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"Tracking David Abrams’ Abrams Capital Management Portfolio – Q3 2022 Update" | "David Abrams’ 13F portfolio value decreased this quarter from $3.72B to $3.47B. The number of positions remained steady at 18.The Kinder Morgan stake was reduced substantially this quarter.The top three positions are Lithia Motors, Change Healthcare, and Ashbury Automotive. They add up to ~36% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 11/10/2022. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q2 2022.This quarter, Abrams’ 13F portfolio value decreased from $3.72B to $3.47B. The number of holdings remained steady at 18. The top three stakes are at ~36% of the 13F portfolio while the top five holdings are at ~53%.Stake Decreases:Change Healthcare: Change Healthcare was a large (top-three) 12.61% of the portfolio position established during the first three quarters of 2021 at prices between ~$18 and ~$24. UnitedHealth (UNH) acquired Change Healthcare in a $25.75 per share all-cash deal that closed in October.Note: Abrams Capital Management had a ~5.4% ownership stake in Change Healthcare.Alphabet Inc. (GOOG): GOOG is a large (top five) ~8% position purchased in Q2 2018 at prices between ~$50 and ~$59. There was a ~20% stake increase in Q1 2020 at prices between ~$53 and ~$76. The stock is now at ~$97. There was a marginal reduction this quarter.Energy Transfer LP (ET): The ~7% ET stake was established in Q1 2020 at prices between $4.55 and $13.75. There was a ~64% stake increase in Q3 2020 at prices between $5.40 and $7.15. The stock is now at $12.20. This quarter saw a marginal reduction.Coupang Inc. (CPNG): The 6.44% CPNG stake was purchased in Q3 2021 at prices between ~$27 and ~$44.50. Next quarter saw a ~120% stake increase at prices between ~$25.50 and ~$30.50. That was followed with a ~40% stake increase in Q1 2022 at prices between ~$15.50 and ~$28.75. The stock is now at $19.14.Teva Pharmaceutical (TEVA): TEVA is a 5.56% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at $9.48. This quarter saw a marginal reduction.Kinder Morgan (KMI): KMI is a 1.62% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75. Q1 2020 saw a ~15% stake increase at prices between $10 and $22.25 and that was followed with a ~27% increase next quarter at prices between $12.73 and $18. There was a ~73% reduction this quarter at prices between ~$16 and ~$19. The stock currently trades at $18.69.USCB Financial Holdings (USCB): USCB is a minutely small 0.32% portfolio position established in Q3 2021. The stake saw a marginal reduction during the quarter.Kept Steady:Lithia Motors (LAD): LAD is currently the largest position at ~15% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. There have been minor increases since. The stock is now at ~$240.Note: Their ownership stake in Lithia Motors is at ~9%.Asbury Automotive (ABG): ABG is a top-three 9.23% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s. The stock currently trades at ~$181.Note: Their ownership stake in the business is ~9%.TransDigm Group (TDG): The large (top five) 8.16% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$626.AMERCO (UHAL): UHAL is a 6.21% position purchased in Q4 2016 at prices between $31 and $37 and increased by ~160% the following quarter at prices between $37 and $39. There was a ~45% increase in Q2 2017 at prices between $34 and $39 and that was followed with a similar increase in H1 2018 at prices between $32 and $38. Q4 2021 saw a ~20% reduction at prices between ~$65 and ~$76. Next quarter also saw a minor ~6% trimming. The stock is now at ~$53.Note: the prices quoted above are adjusted for the 10-for-1 stock-split earlier this week.Willis Towers Watson plc (WTW): WTW is a large 5.56% position purchased in Q1 2017 at prices between $117 and $133. Since then, the activity has been minor. The stock is now at ~$234.Meta Platforms (META) previously Facebook: META is a 4.71% portfolio position purchased in Q4 2018 at prices between $124 and $163. Q1 2020 saw a ~18% stake increase at prices between $146 and $223. The stock currently trades at ~$113.Camping World Holdings (CWH): CWH is a 3.73% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 also saw a ~12% stake increase at ~$7.90 per share while in Q3 2020 there was similar selling at ~$37.50. The stock is now at $28.93. They control ~12% of the business.O-I Glass (OI) previously Owens-Illinois: OI is a 2.59% of the portfolio stake established in Q4 2019 at prices between $8.50 and $12 and increased by ~42% next quarter at prices between $4.64 and $15. The stock currently trades at $16.31.Tempur Sealy International (TPX): TPX is a 2.51% of the portfolio stake established in Q3 2021 at prices between ~$37.50 and ~$49.60 and the stock currently trades well below that range at $32.53.Cantaloupe Inc. (CTLP) previously USA Technologies: The very small 0.31% CTLP position was purchased in Q1 2021 at prices between ~$9.45 and ~$12.45 and it is now well below that range at $3.23. Q1 2022 saw a ~50% stake increase at prices between ~$6.50 and ~$8.75.Nuvation Bio (NUVB): Panacea Acquisition merged with Nuvation Bio in a de-SPAC transaction that closed in February 2021. The stake was established during that quarter when it traded between ~$9 and ~$14.60. It currently trades at ~$2, and the stake is at 0.25% of the portfolio.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Abrams Capital Management’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/28/2022 to 8/15/2022: None." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q2 2022 Update" | "David Abrams’ 13F portfolio value decreased this quarter from $4.28B to $3.72B. The number of positions remained steady at 18.The portfolio was untouched this quarter.The top three positions are Lithia Motors, Change Healthcare, and Ashbury Automotive. They add up to ~38% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 8/12/2022. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q1 2022.This quarter, Abrams’ 13F portfolio value decreased from $4.28B to $3.72B. The number of holdings remained steady at 18. The top three stakes are at ~38% of the 13F portfolio while the top five holdings are at ~54%.Lithia Motors (LAD): LAD is currently the largest position at ~17% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. There have been minor increases since. The stock is now at ~$264.Note: Their ownership stake in Lithia Motors is at ~9%.Change Healthcare (CHNG): CHNG is a large (top-three) 10.52% of the portfolio position established during the first three quarters of 2021 at prices between ~$18 and ~$24. The stock currently trades at $24.76.Note: Abrams Capital Management owns ~5.4% of Change Healthcare. UnitedHealth (UNH) is acquiring Change Healthcare in a $25.75 per share all-cash deal. DOJ sued to block the deal and the trial began on August 1st.Asbury Automotive (ABG): ABG is a top-three 9.64% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s. The stock currently trades at ~$186.Note: Their ownership stake in the business is ~9%.Alphabet Inc. (GOOG): GOOG is a large (top five) 8.58% position purchased in Q2 2018 at prices between ~$50 and ~$59 and the stock is now at ~$123. There was a ~20% stake increase in Q1 2020 at prices between ~$53 and ~$76.TransDigm Group (TDG): The large (top five) 7.78% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$677.Energy Transfer LP (ET): The 5.93% ET stake was established in Q1 2020 at prices between $4.55 and $13.75 and it is now at $11.58. There was a ~64% stake increase in Q3 2020 at prices between $5.40 and $7.15.Willis Towers Watson plc (WTW): WTW is a large 5.67% position purchased in Q1 2017 at prices between $117 and $133. Since then, the activity has been minor. The stock is now at ~$220.Kinder Morgan (KMI): KMI is a 5.62% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75. Q1 2020 saw a ~15% stake increase at prices between $10 and $22.25 and that was followed with a ~27% increase next quarter at prices between $12.73 and $18. The stock currently trades at $18.57.AMERCO (UHAL): UHAL is a 5.44% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. Q4 2021 saw a ~20% reduction at prices between ~$646 and ~$759. Last quarter also saw a minor ~6% trimming. The stock is now at ~$578.Meta Platforms (META) previously Facebook: META is a 5.22% portfolio position purchased in Q4 2018 at prices between $124 and $163. Q1 2020 saw a ~18% stake increase at prices between $146 and $223. The stock currently trades at ~$181Teva Pharmaceutical (TEVA): TEVA is a 4.86% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at ~$11.20.Coupang Inc. (CPNG): The 4.66% CPNG stake was purchased in Q3 2021 at prices between ~$27 and ~$44.50. Next quarter saw a ~120% stake increase at prices between ~$25.50 and ~$30.50. That was followed with a ~40% stake increase last quarter at prices between ~$15.50 and ~$28.75. The stock is now at $18.10.Camping World Holdings (CWH): CWH is a ~3% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 also saw a ~12% stake increase at ~$7.90 per share while in Q3 2020 there was similar selling at ~$37.50. The stock is now at $31.29. They control ~12% of the business.O-I Glass (OI) previously Owens-Illinois: OI is a 2.61% of the portfolio stake established in Q4 2019 at prices between $8.50 and $12 and increased by ~42% next quarter at prices between $4.64 and $15. The stock currently trades at $14.30.Tempur Sealy International (TPX), and USCB Financial Holdings (USCB): TPX is a ~2% of the portfolio stake established in Q3 2021 at prices between ~$37.50 and ~$49.60 and the stock currently trades well below that range at $28.93. USCB is a minutely small 0.27% portfolio stake established in Q3 2021.Cantaloupe Inc. (CTLP) previously USA Technologies: The very small 0.47% CTLP position was purchased in Q1 2021 at prices between ~$9.45 and ~$12.45 and it is now well below that range at $6.83. Last quarter saw a ~50% stake increase at prices between ~$6.50 and ~$8.75.Nuvation Bio (NUVB): Panacea Acquisition merged with Nuvation Bio in a de-SPAC transaction that closed in February 2021. The stake was established during that quarter when it traded between ~$9 and ~$14.60. It currently trades at $3.08, and the stake is at 0.33% of the portfolio.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Abrams Capital Management’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 2/14/2022 to 5/28/2022: None." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q1 2022 Update" | "David Abrams’ 13F portfolio value decreased this quarter from $4.56B to $4.28B. The number of positions remained steady at 18.Abrams Capital Management increased Coupang and Cantaloupe while reducing AMERCO during the quarter.The top three positions are Lithia Motors, Alphabet, and Change Healthcare. They add up to ~35% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 5/13/2022. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q4 2021.This quarter, Abrams’ 13F portfolio value decreased from $4.56B to $4.28B. The number of holdings remained steady at 18. The top three stakes are at ~35% of the 13F portfolio while the top five holdings are at ~51%. The largest position is Lithia Motors, and it accounts for ~17% of the 13F portfolio.Stake Decreases:AMERCO (UHAL): UHAL is a 5.89% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. Last quarter saw a ~20% reduction at prices between ~$646 and ~$759. The stock is now at ~$489. This quarter saw a minor ~6% trimming.Stake Increases:Coupang Inc. (CPNG): The 5.61% CPNG stake was purchased in Q3 2021 at prices between ~$27 and ~$44.50. Last quarter saw a ~120% stake increase at prices between ~$25.50 and ~$30.50. That was followed with a ~40% stake increase this quarter at prices between ~$15.50 and ~$28.75. The stock is now well below those ranges at $12.90.Cantaloupe Inc. (CTLP) previously USA Technologies: The very small 0.49% CTLP position was purchased in Q1 2021 at prices between ~$9.45 and ~$12.45 and it is now well below that range at $5.12. This quarter saw a ~50% stake increase at prices between ~$6.50 and ~$8.75.Kept Steady:Lithia Motors (LAD): LAD is currently the largest position at ~17% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. There have been minor increases since. The stock has tripled over the holding period and is now at ~$300.Note: Their ownership stake in Lithia Motors is at ~9%.Alphabet Inc. (GOOG): GOOG is a large (top three) 9.51% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now at ~$2283. There was a ~20% stake increase in Q1 2020 at prices between $1057 and $1527.Change Healthcare (CHNG): CHNG is a large 8.64% of the portfolio position established in Q1 2021 at prices between ~$18 and ~$24 and the stock currently trades at $23.91. The two quarters through Q3 2021 had seen a ~37% stake increase at prices between ~$21 and ~$24.Note: Abrams Capital Management owns ~5.4% of Change Healthcare. UnitedHealth (UNH) is acquiring Change Healthcare in a $25.75 per share all-cash deal announced in January. DOJ sued to block the deal and the trial date is scheduled for August 1st.TransDigm Group (TDG): The large 8.20% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$600.Asbury Automotive (ABG): ABG is a ~8% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s. The stock currently trades at ~$185.Note: Their ownership stake in the business is ~9%.Meta Platforms (FB) previously Facebook: FB is a large 6.25% portfolio position purchased in Q4 2018 at prices between $124 and $163 and the stock currently trades at ~$189. Q1 2020 saw a ~18% stake increase at prices between $146 and $223.Willis Towers Watson plc (WLTW): WLTW is a large 5.89% position purchased in Q1 2017 at prices between $117 and $133. Since then, the activity has been minor. The stock is now at ~$208.Energy Transfer LP (ET): The 5.78% ET stake was established in Q1 2020 at prices between $4.55 and $13.75 and it is now at $11.94. There was a ~64% stake increase in Q3 2020 at prices between $5.40 and $7.15.Kinder Morgan (KMI): KMI is a 5.51% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75. Q1 2020 saw a ~15% stake increase at prices between $10 and $22.25 and that was followed with a ~27% increase next quarter at prices between $12.73 and $18. The stock currently trades at $20.02.Teva Pharmaceutical (TEVA): TEVA is a 5.27% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at $9.33.Camping World Holdings (CWH): CWH is a 3.33% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 also saw a ~12% stake increase at ~$7.90 per share while in Q3 2020 there was similar selling at ~$37.50. The stock is now at $26.41. They control ~12% of the business.Tempur Sealy International (TPX), and USCB Financial Holdings (USCB): TPX is a 2.35% of the portfolio stake established in Q3 2021 at prices between ~$37.50 and ~$49.60 and the stock currently trades well below that range at $24.64. USCB is a minutely small 0.29% portfolio stake established in Q3 2021.O-I Glass (OI) previously Owens-Illinois: OI is a ~2% of the portfolio stake established in Q4 2019 at prices between $8.50 and $12 and increased by ~42% next quarter at prices between $4.64 and $15. The stock currently trades at $16.90.Nuvation Bio (NUVB): Panacea Acquisition merged with Nuvation Bio in a de-SPAC transaction that closed in February. The stock traded between ~$9 and ~$14.60 during the quarter. It currently trades at $3.48, and the stake is at 0.47% of the portfolio.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Abrams Capital Management’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/15/2021 to 2/14/2022: 13G/A – 2/14 – ABG - 2.13M shares – 9.19% of business. 13G/A – 2/14 – CHNG – 16.98M shares – 5.4% of business." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q4 2021 Update" | "David Abrams’ 13F portfolio value decreased marginally this quarter from $4.59B to $4.56B. The number of positions remained steady at 18.Abrams Capital Management increased Coupang while reducing AMERCO during the quarter.The top three positions are Lithia Motors, Alphabet, and Meta Platforms. They add up to ~34% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 2/11/2022. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q3 2021.This quarter, Abrams’ 13F portfolio value decreased from $4.59B to $4.56B. The number of holdings remained steady at 18. The top three stakes are at ~34% of the 13F portfolio while the top five holdings are at ~50%. The largest position is Lithia Motors, and it accounts for ~15% of the 13F portfolio.Stake Decreases:AMERCO (UHAL): UHAL is a 7.14% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. There was a ~20% reduction this quarter at prices between ~$646 and ~$759. The stock is now at ~$600.Willis Towers Watson plc (WLTW): WLTW is a large 5.57% position purchased in Q1 2017 at prices between $117 and $133. The stock is now at ~$226. There was a ~6% trimming in Q4 2018 and since then the activity has been minor.Stake Increases:Coupang Inc. (CPNG): The 6.25% CPNG stake was purchased last quarter at prices between ~$27 and ~$44.50. This quarter saw a ~120% stake increase at prices between ~$25.50 and ~$30.50. The stock is now below those ranges at $23.14.Kept Steady:Lithia Motors (LAD): LAD is currently the largest position at 15.32% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. There have been minor increases since. The stock has tripled over the holding period and is now at ~$324.Note: Their ownership stake in Lithia Motors is at ~9%.Alphabet Inc. (GOOG): GOOG is a large (top three) 9.31% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now at ~$2750. There was a ~20% stake increase in Q1 2020 at prices between $1057 and $1527.Meta Platforms (FB) previously Facebook: FB is a large (top three) 8.89% portfolio position purchased in Q4 2018 at prices between $124 and $163 and the stock currently trades at ~$217. Q1 2020 saw a ~18% stake increase at prices between $146 and $223.Asbury Automotive (ABG): ABG is a ~8% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s. The stock currently trades at ~$185.Note: Their ownership stake in the business is ~9%.Change Healthcare (CHNG): CHNG is a large 7.96% of the portfolio position established in Q1 2021 at prices between ~$18 and ~$24 and the stock currently trades at $19.96. Last two quarters had seen a ~37% stake increase at prices between ~$21 and ~$24.Note: Abrams Capital Management owns ~5.4% of Change Healthcare. UnitedHealth (UNH) is acquiring Change Healthcare in a $25.75 per share all-cash deal announced in January. Per reports earlier this week, DOJ is preparing a lawsuit to block the merger.TransDigm Group (TDG): The large 7.53% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$668.Camping World Holdings (CWH): CWH is a 4.53% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 also saw a ~12% stake increase at ~$7.90 per share while in Q3 2020 there was similar selling at ~$37.50. The stock is now at $32.89. They control ~12% of the business.Kinder Morgan (KMI): KMI is a 4.34% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75. Q1 2020 saw a ~15% stake increase at prices between $10 and $22.25 and that was followed with a ~27% increase next quarter at prices between $12.73 and $18. The stock currently trades at $17.13.Teva Pharmaceutical (TEVA): TEVA is a 4.23% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at $8.49.Energy Transfer LP (ET): The ~4% ET stake was established in Q1 2020 at prices between $4.55 and $13.75 and it is now at $10.13. There was a ~64% stake increase in Q3 2020 at prices between $5.40 and $7.15.Tempur Sealy International (TPX), and USCB Financial Holdings (USCB): TPX is a 3.71% of the portfolio stake established last quarter at prices between ~$37.50 and ~$49.60 and the stock currently trades at $39.25. USCB is a minutely small 0.26% portfolio stake established last quarter.O-I Glass (OI) previously Owens-Illinois: OI is a 1.83% of the portfolio stake established in Q4 2019 at prices between $8.50 and $12 and increased by ~42% next quarter at prices between $4.64 and $15. The stock currently trades at $13.94.Nuvation Bio (NUVB), and Cantaloupe Inc. (CTLP) previously USA Technologies: These two positions were established in Q1 2021. Panacea Acquisition merged with Nuvation Bio in a de-SPAC transaction that closed in February. The stock traded between ~$9 and ~$14.60 during the quarter. It currently trades at $5.29, and the stake is at 0.71% of the portfolio. The very small 0.41% CTLP position was purchased at prices between ~$9.45 and ~$12.45 and it is now at $8.01.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Abrams Capital Management’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 8/15/2021 thru 11/15/2021: None ." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q3 2021 Update" | "David Abrams’ 13F portfolio value increased marginally this quarter from $4.50B to $4.59B. The number of positions increased from 16 to 18.Abrams Capital Management added Tempur Sealy International and Coupang during the quarter.The top three positions are Lithia Motors, Asbury Automotive Group, and Meta Platforms. They add up to ~34% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 11/12/2021. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q2 2021.This quarter, Abrams’ 13F portfolio value increased from $4.50B to $4.59B. The number of holdings increased from 16 to 18. The top three stakes are at ~34% of the 13F portfolio while the top five holdings are at ~51%. The largest position is Lithia Motors and it accounts for ~16% of the 13F portfolio.Stake Disposals:PG&E Corp (PCG): The PCG stake was a 4.79% of the portfolio position. PG&E share price dropped sharply in mid-January 2020 as they announced plans to file for bankruptcy. Abrams along with two other hedge funds stepped in and bought 45M shares. Their cost-basis was ~$7 per share and the stock is currently at $12.24. Last three quarters had seen a combined ~15% trimming and that was followed with the disposal this quarter at prices between ~$8.30 and ~$10.50.New Stakes:Tempur Sealy International (TPX), Coupang Inc. (CPNG), and US Century Bank (USCB): These are the new positions this quarter. TPX is a 3.64% of the portfolio stake established at prices between ~$37.50 and ~$49.60 and the stock currently trades at $44.07. The 2.68% CPNG stake was purchased at prices between ~$27 and ~$44.50 and it is now just below that range at $26.51. USCB is a minutely small 0.23% portfolio stake.Stake Decreases:None.Stake Increases:Change Healthcare (CHNG): CHNG is a large 7.75% of the portfolio position established in Q1 2021 at prices between ~$18 and ~$24 and the stock currently trades at $20.49. Last two quarters have seen a ~37% stake increase at prices between ~$21 and ~$24.Note: Abrams Capital Management owns ~5.5% of Change Healthcare. UnitedHealth (UNH) is acquiring Change Healthcare in a $25.75 per share all-cash deal announced in January.Kept Steady:Lithia Motors (LAD): LAD is currently the largest position at 16.26% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. Q4 2018 also saw a ~15% stake increase. The stock has tripled over the holding period and is now at ~$295. Q4 2020 saw a ~6% increase.Note: Their ownership stake in Lithia Motors is at ~9%.Asbury Automotive (ABG): ABG is a ~9% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s. The stock currently trades at ~$168.Note: Their ownership stake in the business is ~11%.Meta Platforms (FB) previously Facebook: FB is a large (top three) ~9% portfolio position purchased in Q4 2018 at prices between $124 and $163 and the stock currently trades at ~$341. Q1 2020 saw a ~18% stake increase at prices between $146 and $223.Alphabet Inc. (GOOG): GOOG is a 8.54% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now at ~$2942. There was a ~20% stake increase in Q1 2020 at prices between $1057 and $1527.AMERCO (UHAL): UHAL is a 7.91% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$735.TransDigm Group (TDG): The large 7.35% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$630.Willis Towers Watson plc (WLTW): WLTW is a large 5.55% position purchased in Q1 2017 at prices between $117 and $133. The stock is now at ~$233. There was a ~6% trimming in Q4 2018 and since then the activity has been minor.Note: Aon plc (AON) was to acquire Willis Towers Watson plc in an all-stock deal (1.08 shares of Aon for each share held) announced last March. The deal fell through following monopoly concerns raised by regulators.Teva Pharmaceutical (TEVA): TEVA is a 5.11% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at $8.75.Energy Transfer LP (ET): The 4.62% ET stake was established in Q1 2020 at prices between $4.55 and $13.75 and it is now at $8.82. There was a ~64% stake increase in Q3 2020 at prices between $5.40 and $7.15.Kinder Morgan (KMI): KMI is a 4.55% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75. Q1 2020 saw a ~15% stake increase at prices between $10 and $22.25 and that was followed with a ~27% increase next quarter at prices between $12.73 and $18. The stock currently trades at $16.11.Camping World Holdings (CWH): CWH is a 4.33% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 also saw a ~12% stake increase at ~$7.90 per share while in Q3 2020 there was similar selling at ~$37.50. The stock is now at $44.05. They control ~12% of the business.O-I Glass (OI) previously Owens-Illinois: OI is a 2.16% of the portfolio stake established in Q4 2019 at prices between $8.50 and $12 and increased by ~42% next quarter at prices between $4.64 and $15. The stock currently trades at $11.71.Nuvation Bio (NUVB), and Cantaloupe Inc. (CTLP) previously USA Technologies: These two positions were established in Q1 2021. Panacea Acquisition merged with Nuvation Bio in a de-SPAC transaction that closed in February. The stock traded between ~$9 and ~$14.60 during the quarter. It currently trades at $9.75 and the stake is at 0.83% of the portfolio. The very small 0.49% CTLP position was purchased at prices between ~$9.45 and ~$12.45 and it is now at $9.09.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Abrams Capital Management’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 6/3/2021 thru 8/15/2021: 13G – 8/13 – CHNG – 16.75M shares – 5.4% of business." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q2 2021 Update" | "David Abrams’ 13F portfolio value increased marginally this quarter from $4.44B to $4.50B. The number of positions remained steady at 16.Abrams Capital Management increased Change Healthcare during the quarter.The top three positions are Lithia Motors, Facebook, and Asbury Automotive Group and they add up to ~35% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 08/13/2021. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q1 2021.This quarter, Abrams’ 13F portfolio value increased from $4.44B to $4.50B. The number of holdings remained steady at 16. The top three stakes are at ~35% of the 13F portfolio while the top five holdings are at ~51%. The largest position is Lithia Motors and it accounts for ~18% of the 13F portfolio.Stake Disposals:None.New Stakes:None.Stake Decreases:PG&E Corp (PCG): The PCG stake is now a 4.79% of the portfolio position. PG&E share price dropped sharply in mid-January 2020 as they announced plans to file for bankruptcy. Abrams along with two other hedge funds stepped in and bought 45M shares. Their cost-basis is ~$7 per share and the stock is currently at $9.11. Last three quarters have seen a combined ~15% trimming.Stake Increases:Change Healthcare (CHNG): CHNG is a large 7.14% of the portfolio position established last quarter at prices between ~$18 and ~$24 and the stock currently trades at $21.69. This quarter saw a ~13% stake increase.Note: Regulatory filings since the quarter ended show them owning 16.75M shares (5.4% of the business) of Change Healthcare. This is compared to 13.94M shares in the 13F report.Kept Steady:Lithia Motors (LAD): LAD is currently the largest position at ~18% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. Q4 2018 also saw a ~15% stake increase. The stock has more than tripled over the holding period and is now at ~$336. Q4 2020 saw a ~6% increase.Note: Their ownership stake in Lithia Motors is at ~9%.Facebook (FB): FB is a large (top three) 9.31% portfolio position purchased in Q4 2018 at prices between $124 and $163 and the stock currently trades at ~$363. Q1 2020 saw a ~18% stake increase at prices between $146 and $223.Asbury Automotive (ABG): ABG is a ~8% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. The stock currently trades at ~$189. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s.Note: Their ownership stake in the business is ~11%.Alphabet Inc. (GOOG): GOOG is a 7.95% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now at ~$2822. There was a ~20% stake increase in Q1 2020 at prices between $1057 and $1527.TransDigm Group (TDG): The large (top five) 7.76% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$603.AMERCO (UHAL): UHAL is a 7.35% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$648.Willis Towers Watson plc (WLTW): WLTW is a large 5.59% position purchased in Q1 2017 at prices between $117 and $133. The stock is now at ~$218. There was a ~6% trimming in Q4 2018 and since then the activity has been minor.Note: Aon plc (AON) was to acquire Willis Towers Watson plc in an all-stock deal (1.08 shares of Aon for each share held) announced last March. The deal fell through last month following monopoly concerns raised by regulators.Teva Pharmaceutical (TEVA): TEVA is a large 5.29% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at $9.38.Energy Transfer LP (ET): The 5.23% ET stake was established in Q1 2020 at prices between $4.55 and $13.75 and it is now at $9.21. There was a ~64% stake increase in Q3 2020 at prices between $5.40 and $7.15.Kinder Morgan (KMI): KMI is a ~5% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75. Q1 2020 saw a ~15% stake increase at prices between $10 and $22.25 and that was followed with a ~27% increase in Q2 2020 at prices between $12.73 and $18. The stock currently trades at $16.28.Camping World Holdings (CWH): CWH is a 4.65% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 also saw a ~12% stake increase at ~$7.90 per share while in Q3 2020 there was similar selling at ~$37.50. The stock is now at $37.26. They control ~12% of the business.O-I Glass (OI) previously Owens-Illinois: OI is a 2.52% of the portfolio stake established in Q4 2019 at prices between $8.50 and $12 and increased by ~42% next quarter at prices between $4.64 and $15. The stock currently trades at $14.58.Nuvation Bio (NUVB), and Cantaloupe Inc. (CTLP) previously USA Technologies: These two positions established last quarter were kept steady this quarter. Panacea Acquisition merged with Nuvation Bio in a de-SPAC transaction that closed in February. The stock traded between ~$9 and ~$14.60 during the quarter. It currently trades at $9.32 and the stake is at 0.79% of the portfolio. The very small 0.55% CTLP position was purchased at prices between ~$9.45 and ~$12.45 and it is now at $10.14.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Abrams Capital Management’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 2/19/2021 thru 6/3/2021: Form 4 – 4/13 – ABG – minor – ~2.12M shares." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q1 2021 Update" | "David Abrams’ 13F portfolio value increased ~25% this quarter from $3.55B to $4.44B. The number of positions decreased from 17 to 16.Abrams Capital Management added Change Healthcare while dropping TransMedics Group during the quarter.The top three positions are Lithia Motors, Asbury Automotive Group, and Facebook, and they add up to ~38% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 05/14/2021. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q4 2020.This quarter, Abrams’ 13F portfolio value increased from $3.55B to $4.44B. The number of holdings decreased from 17 to 16. The top three stakes are at ~38% of the 13F portfolio while the top five holdings are at ~53%. The largest position is Lithia Motors and it accounts for ~21% of the 13F portfolio.Stake Disposals:TransMedics Group (TMDX): TMDX was a ~2% of the 13F portfolio stake that came about as a result of its IPO in May 2019. Abrams was an early investor who led funding rounds going back to 2012. The position was disposed this quarter in the low-30s price range. The stock started trading at ~$25 and currently goes for $25.33.Clear Channel Outdoor Holdings (CCO): CCO was a very small 0.16% of the 13F portfolio stake. It was a very long-term position that has been in the portfolio since 2009. The stake had been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The position was disposed this quarter at prices between ~$1.40 and ~$2.22. The stock currently trades at $2.29.Sculptor Capital (SCU) previously Och-Ziff Capital Management: SCU was a 0.22% portfolio stake established in Q2 2016 at prices between $33 and $43.50 and increased by ~11% in the following quarter at around the same price range. There was another similar increase in Q4 2016 at a cost-basis of ~$32. Q1 2017 also saw a ~17% increase at prices between $22 and $36.30. There was a ~23% selling in Q3 2020 at prices between ~$10.50 and ~$14.50. Last quarter saw another two-thirds selling at prices between ~$10.50 and ~$16. The remainder stake was disposed this quarter. The stock is now at $25.45.Note: The prices quoted above are adjusted for the 1 for 10 reverse stock-split in January 2019.Bristol Myers Squibb (BMY) Rights: It was a 0.48% position that came about in Q1 2020 as a result of the acquisition of Celgene. Terms called for CELG shareholders to receive $50 cash, 1 share of Bristol Myers Squibb (BMY), and a tradeable Contingent Value Right that could pay out $9 cash in 2021 based on achieving milestones. Abrams held 6.75M shares of CELG for which they received the same number of BMY shares and the Rights. In Q4 2019, the BMY position was sold but the Rights were increased substantially. Q3 2020 saw a one-third reduction in the Rights while last quarter there was a two-thirds increase. In January, the Rights terminated automatically as one of the milestones was not met.New Stakes:Change Healthcare (CHNG), Nuvation Bio (NUVB), and Cantaloupe Inc. (CTLP) previously USA Technologies: These are the new positions this quarter. CHNG is a large ~6% of the portfolio position established this quarter at prices between ~$18 and ~$24 and the stock currently trades at $23.64. Panacea Acquisition merged with Nuvation Bio in a de-SPAC transaction that closed in February. The stock traded between ~$9 and ~$14.60 during the quarter. It currently trades at $13.43 and the stake is at 0.77% of the portfolio. The very small 0.50% CTLP position was purchased at prices between ~$9.45 and ~$12.45 and it is now at $12.30.Stake Decreases:PG&E Corp (PCG): The PCG stake is now a ~6% of the portfolio position. PG&E share price dropped sharply in mid-January 2020 as they announced plans to file for bankruptcy. Abrams along with two other hedge funds stepped in and bought 45M shares. Their cost-basis is ~$7 per share and the stock is currently at $10.43. There was minor trimming over the last few quarters.Stake Increases:None.Kept Steady:Lithia Motors (LAD): LAD is currently the largest position at ~21% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. Q4 2018 also saw a ~15% stake increase. The stock has more than tripled over the holding period and is now at ~$338. Last quarter saw a ~6% increase.Note: Their ownership stake in Lithia Motors is at ~9%.Asbury Automotive (ABG): ABG is a 9.37% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. The stock currently trades at ~$190. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s.Note: Their ownership stake in the business is ~11%.Facebook (FB): FB is a large (top three) ~8% portfolio position purchased in Q4 2018 at prices between $124 and $163 and the stock currently trades at ~$326. Q1 2020 saw a ~18% stake increase at prices between $146 and $223.AMERCO (UHAL): UHAL is a 7.74% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$569.TransDigm Group (TDG): The large (top three) 7.14% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$661.Alphabet Inc. (GOOG): GOOG is a 6.80% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now well above that range at ~$2405. There was a ~20% stake increase in Q1 2020 at prices between $1057 and $1527.Teva Pharmaceutical (TEVA): TEVA is a large 6.25% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at $10.57.Willis Towers Watson plc (WLTW): WLTW is a large 5.64% position purchased in Q1 2017 at prices between $117 and $133. The stock is now well above that range at ~$259. There was a ~6% trimming in Q4 2018 and since then the activity has been minor.Note: Aon plc (AON) is acquiring Willis Towers Watson plc in an all-stock deal (1.08 shares of Aon for each share held) announced last March.Kinder Morgan (KMI): KMI is a 4.68% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75. Q1 2020 saw a ~15% stake increase at prices between $10 and $22.25 and that was followed with a ~27% increase in Q2 2020 at prices between $12.73 and $18. The stock currently trades at $18.77.Camping World Holdings (CWH): CWH is a 4.18% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 also saw a ~12% stake increase at ~$7.90 per share while in Q3 2020 there was similar selling at ~$37.50. The stock is now at $41.05. They control ~12% of the business.Energy Transfer LP (ET): The 3.83% ET stake was established in Q1 2020 at prices between $4.55 and $13.75 and it is now at $10.49. There was a ~64% stake increase in Q3 2020 at prices between $5.40 and $7.15.O-I Glass (OI) previously Owens-Illinois: OI is a 2.30% of the portfolio stake established in Q4 2019 at prices between $8.50 and $12 and increased by ~42% next quarter at prices between $4.64 and $15. The stock currently trades at $19.16.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Abrams Capital Management’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 2/18/2021: 13G/A – 2/16 – TMDX - 1.3M shares – 4.8% of business, Form 4 & 13G – 2/10 – ~875K shares disposed at ~$32 – 2.62M shares remain – 9.66% of business. 13 G/As – 2/12 – CWH – 5.11M shares – 11.95% of business, PACD – zero, LAD – 2.35M shares – 9% of business," |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q4 2020 Update" | "David Abrams’ 13F portfolio value increased this quarter from $3.16B to $3.55B. The number of positions decreased from 19 to 17.Abrams Capital Management dropped Franklin Resources and Akebia Therapeutics during the quarter.The top three positions are Lithia Motors, TransDigm Group, and Facebook, and they add up to one third of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 02/12/2021. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q3 2020.This quarter, Abrams’ 13F portfolio value increased from $3.16B to $3.55B. The number of holdings decreased from 19 to 17. The top three stakes are at ~38% of the 13F portfolio while the top five holdings are at ~55%. The largest position is Lithia Motors and it accounts for ~19% of the 13F portfolio.Stake Disposals:Franklin Resources (BEN): BEN was a large 5.28% of the 13F portfolio stake established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. There was another ~25% stake increase in Q3 2018 at prices between $30 and $34.50. The stock currently trades below the low end of those ranges at $27.51. Last quarter saw a ~15% trimming at prices between ~$19 and ~$23. That was followed with the disposal this quarter at prices between ~$18.50 and ~$25. They realized losses.Akebia Therapeutics (AKBA): AKBA was a 2.48% portfolio stake as of Q3 2018. Akebia merged with Keryx Pharmaceuticals in a transaction that closed in December 2018. Keryx shareholders received 0.37433 common shares of AKBA for each share held. Abrams had ~9.1M shares of Keryx for which he received 3.4M shares. Abrams also increased the overall position by ~20% during Q4 2018 at prices between $5.40 and $9.15. The stake was eliminated this quarter at prices between ~$2.20 and ~$3.78. AKBA currently trades at $4.44.New Stakes:None.Stake Decreases:PG&E Corp (PCG): The PCG stake is now a top five 8.15% of the portfolio position. It was purchased at ~$7 per share and it currently goes for $11.64. PG&E shares price dropped sharply in mid-January 2020 as they announced plans to file for bankruptcy. Abrams along with two other hedge funds stepped in and bought 45M shares near the lows.Sculptor Capital (SCU) previously Och-Ziff Capital Management: SCU is a 0.22% portfolio stake established in Q2 2016 at prices between $33 and $43.50 and increased by ~11% in the following quarter at around the same price range. There was another similar increase in Q4 2016 at a cost-basis of ~$32. Q1 2017 also saw a ~17% increase at prices between $22 and $36.30. There was a ~23% selling last quarter at prices between ~$10.50 and ~$14.50. This quarter saw another two-thirds selling at prices between ~$10.50 and ~$16. The stock is now at $24.35.Note: The prices quoted above are adjusted for the 1 for 10 reverse stock-split in January 2019.Stake Increases:Lithia Motors (LAD): LAD is currently the largest position at ~19% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. Q4 2018 also saw a ~15% stake increase. The stock has more than tripled over the two-year holding period and is now at ~$381. This quarter saw a ~6% increase.Note: Their ownership stake in Lithia Motors is at ~9%.Bristol Myers Squibb Rights (BMY.RT): It is a 0.48% position that came about in Q1 2020 as a result of the acquisition of Celgene. Terms called for CELG shareholders to receive $50 cash, 1 share of Bristol Myers Squibb (BMY), and a tradeable Contingent Value Right that could pay out $9 cash in 2021 based on achieving milestones. Abrams held 6.75M shares of CELG for which they received the same number of BMY shares and the Rights. In Q4 2019, the BMY position was sold but the Rights were increased substantially. Last quarter saw a one-third reduction in the Rights while this quarter there was a two-thirds increase. In January, the Rights terminated automatically as one of the milestones was not met.Kept Steady:TransDigm Group (TDG): The large (top three) 9.41% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$601.Facebook (FB): FB is a large (top three) 9.28% portfolio position purchased in Q4 2018 at prices between $124 and $163 and the stock currently trades at ~$262. Q1 2020 saw a ~18% stake increase at prices between $146 and $223.Asbury Automotive (ABG): ABG is a 8.71% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. The stock currently trades at ~$161. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s.Note: Their ownership stake in the business is ~11%.Alphabet Inc. (GOOG): GOOG is a 7.24% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now well above that range at ~$2101. There was a ~20% stake increase in Q1 2020 at prices between $1057 and $1527.AMERCO (UHAL): UHAL is a 7.19% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$536.Teva Pharmaceutical (TEVA): TEVA is a large 6.54% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at $11.04.Willis Towers Watson plc (WLTW): WLTW is a large 6.50% position purchased in Q1 2017 at prices between $117 and $133. The stock is now well above that range at ~$225. There was a ~6% trimming in Q4 2018 and since then the activity has been minor.Note: Aon plc (AON) is acquiring Willis Towers Watson plc in an all-stock deal (1.08 shares of Aon for each share held) announced in March.Kinder Morgan (KMI): KMI is a 4.81% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75. Q1 2020 saw a ~15% stake increase at prices between $10 and $22.25 and that was followed with a ~27% increase in Q2 2020 at prices between $12.73 and $18. The stock currently trades at ~$15.Energy Transfer LP (ET): The 3.86% ET stake was established in Q1 2020 at prices between $4.55 and $13.75 and it is now at ~$7. There was a ~64% stake increase last quarter at prices between $5.40 and $7.15.Camping World Holdings (CWH): CWH is a 3.75% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 saw a ~12% stake increase at ~$7.90 per share while last quarter there was similar selling at ~$37.50. The stock is now at ~$37. They control ~12% of the business.O-I Glass (OI) previously Owens-Illinois: OI is a 2.33% of the portfolio stake established in Q4 2019 at prices between $8.50 and $12 and increased by ~42% next quarter at prices between $4.64 and $15. The stock currently trades at ~$12.50.TransMedics Group (TMDX): TMDX is a 1.96% of the 13F portfolio stake that came about as a result of its IPO in May 2019. Abrams was an early investor who led funding rounds going back to 2012. The stock started trading at ~$25 and currently goes for $35.43.Note: Regulatory filings since the quarter ended show them owning 1.3M shares (4.8% of the business). This is compared to ~3.5M shares in the 13F report. The selling happened in the low-30s price range.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.16% of the 13F portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $2.03.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q4 2020:Regulatory filings thru 11/24/2020:13G/A – 11/20 – Sculptor Capital – SCU – 1.12M shares – 4.96% of business." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q3 2020 Update" | "David Abrams’ 13F portfolio value increased this quarter from $3.09B to $3.16B. The number of positions decreased from 20 to 19.Abrams Capital Management increased Energy Transfer LP during the quarter.The top three positions are Lithia Motors, Facebook, and TransDigm Group and they add up to one third of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 11/13/2020. