX position was established in Q4 2012 at prices between $30.81 and $42.43 and had since been kept steady. The stock currently trades at $36.83. For investors attempting to follow Paulson, FCX is a good option to consider for further research.Shire PLC ADR (SHPG): SHPG is a 2.20% of the US long portfolio stake established in Q3 2012 at prices between $85 and $94. Last quarter, the position was doubled at prices between $87 and $100 and was kept steady this quarter. The stock currently trades well outside those ranges at $136. Paulson is sitting on large gains on this position.Cablevision Systems (CVC): CVC is a 2.49% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Last quarter saw an additional 24% stake increase at prices between $13.93 and $16.82. It was kept steady this quarter. The stock currently trades at $14.93.Thermo Fisher Scientific (TMO): TMO is a 3.39% of the US long portfolio stake established last quarter at prices between $75.53 and $88.76. The stock currently trades outside that range at $101.Hartford Financial Services Group (HIG): The 1.20% of the US long portfolio HIG position was first purchased in 2009. It was an activist position and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced some limited success but is moving on: in Q1 2013, the position was reduced by 40% at prices between $22.44 and $26.46 and last quarter, it was further reduced by 45% at prices between $24.82 and $31.43. The stock currently trades at $35.44.AMC Networks (AMCX): AMCX is a 2.18% of the US long portfolio stake first established in Q3 2011 at prices between $33 and $37.50. Since then, the position was marginally increased. Last quarter saw a reversal as ~20% of the position was disposed of at prices between $60 and $68. The stock currently trades at $65.23. Paulson has huge long-term gains on this position.Delphi Automotive (DLPH): DLPH position was reduced to a very small 0.57% of the US long portfolio position last quarter at prices between $40.94 and $52.09. The position was established in 2011 as a result of conversion of Delphi Automotive debt to equity (at ~67c per share) as the firm emerged from bankruptcy. Paulson started harvesting the outsized gains from this position in Q1 2012.Hess Corporation (HES): HES is a 2.23% of the US long portfolio stake established in Q1 2013 at prices between $53 and $73. The position was increased by around 73% last quarter at prices between $62.87 and $74.14. The stock currently trades at $82.86.Mylan Inc. (MYL): The 2.99% MYL stake was reduced by roughly one-third last quarter at prices between $28.70 and $32. The original stake was purchased in Q1 2010 at prices between $17 and $23. The stake was kept relatively steady until Q1 2013 when it was reduced by a quarter at prices between $27.54 and $31. It was kept steady this quarter and the stock trades currently at $42.36.Radian Group (RDN), Popular Inc. (BPOP), Bank of America (BAC) WTS: These 1 to 1.5% positions were left untouched this quarter. The sizes are very small to indicate any bias.William Lyon Homes (WLH), W P Carey (WPC), Novagold (NG), Hillshire Brands (HSH), HCA Holdings (HCA), Boise Inc. (BZ), Capital One 2018 Warrants, Genworth Financial (GNW), Interdigital Inc. (IDCC), Jazz Pharmaceuticals (JAZZ), & MGIC Investment (MTG): These are very small positions (less than 1% of the US long portfolio) that were left untouched this quarter.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q3 2013:"

"Tracking John Paulson’s Paulson & Company Portfolio – Q2 2013 Update"

"This article is first in a series that provides an ongoing analysis of the changes made to John Paulson’s US stock portfolio on a quarterly basis. It is based on Paulson’s regulatory filed on 08/14/2013. John Paulson founded Paulson & Company in 1994 and during the first decade generated good absolute returns with low correlation to the overall market. Since then, he has expanded into other areas. Assets Under Management (AUM) has grown from around $2M at inception to over $18B as of EOY 2012. John Paulson is best known for his highly leveraged bets against the real-estate bubble that were first established in 2004. In 2007, those bets paid off as the firm generated $15B in profits. To read more on that story, check out “”. His investing style has shifted a lot over the years: the firm now has several types of funds focused in different areas. Even though it is very difficult to continue performing when assets are spread-out, his amazing winning streak continued through 2010. The funds however lost money the last couple of years.This quarter, Paulson’s US long portfolio decreased from $17.72B to $14.18B, a drop of 20%. There are 91 13F securities in the portfolio although only 49 of them are significantly large holdings (more than 0.5% of the US long portfolio). The top five holdings represent just over 30% of the US long assets. The largest holding is Sprint Nextel (S) at 9.9% followed by SPDR Gold Trust (GLD) at 8.6%. This is quite a shift from last quarter when GLD was by far the largest position at 19.03%.Stake Disposals:Capital One Financial (COF) & Warrants: COF was a small position (2M shares) first purchased in Q1 2009. The stake was increased to 17M shares in Q2 2009 at prices between $13.82 and $31.34. The position was since reduced to 0.68% of the US long portfolio as of last quarter at much higher prices. This quarter, the position was eliminated at prices between $52.75 and $63. The stock currently trades just outside that range at $66.59. The stake elimination represents a bearish bias.Scripps Networks (SNI) & Wells Fargo (WFC): SNI and WFC are very small positions (less than 1% of the US long portfolio) that were eliminated this quarter. WFC was a large 6.5% position as of 2010 but was reduced drastically in 2011. SNI position was established in 2011 but was reduced to roughly half by Q2 2012 and since then had been kept steady. As the stakes were minor, the eliminations do not indicate a clear bias.New Stakes:Thermo Fisher Scientific (TMO): TMO is a 3.41% of the US long portfolio stake established this quarter at prices between $75.53 and $88.76. The stock currently trades outside that range at $90.32. The substantial stake establishment indicates a clear bullish bias.Smithfield Foods (SFD), Cooper Tire & Rubber (CTB), & Kodiak Oil & Gas (KOG): SFD, CTB, and KOG are small ~1% positions established this quarter. SFD position was purchased at prices between $25.44 and $33.35 and the stock currently trades at $33.43. CTB position was purchased at prices between $23.25 and $34.66 and the stock currently trades at $32.46. KOG position was purchased at prices between $7.47 and $9.60 and the stock currently trades at $9.63. The stake establishments indicate a mild bullish bias.Belo Corporation (BLC), Rue21 Inc. (RUE), & William Lyon Homes (WLH): BLC, RUE, and WLH are very small (between 0.50% and 0.70%) positions established this quarter. As the positions sizes are very small, the stake establishments do not indicate a clear bias.Stake Decreases:SPDR Gold Trust (GLD) & Sprint Nextel (S): GLD & S are Paulson’s largest positions. The huge 19.03% GLD position was reduced by more than half this quarter to a 9.90% position at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The large stake reduction this quarter indicates a clear bearish bias. The S stake was established in Q4 2012 and doubled last quarter. This quarter, the stance reversed as the position was reduced by ~15%. S was a risk-arbitrage position established due to Softbank’s acquisition. As such, the activity does not indicate a clear bias.Delphi Automotive (DLPH): DLPH position was reduced to a very small 0.57% of the US long portfolio position this quarter at prices between $40.94 and $52.09. The position was established in 2011 as a result of conversion of Delphi Automotive debt to equity (at ~67c per share) as the firm emerged from bankruptcy. Paulson started harvesting the outsized gains from this position in Q1 2012 and the pattern continues this quarter.Life Technologies (LIFE): LIFE position was established in 2011. The bulk of the stake was purchased in Q3 2012 at prices between $42.47 and $49. Paulson had huge gains from this timely purchase and harvested most of it this quarter at prices between $64.63 and $75.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. It was reduced by ~30% in 2011 and since then had been kept relatively steady. This quarter saw a ~10% trimming at prices between $12.06 and $15.86. The stock currently trades outside that range at $17.30. Paulson is starting to harvest long-term capital gains from this position.Mylan Inc. (MYL): The 2.66% MYL stake was reduced by roughly one-third this quarter at prices between $28.70 and $32. The original stake was purchased in Q1 2010 at prices between $17 and $23. The stake was kept relatively steady until last quarter when it was reduced by a quarter at prices between $27.54 and $31. The large stake reduction across multiple quarters