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q2 2020.This quarter, Abrams’ 13F portfolio value increased from $3.09B to $3.16B. The number of holdings decreased from 20 to 19. The top three stakes are at ~34% of the 13F portfolio while the top five holdings are at ~50%. The largest position is Lithia Motors and it accounts for ~16% of the 13F portfolio.Stake Disposals:Pacific Drilling SA (PACD): The very small 0.13% PACD stake got established in Q4 2018 as the company emerged from Chapter 11 bankruptcy that November - Abrams had ~$200M in Pacific Drilling debt when the company filed for bankruptcy in November 2017. Last quarter saw the position almost eliminated at prices between $0.35 and $1. The remainder stake was disposed this quarter.Note 1: Pacific Drilling SA filed for Chapter 11 bankruptcy at the end of October.Note 2: Abrams Capital had a ~10% ownership stake in Pacific Drilling as of Q1 2020.New Stakes:None.Stake Decreases:Franklin Resources (BEN): BEN is a large 5.28% of the 13F portfolio stake established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. There was another ~25% stake increase in Q3 2018 at prices between $30 and $34.50. The stock currently trades well below the low end of those ranges at $22.37. This quarter saw a ~15% trimming at prices between ~$19 and ~$23.Camping World Holdings (CWH): CWH is a ~5% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 saw a ~12% stake increase at ~$7.90 per share while this quarter there was similar selling at ~$37.50. The stock is now at $31.20. Abrams is starting to realize gains. They still control ~13% of the business.Bristol Myers Squibb Rights (BMY.RT): It is a ~1% position that came about in Q1 2020 as a result of the acquisition of Celgene. Terms called for CELG shareholders to receive $50 cash, 1 share of Bristol Myers Squibb (BMY), and a tradeable Contingent Value Right that could pay out $9 cash in 2021 based on achieving milestones. Abrams held 6.75M shares of CELG for which they received the same number of BMY shares and the Rights. In Q4 2019, the BMY position was sold but the Rights were increased substantially. This quarter saw a one-third reduction in the Rights. It currently trades at ~$1.19.Sculptor Capital (SCU) previously Och-Ziff Capital Management: SCU is a 0.59% portfolio stake established in Q2 2016 at prices between $33 and $43.50 and increased by ~11% in the following quarter at around the same price range. There was another similar increase in Q4 2016 at a cost-basis of ~$32. Q1 2017 also saw a ~17% increase at prices between $22 and $36.30. There was a ~23% selling this quarter at prices between ~$10.50 and ~$14.50. The stock is now at $14.80.Note 1: Regulatory filings from last week show them owning 1.12M shares (4.96% of business). This is compared to 1.59M shares in the 13F report.Note 2: The prices quoted above are adjusted for the 1 for 10 reverse stock-split in January. Abrams has a ~10% stake in the business.Stake Increases:Energy Transfer LP (ET): The 3.79% ET stake was established in Q1 2020 at prices between $4.55 and $13.75 and it is now at $6.71. There was a ~64% stake increase this quarter at prices between $5.40 and $7.15.Kept Steady:Lithia Motors (LAD): LAD is currently the largest position at ~16% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. Q4 2018 also saw a ~15% stake increase. The stock has tripled over the two-year holding period and is now at ~$309.Note: Their ownership stake in Lithia Motors is at ~10%.Facebook (FB): FB is a large (top three) ~10% portfolio position purchased in Q4 2018 at prices between $124 and $163 and the stock currently trades at ~$277. Q1 2020 saw a ~18% stake increase at prices between $146 and $223.TransDigm Group (TDG): The large (top three) ~8% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$615.PG&E Corp (PCG): The PCG stake is now a top five 7.42% of the portfolio position. It was purchased at ~$7 per share and it currently goes for $12.82. PG&E shares price dropped sharply in mid-January as they announced plans to file for bankruptcy. Abrams along with two other hedge funds stepped in and bought 45M shares near the lows.Willis Towers Watson plc (WLTW): WLTW is a large 7.22% position purchased in Q1 2017 at prices between $117 and $133. The stock is now well above that range at ~$209. There was a ~6% trimming in Q4 2018 and since then the activity has been minor.Note: Aon plc (AON) is acquiring Willis Towers Watson plc in an all-stock deal (1.08 shares of Aon for each share held) announced in March.Teva Pharmaceutical (TEVA): TEVA is a large 6.85% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at $9.86.Alphabet Inc. (GOOG): GOOG is a 6.78% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now well above that range at ~$1769. There was a ~20% stake increase in Q1 2020 at prices between $1057 and $1527.Asbury Automotive (ABG): ABG is a 6.52% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. The stock currently trades at ~$127. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s.Note: Their ownership stake in the business is ~11%.AMERCO (UHAL): UHAL is a 6.32% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$415.Kinder Morgan (KMI): KMI is a 4.86% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75. Q1 2020 saw a ~15% stake increase at prices between $10 and $22.25 and that was followed with a ~27% increase last quarter at prices between $12.73 and $18. The stock currently trades at ~$15. For investors attempting to follow, KMI is a good option to consider for further research.O-I Glass (OI) previously Owens-Illinois: OI is a 2.32% of the portfolio stake established in Q4 2019 at prices between $8.50 and $12 and increased by ~42% next quarter at prices between $4.64 and $15. The stock currently trades at $12.96.TransMedics Group (TMDX): TMDX is a 1.52% of the 13F portfolio stake that came about as a result of its IPO last May. Abrams was an early investor who led funding rounds going back to 2012. The stock started trading at ~$25 and currently goes for $14.51. Abrams has a ~17% ownership stake in the business.Akebia Therapeutics (AKBA): AKBA was a 2.48% portfolio stake as of Q3 2018. Akebia merged with Keryx Pharmaceuticals in a transaction that closed in December 2018. Keryx shareholders received 0.37433 common shares of AKBA for each share held. Abrams had ~9.1M shares of Keryx for which he received 3.4M shares. Abrams also increased the overall position by ~20% during Q4 2018 at prices between $5.40 and $9.15. AKBA currently trades at $3.08 and the stake is at 0.45% of the portfolio.Note: Their ownership stake in Akebia is at ~5%.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.11% of the 13F portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $1.55.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q3 2020:Regulatory filings thru 8/14/2020: Form 4 – 8/5 – CWH – 500K disposed at 40.18 – 5.1M shares remain. Form 4 – 7/20 – 500K shares disposed at 35.13 – 5.6M shares remain." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q2 2020 Update" | "David Abrams’ 13F portfolio value increased this quarter from $2.54B to $3.09B. The number of positions decreased from 22 to 20.Abrams Capital Management increased Kinder Morgan while dropping Suburban Propane Partners during the quarter.The top three positions are Lithia Motors, Teva Pharmaceutical, and Facebook and they add up to ~29% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 08/13/2020. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q1 2020.This quarter, Abrams’ 13F portfolio value increased ~22% from $2.54B to $3.09B. The number of holdings decreased from 22 to 20. The top three stakes are at ~29% of the 13F portfolio while the top five holdings are at ~44%. The largest position is Lithia Motors and it accounts for ~11% of the 13F portfolio.Stake Disposals:Allergan plc (AGN): AGN was a large 8.63% merger-arbitrage stake established last quarter. AbbVie (ABBV) acquired Allergan in a cash-and-stock ($120 cash and 1 share of ABBV for each AGN held) and the transaction closed in May. Abrams chose not to hold on to the AbbVie shares he received.Suburban Propane Partners (SPH): SPH was a 1.48% portfolio stake established in Q2 2017 at prices between $22.75 and $27 and increased by ~75% next quarter at prices between $23.50 and $26. The position was more than doubled in Q4 2017 at prices between $23.20 and $26.70 and that was followed with a ~87% increase over the next two quarters at prices between $22 and $27. The stock is currently well below the low end of those ranges at $13.57. Last quarter saw a ~11% trimming and the disposal this quarter was at prices between ~$13 and ~$17. Abrams realized losses.New Stakes:None.Stake Decreases:Pacific Drilling SA (PACD): The very small 0.13% PACD stake got established in Q4 2018 as the company emerged from Chapter 11 bankruptcy last November - Abrams had ~$200M in Pacific Drilling debt when the company filed for bankruptcy in November 2017. This quarter saw the position almost eliminated at prices between $0.35 and $1. The stock is now at $0.36.Note: Abrams Capital had a ~10% ownership stake in Pacific Drilling as of last quarter.Stake Increases:Kinder Morgan (KMI): KMI is a 6.12% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75. Last quarter saw a ~15% stake increase at prices between $10 and $22.25 and that was followed with a ~27% increase this quarter at prices between $12.73 and $18. The stock currently trades at $14.27. For investors attempting to follow, KMI is a good option to consider for further research.Kept Steady:Lithia Motors (LAD): LAD is currently the largest position at ~11% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. The stock is now at ~$259. Q4 2018 also saw a ~15% stake increase. Last quarter saw a ~3% trimming.Note: Their ownership stake in Lithia Motors is at ~10%.Teva Pharmaceutical (TEVA): TEVA is a top three 9.58% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at $11.57.Facebook (FB): FB is a large (top three) ~9% portfolio position purchased in Q4 2018 at prices between $124 and $163 and the stock currently trades at ~$261. Last quarter saw a ~18% stake increase at prices between $146 and $223.Transdigm Group (TDG) and Energy Transfer LP (ET): These were the two new positions established last quarter. The large (top five) 7.70% TDG position was purchased at prices between $246 and $658 and the stock currently trades at ~$495. The 3.11% ET stake was established at prices between $4.55 and $13.75 and it is now at $6.55.PG&E Corp (PCG): The PCG stake is now at ~7% of the portfolio. It was purchased at ~$7 per share and it currently goes for $9.62. PG&E share price dropped sharply in mid-January as they announced plans to file for bankruptcy. Abrams along with two other hedge funds stepped in and bought 45M shares near the lows.Willis Towers Watson plc (WLTW): WLTW is a large ~7% position purchased in Q1 2017 at prices between $117 and $133. The stock is now well above that range at ~$199. There was a ~6% trimming in Q4 2018 and since then the activity has been minor.Alphabet Inc. (GOOG): GOOG is a 6.71% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now well above that range at $1517. There was a ~20% stake increase last quarter at prices between $1057 and $1527.Franklin Resources (BEN): BEN is a large 6.59% of the 13F portfolio stake established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. There was another ~25% stake increase in Q3 2018 at prices between $30 and $34.50. The stock currently trades well below the low end of those ranges at ~$22. For investors attempting to follow, BEN is a good option to consider for further research.AMERCO (UHAL): UHAL is a 5.48% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$351.Camping World Holdings (CWH): CWH is a 5.36% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 saw a ~12% stake increase at ~$7.90 per share. The stock is now at $33.34. Abrams controls ~16% of the business.Note: Regulatory filings since the quarter ended show them owning ~5.1M shares of Camping World Holdings. This is compared to ~6.1M shares in the 13F report: around 1M shares were disposed at an average price of ~$37.50. Abrams is starting to realize gains.Asbury Automotive (ABG): ABG is a 5.29% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. The stock currently trades at ~$108. Last quarter also saw a ~11% stake increase at an average cost in the high 40s.Note: Their ownership stake in the business is ~11%.Bristol Myers Squibb (BMY) Rights: BMY Rights (BMY.RT) is a 2.68% position that came about last quarter as a result of the acquisition of Celgene. Terms called for CELG shareholders to receive $50 cash, 1 share of BMY, and a tradeable Contingent Value Right that could pay out $9 cash in 2021 based on achieving milestones. Abrams held 6.75M shares of CELG for which they received the same number of BMY shares and the Rights. The BMY position was sold and the Rights were increased substantially in Q4 2019. It currently trades at ~$3.14.Akebia Therapeutics (AKBA): AKBA was a 2.48 % portfolio stake as of Q3 2018. Akebia merged with Keryx Pharmaceuticals in a transaction that closed in December 2018. Keryx shareholders received 0.37433 common shares of AKBA for each share held. Abrams had ~9.1M shares of Keryx for which he received 3.4M shares. Abrams also increased the overall position by ~20% during Q4 2018 at prices between $5.40 and $9.15. AKBA currently trades at $10.63 and the stake is at 2.48% of the portfolio.Note: Their ownership stake in Akebia is at ~5%.TransMedics Group (TMDX): TMDX is a ~2% of the 13F portfolio stake that came about as a result of its IPO last May. Abrams was an early investor who led funding rounds going back to 2012. The stock started trading at ~$25 and currently goes for $18.32. Abrams has a ~17% ownership stake in the business.O-I Glass (OI) previously Owens-Illinois: OI is a ~2% of the portfolio stake established in Q4 2019 at prices between $8.50 and $12 and increased by ~42% last quarter at prices between $4.64 and $15. The stock currently trades at $11.90.Sculptor Capital (SCU) previously Och-Ziff Capital Management: SCU is a 0.86% portfolio stake established in Q2 2016 at prices between $33 and $43.50 and increased by ~11% in the following quarter at around the same price range. There was another ~11% increase in Q4 2016 at a cost-basis around $32. Q1 2017 also saw a ~17% increase at prices between $22 and $36.30. The stock is now at $13.91. Q4 2019 saw a ~7% trimming.Note: The prices quoted above are adjusted for the 1 for 10 reverse stock-split in January. Abrams has a ~10% stake in the business.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.11% of the 13F portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $1.13.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q2 2020:Regulatory filings thru 5/17/2020: Form 3 – 5/1 – LAD – ~2.23M shares, 3/31 – 13D/A – PCG – group investor agreement termination related, 13D – 3/2 – restated backstop commitment letter. Form 3 & 4 – 3/20 – ABG - ~2M shares (~11% of business) - ~41K shares acquired at ~$43.25," |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q1 2020 Update" | "David Abrams’ 13F portfolio value decreased this quarter from $3.22B to $2.54B. The number of positions increased from 21 to 22.Abrams Capital Management added Transdigm Group while dropping O’Reilly Automotive during the quarter.The top three positions are PG&E Corp, Allergan, and Teva Pharmaceutical, and they add up to ~26% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 05/14/2020. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q4 2019.This quarter, Abrams’ 13F portfolio value decreased ~21% from $3.22B to $2.54B. The number of holdings increased from 21 to 22. The top three stakes are at ~26% of the 13F portfolio while the top five holdings are at ~41%. The largest position is Lithia Motors and it accounts for ~9% of the 13F portfolio.Stake Disposals:O Reilly Automotive (ORLY): A large ~7% ORLY stake was purchased in Q3 2017 at prices between $173 and $220. Q4 2018 saw a minor ~3% selling and that was followed with a ~13% trimming next quarter at prices between $335 and $392. Q2 2019 saw another ~30% selling at prices between $353 and $409. The entire position was disposed this quarter at prices between $261 and $441. The stock currently trades at ~$410. Abrams harvested gains.New Stakes:Transdigm Group (TDG) and Energy Transfer LP (ET): These are the two new positions this quarter. The large 6.80% TDG position was purchased at prices between $246 and $658 and the stock currently trades at $371. The 2.45% ET stake was established at prices between $4.55 and $13.75 and it is now at $7.81.Stake Decreases:Suburban Propane Partners (SPH): SPH is a 1.48% portfolio stake established in Q2 2017 at prices between $22.75 and $27 and increased by ~75% next quarter at prices between $23.50 and $26. The position was more than doubled in Q4 2017 at prices between $23.20 and $26.70 and that was followed with a ~87% increase over the next two quarters at prices between $22 and $27. The stock is currently well below the low end of those ranges at $13.83. This quarter saw a ~11% trimming.Stake Increases:Facebook (FB): FB is a large (top five) ~8% portfolio position purchased in Q4 2018 at prices between $124 and $163 and the stock currently trades well above that range at ~$213. This quarter saw a ~18% stake increase at prices between $146 and $223.Alphabet Inc. (GOOG): GOOG is a ~7% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now well above that range at $1384. There was a ~20% stake increase this quarter at prices between $1057 and $1527.Kinder Morgan (KMI): KMI is a 5.37% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75 and the stock is currently at $15.49. This quarter saw a ~15% stake increase at prices between $10 and $22.25.Asbury Automotive (ABG): ABG is a 4.60% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. The stock currently trades at $70.61. This quarter also saw a ~11% stake increase at an average cost in the high 40s.Note: Their ownership stake in the business is ~11%.O-I Glass (OI) previously Owens-Illinois: OI is a 1.94% of the portfolio stake established last quarter at prices between $8.50 and $12 and increased by ~42% this quarter at prices between $4.64 and $15. The stock currently trades at $7.17.Kept Steady:PG&E Corp (PCG): PCG is now the largest position at 8.85% of the portfolio. It was purchased at ~$7 per share and it currently goes for $12.27. PG&E share price dropped sharply in mid-January as they announced plans to file for bankruptcy. Abrams along with two other hedge funds stepped in and bought 45M shares near the lows.Allergan plc (AGN) and Bristol Myers Squibb (BMY) Rights: These two positions were established last quarter. The large 8.63% AGN position was a merger-arbitrage stake. AbbVie (ABBV) acquired Allergan in a cash-and-stock ($120 cash and 1 share of ABBV for each AGN held) and the transaction closed earlier this month. BMY Rights (BMY.RT) is a 3.47% position that came about as a result of the acquisition of Celgene. Terms called for CELG shareholders to receive $50 cash, 1 share of BMY, and a tradeable Contingent Value Right that could pay out $9 cash in 2021 based on achieving milestones. Abrams held 6.75M shares of CELG for which they received the same number of BMY shares and the Rights. The BMY position was sold and the Rights were increased substantially last quarter. It currently trades at ~$3.Teva Pharmaceutical (TEVA): TEVA is currently a top three 8.50% of the portfolio stake. It was established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at $11.77.Willis Towers Watson plc (WLTW): WLTW is a large 7.31% position purchased in Q1 2017 at prices between $117 and $133. The stock is now well above that range at ~$205. There was a ~6% trimming in Q4 2018 and that was followed with marginal trimming last quarter.Lithia Motors (LAD): LAD is a ~7% of the portfolio position established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. The stock is now at ~$116. Q4 2018 also saw a ~15% stake increase. Last quarter saw a ~3% trimming.Note: Their ownership stake in Lithia Motors is at ~10%.AMERCO (UHAL): UHAL is a 6.42% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$298.Franklin Resources (BEN): BEN is a large 6.38% of the 13F portfolio stake established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. There was another ~25% stake increase in Q3 2018 at prices between $30 and $34.50. The stock currently trades well below the low end of those ranges at $18.34. For investors attempting to follow, BEN is a good option to consider for further research.Akebia Therapeutics (AKBA): AKBA was a 0.74% portfolio stake as of Q3 2018. Akebia merged with Keryx Pharmaceuticals in a transaction that closed in December 2018. Keryx shareholders received 0.37433 common shares of AKBA for each share held. Abrams had ~9.1M shares of Keryx for which he received 3.4M shares. Abrams also increased the overall position by ~20% during Q4 2018 at prices between $5.40 and $9.15. AKBA currently trades at $12.10 and the stake is at 1.69% of the portfolio.Note: Their ownership stake in Akebia is at ~5%.TransMedics Group (TMDX): TMDX is a 1.66% of the 13F portfolio stake that came about as a result of its IPO last May. Abrams was an early investor who led funding rounds going back to 2012. The stock started trading at ~$25 and currently goes for $16.53. Abrams has a ~17% ownership stake in the business.Camping World Holdings (CWH): CWH is a 1.37% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Last quarter saw a ~12% stake increase at ~$7.90 per share. The stock is now at $17.81. Abrams controls ~16% of the business.Sculptor Capital (SCU) previously Och-Ziff Capital Management: SCU is a 1.10% portfolio stake established in Q2 2016 at prices between $33 and $43.50 and increased by ~11% in the following quarter at around the same price range. There was another ~11% increase in Q4 2016 at a cost-basis around $32. Q1 2017 also saw a ~17% increase at prices between $22 and $36.30. The stock is now at $11.11. Last quarter saw a ~7% trimming.Note: The prices quoted above are adjusted for the 1 for 10 reverse stock-split in January. Abrams has a ~10% stake in the business.Pacific Drilling SA (PACD): The 0.13% PACD stake got established in Q4 2018 as the company emerged from Chapter 11 bankruptcy last November. The stock is now at $0.46. Abrams Capital’s ownership stake in Pacific Drilling is ~10%. They had ~$200M in Pacific Drilling debt when the company filed for bankruptcy in November 2017.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.08% of the 13F portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $0.94.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q1 2020:Regulatory filings thru 2/20/2020: 13G – 2/13 – TMDX - ~3.5M shares – 16.54% of business. BNED – 0, ENT – 0, LAD – 2.23M shares – 9.83% of business, CWH – 6.11M shares – 16.34% of business, PACD – 7.41M shares – 9.89% of business, CCO – 3.35M shares – 0.72% of business, SCU – 2.06M shares – 9.9% of business. Form 4 12/31 – 165K shares purchased at $21.15, 13D/A – 1/23, 12/27, 12/17, 12/11 – PCG – Restructuring Support Agreement related, ." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q4 2019 Update" | "David Abrams’ 13F portfolio value decreased this quarter from $3.57B to $3.22B. The number of positions increased from 20 to 21.Abrams Capital Management added Allergan and Bristol Myers Squibb during the quarter.The top three positions are Lithia Motors, PG&E Corp, and Franklin Resources, and they add up to ~27% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 02/14/2020. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q3 2019.This quarter, Abrams’ 13F portfolio value decreased ~10% from $3.57B to $3.22B. The number of holdings increased from 20 to 21. The top three stakes are at ~27% of the 13F portfolio while the top five holdings are at ~41%. The largest position is Lithia Motors and it accounts for ~10% of the 13F portfolio.Stake Disposals:Celgene Corp (CELG): The ~19% of the portfolio CELG position was established in Q1 2019 at ~$90 per share. It was a merger-arbitrage stake. Bristol-Myers Squibb (BMY) agreed to acquire Celgene Corp in a cash-and-stock transaction (one share of BMY and $50 cash along with a CVR that could pay $9 based on achieving regulatory milestones for each share held) announced last January. The deal closed in November.Altaba Inc. (AABA): A large (top five) ~7% AABA stake was purchased last quarter. Altaba made a pre-dissolution distribution of $51.50 per share in September and the stock is no longer traded.New Stakes:Allergan plc (AGN), Bristol Myers Squibb (BMY) Rights, and O-I Glass (OI) previously Owens-Illinois: These three are the new positions this quarter. The large 7.35% AGN position is a merger-arbitrage stake. AbbVie (ABBV) is acquiring Allergan in a cash-and-stock ($120 cash and 1 share of ABBV for each AGN held) deal expected to close this quarter. BMY Rights (BMY.RT) is a 2.17% position that came about as a result of the acquisition of Celgene. Terms called for CELG shareholders to receive $50 cash, 1 share of BMY, and a tradeable Contingent Value Right that could pay out $9 cash in 2021 based on achieving milestones. Abrams held 6.75M shares of CELG for which they received the same number of BMY shares and the Rights. The BMY position was sold and the Rights were increased substantially during the quarter. OI is a 1.8% of the portfolio stake established this quarter at prices between $8.50 and $12 and the stock currently trades at $11.41.Stake Decreases:Lithia Motors (LAD): LAD is currently the largest position at ~10% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. The stock is now at ~$121. Q4 2018 also saw a ~15% stake increase. This quarter saw a ~3% trimming.Note: Their ownership stake in Lithia Motors is at ~10%.Franklin Resources (BEN): BEN is currently the third-largest position at ~8% of the 13F portfolio. It was established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. There was another ~25% stake increase in Q3 2018 at prices between $30 and $34.50. The stock currently trades well below the low end of those ranges at $22.64. For investors attempting to follow, BEN is a good option to consider for further research. There was marginal trimming this quarter.O Reilly Automotive (ORLY): The large ~7% ORLY stake was purchased in Q3 2017 at prices between $173 and $220. The stock currently trades at ~$370. Q4 2018 saw a minor ~3% selling and that was followed with a ~13% trimming next quarter at prices between $335 and $392. Q2 2019 saw another ~30% selling at prices between $353 and $409. Abrams is harvesting gains. This quarter saw a ~3% trimming.Willis Towers Watson plc (WLTW): WLTW is a large ~7% position purchased in Q1 2017 at prices between $117 and $133. The stock is now well above that range at ~$195. There was a ~6% trimming in Q4 2018 and that was followed with marginal trimming this quarter.Facebook (FB): FB is a 6.50% portfolio position purchased in Q4 2018 at prices between $124 and $163 and the stock currently trades well above that at ~$190. This quarter saw marginal trimming.Alphabet Inc. (GOOG): GOOG is a ~5% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now well above that range at $1318.Sculptor Capital (SCU) previously Och-Ziff Capital Management (OZM): SCU is a 1.41% portfolio stake established in Q2 2016 at prices between $33 and $43.50 and increased by ~11% in the following quarter at around the same price range. There was another ~11% increase in Q4 2016 at a cost-basis around $32. Q1 2017 also saw a ~17% increase at prices between $22 and $36.30. The stock is now at ~$23. This quarter saw a ~7% trimming.Note: The prices quoted above are adjusted for the 1 for 10 reverse stock-split in January. Abrams has a ~10% stake in the business.Stake Increases:Camping World Holdings (CWH): CWH is a 2.80% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. This quarter saw a ~12% stake increase at ~$7.90 per share. The stock is now at $13.70. Abrams controls ~16% of the business.Kept Steady:PG&E Corp (PCG): PCG is a large (top three) 8.44% position purchased at ~$7 per share and it currently goes for $16.33. PG&E share price dropped sharply in mid-January as they announced plans to file for bankruptcy. Abrams along with two other hedge funds stepped in and bought 45M shares near the lows.Teva Pharmaceutical (TEVA): TEVA is currently a 7.32% of the portfolio stake. It was established in Q3 2017 at prices between $15.50 and $33.50. The stock currently trades at $12.21. Last quarter saw a one-third stake increase at prices between $6 and $9.60.Asbury Automotive (ABG): ABG is a 6.61% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. The stock currently trades at ~$90.Note: Their ownership stake in the business is ~10%.AMERCO (UHAL): UHAL is a 6.55% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$300.Kinder Morgan (KMI): KMI is a 5.61% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75 and the stock is currently at $19.52.TransMedics Group (TMDX): TMDX is a ~2% of the 13F portfolio stake that came about as a result of its IPO in May. Abrams was an early investor who led funding rounds going back to 2012. The stock started trading at ~$25 and currently goes for $16.14. Abrams has a ~17% ownership stake in the business.Suburban Propane Partners (SPH): SPH is a ~2% portfolio stake established in Q2 2017 at prices between $22.75 and $27 and increased by ~75% next quarter at prices between $23.50 and $26. The position was more than doubled in Q4 2017 at prices between $23.20 and $26.70 and that was followed with a ~87% increase over the next two quarters at prices between $22 and $27. The stock is currently at $19.59.Akebia Therapeutics (AKBA): AKBA was a minutely small 0.74% portfolio stake as of Q3 2018. They merged with Keryx Pharmaceuticals (KERX) in a transaction that closed in December. KERX shareholders received 0.37433 common shares of AKBA for each share held. Abrams had ~9.1M shares of Keryx for which he received 3.4M shares. Abrams also increased the overall position by ~20% during Q4 2018 at prices between $5.40 and $9.15. AKBA currently trades at $8.30.Note: Their ownership stake in Akebia is at ~5%.Pacific Drilling SA (PACD): The 0.81% PACD stake got established in Q4 2018 as the company emerged from Chapter 11 bankruptcy last November. The stock is now at $1.25. Abrams Capital’s ownership stake in Pacific Drilling is ~10%. They had ~$200M in Pacific Drilling debt when the company filed for bankruptcy in November 2017.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.30% of the 13F portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $2.14.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q4 2019:Regulatory Filings thru 11/28/2019: 13D/A – 11/18 – PCG – letter related to Chapter 11 & related funding backstop commitment. 13D/A – 9/13, 9/11 – backstop commitment regarding. 13G/A – 10/25 – LAD - ~2.3M shares - ~10% of business. Form 4 – 10/24 – 74K shares sold at ~$152. Form 4 – 10/10 – CWH - ~650K shares acquired at ~$7.90 – 6.11M shares remain. Form 4 – 9/6 – 17.5K shares acquired at $7.5. Form 4 – 8/27 - ~300K shares acquired at ~$7.75. Form 4 – 8/20 – ~43K shares at ~$8." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q3 2019 Update" | "David Abrams’ 13F portfolio value decreased this quarter from $3.68B to $3.57B. The number of positions increased from 19 to 20.Abrams Capital Management added Altaba while increasing Teva Pharmaceutical and Camping World Holdings.The top three positions are Celgene Corp, Lithia Motors, and Franklin Resources, and they add up to ~35% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 11/14/2019. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q2 2019.This quarter, Abrams’ 13F portfolio value decreased ~3% from $3.68B to $3.57B. The number of holdings increased from 19 to 20. The top three stakes are at ~35% of the 13F portfolio while the top five holdings are at ~49%. The largest position is Celgene Corp and it accounts for 18.77% of the 13F portfolio.Stake Disposals:None.New Stakes:Altaba Inc. (AABA): A large (top five) ~7% AABA stake was purchased during the quarter. Altaba made a pre-dissolution distribution of $51.50 per share in September.Stake Decreases:None.Stake Increases:Teva Pharmaceutical (TEVA): TEVA is currently a 4.63% of the portfolio stake. It was established in Q3 2017 at prices between $15.50 and $33.50. The stock currently trades at $10.45. This quarter saw a one-third stake increase at prices between $6 and $9.60.Camping World Holdings (CWH): CWH is a 1.36% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Last quarter saw a ~30% stake increase at $11 and $13 per share. The stock is now near the low end of their purchase price ranges at $12.05. Abrams controls ~6% of the business.Note: Regulatory filings since the quarter ended show them owning ~6.11M shares. This is compared to 5.46M shares in the 13F report. The increased happened at ~$7.90 per share.Kept Steady:Celgene Corp (CELG) and PG&E Corp (PCG): These large stakes were established in Q1 2019. The ~19% of the portfolio CELG stake is currently their largest position. It was a merger-arbitrage stake established at ~$90. Bristol-Myers Squibb (BMY) agreed to acquire Celgene Corp in a cash-and-stock transaction (one share of BMY and $50 cash along with a CVR that could pay $9 based on achieving regulatory milestones for each share held) announced in January. The deal closed last week. PCG is a ~7% position purchased at ~$7 per share and it currently goes for $7.55. PG&E share price dropped sharply in mid-January as they announced plans to file for bankruptcy. Abrams along with two other hedge funds stepped in and bought 45M shares near the lows.Lithia Motors (LAD): The large (top three) 8.52% LAD stake was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. The stock is now at ~$164. Q4 2018 also saw a ~15% stake increase.Note: Their ownership stake in Lithia Motors is at ~10%.Franklin Resources (BEN): BEN is currently the third-largest position at ~8% of the 13F portfolio. It was established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. There was another ~25% stake increase in Q3 2018 at prices between $30 and $34.50. The stock currently trades at $27.88. For investors attempting to follow, BEN is a good option to consider for further research.AMERCO (UHAL): UHAL is a ~6% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$365.Willis Towers Watson plc (WLTW): WLTW is a fairly large ~6% position purchased in Q1 2017 at prices between $117 and $133. The stock is now well above that range at ~$196. There was a ~6% trimming in Q4 2018.O Reilly Automotive (ORLY): The fairly large ~6% ORLY stake was purchased in Q3 2017 at prices between $173 and $220. The stock has doubled and it currently trades at ~$446. Q4 2018 saw a minor ~3% selling and that was followed with a ~13% trimming next quarter at prices between $335 and $392. Last quarter saw another ~30% selling at prices between $353 and $409. Abrams is harvesting gains.Asbury Automotive (ABG): ABG is a 5.45% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Q4 2018 saw another 20% stake increase at prices between $59 and $72. The stock currently trades at ~$113.Note: Their ownership stake in the business is ~10%.Facebook (FB): FB is a 5.11% portfolio position purchased in Q4 2018 at prices between $124 and $163 and the stock currently trades well above that at ~$202. There was a marginal stake increase in Q1 2019.Kinder Morgan (KMI): KMI is a 4.92% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75 and the stock is currently at $19.73.Alphabet Inc. (GOOG): GOOG is a 4.24% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now well above that range at $1313.TransMedics Group (TMDX): TMDX is a 2.25% of the 13F portfolio stake that came about as a result of its IPO in May. Abrams was an early investor who led funding rounds going back to 2012. The stock started trading at ~$25 and currently goes for $18.97.Suburban Propane Partners (SPH): SPH is a ~2% portfolio stake established in Q2 2017 at prices between $22.75 and $27 and increased by ~75% next quarter at prices between $23.50 and $26. The position was more than doubled in Q4 2017 at prices between $23.20 and $26.70 and that was followed with a ~87% increase over the next two quarters at prices between $22 and $27. The stock is currently at $22.38.Sculptor Capital (SCU) previously Och-Ziff Capital Management (OZM): SCU is a 1.21% portfolio stake established in Q2 2016 at prices between $33 and $43.50 and increased by ~11% in the following quarter at prices between $33.50 and $44.90. There was another ~11% increase in Q4 2016 at a cost-basis around $32. Q1 2017 also saw a ~17% increase at prices between $22 and $36.30. The stock is now at $19.50.Note: The prices quoted above are adjusted for the 1 for 10 reverse stock-split in January.Pacific Drilling SA (PACD): The 0.81% PACD stake got established in Q4 2018 as the company emerged from Chapter 11 bankruptcy last November. The stock is now at $2.91. Abrams Capital’s ownership stake in Pacific Drilling is ~10%. They had ~$200M in Pacific Drilling debt when the company filed for bankruptcy in November 2017.Akebia Therapeutics (AKBA): AKBA was a minutely small 0.74% portfolio stake as of Q3 2018. They merged with Keryx Pharmaceuticals (KERX) in a transaction that closed in December. KERX shareholders received 0.37433 common shares of AKBA for each share held. Abrams had ~9.1M shares of Keryx for which he received 3.4M shares. Abrams also increased the overall position by ~20% during Q4 2018 at prices between $5.40 and $9.15. AKBA currently trades at $5.55.Note: Their ownership stake in Akebia is at ~5%.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.43% of the 13F portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $2.52.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q3 2019:Regulatory Filings thru 8/10/2019: 13D/A, 13D – 8/8 & 8/7 – PCG – backstop commitment letter – 25M shares – 4.7% of business, Form 4 – 5/31, 5/28 – CWH – 225K shares acquired @ ~11 – 5.1M share total, 5/9 – 500K shares acquired @ ~12 and 25.7K shares @ ~11, 5/13 – 13G/A – 4.88M shares – 13.12% of business." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q2 2019 Update" | "David Abrams’ 13F portfolio value increased this quarter from $3.56B to $3.68B. The number of positions remained steady at 19.Abrams Capital Management added TransMedics Group while dropping Barnes & Noble Education.The top three positions are Celgene Corp, PG&E Corp, and Franklin Resources, and they add up to ~42% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 08/09/2019. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q1 2019.This quarter, Abrams’ 13F portfolio value increased ~3% from $3.56B to $3.68B. The number of holdings remained steady at 19. The top three stakes are at ~42% of the 13F portfolio while the top five holdings are at ~55%. The largest position is Celgene Corp and it accounts for 16.96% of the 13F portfolio.Stake Disposals:Barnes & Noble Education Inc. (BNED): BNED was a very small ~0.50% of the portfolio stake as of last quarter. The original position came about as a result of the spinoff of BNED from Barnes & Noble in August 2015: Abrams had a position in Barnes & Noble for which he received BNED shares in the ratio 1: 0.632. The position was more than doubled since at prices between $8.50 and $15.50. Q4 2017 saw an about turn: ~25% sold at an average price of ~$8 per share. There was another ~28% selling last quarter at ~$7.25 per share and the remainder stake was disposed this quarter. The stock currently trades at $3.08.New Stakes:TransMedics Group (TMDX): TMDX is a 2.39% of the 13F portfolio stake that came about as a result of its IPO in May. Abrams was an early investor who led funding rounds going back to 2012. The stock started trading at ~$25 and currently goes for $20.48.Stake Decreases:O Reilly Automotive (ORLY): The fairly large 5.36% ORLY stake was purchased in Q3 2017 at prices between $173 and $220 and it is now at ~$378. Q4 2018 saw a minor ~3% selling and that was followed with a ~13% trimming last quarter at prices between $335 and $392. This quarter saw another ~30% selling at prices between $353 and $409. Abrams is harvesting gains.Stake Increases:Camping World Holdings (CWH): CWH is a 1.72% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. This quarter saw a ~30% stake increase at $11 and $13 per share. The stock is now well below their purchase price ranges at $8.91. Abrams controls ~5.8% of the business.Kept Steady:Celgene Corp (CELG) and PG&E Corp (PCG): These are large stakes established last quarter and are the top two positions currently. The ~17% of the portfolio CELG stake was established at ~$90 per share and the stock is now at $95.14. It is a merger-arbitrage stake. In early January, Bristol-Myers Squibb (BMY) agreed to acquire Celgene Corp in a cash-and-stock transaction (one share of BMY and $50 cash along with a CVR that could pay $9 based on achieving regulatory milestones for each share held). PCG is a ~15% position purchased at ~$7 per share and it currently goes for $18.12. PG&E share price dropped sharply in mid-January as they announced plans to file for bankruptcy. Abrams along with two other hedge funds stepped in and bought 45M shares near the lows.Franklin Resources (BEN): BEN is currently the third-largest position at 9.24% of the 13F portfolio. It was established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. There was another ~25% stake increase in Q3 2018 at prices between $30 and $34.50. The stock currently trades below the low end of those ranges at $29.32. For investors attempting to follow, BEN is a good option to consider for further research.Lithia Motors (LAD): The 7.42% LAD stake was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. The stock is now at ~$129. Q4 2018 also saw a ~15% stake increase.Note: Their ownership stake in Lithia Motors is at ~10%.Willis Towers Watson plc (WLTW): WLTW is a fairly large 5.77% position purchased in Q1 2017 at prices between $117 and $133. The stock is now well above that range at ~$197. There was a ~6% trimming in Q4 2018.AMERCO (UHAL): UHAL is a 5.77% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$360.Facebook (FB): FB is a 5.37% portfolio position purchased in Q4 2018 at prices between $124 and $163 and the stock currently trades at ~$188. There was a marginal stake increase last quarter.Kinder Morgan (KMI): KMI is a 4.84% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75 and the stock is currently at $20.37.Teva Pharmaceutical (TEVA): TEVA is currently a 4.52% of the portfolio stake. It was established in Q3 2017 at prices between $15.50 and $33.50. The stock currently trades at $7.02.Asbury Automotive (ABG): ABG is a 4.36% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Q4 2018 saw another 20% stake increase at prices between $59 and $72. The stock currently trades at $92.56.Note: Their ownership stake in the business is ~10%.Alphabet Inc. (GOOG): GOOG is a 3.65% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now just above that range at $1188.Pacific Drilling SA (PACD): The 2.54% PACD stake got established in Q4 2018 as the company emerged from Chapter 11 bankruptcy last November. The stock is now at $5.04. Abrams Capital’s ownership stake in Pacific Drilling is ~10%. They had ~$200M in Pacific Drilling debt when the company filed for bankruptcy in November 2017.Suburban Propane Partners (SPH): SPH is a ~2% portfolio stake established in Q2 2017 at prices between $22.75 and $27 and increased by ~75% next quarter at prices between $23.50 and $26. The stock is currently at $23. The position was more than doubled in Q4 2017 at prices between $23.20 and $26.70 and that was followed with a ~87% increase over the next two quarters at prices between $22 and $27.Och-Ziff Capital Management (OZM): OZM is a 1.39% portfolio stake established in Q2 2016 at prices between $33 and $43.50 and increased by ~11% in the following quarter at prices between $33.50 and $44.90. There was another ~11% increase in Q4 2016 at a cost-basis around $32. Q1 2017 also saw a ~17% increase at prices between $22 and $36.30. The stock is now at $23.91.Note: The prices quoted above are adjusted for the 1 for 10 reverse stock-split in January. Abrams controls ~12% of the business.Akebia Therapeutics (AKBA): AKBA was a minutely small 0.74% portfolio stake as of Q3 2018. They merged with Keryx Pharmaceuticals (KERX) in a transaction that closed in December. KERX shareholders received 0.37433 common shares of AKBA for each share held. Abrams had ~9.1M shares of Keryx for which he received 3.4M shares. Abrams also increased the overall position by ~20% during Q4 2018 at prices between $5.40 and $9.15. AKBA currently trades at $4.41.Note: Their ownership stake in Akebia is at ~5%.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.43% of the 13F portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $2.38.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q2 2019:Regulatory Filings thru 5/12/2019: Form 4 – 4/25 – CWH – 4.36M shares – 414K shares acquired at $13.44, Form 4 – 3/24 – 56.7K shares at $12.96 – 3.95M shares, Form 4 – 3/12 – 29.9K shares acquired at $11.94. 13D/A – 4/23, 4/4 – PCG – 25M shares – 4.74%, 13D – 3/15 – 176.9M outlay for the 25M shares acquired." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q1 2019 Update" | "David Abrams’ 13F portfolio value increased ~47% this quarter from $2.42B to $3.56B. The number of positions remained steady at 19.Abrams Capital Management added Celgene and PG&E while dropping Western Union and Global Eagle Entertainment during the quarter.The top three positions are Celgene Corp, PG&E Corp, and Franklin Resources, and they add up to ~40% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 05/10/2019. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q4 2018.This quarter, Abrams’ 13F portfolio value increased ~47% from $2.42B to $3.56B. The number of holdings remained steady at 19. The top three stakes are at ~40% of the 13F portfolio while the top five holdings are at ~56%. The largest position is Celgene Corp and it accounts for 17.89% of the 13F portfolio.Stake Disposals:Western Union (WU): WU was the largest position at ~13% of the 13F portfolio as of Q1 2018. The stake was first purchased in Q4 2013 at prices between $16 and $19.50 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. Last quarter saw a ~50% selling at prices between $16.50 and $19 and the disposal this quarter was at prices between $17 and $19. The stock currently trades at $19.40.Global Eagle Entertainment (ENT): ENT was a very small 0.56% of the portfolio position first purchased in Q4 2013 at prices between $9 and $15.50 and increased by two-thirds in Q3 2014 at prices between $9.50 and $14. Q1 2017 saw a ~20% increase at prices between $2.92 and $6.79 and that was followed with a similar increase in the following quarter at prices between $2.75 and $3.55. The stock currently trades at $0.88. There was a ~15% selling in H2 2018 at prices between $2 and $3 and the elimination this quarter was at prices between $0.64 and $2.71.New Stakes:Celgene Corp (CELG) and PG&E Corp (PCG): These are large new stakes established this quarter and are the top two positions currently. The 17.89% of the portfolio CELG stake was established at ~$90 per share and the stock is now at $95.51. It is a merger-arbitrage stake. In early January, Bristol-Myers Squibb (BMY) agreed to acquire Celgene Corp in a cash-and-stock transaction (one share of BMY and $50 cash along with a CVR that could pay $9 based on achieving regulatory milestones for each share held). PCG is a 12.50% position purchased at ~$7 per share and it currently goes for $18.60. The quick doubling was a result of Abrams along with two other hedge funds buying 45M shares in mid-January. The buying followed a sharp drop in PG&E’s share price as they announced plans to file for bankruptcy.Stake Decreases:Franklin Resources (BEN): BEN is currently the third-largest position at 9.10% of the 13F portfolio. It was established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. There was another ~25% stake increase in Q3 2018 at prices between $30 and $34.50. The stock currently trades at $34.13. For investors attempting to follow, BEN is a good option to consider for further research. Last two quarters have seen only minor adjustments.O Reilly Automotive (ORLY): The large (top five) ~8% ORLY stake was purchased in Q3 2017 at prices between $173 and $220 and it is now at ~$365. Last quarter saw a minor ~3% selling and that was followed with a ~13% trimming this quarter at prices between $335 and $392.Teva Pharmaceutical (TEVA): TEVA is currently a top-five position at ~8% of the portfolio. It was established in Q3 2017 at prices between $15.50 and $33.50. The stock currently trades at $14.36. There was minor trimming over the last three quarters.AMERCO (UHAL): UHAL is a 5.86% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$392. Last three quarters have seen only minor adjustments.Kinder Morgan (KMI): KMI is a 4.79% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75 and the stock is currently at $19.70. Last four quarters have only seen minor adjustments.Barnes & Noble Education Inc. (BNED): BNED is a ~0.50% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. The position was more than doubled since at prices between $8.50 and $15.50. Q4 2017 saw an about turn: ~25% sold at an average price of ~$8 per share. The stock currently trades at $4.06. There was a ~28% further selling this quarter at ~$7.25 per share.Stake Increases:Facebook (FB): FB is a 4.80% portfolio position purchased last quarter at prices between $124 and $163 and the stock currently trades at ~$188. There was a marginal stake increase this quarterCamping World Holdings (CWH): CWH is a 1.83% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds last quarter at prices between $11.25 and $22.50. It is now at $11.52.Note: Regulatory filings since the quarter ended show them owning 4.36M shares of CWH. This is compared to 3.95M shares in the 13F report. The buying happened at an average cost of ~$13 per share. Their ownership stake in Camping World Holdings is at ~5%.Och-Ziff Capital Management (OZM): OZM is a ~1% portfolio stake established in Q2 2016 at prices between $33 and $43.50 and increased by ~11% in the following quarter at prices between $33.50 and $44.90. There was another ~11% increase in Q4 2016 at a cost-basis around $32. Q1 2017 also saw a ~17% increase at prices between $22 and $36.30. The stock is now at $17.51. There was a marginal increase this quarter.Note: The prices quoted above are adjusted for the 1 for 10 reverse-stock split in January. Abrams controls ~12% of the business.Kept Steady:Lithia Motors (LAD): The 5.99% LAD stake was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. The stock is now at $114. For investors attempting to follow Abrams, LAD is a good option to consider for further research. Last quarter also saw a ~15% stake increase.Note: Their ownership stake in Lithia Motors is at ~10%.Willis Towers Watson plc (WLTW): WLTW is a fairly large 5.47% position purchased in Q1 2017 at prices between $117 and $133. The stock is now well above that range at ~$177. There was a ~6% trimming last quarter.Alphabet Inc. (GOOG): GOOG is a ~4% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now at $1164.Asbury Automotive (ABG): ABG is a 3.71% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Last quarter saw another 20% stake increase at prices between $59 and $72. The stock currently trades at $80.25.Note: Their ownership stake in the business is ~10%.Pacific Drilling SA (PACD): The ~3% PACD stake got established last quarter as the company emerged from Chapter 11 bankruptcy in November. The stock is now at $14.91. Abrams Capital’s ownership stake in Pacific Drilling is ~10%. They had ~$200M in Pacific Drilling debt when the company filed for bankruptcy in November 2017.Suburban Propane Partners (SPH): SPH is a ~1.90% portfolio stake established in Q2 2017 at prices between $22.75 and $27 and increased by ~75% next quarter at prices between $23.50 and $26. The stock is currently at $23.64. The position was more than doubled in Q4 2017 at prices between $23.20 and $26.70 and that was followed with a ~87% increase over the next two quarters at prices between $22 and $27.Akebia Therapeutics (AKBA): AKBA was a minutely small 0.26% portfolio stake as of Q3 2018. They merged with Keryx Pharmaceuticals (KERX) in a transaction that closed in December. KERX shareholders received 0.37433 common shares of AKBA for each share held. Abrams had ~9.1M shares of Keryx for which he received 3.4M shares. Abrams also increased the overall positon by ~20% during Q4 2018 at prices between $5.40 and $9.15. AKBA currently trades at $5.98. Compared to the size of the portfolio, the stake is still fairly small at 1.30%.Note: Their ownership stake in Akebia is at ~5%.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.50% of the 13F portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $5.04.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q1 2019:Regulatory Filings thru 2/28/2019: 13G/A – 2/27 – BNED – 4.53M shares – 9.53%, 2/14 – 5.87M shares, 2/14 – Form 4 - ~450K disposed at ~$7.5, 2/12 – Form 4 - ~900K disposed at ~$7.10. 13G/A – 2/14 – ABG – 1.9M shares – 9.71%. 13G/A – 2/14 – LAD - 2.3M shares – 10.21%. 13G/A – 2/14 – ENT – 6.07M shares – 6.62%. 13G/A – 2/14 – CWH – 3.86M shares – 10.41%, Form 4 – 12/17 - ~70K shares acquired at $15.10. 13D/A – 12/12 – 3.79M shares – 10.22%. 13G – 2/14 – PACD – 7.41M shares – 9.89%. 13G/A – 2/14 – AKBA – 5.66M shares – 4.84%, 13G – 12/7 – 2.9M shares – 5.13%. 13D/A – 12/17 – IHRTQ – iHeart Media – 16.8M shares – 53.1%, Form 4 – 12/17 – 9.95M shares acquired at $0.16, Form 3 – 12/12 – 3.79M shares." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q4 2018 Update" | "David Abrams’ 13F portfolio value decreased this quarter from $3.78B to $2.42B. The number of positions decreased from 22 to 19.Abrams Capital Management added Facebook and Pacific Drilling while dropping Altaba during the quarter.The top three positions are Franklin Resources, O’Reilly Automotive, and Teva Pharmaceutical, and they add up to 36% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 02/14/2019. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q3 2018.This quarter, Abrams’ 13F portfolio value decreased ~36% from $3.78B to $2.42B. The number of holdings decreased from 22 to 19. The top three stakes are at ~36% of the 13F portfolio while the top five holdings are at ~52%. The largest position is Franklin Resources and it accounts for 12.30% of the 13F portfolio.Stake Disposals:Shire plc (SHPG): SHPG was a large (top three) ~11% of the portfolio merger-arbitrage stake established last quarter at prices between $166 and $181. It was eliminated this quarter at prices between $169 and $179.Note: Takeda Pharmaceutical’s (TAK) cash-and-stock deal for Shire plc closed last month. Shire plc ADR holders received ~$91 per share cash and ~5 shares of Takeda ADR for each share held.Express Scripts (ESRX): ESRX was a large (top five) ~8% of the portfolio stake established in Q2 2018 at prices between $68 and $82 and increased by ~20% last quarter at prices between $74 and $95. It was a merger-arbitrage stake. Cigna (CI) bought Express Scripts (ESRX) in a cash-and-stock deal ($48.75 cash and 0.2434 shares of the merged entity for each share held) that closed in December.Altaba (AABA) previously Yahoo: AABA was a large 6.79% portfolio stake established in Q2 2017 at prices between $46 and $56 and disposed this quarter at prices between $55.50 and $67. The stock currently trades at $74.59.Aetna Inc. (AET): AET was a 4.42% of the portfolio merger-arbitrage stake established in Q1 2018 at prices between $168 and $194 and increased by ~14% next quarter at around the same price range. There was a ~48% selling last quarter at prices between $183 and $206. The position got eliminated as CVS Health’s cash-and-stock deal for Aetna ($145 per share cash and 0.8378 CVS shares for each share held) closed in November.Keryx Pharmaceuticals (KERX): KERX was a small ~1% of the portfolio position established in Q3 2015 at prices between $3.38 and $10.50. The position got eliminated as Akebia’s merger with Keryx closed in December.New Stakes:Facebook (FB) and Pacific Drilling SA (PACD): These are medium-sized new stakes established this quarter. FB is a 5.42% portfolio position purchased at prices between $124 and $163 and the stock currently trades at $161. The ~4% PACD stake got established as the company emerged from Chapter 11 bankruptcy in November. The stock is now at $15.30. Abrams Capital’s ownership stake in Pacific Drilling is 9.81%. They had ~$200M in Pacific Drilling debt when the company filed for bankruptcy in November 2017.Stake Decreases:O Reilly Automotive (ORLY): The large (top three) ~12% ORLY stake was purchased in Q3 2017 at prices between $173 and $220 and it is now at ~$372. This quarter saw a minor ~3% selling.Teva Pharmaceutical (TEVA): TEVA is currently the third-largest position at 11.80% of the portfolio. It was established in Q3 2017 at prices between $15.50 and $33.50. The stock currently trades at $16.83. There was minor trimming over the last two quarters.Western Union (WU): WU is a large (top five) position at 10.66% of the 13F portfolio. The stake was first purchased in Q4 2013 at prices between $16 and $19.50 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. This quarter saw a ~50% selling at prices between $16.50 and $19. The stock currently trades at $17.87.Willis Towers Watson plc (WLTW): WLTW is a fairly large ~7% position purchased in Q1 2017 at prices between $117 and $133. The stock is now at ~$172. There was a ~6% trimming this quarter.Global Eagle Entertainment (ENT): ENT is a very small 0.56% of the portfolio position first purchased in Q4 2013 at prices between $9 and $15.50 and increased by two-thirds in Q3 2014 at prices between $9.50 and $14. Q1 2017 saw a ~20% increase at prices between $2.92 and $6.79 and that was followed with a similar increase in the following quarter at prices between $2.75 and $3.55. The stock currently trades at $2.66. There was a ~15% selling over the last two quarters at prices between $2 and $3.Note: Abrams controls 6.62% of the business.Stake Increases:Franklin Resources (BEN): BEN is currently the largest position at 12.30% of the 13F portfolio. It was established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. There was another ~25% stake increase last quarter at prices between $30 and $34.50. The stock currently trades at $32.61. For investors attempting to follow, BEN is a good option to consider for further research. There was a marginal increase this quarter.Lithia Motors (LAD): The 7.25% LAD stake was established in Q2 2018 at prices between $95 and $105 and almost doubled last quarter at prices between $81 and $99. The stock is now at $90.27. For investors attempting to follow Abrams, LAD is a good option to consider for further research. This quarter also saw a ~15% stake increase.Note: Their ownership stake in Lithia Motors is at 10.21%.Asbury Automotive (ABG): ABG is a 5.24% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% last quarter at prices between $67 and $77.50. This quarter saw another 20% stake increase at prices between $59 and $72. The stock currently trades at $71.79.Note: Their ownership stake in the business is 9.71%.Camping World Holdings (CWH) and Akebia Therapeutics (AKBA): These two positions established last quarter saw large increases this quarter. CWH is a 1.83% position purchased last quarter at prices between $19 and $27 and increased by two-thirds this quarter at prices between $11.25 and $22.50. It is now at $12.90. AKBA was a minutely small 0.26% portfolio stake as of last quarter. They merged with Keryx Pharmaceuticals (KERX) in a transaction that closed in December. KERX shareholders received 0.37433 common shares of AKBA for each share held. Abrams had ~9.1M shares of Keryx for which he received 3.4M shares. Abrams also increased the overall positon by ~20% during the quarter at prices between $5.40 and $9.15. AKBA currently trades at $7.28. Compared to the size of the portfolio, the stake is still fairly small at 1.29%.Note: Their ownership stake in Akebia and Camping World Holdings are at 4.8% and 10.41% respectively.Kept Steady:AMERCO (UHAL): UHAL is a 7.81% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$385.Kinder Morgan (KMI): KMI is a 5.57% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75 and the stock is currently at $19.16. There was a ~4% stake increase in Q2 2018.Alphabet Inc. (GOOG): GOOG is a ~4% position purchased in Q2 2018 at prices between $1005 and $1175 and the stock is now at $1120.Suburban Propane Partners (SPH): SPH is a 2.38% portfolio stake established in Q2 2017 at prices between $22.75 and $27 and increased by ~75% next quarter at prices between $23.50 and $26. The stock is currently at $21.71. The position was more than doubled in Q4 2017 at prices between $23.20 and $26.70 and that was followed with a ~87% increase over the next two quarters at prices between $22 and $27.Barnes & Noble Education Inc. (BNED): BNED is a ~1% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. The position was more than doubled since at prices between $8.50 and $15.50. Q4 2017 saw an about turn: ~25% sold at an average price of ~$8 per share. The stock currently trades at $6.89. H1 2018 had also seen a ~12% trimming.Note: Regulatory filings since the quarter ended show them owning 4.53M shares of Barnes & Noble Education. This is compared to 5.87M shares in the 13F report. Around 1.35M shares were disposed at ~$7.10.Och-Ziff Capital Management (OZM): OZM is a 0.85% portfolio stake established in Q2 2016 at prices between $33 and $43.50 and increased by ~11% in the following quarter at prices between $33.50 and $44.90. There was another ~11% increase in Q4 2016 at a cost-basis around $32. Q1 2017 also saw a ~17% increase at prices between $22 and $36.30. The stock is now at $12.60.Note: The prices quoted above are adjusted for the 1 for 10 reverse-stock split in January. Abrams controls ~12% of the business.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.72% of the 13F portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $5.48.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q4 2018:Regulatory Filings thru 11/11/2018: Form 3 – LAD – 11/5/2018 – 2.3M shares. 13G – CWH – 10/5/2018 – 3M shares – 8.11% of business." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q3 2018 Update" | "David Abrams’ 13F portfolio value increased this quarter from $3.60B to $3.78B shares. The number of positions remained steady at 22.Abrams Capital Management added Shire plc while dropping PG&E and Quality Care Properties during the quarter.The top three positions are Teva Pharmaceutical, Shire plc, and Western Union, and they add up to one-third of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 11/09/2018. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q2 2018.This quarter, Abrams’ 13F portfolio value increased ~5% from $3.60B to $3.78B. The number of holdings remained steady at 22. The top three stakes are at one-third of the 13F portfolio while the top five holdings are at ~49%. The largest position is Teva Pharmaceutical and it accounts for 11.12% of the 13F portfolio.Stake Disposals:PG&E Corp. (PCG): PCG was a 4.63% of the portfolio stake established in Q4 2017 at prices between $44 and $70 and increased by ~20% the following quarter at prices between $38.50 and $45.50. The position was disposed this quarter at prices between $41.50 and $47. The stock is now at $39.92.Note: PG&E shares dropped sharply last December as they halted the dividend citing liability concerns from the October 2017 Northern California wildfires. Another drop happened last week as wildfires caused major damage and loss of life in Northern and Southern California.Quality Care Properties (QCP): QCP was a 4.20% portfolio stake established in Q4 2016 at prices between $12.50 and $17. There was a ~38% stake increase in Q1 2018 at prices between $12.25 and $20 and that was followed with a marginal increase last quarter. Abrams Capital owned ~7.4% of the outstanding shares of QCP. The REIT was a spin-off from HCP Inc. (HCP) that started trading in October 2016. Welltower Inc. (WELL) acquired QCP for $20.75 per share cash and the transaction closed in July.Group 1 Automotive (GPI): GPI was a small 0.80% stake purchased in Q3 2017 at prices between $53 and $72 and doubled in Q1 2018 at prices between $62.50 and $82.50. Last quarter saw a ~9% selling. The position was sold out this quarter at prices between $63 and $80. The stock is currently at $56.65.New Stakes:Shire plc (SHPG), Camping World Holdings (CWH), and Akebia Therapeutics (AKBA): These are the three new positions this quarter. SHPG is large (top three) ~11% portfolio stake established at prices between $166 and $181 and the stock is currently at ~$180. CWH is a small 1.31% position purchased at prices between $19 and $27 and it is now below that range at $17.03. AKBA is a minutely small 0.26% portfolio stake.Note 1: In May, Takeda Pharmaceuticals (TKPYY) agreed to acquire Shire plc in a cash-and-stock deal valued at ~$194 (~$90 cash) per ADR. The deal is expected to close in June 2019.Note 2: Akebia Therapeutics is merging with Keryx Pharmaceuticals (KERX) in a transaction announced in June. KERX shareholders will receive 0.37433 common shares of AKBA for each share held. Abrams has a significant ownership position in Keryx.Note 3: Regulatory filings since the quarter ended show them owning 3M shares (8.11% of the business) of Camping World Holdings. This is compared to 2.3M shares in the 13F report.Stake Decreases:Teva Pharmaceutical (TEVA): TEVA is currently the largest position at 11.12% of the portfolio. It was established in Q3 2017 at prices between $15.50 and $33.50. The stock currently trades at $23.45. There was marginal trimming this quarter.Western Union (WU): WU is Abrams’ third-largest stake at 10.66% of the 13F portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16 and $19.50 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $18.82. For investors attempting to follow Abrams, WU is a good option to consider for further research. Last two quarters have seen marginal trimming.Altaba (AABA) previously Yahoo: AABA is a large 6.79% portfolio stake established in Q2 2017 at prices between $46 and $56 and the stock currently trades at $60.98. Last two quarters have seen minor trimming.Aetna Inc. (AET): AET is a 4.42% of the portfolio stake established in Q1 2018 at prices between $168 and $194 and increased by ~14% last quarter at around the same price range. The stock currently trades at ~$209. There was a ~48% selling this quarter at prices between $183 and $206.Note: AET is a merger-arbitrage stake. CVS is acquiring Aetna in a cash-and-stock deal ($145 per share cash and 0.8378 CVS shares for each share held) announced last December.Keryx Pharmaceuticals (KERX): KERX is a small ~1% of the portfolio position established in Q3 2015 at prices between $3.38 and $10.50. The stock currently trades at $3.24. There was a ~70% stake increase in Q4 2017 at an average price of ~$5 per share. This quarter saw a ~9% trimming.Note: Abrams Capital owns ~8% of the outstanding shares of Keryx.Global Eagle Entertainment (ENT): ENT is a very small 0.49% of the portfolio position first purchased in Q4 2013 at prices between $9 and $15.50 and increased by two-thirds in Q3 2014 at prices between $9.50 and $14. Q1 2017 saw a ~20% increase at prices between $2.92 and $6.79 and that was followed with a similar increase in the following quarter at prices between $2.75 and $3.55. The stock currently trades at $2.72. There was a ~7% trimming this quarter.Note: Abrams controls ~7.5% of the business.Stake Increases:Express Scripts (ESRX): ESRX is a large (top five) ~8% of the portfolio stake established last quarter at prices between $68 and $82 and increased by ~20% this quarter at prices between $74 and $95. The stock currently trades at $98.48. It is a merger-arbitrage stake – Cigna (CI) is buying Express Scripts (ESRX) in a cash-and-stock deal ($48.75 cash and 0.2434 shares of the new company for each share of ESRX held) announced in March.Franklin Resources (BEN): BEN is a large ~8% of the 13F portfolio position established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. There was another ~25% stake increase this quarter at prices between $30 and $34.50. The stock currently trades at $30.87. For investors attempting to follow, BEN is a good option to consider for further research.Lithia Motors (LAD): The 4.32% LAD stake was established last quarter at prices between $95 and $105 and almost doubled this quarter at prices between $81 and $99. It is currently trading near the low end of those ranges at $82.87. For investors attempting to follow Abrams, LAD is a good option to consider for further research.Asbury Automotive (ABG): ABG is a ~2% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% this quarter at prices between $67 and $77.50. The stock currently trades at $67.96.Note: Their ownership stake in the business is ~8%.Suburban Propane Partners (SPH): SPH is a small 1.86% portfolio stake established in Q2 2017 at prices between $22.75 and $27 and increased by ~75% next quarter at prices between $23.50 and $26. The stock is currently at $22.71. The position was more than doubled in Q4 2017 at prices between $23.20 and $26.70 and that was followed with a ~87% increase over the next two quarters at prices between $22 and $27. This quarter also saw a ~6% further increase.Kept Steady:O Reilly Automotive (ORLY): The large (top five) ~8% ORLY stake was purchased in Q3 2017 at prices between $173 and $220 and it is now at ~$355.AMERCO (UHAL): UHAL is a 5.43% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. The stock is now at ~$336. For investors attempting to follow Abrams, UHAL is a good option to consider for further research.Willis Towers Watson plc (WLTW): WLTW is a fairly large 4.41% position purchased in Q1 2017 at prices between $117 and $133. The stock is now at ~$160.Kinder Morgan (KMI): KMI is a 4.11% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75 and the stock is currently at $17.53. There was a ~4% stake increase last quarter.Alphabet Inc. (GOOG): GOOG is a ~4% position purchased last quarter at prices between $1005 and $1175 and the stock is now at $1066.Barnes & Noble Education Inc. (BNED): BNED is a ~1% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. The position was more than doubled since at prices between $8.50 and $15.50. Q4 2017 saw an about turn: ~25% sold at an average price of ~$8 per share. The stock currently trades at $6.22. There was a ~7% trimming in Q1 2018 and another ~4% selling last quarter.Och-Ziff Capital Management (OZM): OZM is a 0.87% portfolio stake established in Q2 2016 at prices between $3.30 and $4.35 and increased by ~11% in the following quarter at prices between $3.35 and $4.49. There was another ~11% increase in Q4 2016 at a cost-basis around $3.20. Q1 2017 also saw a ~17% increase at prices between $2.20 and $3.63. The stock is now at $1.08.Note: Abrams controls ~12% of the business.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.53% of the 13F portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $5.81.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q3 2018:Regulatory Filings thru 8/14/2018: 13G/A – 8/3, 7/2 13G – ABG – 1.59M shares – 7.8% of business, 1.09M shares – 5.3% of business, 13G – 7/27 – LAD – 2M shares – 8.35% of business, Form 4 – 6/25 – BNED – 175K shares disposed at ~$7.75." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q2 2018 Update" | "David Abrams’ 13F portfolio value increased this quarter from $3.19B to $3.60B. The number of positions increased from 20 to 22.Abrams Capital Management added Express Scripts, Alphabet, and Lithia Motors during the quarter.The top three positions are Teva Pharmaceutical, Western Union, and Aetna and they add up to one-third of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 08/13/2018. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q1 2018.This quarter, Abrams’ 13F portfolio value increased ~13% from $3.19B to $3.60B. The number of holdings increased from 20 to 22. The top three stakes are at one-third of the 13F portfolio while the top five holdings are at ~48%. The largest position is Teva Pharmaceutical and it accounts for 13.36% of the 13F portfolio.Stake Disposals:Time Warner Inc. (TWX): TWX was a large (top three) ~10% of the portfolio position established in Q4 2017 at prices between $87 and $104 and increased by ~12% last quarter at prices between $91 and $97. In October 2016, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share and that transaction closed in June.Note: TWX had a previous roundtrip: It was a top three ~12% portfolio stake established in Q4 2016 at prices between $78.50 and $97 and disposed in Q3 2017 at prices between $99 and $103.New Stakes:Express Scripts (ESRX): ESRX is a fairly large 5.70% of the portfolio stake established this quarter at prices between $68 and $82 and the stock currently trades just above that range at $84.02. It is a merger-arbitrage stake – Cigna (CI) is buying Express Scripts (ESRX) in a cash-and-stock deal ($48.75 cash and 0.2434 shares of the new company for each share of ESRX held) announced in March.Alphabet Inc. (GOOG) and Lithia Motors (LAD): GOOG is a ~4% position purchased this quarter at prices between $1005 and $1175 and the stock is now above that range at $1235. The 2.74% LAD stake was established at prices between $95 and $105 and it is currently well below that range at $85.Note: Regulatory filings since the quarter ended show them owning 2M shares of Lithia Motors. This is compared to ~1M shares in the 13F report. For investors attempting to follow Abrams, Lithia Motors is a good option to consider for further research.Stake Decreases:Western Union (WU): WU is Abrams’ second-largest stake at ~12% of the 13F portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16 and $19.50 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $18.75. For investors attempting to follow Abrams, WU is a good option to consider for further research. This quarter saw marginal trimming.Altaba (AABA) previously Yahoo: AABA is a top-five ~8% portfolio stake established in Q2 2017 at prices between $46 and $56 and the stock currently trades well above that range at $70.20. This quarter saw a very minor ~2% trimming.Barnes & Noble Education Inc. (BNED): BNED is a ~1% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. The position was more than doubled since at prices between $8.50 and $15.50. Q4 2017 saw an about turn: ~25% sold at an average price of ~$8 per share. The stock currently trades at $6.16. There was a ~7% trimming last quarter and another ~4% selling this quarter.Group 1 Automotive (GPI): GPI is a small 0.80% stake purchased in Q3 2017 at prices between $53 and $72 and doubled last quarter at prices between $62.50 and $82.50. This quarter saw a ~9% selling. The stock is currently at $75.01.Stake Increases:Aetna Inc. (AET): AET is a large ~8% of the portfolio stake established last quarter at prices between $168 and $194 and increased by ~14% this quarter at around the same price range. The stock currently trades at ~$195.AMERCO (UHAL): UHAL is a 5.71% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase over the last two quarters at prices between $323 and $384. The stock is now at ~$369. For investors attempting to follow Abrams, UHAL is a good option to consider for further research.Kinder Morgan (KMI): KMI is a 4.31% of the portfolio position purchased last quarter at prices between $14.75 and $19.75 and the stock is currently at $17.84. There was a ~4% stake increase this quarter.Quality Care Properties (QCP): QCP is a 4.20% portfolio stake established in Q4 2016 at prices between $12.50 and $17. There was a ~38% stake increase last quarter at prices between $12.25 and $20 and that was followed with a marginal increase this quarter. Abrams Capital owned ~7.4% of the outstanding shares of QCP. The REIT was a spin-off from HCP Inc. (HCP) that started trading in October 2016. Welltower Inc. (WELL) acquired QCP for $20.75 per share cash and the transaction closed last month.Suburban Propane Partners (SPH): SPH is a small 1.85% portfolio stake established in Q2 2017 at prices between $22.75 and $27 and increased by ~75% next quarter at prices between $23.50 and $26. The stock is currently at $24.03. The position was more than doubled in Q4 2017 at prices between $23.20 and $26.70 and that was followed with a ~87% increase over the last two quarters at prices between $22 and $27.Keryx Pharmaceuticals (KERX): KERX is a small ~1% of the portfolio position established in Q3 2015 at prices between $3.38 and $10.50. The stock currently trades at $3.13. There was a ~70% stake increase in Q4 2017 at an average price of ~$5 per share. This quarter saw a ~2% further increase.Note: Abrams Capital owns 8.2% of the outstanding shares of Keryx.Kept Steady:Teva Pharmaceutical (TEVA): TEVA is currently the largest position at 13.36% of the portfolio. It was established in Q3 2017 at prices between $15.50 and $33.50. The stock currently trades at $21.95. There was a ~9% trimming in Q4 2017.Franklin Resources (BEN): BEN is a top-five ~7% of the 13F portfolio position established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. The stock currently trades at $32.04. For investors attempting to follow, BEN is a good option to consider for further research.O Reilly Automotive (ORLY) and Asbury Automotive (ABG): These two positions were established in Q3 2017. The ~7% ORLY stake was purchased at prices between $173 and $220 and it is now well above that range at ~$314. ABG is a ~2% position established at prices between $50 and $62 and the stock currently trades well above that at $74.55.Note: Regulatory filings since the quarter ended show them owning 1.59M shares (7.8% of business) of Asbury Automotive. This is compared to 1.09M shares in the 13F report.Willis Towers Watson plc (WLTW): WLTW is a fairly large ~5% position purchased in Q1 2017 at prices between $117 and $133. The stock is now at ~$148.PG&E Corp. (PCG): PCG is a 4.63% of the portfolio stake established in Q4 2017 at prices between $44 and $70 and increased by ~20% last quarter at prices between $38.50 and $45.50. The stock is now at $42.79.Note: PG&E shares dropped sharply in December as they halted the dividend citing liability concerns from the October 2017 Northern California wildfires.Och-Ziff Capital Management (OZM): OZM is a 1.19% portfolio stake established in Q2 2016 at prices between $3.30 and $4.35 and increased by ~11% in the following quarter at prices between $3.35 and $4.49. There was another ~11% increase in Q4 2016 at a cost-basis around $3.20. Q1 2017 also saw a ~17% increase at prices between $2.20 and $3.63. The stock is now at $1.97.Note: Abrams controls ~12% of the business.Global Eagle Entertainment (ENT): ENT is a very small 0.49% of the portfolio position first purchased in Q4 2013 at prices between $9 and $15.50 and increased by two-thirds in Q3 2014 at prices between $9.50 and $14. Q1 2017 saw a ~18% increase at prices between $2.92 and $6.79 and that was followed with another ~19% increase the following quarter at prices between $2.75 and $3.55. The stock currently trades at $2.59.Note: Abrams controls ~8% of the business.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.40% of the 13F portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $4.40.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q2 2018:Regulatory Filings thru 05/14/2018: Form 4 – 4/27/2018 & 3/5/2018 – BNED - ~45K disposed at ~$7.4, 124K disposed at $8. 13D – 3/15/2018 & 2/14 13G – ABG – 1.09M shares – 5.2%, 13G & G/As filed on 2/14/2018: ENT – 7M shares – 7.71%, Welbilt – 0, BKS – 0, KERX – 9.7M shares – 8.2%." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q1 2018 Update" | "David Abrams’ 13F portfolio value increased this quarter from $2.97B to $3.19B. The number of positions remained steady at 20.Abrams Capital Management added Aetna & Kinder Morgan while dropping Wells Fargo & Colony Northstar.The top three positions are Western Union, Teva Pharmaceutical, and Time Warner and they add up to one-third of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 05/11/2018. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q4 2017.This quarter, Abrams’ 13F portfolio value increased 7.38% from $2.97B to $3.19B. The number of holdings remained steady at 20. The top three stakes are at one-third of the 13F portfolio while the top five holdings are at ~50%. The largest position is Western Union and it accounts for ~13% of the 13F portfolio.Stake Disposals:Wells Fargo (WFC): WFC was a fairly large ~6% of the 13F portfolio position established in Q4 2013 at prices between $41 and $45.50. The stake saw a ~20% increase in Q4 2016 at prices between $43.75 and $57.50. There was a ~14% trimming last quarter and the disposal this quarter was at prices between $51 and $66. The stock currently trades at $54.48.Colony NorthStar Inc. (CLNS): CLNS was a ~2% of the 13F portfolio stake established in Q1 2016 at prices between $9.31 and $12.14 and increased by ~38% the following quarter at ~$10.60. There was a ~55% selling over the last three quarters at prices between $11.41 and $14.70 and the elimination this quarter was at prices between $5.50 and $11.50. The stock currently trades at $6.05.Note: Northstar Asset Management, Northstar Realty Finance, and Colony Capital combined to form Colony NorthStar in a transaction that closed in January. NSAM shareholders received a special dividend of $1.16 per share following the close. The prices quoted above are adjusted for this.New Stakes:Aetna Inc. (AET): AET is a large 7.31% of the portfolio stake established at prices between $168 and $194 and the stock currently trades at ~$178.Kinder Morgan (KMI): KMI is a ~4% of the portfolio position purchased this quarter at prices between $14.75 and $19.75 and the stock is currently at $16.64.Stake Decreases:Barnes & Noble Education Inc. (BNED): BNED is a 1.32% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. The position was more than doubled since at prices between $8.50 and $15.50. Last quarter saw an about turn: ~25% sold at an average price of ~$8 per share. The stock currently trades at $6.17. There was a ~7% trimming this quarter.Note: Regulatory filings since the quarter ended show them owning 6.07M shares (~13% of business). This is compared to 6.11M shares in the 13F report. The minor reduction was at ~$7.50 per share.Stake Increases:Time Warner Inc. (TWX): TWX is large (top three) ~10% of the portfolio position established last quarter at prices between $87 and $104 and increased by ~12% this quarter at prices between $91 and $97. The stock is currently at $94.38.Note: TWX had a previous roundtrip: It was a top three ~12% portfolio stake established in Q4 2016 at prices between $78.50 and $97 and disposed in Q3 2017 at prices between $99 and $103. In October 2016, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share. In November last year, the DOJ sued to block the transaction saying the deal violates antitrust law.PG&E Corp. (PCG): PCG is a 5.39% of the portfolio stake established last quarter at prices between $44 and $70 and increased by ~20% this quarter at prices between $38.50 and $45.50. The stock is now at $43.23.Note: PG&E shares dropped sharply in December as they halted the dividend citing liability concerns from the October 2017 Northern California wildfires.AMERCO (UHAL): UHAL is a ~5% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a ~25% increase this quarter at prices between $328 and $384. The stock is now at ~$344. For investors attempting to follow Abrams, UHAL is a good option to consider for further research.Quality Care Properties (QCP): QCP is a 4.26% portfolio stake established in Q4 2016 at prices between $12.50 and $17. The stock currently trades at $20.98. There was a ~38% stake increase this quarter at prices between $12.25 and $20.Note: Abrams Capital owns ~7.4% of the outstanding shares of QCP. The REIT is a spin-off from HCP Inc. (HCP) that started trading in October 2016.Suburban Propane Partners (SPH): SPH is a small 1.37% portfolio stake established in Q2 2017 at prices between $22.75 and $27 and increased by ~75% next quarter at prices between $23.50 and $26. The stock is currently at $23.07. The position was more than doubled last quarter at prices between $23.20 and $26.70 and that was followed with a one-third increase this quarter at prices between $22 and $26.50.Group 1 Automotive (GPI): GPI is a small ~1% stake purchased in Q3 2017 at prices between $53 and $72 and doubled this quarter at prices between $62.50 and $82.50. The stock is now at $69.42.Kept Steady:Western Union (WU): WU is Abrams’ largest stake at ~13% of the 13F portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16 and $19.50 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $19.75. For investors attempting to follow Abrams, WU is a good option to consider for further research.Teva Pharmaceutical (TEVA): TEVA is a top three 10.58% portfolio position established in Q3 2017 at prices between $15.50 and $33.50. The stock currently trades at $20.38. There was a ~9% trimming last quarter.Altaba (AABA) previously Yahoo: AABA is a top-five ~9% portfolio stake established in Q2 2017 at prices between $46 and $56 and the stock currently trades well above that range at $76.74.Franklin Resources (BEN): BEN is a top-five ~9% of the 13F portfolio position established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. The stock currently trades at $33.70. For investors attempting to follow, BEN is a good option to consider for further research.O Reilly Automotive (ORLY) and Asbury Automotive (ABG): These two positions were established in Q3 2017. The ~7% ORLY stake was purchased at prices between $173 and $220 and it is now well above that range at ~$273. ABG is a 2.30% position established at prices between $50 and $62 and the stock currently trades well above that at $70.40.Note: Abrams Capital owns 5.2% of the outstanding shares of Asbury Automotive.Willis Towers Watson plc (WLTW): WLTW is a fairly large ~6% position purchased in Q1 2017 at prices between $117 and $133. The stock is now at ~$154.Och-Ziff Capital Management (OZM): OZM is a 1.86% portfolio stake established in Q2 2016 at prices between $3.30 and $4.35 and increased by ~11% in the following quarter at prices between $3.35 and $4.49. There was another ~11% increase in Q4 2016 at a cost-basis around $3.20. Q1 2017 also saw a ~17% increase at prices between $2.20 and $3.63. The stock is now at $2.06.Note: Abrams controls ~12% of the business.Keryx Pharmaceuticals (KERX): KERX is a small 1.25% of the portfolio position established in Q3 2015 at prices between $3.38 and $10.50. The stock currently trades at $5.68. There was a ~70% stake increase last quarter at an average price of ~$5 per share.Note: Abrams Capital owns 8.2% of the outstanding shares of Keryx.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.52% of the 13F portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $4.70.Global Eagle Entertainment (ENT): ENT is a very small 0.32% of the portfolio position first purchased in Q4 2013 at prices between $9 and $15.50 and increased by two-thirds in Q3 2014 at prices between $9.50 and $14. Q1 2017 saw a ~18% increase at prices between $2.92 and $6.79 and that was followed with another ~19% increase the following quarter at prices between $2.75 and $3.55. The stock currently trades at $1.09.Note: Abrams controls ~8% of the business.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q1 2018:Note: Lookup Abrams Capital Management, LP for 13F and Abrams Capital, LLC for other regulatory filings. A reader pointed out the KERX increase on November 10th (5.7M shares to 7.65M shares – 6.42% of business @ $4.80) which was missed in my Q3 2017 update. 5/14/2018 Update: That appears a one-time filing and so probably was mistakenly filed there…Regulatory Filings thru 02/14/2018: 13G/A – 2/9/2018 – QCP – 6.03M shares, Form 4 – 1/3/2018 – BNED – 6.24M shares – 13.3% of business - ~350K shares disposed at ~$8.3, Form 4 – 12/28/2017 – 130K shares disposed at ~$8.5. Form 4 – 12/21/2017 - ~50K shares disposed at $9.01, 12/18/2017 - ~240K shares disposed at ~$8.4, ~720K shares disposed at ~$8.2, 12/8/2017 – 1.03M shares disposed at ~$7.8." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q4 2017 Update" | "David Abrams’ 13F portfolio value increased this quarter from $2.56B to $2.97B. The number of positions increased from 18 to 20.Abrams Capital Management added Time Warner and PG&E during the quarter.The top three positions are Western Union, Teva Pharmaceutical, and Franklin Resources and they add up to ~38% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 02/13/2018. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q3 2017.This quarter, Abrams’ 13F portfolio value increased ~16% from $2.56B to $2.97B. The number of holdings increased from 18 to 20. The top three stakes are at ~38% of the 13F portfolio while the top five holdings are at 56%. The largest position is Western Union and it accounts for ~14% of the 13F portfolio.Stake Disposals:None.New Stakes:Time Warner Inc. (TWX): TWX is large (top five) ~9% of the portfolio position established this quarter at prices between $87 and $104 and the stock is currently at $94.31.Note: TWX had a previous roundtrip: It was a top three ~12% portfolio stake established in Q4 2016 at prices between $78.50 and $97 and disposed last quarter at prices between $99 and $103. In October 2016, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share. In November last year, the DOJ sued to block the transaction saying the deal violates antitrust law.PG&E Corp. (PCG): PCG is a ~5% of the portfolio stake established this quarter at prices between $44 and $70 and the stock is now near the low end of that range at $39.83.Note: PG&E shares dropped sharply in December as they halted the dividend citing liability concerns from the October 2017 Northern California wildfires.Stake Decreases:Teva Pharmaceutical (TEVA): TEVA is a top three 12.60% portfolio position established last quarter at prices between $15.50 and $33.50. The stock currently trades at $18.52. There was a ~9% trimming this quarter.Wells Fargo (WFC): WFC is a fairly large ~6% of the US long portfolio position established in Q4 2013 at prices between $41 and $45.50. The position saw a ~20% increase in Q4 2016 at prices between $43.75 and $57.50. The stock currently trades at $58. There was a ~14% trimming this quarter.Colony NorthStar Inc. (CLNS): CLNS is a 1.88% of the 13F portfolio stake established in Q1 2016 at prices between $9.31 and $12.14 and increased by ~38% the following quarter at ~$10.60. The stock currently trades at $8.52. There was a ~55% selling over the last three quarters at prices between $11.41 and $14.70.Note: Northstar Asset Management, Northstar Realty Finance, and Colony Capital combined to form Colony NorthStar in a transaction that closed in January. NSAM shareholders received a special dividend of $1.16 per share following the close. The prices quoted above are adjusted for this.Barnes & Noble Education Inc. (BNED): BNED is a 1.81% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. The position was more than doubled since at prices between $8.50 and $15.50. This quarter saw an about turn: ~25% sold at an average price of ~$8 per share. The stock currently trades at $6.43.Note: Regulatory filings since the quarter ended show them owning 6.24M shares (13.3% of business). This is compared to 6.54M shares in the 13F report.Stake Increases:O Reilly Automotive (ORLY) and Asbury Automotive (ABG): These two positions established last quarter saw minor increases this quarter. The ~7% ORLY stake was purchased at prices between $173 and $220 and it is now well above that range at $245. ABG is a 2.34% position established at prices between $50 and $62 and the stock currently trades at $67.90. ORLY & ABG stakes were increased by ~3% and ~9% respectively during the quarter.Quality Care Properties (QCP): QCP is a 2.36% portfolio stake established in Q4 2016 at prices between $12.50 and $17. The stock currently trades at $12.55. There was a marginal increase this quarter.Note 1: Regulatory filings since the quarter ended show them owning ~6M shares of QCP. This is compared to ~5M shares in the 13F. Their ownership stake is at 6.4% of the business.Note 2: The REIT is a spin-off from HCP Inc. (HCP) that started trading in October 2016.Keryx Pharmaceuticals (KERX): KERX is a small 1.52% of the portfolio position established in Q3 2015 at prices between $3.38 and $10.50. The stock currently trades at $4.64. There was a ~70% stake increase this quarter at an average price of ~$5 per share.Note: Seth Klarman (Baupost Group) has a huge ~43% ownership stake (assumes the dilution implied by convertible notes held) in KERX.Suburban Propane Partners (SPH): SPH is a small 1.23% portfolio stake established in Q2 2017 at prices between $22.75 and $27 and increased by ~75% last quarter at prices between $23.50 and $26. The stock is currently at $25.34. The position was more than doubled this quarter at prices between $23.20 and $26.70.Kept Steady:Western Union (WU): WU is Abrams’ largest stake at 13.83% of the US long portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16 and $19.50 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $19.75. For investors attempting to follow Abrams, WU is a good option to consider for further research.Franklin Resources (BEN): BEN is a top-three 11.59% of the 13F portfolio position established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. The stock currently trades at $38.84.Altaba (AABA) previously Yahoo: AABA is a top-five 9.21% portfolio stake established in Q2 2017 at prices between $46 and $56 and the stock currently trades well above that range at $71.31.Willis Towers Watson plc (WLTW): WLTW is a fairly large 6% position purchased in Q1 2017 at prices between $117 and $133. The stock is now at $155.AMERCO (UHAL): UHAL is a ~5% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393. The stock is now at $352. For investors attempting to follow Abrams, UHAL is a good option to consider for further research.Och-Ziff Capital Management (OZM): OZM is a 1.87% portfolio stake established in Q2 2016 at prices between $3.30 and $4.35 and increased by ~11% in the following quarter at prices between $3.35 and $4.49. There was another ~11% increase in Q4 2016 at a cost-basis around $3.20. Q1 2017 also saw a ~17% increase at prices between $2.20 and $3.63. The stock is now at $2.37.Note: Abrams controls ~12% of the business.Global Eagle Entertainment (ENT): ENT is a very small 0.54% of the US long portfolio position first purchased in Q4 2013 at prices between $9 and $15.50 and increased by two-thirds in Q3 2014 at prices between $9.50 and $14. Q1 2017 saw a ~18% increase at prices between $2.92 and $6.79 and that was followed with another ~19% increase the following quarter at prices between $2.75 and $3.55. The stock currently trades below those ranges at $1.90.Note: Abrams controls 8.2% of the business.Group 1 Automotive (GPI): GPI is a very small 0.60% stake purchased last quarter at prices between $53 and $72 and the stock is now at $75.21.Clear Channel Outdoor Holdings (CCO): CCO is a very small 0.52% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $4.65.The spreadsheet below highlights changes to Abrams’ US stock holdings in Q4 2017:" |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q3 2017 Update" | "David Abrams’ 13F portfolio increased this quarter from $2.52B to $2.56B. The number of positions decreased from 19 to 18.Abrams Capital Management added Teva Pharmaceutical and O Reilly Automotive while decreasing Colony NorthStar and dropping Time Warner.The top three positions are Western Union, Teva Pharmaceutical, and Franklin Resources and they add up to ~45% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ US stock portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 11/14/2017. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q2 2017.This quarter, Abrams’ US long portfolio increased ~2% from $2.52B to $2.56B. The number of holdings decreased from 19 to 18. The top three stakes are at 44.85% of the 13F portfolio while the top five holdings are at 62.17%. The largest position by far is Western Union and it accounts for 16.19% of the US long portfolio.Stake Disposals:Time Warner Inc. (TWX): TWX was a top three 12.17% portfolio stake established in Q4 2016 at prices between $78.50 and $97 and disposed this quarter at prices between $99 and $103. The stock is now at $89.56.Note: In October last year, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share. Earlier this week, the DOJ sued to block the transaction saying the deal violates antitrust law.WelBilt Inc. (WBT) previously Manitowoc Foodservice: The 4.47% WBT stake was acquired as a result of the spin-off of Manitowoc Foodservice from Manitowoc Company in February 2016. Abrams held Manitowoc shares for which they received WelBilt (Manitowoc Foodservice at the time) shares in the ratio 1:1. It started trading at ~$12 and currently goes for $21.88. The position was sold out over the last three quarters at prices between $18.25 and $23. Abrams harvested gains.VEON Ltd (VEON) previously VimpelCom Ltd. (VIP): VEON was a 2.18% of the US long portfolio position established in Q1 2015 at prices between $3.40 and $5.50 and increased by ~70% the following quarter at prices between $5 and $6.50. Q3 2015 saw a stake doubling at prices between $4 and $6 and that was followed with a ~75% increase the following quarter at prices between $3 and $4.30. There was a ~25% selling last quarter at prices between $3.68 and $4.34 and the disposal this quarter was at prices between $3.89 and $4.40. The stock currently trades at $4.Barnes & Noble Inc. (BKS): BKS was a ~1% of the US long portfolio position. The stake was established in Q1 2014 and almost doubled the following quarter in the mid-teens price-range. The four quarters thru Q1 2016 saw a combined ~150% increase at prices between $7.33 and $12.50. Overall, his cost-basis is at around $10 after adjusting for the Barnes & Noble Education spin-off transaction that closed in July 2015. The position was sold down by around two-thirds last quarter at ~$8.50 and the remaining position was disposed this quarter. The stock is now at $7.15.Note: Abrams had a ~4.8% stake in BKS as of last quarter.Cars.com (CARS): CARS was a 2.65% position. It is a spinoff from Tegna (TGNA) that started trading in May. The position was disposed this quarter at prices between $23 and $27.50. The stock is now at $24.07.New Stakes:Teva Pharmaceutical (TEVA): TEVA is top three ~15% portfolio position established this quarter at prices between $15.50 and $33.50. The stock currently trades below that range at $13.33. For investors attempting to follow Abrams, TEVA is a good option to consider for further research.O Reilly Automotive (ORLY), Asbury Automotive (ABG), and Group 1 Automotive (GPI): Combined, these three new stakes in businesses in the auto-industry form a very large position at just over 10% of the portfolio. The ~7% ORLY stake was purchased at prices between $173 and $220 and it is now at $216. ABG is a 2.38% position established at prices between $50 and $62 and the stock currently trades at $63.75. GPI is a very small 0.71% stake purchased at prices between $53 and $72 and the stock is now at $78.44.Stake Decreases:Colony NorthStar Inc. (CLNS) previously Northstar Asset Management: CLNS is a 2.79% of the 13F portfolio stake established in Q1 2016 at prices between $9.31 and $12.14 and increased by ~38% the following quarter at ~$10.60. The stock currently trades at $12.23. There was a ~47% selling over the last two quarters at prices between $12.50 and $14.70.Note: Northstar Asset Management, Northstar Realty Finance, and Colony Capital combined to form Colony NorthStar in a transaction that closed in January. NSAM shareholders received a special dividend of $1.16 per share following the close. The prices quoted above are adjusted for this.Stake Increases:Suburban Propane Partners (SPH): SPH is a very small 0.69% portfolio stake established last quarter at prices between $22.75 and $27 and increased by ~75% this quarter at prices between $23.50 and $26. The stock is currently at $23.93.Kept Steady:Western Union (WU): WU is Abrams’ largest stake at 16.19% of the US long portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16 and $19.50 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $19.70. For investors attempting to follow Abrams, WU is a good option to consider for further research.Franklin Resources (BEN): BEN is a top-three 13.80% of the 13F portfolio position established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. The stock currently trades at $41.58.Altaba (AABA) previously Yahoo: AABA is a top-five ~10% portfolio stake established last quarter at prices between $46 and $56 and the stock currently trades well above that range at $72.85.Wells Fargo (WFC): WFC is a top-five 7.20% of the US long portfolio position established in Q4 2013 at prices between $41 and $45.50. The position saw a ~20% increase in Q4 2016 at prices between $43.75 and $57.50. The stock currently trades at $54.52.Willis Towers Watson plc (WLTW): WLTW is a fairly large ~7% position purchased in Q1 2017 at prices between $117 and $133. The stock is now at $160.AMERCO (UHAL): UHAL is a ~6% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase last quarter at prices between $341 and $393. The stock is now at $358. For investors attempting to follow Abrams, UHAL is a good option to consider for further research.Quality Care Properties (QCP): QCP is a ~3% portfolio stake established in Q4 2016 at prices between $12.50 and $17. The stock currently trades at $14.90. Q1 2017 saw a ~12% increase.Note: Abrams controls 5.3% of QCP. The REIT is a spin-off from HCP Inc. (HCP) that started trading last October.Och-Ziff Capital Management (OZM): OZM is a 2.80% portfolio stake established in Q2 2016 at prices between $3.30 and $4.35 and increased by ~11% in the following quarter at prices between $3.35 and $4.49. There was another ~11% increase in Q4 2016 at a cost-basis around $3.20. Q1 2017 also saw a ~17% increase at prices between $2.20 and $3.63. The stock is now at $3.11.Note: Abrams controls ~12% of the business.Barnes & Noble Education Inc. (BNED): BNED is a 2.23% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. The position was more than doubled since at prices between $8.50 and $15.50. The stock currently trades well below that range at $5.68.Keryx Pharmaceuticals (KERX): KERX is a small 1.59% of the portfolio position established in Q3 2015 at prices between $3.38 and $10.50. The stock currently trades at $4.80. Q4 2015 saw a ~10% increase and the following quarter saw another ~4% increase.Note: Seth Klarman (Baupost Group) has a huge ~43% ownership stake (assumes the dilution implied by convertible notes held) in KERX.Global Eagle Entertainment (ENT): ENT is a ~1% of the US long portfolio position first purchased in Q4 2013 at prices between $9 and $15.50 and increased by two-thirds in Q3 2014 at prices between $9.50 and $14. Q1 2017 saw a ~18% increase at prices between $2.92 and $6.79 and that was followed with another ~19% increase last quarter at prices between $2.75 and $3.55. The stock currently trades below those ranges at $2.38.Note: Abrams controls 8.2% of the business.Clear Channel Outdoor Holdings (CCO): CCO is a very small ~0.61% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $4.40.The spreadsheet below highlights changes to Abrams’ US stock holdings in Q3 2017:Regulatory Filings thru 8/13/2017: None." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q2 2017 Update" | "David Abrams’ 13F portfolio decreased this quarter from $2.61B to $2.52B. The number of positions increased from 17 to 19.Abrams Capital Management added Altaba while dropping Microsoft.The top three positions are Western Union, Franklin Resources, and Time Warner and they add up to ~43% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ US stock portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 08/11/2017. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q1 2017.This quarter, Abrams’ US long portfolio decreased ~4% from $2.61B to $2.52B. The number of holdings increased from 17 to 19. The top three stakes are at 42.68% of the 13F portfolio while the top five holdings are at 58.52%. The largest position by far is Western Union and it accounts for 16.36% of the US long portfolio.Stake Disposals:Microsoft Corporation (MSFT): MSFT was the third-largest stake at 12.57% of the US long portfolio as of last quarter. It was established in Q1 2014 at prices between $36 and $40.50 and increased by ~45% in Q3 2014 at prices between $42.50 and $47.50. The elimination this quarter happened at prices between $65 and $72.50. The stock currently trades at $72.50. Abrams harvested long-term gains.New Stakes:Altaba (AABA) previously Yahoo, Cars.com (CARS), and Suburban Propane Partners (SPH): These are the three new positions this quarter. AABA is a top-five 8.48% portfolio stake established at prices between $46 and $56 and the stock currently trades above that range at $57.92. CARS is a 2.65% position. It is a spinoff from Tegna (TGNA) that started trading in May. The stock is at $24.72 and has not budged since the spinoff. SPH is a very small 0.37% portfolio stake established at prices between $22.75 and $27 and it is now at $24.08.Stake Decreases:Colony NorthStar Inc. (CLNS) previously Northstar Asset Management (NSAM): CLNS is a ~5.28% of the 13F portfolio stake established in Q1 2016 at prices between $9.31 and $12.14 and increased by ~38% the following quarter at ~$10.60. The stock currently trades at $13.60. There was a ~14% selling this quarter.Note: Northstar Asset Management, Northstar Realty Finance, and Colony Capital combined to form Colony NorthStar in a transaction that closed in January. NSAM shareholders received a special dividend of $1.16 per share following the close. The prices quoted above are adjusted for this.WelBilt Inc. (WBT) previously Manitowoc Foodservice Inc. (MFS): The 4.47% WBT stake was acquired as a result of the spin-off of Manitowoc Foodservice from Manitowoc Company in February 2016. Abrams held MTW shares for which they received MFS shares in the ratio 1:1. MFS started trading at ~$12 and currently the renamed entity WelBilt goes for $19.54. Last quarter saw a one-third selling at prices between $18 and $20 and that was followed with another ~20% reduction this quarter at prices between $18.50 and $21. Abrams is harvesting gains.VEON Ltd (VEON) previously VimpelCom Ltd. (VIP): VEON is a 2.18% of the US long portfolio position established in Q1 2015 at prices between $3.40 and $5.50 and increased by ~70% the following quarter at prices between $5 and $6.50. Q3 2015 saw a stake doubling at prices between $4 and $6 and that was followed with a ~75% increase the following quarter at prices between $3 and $4.30. There was a ~25% selling this quarter at prices between $3.68 and $4.34. The stock currently trades at $3.97.Barnes & Noble Inc. (BKS): BKS is a ~1% of the US long portfolio position. The stake was established in Q1 2014 and almost doubled the following quarter in the mid-teens price-range. The four quarters thru Q1 2016 saw a combined ~150% increase at prices between $7.33 and $12.50. Overall, his cost-basis is at around $10 after adjusting for the Barnes & Noble Education spin-off transaction that closed in July 2015. The position was sold down by around two-thirds this quarter at ~$8.50. The stock is now at $7.05.Note: Abrams still controls ~4.8% of BKS.Stake Increases:AMERCO (UHAL): UHAL is a ~4% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% last quarter at prices between $367 and $391. There was a ~45% increase this quarter at prices between $341 and $393. The stock is now at $373.61.Global Eagle Entertainment (ENT): ENT is a ~1% of the US long portfolio position first purchased in Q4 2013 at prices between $9 and $15.50 and increased by two-thirds in Q3 2014 at prices between $9.50 and $14. Last quarter saw a ~18% increase at prices between $2.92 and $6.79 and that was followed with another ~19% increase this quarter at prices between $2.75 and $3.55. The stock currently trades at $2.97.Note: Abrams controls 8.2% of the business.Kept Steady:Western Union (WU): WU is Abrams’ largest stake at 16.36% of the US long portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16 and $19.50 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $18.90. For investors attempting to follow Abrams, WU is a good option to consider for further research.Franklin Resources (BEN): BEN is a top-three 14.15% of the 13F portfolio position established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. The stock currently trades just above those ranges at $42.75.Time Warner Inc. (TWX): TWX is a top-three 12.17% portfolio stake established in Q4 2016 at prices between $78.50 and $97. The stock is now at $102.Note: In October last year, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share.Wells Fargo (WFC): WFC is a top-five 7.36% of the US long portfolio position established in Q4 2013 at prices between $41 and $45.50. The position saw a ~20% increase in Q4 2016 at prices between $43.75 and $57.50. The stock currently trades at $51.94.Willis Towers Watson plc (WLTW): WLTW is a fairly large 6.84% position purchased last quarter at prices between $117 and $133. The stock is now at $149.Barnes & Noble Education Inc. (BNED): BNED is a 3.22% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. The position was more than doubled since at prices between $8.50 and $15.50. The stock currently trades well below that range at $6.84.Quality Care Properties (QCP): QCP is a 3.64% portfolio stake established in Q4 2016 at prices between $12.50 and $17. The stock currently trades at $15.62. Last quarter saw a ~12% increase.Note: Abrams controls 5.3% of QCP. The REIT is a spin-off from HCP Inc. (HCP) that started trading last October.Och-Ziff Capital Management (OZM): OZM is a 2.26% portfolio stake established in Q2 2016 at prices between $3.30 and $4.35 and increased by ~11% in the following quarter at prices between $3.35 and $4.49. There was another ~11% increase in Q4 2016 at a cost-basis around $3.20. Last quarter also saw a ~17% increase at prices between $2.20 and $3.63. The stock is now at $2.93.Note: Abrams controls ~12% of the business.Keryx Pharmaceuticals (KERX): KERX is a small 1.64% of the portfolio position established in Q3 2015 at prices between $3.38 and $10.50. The stock currently trades at $6.42. Q4 2015 saw a ~10% increase and the following quarter saw another ~4% increase.Note: Seth Klarman (Baupost Group) has a huge ~43% ownership stake (assumes the dilution implied by convertible notes held) in KERX.Clear Channel Outdoor Holdings (CCO): CCO is a very small ~0.65% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $4.35.The spreadsheet below highlights changes to Abrams’ US stock holdings in Q2 2017:Regulatory filings thru 05/24/2017: Form 4 & 13G/As on 4/20 - BKS - 5.9M shares - 8.2% - 4.5M shares disposed at $8.575." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q1 2017 Update" | "David Abrams’ 13F portfolio decreased this quarter from $2.72B to $2.61B. The number of positions decreased from 19 to 17.Abrams Capital Management increased AMERCO while decreasing WelBilt.The top three positions are Western Union, Franklin Resources, and Microsoft Corporation and they add up to ~42% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ US stock portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 05/12/2017. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q4 2016.This quarter, Abrams’ US long portfolio decreased ~4% from $2.72B to $2.61B. The number of holdings decreased from 19 to 17. The top three stakes are at 42.26% of the 13F portfolio while the top five holdings are at 60.81%. The largest position by far is Western Union and it accounts for 16.85% of the US long portfolio.Stake Disposals:MoneyGram International Inc. (MGI): MGI was a 2.22% of the US long portfolio position (~10% of the business) established in Q4 2014 at prices between $8 and $13. It was increased by ~90% in Q1 2015 at prices between $8 and $9.50 and another ~17% the following quarter at prices between $7.50 and $10.50. The disposal this quarter was at prices between $11.50 and $17. The stock currently trades at $17.41.Note: In January, Ant Financial agreed to acquire MGI for $13.25 per share cash. A bidding war ensued as Euronet Worldwide (EEFT) offered $15.25 per share cash in March. Last month, Ant Financial increased the offer to $18 per share cash. Ant Financial is an affiliate of Alibaba Group Holdings (BABA).Syngenta AG (SYT): SYT was a very small 0.91% stake established last quarter at prices between $75.50 and $88 and disposed of this quarter at prices between $79 and $89. The stock currently trades at $92.50.New Stakes:None.Stake Decreases:WelBilt Inc. (WBT) previously Manitowoc Foodservice Inc. (MFS): The fairly large 5.67% WBT stake was acquired as a result of the spin-off of Manitowoc Foodservice from Manitowoc Company in February 2016. Abrams held MTW shares for which they received MFS shares in the ratio 1:1. MFS started trading at ~$12 and currently the renamed entity WelBilt goes for $19.83. This quarter saw a one-third selling at prices between $18 and $20. The stock has returned ~62% since the spinoff.Stake Increases:AMERCO (UHAL): UHAL is a ~4% position purchased last quarter at prices between $314 and $374 and increased by ~160% this quarter at prices between $367 and $391. The stock is now at $387.Quality Care Properties (QCP): QCP is a 3.61% portfolio stake established last quarter at prices between $12.50 and $17. The stock currently trades at $16.70. This quarter saw a ~12% increase.Note: Abrams controls 5.3% of QCP. The REIT is a spin-off from HCP Inc. (HCP) that started trading last October.Och-Ziff Capital Management (OZM): OZM is a 1.93% portfolio stake established in Q2 2016 at prices between $3.30 and $4.35 and increased by ~11% in the following quarter at prices between $3.35 and $4.49. There was another ~11% increase last quarter at a cost-basis around $3.20. This quarter also saw a ~17% increase at prices between $2.20 and $3.63. The stock is now at $2.39.Note: Abrams controls ~12% of the business.Global Eagle Entertainment (ENT): ENT is a 0.72% of the US long portfolio position first purchased in Q4 2013 at prices between $9 and $15.50 and increased by two-thirds in Q3 2014 at prices between $9.50 and $14. This quarter saw a ~18% increase at prices between $2.92 and $6.79. The stock currently trades near the low end of his purchase price ranges at $3.22.Note: Abrams controls 6.9% of the business.Kept Steady:Western Union (WU): WU is Abrams’ largest stake at 16.85% of the US long portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16 and $19.50 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $18.82. For investors attempting to follow Abrams, WU is a good option to consider for further research.Franklin Resources (BEN): BEN is a large (top-three) 12.83% of the 13F portfolio position established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. The stock currently trades near the top end of those ranges at $41.40.Microsoft Corporation (MSFT): MSFT is the third-largest stake at 12.57% of the US long portfolio. It was established in Q1 2014 at prices between $36 and $40.50 and increased by ~45% in Q3 2014 at prices between $42.50 and $47.50. The stock currently trades well above those ranges at $68.68.Time Warner Inc. (TWX): TWX is a large (top five) 11.42% portfolio stake established last quarter at prices between $78.50 and $97. The stock is now at $98.23.Note: In October last year, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share.Wells Fargo (WFC): WFC is a large 7.13% of the US long portfolio position established in Q4 2013 at prices between $41 and $45.50. The position saw a ~20% increase last quarter at prices between $43.75 and $57.50. The stock currently trades at $53.39.Willis Towers Watson plc (WLTW): WLTW is a fairly large 5.94% position purchased last quarter at prices between $117 and $133. The stock is now at $141.Colony NorthStar Inc. (CLNS) previously Northstar Asset Management (NSAM): CLNS is a ~5.40% of the 13F portfolio stake established in Q1 2016 at prices between $9.31 and $12.14 and increased by ~38% the following quarter at ~$10.60. The stock currently trades at $13.86.Note: Northstar Asset Management, Northstar Realty Finance, and Colony Capital combined to form Colony NorthStar in a transaction that closed in January. NSAM shareholders received a special dividend of $1.16 per share following the close. The prices quoted above are adjusted for this.Barnes & Noble Inc. (BKS): BKS is a 3.69% of the US long portfolio position. The stake was established in Q1 2014 and almost doubled the following quarter in the mid-teens price-range. The four quarters thru Q1 2016 saw a combined ~150% increase at prices between $7.33 and $12.50. Overall, his cost-basis is at around $10 after adjusting for the Barnes & Noble Education spin-off transaction that closed in July 2015. The stock is now at $6.85.Note: Regulatory filings since the quarter ended show them owning 5.9M shares (8.2% of the business). This is compared to 10.4M shares in the 13F - 4.5M shares disposed at $8.575.Barnes & Noble Education Inc. (BNED): BNED is a 3.22% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. The position was more than doubled since at prices between $8.50 and $15.50. The stock currently trades at $9.25.VEON Ltd (VEON) previously VimpelCom Ltd. (VIP): VEON is a 2.94% of the US long portfolio position established in Q1 2015 at prices between $3.40 and $5.50 and increased by ~70% the following quarter at prices between $5 and $6.50. Q3 2015 saw a stake doubling at prices between $4 and $6 and that was followed with a ~75% increase the following quarter at prices between $3 and $4.30. The stock currently trades at $3.89.Keryx Pharmaceuticals (KERX): KERX is a small 1.35% of the portfolio position established in Q3 2015 at prices between $3.38 and $10.50. The stock currently trades at $6.37. Q4 2015 saw a ~10% increase and the following quarter saw another ~4% increase.Note: Seth Klarman (Baupost Group) has a huge ~43% ownership stake (assumes the dilution implied by convertible notes held) in KERX.Clear Channel Outdoor Holdings (CCO): CCO is a very small ~0.72% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $3.65.The spreadsheet below highlights changes to Abrams’ US stock holdings in Q1 2017:Regulatory filings thru 02/13/2017: 13G/A 02/10/2017 MTW - 0, 13G/A 02/10/2017 MGI - 0, Form 5 02/10/2017 BKS - 10.42M shares - 14.33% - increased at $10.99 on 9/27/2016, 13G 02/10/2017 MFS - 11.26M shares - 8.13%. 13G/A 2/10/2017 KERX - 5.72M shares - 5.4%. 13G/A 2/10/2017 BNED - 8.77M shares - 18.95%. Form 4 several - OZM - 1.36M shares acquired at $3.20, 250K at $3.19, 654K at $3.25, 1.03M at $3.23, 500K at $3.2, 235K at $3, (Form 3 filed 12/22 was for 18.2M shares) - 18.95M shares - 10.43%. 13G 1/23/2017 - QCP - 5M shares - 5.3%. 13D/A - 1/11/2017 - NSAM - 0.Regulatory filings thru 11/26/2016: 13D 8/17/2016 NSAM - 10.91M shares - 5.8% - 2.9M shares purchased at around $10.60 around end of June." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q4 2016 Update" | "David Abrams’ 13F portfolio increased this quarter from $2.01B to $2.72B. The number of positions increased from 16 to 19.Abrams Capital Management increased Och-Ziff Capital Management and Wells Fargo during the quarter. Also added 5 new stakes.The top three positions are Western Union, Franklin Resources, and Microsoft Corporation and they add up to ~40% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ US stock portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 02/10/2017. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q3 2016.This quarter, Abrams’ US long portfolio increased 35.19% from $2.01B to $2.72B. The number of holdings increased from 16 to 19. The top three stakes are at 40.13% of the 13F portfolio while the top five holdings are at 58.93%. The largest position by far is Western Union and it accounts for 17.23% of the US long portfolio.Stake Disposals:Northstar Realty Finance Corp. (NRF): NRF was a ~2% portfolio position purchased in Q1 2016 at prices between $8.57 and $17. It was disposed of this quarter at prices between $13 and $16.Note: Northstar Asset Management, Northstar Realty Finance, and Colony Capital (CLNY) combined in a transaction that closed last month.Opus Bank Irvine (OPB): OPB was a ~2% of the US long portfolio position. It had an IPO in April 2014 at $30 per share. Prior to the IPO, Abrams had an ownership stake of just below 10% in the business and that got converted into equity. Q3 2015 saw a ~10% trimming at prices between $34.50 and $40 and that was followed with a ~22% reduction the following quarter at prices between $36 and $40. There was another one-third reduction in Q2 2016 at prices between $31.50 and $38. The disposal this quarter was at prices between $19.50 and $35.50. The stock currently trades at $21.05.New Stakes:Time Warner Inc. (TWX): TWX is a large (top five) 10.81% portfolio stake established this quarter at prices between $78.50 and $97 and the stock is now at $96.58.Note: In October last year, AT&T (T) agreed to acquire Time Warner in a cash-and-stock ($53.75 cash) deal worth $107.50 per share.Willis Towers Watson plc (WLTW): WLTW is a fairly large 5.31% position purchased this quarter at prices between $117 and $133. The stock is now at $124. For investors attempting to follow Abrams, WLTW is a good option to consider for further research.Quality Care Properties (QCP): QCP is a medium-size 2.54% portfolio stake established this quarter at a cost-basis of around $16 per share. The stock currently trades above that range at $18.02.Note: Abrams controls ~5% of QCP. The REIT is a spin-off from HCP Inc. (HCP) that started trading last October.AMERCO (UHAL): UHAL is a small 1.40% position purchased this quarter at prices between $314 and $374 and the stock is now at the top end of that range at $374.Syngenta AG (SYT): SYT is a very small 0.91% stake established this quarter at prices between $75.50 and $88 and the stock currently trades at $86.25.Stake Decreases:None.Stake Increases:Wells Fargo (WFC): WFC is a large 6.76% of the US long portfolio position established in Q4 2013 at prices between $41 and $45.50. The position saw a ~20% increase this quarter at prices between $43.75 and $57.50. The stock currently trades at $56.86.Och-Ziff Capital Management (OZM): OZM is a 2.30% portfolio stake established in Q2 2016 at prices between $3.30 and $4.35 and increased by ~11% last quarter at prices between $3.35 and $4.49. There was another ~11% increase this quarter at a cost-basis around $3.20. The stock is now at $3.61. For investors attempting to follow Abrams, OZM is a good option to consider for further research.Note: Abrams controls 10.43% of the business.Kept Steady:Western Union (WU): WU is Abrams’ largest stake at 17.23% of the US long portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16 and $19.50 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $19.74.Franklin Resources (BEN): BEN is a large (top-three) 11.54% of the 13F portfolio position established in Q4 2015 at prices between $35 and $42 and increased by ~50% the following quarter at prices between $31.50 and $39. The stock currently trades at $40.88.Microsoft Corporation (MSFT): MSFT is the third-largest stake at 11.36% of the US long portfolio. It was established in Q1 2014 at prices between $36 and $40.50 and increased by ~45% in Q3 2014 at prices between $42.50 and $47.50. The stock currently trades well above those ranges at $64.Manitowoc Foodservice Inc. (MFS): The large (top-five) ~8% MFS stake was acquired as a result of the spin-off of Manitowoc Foodservice from Manitowoc Company in February 2016. Abrams held MTW shares for which they received MFS shares in the ratio 1:1. MFS started trading at ~$12 and currently goes for $19.25. It has returned over 50% in twelve months.Colony NorthStar Inc. (CLNS) previously Northstar Asset Management (NSAM): CLNS is a large ~6% of the 13F portfolio stake established in Q1 2016 at prices between $9.31 and $12.14 and increased by ~38% the following quarter at ~$10.60. The stock currently trades at $14.50. Abrams controls ~5.8% of NSAM.Note: Northstar Asset Management, Northstar Realty Finance, and Colony Capital (CLNY) combined to form Colony NorthStar in a transaction that closed last month. NSAM shareholders received a special dividend of $1.16 per share following the close.Barnes & Noble Inc. (BKS): BKS is a fairly large 4.26% of the US long portfolio position. The stake was established in Q1 2014 and almost doubled the following quarter in the mid-teens price-range. The four quarters thru Q1 2016 saw a combined ~150% increase at prices between $7.33 and $12.50. Overall, his cost-basis is at around $10 after adjusting for the Barnes & Noble Education spin-off transaction that closed in July 2015. The stock is now at $10.85.Barnes & Noble Education Inc. (BNED): BNED is a 3.69% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. The position was more than doubled since at prices between $8.50 and $15.50. The stock currently trades at $10.22.VimpelCom Ltd. (VIP): VIP is a 2.65% of the US long portfolio position established in Q1 2015 at prices between $3.40 and $5.50 and increased by ~70% the following quarter at prices between $5 and $6.50. Q3 2015 saw a stake doubling at prices between $4 and $6 and that was followed with a ~75% increase the following quarter at prices between $3 and $4.30. The stock currently trades at $4.24.MoneyGram International Inc. (MGI): MGI is a 2.22% of the US long portfolio position established in Q4 2014 at prices between $8 and $13. It was increased by ~90% in Q1 2015 at prices between $8 and $9.50 and another ~17% the following quarter at prices between $7.50 and $10.50. The stock currently trades at $12.74. Abrams controls ~10% of the business.Note: Last month, Alibaba’s (BABA) Ant Financial agreed to acquire MGI for $13.25 per share cash.Keryx Pharmaceuticals (KERX): KERX is a small 1.23% of the portfolio position established in Q3 2015 at prices between $3.38 and $10.50. The stock currently trades at $5.45. Q4 2015 saw a ~10% increase while the following quarter saw another ~4% increase.Note: Seth Klarman (Baupost Group) has a huge ~43% ownership stake (assumes the dilution implied by convertible notes held) in KERX.Global Eagle Entertainment (ENT): ENT is a 1.19% of the US long portfolio position first purchased in Q4 2013 at prices between $9 and $15.50 and increased by two-thirds in Q3 2014 at prices between $9.50 and $14. The stock currently trades below the low end of his purchase price ranges at $6.01. Abrams controls ~6.5% of the business.Clear Channel Outdoor Holdings (CCO): CCO is a very small ~0.62% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $4.90.The spreadsheet below highlights changes to Abrams’ US stock holdings in Q4 2016:" |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q3 2016 Update" | "David Abrams’ 13F portfolio increased this quarter from $1.91B to $2.01B. The number of positions decreased from 17 to 16.Abrams Capital Management increased Och-Ziff Capital Management during the quarter.The top three positions are Western Union, Microsoft Corporation, and Franklin Resources and they add up to ~51% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ US stock portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 11/14/2016. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q2 2016.This quarter, Abrams’ US long portfolio increased 5.26% from $1.91B to $2.01B. The number of holdings decreased from 17 to 16. The top three stakes are at 50.59% of the 13F portfolio while the top five holdings are at 66.65%. The largest position by far is Western Union and it accounts for 22.33% of the US long portfolio.Stake Disposals:TICC Capital Corp. (TICC): TICC is a minutely small 0.01% of portfolio position established in Q1 2016 at prices between $4.42 and $6.11 and disposed of this quarter at prices between $5.27 and $6.48. The stock currently trades at $6.60.New Stakes:None.Stake Decreases:None.Stake Increases:Och-Ziff Capital Management (OZM): OZM is a medium-sized 3.67% portfolio stake established last quarter at prices between $3.30 and $4.35 and increased by ~11% this quarter at prices between $3.35 and $4.49. The stock is now below those ranges at $2.98. For investors attempting to follow Abrams, OZM is a good option to consider for further research.Note: Abrams controls ~9.4 % of the business.Barnes & Noble Inc. (BKS): BKS is a fairly large 5.84% of the US long portfolio position. The stake was established in Q1 2014 and almost doubled the following quarter in the mid-teens price-range. The four quarters thru Q1 2016 saw a combined ~150% increase at prices between $7.33 and $12.50. Overall, his cost-basis is at around $10 after adjusting for the Barnes & Noble Education spin-off transaction that closed in July 2015. The stock is now at $12.95. This quarter saw a marginal increase.Kept Steady:Barnes & Noble Education Inc. (BNED): BNED is a 4.17% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. After close of the transaction, the position was more than doubled at prices between $11.50 and $15. Q4 2015 saw a further ~15% increase at prices between $8.50 and $15.50. The stock currently trades at $11.66. There was a ~7% further increase in Q1 2016 at prices between $8.50 and $11.50 and a marginal increase last quarter.Clear Channel Outdoor Holdings (CCO): CCO is a very small ~1% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $5.65.Franklin Resources (BEN): BEN is a large (top-three) 14.03% of the 13F portfolio position established in Q4 2015 at prices between $35 and $42 and increased by ~51% the following quarter at prices between $31.50 and $39. The stock currently trades at $39.32.Global Eagle Entertainment (ENT): ENT is a ~2% of the US long portfolio position first purchased in Q4 2013 at prices between $9 and $15.50 and increased by two-thirds in Q3 2014 at prices between $9.50 and $14. The stock currently trades below the low end of his purchase price ranges at $7.13. Abrams controls ~6.5% of the business.Keryx Pharmaceuticals (KERX): KERX is a small ~1.5% of the portfolio position established in Q3 2015 at prices between $3.38 and $10.50. The stock currently trades at $6.23. Q4 2015 saw a ~10% increase while the following quarter saw another ~4% increase.Note: Seth Klarman (Baupost Group) has a huge ownership stake in KERX. KERX had a $125M capital raise in October 2015 in a private placement transaction with Baupost (zero-coupon convertible notes due 2020 with $3.74 conversion price). The implied dilution takes Klarman’s ownership to around ~43% of the business.Manitowoc Foodservice Inc. (MFS): The large (top-five) ~9% MFS stake was acquired as a result of the spin-off of Manitowoc Foodservice from Manitowoc Company in February. Abrams held MTW shares for which they received MFS shares in the ratio 1:1. MFS started trading at ~$12 and currently goes for $17.90. It has returned ~40% in nine months.Microsoft Corporation (MSFT): MSFT is the second-largest stake at 14.24% of the US long portfolio. It was established in Q1 2014 at prices between $36 and $40.50 and increased by ~45% in Q3 2014 at prices between $42.50 and $47.50. The stock currently trades well above those ranges at $60.53.MoneyGram International Inc. (MGI): MGI is a 1.81% of the US long portfolio position established in Q4 2014 at prices between $8 and $13. It was increased by ~90% in Q1 2015 at prices between $8 and $9.50 and another ~17% the following quarter at prices between $7.50 and $10.50. The stock currently trades at $10.87. Abrams controls ~10% of the business.Northstar Asset Management (NSAM) and Northstar Realty Finance Corp. (NRF): NSAM is a large (top five) ~7% of the 13F portfolio stake established in Q1 2016 at prices between $9.31 and $12.14 and increased by ~38% last quarter at ~$10.60. The stock currently trades at $14.94. Abrams controls ~5.8% of NSAM. NRF is a ~2% portfolio position purchased in Q1 2016 at prices between $8.57 and $17 and the stock is now at $15.26.Note: Northstar Asset Management, Northstar Realty Finance, and Colony Capital (CLNY) are combining.Opus Bank Irvine (OPB): OPB is a 1.85% of the US long portfolio position. It had an IPO in April 2014 at $30 per share. Prior to the IPO, Abrams had an ownership stake of just below 10% in the business and that got converted into equity. Q3 2015 saw a ~10% trimming at prices between $34.50 and $40 and that was followed with a ~22% reduction the following quarter at prices between $36 and $40. There was another one-third reduction last quarter at prices between $31.50 and $38. The stock currently trades at $24.90.VimpelCom Ltd. (VIP): VIP is a 3.24% of the US long portfolio position established in Q1 2015 at prices between $3.40 and $5.50 and increased by ~70% the following quarter at prices between $5 and $6.50. Q3 2015 saw a stake doubling at prices between $4 and $6 and that was followed with a ~75% increase the following quarter at prices between $3 and $4.30. The stock currently trades at $3.34.Wells Fargo (WFC): WFC is a large ~6% of the US long portfolio position established in Q4 2013 at prices between $41 and $45.50. The stock currently trades well above that range at $52.62.Western Union (WU): WU is Abrams’ largest stake at 22.33% of the US long portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16 and $19.50 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades above those ranges at $21.48.The spreadsheet below highlights changes to Abrams’ US stock holdings in Q3 2016:13G/D, Form 3/4 thru 8/15/2016: 13G 7/5/2016 NSAM - 10.31M shares - 5.45%. 13G 5/20/2016 OZM - 9.27M shares - 5.11%.13G/D, Form 3/4 thru 5/17/2016: BNED 4/8/2016 Form 4 - ~9.5K disposed @ $8.77. 8.77M shares remaining.13G/D, Form 3/4 thru 2/15/2016: RYAM 2/12/2016 13G/A - 0. MGI 2/12/2016 13G/A - 5.13M shares - 9.64%. KERX 2/12/2016 13G - 5.6M shares - 5.32%. BKS 2/5/2016 13G/A - 9.93M shares - 12.99%. 2/8/2016 Form 4 shows 10.42M shares - 13.63%. MTW 1/22/2016 13G/A - 8.74M shares - 6.4%. BNED 1/14/2016 13G/A - 8.76M shares - 18.16%." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q2 2016 Update" | "David Abrams’ 13F portfolio decreased this quarter from $2.12B to $1.91B. The number of positions decreased from 18 to 17.Abrams Capital Management increased Northstar Asset Management during the quarter.The top-three positions are Western Union, Franklin Resources, and Microsoft Corporation and they add up to ~49% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ US stock portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 08/12/2016. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q1 2016.This quarter, Abrams’ US long portfolio decreased 9.57% from $2.12B to $1.91B. The number of holdings decreased from 18 to 17. The top three stakes are at 48.81% of the 13F portfolio while the top five holdings are at 66.02%. The largest position by far is Western Union and it accounts for 21.65% of the US long portfolio.Stake Disposals:InterXion Holding NV (INXN): INXN was a 3.84% of the US long portfolio position established in Q3 2014 at prices between $26.58 and $29.01. It was increased by ~190% in Q4 2014 at prices between $24.97 and $28.60. The disposal this quarter happened at prices between $33.54 and $38.62. The stock currently trades at $37.83. Abrams harvested gains.Time Warner Cable (TWC): A 6.39% stake in TWC was purchased in Q4 2015 at prices between $179 and $192 as a merger-arbitrage position. Charter Communications (CHTR) acquired TWC in a cash-and-stock deal and the transaction closed in May. The 13F does not list any shares of CHTR - the shares received were liquidated in the open market before the quarter ended.New Stakes:Och-Ziff Capital Management (OZM): OZM is a medium-sized 3.05% portfolio stake established this quarter at prices between $3.30 and $4.35. The stock is now at $3.62.Note: Abrams controls ~8.5% of the business.Stake Decreases:Opus Bank Irvine (OPB): OPB is a 1.86% of the US long portfolio position. It had an IPO in April 2014 at $30 per share. Prior to the IPO, Abrams had an ownership stake of just below 10% in the business and that got converted into equity. Q3 2015 saw a ~10% trimming at prices between $34.56 and $39.75 and that was followed with a ~22% reduction the following quarter at prices between $36 and $40. There was another one-third reduction this quarter at prices between $31.72 and $37.92. The stock currently trades at $32.91.Stake Increases:Northstar Asset Management (NSAM): NSAM is a fairly large 5.82% of the 13F portfolio stake established last quarter at prices between $9.31 and $12.14 and increased by ~38% this quarter at prices between $10.04 and $12.92. The stock currently trades at $11.90.Note: Abrams controls ~5.8% of the business.Barnes & Noble Education Inc. (BNED): BNED is a 4.65% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. After close of the transaction, the position was more than doubled at prices between $11.80 and $14.93. Q4 2015 saw a further ~15% increase at prices between $8.70 and $15.27. The stock currently trades at $12.03. There was a ~7% further increase last quarter at prices between $8.73 and $11.39 and a marginal increase this quarter.Kept Steady:Barnes & Noble Inc. (BKS): BKS is a fairly large 6.18% of the US long portfolio position. The stake was established in Q1 2014 and almost doubled the following quarter in the mid-teens price-range. Last four quarters saw a combined ~150% increase at prices between $7.33 and $12.45. Overall, his cost-basis is at around $10 after adjusting for the Barnes & Noble Education spin-off transaction that closed in July 2015. The stock is now at $13.35.Clear Channel Outdoor Holdings (CCO): CCO is a very small ~1% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $6.81.Franklin Resources (BEN): BEN is a large (top-three) 13.85% of the 13F portfolio position established in Q4 2015 at prices between $35 and $42 and increased by ~51% last quarter at prices between $31.45 and $39. The stock currently trades at $35.53. For investors attempting to follow Abrams, BEN is a good option to consider for further research.Global Eagle Entertainment (ENT): ENT is a 1.73% of the US long portfolio position first purchased in Q4 2013 at prices between $9.12 and $15.66 and increased by two-thirds in Q3 2014 at prices between $9.60 and $13.75. The stock currently trades below the low end of his purchase price ranges at $8.77. Abrams controls ~6.5% of the business.Keryx Pharmaceuticals (KERX): KERX is a small 1.98% of the portfolio position established in Q3 2015 at prices between $3.38 and $10.31. The stock currently trades at $4.29. Q4 2015 saw a ~10% increase while last quarter saw another ~4% increase.Note: Seth Klarman (Baupost Group) has a huge ownership stake in KERX. KERX had a $125M capital raise in October 2015 in a private placement transaction with Baupost (zero-coupon convertible notes due 2020 with $3.74 conversion price). The implied dilution takes Klarman’s ownership to around ~43% of the business.Manitowoc Foodservice Inc. (MFS): The large (top-five) 10.36% MFS stake was acquired as a result of the spin-off of Manitowoc Foodservice from Manitowoc Company. Abrams held MTW shares for which they received MFS shares in the ratio 1:1. MFS started trading at ~$12 and currently goes for $17.33. It has returned ~37% in six months.Microsoft Corporation (MSFT): MSFT is the third-largest stake at 13.31% of the US long portfolio. It was established in Q1 2014 at prices between $36 and $40.30 and increased by ~45% in Q3 2014 at prices between $42.74 and $47.52. The stock currently trades well above those ranges at $57.94.MoneyGram International Inc. (MGI): MGI is a 1.84% of the US long portfolio position established in Q4 2014 at prices between $8.15 and $12.93. It was increased by ~89% in Q1 2015 at prices between $7.93 and $9.44 and another ~17% the following quarter at prices between $7.75 and $10.61. The stock currently trades below those ranges at $7.34. Abrams controls ~10% of the business.Northstar Realty Finance Corp. (NRF): NRF is a ~2% portfolio position purchased last quarter at prices between $8.57 and $17 and the stock is now at $13.09.TICC Capital Corp. (TICC): TICC is a minutely small 0.01% of portfolio position established last quarter at prices between $4.42 and $6.11. The stock currently trades at $6.04.VimpelCom Ltd. (VIP): VIP is a 3.80% of the US long portfolio position established in Q1 2015 at prices between $3.43 and $5.61 and increased by ~69% the following quarter at prices between $4.95 and $6.37. Q3 2015 saw a stake doubling at prices between $4.09 and $5.97 and that was followed with a 78% increase the following quarter at prices between $3.01 and $4.30. The stock currently trades at $4.41.Wells Fargo (WFC): WFC is a top-five 6.85% of the US long portfolio position established in Q4 2013 at prices between $41.30 and $45.50. The stock currently trades just outside that range at $47.90.Western Union (WU): WU is Abrams’ largest stake at 21.65% of the US long portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16.37 and $19.29 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $20.97.The spreadsheet below highlights changes to Abrams’ US stock holdings in Q2 2016:" |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q1 2016 Update" | "David Abrams’ 13F portfolio increased this quarter from $1.83B to $2.12B. The number of positions increased from 16 to 18.Abrams Capital Management increased Franklin Resources and Barnes & Noble Inc. while adding Northstar Asset Management during the quarter.The top-three positions are Western Union, Franklin Resources, and Microsoft Corporation and they add up to ~47% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ US stock portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 05/13/2016. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q4 2015.This quarter, Abrams’ US long portfolio increased 15.74% from $1.83B to $2.12B. The number of holdings increased from 16 to 18. The top three stakes are at 47.34% of the 13F portfolio while the top five holdings are at 61.51%. The largest position by far is Western Union and it accounts for 19.69% of the US long portfolio.Stake Disposals:Cleco Corporation (CNL): CNL was a fairly large 6.74% of the portfolio stake established in Q3 2015 at around $54. Last quarter saw a ~97% increase at prices between $48.50 and $53.74. The elimination this quarter was at prices between $45 and $55. The stock currently trades at $55.37.Manitowoc Company Inc. (MTW): MTW was a 6.06% of the portfolio position established in Q3 2015 at prices between $14.57 and $19.60. Last quarter saw a ~44% increase at prices between $14.15 and $17.36. Manitowoc spun-off Manitowoc Food Service (MFS) in March and the terms called for MTW shareholders to receive one share of MFS for each share of MTW held. Abrams held on to MFS and eliminated MTW.Note: Manitowoc had seen activist involvement. Carl Icahn had a board seat and was instrumental in the MFS spinoff transaction.New Stakes:Manitowoc Foodservice Inc. (MFS): The large (top-five) 7.84% MFS stake was acquired as a result of the spin-off of Manitowoc Foodservice from Manitowoc Company. Abrams held MTW shares for which they received MFS shares in the ratio 1:1. MFS started trading at ~$12 and currently goes for ~$16. It has returned ~25% in two months.Northstar Asset Management (NSAM): NSAM is a fairly large 4.24% of the 13F portfolio stake established this quarter at prices between $9.31 and $12.14. The stock currently trades at $11.69.Northstar Realty Finance Corp. (NRF): NRF is a ~2% position purchased this quarter at prices between $8.57 and $17 and the stock is now at $13.29.TICC Capital Corp. (TICC): TICC is a minutely small 0.01% of portfolio position established this quarter at prices between $4.42 and $6.11. The stock currently trades at $5.39.Stake Decreases:None.Stake Increases:Barnes & Noble Inc. (BKS): BKS is a fairly large 6.08% of the US long portfolio position. The stake was established in Q1 2014 and almost doubled the following quarter in the mid-teens price-range. Last three quarters had seen a combined ~80% increase while this quarter saw a further ~40% increase at prices between $7.33 and $12.45. Overall, his cost-basis is at around $10 after adjusting for the Barnes & Noble Education spin-off transaction that closed in July 2015. The stock is now at $11.10.Barnes & Noble Education Inc. (BNED): BNED is a 4.06% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. After close of the transaction, the position was more than doubled at prices between $11.80 and $14.93. Last quarter saw a further ~15% increase at prices between $8.70 and $15.27. The stock currently trades at $8.69. There was a ~7% further increase this quarter at prices between $8.73 and $11.39.Note: A regulatory Form 4 filing on 4/8/2016 shows a very minor stake reduction following the quarter: ~9.5K shares disposed at $8.77.Franklin Resources (BEN): BEN is a large (top-three) 14.66% of the 13F portfolio position established last quarter at prices between $35 and $42 and increased by ~51% this quarter at prices between $31.45 and $39. The stock currently trades at $35.07. For investors attempting to follow Abrams, BEN is a good option to consider for further research.Keryx Pharmaceuticals (KERX): KERX is a small 1.26% of the portfolio position established in Q3 2015 at prices between $3.38 and $10.31. The stock currently trades at $5.46. Last quarter saw a ~10% increase while this quarter saw another ~4% increase.Note: Seth Klarman (Baupost Group) has a huge ownership stake in Keryx Pharmaceuticals. Keryx had a $125M capital raise in October 2015 in a private placement transaction with Baupost (zero-coupon convertible notes due 2020 with $3.74 conversion price). The implied dilution takes Klarman’s ownership to ~35% of the business.VimpelCom Ltd. (VIP): VIP is a 3.78% of the US long portfolio position established in Q1 2015 at prices between $3.43 and $5.61 and increased by ~69% the following quarter at prices between $4.95 and $6.37. Q3 2015 saw a stake doubling at prices between $4.09 and $5.97 and that was followed with a 78% increase last quarter at prices between $3.01 and $4.30. The stock currently trades near the low end of his purchase price ranges at $3.58. This quarter also saw a very minor ~3% increase.Kept Steady:Clear Channel Outdoor Holdings (CCO): CCO is a 0.74% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $6.11.Global Eagle Entertainment (ENT): ENT is a 2.01% of the US long portfolio position first purchased in Q4 2013 at prices between $9.12 and $15.66 and increased by two-thirds in Q3 2014 at prices between $9.60 and $13.75. The stock currently trades below the low end of his purchase price ranges at $7.04. Abrams controls 6.48% of the business.InterXion Holding NV (INXN): INXN is a 3.84% of the US long portfolio position established in Q3 2014 at prices between $26.58 and $29.01. It was increased by ~190% in Q4 2014 at prices between $24.97 and $28.60. The stock currently trades outside those ranges at $34. Abrams controls 3.4% of the business.Microsoft Corporation (MSFT): MSFT is the third-largest stake at 12.99% of the US long portfolio. It was established in Q1 2014 at prices between $36 and $40.30 and increased by ~45% in Q3 2014 at prices between $42.74 and $47.52. The stock currently trades at $50.51.MoneyGram International Inc. (MGI): MGI is a 1.48% of the US long portfolio position established in Q4 2014 at prices between $8.15 and $12.93. It was increased by ~89% in Q1 2015 at prices between $7.93 and $9.44 and another ~17% the following quarter at prices between $7.75 and $10.61. The stock currently trades well below those ranges at $5.94. Abrams controls 9.64% of the business.Opus Bank Irvine (OPB): OPB is a 2.56% of the US long portfolio position. It had an IPO in April 2014 at $30 per share. Prior to the IPO, Abrams had an ownership stake of just below 10% in the business and that got converted into equity. Q3 2015 saw a ~10% trimming at prices between $34.56 and $39.75 and that was followed with a ~22% reduction last quarter at prices between $36 and $40. The stock currently trades at $35.81.Time Warner Cable (TWC): The 6.39% stake in TWC was purchased last quarter at prices between $179 and $192 and the stock is now at $210.Note: Time Warner Cable is being acquired by Charter Communications (CHTR) in a cash-and-stock deal and the transaction is expected to close in the next few days.Wells Fargo (WFC): WFC is a top-five 6.33% of the US long portfolio position established in Q4 2013 at prices between $41.30 and $45.50. The stock currently trades just outside that range at $47.61.Western Union (WU): WU is Abrams’ largest stake at 19.69% of the US long portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16.37 and $19.29 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $19.05.The spreadsheet below highlights changes to Abrams’ US stock holdings in Q1 2016:13G/D, Form3/4 since 6/30/2015: BNED 10/26/2015 Form 4: 7,605,273 shares." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q4 2015 Update" | "David Abrams’ 13F portfolio increased ~31% this quarter from $1.40B to $1.83B. The number of positions increased from 14 to 16.Abrams Capital Management added Franklin Resources and Time Warner Cable while increasing Manitowoc, Cleco, and VimpelCom during the quarter.The top-three positions are Western Union, Microsoft Corporation, and Franklin Resources and they add up to ~47% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ US stock portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 02/12/2016. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q3 2015.This quarter, Abrams’ US long portfolio increased 30.91% from $1.40B to $1.83B. The number of holdings increased from 14 to 16: Franklin Resources and Time Warner Cable were newly added. The top three stakes are at 46.89% of the 13F portfolio while the top five holdings are at 61.86%. The largest position by far is Western Union and it accounts for 21.16% of the US long portfolio.Stake Disposals:None.New Stakes:Franklin Resources (BEN): BEN is a large (top-three) 10.62% of the 13F portfolio position established this quarter at prices between $35 and $42. The stock currently trades below that range at $32.32. For investors attempting to follow Abrams, BEN is a good option to consider for further research.Time Warner Cable (TWC): The 6.71% stake in TWC was purchased this quarter at prices between $179 and $192 and the stock is now at $185.Note: Time Warner Cable is being acquired by Charter Communications (CHTR). In May 2015, CHTR offered a cash-and-stock deal valued at $195 per share ($100 cash).Stake Decreases:Opus Bank Irvine (OPB): OPB is a 3.23% of the US long portfolio position. It had an IPO in April 2014 at $30 per share. Prior to the IPO, Abrams had an ownership stake of just below 10% in the business and that got converted into equity. Last quarter saw a ~10% trimming at prices between $34.56 and $39.75 and that was followed with a ~22% reduction this quarter at prices between $36 and $40. The stock currently trades at $30.33.Stake Increases:Barnes & Noble Inc. (BKS): BKS is a 3.53% of the US long portfolio position. The stake was established in Q1 2014 and almost doubled the following quarter in the mid-teens price-range. Last three quarters have also seen a combined ~80% increase. Overall, his cost-basis is at around $10 after adjusting for the Barnes & Noble Education spin-off transaction that closed in July 2015. The stock is now at $8.35.Note: A regulatory Form 4 filing on 02/08/2016 shows the ownership stake at 10.42M shares (13.63% of the business). This is compared to 7.4M shares in the 13F.Barnes & Noble Education Inc. (BNED): BNED is a 4.47% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. After close of the transaction, the position was more than doubled to 7.15M shares at prices between $11.80 and $14.93. This quarter saw a further ~15% increase at prices between $8.70 and $15.27. The stock currently trades at $9.95.Note 1: A regulatory 13G/A filing on 01/14/2016 shows the ownership stake at 8.76M shares (18.16% of the business). This is compared to 8.22M shares in the 13F.Cleco Corporation (CNL): CNL is a fairly large 6.74% of the portfolio stake established last quarter at around $54. This quarter saw a ~97% increase at prices between $48.50 and $53.74. The stock currently trades at $53.67.Keryx Pharmaceuticals (KERX): KERX is a small 1.52% of the portfolio position established last quarter at prices between $3.38 and $10.31. The stock currently trades at $3.42. This quarter saw a ~10% increase.Note 1: A regulatory 13G filing on 02/12/2016 shows Abrams owning 5.6M shares (5.32% of the business). This is compared to 5.5M shares in the 13F.Note 2: Seth Klarman (Baupost Group) has a ~25% business stake in Keryx Pharmaceuticals. Keryx had a $125M capital raise in October 2015 in a private placement transaction with Baupost (zero-coupon convertible notes due 2020 with $3.74 conversion price). The implied dilution would take Klarman’s ownership to ~43%.Manitowoc Company Inc. (MTW): MTW is a 6.06% of the portfolio position established last quarter at prices between $14.57 and $19.60. This quarter saw a ~44% increase at prices between $14.15 and $17.36. The stock currently trades at $14.97. For investors attempting to follow Abrams, MTW is a good option to consider for further research.Note 1: A regulatory 13G/A filing on 01/22/2016 shows Abrams owning 8.74M shares (6.4% of the business). This is compared to 7.23M shares in the 13F.Note 2: Manitowoc has seen recent activist involvement. 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.VimpelCom Ltd. (VIP): VIP is a 3.26% of the US long portfolio position established in Q1 2015 at prices between $3.43 and $5.61 and increased by ~69% the following quarter at prices between $4.95 and $6.37. Last quarter saw a stake doubling at prices between $4.09 and $5.97 and that was followed with a 78% increase this quarter at prices between $3.01 and $4.30. The stock currently trades near the low end of his purchase price ranges at $3.41.Kept Steady:Clear Channel Outdoor Holdings (CCO): CCO is a 1.03% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $3.55.Global Eagle Entertainment (ENT): ENT is a 2.70% of the US long portfolio position first purchased in Q4 2013 at prices between $9.12 and $15.66 and increased by two-thirds in Q3 2014 at prices between $9.60 and $13.75. The stock currently trades near the low end of his purchase price ranges at $9.28. Abrams controls 6.48% of the business.InterXion Holding NV (INXN): INXN is a 3.87% of the US long portfolio position established in Q3 2014 at prices between $26.58 and $29.01. It was increased by ~190% in Q4 2014 at prices between $24.97 and $28.60. The stock currently trades just outside those ranges at $29.67. Abrams controls 3.4% of the business.Microsoft Corporation (MSFT): MSFT is the second-largest stake at 15.11% of the US long portfolio. It was established in Q1 2014 at prices between $36 and $40.30 and increased by ~45% in Q3 2014 at prices between $42.74 and $47.52. The stock currently trades at $50.48.MoneyGram International Inc. (MGI): MGI is a 1.76% of the US long portfolio position established in Q4 2014 at prices between $8.15 and $12.93. It was increased by ~89% in Q1 2015 at prices between $7.93 and $9.44 and another ~17% the following quarter at prices between $7.75 and $10.61. The stock currently trades at $5.63. Abrams controls 9.64% of the business.Wells Fargo (WFC): WFC is a top-five 8.23% of the US long portfolio position established in Q4 2013 at prices between $41.30 and $45.50. The stock currently trades at $47.31.Western Union (WU): WU is Abrams’ largest stake at 21.16% of the US long portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16.37 and $19.29 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $17.55.The spreadsheet below highlights changes to Abrams’ US stock holdings in Q4 2015:" |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q3 2015 Update" | "David Abrams’ 13F portfolio decreased ~5% this quarter from $1.47B to $1.40B. The number of positions increased from 12 to 14.Abrams Capital Management added Manitowoc, Cleco, and Keryx Pharmaceuticals during the quarter.The top-three positions are Western Union, Microsoft Corporation, and Wells Fargo and they add up to ~55% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ US stock portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 11/13/2015. Please visit our article for an idea on his investment philosophy and our for the fund's moves during Q2 2015.This quarter, Abrams’ US long portfolio decreased 5.15% from $1.47B to $1.40B. The number of holdings increased from 12 to 14: Barnes & Noble Education, Cleco Corporation, Keryx Pharmaceuticals, and Manitowoc replaced DIRECTV and Wendy’s. The top three stakes are at 54.35% of the 13F portfolio while the top five holdings are at just over two-thirds. The largest position by far is Western Union and it accounts for 28.40% of the US long portfolio.Stake Disposals:DIRECTV (DTV): A 3.14% DTV position was established in Q4 2014 at prices between $83.55 and $87.72. It was doubled in Q1 2015 at prices between $84.57 and $89 and increased by another ~22% last quarter at prices between $85 and $94. DTV was a merger-arbitrage stake. In May 2014, AT&T (T) agreed to acquire DTV in a cash-and-stock deal valued at $95 per share ($28.50 cash and the rest in stock protected by a collar) and that transaction closed in July.Wendy’s (WEN): WEN is a 3.25% of the US long portfolio established last quarter at prices between $10.12 and $11.58 and eliminated this quarter at prices between $8.56 and $11.28. The stock currently trades at $9.43.New Stakes:Barnes & Noble Education Inc. (BNED): BNED is a new 6.50% of the portfolio stake. It was established as a result of the spinoff of BNED from Barnes & Noble: shareholders of Barnes & Noble received 0.632 shares of BNED for each share of BKS held. After close of the transaction, the position was more than doubled to 7.15M shares at prices between $11.80 and $14.93. The stock currently trades at $13.55.Note 1: An October 26th regulatory Form 4 filing indicates Abrams has further increased the stake to ~7.6M shares (15.77% of the business).Cleco Corporation (CNL): CNL is a medium-sized 4.57% of the portfolio stake established this quarter at around $54. The stock currently trades at $48.90.Keryx Pharmaceuticals (KERX): KERX is a small 1.26% of the portfolio position established this quarter at prices between $3.38 and $10.31. The stock currently trades at $5.07.Note: Seth Klarman (Baupost Group) has a ~25% business stake in Keryx Pharmaceuticals. Keryx had a $125M capital raise last month in a private placement transaction with Baupost (zero-coupon convertible notes due 2020 with $3.74 conversion price). The implied dilution would take Klarman’s ownership to ~43% of the business.Manitowoc Company Inc. (MTW): MTW is a 5.38% of the portfolio position established this quarter at prices between $14.57 and $19.60. The stock currently trades at $15.56. For investors attempting to follow Abrams, MTW is a good option to consider for further research.Note: Manitowoc has seen recent activist involvement. 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.Stake Decreases:Opus Bank Irvine (OPB): OPB is a 5.58% of the US long portfolio position. It had an IPO in April 2014 at $30 per share. Prior to the IPO, Abrams had an ownership stake of just below 10% in the business and that got converted into equity. This quarter saw a ~10% trimming at prices between $34.56 and $39.75. The stock currently trades at $39.12.Stake Increases:Barnes & Noble Inc. (BKS): BKS is a large (top-five) 6% of the US long portfolio position. The stake was established in Q1 2014 and almost doubled the following quarter in the mid-teens price-range. Last two quarters have also seen a combined two-thirds increase. Overall, his cost-basis is at around $10 after adjusting for the Barnes & Noble Education spin-off transaction that closed in July.VimpelCom Ltd. (VIP): VIP is a 3% of the US long portfolio position established in Q1 2015 at prices between $3.43 and $5.61 and increased by ~69% last quarter at prices between $4.95 and $6.37. This quarter saw a stake doubling at prices between $4.09 and $5.97. The stock currently trades below his purchase price ranges at $3.37.Kept Steady:Clear Channel Outdoor Holdings (CCO): CCO is a 1.71% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $5.96.Global Eagle Entertainment (ENT): ENT is a 4.11% of the US long portfolio position first purchased in Q4 2013 at prices between $9.12 and $15.66 and increased by two-thirds in Q3 2014 at prices between $9.60 and $13.75. The stock currently trades at $10.30. Abrams controls 6.48% of the business.InterXion Holding NV (INXN): INXN is a 4.55% of the US long portfolio position established in Q3 2014 at prices between $26.58 and $29.01. It was increased by ~190% in Q4 2014 at prices between $24.97 and $28.60. The stock currently trades just outside those ranges at $29.22. Abrams controls 3.4% of the business.Note: In February 2015, TeleCity Group plc agreed to merge with InterXion in an all-stock deal but in May Equinix (EQIX) confirmed they will acquire TCY.Microsoft Corporation (MSFT): MSFT is the second-largest stake at 15.78% of the US long portfolio. It was established in Q1 2014 at prices between $36 and $40.30 and increased by ~45% in Q3 2014 at prices between $42.74 and $47.52. The stock currently trades at $52.84.MoneyGram International Inc. (MGI): MGI is a 2.94% of the US long portfolio position established in Q4 2014 at prices between $8.15 and $12.93. It was increased by ~89% in Q1 2015 at prices between $7.93 and $9.44 and another ~17% last quarter at prices between $7.75 and $10.61. The stock currently trades at $8.69. Abrams controls ~10% of the business.Note: MGI is the second-largest money transfer business in the world after Western Union. Abrams’ largest 13F position is Western Union.Wells Fargo (WFC): WFC is a top-three 10.58% of the US long portfolio position established in Q4 2013 at prices between $41.30 and $45.50. The stock currently trades well outside that range at $54.56.Western Union (WU): WU is Abrams’ largest stake at 28.40% of the US long portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16.37 and $19.29 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $18.55.The spreadsheet below highlights changes to Abrams’ US stock holdings in Q3 2015:Note: 8/13/2015 - Barnes & Noble (BKS) - On August 3rd - 5.45M shares - 11.30% of business." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q2 2015 Update" | "David Abrams’ 13F portfolio increased ~10% this quarter from $1.34B to $1.47B. The number of positions remained steady at 12.Abrams Capital Management significantly increased Barnes & Noble and DIRECTV stakes during the quarter.The top-three positions are Western Union, Microsoft Corporation, and DIRECTV and they add up to ~56 % of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ US stock portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 08/13/2015. Please visit our article for an idea on his investment philosophy and the fund's moves during Q1 2015.This quarter, Abrams’ US long portfolio increased 9.54% from $1.34B to $1.47B. The number of holdings remained steady at 12: CST Brands was eliminated while adding Wendy’s. The top three stakes are at 55.55% of the 13F portfolio while the top five holdings are at ~75%. The largest position by far is Western Union and it accounts for ~30% of the US long portfolio.Stake Disposals:CST Brands Inc. (CST): CST was a medium-sized 8% of the US long portfolio stake as of Q3 2014. It was reduced by ~29% in Q4 2014 at prices between $33.35 and $44 and another ~70% last quarter at prices between $40.79 and $45. This quarter, the remaining stake was eliminated at prices between $39 and $45. The original position was from Q4 2013 when 3M shares were purchased at prices between $30 and $36. Q3 2014 saw a ~25% increase at prices between $33 and $36.46. The stock currently trades at $35.62.Note: CST is a spin-off from Valero Energy (VLO) that started trading in May 2013 at $29 per share.New Stakes:Wendy’s (WEN): WEN is a 3.25% of the US long portfolio established this quarter at prices between $10.12 and $11.58. The stock currently trades at $9.94.Note: Nelson Peltz (Trian) has a huge long-term position (2005) in WEN.Stake Decreases:None.Stake Increases:Barnes & Noble Inc. (BKS): BKS is a large (top-five) 9.02% of the US long portfolio position. The stake was established in Q1 2014 and almost doubled the following quarter in the mid-teens price-range. The position had since been kept steady. This quarter saw a ~24% increase.Note 1: In February, BKS announced plans to spin-off its college books unit as Barnes & Noble Education (BNED). On August 2nd, BKS shareholders received 0.632 shares of BNED for each share of BKS held.Note 2: An August 13th regulatory filing showed Abrams owning 5.45M shares (11.30% of the business).DIRECTV (DTV): A 3.14% DTV position was established in Q4 2014 at prices between $83.55 and $87.72. It was doubled last quarter at prices between $84.57 and $89 and increased by another ~22% this quarter at prices between $85 and $94.Note: DTV was a merger-arbitrage stake. In May 2014, AT&T (T) agreed to acquire DTV in a cash-and-stock deal valued at $95 per share ($28.50 cash and the rest in stock protected by a collar) and that transaction closed in July.MoneyGram International Inc. (MGI): MGI is a 3.20% of the US long portfolio position established in Q4 2014 at prices between $8.15 and $12.93. It was increased by ~89% last quarter at prices between $7.93 and $9.44 and another ~17% this quarter at prices between $7.75 and $10.61. The stock currently trades at $9.95. Abrams controls ~10% of the business.Note: MGI is the second-largest money transfer business in the world after Western Union. Abrams’ largest 13F position is Western Union.VimpelCom Ltd. (VIP): VIP is a small 1.69% of the US long portfolio position established last quarter at prices between $3.43 and $5.61 and increased by ~69% this quarter at prices between $4.95 and $6.37. The stock currently trades at $5.43.Kept Steady:Clear Channel Outdoor Holdings (CCO): CCO is a 2.31% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment. The stock currently trades at $8.77.Global Eagle Entertainment (ENT): ENT is a 4.42% of the US long portfolio position first purchased in Q4 2013 at prices between $9.12 and $15.66 and increased by two-thirds in Q3 2014 at prices between $9.60 and $13.75. The stock currently trades at $12.08. Abrams controls 6.48% of the business.InterXion Holding NV (INXN): INXN is a 4.41% of the US long portfolio position established in Q3 2014 at prices between $26.58 and $29.01. It was increased by ~190% in Q4 2014 at prices between $24.97 and $28.60. The stock currently trades just at $28.58. Abrams controls 3.4% of the business.Note: In February 2015, TeleCity Group plc agreed to merge with InterXion in an all-stock deal but in May Equinix (EQIX) confirmed they will acquire TCY.Microsoft Corporation (MSFT): MSFT is a large 14.93% of the US long portfolio stake established in Q1 2014 at prices between $36 and $40.30. It was increased by ~45% in Q3 2014 at prices between $42.74 and $47.52. The stock currently trades at $46.71.Opus Bank Irvine (OPB): OPB is a 5.58% of the US long portfolio position. It had an IPO in April 2014 at $30 per share. Prior to the IPO, Abrams had an ownership stake of just below 10% in the business and that got converted into equity. The stock currently trades at $37.84.Wells Fargo (WFC): WFC is a large (top-five) 10.58% of the US long portfolio position established in Q4 2013 at prices between $41.30 and $45.50. The stock currently trades well outside that range at $57.24.Western Union (WU): WU is Abrams’ largest stake at 29.82% of the US long portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16.37 and $19.29 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $20.44.The spreadsheet below highlights changes to Abrams’ US stock holdings in Q2 2015:Note: 8/13/2015 - Barnes & Noble (BKS) - On August 3rd - 5.45M shares - 11.30% of business." |
"Tracking David Abrams’ Abrams Capital Management Portfolio – Q1 2015 Update" | "David Abrams’ 13F portfolio decreased ~30% this quarter from $1.93B to $1.34B. The number of positions decreased from 15 to 12.Abrams Capital Management dropped a large stake in American International Group during the quarter.The top-three positions are Western Union, Microsoft Corporation, and Wells Fargo and they add up to ~60 % of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to David Abrams’ US stock portfolio on a quarterly basis. It is based on Abrams’ regulatory filed on 05/14/2015.David Abrams founded Abrams Capital Management in 1999. Prior to that, he worked at Seth Klarman’s Baupost Group for ten years. His investment style is in the same mold as Klarman’s: bottom-up value investing with no leverage, plenty of cash, mostly long-only and a conservative allocation to equities. Assets Under Management (AUM) is at around $8B and the allocation to 13F US listed equity holdings are at less than $1.5B. The current cash-allocation is well over one-third with the remaining in real estate, private equity, and other unlisted securities. The firm is also known to have large positions in Fannie Mae (FNMA) & Freddie Mac (FMCC). Annualized returns since inception are known to be well over 15% although exact figures are not forthcoming due to the secretive nature of their operations.This quarter, Abrams’ US long portfolio decreased ~30% from $1.93B to $1.34B. The number of holdings in the portfolio decreased from 15 to 12: positions in American International Group, Covidien plc, Opus Bank, and JC Penney were disposed of and a small new position in VimpelCom was added during the quarter. The top three holdings are at just under 60% while the top five holdings are at ~75% of the US long assets. The largest holding by far is Western Union which has been in the portfolio since Q4 2013 and now accounts for over one-third of the US long portfolio.Stake Disposals:American International Group (AIG): AIG was the third-largest position at 13.93% of the US long portfolio as of last quarter. It was disposed of this quarter at prices between $48.87 and $56.42. The vast majority of the stake was purchased in Q4 2013 at prices between $48.28 and $52.30. The stock currently trades at $58.97. The quick elimination of a large stake indicates a clear bearish bias.Covidien PLC (COV): COV was Abrams’ second-largest position at 15.63% of the US long portfolio as of last quarter. The position was established in Q3 2014 at prices between $82 and $92 and increased by ~13% last quarter at prices between $82 and $104. It was a merger-arbitrage position - in June 2014, Medtronic (MDT) agreed to buy Covidien in a cash-and-stock deal ($35.19 cash and 0.956 MDT stock for each COV share) and that transaction closed in January.JC Penney (JCP): JCP is a minutely small 0.50% of the US long portfolio stake established in Q4 2013 at prices between $6.79 and $10.19. It had since been kept steady. This quarter, the position was sold at prices between $6.29 and $9.12. The stock currently trades at $8.04.Rayonier Advanced Materials (RYAM): RYAM was a 2.81% of the US long portfolio position that was eliminated this quarter at prices between $14.88 and $23.77. The stake was from Q2 2014 when around 920K shares were purchased at prices between $37 and $41. Q3 2014 saw a huge ~170% increase at prices between $29 and $44. The stock currently trades at $16.66. RYAM is a spin-off from Rayonier (RYN) that started trading in June 2014 at around $41 - the stock has lost ~60% since then.New Stakes:VimpelCom Ltd. (VIP): VIP is a small ~1% of the US long portfolio position established this quarter at prices between $3.43 and $5.61. The stock currently trades outside that range at $6.04.Stake Decreases:CST Brands Inc. (CST): CST is a medium-sized 6.02% of the US long portfolio stake as of last quarter. It was reduced by ~70% this quarter at prices between $40.79 and $45.07. The original position is from Q4 2013 when 3M shares were purchased at prices between $30 and $36. Q3 2014 saw a ~25% stake increase at prices between $33 and $36.46. Last quarter saw an about-turn as ~29% of the position was eliminated at prices between $33.35 and $44.03. The stock currently trades at $40.62. CST is a spin-off from Valero Energy (VLO) that started trading in May 2013 at $29 per share.Stake Increases:DIRECTV (DTV): The 3.14% DTV position was established last quarter at prices between $83.55 and $87.72 and doubled this quarter at prices between $84.57 and $88.95. The stock currently trades at $91.02. It is a merger-arbitrage stake - in May 2014, AT&T (T) agreed to acquire DTV in a cash-and-stock deal valued at $95 per share ($28.50 cash and the rest in stock protected by a collar).MoneyGram International Inc. (MGI): MGI is a 2.81% of the US long portfolio position established last quarter at prices between $8.15 and $12.93. It was increased by ~89% this quarter at prices between $7.93 and $9.44. The stock currently trades at $10.09. Abrams controls ~8.3% of the business. MGI is the second-largest money transfer business in the world after Western Union. Abrams’ largest 13F position is Western Union.Kept Steady:Barnes & Noble Inc. (BKS): BKS is a fairly large 7.27% of the US long portfolio position. The stake was established in Q1 2014 and almost doubled the following quarter in the mid-teens price-range. The position has since been kept steady. The stock currently trades at $22.12. In February 2014, G Asset Management offered to buy 51% of BKS at $22 per share and that resulted in a price-spike. In February 2015, BKS announced plans to spin-off its college books unit and keep its Nook e-book business. Abrams controls 6.4% of the business.Clear Channel Outdoor Holdings (CCO): CCO is a 2.52% of the US long portfolio stake. It is a very long-term position that has been in the portfolio since 2009. The stake has been kept almost steady since. In March 2012, CCO paid a special-dividend of $6.08 per share and that recouped almost the entire outlay on this investment.Global Eagle Entertainment (ENT): ENT is a 4.95% of the US long portfolio position first purchased in Q4 2013 at prices between $9.12 and $15.66 and increased by two-thirds in Q3 2014 at prices between $9.60 and $13.75. The stock currently trades at $13.52. Abrams controls 6.48% of the business.InterXion Holding NV (INXN): INXN is a 4.92% of the US long portfolio position established in Q3 2014 at prices between $26.58 and $29.01. It was increased by ~190% last quarter at prices between $24.97 and $28.60. The stock currently trades just outside those ranges at $29.53. Abrams controls 3.4% of the business. In February 2015, TeleCity Group plc (TCY) agreed to merge with InterXion in an all-stock deal but earlier this month Equinix (EQIX) confirmed they are in discussions for a merger with TCY.Microsoft Corporation (MSFT): MSFT is a large ~15.06% of the US long portfolio stake established in Q1 2014 at prices between $36 and $40.30. It was increased by ~45% in Q3 2014 at prices between $42.74 and $47.52. The stock currently trades at $48.72.Opus Bank Irvine (OPB): OPB is a 3.34% of the US long portfolio position. It had an IPO in April 2014 at $30 per share. Prior to the IPO, Abrams had an ownership stake of just below 10% in the business and that got converted into equity.Wells Fargo (WFC): WFC is a fairly large 7.87% of the US long portfolio position established in Q4 2013 at prices between $41.30 and $45.50. The stock currently trades well outside that range at $56.04.Western Union (WU): WU is Abrams’ largest stake at 33.44% of the US long portfolio (~4.2% of the business). The position was first purchased in Q4 2013 at prices between $16.37 and $19.29 and increased by ~23% in Q2 2014 at prices between $15.25 and $17.25. The stock currently trades at $21.96.The spreadsheet below highlights changes to Abrams’ US stock holdings in Q1 2015:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q2 2023 Update" | "….….….This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value increased from ~$1.89B to ~$5.39B. The number of holdings increased from 28 to 38. The top five positions are Nvidia, Meta Platforms, Microsoft, Amazon.com, and Alibaba Group Holdings. They add up to ~38% of the portfolio. To know more about Tepper's distress investing style, check out the book .New Stakes:Advanced Micro Devices (AMD), Intel Corp (INTC), Qualcomm Inc. (QCOM), Taiwan Semi (TSM), and Baidu (BIDU): These are large new stakes established this quarter. The 4.88% AMD position was purchased at prices between ~$82 and ~$129 and the stock currently trades at ~$109. INTC is a 4.20% of the portfolio stake established at prices between ~$27 and ~$36 and it is now at ~$37. The ~4% QCOM position was purchased at prices between ~$103 and ~$128 and the stock currently trades at ~$115. TSM is a 3.32% of the portfolio stake established at prices between ~$82 and ~$107 and it now goes for ~$92. The 3.24% BIDU position was purchased at prices between ~$117 and ~$151 and the stock is now at ~$142.Marvell Technology (MRVL), Broadcom Inc. (AVGO), Apple Inc. (AAPL), Micron Technology (MU), Lam Research (LRCX), JD.com (JD), Synopsys (SNPS), and ASML Holdings (ASML): These are small (less than ~2% of the portfolio each) new stakes established this quarter.PDD Holdings (PDD), Cadence Design Systems (CDNS), Kraneshares CSI China Internet ETF (KWEB), iShares China Large Cap ETF (FXI), Arista Networks (ANET), and Southwestern Energy (SWN): These are very small (less than ~1% of the portfolio each) new positions purchased during the quarter.Stake Disposals:ARK Innovation ETF (ARKK) and Match Group (MTCH): ARKK was a small ~1% stake established last quarter at prices between ~$30.50 and ~$44.40. The disposal this quarter was at prices between ~$35 and ~$45. The stock currently trades at $44.17. The ~1% MTCH position was purchased last quarter at prices between ~$34.80 and ~$54.10. The elimination this quarter was at prices between ~$31 and ~$44. The stock is now at $45.26.Select Sector SPDR Financials (XLF) and Tesla Inc. (TSLA): The 2.24% XLF stake was established last quarter at prices between ~$31 and ~$37. It was disposed this quarter at prices between ~$31.50 and ~$34. It is now at $34.32. The 1.64% TSLA stake was established last quarter at prices between ~$108 and ~$214. The stake was sold this quarter at prices between ~$154 and ~$275. The stock currently trades at ~$252.Walt Disney (DIS): The 1.59% of the portfolio DIS stake was purchased during Q4 2022 at prices between ~$84 and ~$107. It was sold this quarter at prices between ~$88 and ~$103. The stock currently trades at ~$81.Salesforce.com (CRM): CRM was a ~3% of the portfolio position established in Q2 2022 at prices between ~$156 and ~$221 and the stock is now at ~$222. There was a ~60% stake increase during Q4 2022 at prices between ~$128 and ~$165. Last quarter saw a minor ~3% trimming and the elimination this quarter was at prices between ~$189 and ~$223.HCA Healthcare (HCA): HCA was a ~2% of the portfolio position that saw a ~140% stake increase during Q4 2022 at prices between ~$185 and ~$245. There was a ~22% reduction last quarter at prices between ~$243 and ~$264. The disposal this quarter was at prices between ~$264 and ~$304. The stock currently trades at ~$275.Alps Alerian MLP ETF (AMLP) and Sysco Corp (SYY): These very small (less than ~1% of the portfolio each) stakes were sold during the quarter.Stake Increases:FedEx Corp (FDX) and NVIDIA Corp (NVDA): FDX is a ~3% of the portfolio position purchased last quarter at prices between ~$177 and ~$229. There was a ~85% stake increase this quarter at prices between ~$217 and ~$250. The stock currently trades at ~$258. NVDA is now the largest position at ~8% of the portfolio. It was purchased last quarter at prices between ~$143 and ~$280. The position was increased by a whopping ~600% this quarter at prices between ~$262 and ~$438. The stock currently trades at ~$471.Meta Platforms (META): META is a large (top three) ~8% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% in the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1-Q3 2020 had seen a ~40% selling at prices between $146 and $304 while next quarter saw a ~14% stake increase. The five quarters through Q1 2022 had seen a ~55% selling at prices between ~$187 and ~$382. There was a one-third selling during Q4 2022 at prices between ~$89 and ~$142 while last quarter saw a ~22% increase at prices between ~$125 and ~$212. That was followed by a ~115% increase this quarter at prices between ~$208 and ~$289. The stock is currently at ~$299.Microsoft (MSFT): The 7.84% MSFT stake was built in 2020 at prices between $152 and $232. The two quarters through Q2 2021 had seen a ~45% selling at prices between ~$212 and ~$272. Q1 2022 saw a ~25% stake increase at prices between ~$275 and ~$335 while the next quarter there was a roughly one-third reduction at prices between ~$242 and ~$315. The stock currently trades at ~$333. There was a whopping ~375% stake increase this quarter at prices between ~$275 and ~$348.Amazon.com (AMZN): The large (top five) 7.65% AMZN stake was purchased in Q1 2019 at prices between ~$75 and ~$91. The next three quarters saw a ~75% stake increase at prices between ~$84.50 and ~$101. There was a ~50% selling from Q1 to Q3 2020 at prices between ~$84 and ~$177. Q4 2020 saw an about turn: ~40% stake increase at prices between ~$150 and ~$172. There was a two-thirds selling over the next three quarters at prices between ~$148 and ~$187. Q1 2022 saw a ~20% stake increase while during Q3 2022 there was similar selling. There was a one-third increase in the last quarter at prices between ~$83 and ~$113. That was followed by a ~60% increase this quarter at prices between ~$98 and ~$130. The stock currently trades at ~$135.Alibaba Group Holdings (BABA): The ~7% BABA stake was primarily built this quarter at prices between ~$79 and ~$103. The stock currently trades at ~$94.Uber Technologies (UBER): UBER is now a 5.73% of the portfolio position. The original large stake was purchased in Q2 2021 at prices between ~$44 and ~$61. Q4 2021 saw that stake almost sold out at prices between ~$36 and ~$48. The position was rebuilt next quarter at prices between ~$29 and ~$44.50 but was again sold down in Q2 2022 at prices between ~$20.50 and ~$36.50. The last three quarters saw the stake rebuilt at prices between ~$24.40 and ~$44. The stock currently trades at ~$46.Alphabet Inc. (GOOG) (GOOGL): GOOG is currently at ~5% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between ~$14.50 and ~$16.25. The stake has wavered. Recent activity follows: Q1-Q3 2020 saw a ~40% reduction at prices between ~$53 and ~$86. That was followed with a ~60% reduction over the six quarters through Q2 2022 at prices between ~$87 and ~$151. The stock currently trades at ~$135. There was a ~6% increase last quarter and a ~9% increase this quarter.UnitedHealth (UNH): UNH is now a 1.78% of the portfolio position. The stake was built in Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. The next five quarters saw a ~45% selling at prices between ~$367 and ~$546. There was a one-third stake increase this quarter at prices between ~$458 and ~$526. The stock currently trades at ~$477.Caesar’s Entertainment (CZR): CZR is a 1.17% of the portfolio position established during Q4 2022 at prices between ~$32 and ~$54 and it is now at $53.74. There was a 190% stake increase this quarter at prices between ~$41 and ~$51.Antero Resources (AR): The 0.84% stake in AR was established in Q1 & Q3 2021 at prices between ~$6 and ~$19. There was a ~55% reduction over the three quarters through Q4 2022 at prices between ~$17 and ~$48. The stock currently trades at $26.85. This quarter saw a ~50% stake increase at prices between ~$20 and ~$24.Stake Decreases:Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next three quarters saw the stake again doubled at prices between $4.55 and $13.75 while Q2 2021 saw a ~45% selling at prices between ~$7.70 and ~$11.35. The stock is now at $13.50, and the stake is at 2.31% of the portfolio. There was a ~4% trimming this quarter.EQT Corp (EQT): EQT is a 1.57% of the portfolio position built over the two quarters through Q3 2021 at prices between ~$16 and ~$23. There was a ~50% reduction over the three quarters through Q3 2022 at prices between ~$20 and ~$50. That was followed by a ~20% trimming this quarter. The stock is now at $42.33.Macy’s Inc. (M): The 1.49% Macy’s stake was almost doubled in Q3 2021 at prices between ~$16 and ~$25. There was a ~45% stake increase in the next quarter at prices between ~$22 and ~$37. H1 2022 saw a ~40% reduction at prices between ~$17.50 and ~$28. The stock is now at $11.82. There was a ~15% trimming this quarter.Chesapeake Energy (CHK) & wts, Constellation Energy (CEG), Enterprise Product Partners (EPD), and MPLX LP (MPLX): These very small (less than ~1% of the portfolio each) stakes were reduced this quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Appaloosa’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/12/2023 to 5/23/2023: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q1 2023 Update" | "David Tepper’s 13F portfolio value increased from $1.35B to $1.89B this quarter.Appaloosa increased Amazon, Uber Technologies, and Meta Platforms while reducing Constellation Energy and HCA Healthcare.Alphabet, Amazon.com, Uber Technologies, Constellation Energy, and Meta Platforms are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value increased from ~$1.35B to ~$1.89B. The number of holdings increased from 23 to 28. The top five positions are Alphabet, Amazon.com, Uber Technologies, Constellation Energy, and Meta Platforms. They add up to ~59% of the portfolio. To know more about Tepper's distress investing style, check out the book .New Stakes:FedEx Corp (FDX), Select Sector SPDR Financials (XLF), NVIDIA Corp (NVDA), and Tesla Inc. (TSLA): FDX is a fairly large 4.22% of the portfolio position purchased this quarter at prices between ~$177 and ~$229. The stock currently trades at ~$220. The 2.24% XLF stake was established at prices between ~$31 and ~$37 and it is now at ~$33. NVDA is a 2.20% of the portfolio position purchased at prices between ~$143 and ~$280 and it is now well above that range at ~$387. The 1.64% TSLA stake was established at prices between ~$108 and ~$214 and it now goes for ~$221.ARK Innovation ETF (ARKK) and Match Group (MTCH): ARKK is a small ~1% stake established at prices between ~$30.50 and ~$44.40 and the stock currently trades at $42.68. The ~1% MTCH position purchased at prices between ~$34.80 and ~$54.10 and it now goes for $39.72.Stake Disposals:Aptiv plc (APTV): APTV is a very small 0.35% of the portfolio stake established last quarter but disposed this quarter.