indicates a clear bearish bias.AMC Networks (AMCX): AMCX is a 2.28% of the US long portfolio stake first established in Q3 2011 at prices between $33 and $37.50. Since then, the position was marginally increased. This quarter saw a reversal as ~20% of the position was disposed of at prices between $60 and $68. Paulson is harvesting large long-term capital gains from this position.Hartford Financial Services Group (HIG): The 1.30% of the US long portfolio HIG position was first purchased in 2009. It was an activist position and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced some limited success but is moving on: last quarter the position was reduced by 40% at prices between $22.44 and $26.46 and this quarter, it was further reduced by 45% at prices between $24.82 and $31.43.Equinix Inc. (EQIX): EQIX was a small position established in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. It had since been kept steady. This quarter saw a reversal as the position was reduced by half at prices between $176 and $230.Anglogold Ashanti (AU) & Converts (AU-A), Bank of America (BAC) WTS, Caesars Entertainment (CZR), CNO Financial (CNO), Grifols S A (GRFS), Pioneer Natural Resources (PXD), & Realogy Holdings (RLGY): These medium-sized (1% to 5% of the US long portfolio) positions were reduced marginally this quarter. As the activity was minor, it does not indicate a change in bias.Randgold (RDN), Rock-Tenn Co. (RKT), Royal Bank Scotland (RBS) & Preferred, & Ryman Hospitality (GET): These are very small positions (less than 1% of the US long portfolio) that were reduced substantially this quarter. The activity indicates a mild bearish bias.HCA Holdings (HCA), Interdigital Inc. (IDCC), Interoil Corp. (IOC), Mead Johnson (MJN), MGIC Investment (MTG), Novagold (NG), Radian Group (RDN), & W P Carey (WPC): These are very small positions (less than 1% of the US long portfolio) that were reduced marginally this quarter. As the position sizes are very small and the stake reductions are minor, the activity does not indicate a clear bias.Stake Increases:Family Dollar Stores (FDO): FDO is a 3.27% of the US long portfolio position established last quarter at prices between $54.87 and $64. It was increased by ~50% this quarter at prices between $57.42 and $65.49. The stock currently trades at $71.14. The significant stake increase indicates a clear bullish bias.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of last quarter. The position was increased to a substantial 2.63% stake this quarter at prices between $25 and $29. The stock currently trades below that range at $24.67. The activity represents a bullish bias. For investors attempting to follow Paulson, CIE is a good option to consider for further research.Cablevision Systems (CVC): CVC is a 2.49% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. Last quarter, the position was increased by around one-third at prices between $13.76 and $15.75. This quarter saw an additional 24% stake increase at prices between $13.93 and $16.82. The stock currently trades at $18.40. The consistent buying across multiple quarters indicates a clear bullish bias.Hess Corporation (HES): HES is a 2.18% of the US long portfolio stake established last quarter at prices between $53 and $73. The position was increased by around 73% this quarter at prices between $62.87 and $74.14. The stock currently trades at $73.72. The stake increase indicates a bullish bias.Shire PLC ADR (SHPG): SHPG is a 1.91% of the US long portfolio stake established in Q3 2012 at prices between $85 and $94. It had since been kept steady. This quarter, the position was doubled at prices between $87 and $100. The stock currently trades at $114.Aetna Inc. (AET) & Popular Inc. (BPOP): These two medium-sized positions were increased marginally this quarter. As such, the activity does not indicate a change in bias.Gardner Denver (GDI), Hillshire Brands (HSH), & Vodafone Group (VOD): These are very small positions (less than 1% of the US long portfolio) that were increased marginally this quarter. As the stake increases are minor and the position sizes are very small, the activity does not indicate a clear bias.Freeport McMoran (FCX), Plains Exploration & Production, & McMoran Exploration: FCX is a ~3% of the US long portfolio position that increased by just over 70% this quarter. The original position was established in Q4 2012 at prices between $30.81 and $42.43 and had since been kept steady. The stock currently trades at the low-end