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the second largest 13F position at ~12% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between ~$14.50 and ~$16.25. The stake has wavered. Recent activity follows: Q1-Q3 2020 saw a ~40% reduction at prices between ~$53 and ~$86. That was followed with a ~60% reduction over the six quarters through Q2 2022 at prices between ~$87 and ~$151. The stock currently trades at ~$128. There was a ~6% increase this quarter.Amazon.com (AMZN): The large (top three) ~11% AMZN stake was purchased in Q1 2019 at prices between ~$75 and ~$91. The next three quarters saw a ~75% stake increase at prices between ~$84.50 and ~$101. There was a ~50% selling from Q1 to Q3 2020 at prices between ~$84 and ~$177. Q4 2020 saw an about turn: ~40% stake increase at prices between ~$150 and ~$172. There was a two-thirds selling over the next three quarters at prices between ~$148 and ~$187. Q1 2022 saw a ~20% stake increase while during Q3 2022 there was similar selling. There was a one-third increase this quarter at prices between ~$83 and ~$113. The stock currently trades at ~$127.Uber Technologies (UBER): UBER is now a large (top three) ~10% of the portfolio position. The original large stake was purchased in Q2 2021 at prices between ~$44 and ~$61. Q4 2021 saw that stake almost sold out at prices between ~$36 and ~$48. The position was rebuilt next quarter at prices between ~$29 and ~$44.50 but was again sold down in Q2 2022 at prices between ~$20.50 and ~$36.50. The last two quarters saw the stake rebuilt at prices between ~$24.40 and ~$37. The stock currently trades at ~$40.25.Meta Platforms (META): META is a large (top five) ~8% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% in the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1-Q3 2020 had seen a ~40% selling at prices between $146 and $304 while next quarter saw a ~14% stake increase. The five quarters through Q1 2022 had seen a ~55% selling at prices between ~$187 and ~$382. There was a one-third selling last quarter at prices between ~$89 and ~$142 while this quarter saw a ~22% increase at prices between ~$125 and ~$212. The stock is currently at ~$271.Note: META has seen several previous round trips in the portfolio. The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Macy’s Inc. (M): The fairly large 5.54% Macy’s stake was almost doubled in Q3 2021 at prices between ~$16 and ~$25. There was a ~45% stake increase next quarter at prices between ~$22 and ~$37. H1 2022 saw a ~40% reduction at prices between ~$17.50 and ~$28. The stock is now at $15.90. The last two quarters saw only minor adjustments.Microsoft (MSFT): The ~4% MSFT stake was built in 2020 at prices between $152 and $232. The two quarters through Q2 2021 had seen a ~45% selling at prices between ~$212 and ~$272. Q1 2022 saw a ~25% stake increase at prices between ~$275 and ~$335 while next quarter there was a roughly one-third reduction at prices between ~$242 and ~$315. The stock currently trades at ~$334. There was a ~11% stake increase this quarter.Antero Resources (AR): The 1.56% stake in AR was established in Q1 & Q3 2021 at prices between ~$6 and ~$19. There was a ~55% reduction over the last three quarters at prices between ~$17 and ~$48. The stock currently trades at ~$21. This quarter saw a minor ~2% increase.Stake Decreases:Constellation Energy (CEG): CEG is currently at 8.67% of the portfolio. It was established in Q2 2022 at prices between ~$53 and ~$67 and the stock currently trades at $89.56. There was a ~22% selling in the last three quarters at prices between ~$54 and ~$97.Note: Constellation Energy is Exelon’s (EXC) power generation and marketing business that was spun off last February.Salesforce.com (CRM): CRM is a ~3% of the portfolio position established in Q2 2022 at prices between ~$156 and ~$221 and the stock is now at ~$213. There was a ~60% stake increase last quarter at prices between ~$128 and ~$165. This quarter saw a minor ~3% trimming.HCA Healthcare (HCA): HCA is a ~2% of the portfolio position that saw a ~140% stake increase last quarter at prices between ~$185 and ~$245. The stock currently trades at ~$271. There was a ~22% reduction this quarter at prices between ~$243 and ~$264.Kept Steady:Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next three quarters saw the stake again doubled at prices between $4.55 and $13.75 while Q2 2021 saw a ~45% selling at prices between ~$7.70 and ~$11.35. The stock is now at $12.91, and the stake is at 6.72% of the portfolio.EQT Corp (EQT): EQT is a 4.30% of the portfolio position built over the two quarters through Q3 2021 at prices between ~$16 and ~$23. There was a ~50% reduction over the three quarters through Q3 2022 at prices between ~$20 and ~$50. The stock is now at $37.36.UnitedHealth (UNH): UNH is now a 3.75% of the portfolio position. The stake was built in Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. The next five quarters saw a ~45% selling at prices between ~$367 and ~$546. The stock currently trades at ~$488.Chesapeake Energy (CHK) & wts: The 2.31% net stake saw the leverage through the warrants decreased and the common stake increased last quarter. The original position is from the conversion of senior debt they held as the company emerged from Chapter 11 bankruptcy in Q1 2021. Since then, both the common and warrant stakes have been reduced substantially.Walt Disney (DIS) and Caesar’s Entertainment (CZR): The 1.59% of the portfolio DIS stake was purchased last quarter at prices between ~$84 and ~$107 and the stock currently trades at ~$92. CZR is a 1.10% of the portfolio position established last quarter at prices between ~$32 and ~$54 and it is now at $48.26.Alibaba Group Holdings (BABA), Alps Alerian MLP ETF (AMLP), Enterprise Product Partners (EPD), MPLX LP (MPLX), and Sysco Corp (SYY): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Appaloosa’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/20/2022 to 3/12/2023: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q4 2022 Update" | "David Tepper’s 13F portfolio value decreased from $1.36B to $1.35B this quarter.Appaloosa increased HCA Healthcare, Salesforce.com, and Uber Technologies while reducing Meta Platforms, Enterprise Product Partners, Sysco Corp, and Alps Alerian MLP ETF.Constellation Energy, Alphabet, Amazon.com, Macys, and Energy Transfer LP are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased marginally from ~$1.36B to ~$1.35B. The number of holdings decreased from 29 to 23. The top five positions are Constellation Energy, Alphabet, Amazon.com, Macys, and Energy Transfer LP. They add up to ~56% of the portfolio. To know more about Tepper's distress investing style, check out the book .New Stakes:Walt Disney (DIS), Caesar’s Entertainment (CZR), and Aptiv plc (APTV): These are the new positions this quarter. The 1.93% of the portfolio DIS stake was purchased at prices between ~$84 and ~$107 and the stock currently trades at ~$94. CZR is a 1.31% of the portfolio position established at prices between ~$32 and ~$54 and it is now at $47.31. APTV is a very small 0.35% of the portfolio stake established during the quarter.Note: all three stakes are back in the portfolio after a quarter’s gap.Stake Disposals:Mosaic Inc. (MOS): MOS was a minutely small 0.44% of the portfolio stake eliminated this quarter.Stake Increases:Amazon.com (AMZN): The large (top three) ~9% AMZN stake was purchased in Q1 2019 at prices between ~$75 and ~$91. The next three quarters saw a ~75% stake increase at prices between ~$84.50 and ~$101. There was a ~50% selling from Q1 to Q3 2020 at prices between ~$84 and ~$177. Q4 2020 saw an about turn: ~40% stake increase at prices between ~$150 and ~$172. There was a two-thirds selling over the next three quarters at prices between ~$148 and ~$187. Q1 2022 saw a ~20% stake increase while last quarter there was similar selling. The stock currently trades at ~$91. This quarter saw a minor ~3% stake increase.EQT Corp (EQT): EQT is a 6.40% of the portfolio position built over the two quarters through Q3 2021 at prices between ~$16 and ~$23. There was a ~50% reduction over the last three quarters at prices between ~$20 and ~$50. The stock is now at $30.41. This quarter saw a marginal increase.Chesapeake Energy (CHK) & wts: The ~4% net stake saw the leverage through the warrants decreased and the common stake increased this quarter. The original position is from the conversion of senior debt they held as the company emerged from Chapter 11 bankruptcy in Q1 2021. Since then, both the common and warrant stakes were reduced substantially.HCA Healthcare (HCA): HCA is a 3.25% of the portfolio position that saw a ~140% stake increase this quarter at prices between ~$185 and ~$245. The stock currently trades at ~$247.Salesforce.com (CRM): CRM is a ~3% of the portfolio position established in Q2 2022 at prices between ~$156 and ~$221 and the stock is now at ~$173. There was a ~60% stake increase this quarter at prices between ~$128 and ~$165.Uber Technologies (UBER): UBER is now a 2.25% of the portfolio position. The original large stake was purchased in Q2 2021 at prices between ~$44 and ~$61. Q4 2021 saw that stake almost sold out at prices between ~$36 and ~$48. The position was rebuilt next quarter at prices between ~$29 and ~$44.50 but was again sold down in Q2 2022 at prices between ~$20.50 and ~$36.50. The stock currently trades at ~$31. There was a ~23% stake increase this quarter at prices between ~$24 and ~$32.Alibaba Group Holdings (BABA): The very small 0.65% stake in BABA saw a ~11% increase this quarter.Stake Decreases:Constellation Energy (CEG): CEG is currently the largest position in the portfolio at ~15%. It was established in Q2 2022 at prices between ~$53 and ~$67 and the stock currently trades well over that range at ~$78. There was a ~12% trimming in the last two quarters.Note: Constellation Energy is Exelon’s (EXC) power generation and marketing business that was spun off last February.Macy’s Inc. (M): The large ~9% Macy’s stake was almost doubled in Q3 2021 at prices between ~$16 and ~$25. There was a ~45% stake increase next quarter at prices between ~$22 and ~$37. H1 2022 saw a ~40% reduction at prices between ~$17.50 and ~$28. The stock is now at $19.59. There was marginal trimming this quarter.Meta Platforms (META): META is a ~5% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% in the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1-Q3 2020 had seen a ~40% selling at prices between $146 and $304 while next quarter saw a ~14% stake increase. The five quarters through Q1 2022 had seen a ~55% selling at prices between ~$187 and ~$382. The stock is currently at ~$180. There was a roughly one-third selling this quarter at prices between ~$89 and ~$142.Note: META has seen several previous roundtrips in the portfolio. The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Alps Alerian MLP ETF (AMLP), Enterprise Product Partners (EPD), and Sysco Corp (SYY): These three very small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the second largest 13F position at ~13% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between ~$14.50 and ~$16.25. The stake has wavered. Recent activity follows: Q1-Q3 2020 saw a ~40% reduction at prices between ~$53 and ~$86. That was followed with a ~60% reduction over the six quarters through Q2 2022 at prices between ~$87 and ~$151. The stock currently trades at ~$91.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next three quarters saw the stake again doubled at prices between $4.55 and $13.75 while Q2 2021 saw a ~45% selling at prices between ~$7.70 and ~$11.35. The stock is now at $12.60, and the stake is at ~9% of the portfolio.UnitedHealth (UNH): UNH is now a ~6% of the portfolio position. The stake was built in Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. The next five quarters saw a ~45% selling at prices between ~$367 and ~$546. The stock currently trades at ~$460.Microsoft (MSFT): The ~4% MSFT stake was built in 2020 at prices between $152 and $232. The two quarters through Q2 2021 had seen a ~45% selling at prices between ~$212 and ~$272. Q1 2022 saw a ~25% stake increase at prices between ~$275 and ~$335 while next quarter there was a roughly one-third reduction at prices between ~$242 and ~$315. The stock currently trades at ~$249. Last quarter saw a ~6% trimming.Antero Resources (AR): The 2.87% stake in AR was established in Q1 & Q3 2021 at prices between ~$6 and ~$19. There was a ~55% reduction over the last three quarters at prices between ~$17 and ~$48. The stock currently trades at $23.40.MPLX LP (MPLX): The very small 0.47% stake in MPLX was kept steady this quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Appaloosa’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 8/22/2022 to 11/20/2022: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q3 2022 Update" | "David Tepper’s 13F portfolio value decreased from $1.59B to $1.36B this quarter.Appaloosa reduced Amazon.com and dropped Kohls Corp and Occidental Petroleum.Constellation Energy, Alphabet, Amazon.com, Meta Platforms, and Energy Transfer LP are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased ~36% from $2.50B to $1.59B as many positions were reduced or sold. The number of holdings decreased from 32 to 29. The top five positions are Alphabet, Meta Platforms, Amazon.com, Constellation Energy, and Macys. They add up to ~50% of the portfolio. To know more about Tepper's distress investing style, check out the book .New Stakes:None.Stake Disposals:Occidental Petroleum (OXY): OXY was a 3.23% of the portfolio stake established in Q4 2020 at prices between ~$8.90 and ~$21.30. H2 2021 saw a roughly one-third selling at prices between ~$23.20 and ~$32.90 while next quarter there was a ~15% stake increase at prices between ~$22 and $33. There was a ~85% reduction over the last two quarters at prices between ~$31 and ~$71. The disposal this quarter was at prices between ~$57 and ~$75. The stock currently trades at $70.28.Micron Technology (MU): MU was a ~2% of the portfolio position. The original large stake was built in Q3 2019 at prices between $39.50 and $51. There was a one-third increase in Q4 2019 at prices between $42 and $55.50. The next three quarters had also seen a ~50% increase at prices between ~$34.50 and ~$60. There was a ~93% selling over the last six quarters at prices between ~$54 and ~$97. The elimination this quarter was at prices between ~$49 and ~$65. The stock currently trades at $58.41.Note: MU is a frequently traded stock in Tepper’s portfolio.Kohls Corp (KSS): The 4.20% KSS position saw a ~170% stake increase last quarter at prices between ~$29 and ~$61. It was sold this quarter at prices between ~$25 and ~$36. The stock is now at $31.93.Aptiv plc (APTV): The 1.40% of the portfolio stake in APTV was purchased last quarter at prices between ~$86 and ~$120. It was sold this quarter at prices between ~$78 and ~$111. It is now at ~$106.Netflix Inc. (NFLX), Caesars Entertainment (CZR), PG&E Corp (PCG), and Walt Disney (DIS): These small (less than 0.5% of the portfolio each) stakes were disposed during the quarter.Stake Increases:None.Stake Decreases:Constellation Energy (CEG): CEG is currently the largest position in the portfolio at ~16%. It was established last quarter at prices between ~$53 and ~$67 and the stock currently trades well over that range at ~$97. There was a minor ~3% trimming this quarter.Note: Constellation Energy is Exelon’s (EXC) power generation and marketing business that was spun off in February.Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the second largest 13F position at ~14% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between ~$14.50 and ~$16.25. The stake has wavered. Recent activity follows: Q1-Q3 2020 saw a ~40% reduction at prices between ~$53 and ~$86. That was followed with a ~60% reduction over the last six quarters at prices between ~$87 and ~$151. The stock currently trades at $97.60. There was marginal trimming this quarter.Amazon.com (AMZN): The large (top three) ~12% AMZN stake was purchased in Q1 2019 at prices between ~$75 and ~$91. The next three quarters saw a ~75% stake increase at prices between ~$84.50 and ~$101. There was a ~50% selling from Q1 to Q3 2020 at prices between ~$84 and ~$177. Q4 2020 saw an about turn: ~40% stake increase at prices between ~$150 and ~$172. There was a two-thirds selling over the next three quarters at prices between ~$148 and ~$187. Q1 2022 saw a ~20% stake increase while this quarter there was similar selling The stock currently trades at $93.41.Meta Platforms (META): META is a top-five 8.72% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% in the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1-Q3 2020 had seen a ~40% selling at prices between $146 and $304 while next quarter saw a ~14% stake increase. The five quarters through Q1 2022 had seen a ~55% selling at prices between ~$187 and ~$382. The stock is currently at ~$111. Last quarter saw a ~12% increase while this quarter there was similar trimming.Note: META has seen several previous roundtrips in the portfolio. The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next three quarters saw the stake again doubled at prices between $4.55 and $13.75 while Q2 2021 saw a ~45% selling at prices between ~$7.70 and ~$11.35. The stock is now at $12.36, and the stake is at 8.27% of the portfolio. Last quarter saw a ~12% increase while this quarter there was marginal trimming.EQT Corp (EQT): EQT is a 7.56% of the portfolio position built over the two quarters through Q3 2021 at prices between ~$16 and ~$23. There was a ~50% reduction over the last three quarters at prices between ~$20 and ~$50. The stock is now at ~$43.Microsoft (MSFT): The ~4% MSFT stake was built in 2020 at prices between $152 and $232. The two quarters through Q2 2021 had seen a ~45% selling at prices between ~$212 and ~$272. Q1 2022 saw a ~25% stake increase at prices between ~$275 and ~$335 while last quarter there was a roughly one-third reduction at prices between ~$242 and ~$315. The stock currently trades at ~$248. This quarter saw a ~6% trimming.Antero Resources (AR) and Sysco Corp (SYY): The 2.80% stake in AR was established in Q1 & Q3 2021 at prices between ~$6 and ~$19. There was a ~55% reduction over the last three quarters at prices between ~$17 and ~$48. The stock currently trades at $37.27. SYY is a ~1% stake established in in Q2 2020 at prices between ~$40 and ~$62. The position has seen selling since. Last three quarters saw a ~75% reduction at prices between ~$71 and ~$90. The stock is now at $86.45.Salesforce.com (CRM): CRM is a ~2% of the portfolio position established this quarter at prices between ~$156 and ~$221 and the stock is now at ~$153. There was a minor ~5% trimming this quarter.Alibaba Group Holdings (BABA) and Mosaic Inc. (MOS): These small (less than ~0.60% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Macy’s Inc. (M): The large ~7% Macy’s stake was almost doubled in Q3 2021 at prices between ~$16 and ~$25. There was a ~45% stake increase next quarter at prices between ~$22 and ~$37. Last two quarters saw a ~40% reduction at prices between ~$17.50 and ~$28. The stock is now at $23.65.UnitedHealth (UNH): UNH is now a 5.57% of the portfolio position. The stake was built in Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. Last five quarters saw a ~45% selling at prices between ~$367 and ~$546. The stock currently trades at ~$538.Uber Technologies (UBER): UBER is now a ~2% of the portfolio position. The original large stake was purchased in Q2 2021 at prices between ~$44 and ~$61. Q4 2021 saw that stake almost sold out at prices between ~$36 and ~$48. The position was rebuilt next quarter at prices between ~$29 and ~$44.50 but was again sold down last quarter at prices between ~$20.50 and ~$36.50. The stock currently trades at $28.50.Chesapeake Energy (CHK) & wts: The ~4% stake was kept steady this quarter. The original position is from the conversion of senior debt they held as the company emerged from Chapter 11 bankruptcy in Q1 2021. Since then, both the common and warrant stakes were reduced substantially.Alps Alerian MLP ETF (AMLP), Enterprise Product Partners (EPD), HCA Healthcare (HCA), and MPLX LP (MPLX): These small (less than ~1.50% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Appaloosa’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/24/2022 to 8/22/2022: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q2 2022 Update" | "David Tepper’s 13F portfolio value decreased from $2.50B to $1.59B this quarter.Appaloosa added Constellation Energy & Salesforce.com and increased Kohl’s Corp while decreasing Occidental Petroleum and PG&E.Alphabet, Meta Platforms, Amazon.com, Constellation Energy, and Macys are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased ~36% from $2.50B to $1.59B as many positions were reduced or sold. The number of holdings decreased from 32 to 29. The top five positions are Alphabet, Meta Platforms, Amazon.com, Constellation Energy, and Macys. They add up to ~50% of the portfolio. To know more about Tepper's distress investing style, check out the book .New Stakes:Constellation Energy (CEG): CEG is a large (top five) 9.71% of the portfolio position established this quarter at prices between ~$53 and ~$67 and the stock currently trades well over that range at $80.83.Note: Constellation Energy is Exelon’s (EXC) power generation and marketing business that was spun off in February.Salesforce.com (CRM) and Aptiv plc (APTV): CRM is a ~2% of the portfolio position established this quarter at prices between ~$156 and ~$221 and the stock is now at ~$165. The 1.40% of the portfolio stake in APTV was purchased at prices between ~$86 and ~$120 and it is now at $94.55.HCA Healthcare (HCA), Alibaba Group Holdings (BABA), Netflix Inc. (NFLX), Caesars Entertainment (CZR), and Walt Disney (DIS): These very small (less than ~1% of the portfolio each) stakes were established this quarter.Stake Disposals:Las Vegas Sands (LVS) and Wynn Resorts (WYNN): These two stakes established last quarter were dropped this quarter. LVS was a 0.82% of the portfolio position established at prices between ~$32 and ~$48. The disposal this quarter was at prices between ~$30 and ~$40. The stock currently at $37.93. The 0.72% WYNN stake was purchased at prices between ~$67 and ~$96. The elimination this quarter was at prices between ~$52 and ~$82. It is now at $62.33.SPDR Energy ETF (XLE): The 2.13% XLE stake was purchased in Q4 2020 at prices between $27.70 and $41.60. The position was increased by ~40% next quarter at prices between ~$38 and ~$54 while Q2 2021 saw similar selling at prices between ~$47 and ~$56. There was a two-thirds selling last quarter at prices between ~$57 and ~$79. The remaining position was sold this quarter at prices between ~$71 and ~$92. The stock is now at $82.84.Altimeter Growth 2 (AGCB), APA Corporation (APA), Freeport McMorran (FCX), Goodyear Tire & Rubber (GT), Nordstrom Inc. (JWN), SPDR S&P Oil & Gas ETF (XOP), TCV Acquisition (TCVA), and Western Midstream Partners (WES): These small (less than ~2% of the portfolio each) stakes were dropped this quarter.Stake Increases:Meta Platforms (META): META is a top-three 10.12% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% in the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1-Q3 2020 had seen a ~40% selling at prices between $146 and $304 while next quarter saw a ~14% stake increase. The last five quarters had seen a ~55% selling at prices between ~$187 and ~$382. The stock is currently at ~$162. This quarter saw a ~12% increase.Note: META has seen several previous roundtrips in the portfolio. The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next three quarters saw the stake again doubled at prices between $4.55 and $13.75 while Q2 2021 saw a ~45% selling at prices between ~$7.70 and ~$11.35. The stock is now at $12.14, and the stake is at 6.43% of the portfolio. This quarter saw a ~12% increase.Kohls Corp (KSS): The 4.20% KSS position saw a ~170% stake increase this quarter at prices between ~$29 and ~$61. The stock is now near the low end of that range at $29.74.MPLX LP (MPLX): The minutely small 0.35% stake in MLPX was increased this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position at ~14% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between ~$14.50 and ~$16.25. The stake has wavered. Recent activity follows: Q1-Q3 2020 saw a ~40% reduction at prices between ~$53 and ~$86. That was followed with a ~60% reduction over the last six quarters at prices between ~$87 and ~$151. The stock currently trades at ~$111.Note: the prices quoted above are adjusted for the 20-for-1 stock-split last Month.Macys Inc. (M): The top-five 6.90% Macys stake was almost doubled in Q3 2021 at prices between ~$16 and ~$25. There was a ~45% stake increase next quarter at prices between ~$22 and ~$37. Last two quarters saw a ~40% reduction at prices between ~$17.50 and ~$28. The stock is now at $18.48.EQT Corp (EQT): EQT is a 6.15% of the portfolio position built over the two quarters through Q3 2021 at prices between ~$16 and ~$23. There was a ~40% reduction over the last two quarters at prices between ~$20 and ~$50. The stock is now at $49.67.UnitedHealth (UNH): UNH is now a 4.84% of the portfolio position. The stake was built in Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. Last five quarters have seen a ~45% selling at prices between ~$367 and ~$546. The stock currently trades at ~$529.Microsoft (MSFT): The ~4% MSFT stake was built in 2020 at prices between $152 and $232. The two quarters through Q2 2021 had seen a ~45% selling at prices between ~$212 and ~$272. Last quarter saw a ~25% stake increase at prices between ~$275 and ~$335 while this quarter there was a roughly one-third reduction at prices between ~$242 and ~$315. The stock currently trades at ~$268.Occidental Petroleum (OXY): OXY is a 3.23% of the portfolio stake established in Q4 2020 at prices between ~$8.90 and ~$21.30. H2 2021 saw a roughly one-third selling at prices between ~$23.20 and ~$32.90 while next quarter there was a ~15% stake increase at prices between ~$22 and $33. There was a ~85% reduction over the last two quarters at prices between ~$31 and ~$71. The stock currently trades at $73.55.Antero Resources (AR) and Sysco Corp (SYY): The 2.74% stake in AR was established in Q1 & Q3 2021 at prices between ~$6 and ~$19. There was a ~50% reduction over the last two quarters at prices between ~$17 and ~$48. The stock currently trades at $42.25. SYY is a 2.26% stake established in in Q2 2020 at prices between ~$40 and ~$62. The position has seen selling since. Last two quarters saw a ~50% reduction at prices between ~$75 and ~$90. The stock is now at $83.63.Micron Technology (MU): MU is currently a ~2% of the portfolio position. The original large stake was built in Q3 2019 at prices between $39.50 and $51. There was a one-third increase in Q4 2019 at prices between $42 and $55.50. The next three quarters had also seen a ~50% increase at prices between ~$34.50 and ~$60. There was a ~93% selling over the last six quarters at prices between ~$54 and ~$97. The stock currently trades at $57.63.Note: MU is a frequently traded stock in Tepper’s portfolio.Uber Technologies (UBER): UBER is now a small 1.28% of the portfolio position. The original large stake was purchased in Q2 2021 at prices between ~$44 and ~$61. Q4 2021 saw that stake almost sold out at prices between ~$36 and ~$48. The position was rebuilt last quarter at prices between ~$29 and ~$44.50 but was again sold down this quarter at prices between ~$20.50 and ~$36.50. The stock currently trades at $28.58.Chesapeake Energy (CHK) & wts, Enterprise Product Partners (EPD), Mosaic Inc. (MOS), and PG&E Corp. (PCG): These small (less than ~2.5% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Amazon.com (AMZN): The large (top three) ~10% AMZN stake was purchased in Q1 2019 at prices between ~$75 and ~$91. The next three quarters saw a ~75% stake increase at prices between ~$84.50 and ~$101. There was a ~50% selling from Q1 to Q3 2020 at prices between ~$84 and ~$177. Q4 2020 saw an about turn: ~40% stake increase at prices between ~$150 and ~$172. There was a two-thirds selling over the next three quarters at prices between ~$148 and ~$187. Last quarter saw a ~20% stake increase at prices between ~$136 and ~$170. The stock currently trades at ~$131.Note: the prices quoted above are adjusted for the 20-for-1 stock split in June.Alps Alerian MLP ETF (AMLP): The small 0.88% stake in AMLP was kept steady this quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Appaloosa’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 2/27/2022 to 5/24/2022: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q1 2022 Update" | "David Tepper’s 13F portfolio value decreased from $3.89B to $2.50B this quarter.Appaloosa increased Amazon.com, Microsoft, and Uber Technologies while dropping D R Horton, General Motors, Pulte Group, and T-Mobile US.Alphabet, Amazon.com, Meta Platforms, Macys, and Micron Technology are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased ~36% from $3.89B to $2.50B as many positions were reduced or sold. The number of holdings decreased from 44 to 32. The top five positions are Alphabet, Amazon.com, Meta Platforms, Macys, and Micron Technology. They add up to ~47% of the portfolio. To know more about Tepper's distress investing style, check out the book .New Stakes:Las Vegas Sands (LVS) and Wynn Resorts (WYNN): These are the new positions this quarter. LVS is a 0.82% of the portfolio position established this quarter at prices between ~$32 and ~$48. The stock currently trades near the low end of that range at $34.17. The 0.72% WYNN stake was purchased at prices between ~$67 and ~$96 and it is now below that range at $64.43.Stake Disposals:T-Mobile US (TMUS): A fairly large stake in TMUS was purchased in Q4 2017 at prices between $55 and $64.50. The four quarters through Q1 2019 saw the position sold down at prices between $58 and $78. The position was rebuilt in Q2 2020 at prices between $82 and $110. Next quarter saw a ~30% selling at prices between $104 and $119. That was followed with a ~52% reduction over the three quarters through Q2 2021 at prices between ~$110 and ~$147. Next quarter saw similar selling at prices between ~$107 and ~$128. The elimination this quarter was at prices between ~$102 and ~$129. The stock is now at ~$133.Note: 1.55M shares of the increase in Q2 2020 were through Rights exercise as the company issued a Rights offering for up to 19.75M shares in June. Also, a small part of the increase was due to the merger with Sprint (S) that closed in April. Appaloosa had a 6.4M share position in Sprint for which they received ~600K shares.General Motors (GM): GM was a 3.39% of the portfolio stake established last quarter at prices between ~$53 and ~$65. It was disposed this quarter at prices between ~$40 and ~$66. The stock currently trades at $37.42.D R Horton (DHI) and Pulte Group (PHM): The ~3% DHI stake was purchased in Q1 2021 at prices between ~$66 and ~$91. It was sold this quarter at prices between ~$75 and ~$106. It currently trades at $72.86. The 2.13% PHM position was established in Q2 2021 at prices between ~$53 and ~$62. The stake was sold this quarter at prices between ~$42 and ~$57. The stock is now at ~$45Alight Inc. (ALIT): ALIT is a 1.19% of the portfolio stake purchased in Q3 2021 at prices between ~$8.50 and ~$13. There was a ~45% selling last quarter at prices between ~$10 and ~$12. The elimination this quarter was at prices between ~$8.50 and ~$11. The stock is now at $7.98.Alliance Data Systems (ADS), CarMax Inc. (KMX), Dick’s Sporting Goods (DKS), Foot Locker (FL), Gap Inc. (GPS), and iShares MSCI South Korea ETF (EWY): These are small (less than ~1.5% of the portfolio each) positions sold during the quarter.Stake Increases:Amazon.com (AMZN): The large (top three) ~11% AMZN stake was purchased in Q1 2019 at prices between $1500 and $1820. The next three quarters saw a ~75% stake increase at prices between $1690 and $2020. There was a ~50% selling from Q1-Q3 2020 at prices between ~$1677 and ~$3531. Q4 2020 saw an about turn: ~40% stake increase at prices between ~$3005 and ~$3444. There was a two-thirds selling over the next three quarters at prices between ~$2952 and ~$3731. This quarter saw a ~20% stake increase at prices between ~$2720 and ~$3408. The stock currently trades at ~$2222.Microsoft (MSFT): The 4.52% MSFT stake was built in 2020 at prices between $152 and $232. The two quarters through Q2 2021 had seen a ~45% selling at prices between ~$212 and ~$272. This quarter saw a ~25% stake increase at prices between ~$275 and ~$335. The stock currently trades at ~$266.Uber Technologies (UBER): UBER is now a 2.88% of the portfolio position. The stake was purchased in Q2 2021 at prices between ~$44 and ~$61. Last quarter saw a ~90% reduction at prices between ~$36 and ~$48. The position was rebuilt this quarter at prices between ~$29 and ~$44.50. The stock currently trades at $23.10.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position at ~13% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follows: Q1-Q3 2020 saw a ~40% reduction at prices between ~$1054 and ~$1717. That was followed with a ~55% reduction over the last five quarters at prices between ~$1736 and ~$3014. The stock currently trades at ~$2156.Meta Platforms (FB) previously Facebook: FB is a top-three 7.92% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1-Q3 2020 had seen a ~40% selling at prices between $146 and $304 while next quarter saw a ~14% stake increase. The last five quarters have seen a ~55% selling at prices between ~$187 and ~$382. The stock is currently at ~$192.Note: FB has seen several previous roundtrips in the portfolio. The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Macys Inc. (M): The 7.71% Macys stake was almost doubled in Q3 2021 at prices between ~$16 and ~$25. There was a ~45% stake increase last quarter at prices between ~$22 and ~$37. This quarter saw a ~20% reduction at prices between ~$21.50 and ~$28. The stock is now at $22.92.Micron Technology (MU): MU is currently a 6.55% of the portfolio position. The stake was built in Q3 2019 at prices between $39.50 and $51. There was a one-third stake increase in Q4 2019 at prices between $42 and $55.50. The next three quarters had also seen a ~50% stake increase at prices between ~$34.50 and ~$60. There was a ~75% selling over the last five quarters at prices between ~$46.50 and ~$96. The stock currently trades at $70.60.Note: MU is a frequently traded stock in Tepper’s portfolio.Occidental Petroleum (OXY): OXY is a 6.45% of the portfolio stake established in Q4 2020 at prices between ~$8.90 and ~$21.30. H2 2021 saw a roughly one-third selling at prices between ~$23.20 and ~$32.90 while next quarter there was a ~15% stake increase at prices between ~$22 and $33. There was a ~55% reduction this quarter at prices between ~$31 and ~$61. The stock currently trades at $68.66EQT Corp (EQT): EQT is a 5.42% of the portfolio position built over the two quarters through Q3 2021 at prices between ~$16 and ~$23. There was a ~20% trimming this quarter at prices between ~$20 and ~$36. The stock is now at $47.40.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next three quarters saw the stake again doubled at prices between $4.55 and $13.75 while Q2 2021 saw a ~45% selling at prices between ~$7.70 and ~$11.35. There was a ~23% stake increase last quarter at prices between ~$8.15 and ~$10.20 while this quarter there was a similar selling at prices between ~$8.70 and ~$11.50. The stock is now at $11.57, and the stake is at 4.12% of the portfolio.UnitedHealth (UNH): UNH is now 3.43% of the portfolio position. The stake was built in Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. Last four quarters have seen a ~40% selling at prices between ~$367 and ~$502. The stock currently trades at $502.PG&E Corp. (PCG): The 3.21% PCG stake was first purchased in Q4 2017 at prices between $44.50 and $70.75. Next year saw a combined ~500% stake increase at prices between $23 and $49. There was a ~260% stake increase in Q1 2019 at prices between $6.25 and $24.50. The position has since wavered. Recent activity follows. Q3 2020 saw a huge stake built at prices between $8.60 and $10 while the last six quarters saw a ~90% selling at prices between ~$8.50 and ~$13. The stock is now at ~$12.Antero Resources (AR) and Sysco Corp (SYY): The 2.41% stake in AR was established in Q1 & Q3 2021 at prices between ~$6 and ~$19. There was a ~30% stake reduction this quarter at prices between ~$17 and ~$31. The stock currently trades at ~$43. SYY is a 2.45% stake established in in Q2 2020 at prices between ~$40 and ~$62. The position has seen selling since. This quarter saw a ~11% trimming. The stock is now at ~$83.Mosaic Inc. (MOS): MOS is a 2.22% of the portfolio stake built in H1 2021 at prices between ~$23.50 and ~$37.50 and it is now at ~$59. This quarter saw a roughly two-thirds selling at prices between ~$39 and ~$71.SPDR Energy ETF (XLE): The 2.13% XLE stake was purchased in Q4 2020 at prices between $27.70 and $41.60. The position was increased by ~40% next quarter at prices between ~$38 and ~$54 while Q2 2021 saw similar selling at prices between ~$47 and ~$56. There was a two-thirds selling this quarter at prices between ~$57 and ~$79. The stock is now at ~$87.APA Corporation (APA), Alps Alerian MLP ETF (AMLP), Chesapeake Energy (CHK) & wts, Enterprise Product Partners (EPD), Freeport McMorran (FCX), Goodyear Tire & Rubber (GT), Kohls Corp (KSS), MPLX LP (MPLX), Nordstrom Inc. (JWN), SPDR S&P Oil & Gas ETF (XOP), and Western Midstream Partners (WES): These small (less than ~2% of the portfolio each) stakes were reduced this quarter.Kept Steady:Altimeter Growth 2 (AGCB) and TCV Acquisition (TCVA): These small (less than ~2.5% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Appaloosa’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/25/2021 to 2/27/2022: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q4 2021 Update" | "David Tepper’s 13F portfolio value decreased from $4.20B to $3.89B this quarter.Appaloosa added General Motors and increased Macys during the quarter.Alphabet, Meta Platforms, Macys, Micron Technology, and Amazon.com are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased ~7% from $4.20B to $3.89B. The number of holdings decreased from 48 to 44. The top five positions are Alphabet, Meta Platforms, Macys, Micron Technology, and Amazon.com. They add up to ~39% of the portfolio. To know more about Tepper's distress investing style, check out the book .New Stakes:General Motors (GM): GM is a 3.39% of the portfolio stake established this quarter at prices between ~$53 and ~$65 and the stock currently trades at $44.90.Dick’s Sporting Goods (DKS), Foot Locker (FL), Gap Inc. (GPS), and Nordstrom Inc. (JWN): These are very small (less than ~1% of the portfolio each) positions established during the quarter.Stake Disposals:Alibaba Group Holdings (BABA): The 1.85% BABA stake was established in Q3 2019 at prices between $154 and $183 and increased by ~85% next quarter at prices between $162 and $217. There was a ~50% stake increase in Q2 2020 at prices between $187 and $229 while next quarter there was a one-third reduction at prices between ~$216 and ~$298. Last four quarters have seen another ~75% selling at prices between ~$145 and ~$310. The remainder stake was sold this quarter at prices between ~$112 and ~$178. The stock currently trades at ~$102.Note: Alibaba is a frequently traded stock in Tepper’s portfolio. The most recent round-trip follow: a 5.23% BABA stake was established in Q1 2019 at prices between $131 and $187 and disposed next quarter at prices between $149 and $195.HCA Healthcare (HCA): HCA was a 2.24% of the 13F portfolio position built in H1 2020 at prices between $82 and $118. Q3 2020 saw a ~11% trimming while next quarter there was a ~7% increase. There was a ~60% reduction in Q2 2021 at prices between ~$186 and ~$216. The disposal this quarter was at prices between ~$226 and ~$260. The stock is now at $264.Paysafe Limited (PSFE): PSFE was a 1.57% of the portfolio position established in Q1 2021 at prices between $13.50 and $19.24. The position was sold this quarter at prices between ~$3.40 and ~$8.30. The stock currently trades at $3.17.Note: Paysafe started trading at the end of last March following the close of their de-SPAC transaction with Foley Trasimane II (BFT).Visa Inc. (V) and MasterCard (MA): The 1.39% Visa stake was established in Q2 2020 at prices between $152 and $200. Next quarter saw a ~20% selling at prices between ~$189 and ~$217. That was followed with a roughly ~85% reduction over the last three quarters at prices between ~$193 and ~$251. The disposal this quarter was at prices between ~$190 and ~$234. The stock is now at ~$207. MA was a ~1% of the portfolio position purchased in Q2 2020 at prices between $229 and $313. There was a ~20% reduction next quarter at prices between ~$290 and ~$366. Last three quarters have seen another two-thirds selling at prices between ~$315 and ~$396. The elimination this quarter at prices between ~$306 and ~$370. The stock currently trades at ~$341.Twitter Inc. (TWTR): TWTR was a 1.78% of the portfolio stake purchased in Q1 2020 at prices between $22 and $39. Q3 2020 saw a ~15% trimming while next quarter there was a marginal increase. Last four quarters saw the disposal at prices between ~$42 and ~$77. The stock is now at $33.49.Qualcomm (QCOM): QCOM was a 1.51% of the portfolio position established in Q4 2020 at prices between ~$116 and ~$159. The stake was increased by ~25% next quarter at prices between ~$123 and ~$165. Q2 2021 saw a one-third selling at prices between ~$125 and ~$143. The remaining position was sold this quarter at prices between ~$123 and ~$189. The stock currently trades at ~$165.Dragoneer Growth 2 (DGNS), E2Open Parent Holdings (ETWO), Ovintiv Inc. (OVV), The Beachbody Company (BODY), and Wal-Mart Inc. (WMT): These very small positions (less than ~1% of the portfolio each) established last quarter were disposed this quarter.Stake Increases:Macys Inc. (M): The 6.80% Macys stake was almost doubled last quarter at prices between ~$16 and ~$25. There was a ~45% stake increase this quarter at prices between ~$22 and ~$37. The stock is now at $26.03.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next three quarters saw the stake again doubled at prices between $4.55 and $13.75 while Q2 2021 saw a ~45% selling at prices between ~$7.70 and ~$11.35. There was a ~23% stake increase this quarter at prices between ~$8.15 and ~$10.20. The stock is now at $10.37, and the stake is at 2.62% of the portfolio.EQT Corp (EQT): EQT is a 2.74% of the portfolio position built over the last two quarters at prices between ~$16 and ~$23 and the stock is now at $24.85.Mosaic Inc. (MOS): MOS is a 2.43% of the portfolio stake built in H1 2021 at prices between ~$23.50 and ~$37.50 and it is now at $55.66. Last two quarters have seen only minor adjustments.Kohls Corp (KSS): The 2.10% of the portfolio saw a ~35% stake increase over the last two quarters at prices between ~$44 and ~$63. The stock currently trades at ~$59.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position at ~10% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follows: Q1-Q3 2020 saw a ~40% reduction at prices between ~$1054 and ~$1717. That was followed with a ~47% reduction over the last four quarters at prices between ~$1736 and ~$3014. The stock currently trades at ~$2686.Meta Platforms (FB) previously Facebook: FB is a top-three 9.52% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1-Q3 2020 had seen a ~40% selling at prices between $146 and $304. Q4 2020 saw a ~14% stake increase while the last four quarters saw a ~45% selling at prices between ~$251 and ~$382. The stock is currently at ~$203.Note: FB has seen several previous roundtrips in the portfolio. The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Occidental Petroleum (OXY): OXY is a 4.92% of the portfolio stake established in Q4 2020 at prices between ~$8.90 and ~$21.30 and the stock currently trades well above that range at $47.75. H2 2021 saw a roughly one-third selling at prices between ~$23.20 and ~$32.90 while last quarter there was a ~15% stake increase at prices between ~$22 and $33. This quarter saw marginal trimming.PG&E Corp. (PCG): The 4.13% PCG stake was first purchased in Q4 2017 at prices between $44.50 and $70.75. Next year saw a combined ~500% stake increase at prices between $23 and $49. There was a ~260% stake increase in Q1 2019 at prices between $6.25 and $24.50. The position has since wavered. Recent activity follows. Q3 2020 saw a huge stake built at prices between $8.60 and $10 while the last five quarters saw a ~85% selling at prices between ~$8.30 and ~$12.65. The stock is now at ~$11.43.T-Mobile US (TMUS): TMUS is currently at 3.81% of the portfolio. A fairly large stake was purchased in Q4 2017 at prices between $55 and $64.50. The four quarters through Q1 2019 saw the position sold down at prices between $58 and $78. The position was rebuilt in Q2 2020 at prices between $82 and $110. Next quarter saw a ~30% selling at prices between $104 and $119. That was followed with a ~52% reduction over the three quarters through Q2 2021 at prices between ~$110 and ~$147. That was followed with a similar selling this quarter at prices between ~$107 and ~$128. The stock is now at ~$124.Note: 1.55M shares of the increase in Q2 2020 were through Rights exercise as the company issued a Rights offering for up to 19.75M shares in June. Also, a small part of the increase was due to the merger with Sprint (S) that closed in April. Appaloosa had a 6.4M share position in Sprint for which they received ~600K shares.SPDR Energy ETF (XLE): The ~3% XLE stake was purchased in Q4 2020 at prices between $27.70 and $41.60. The position was increased by ~40% next quarter at prices between ~$38 and ~$54 while Q2 2021 saw similar selling at prices between ~$47 and ~$56. The stock is now at ~$73. Last two quarters have also seen minor trimming.D R Horton (DHI) and Pulte Group (PHM): The ~3% DHI stake was purchased in Q1 2021 at prices between ~$66 and ~$91 and it currently trades at $86.51. The 2.13% PHM position was established in Q2 2021 at prices between ~$53 and ~$62 and it is now at $49.25. Last two quarters have seen only minor adjustments.Goodyear Tire & Rubber (GT), and SPDR S&P Oil & Gas ETF (XOP): GT is a 2.82% of the portfolio position that saw a roughly two-thirds stake increase last quarter at prices between $14.50 and $19.25. The stock currently trades at $14.57. XOP is a 2.47% position that saw a one-third increase last quarter at prices between ~$73 and ~$99. The stock currently goes for ~$120. This quarter saw minor trimming in both positions.Freeport McMorran (FCX): The ~2% FCX position was purchased over the three quarters through Q2 2021 at prices between ~$15 and ~$45. The stock is now at ~$49. Both stakes saw minor trimming over the last two quarters.Chesapeake Energy (CHK) & wts,: CHK is a 2.24% of the portfolio position established in Q1 2021 as the company emerged from Chapter 11 bankruptcy. Appaloosa had senior debt that got converted. Shares started trading at ~$45 in February 2021 and currently goes for ~$80. The commons portion of the stake was reduced by ~85% in Q2 2021 at prices between ~$43 and ~$56. Last quarter saw another ~20% reduction at prices between ~$49 and ~$63. There was minor trimming this quarter.Alight Inc. (ALIT): ALIT is a 1.19% of the portfolio stake purchased last quarter at prices between ~$8.50 and ~$13 and the stock currently trades at $9.83. There was a ~45% selling this quarter at prices between ~$10 and ~$12.Note: Bloomberg reported that Alight had held merger talks with Voya Financial (VOYA) in August. Alight went public last July through a De-SPAC merger with Foley Trasimene Acquisition.Uber Technologies (UBER): UBER is now a minutely small 0.24% of the portfolio position. The stake was purchased in Q2 2021 at prices between ~$44 and ~$61. This quarter saw a ~90% reduction at prices between ~$36 and ~$48. The stock currently trades at $31.72.Alliance Data Systems (ADS): The very small 0.28% stake in ADS saw a ~45% selling this quarter.Kept Steady:Micron Technology (MU): MU is currently a 6.59% of the portfolio position. The stake was built in Q3 2019 at prices between $39.50 and $51. There was a one-third stake increase in Q4 2019 at prices between $42 and $55.50. The next three quarters had also seen a ~50% stake increase at prices between ~$34.50 and ~$60. There was a ~78% selling over the last four quarters at prices between ~$46.50 and ~$96. The stock currently trades at ~$89.Note: MU is a frequently traded stock in Tepper’s portfolio.Amazon.com (AMZN): The large (top five) ~6% AMZN stake was purchased in Q1 2019 at prices between $1500 and $1820. The next three quarters saw a ~75% stake increase at prices between $1690 and $2020. There was a ~50% selling from Q1-Q3 2020 at prices between ~$1677 and ~$3531. Q4 2020 saw an about turn: ~40% stake increase at prices between ~$3005 and ~$3444. There was a two-thirds selling over the last three quarters at prices between ~$2952 and ~$3731. The stock currently trades at ~$2958.Microsoft (MSFT): The 2.57% MSFT stake was built in H1 2020 at prices between $152 and $232. Q4 2020 saw a ~80% stake increase at prices between ~$202 and ~$225. The two quarters through Q2 2021 had seen a ~45% selling at prices between ~$212 and ~$272. The stock currently trades at ~$296.Antero Resources (AR), APA Corporation (APA), Alps Alerian MLP ETF (AMLP), Altimeter Growth 2 (AGCB), CarMax Inc. (KMX), Enterprise Product Partners (EPD), iShares MSCI South Korea ETF (EWY), MPLX LP (MPLX), Sysco Corp (SYY), TCV Acquisition (TCVA), UnitedHealth (UNH), and Western Midstream Partners (WES): These small (less than ~2.5% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Appaloosa’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 9/9/2021 to 11/25/2021: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q3 2021 Update" | "David Tepper’s 13F portfolio value decreased from $4.83B to $4.20B this quarter.Appaloosa increased Macys & Goodyear Tire while reducing Amazon, Micron, and Visa.Alphabet, Meta Platforms, T-Mobile US, Amazon, and Occidental Petroleum are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased ~13% from $4.83B to $4.20B. The number of holdings decreased from 50 to 48. The top five positions are Alphabet, Meta Platforms, T-Mobile US, Amazon, and Occidental Petroleum. They add up to ~37% of the portfolio. To know more about Tepper's distress investing style, check out the book .New Stakes:Alight Inc. (ALIT), Wal-Mart Inc. (WMT), and Ovintiv Inc. (OVV): These are the new positions this quarter. ALIT is a 2.19% of the portfolio stake purchased at prices between ~$8.50 and ~$13 and the stock currently trades at $10.32. WMT and OVV are minutely small (less than ~0.35% of the portfolio each) stakes.Note: Bloomberg reported that Alight had held merger talks with Voya Financial (VOYA) in August. Alight went public in July through a De-SPAC merger with Foley Trasimene Acquisition.Stake Disposals:ViacomCBS (VIAC): The 1.38% VIAC stake was purchased in Q1 2021 at prices between ~$36.60 and ~$100 and it is now at $29.56. There was a ~55% selling last quarter at prices between ~$38 and ~$46. The disposal this quarter was at around the same price range.Netflix Inc. (NFLX): The 0.72% NFLX stake was established in Q1 2020 at prices between ~$300 and ~$390. Last five quarters had seen a ~75% selling at prices between ~$360 and ~$586. The remaining position was eliminated this quarter at prices between ~$511 and ~$610. The stock is now at ~$617.BP plc (BP), Emerson Electric (EMR), and Royal Dutch Shell (RDS.A) (RDS.B): These small (less than 1.5% of the portfolio each) stakes were sold during the quarter.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position at 9.33% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follows: Q1-Q3 2020 saw a ~40% reduction at prices between ~$1054 and ~$1717. That was followed with a ~43% reduction over the last two quarters at prices between ~$1736 and ~$2546. The stock currently trades at ~$2859. There was a marginal increase this quarter.T-Mobile US (TMUS): TMUS is currently at 7.74% of the portfolio. A fairly large stake was purchased in Q4 2017 at prices between $55 and $64.50. The four quarters thru Q1 2019 saw the position sold down at prices between $58 and $78. The position was rebuilt in Q2 2020 at prices between $82 and $110. Next quarter saw a ~30% selling at prices between $104 and $119. That was followed with a ~52% reduction over the last three quarters at prices between ~$110 and ~$147. The stock is now at ~$110. There was a marginal increase this quarter.Note: 1.55M shares of the increase in Q2 2020 were through Rights exercise as the company issued a Rights offering for up to 19.75M shares in June. Also, a small part of the increase was due to the merger with Sprint (S) that closed in April. Appaloosa had a 6.4M share position in Sprint for which they received ~600K shares.Occidental Petroleum (OXY): OXY is a 4.68% of the portfolio stake established in Q4 2020 at prices between ~$8.90 and ~$21.30 and the stock currently trades well above that range at $29.65. Last quarter saw a roughly one-third selling at prices between ~$23.20 and ~$32.90 while this quarter there was a ~15% stake increase at prices between ~$22 and $33.D R Horton (DHI) and Pulte Group (PHM): The 2.39% DHI stake was purchased in Q1 2021 at prices between ~$66 and ~$91 and it currently trades at $103. Last two quarters have seen only minor adjustments. The 1.70% PHM position was established last quarter at prices between ~$53 and ~$62 and it is now at $52.49. There was a marginal increase this quarter.Goodyear Tire & Rubber (GT), Macys Inc. (M), and SPDR S&P Oil & Gas ETF (XOP): These three stakes were substantially increased this quarter. GT is a 2.19% of the portfolio position that saw a roughly two-thirds stake increase this quarter at prices between $14.50 and $19.25. The stock currently trades at $20.88. The 3.77% Macys stake was almost doubled this quarter at prices between ~$16 and ~$25. The stock is now at $27.70. XOP is a 2.33% position that saw a one-third increase this quarter at prices between ~$73 and ~$99. The stock currently goes for $96.56.Antero Resources (AR), EQT Corp (EQT), and Kohls Corp (KSS): These three small (less than ~1.7% of the portfolio each) stakes saw substantial increases this quarter.Stake Decreases:Meta Platforms (FB) previously Facebook: FB is a top-three 9.24% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1-Q3 2020 had seen a ~40% selling at prices between $146 and $304. Q4 2020 saw a ~14% stake increase while the last three quarters saw a ~45% selling at prices between ~$246 and ~$382. The stock is currently at ~$310.Note: FB has seen several previous roundtrips in the portfolio. The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Amazon.com (AMZN): The large (top five) 5.48% AMZN stake was purchased in Q1 2019 at prices between $1500 and $1820. The next three quarters saw a ~75% stake increase at prices between $1690 and $2020. There was a ~50% selling from Q1-Q3 2020 at prices between ~$1677 and ~$3531. Q4 2020 saw an about turn: ~40% stake increase at prices between ~$3005 and ~$3444. There was a two-thirds selling over the last three quarters at prices between ~$2952 and ~$3731. The stock currently trades at ~$3437.Micron Technology (MU): MU is currently a 4.65% of the portfolio position. The stake was built in Q3 2019 at prices between $39.50 and $51. There was a one-third stake increase in Q4 2019 at prices between $42 and $55.50. The next three quarters had also seen a ~50% stake increase at prices between ~$34.50 and ~$60. There was a ~78% selling over the last four quarters at prices between ~$46.50 and ~$96. The stock currently trades at $82.88.Note: MU is a frequently traded stock in Tepper’s portfolio.PG&E Corp. (PCG): The 3.23% PCG stake was first purchased in Q4 2017 at prices between $44.50 and $70.75. Next year saw a combined ~500% stake increase at prices between $23 and $49. There was a ~260% stake increase in Q1 2019 at prices between $6.25 and $24.50. The position has since wavered. Recent activity follows. Q3 2020 saw a huge stake built at prices between $8.60 and $10 while the last four quarters saw a ~85% selling at prices between ~$8.30 and ~$12.50. The stock is now at ~$12.SPDR Energy ETF (XLE): The 2.74% XLE stake was purchased in Q4 2020 at prices between $27.70 and $41.60. The position was increased by ~40% next quarter at prices between ~$38 and ~$54 while last quarter saw similar selling at prices between ~$47 and ~$56. The stock is now at $55.58. This quarter also saw a minor ~5% reduction.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next three quarters saw the stake again doubled at prices between $4.55 and $13.75 while last quarter saw a ~45% selling at prices between ~$7.70 and ~$11.35. The stock is now at $8.32 and the stake is at 2.31% of the portfolio. This quarter also saw a minor ~4% trimming.HCA Healthcare (HCA): HCA is a 2.24% of the 13F portfolio position built in H1 2020 at prices between $82 and $118. The stock is now well above that range at ~$232. Q3 2020 saw a ~11% trimming while next quarter there was a ~7% increase. There was a ~60% reduction last quarter at prices between ~$186 and ~$216. There was a minor ~4% trimming this quarter.Uber Technologies (UBER): UBER is a 2.08% of the portfolio stake purchased last quarter at prices between ~$44 and ~$61 and the stock currently trades below that range at $38.12. There was minor trimming this quarter.Freeport McMorran (FCX) and Mosaic Inc. (MOS): The 1.47% FCX position was purchased over the last three quarters at prices between ~$15 and ~$45. The stock is now at $37.10. MOS is a 1.63% of the portfolio stake built over the last two quarters at prices between ~$23.50 and ~$37.50 and it is now at $34.64. Both stakes saw minor trimming this quarter.Microsoft (MSFT): The ~2% MSFT stake was built in H1 2020 at prices between $152 and $232. Q4 2020 saw a ~80% stake increase at prices between ~$202 and ~$225. Last two quarters had seen a ~45% selling at prices between ~$212 and ~$272. The stock currently trades at ~$330. This quarter also saw a ~5% trimming.Alibaba Group Holdings (BABA): The 1.85% BABA stake was established in Q3 2019 at prices between $154 and $183 and increased by ~85% next quarter at prices between $162 and $217. There was a ~50% stake increase in Q2 2020 at prices between $187 and $229 while next quarter there was a one-third reduction at prices between ~$216 and ~$298. Last four quarters have seen another ~75% selling at prices between ~$145 and ~$310. The stock currently trades at ~$122.Note: Alibaba is a frequently traded stock in Tepper’s portfolio. The most recent round-trip follow: a 5.23% BABA stake was established in Q1 2019 at prices between $131 and $187 and disposed next quarter at prices between $149 and $195.Twitter Inc. (TWTR): TWTR is a 1.78% of the portfolio stake purchased in Q1 2020 at prices between $22 and $39 and the stock currently trades well above that range at $42.65. Q3 2020 saw a ~15% trimming while next quarter there was a marginal increase. Last two quarters had seen a ~73% selling at prices between ~$45 and ~$78. There was a minor ~5% trimming this quarter.Qualcomm (QCOM): QCOM is a 1.51% of the portfolio position established in Q4 2020 at prices between ~$116 and ~$159. The stake was increased by ~25% next quarter at prices between ~$123 and ~$165. Last quarter saw a one-third selling at prices between ~$125 and ~$143. The stock currently trades at ~$177. This quarter saw a ~5% trimming.Visa Inc. (V) and MasterCard (MA),: These two positions established in Q2 2020 saw substantial selling in the last few quarters. The 1.39% Visa stake was established at prices between $152 and $200 and the stock currently trades at ~$198. Q3 2020 saw a ~20% selling at prices between ~$189 and ~$217. That was followed with a roughly ~85% reduction over the last three quarters at prices between ~$193 and ~$251. MA is a ~1% of the portfolio position purchased at prices between $229 and $313 and it is now at ~$320. There was a ~20% reduction in Q3 2020 at prices between ~$290 and ~$366. Last three quarters have seen another two-thirds selling at prices between ~$315 and ~$396.Chesapeake Energy (CHK) & wts,: CHK is a 0.62% of the portfolio position established in Q1 2021 as the company emerged from Chapter 11 bankruptcy. Appaloosa had senior debt that got converted. Shares started trading at ~$45 in mid-February and currently goes for $60.88. The commons portion of the stake was reduced by ~85% last quarter at prices between ~$43 and ~$56. This quarter saw another ~20% reduction at prices between ~$49 and ~$63.APA Corporation (APA), Alliance Data Systems (ADS), Alps Alerian MLP ETF (AMLP), CarMax Inc. (KMX), Enterprise Product Partners (EPD), iShares MSCI South Korea ETF (EWY), MPLX LP (MPLX), Sysco Corp (SYY), UnitedHealth (UNH), and Western Midstream Partners (WES): These small (less than ~1.75% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Paysafe Limited (PSFE): PSFE is a 1.57% of the portfolio position established in Q1 2021 at prices between $13.50 and $19.24 and it is now well below that range at $3.62. There was a ~15% trimming this quarter.Note: Paysafe started trading at the end of March following the close of their de-SPAC transaction with Foley Trasimane II (BFT).Altimeter Growth 2 (AGCB), Dragoneer Growth 2 (DGNS), E2Open Parent Holdings (ETWO), The Beachbody Company (BODY), and TCV Acquisition (TCVA): These very small (less than ~0.60% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Appaloosa’s 13F filings for Q2 2021 and Q3 2021." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q2 2021 Update" | "David Tepper’s 13F portfolio value decreased from $6.96B to $4.83B this quarter.Appaloosa added Uber Technologies & Pulte Group while dropping Adobe, Walt Disney, and Salesforce.com. Most of the top positions were reduced as well.Micron Technology, Amazon, Facebook, Alphabet, and T-Mobile US are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased ~30% from $6.96B to $4.83B. The number of holdings decreased from 58 to 50. The top five positions are Micron Technology, Amazon, Facebook, Alphabet, and T-Mobile US. They add up to ~43% of the portfolio. To know more about Tepper's distress investing style, check out the book .New Stakes:Uber Technologies (UBER) and Pulte Group (PHM): These are medium-sized new positions established this quarter. UBER is a 2.11% of the portfolio stake purchased at prices between ~$44 and ~$61 and the stock currently trades below that range at $40.35. The 1.70% PHM position was established at prices between ~$53 and ~$62 and it is now below that range at $48.48.The Beachbody Company (BODY) and TCV Acquisition (TCVA): These are minutely small (less than 0.5% of the portfolio each) positions established during the quarter.Stake Disposals:PayPal (PYPL) and Walt Disney (DIS): The 0.61% PYPL stake was established in Q2 2020 at prices between $91 and $177. Next quarter saw a ~30% selling at prices between $170 and $211. That was followed with a ~70% selling over the last two quarters at prices between ~$180 and ~$305. The disposal this quarter was at prices between ~$240 and ~$294. The stock currently trades at ~$287. DIS was a 0.91% position purchased at prices between $94 and $127. There was a ~25% reduction in Q3 2020 at prices between $112 and $136. That was followed with a ~60% selling over the last two quarters at prices between ~$118 and ~$202. The elimination this quarter was at prices between ~$169 and ~$190. It is currently at ~$186.Note: Walt Disney is a frequently traded stock in Tepper’s portfolio.Salesforce.com (CRM): CRM was a 1.17% of the portfolio position established in H1 2019 at prices between $124 and $193. Q4 2020 saw a ~25% stake increase at prices between ~$220 and ~$267 while last quarter there was similar selling at prices between ~$205 and ~$249. The position was sold out this quarter at prices between ~$211 and ~$246. The stock is now at ~$261.Adobe Inc. (ADBE): ADBE is a ~1% of the portfolio position that saw a ~80% stake increase in Q3 2019 at prices between $273 and $311. The five quarters through Q4 2020 had seen a zig-zag trading pattern with the net holding remaining steady at ~200K shares. There was a ~28% selling last quarter at prices between ~$421 and ~$502. The position was disposed this quarter at prices between ~$472 and ~$591. The stock currently trades at ~$662.Baidu Inc. (BIDU), CC Neuberger II (PRPB), Discovery Inc. (DISCA), Hennessy Capital V (HCIC) Units, Iqiyi (IQ), Liberty Media Acquisition (LMACA) Units, Shopify (SHOP), and SVF Investment (SVFA) Units: These very small (less than ~0.5% of the portfolio each) positions were disposed this quarter.Stake Increases:Freeport McMorran (FCX) and Mosaic Inc. (MOS): These two small stakes saw substantial buying this quarter. The 1.54% FCX position was purchased over the last three quarters at prices between ~$15 and ~$45. The stock is now at $34.81. MOS is a 1.63% of the portfolio stake built over the last two quarters at prices between ~$23.50 and ~$37.50 and it is now at $31.57.Stake Decreases:Micron Technology (MU): MU is currently the largest position in the portfolio at 9.94%. The stake was built in Q3 2019 at prices between $39.50 and $51. There was a one-third stake increase in Q4 2019 at prices between $42 and $55.50. The next three quarters had also seen a ~50% stake increase at prices between ~$34.50 and ~$60. There was a ~55% selling over the last three quarters at prices between ~$47 and ~$96. The stock currently trades at $72.87.Note: MU is a frequently traded stock in Tepper’s portfolio.Amazon.com (AMZN): The large (top three) 8.90% AMZN stake was purchased in Q1 2019 at prices between $1500 and $1820. The next three quarters saw a ~75% stake increase at prices between $1690 and $2020. There was a ~50% selling from Q1-Q3 2020 at prices between ~$1677 and ~$3531. Q4 2020 saw an about turn: ~40% stake increase at prices between ~$3005 and ~$3444. There was a ~37% selling over the last two quarters at prices between ~$2952 and ~$3505. The stock currently trades at ~$3484.Facebook Inc. (FB): FB is a top-three 8.67% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1-Q3 2020 had seen a ~40% selling at prices between $146 and $304. Q4 2020 saw a ~14% stake increase while the last two quarters saw a ~40% selling at prices between ~$246 and ~$356. The stock is currently at ~$378.Note: FB has seen several previous roundtrips in the portfolio. The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Alphabet Inc. (GOOG) (GOOGL): GOOG is a large (top five) 7.57% of the portfolio stake. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follows: Q1-Q3 2020 saw a ~40% reduction at prices between ~$1054 and ~$1717. That was followed with a ~43% reduction over the last two quarters at prices between ~$1736 and ~$2546. The stock currently trades at ~$2898.T-Mobile US (TMUS): TMUS is currently at 7.55% of the portfolio. A fairly large stake was purchased in Q4 2017 at prices between $55 and $64.50. The four quarters thru Q1 2019 saw the position sold down at prices between $58 and $78. The position was rebuilt in Q2 2020 at prices between $82 and $110. Next quarter saw a ~30% selling at prices between $104 and $119. That was followed with a ~52% reduction over the last three quarters at prices between ~$110 and ~$147. The stock is now at ~$131. They are harvesting gains.Note: 1.55M shares of the increase in Q2 2020 were through Rights exercise as the company issued a Rights offering for up to 19.75M shares in June. Also, a small part of the increase was due to the merger with Sprint (S) that closed in April. Appaloosa had a 6.4M share position in Sprint for which they received ~600K shares.Occidental Petroleum (OXY): OXY is a 3.70% of the portfolio stake established in Q4 2020 at prices between ~$8.90 and ~$21.30 and the stock currently trades well above that range at $25.07. This quarter saw a roughly one-third selling at prices between ~$23.20 and ~$32.90.PG&E Corp. (PCG): The 3.59% PCG stake was first purchased in Q4 2017 at prices between $44.50 and $70.75. Next year saw a combined ~500% stake increase at prices between $23 and $49. There was a ~260% stake increase in Q1 2019 at prices between $6.25 and $24.50. The position has since wavered. Recent activity follows. Q3 2020 saw a huge stake built at prices between $8.60 and $10 while the last three quarters saw a ~80% selling at prices between ~$9.40 and ~$12.80. The stock is now at $9.36.Alibaba Group Holdings (BABA): The 2.75% BABA stake was established in Q3 2019 at prices between $154 and $183 and increased by ~85% next quarter at prices between $162 and $217. There was a ~50% stake increase in Q2 2020 at prices between $187 and $229 while next quarter there was a one-third reduction at prices between ~$216 and ~$298. Last three quarters have seen another ~75% selling at prices between ~$206 and ~$317. The stock currently trades at ~$167. They are harvesting gains.Note: Alibaba is a frequently traded stock in Tepper’s portfolio. The most recent round-trip follow: a 5.23% BABA stake was established in Q1 2019 at prices between $131 and $187 and disposed next quarter at prices between $149 and $195.SPDR Energy ETF (XLE): The 2.59% XLE stake was purchased in Q4 2020 at prices between $27.70 and $41.60. The position was increased by ~40% next quarter at prices between ~$38 and ~$54 while this quarter saw similar selling at prices between ~$47 and ~$56. The stock is now at $47.81.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next three quarters saw the stake again doubled at prices between $4.55 and $13.75 while this quarter saw a ~45% selling at prices between ~$7.70 and ~$11.35. The stock is now at $9.32 and the stake is at 2.34% of the portfolio.Paysafe Limited (PSFE), and D R Horton (DHI): These are medium-sized stakes established last quarter but reduced this quarter. PSFE is a 2.13% of the portfolio position established at prices between $13.50 and $19.24 and it is now below that range at $8.86. There was a ~15% trimming this quarter. The 2.14% DHI stake was purchased at prices between ~$66 and ~$91 and it currently trades at $90.24. There was marginal trimming this quarter.Note: Paysafe started trading at the end of March following the close of their de-SPAC transaction with Foley Trasimane II (BFT).Twitter Inc. (TWTR): TWTR is a 1.85% of the portfolio stake purchased in Q1 2020 at prices between $22 and $39 and the stock currently trades well above that range at $62.46. Q3 2020 saw a ~15% trimming while next quarter there was a marginal increase. Last two quarters have seen a ~73% selling at prices between ~$45 and ~$78.Microsoft (MSFT): The 1.75% MSFT stake was built in H1 2020 at prices between $152 and $232. Q4 2020 saw a ~80% stake increase at prices between ~$202 and ~$225. Last two quarters have seen a ~45% selling at prices between ~$212 and ~$272. The stock currently trades at ~$297.HCA Healthcare (HCA): HCA is a 1.73% of the 13F portfolio position built in H1 2020 at prices between $82 and $118. The stock is now well above that range at ~$258. Q3 2020 saw a ~11% trimming while next quarter there was a ~7% increase. There was a ~60% reduction this quarter at prices between ~$186 and ~$216.Qualcomm (QCOM): QCOM is a 1.52% of the portfolio position established in Q4 2020 at prices between ~$116 and ~$159. The stake was increased by ~25% last quarter at prices between ~$123 and ~$165. This quarter saw a one-third selling at prices between ~$125 and ~$143. The stock currently trades at ~$142.ViacomCBS (VIAC): The 1.38% VIAC stake was purchased last quarter at prices between ~$36.60 and ~$100 and it is now at $40.34. There was a ~55% selling this quarter at prices between ~$38 and ~$46.Visa Inc. (V) and MasterCard (MA),: These two positions established in Q2 2020 saw substantial selling in the last few quarters. The 1.33% Visa stake was established at prices between $152 and $200 and the stock currently trades at ~$227. Q3 2020 saw a ~20% selling at prices between ~$189 and ~$217. That was followed with a roughly ~55% reduction over the last two quarters at prices between ~$193 and ~$237. MA is a ~1% of the portfolio position purchased at prices between $229 and $313 and it is now at ~$351. There was a ~20% reduction in Q3 2020 at prices between ~$290 and ~$366. Last two quarters have seen another two-thirds selling at prices between ~$315 and ~$396.Netflix Inc. (NFLX): The 0.72% NFLX stake was established in Q1 2020 at prices between ~$300 and ~$390. Last five quarters have seen a ~75% selling at prices between ~$360 and ~$586. The stock is now at ~$598.Chesapeake Energy (CHK) & wts,: CHK is a ~1.4% of the portfolio position established last quarter as the company emerged from Chapter 11 bankruptcy. Appaloosa had senior debt that got converted. Shares started trading at ~$45 in mid-February and currently goes for $60.57. The commons portion of the stake was reduced by ~85% this quarter at prices between ~$43 and ~$56.Alliance Data Systems (ADS), Antero Resources (AR), APA Corporation (APA), Alps Alerian MLP ETF (AMLP), BP plc (BP), CarMax Inc. (KMX), Emerson Electric (EMR), Enterprise Product Partners (EPD), EQT Corp (EQT), Goodyear Tire & Rubber (GT), iShares MSCI South Korea ETF (EWY), MPLX LP (MPLX), Macys Inc. (M), Kohls Corp (KSS), Royal Dutch Shell (RDS.A) (RDS.B), SPDR S&P Oil & Gas ETF (XOP), Sysco Corp (SYY), UnitedHealth (UNH), and Western Midstream Partners (WES): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Altimeter Growth 2 (AGCB), E2Open Parent Holdings (ETWO), CCC Intelligent Solutions (CCCS): The very small (less than ~0.60% of the portfolio each) stakes were kept steady this quarter.Note: Dragoneer Growth did a ~$7B EV SPAC merger with CCC, an auto-insurance/repair SaaS business that closed in August. Appaloosa had a position in Dragoneer Growth.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Appaloosa’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings thru 5/27/2021: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q1 2021 Update" | "David Tepper’s 13F portfolio value increased from $6.69B to $6.96B this quarter.Appaloosa added Chesapeake Energy, ViacomCBS, and Paysafe while reducing PG&E, Alibaba Group Holdings, Twitter, Visa, Salesforce.com, MasterCard, Walt Disney, and PayPal.Micron Technology, Amazon, Facebook, T-Mobile US, and Alphabet are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value increased ~4% from $6.69B to $6.96B. The number of holdings increased from 44 to 58. The top five positions are Micron Technology, Amazon, Facebook, T-Mobile US, and Alphabet. They add up ~40% of the portfolio. To know more about Tepper's distress investing style, check out the book .New Stakes:Chesapeake Energy (CHK) & wts, ViacomCBS (VIAC), Paysafe Limited (PSFE), and D R Horton (DHI): These are medium-sized new stakes established this quarter. CHK is a ~2.9% of the portfolio position established this quarter as the company emerged from Chapter 11 bankruptcy. Appaloosa had senior debt that got converted. Shares started trading at ~$45 in mid-February and currently goes for ~$53. The 2.23% VIAC stake was purchased at prices between ~$36.60 and ~$100 and it is now at $43.15. PSFE is a 1.94% of the portfolio position established at prices between $13.50 and $19.24 and it is now below that range at $11.32. The 1.49% DHI stake was purchased at prices between ~$66 and ~$91 and it currently trades at $95.58.Note: Paysafe started trading at the end of March following the close of their de-SPAC transaction with Foley Trasimane II (BFT).Mosaic Inc. (MOS), Antero Resources (AR), Iqiyi (IQ), APA Corporation (APA), E2Open Parent Holdings (ETWO), BP plc (BP), Royal Dutch Shell (RDS.A) (RDS.B), Discovery Inc. (DISCA), Altimeter Growth 2 (AGCB), CC Neuberger II (PRPB), Liberty Media Acquisition (LMACA) Units, Baidu Inc. (BIDU), SVF Investment (SVFA) Units, Hennessy Capital V (HCIC) Units, and Shopify (SHOP): These are minutely small (less than ~0.5% of the portfolio each) positions established this quarter.Stake Disposals:Enable Midstream (ENBL), Kinder Morgan (KMI), Magellan Midstream (MMP), Square Inc. (SQ), Tenneco Inc. (TEN), and Wells Fargo (WFC): These very small (less than 0.6% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Occidental Petroleum (OXY): OXY is a 2.31% of the portfolio stake established last quarter at prices between ~$8.90 and ~$21.30 and the stock currently trades well above that range at $26.07. There was a minor ~3% stake increase this quarter.Qualcomm (QCOM) and SPDR Energy ETF (XLE): QCOM is a 1.43% of the portfolio position established last quarter at prices between ~$116 and ~$159. The stake was increased by ~25% this quarter at prices between ~$123 and ~$165. The stock currently trades at ~$134. The ~3% XLE stake was purchased last quarter at prices between $27.70 and $41.60. The position was increased by ~40% this quarter at prices between ~$38 and ~$54. The stock is now at $52.11.Alliance Data Systems (ADS), Freeport McMoran (FCX), Goodyear Tire & Rubber (GT), SPDR S&P Oil & Gas ETF (XOP), and UnitedHealth (UNH): These small (less than ~1.6% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Micron Technology (MU): MU is currently the largest position in the portfolio at 9.22%. The stake was built in Q3 2019 at prices between $39.50 and $51. There was a one-third stake increase in Q4 2019 at prices between $42 and $55.50. The next three quarters had also seen a ~50% stake increase at prices between ~$34.50 and ~$60. There was a one-third selling last quarter at prices between ~$46.50 and ~$73.50. The stock currently trades at ~$84. This quarter also saw a ~9% trimming.Note: MU is a frequently traded stock in Tepper’s portfolio.Amazon.com (AMZN): The large (top three) 8.26% AMZN stake was purchased in Q1 2019 at prices between $1500 and $1820. The next three quarters saw a ~75% stake increase at prices between $1690 and $2020. There was a ~50% selling from Q1-Q3 2020 at prices between ~$1677 and ~$3531. Last quarter saw an about turn: ~40% stake increase at prices between ~$3005 and ~$3444. The stock currently trades at ~$3230. There was a ~6% trimming this quarter.Facebook Inc. (FB): FB is a top-three 7.70% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1-Q3 2020 had seen a ~40% selling at prices between $146 and $304. Last quarter saw a ~14% stake increase while this quarter saw a ~10% trimming. The stock is currently at ~$333.Note: FB has seen several previous roundtrips in the portfolio. The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.T-Mobile US (TMUS): TMUS is currently at 7.54% of the portfolio. A fairly large stake was purchased in Q4 2017 at prices between $55 and $64.50. The four quarters thru Q1 2019 saw the position sold down at prices between $58 and $78. The position was rebuilt in Q2 2020 at prices between $82 and $110. Next quarter saw a ~30% selling at prices between $104 and $119. That was followed with a ~20% reduction over the last two quarters at prices between ~$110 and ~$135. The stock is now at ~$141. They are harvesting gains.Note: 1.55M shares of the increase in Q2 2020 were through Rights exercise as the company issued a Rights offering for up to 19.75M shares in June. Also, a small part of the increase was due to the merger with Sprint (S) that closed in April. Appaloosa had a 6.4M share position in Sprint for which they received ~600K shares.Alphabet Inc. (GOOG) (GOOGL): GOOG is a large (top five) 6.86% of the portfolio stake. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follows: Q1-Q3 2020 saw a ~40% reduction at prices between ~$1054 and ~$1717. There was a ~10% trimming this quarter. The stock currently trades at ~$2403.PG&E Corp. (PCG): The 4.93% PCG stake was first purchased in Q4 2017 at prices between $44.50 and $70.75. Next year saw a combined ~500% stake increase at prices between $23 and $49. There was a ~260% stake increase in Q1 2019 at prices between $6.25 and $24.50 and that was followed with a ~28% selling next quarter at prices between $17 and $24. Q1 2020 also saw a one-third selling at prices between $7.25 and $18. That was followed with a ~20% reduction next quarter at prices between $8.87 and $12.53. Q3 2020 saw a huge stake built at prices between $8.60 and $10. There was a ~50% selling last quarter at prices between ~$9.50 and ~$12.85. That was followed with a one-third reduction this quarter at prices between ~$10.50 and $12.50. The stock is now at $9.92.Alibaba Group Holdings (BABA): The 3.71% BABA stake was established in Q3 2019 at prices between $154 and $183 and increased by ~85% next quarter at prices between $162 and $217. There was a ~50% stake increase in Q2 2020 at prices between $187 and $229 while next quarter there was a one-third reduction at prices between ~$216 and ~$298. Last two quarters have seen another ~50% selling at prices between ~$222 and ~$317. The stock currently trades at ~$213. They are harvesting gains.Note: Alibaba is a frequently traded stock in Tepper’s portfolio. The most recent round-trip follow: a 5.23% BABA stake was established in Q1 2019 at prices between $131 and $187 and disposed next quarter at prices between $149 and $195.HCA Healthcare (HCA): HCA is a 2.57% of the 13F portfolio position built in H1 2020 at prices between $82 and $118. The stock is now well above that range at ~$214. Q3 2020 saw a ~11% trimming while last quarter there was a ~7% increase. This quarter saw a ~5% trimming.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next three quarters saw the stake more than doubled at prices between $4.55 and $13.75. The stock is now at ~$10 and the stake is at 2.52% of the portfolio. This quarter saw minor trimming.Twitter Inc. (TWTR): TWTR is a 2.42% of the portfolio stake purchased in Q1 2020 at prices between $22 and $39 and the stock currently trades well above that range at ~$58. Q3 2020 saw a ~15% trimming while last quarter there was a marginal increase. This quarter saw a ~45% selling at prices between ~$45 and ~$78.Microsoft (MSFT): The 1.56% MSFT stake was built in H1 2020 at prices between $152 and $232. Last quarter saw a ~80% stake increase at prices between ~$202 and ~$225. The stock currently trades at ~$249. There was a ~15% trimming this quarter.Visa Inc. (V), MasterCard (MA), PayPal (PYPL), and Walt Disney (DIS): These four positions established in Q2 2020 saw substantial selling this quarter. The 1.26% Visa stake was established at prices between $152 and $200 and the stock currently trades at ~$227. Q3 2020 saw a ~20% selling at prices between ~$189 and ~$217. That was followed with a roughly one-third reduction this quarter at prices between ~$193 and ~$226. MA is a ~1% of the portfolio position purchased at prices between $229 and $313 and it is now at ~$362. There was a ~20% reduction in Q3 2020 at prices between ~$290 and ~$366. That was followed with a ~45% selling this quarter at prices between ~$315 and ~$384. The 0.61% PYPL stake was established at prices between $91 and $177 and it currently goes for ~$260. Q3 2020 saw a ~30% selling at prices between $170 and $211. That was followed with a ~70% selling over the last two quarters at prices between ~$180 and ~$305. DIS is a 0.91% position purchased at prices between $94 and $127 and it currently trades at ~$179. There was a ~25% reduction in Q3 2020 at prices between $112 and $136. That was followed with a ~60% selling over the last two quarters at prices between ~$118 and ~$202.Note: Walt Disney is a frequently traded stock in Tepper’s portfolio.Netflix Inc. (NFLX): The 0.81% NFLX stake was established in Q2 2020 at prices between ~$300 and ~$390. Last three quarters have seen a ~55% selling at prices between ~$467 and ~$586. The stock is now at ~$504.Salesforce.com (CRM): CRM is a 1.17% of the portfolio position established in H1 2019 at prices between $124 and $193 and the stock currently trades at ~$226. Last quarter saw a ~25% stake increase at prices between ~$220 and ~$267 while this quarter there was similar selling at prices between ~$205 and ~$249.Adobe Inc. (ADBE): ADBE is a ~1% of the portfolio position that saw a ~80% stake increase in Q3 2019 at prices between $273 and $311. Last five quarters had seen a zig-zag trading pattern with the net holding remaining steady at ~200K shares. There was a ~28% selling this quarter at prices between ~$421 and ~$502. The stock currently trades at ~$498.Alps Alerian MLP ETF (AMLP), CarMax Inc. (KMX), EQT Corp (EQT), Enterprise Product Partners (EPD), Emerson Electric (EMR), iShares MSCI South Korea ETF (EWY), Kohls Corp (KSS), MPLX LP (MPLX), Macys Inc. (M), Sysco Corp (SYY), and Western Midstream Partners (WES): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Dragoneer Growth Opportunity (DGNR): The minutely small 0.11% stake in DGNR was kept steady this quarter.Note: Dragoneer announced a ~$7B EV SPAC merger with CCC, an auto-insurance/repair SaaS business.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Appaloosa’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/3/2021: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q4 2020 Update" | "David Tepper’s 13F portfolio value increased from $5.66B to $6.69B this quarter.Appaloosa substantially increased Amazon and Microsoft while reducing PG&E and dropping AT&T.T-Mobile US, Amazon, Micron Technology, Facebook, and PG&E Corp are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value increased ~18% from $5.66B to $6.69B. The number of holdings increased from 31 to 44. The top five positions are T-Mobile US, Amazon, Micron Technology, Facebook, and PG&E Corp. They add up ~45% of the portfolio. To know more about Tepper's distress investing style, check out the book .New Stakes:Occidental Petroleum (OXY): OXY is a ~2% of the portfolio stake established this quarter at prices between ~$8.90 and ~$21.30 and the stock currently trades well above that range at $31.23.Qualcomm (QCOM) and SPDR Energy ETF (XLE): QCOM is a 1.37% of the portfolio position established this quarter at prices between ~$116 and ~$159 and the stock currently trades at ~$130. The 1.77% XLE stake was purchased at prices between $27.70 and $41.60 and it is now at $52.95.Note: Qualcomm is back in the portfolio after a quarter’s gap. It is a frequently traded stock in Tepper’s portfolio.Macys Inc. (M), CarMax Inc. (KMX), Kohls Corp (KSS), Enterprise Product Partners (EPD), SPDR S&P Oil & Gas ETF (XOP), and iShares MSCI South Korea ETF (EWY): These are very small (less than ~1% of the portfolio each) new stakes purchased this quarter.Alliance Data Systems (ADS), EQT Corp (EQT), Freeport McMoran (FCX), MPLX LP (MPLX), Magellan Midstream (MMP), Dragoneer Growth Opportunity (DGNR), and Kinder Morgan (KMI): These are minutely small (less than ~0.5% of the portfolio each) new positions established this quarter.Stake Disposals:AT&T Inc. (T): T is a 2.33% of the portfolio stake established in Q2 2020 at prices between $27.50 and $33.23. Last quarter saw a ~50% selling at prices between ~$28 and ~$31. The disposal this quarter was at prices between $26.50 and $31.50. The stock is now at $29.62.Altria Group (MO) and Boston Scientific (BSX): These two very small (less than ~1% of the portfolio each) stakes were eliminated during the quarter.Stake Increases:Amazon.com (AMZN): The large (top three) 9.63% AMZN stake was purchased in Q1 2019 at prices between $1500 and $1820. The next three quarters saw a ~75% stake increase at prices between $1690 and $2020. There was a ~50% selling over the last three quarters at prices between ~$1677 and ~$3531. This quarter saw an about turn: ~40% stake increase at prices between ~$3005 and ~$3444. The stock currently trades at ~$3000.Facebook Inc. (FB): FB is a top-five 8.21% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position had since wavered. Recent activity follows. Last three quarters had seen a ~40% selling at prices between $146 and $304. The stock is currently at ~$264. This quarter saw a ~14% stake increase.Note: FB has had several previous roundtrips in the portfolio: The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Twitter Inc. (TWTR): TWTR is a 3.85% of the portfolio stake purchased in Q1 2020 at prices between $22 and $39 and the stock currently trades well above that range at ~$67. Last quarter saw a ~15% trimming while this quarter there was a marginal increase.HCA Healthcare (HCA): HCA is a 2.46% of the 13F portfolio position built in H1 2020 at prices between $82 and $118. The stock is now well above that range at ~$184. Last quarter saw a ~11% trimming while this quarter there was a ~7% increase.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next quarter saw another ~45% stake increase at prices between $4.55 and $13.75. Last two quarters also saw a ~60% stake increase at prices between $5.11 and $7.15. The stock is now at $8.15 and the stake is at 2.22% of the portfolio.Salesforce.com (CRM): CRM is a 1.83% of the portfolio position established in H1 2019 at prices between $124 and $193 and the stock currently trades at ~$211. There was a ~12% trimming last quarter. This quarter saw a ~25% stake increase at prices between ~$220 and ~$267.Microsoft (MSFT): The 1.83% MSFT stake was built in H1 2020 at prices between $152 and $232. This quarter also saw a ~80% stake increase at prices between ~$202 and ~$225. The stock currently trades at ~$232.Adobe Inc. (ADBE): ADBE is a 1.50% of the portfolio position that saw a ~80% stake increase in Q3 2019 at prices between $273 and $311. Last five quarters have seen a zig-zag trading pattern with the net holding remaining steady at ~200K shares. The stock currently trades at ~$441.Alps Alerian MLP ETF (AMLP), Tenneco Inc. (TEN), UnitedHealth (UNH), and Western Midstream Partners (WES): These small (less than ~1% of the portfolio each) stakes saw increases this quarter.Stake Decreases:T-Mobile US (TMUS): TMUS is currently the largest position at ~10% of the portfolio. A fairly large stake was purchased in Q4 2017 at prices between $55 and $64.50. The four quarters thru Q1 2019 saw the position sold down at prices between $58 and $78. The position was rebuilt in Q2 2020 at prices between $82 and $110. The stock is now at ~$125. Last quarter saw a ~30% selling at prices between $104 and $119. There was a minor ~5% further trimming this quarter.Note: 1.55M shares of the increase in Q2 2020 were thru Rights exercise as the company issued a Rights offering for up to 19.75M shares in June. Also, a small part of the increase was due to the merger with Sprint (S) that closed in April. Tepper had a 6.4M share position in Sprint for which he received ~600K shares.Micron Technology (MU): The current ~9% top five MU stake was built in Q3 2019 at prices between $39.50 and $51. There was a one-third stake increase in Q4 2019 at prices between $42 and $55.50. Last three quarters had also seen a ~50% stake increase at prices between ~$34.50 and ~$60. There was a one-third selling this quarter at prices between ~$46.50 and ~$73.50. The stock currently trades at ~$89.Note: MU is a frequently traded stock in Tepper’s portfolio. It was the largest position as of Q1 2019. The stake was built over the seven quarters thru Q2 2018 at prices between $16.50 and $65. Q3 2018 saw a ~11% trimming and that was followed with a ~55% selling next quarter at prices between $29 and $46. Q2 2019 saw the position reduced to a minutely small 0.38% stake at prices between $31 and $44.PG&E Corp. (PCG): The large (top five) ~8% PCG stake was first purchased in Q4 2017 at prices between $44.50 and $70.75. Next year saw a combined ~500% stake increase at prices between $23 and $49. There was a ~260% stake increase in Q1 2019 at prices between $6.25 and $24.50 and that was followed with a ~28% selling next quarter at prices between $17 and $24. Q1 2020 also saw a one-third selling at prices between $7.25 and $18. That was followed with a ~20% reduction next quarter at prices between $8.87 and $12.53. Last quarter saw a huge stake built at prices between $8.60 and $10. There was a ~50% selling this quarter at prices between ~$9.50 and ~$12.85. The stock is now at $10.85.Alphabet Inc. (GOOG) (GOOGL): GOOG is a large 6.67% of the portfolio stake. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follows: Last three quarters had seen a ~40% reduction at prices between ~$1054 and ~$1717. The stock currently trades at ~$2109. There was marginal trimming this quarter.Alibaba Group Holdings (BABA): The 6.61% BABA stake was established in Q3 2019 at prices between $154 and $183 and increased by ~85% next quarter at prices between $162 and $217. The stock currently trades at ~$234. There was a ~50% stake increase in Q2 2020 at prices between $187 and $229 while last quarter there was a one-third reduction at prices between ~$216 and ~$298. That was followed with a ~15% trimming this quarter.Note: Alibaba is a frequently traded stock in Tepper’s portfolio. The most recent round-trip follow: a 5.23% BABA stake was established in Q1 2019 at prices between $131 and $187 and disposed next quarter at prices between $149 and $195.Visa Inc. (V), MasterCard (MA), PayPal (PYPL), and Walt Disney (DIS): These three positions were established in Q2 2020. The ~2% Visa stake was established at prices between $152 and $200 and the stock currently trades at ~$215. Last quarter saw a ~20% selling at prices between ~$189 and ~$217. There was a ~9% trimming this quarter. MA is a 2.15% of the portfolio position purchased at prices between $229 and $313 and it is now at ~$361. There was a ~20% reduction last quarter at prices between ~$290 and ~$366. That was followed with a ~9% trimming this quarter. The 1.84% PYPL stake was established at prices between $91 and $177 and it currently goes for ~$239. Last quarter saw a ~30% selling at prices between $170 and $211. That was followed with a ~14% trimming this quarter. DIS is a ~2% position purchased at prices between $94 and $127 and it currently trades at ~$190. There was a ~25% reduction last quarter at prices between $112 and $136. That was followed with a ~15% trimming this quarter.Note: Walt Disney is a frequently traded stock in Tepper’s portfolio.Netflix Inc. (NFLX): The ~1% NFLX stake was established in Q2 2020 at prices between ~$300 and ~$390. Last quarter saw a ~10% trimming. The stock is now at ~$516. There was a ~3% trimming this quarter.Emerson Electric (EMR), Goodyear Tire & Rubber (GT), Square Inc. (SQ), Sysco Corp (SYY), and Wells Fargo (WFC): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Enable Midstream (ENBL): The minutely small 0.02% stake in ENBL was kept steady this quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q4 2020:Regulatory filings thru 11/21/2020: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q3 2020 Update" | "David Tepper’s 13F portfolio value decreased marginally from $5.76B to $5.66B this quarter.Appaloosa substantially increased PG&E during the quarter.PG&E Corp, Alibaba Group Holdings, T-Mobile US, Micron Technology, and Facebook are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased marginally from $5.76B to $5.66B. The number of holdings decreased from 36 to 31. The top five positions are PG&E Corp, Alibaba Group Holdings, T-Mobile US, Micron Technology, and Facebook. They add up ~54% of the portfolio. To know more about Tepper's distress investing style, check out the book .Note: It was reported last May that Appaloosa is returning outside money and converting to a Family Office structure.New Stakes:None.Stake Disposals:Broadcom Inc. (AVGO): AVGO was a 1.10% of the portfolio stake purchased in Q3 2019 at prices between $266 and $304 and the stock is currently at ~$383. Last two quarters had seen a ~27% selling at prices between $168 and $324. The disposal this quarter was at prices between $306 and $375.Humana Inc. (HUM), Qualcomm (QCOM), Tesla Inc. (TSLA), and Vistra Energy (VST): These small positions (less than ~1% of the portfolio each) were reduced last quarter and disposed this quarterStake Increases:PG&E Corp. (PCG): PCG is now the largest position at 13.54% of the portfolio. It was first purchased in Q4 2017 at prices between $44.50 and $70.75. Next year saw a combined ~500% stake increase at prices between $23 and $49. There was a ~260% stake increase in Q1 2019 at prices between $6.25 and $24.50 and that was followed with a ~28% selling next quarter at prices between $17 and $24. Q1 2020 also saw a one-third selling at prices between $7.25 and $18. That was followed with a ~20% reduction last quarter at prices between $8.87 and $12.53. This quarter saw the huge stake built at prices between $8.60 and $10. The stock is now at $12.66.Micron Technology (MU): The current ~10% top five MU stake was built in Q3 2019 at prices between $39.50 and $51. There was a one-third stake increase in Q4 2019 at prices between $42 and $55.50. Last three quarters have also seen a ~50% stake increase at prices between ~$34.50 and ~$60. The stock currently trades at $61.40.Note: MU is a frequently traded stock in Tepper’s portfolio. It was the largest position as of Q1 2019. The stake was built over the seven quarters thru Q2 2018 at prices between $16.50 and $65. Q3 2018 saw a ~11% trimming and that was followed with a ~55% selling next quarter at prices between $29 and $46. Q2 2019 saw the position reduced to a minutely small 0.38% stake at prices between $31 and $44.