of that range at $31. The large stake increase was due to the result of Freeport’s acquisition of Plains Exploration & Production and McMoran Exploration that closed in the quarter - Paulson held a 3.69% position in PXP and a 1.53% position in MMR, both established in Q4 2012 as risk-arbitrage stakes. For investors attempting to follow Paulson, FCX is a good option to consider for further research.MetroPCS & T-Mobile USA (TMUS): MetroPCS was 2.19% of the US long portfolio established in Q3 2012. The stake was eliminated this quarter as a result of the reverse-merger and IPO transaction with T-Mobile USA. This was a timely purchase for Paulson and he is sitting on large gains.The only other significantly large (more than 0.5% of the US long portfolio) position is Genworth Financial (GNW), a 0.72% stake established last quarter at prices between $9 and $11.50 that remained steady this quarter.The spreadsheet below highlights changes to Paulson’s US stock holdings in Q2 2013:"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 8/14/2023. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2023.This quarter, Watsa’s 13F portfolio value increased from $1.75B to $1.88B. There are 61 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Occidental Petroleum, Blackberry, and Micron Technology. Together, they account for ~46% of the entire 13F portfolio.Note 1: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q2 2023 was ~$58B of which ~$6.5B was in cash and short-term positions. FRFHF currently trades at ~$846 compared to Book Value (Q2 2023) of ~$834 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.Note 2: Prominent equity allocations not in the 13F report include investments in Greece and India (FFXDF). Greek allocation primarily consists of a ~32% ownership of Eurobank (EGFEY) (EGFEF). Other prominent stakes include ~27% of Thomas Cook India, 54% of Bangalore International Airport Limited, and 31% of Quess Corp Limited.Stake Disposals:Bank of America (BAC): The 5.55% BAC stake was established during Q2 and Q3 2022 at prices between ~$27 and ~$37. It was sold this quarter at prices between ~$27 and ~$31. The stock currently trades at $28.84.Chevron Inc. (CVX): The ~3% of the portfolio CVX stake was doubled in Q2 2022 at prices between ~$142 and ~$181. The disposal this quarter was at prices between ~$151 and ~$172. The stock is now at ~$167.Stake Increases:Occidental Petroleum (OXY): OXY is now the largest 13F stake at ~19% of the portfolio. It was built during the last four quarters at prices between ~$57 and ~$67. The stock is now at $66.15.Micron Technology (MU): MU is currently the third largest 13F position at ~13% of the portfolio. It saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% in Q1 2020 at prices between $34.50 and $60. That was followed with a whopping ~400% stake increase during Q3 2022 at prices between ~$49 and ~$65. That was followed with a ~12% further increase last quarter. The stock currently trades at ~$70. There was a marginal increase this quarter.Orla Mining (ORLA): ORLA is a 4.41% of the portfolio stake purchased during Q3 2022 at prices between ~$2.40 and ~$3.70. The last quarter saw a ~45% stake increase at prices between ~$3.85 and ~$4.90. That was followed with another ~30% increase this quarter at prices between ~$3.90 and ~$4.85. The stock currently trades at $4.50.Stake Decreases:Alphabet Inc. (GOOGL): GOOG is a ~2% stake purchased in Q1 2020 at prices between ~$53 and ~$76. There was a ~22% stake increase in Q4 2020 at prices between ~$71 and ~$91. This quarter saw a marginal reduction. The stock currently trades at ~$138.General Electric (GE): The very small 0.58% stake in GE was reduced by ~45% this quarter.Kept Steady:Blackberry Ltd (BB): BB stake is now at ~14% of the portfolio. The position was first purchased in 2010 at around $50 for 2M shares. The stake was aggressively built up to 46.7M shares in the following years. Their net cost on a fully converted basis is ~$10 per share and the stock currently trades at $5.39. There has only been very minor activity in the last ten years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. On 9/2/2020, those were redeemed, and new ones issued ($330M in 1.75% debentures convertible at $6 due 11/13/2023). Assuming full conversion of these debentures, Fairfax would beneficially own ~16.4% of the business (~102M shares).Kennedy-Wilson Holdings (KW): KW stake is a large (top five) 11.54% of the 13F portfolio position first purchased in 2010. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $16.54.Note 1: They also have a 13M share stake in the warrants (7-year term, $23 strike) that they received as part of a $300M investment in perpetual preferred stock (4.5% dividend) made last February. Their overall ownership stake in the business is ~20%.Note 2: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point through Q3 2016 was $645M. Since then, they invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to the current market value of ~$225M.Crescent Capital BDC (CCAP): CCAP is a 1.68% of the portfolio stake purchased in Q1 2020 at prices between $6.21 and $17.10 and the stock currently trades at $16.78.Note: Their ownership stake in the business is ~6.8%.Franklin Resources (BEN): The 1.42% BEN position was established in Q1 2020 at prices between $15.30 and $26.25 and it is now at $26.25.Alibaba Group Holdings (BABA), Bank of Nova Scotia (BNS), General Motors (GM), Helmerich & Payne (HP), Intel Corp (INTC), Johnson & Johnson (JNJ), Merck (MRK), and Pfizer Inc. (PFE): These small (less than ~1.50% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Fairfax Financials’ 13F filings for Q1 2023 and Q2 2023.Note: Long-term Book Value & PPS growth is in the annual letter that comes around March 10th: Fairfax has compounded Book Value at 17.8% and PPS at 16.1% annually over a period of 37 years (1985-2022).2023 Q1 Interim Report: Book Value: ~$804 per share as of Q1 2023 compared to ~$762 per share in EOY 2022 – there was an adjustment higher in the Q4 2022 book value from ~$658 per share. Investments: $56.64B total with $7.5B in cash-and-short-term – search for “Consolidated Balance Sheet” in the report and get the following information under “Portfolio Investments” section – Total from this section and the first line item which is cash-and-short-term.My Bullish Rating Text: “A business that compounded book value at ~18% over 37 years trading near book value is a compelling valuation.”Regulatory filings from 2/15/2023 to 6/19/2023: 13D/A – 6/7 – KW -26.37M shares – 17.3% of business."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q1 2023 Update"

"Prem Watsa’s 13F portfolio value decreased from $4.02B to $1.75B this quarter.Fairfax Financials’ largest three stakes are Micron Technology, Kennedy-Wilson, and Blackberry. Together they account for ~38% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 5/15/2023. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2022.This quarter, Watsa’s 13F portfolio value decreased from $4.02B to $1.75B. The decrease was primarily due to Atlas Corp’s “take private” transaction. There are 67 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Micron Technology, Kennedy-Wilson, and Blackberry. Together, they account for ~38% of the entire 13F portfolio.Note 1: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q4 2022 was ~$52B of which ~$9.5B was in cash and short-term positions. FRFHF currently trades at ~$747 compared to Book Value (Q1 2023) of ~$804 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.Note 2: Prominent equity allocations not in the 13F report include investments in Greece and India (FFXDF). Greek allocation primarily consists of a ~32% ownership of Eurobank (EGFEY) (EGFEF). Other prominent stakes include ~27% of Thomas Cook India, 54% of Bangalore International Airport Limited, and 31% of Quess Corp Limited.Stake Disposals:Atlas Corp: Atlas Corp was the largest 13F stake at ~48% of the portfolio as of last quarter. It came about from exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at $6.50 per share. Later on, 25M in warrants that had a strike price of $8.05 was also exercised. They had a 47.5% ownership stake in the business. Last August, Atlas Corp received a “take private” proposal from a consortium that included Fairfax at $14.45 per share. The offer was later increased and accepted at $15.50 per share. The transaction closed this quarter.Resolute Forest Products (RFP): The large (top three) RFP stake was at ~16% of the portfolio as of last quarter. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$665M ($21.80 per share). Their ownership stake was just under ~39% of the business. On 7/6/2022, Paper Excellence Group agreed to acquire Resolute Forest Products for $20.50 per share and one CVR (not tradeable) tied to potential duty refunds of $500M. The transaction closed this quarter. Resolute became a subsidiary of Domtar which was acquired by Paper Excellence Group last year.Stake Increases:Micron Technology (MU): MU is currently the largest 13F position at 13.22% of the portfolio. It saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% in Q1 2020 at prices between $34.50 and $60. That was followed with a whopping ~400% stake increase during Q3 2022 at prices between ~$49 and ~$65. That was followed with a ~12% further increase this quarter. The stock currently trades at $67.66.Bank of America (BAC) and Occidental Petroleum (OXY): These two positions were built over the last three quarters. The 5.55% BAC stake was established at prices between ~$27 and ~$37 and the stock currently trades at $29.19. OXY is a ~11% of the portfolio position purchased at prices between ~$57 and ~$67 and it is now at $58.15.Orla Mining (ORLA): ORLA is a ~4% of the portfolio stake purchased during Q3 2022 at prices between ~$2.40 and ~$3.70. This quarter saw a ~45% stake increase at prices between ~$3.85 and ~$4.90 The stock currently trades at $3.96.Intel Corp (INTC): The small 1.40% stake in INTC saw a ~15% increase this quarter.Kept Steady:Kennedy-Wilson Holdings (KW): KW stake is a large (top three) 12.61% of the 13F portfolio position first purchased in 2010. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $16.87.Note 1: They also have a 13M share stake in the warrants (7-year term, $23 strike) that they received as part of a $300M investment in perpetual preferred stock (4.5% dividend) made last February.Note 2: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point through Q3 2016 was $645M. Since then, they invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$225M.Blackberry Ltd (BB): BB stake is now at 12.16% of the portfolio. The position was first purchased in 2010 at around $50 for 2M shares. The stake was aggressively built up to 46.7M shares in the following years. Their net cost on a fully converted basis is ~$10 per share and the stock currently trades at $5.10. There has only been very minor activity in the last ten years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. On 9/2/2020, those were redeemed, and new ones issued ($330M in 1.75% debentures convertible at $6 due 11/13/2023). Assuming full conversion of these debentures, Fairfax would beneficially own ~16.4% of the business (~102M shares).Chevron Inc. (CVX): The ~3% of the portfolio CVX stake was doubled in Q2 2022 at prices between ~$142 and ~$181. The stock is now at ~$157.Alphabet Inc. (GOOGL): GOOG is a ~2% stake purchased in Q1 2020 at prices between ~$53 and ~$76 and it now goes for $124. There was a ~22% stake increase in Q4 2020 at prices between ~$71 and ~$91.Alibaba Group Holdings (BABA): BABA is a 1.71% of the portfolio position established in Q4 2021 at prices between ~$112 and ~$178. Q2 2022 saw a stake doubling at prices between ~$81 and ~$120. The stock currently trades at $92.10.Crescent Capital BDC (CCAP): CCAP is a 1.63% of the portfolio stake purchased in Q1 2020 at prices between $6.21 and $17.10 and the stock currently trades at $14.50.Note: Their ownership stake in the business is ~6.8%.Franklin Resources (BEN): The 1.54% BEN position was established in Q1 2020 at prices between $15.30 and $26.25 and it is now at ~$27.Bank of Nova Scotia (BNS), General Electric (GE), General Motors (GM), Helmerich & Payne (HP), Johnson & Johnson (JNJ), Merck (MRK), and Pfizer Inc. (PFE): These very small (less than ~1.20% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Fairfax Financials’ 13F filings for Q4 2022 and Q1 2023.11/4/2022 – There was a rumor about Fairfax India selling Bangalore Intl. Airport for $1.5B but it was confirmed as False reporting during Fairfax conference call –Note: Long-term Book Value & PPS growth is in the annual letter that comes around March 10th: Fairfax has compounded Book Value at 17.9% and PPS at 15% annually over a period of 35 years (1985-2020).Q3 2022 Report: Book Value: ~$570 per share as of Q3 2022 compared to ~$631 as of EOY 2021. Investments: $51.47B total with $8.21B in cash-and-short-term – search for “Consolidated Balance Sheet” in the report and get the following information under “Portfolio Investments” section – Total from this section and the first line item which is cash-and-short-term.My Bullish Rating Text: “A business that compounded book value at ~18% over 35 years trading near book value is a compelling valuation.”Regulatory filings from 11/14/2022 to 2/15/2023: 13G/As – 2/14 – CCAP - 2.09M shares – 6.8% of business, Watsa’s ownership – 2.34M shares – 9.7% of business."