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next quarter saw another ~45% stake increase at prices between $4.55 and $13.75. This quarter also saw a ~25% stake increase at prices between $5.40 and $7.15. The stock is now at ~$6 and the stake is at 1.82% of the portfolio.Microsoft (MSFT): The small 1.12% MSFT stake was built over the last two quarters at prices between $152 and $232. The stock currently trades at ~$210. This quarter also saw a ~9% stake increase.Stake Decreases:Alibaba Group Holdings (BABA): BABA is currently the second-largest 13F position at 11.54% of the portfolio. It was established in Q3 2019 at prices between $154 and $183 and increased by ~85% next quarter at prices between $162 and $217. The stock currently trades at ~$271. There was a ~50% stake increase last quarter at prices between $187 and $229 while this quarter there was a one-third reduction at prices between ~$216 and ~$298.Note: Alibaba is a frequently traded stock in Tepper’s portfolio. The most recent round-trip follow: a 5.23% BABA stake was established in Q1 2019 at prices between $131 and $187 and disposed next quarter at prices between $149 and $195.T-Mobile US (TMUS): TMUS is a large (top three) ~11% of the portfolio position. A fairly large stake was purchased in Q4 2017 at prices between $55 and $64.50. The four quarters thru Q1 2019 saw the position sold down at prices between $58 and $78. The position was rebuilt last quarter at prices between $82 and $110. The stock is now at ~$130. This quarter saw a ~30% selling at prices between $104 and $119.Note: 1.55M shares of the increase last quarter were thru Rights exercise as the company issued a Rights offering for up to 19.75M shares in June. Also, a small part of the increase was due to the merger with Sprint (S) that closed in April. Tepper had a 6.4M share position in Sprint for which he received ~600K shares.Facebook Inc. (FB): FB is a top-five ~8% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position had since wavered. Recent activity follows. Last three quarters have seen a ~40% selling at prices between $146 and $304. The stock is currently at ~$270.Note: FB has had several previous roundtrips in the portfolio: The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Amazon.com (AMZN): The large ~8% AMZN stake was purchased in Q1 2019 at prices between $1500 and $1820. The next three quarters saw a ~75% stake increase at prices between $1690 and $2020. There was a ~50% selling over the last three quarters at prices between ~$1677 and ~$3531. The stock currently trades at ~$3100.Alphabet Inc. (GOOG) (GOOGL): GOOG is a large 6.69% of the portfolio stake. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follows: Last three quarters have seen a ~40% reduction at prices between ~$1054 and ~$1717. The stock currently trades at ~$1736.Twitter Inc. (TWTR) and: TWTR is a 3.67% of the portfolio stake purchased in Q1 2020 at prices between $22 and $39 and the stock currently trades at $44.68. This quarter saw a ~15% trimming.AT&T Inc. (T): T is a 2.33% of the portfolio stake established last quarter at prices between $27.50 and $33.23 and the stock currently trades at $28.32. This quarter saw a ~50% selling at prices between ~$28 and ~$31.Visa Inc. (V), MasterCard (MA), PayPal (PYPL), and Walt Disney (DIS): These were medium-sized new positions purchased last quarter but reduced this quarter. The 2.40% V stake was established at prices between $152 and $200 and the stock currently trades at ~$204. This quarter saw a ~20% selling at prices between ~$189 and ~$217. MA is a 2.65% of the portfolio position purchased at prices between $229 and $313 and it is now at ~$323. There was a ~20% reduction this quarter at prices between ~$290 and ~$366. The ~2% PYPL stake was established at prices between $91 and $177 and it currently goes for $193. This quarter saw a ~30% selling at prices between $170 and $211. DIS is a ~2% position purchased at prices between $94 and $127 and it currently trades at ~$141. There was a ~25% reduction this quarter at prices between $112 and $136.Note: Walt Disney is back in the portfolio after a gap of six years – a small position established in Q4 2013 was disposed in Q3 2014 realizing short-term gains.HCA Healthcare (HCA): HCA is a ~2% of the 13F portfolio position built over the last two quarters at prices between $82 and $118. The stock is now at ~$147. This quarter saw a ~11% trimming.Salesforce.com (CRM): CRM is a 1.94% of the portfolio position established in H1 2019 at prices between $124 and $193 and the stock currently trades at ~$258. There was a ~12% trimming this quarter.Adobe Inc. (ADBE): ADBE is a 1.52% of the portfolio position that saw a ~80% stake increase in Q3 2019 at prices between $273 and $311. Next quarter saw a ~17% increase while the last two quarters had seen similar trimming. This quarter also saw similar selling at prices between $426 and $534. The stock currently trades at ~$463.Netflix Inc. (NFLX): The 1.82% NFLX stake was established last quarter at prices between ~$300 and ~$390. This quarter saw a ~10% trimming. The stock is now at ~$488.Alps Alerian MLP ETF (AMLP), Altria Group (MO), Boston Scientific (BSX), Emerson Electric (EMR), Enable Midstream (ENBL), Goodyear Tire & Rubber (GT), Square Inc. (SQ), Sysco Corp (SYY), Tenneco Inc. (TEN), UnitedHealth (UNH), Wells Fargo (WFC), and Western Midstream Partners (WES): These small (less than ~1.5% of the portfolio each) stakes purchased last quarter saw increases this quarter.Kept Steady:None.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q3 2020:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q2 2020 Update" | "David Tepper’s 13F portfolio value increased from $3.27B to $5.76B this quarter.Appaloosa added AT&T while increasing Alibaba Group Holdings during the quarter.Alibaba Group Holdings, Amazon, T-Mobile US, Facebook, and Micron are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value increased ~75% from $3.27B to $5.76B. The number of holdings increased from 31 to 36. The top five positions are Alibaba Group Holdings, Amazon, T-Mobile US, Facebook, and Micron Technology. They add up ~50% of the portfolio. To know more about Tepper's distress investing style, check out the book .Note: It was reported last May that Appaloosa is returning outside money and converting to a Family Office structure.New Stakes:AT&T Inc. (T): T is a large 4.77% of the portfolio stake established this quarter at prices between $27.50 and $33.23 and the stock currently trades at $29.73. For investors attempting to follow, T is a good option to consider for further research.Visa Inc. (V), MasterCard (MA), PayPal (PYPL), and Walt Disney (DIS): These are medium-sized new positions purchased during the quarter. The 2.82% V stake was established at prices between $152 and $200 and the stock currently trades at ~$201. MA is a 2.80% of the portfolio position purchased at prices between $229 and $313 and it is now at $332. The 2.63% PYPL stake was established at prices between $91 and $177 and it currently goes for $192. DIS is a 2.32% position purchased at prices between $94 and $127 and it currently trades at ~$128.Note: Walt Disney is back in the portfolio after a gap of six years – a small position established in Q4 2013 was disposed in Q3 2014 realizing short-term gains.Sysco Corp (SYY), Emerson Electric (EMR), Altria Group (MO), and Square Inc. (SQ): These are small (less than ~1.5% of the portfolio each) new positions established during the quarter.Tenneco Inc. (TEN) and Enable Midstream (ENBL): These are minutely small (less than ~0.25% of the portfolio each) stakes purchased this quarter.Stake Disposals:Allergan plc (AGN): AGN was a 3.76% of the portfolio stake. It was built over the five quarters thru Q4 2016 at prices between $188 and $323. Abbvie (ABBV) bought Allergan in a cash-and-stock deal ($120.30 cash and 0.866 shares of ABBV for each share of AGN held) that closed in May.Intelsat SA (INTEQ): The 0.47% of the portfolio Intelsat stake was purchased in Q4 2019 at prices between $5.95 and $27. Last quarter saw the stake increased by ~250% at prices between $3 and $8. In May, the stock was delisted following Chapter 11 bankruptcy filing. Tepper had previously urged the company’s board to file for bankruptcy and challenge the FCC plan to clear C-band spectrum for 5G.Sprint (S): The small 1.68% merger-arbitrage stake in S was purchased last quarter. The merger with T-Mobile closed in April thereby eliminating this position.Intelsat Notes, Invesco Senior Loan ETF (BKLF), and Select SPDR Utils (XLU): These very small (less than ~0.5% of the portfolio each) positions established last quarter were disposed this quarter.Stake Increases:Alibaba Group Holdings (BABA): BABA is currently the largest 13F position at 12.64% of the portfolio. It was established in Q3 2019 at prices between $154 and $183 and increased by ~85% next quarter at prices between $162 and $217. The stock currently trades at ~$261. There was a ~50% stake increase this quarter at prices between $187 and $229.Note: Alibaba is a frequently traded stock in Tepper’s portfolio. The most recent round-trip follow: a 5.23% BABA stake was established in Q1 2019 at prices between $131 and $187 and disposed next quarter at prices between $149 and $195.T-Mobile US (TMUS) & Rights: TMUS is a large (top three) ~11% of the portfolio position purchased in Q4 2017 at prices between $55 and $64.50 and the stock is currently at ~$115. Q3 2018 saw a one-third selling at prices between $58 and $71 and that was followed with a ~60% reduction next quarter at prices between $60.80 and $70.50. H1 2019 had seen another one-third selling at prices between $65 and $78. Last quarter saw a ~10% stake increase and that was followed with a whopping 870% stake increase this quarter at prices between $82 and $110. For investors attempting to follow, TMUS is a good option to consider for further research.Note: 1.55M shares of the increase this quarter are in Rights as the company issued a Rights offering for up to 19.75M shares in June. Also, a small part of the increase was due to the merger with Sprint (S) that closed in April. Tepper had a 6.4M share position in Sprint for which he received ~600K shares.Micron Technology (MU): The current 8.37% top five MU stake was built in Q3 2019 at prices between $39.50 and $51. There was a one-third stake increase in Q4 2019 at prices between $42 and $55.50. The stock currently trades at ~$44. Last two quarters have also seen a ~15% stake increase at prices between ~$35 and ~$60. For investors attempting to follow, MU is a good option to consider for further research.Note: MU is a frequently traded stock in Tepper’s portfolio. It was the largest position as of Q1 2019. The stake was built over the seven quarters thru Q2 2018 at prices between $16.50 and $65. Q3 2018 saw a ~11% trimming and that was followed with a ~55% selling next quarter at prices between $29 and $46. Q2 2019 saw the position reduced to a minutely small 0.38% stake at prices between $31 and $44.Twitter Inc. (TWTR) and: TWTR is a 2.87% of the portfolio stake purchased last quarter at prices between $22 and $39 and the stock currently trades at $38.89. There was a marginal increase this quarter.HCA Healthcare (HCA): HCA is a 1.77% of the 13F portfolio position built over the last two quarters at prices between $82 and $118. The stock is now at ~$133.Salesforce.com (CRM): CRM is a 1.63% of the portfolio position established in H1 2019 at prices between $124 and $193 and the stock currently trades at ~$205. Last quarter saw a ~7% trimming while this quarter there was a similar increase.Boston Scientific (BSX), Goodyear Tire & Rubber (GT), Microsoft (MSFT), Wells Fargo (WFC), and Western Midstream Partners (WES): These small (less than ~1% of the portfolio each) stakes purchased last quarter saw increases this quarter.Stake Decreases:Amazon.com (AMZN): AMZN is currently the second-largest position at ~11% of the portfolio. The stake was purchased in Q1 2019 at prices between $1500 and $1820. The next three quarters saw a ~75% stake increase at prices between $1690 and $2020. There was a ~23% selling over the last two quarters at prices between ~$1675 and ~$2880. The stock currently trades at ~$3261.Facebook Inc. (FB): FB is a top-five 8.81% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1 2019 saw a ~40% stake increase at prices between $131 and $173. That was followed with a ~50% stake increase in Q3 2019 at prices between $177 and $205. The stock is currently at ~$263. Last two quarters have seen a ~21% selling at prices between $146 and $242.Note: FB has had several previous roundtrips in the portfolio: The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Alphabet Inc. (GOOG) (GOOGL): GOOG is a large ~8.20% of the portfolio stake. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follows: Q2 2019 saw a ~50% stake increase at prices between $1036 and $1288. That was followed with a stake doubling next quarter at prices between $1098 and $1250. The stock currently trades at ~$1545. Last two quarters have seen a ~25% reduction at prices between $1054 and $1525.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Last quarter saw another ~45% stake increase at prices between $4.55 and $13.75. The stock is now at $6.52 and the stake is at 1.87% of the portfolio. This quarter saw a ~7% trimming.Netflix Inc. (NFLX): The 1.82% NFLX stake was established last quarter at prices between ~$300 and ~$390. This quarter saw a ~10% trimming. The stock is now at ~$485.Adobe Inc. (ADBE): ADBE is a 1.56% of the portfolio position that saw a ~80% stake increase in Q3 2019 at prices between $273 and $311. Next quarter saw a ~17% increase while the last two quarters have seen similar trimming. The stock currently trades at $462.PG&E Corp. (PCG): PCG is a 1.38% of the portfolio position. It was first purchased in Q4 2017 at prices between $44.50 and $70.75. Next year saw a combined ~500% stake increase at prices between $23 and $49. The stock currently trades well below those ranges at $9.23. There was a ~260% stake increase in Q1 2019 at prices between $6.25 and $24.50 and that was followed with a ~28% selling next quarter at prices between $17 and $24. Last quarter also saw a one-third selling at prices between $7.25 and $18. That was followed with a ~20% reduction this quarter at prices between $8.87 and $12.53.Note: PG&E filed for Chapter 11 bankruptcy protection in January and a few hedge funds stepped in to purchase shares as the stock price crashed.Broadcom Inc. (AVGO): AVGO is a 1.10% of the portfolio stake purchased in Q3 2019 at prices between $266 and $304 and the stock is currently at ~$329. Last two quarters have seen a ~27% selling at prices between $168 and $324.Alps Alerian MLP ETF (AMLP), Humana Inc. (HUM), Qualcomm (QCOM), Tesla Inc. (TSLA), UnitedHealth (UNH), and Vistra Energy (VST): These small positions (less than ~1% of the portfolio each) were reduced this quarter.Kept Steady:None.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q2 2020:Regulatory filings thru 5/21/2020: 13D/A – 4/23 – I – 6.95M shares – 4.95% of business." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q1 2020 Update" | "David Tepper’s 13F portfolio value decreased from $3.98B to $3.27B this quarter.Appaloosa added Twitter and Netflix during the quarter.Alphabet, Facebook, Amazon, Alibaba Group Holdings, and Micron are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased ~18% from $3.98B to $3.27B. The number of holdings increased from 22 to 31. The top five positions are Amazon, Alibaba Group Holdings, Alphabet, Facebook, and Micron Technology. They add up to two-thirds of the portfolio. To know more about Tepper's distress investing style, check out the book .Note: It was reported last May that Appaloosa is returning outside money and converting to a Family Office structure.New Stakes:Twitter Inc. (TWTR) and Netflix Inc. (NFLX): TWTR is a fairly large 4.15% of the portfolio stake purchased this quarter at prices between $22 and $39 and the stock currently trades at $32.34. The ~3% NFLX stake was established this quarter at prices between ~$300 and ~$390 and it is now at ~$436.Sprint (S), Qualcomm (QCOM), HCA Healthcare (HCA), Tesla Inc. (TSLA), Wells Fargo (WFC), and Goodyear Tire & Rubber (GT): These are small (less than ~1.5% of the portfolio each) new positions established this quarter.Microsoft (MSFT), Intelsat Notes, Select SPDR Utils (XLU), Boston Scientific (BSX), Invesco Senior Loan ETF (BKLF), and Western Midstream Partners (WES): These are minutely small (less than ~0.5% of the portfolio each) new stakes purchased this quarter.Stake Disposals:Caesars Entertainment (CZR): The 3.43% CZR stake was established in Q4 2017 and more than doubled next quarter at prices between $10.50 and $14.50. Q2 2018 also saw a ~25% increase at prices between $10.50 and $13.20. There was a combined ~15% selling in H2 2018 and that was followed with a ~20% reduction in Q2 2019. Last quarter saw another ~10% trimming and the disposal this quarter was at prices between ~$3.50 and ~$14.60. The stock is currently at ~$11.Note: Eldorado Resorts (ERI) is buying Caesars in a cash-and-stock deal announced last June ($8.40 cash and 0.0899 ERI shares for each share of CZR held).Broadcom cnvrt pfds , Caesars Entertainment Notes, Cheniere Energy (LNG), and Clearway Energy (CWEN): These small positions (less than ~1% of the portfolio each) were disposed during the quarter.Stake Increases:Micron Technology (MU): The current 11.39% top five MU stake was built in Q3 2019 at prices between $39.50 and $51. There was a one-third stake increase last quarter at prices between $42 and $55.50. The stock currently trades at ~$45. This quarter also saw a ~10% stake increase at prices between $34.50 and $60.Note: MU is a frequently traded stock in Tepper’s portfolio. It was the largest position as of Q1 2019. The stake was built over the seven quarters thru Q2 2018 at prices between $16.50 and $65. Q3 2018 saw a ~11% trimming and that was followed with a ~55% selling next quarter at prices between $29 and $46. Q2 2019 saw the position reduced to a minutely small 0.38% stake at prices between $31 and $44.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed in January and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling last quarter at prices between $11 and $13. This quarter saw another ~45% stake increase at prices between $4.55 and $13.75. The stock is now at $8.18 and the stake is at 2.29% of the portfolio.T-Mobile US (TMUS): TMUS is a ~2% of the portfolio position purchased in Q4 2017 at prices between $55 and $64.50 and the stock is currently at $94.39. Q3 2018 saw a one-third selling at prices between $58 and $71 and that was followed with a ~60% reduction next quarter at prices between $60.80 and $70.50. H1 2019 had seen another one-third selling at prices between $65 and $78. This quarter saw a ~10% stake increase.Intelsat SA (INTEQ): The 0.47% of the portfolio Intelsat stake was purchased last quarter at prices between $5.95 and $27. This quarter saw the stake increased by ~250% at prices between $3 and $8. Earlier this month, the stock was delisted following Chapter 11 bankruptcy filing. Tepper had previously urged the company’s board to file for bankruptcy and challenge the FCC plan to clear C-band spectrum for 5G.Note: Regulatory filings since the quarter ended show them owning 6.95M shares. This is compared to 10.15M shares in the 13F Report.Stake Decreases:Amazon.com (AMZN): AMZN is currently the top position at ~15% of the portfolio. The stake was purchased in Q1 2019 at prices between $1500 and $1820. Last three quarters had seen a ~75% stake increase at prices between $1690 and $2020. This quarter saw a ~14% selling. The stock currently trades at ~$2447.Alibaba Group Holdings (BABA): BABA is a large (top three) 13.46% of the portfolio position established in Q3 2019 at prices between $154 and $183 and increased by ~85% last quarter at prices between $162 and $217. The stock currently trades at ~$212. This quarter saw a ~6% trimming.Note: Alibaba is a frequently traded stock in Tepper’s portfolio. The most recent round-trip follow: a 5.23% BABA stake was established in Q1 2019 at prices between $131 and $187 and disposed next quarter at prices between $149 and $195.Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the third-largest position at 12.83% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follows: Q2 2019 saw a ~50% stake increase at prices between $1036 and $1288. That was followed with a stake doubling next quarter at prices between $1098 and $1250. The stock currently trades at ~$1403. There was a ~18% selling this quarter at prices between $1057 and $1527.Facebook Inc. (FB): FB is a top-five 12.30% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1 2019 saw a ~40% stake increase at prices between $131 and $173. That was followed with a ~50% stake increase in Q3 2019 at prices between $177 and $205. The stock is currently at $231. This quarter saw a ~15% selling.Note: FB has had several previous roundtrips in the portfolio: The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Allergan plc (AGN): AGN was a 3.76% of the portfolio stake. It was built over the five quarters thru Q4 2016 at prices between $188 and $323. Abbvie (ABBV) bought Allergan in a cash-and-stock deal ($120.30 cash and 0.866 shares of ABBV for each share of AGN held) that closed earlier this month.PG&E Corp. (PCG): PCG is a 3.12% of the portfolio position. It was first purchased in Q4 2017 at prices between $44.50 and $70.75. Next year saw a combined ~500% stake increase at prices between $23 and $49. The stock currently trades well below those ranges at $11.83. There was a ~260% stake increase in Q1 2019 at prices between $6.25 and $24.50 and that was followed with a ~28% selling next quarter at prices between $17 and $24. This quarter also saw a one-third selling at prices between $7.25 and $18.Note: PG&E filed for Chapter 11 bankruptcy protection in January and a few hedge funds stepped in to purchase shares as the stock price crashed.Broadcom Inc. (AVGO): AVGO is a 1.69% of the portfolio stake purchased in Q3 2019 at prices between $266 and $304 and the stock is currently at ~$275. This quarter saw a ~15% trimming.Adobe Inc. (ADBE): ADBE is a ~2% of the portfolio position that saw a ~80% stake increase in Q3 2019 at prices between $273 and $311. The stock currently trades at $382. Last quarter saw a ~17% increase while this quarter there was a ~7% trimming.UnitedHealth (UNH): UNH is a 1.91% portfolio position built during the four quarters thru Q1 2018 at prices between $213 and $249. Last three quarters of 2018 had seen a combined ~65% selling at prices between $217 and $287. There was a one-third increase in Q2 2019 at prices between $217 and $252 while next quarter saw a ~25% selling at prices between $215 and $267. The zig-zag trading pattern continued last quarter: ~20% stake increase at prices between $215 and $296. The stock is currently at ~$287. This quarter saw a ~17% selling.Alps Alerian MLP ETF (AMLP): The 0.64% portfolio stake in AMLP was established in Q4 2018 at prices between $41.50 and $55 and it currently trades well below that range at $26.36. There was a ~6% stake increase in Q1 2019 while next quarter saw a ~13% trimming. This quarter also saw a ~8% trimming.Note: AMLP had a 1-for-5 reverse stock-split this week. The prices quoted above are adjusted to account for this.Vistra Energy (VST): The 0.59% VST position was established in Q2 2018 at prices between $19.50 and $24.50 and increased by ~30% in Q4 2018 at prices between $21 and $25.50. H1 2019 had seen a one-third selling at prices between $22 and $27. The stock currently trades at $19.60. This quarter saw a ~30% selling at prices between $12.60 and $23.50.Salesforce.com (CRM): CRM is a ~2% of the portfolio position established in H1 2019 at prices between $124 and $193 and the stock currently trades at ~$175. This quarter saw a ~7% trimming.Humana Inc. (HUM): This very small 0.57% position was reduced by ~20% this quarter.Kept Steady:None.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q1 2020:Regulatory filings thru 2/20/2020: 13D – 2/18 – I – 10.45M shares – 7.4% of business – Tepper urged the company’s board to file for bankruptcy and challenge the FCC plan to clear C-band spectrum." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q4 2019 Update" | "David Tepper’s 13F portfolio value increased from $3.41B to $3.98B this quarter.Appaloosa increased Alibaba Group Holdings, Micron Technology, and Energy Transfer LP during the quarter.Alphabet, Facebook, Amazon, Alibaba Group Holdings, and Micron are the five largest positions.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value increased from $3.41B to $3.98B. The number of holdings decreased from 24 to 22. The top five positions are Alphabet, Facebook, Amazon, Alibaba Group Holdings, and Micron Technology. They add up to two-thirds of the portfolio. To know more about Tepper's distress investing style, check out the book .Note: It was reported last May that Appaloosa is returning outside money and converting to a Family Office structure.New Stakes:Intelsat SA (I) and Broadcom cnvrt pfds: These two are the new positions this quarter. The 0.51% of the portfolio Intelsat stake was purchased at prices between $5.95 and $27 and the stock currently trades well below that range at $4.50. The Broadcom cvrt pfds are a minutely small 0.07% position.Note: Regulatory filings last week indicate Tepper owning 10.45M shares (7.4% of business) of Intelsat SA. This is compared to 2.89M shares in the 13F report. The stock spiked following this disclosure. Tepper has also urged the company’s board to file for bankruptcy and challenge the FCC plan to clear C-band spectrum for 5G.Stake Disposals:Altaba Inc. previously Yahoo: Altaba was a ~8% of the portfolio position. It was first purchased in Q3 2016 at prices between $37.50 and $44. Q1 2017 saw a ~60% increase at prices between $38.50 and $47 and that was followed with a ~130% increase in the following quarter at prices between $46 and $56. There was a ~90% increase in Q4 2017 at prices between $65 and $73. The stock is now at $69.53. Last year saw a combined ~75% reduction at prices between $55.50 and $81.50. There was a marginal increase in Q1 2019 and that was followed with a ~55% selling last quarter at prices between $59 and $79. Last quarter saw a ~14x stake increase. Altaba shareholders received a pre-dissolution liquidating distribution of $51.50 in cash per share in September. The stock is no longer traded.Boeing Company (BA), Mr. Cooper (COOP) previously WMIH, Humana Inc. (HUM), and SPDR Oil & Gas (XOP): These small positions (less than ~1% of the portfolio each) were disposed during the quarter.Stake Increases:Amazon.com (AMZN): AMZN is a top three 13.53% of the portfolio position purchased in Q1 2019 at prices between $1500 and $1820. Last three quarters have seen a ~75% stake increase at prices between $1690 and $2020. The stock currently trades at ~$2096.Alibaba Group Holdings (BABA): BABA is a large (top five) 12.79% of the portfolio position established last quarter at prices between $154 and $183 and increased by ~85% this quarter at prices between $162 and $217. The stock currently trades at ~$213.Note: Alibaba is a frequently traded stock in Tepper’s portfolio. The most recent round-trip follow: a 5.23% BABA stake was established in Q1 2019 at prices between $131 and $187 and disposed next quarter at prices between $149 and $195.Micron Technology (MU): The current 7.53% top five MU stake was built last quarter at prices between $39.50 and $51. There was a one-third stake increase this quarter at prices between $42 and $55.50. The stock currently trades at ~$57.Note: MU is a frequently traded stock in Tepper’s portfolio. It was the largest position as of Q1 2019. The stake was built over the seven quarters thru Q2 2018 at prices between $16.50 and $65. Q3 2018 saw a ~11% trimming and that was followed with a ~55% selling next quarter at prices between $29 and $46. Q2 2019 saw the position reduced to a minutely small 0.38% stake at prices between $31 and $44.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed in January and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. H1 2019 had seen a ~24% selling while last quarter saw a marginal increase. There was a stake doubling to a 3.62% portfolio stake this quarter at prices between $11 and $13. The stock is now at $12.14.UnitedHealth (UNH): UNH is a 2.22% portfolio position built during the four quarters thru Q1 2018 at prices between $213 and $249. Last three quarters of 2018 had seen a combined ~65% selling at prices between $217 and $287. There was a one-third increase in Q2 2019 at prices between $217 and $252 while last quarter saw a ~25% selling at prices between $215 and $267. The zig-zag trading pattern continued this quarter: ~20% stake increase at prices between $215 and $296. The stock is currently at ~$301.Adobe Inc. (ADBE): ADBE is a ~2% of the portfolio position that saw a ~80% stake increase last quarter at prices between $273 and $311. The stock currently trades well above that range at $373. This quarter saw a ~17% further increase.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest position at 14.78% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follows: Q3 2018 saw a ~40% selling at prices between $1103 and $1268 and that was followed with a ~25% reduction next quarter at prices between $976 and $1203. Q2 2019 saw a ~50% stake increase at prices between $1036 and $1288. That was followed with a stake doubling last quarter at prices between $1098 and $1250. The stock currently trades at ~$1485. This quarter saw marginal trimming.PG&E Corp. (PCG): PCG is a 4.75% of the portfolio position. It was first purchased in Q4 2017 at prices between $44.50 and $70.75. Next year saw a combined ~500% stake increase at prices between $23 and $49. The stock currently trades well below those ranges at $17.92. There was a ~260% stake increase in Q1 2019 at prices between $6.25 and $24.50 and that was followed with a ~28% selling next quarter at prices between $17 and $24. Since then, the activity has been minor.Note: PG&E filed for Chapter 11 bankruptcy protection in January and a few hedge funds stepped in to purchase shares as the stock price crashed.Caesars Entertainment (CZR): The 3.43% CZR stake was established in Q4 2017 and more than doubled next quarter at prices between $10.50 and $14.50. Q2 2018 also saw a ~25% increase at prices between $10.50 and $13.20. The stock is currently at ~$14.50. There was a combined ~15% selling in H2 2018 and that was followed with a minor increase in Q1 2019. Q2 2019 saw a ~20% reduction and that was followed with a ~10% trimming this quarter.Note: Eldorado Resorts (ERI) is buying Caesars in a cash-and-stock deal announced last June ($8.40 cash and 0.0899 ERI shares for each share of CZR held).Broadcom Inc. (AVGO): AVGO is a 2.18% of the portfolio stake purchased last quarter at prices between $266 and $304 and the stock is currently at ~$305. There was marginal trimming this quarter.Clearway Energy (CWEN): The minutely small 0.29% stake in Clearway Energy saw a ~25% selling during the quarter.Kept Steady:Facebook Inc. (FB): FB is a top-three 14.57% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. There was a one-third reduction in Q3 2018 at prices between $160 and $218 and that was followed with a ~55% selling next quarter at prices between $123 and $169. Q1 2019 saw a ~40% stake increase at prices between $131 and $173. That was followed with a ~50% stake increase last quarter at prices between $177 and $205. The stock is currently at $210.Note: FB has had several previous roundtrips in the portfolio: The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Allergan plc (AGN): AGN is a large 6.22% of the portfolio stake. It was built over the five quarters thru Q4 2016 at prices between $188 and $323. The pattern reversed in Q1 2017: ~30% selling at prices between $210 and $250 and that was followed with another ~15% reduction the following quarter at prices between $219 and $249. There was another ~25% selling in Q3 2017 at prices between $203 and $256. The pattern reversed again in Q4 2017: ~85% increase at prices between $164 and $211. Q3 2018 saw a ~40% selling at prices between $167 and $193 and that was followed with a similar reduction next quarter at prices between $130 and $194. There was a ~175% stake increase in Q1 2019 at prices between $132 and $161. That was followed with a ~60% selling next quarter at prices between $116 and $168. The stock currently trades at ~$200.Note: Abbvie (ABBV) is buying Allergan in a cash-and-stock deal ($120.30 cash and 0.866 shares of ABBV for each share of AGN held) announced last June.Alps Alerian MLP ETF (AMLP): The ~1.40% portfolio stake in AMLP was established in Q4 2018 at prices between $8.30 and $11 and it currently trades below that range at $7.65. There was a ~6% stake increase in Q1 2019 while last quarter saw a ~13% trimming.T-Mobile US (TMUS): TMUS is a 1.38% of the portfolio position purchased in Q4 2017 at prices between $55 and $64.50 and the stock is currently at $98.57. Q3 2018 saw a one-third selling at prices between $58 and $71 and that was followed with a ~60% reduction next quarter at prices between $60.80 and $70.50. H1 2019 had seen another one-third selling at prices between $65 and $78.Vistra Energy (VST): The ~1% VST position was established in Q2 2018 at prices between $19.50 and $24.50 and increased by ~30% in Q4 2018 at prices between $21 and $25.50. H1 2019 had seen a one-third selling at prices between $22 and $27. The stock currently trades at $23.43.Caesars Entertainment Notes, Cheniere Energy (LNG), Humana Inc. (HUM), and Salesforce.com (CRM): These small positions (less than ~1% of the portfolio each) were kept steady during the quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q4 2019:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q3 2019 Update" | "David Tepper’s 13F portfolio value decreased from $9.26B to $3.41B this quarter.The two large leveraged positions in SPDR SP&500 and Invesco QQQ index ETFs thru Calls established last quarter were unwound this quarter.Alphabet, Facebook, Amazon, and Micron were all increased while adding Alibaba Group Holdings.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased from $9.26B to $3.41B. The decrease was primarily due to the disposal of huge nominal long positions thru Calls initiated last quarter in SPDR S&P 500 and Invesco QQQ Index ETFs. The number of holdings decreased from 26 to 24. The top-five individual stock positions are Alphabet, Facebook, Amazon, Altaba, and Micron Technology. To know more about Tepper's distress investing style, check out the book .Note: It was reported in May that Appaloosa is returning outside money and converting to a Family Office structure.New Stakes:Alibaba Group Holdings (BABA): BABA is a large 6.37% of the portfolio position established this quarter at prices between $154 and $183 and the stock currently trades at ~$187.Note: Alibaba is a frequently traded stock in Tepper’s portfolio. The most recent round-trip follow: a 5.23% BABA stake was established in Q1 2019 at prices between $131 and $187 and disposed last quarter at prices between $149 and $195.Broadcom Inc. (AVGO): AVGO is a 2.22% of the portfolio stake purchased this quarter at prices between $266 and $304 and the stock is currently at ~$315.Boeing Company (BA): BA is a minutely small 0.33% of the portfolio stake established during the quarter.Stake Disposals:SPDR S&P 500 ETF (SPY) Calls and Invesco QQQ ETF (QQQ) Calls: These two leveraged long positions thru Calls were established last quarter but disposed this quarter. The huge ~58% of the portfolio SPY Calls stake was purchased as the underlying traded between $275 and $296. It was disposed as the it traded between $284 and $302. It currently trades at $311. The ~17% QQQ Calls position was established as the underlying traded between $170 and $191 and eliminated as it traded between $181 and $195. It is now at $202.Centene Corp (CNC), Intelsat SA (I), and Qualcomm (QCOM) Calls: These are minutely small (less than ~0.10% of the portfolio each) stakes purchased last quarter but disposed this quarter.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is a ~16% of the portfolio position. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follow: Q3 2018 saw a ~40% selling at prices between $1103 and $1268 and that was followed with a ~25% reduction next quarter at prices between $976 and $1203. Last quarter saw a ~50% stake increase at prices between $1036 and $1288. That was followed with a stake doubling this quarter at prices between $1098 and $1250. The stock currently trades at ~$1295.Facebook Inc. (FB): FB is a top-three ~15% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. There was a one-third reduction in Q3 2018 at prices between $160 and $218 and that was followed with a ~55% selling next quarter at prices between $123 and $169. Q1 2019 saw a ~40% stake increase at prices between $131 and $173. That was followed with a ~8% trimming last quarter. The stock is currently at $199. There was a ~50% stake increase this quarter at prices between $177 and $205.Note: FB has had several previous roundtrips in the portfolio: The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Amazon.com (AMZN): AMZN is a top three 13.47% of the portfolio position purchased in Q1 2019 at prices between $1500 and $1820. Last quarter saw a ~12% stake increase at prices between $1693 and $1963. The stock currently trades at ~$1746. There was a another ~43% stake increase this quarter at prices between $1725 and $2021.Altaba Inc. previously Yahoo: Altaba is a ~8% of the portfolio position. It was first purchased in Q3 2016 at prices between $37.50 and $44. Q1 2017 saw a ~60% increase at prices between $38.50 and $47 and that was followed with a ~130% increase in the following quarter at prices between $46 and $56. There was a ~90% increase in Q4 2017 at prices between $65 and $73. The stock is now at $69.53. Last year saw a combined ~75% reduction at prices between $55.50 and $81.50. There was a marginal increase in Q1 2019 and that was followed with a ~55% selling last quarter at prices between $59 and $79. This quarter saw a ~14x stake increase. Altaba shareholders received a pre-dissolution liquidating distribution of $51.50 in cash per share in September.Micron Technology (MU): MU was the largest position as of Q1 2019. The stake was built over the seven quarters thru Q2 2018 at prices between $16.50 and $65. Q3 2018 saw a ~11% trimming and that was followed with a ~55% selling next quarter at prices between $29 and $46. There was an about turn in Q1 2019: ~20% stake increase at prices between $29 and $44. Last quarter saw the position reduced to a minutely small 0.38% stake at prices between $31 and $44. The stock is now at $45.87. The stake was rebuilt this quarter to a large (top five) 7.53% of the portfolio position at prices between $39.50 and $51.PG&E Corp. (PCG): PCG is a 5.30% of the portfolio position. It was first purchased in Q4 2017 at prices between $44.50 and $70.75. Last year saw a combined ~500% stake increase at prices between $23 and $49. The stock currently trades well below those ranges at $7.31. There was a ~260% stake increase in Q1 2019 at prices between $6.25 and $24.50. Last quarter saw a ~28% selling at prices between $17 and $24. There was a ~8 % stake increase this quarter.Note: PG&E filed for Chapter 11 bankruptcy protection in January and a few hedge funds stepped in to purchase shares as the stock price crashed.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed in January and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. Last two quarters had seen a combined ~24% selling while this quarter saw a marginal increase.Adobe Inc. (ADBE): ADBE is a small 1.66% of the portfolio position that saw a ~80% stake increase during the quarter at prices between $273 and $311. The stock currently trades at $299.Stake Decreases:UnitedHealth (UNH): UNH is a 1.59% portfolio position built during the four quarters thru Q1 2018 at prices between $213 and $249. Last three quarters of 2018 had seen a combined ~65% selling at prices between $217 and $287. There was a one-third increase last quarter at prices between $217 and $252 while this quarter saw a ~25% selling at prices between $215 and $267. The stock is currently at ~$277.Clearway Energy (CWEN), Mr. Cooper (COOP) previously WMIH, Humana Inc. (HUM), and SPDR Oil & Gas (XOP): These small positions (less than ~1% of the portfolio each) were reduced during the quarter.Kept Steady:Allergan plc (AGN): AGN is a large 6.38% of the portfolio stake. It was built over the five quarters thru Q4 2016 at prices between $188 and $323. The pattern reversed in Q1 2017: ~30% selling at prices between $210 and $250 and that was followed with another ~15% reduction the following quarter at prices between $219 and $249. There was another ~25% selling in Q3 2017 at prices between $203 and $256. The pattern reversed again in Q4 2017: ~85% increase at prices between $164 and $211. Q3 2018 saw a ~40% selling at prices between $167 and $193 and that was followed with a similar reduction next quarter at prices between $130 and $194. There was a ~175% stake increase in Q1 2019 at prices between $132 and $161. That was followed with a ~60% selling last quarter at prices between $116 and $168. The stock currently trades at ~$184.Note: Abbvie (ABBV) is buying Allergan in a cash-and-stock deal ($120.30 cash and 0.866 shares of ABBV for each share of AGN held) announced in June.Caesars Entertainment (CZR): The ~4% CZR stake was established in Q4 2017 and more than doubled next quarter at prices between $10.50 and $14.50. Q2 2018 also saw a ~25% increase at prices between $10.50 and $13.20. The stock is currently at ~$13. There was a combined ~15% selling in H2 2018 and that was followed with a minor increase in Q1 2019. Last quarter saw a ~20% trimming.Note: Eldorado Resorts (ERI) is buying Caesars in a cash-and-stock deal announced in June ($8.40 cash and 0.0899 ERI shares for each share of CZR held).Alps Alerian MLP ETF (AMLP): The ~1.75 % portfolio stake in AMLP was established in Q4 2018 at prices between $8.30 and $11 and it currently trades just below that range at $7.97. There was a ~6% stake increase in Q1 2019 while last quarter saw a ~13% trimming.T-Mobile US (TMUS): TMUS is a 1.61% of the portfolio position purchased in Q4 2017 at prices between $55 and $64.50 and the stock is currently at $78.59. Q3 2018 saw a one-third selling at prices between $58 and $71 and that was followed with a ~60% reduction next quarter at prices between $60.80 and $70.50. H1 2019 had seen another one-third selling at prices between $65 and $78.Vistra Energy (VST): The 1.35 % VST position was established in Q2 2018 at prices between $19.50 and $24.50 and increased by ~30% in Q4 2018 at prices between $21 and $25.50. H1 2019 had seen a one-third selling at prices between $22 and $27. The stock currently trades at $26.53.Salesforce.com (CRM), Caesars Entertainment Notes and Cheniere Energy (LNG): These small positions (less than ~1% of the portfolio each) were kept steady during the quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q3 2019:6/25/2019 – per , Tepper’s Allergan stake is at a cost-basis of $160.61." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q2 2019 Update" | "David Tepper’s 13F portfolio value increased from $3.49B to $9.26B this quarter.Tepper added two large leveraged positions in SPDR SP&500 and Invesco QQQ index ETFs thru Calls.Appaloosa decreased Micron and dropped Alibaba during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value increased from $3.49B to $9.26B. The increase was primarily due to huge nominal long positions thru Calls initiated during the quarter in SPDR S&P 500 and Invesco QQQ Index ETFs. The number of holdings increased from 22 to 26. The top-five individual stock positions are PG&E, Facebook, Amazon, Alphabet, and Allergan plc. To know more about Tepper's distress investing style, check out the book .Note: It was reported in May that Appaloosa is returning outside money and converting to a Family Office structure.New Stakes:SPDR S&P 500 ETF (SPY) Calls and Invesco QQQ ETF (QQQ) Calls: These two leveraged long positions thru Calls were established during the quarter. The huge ~58% of the portfolio SPY Calls stake was purchased as the underlying traded between $275 and $296. It currently trades at $292. The ~17% QQQ Calls position was established as the underlying traded between $170 and $191. It is now at $188.Humana Inc. (HUM), Intelsat SA (I), Centene Corp (CNC), and Qualcomm (QCOM) Calls: These are minutely small (less than 0.30% of the portfolio each) stakes purchased during the quarter.Stake Disposals:Alibaba Group Holdings (BABA): The 5.23% BABA stake was established last quarter at prices between $131 and $187 and disposed this quarter at prices between $149 and $195. The stock currently trades at ~$172.Note: Alibaba is a frequently traded stock in Tepper’s portfolio.Select SPDR Energy (XLE): The minutely small 0.19% XLE position purchased last quarter was eliminated this quarter.Stake Increases:Amazon.com (AMZN): AMZN is a top five 3.78% of the portfolio position purchased last quarter at prices between $1500 and $1820. This quarter saw a ~12% stake increase at prices between $1693 and $1963. The stock currently trades at ~$1806.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 2.51% of the portfolio position. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follow: Q3 2018 saw a ~40% selling at prices between $1103 and $1268 and that was followed with a ~25% reduction next quarter at prices between $976 and $1203. The stock currently trades at ~$1190. This quarter saw a ~50% stake increase at prices between $1036 and $1288.UnitedHealth (UNH): UNH is a 0.88% portfolio position built during the four quarters thru Q1 2018 at prices between $213 and $249. Last three quarters of 2018 had seen a combined ~65% selling at prices between $217 and $287. The stock is currently at ~$233. There was a one-third increase this quarter at prices between $217 and $252.Salesforce.com (CRM), Adobe Inc. (ADBE), and SPDR Oil & Gas (XOP): These are very small (less than ~1% of the portfolio each) stakes established last quarter and increased this quarter.Stake Decreases:PG&E Corp. (PCG): PCG is now the largest individual stock position at 4.16% of the portfolio. It was first purchased in Q4 2017 at prices between $44.50 and $70.75. Last year saw a combined ~500% stake increase at prices between $23 and $49. The stock currently trades well below those ranges at $11.68. There was a ~260% stake increase last quarter at prices between $6.25 and $24.50. This quarter saw a ~28% selling at prices between $17 and $24.Note: PG&E filed for Chapter 11 bankruptcy protection in January and a few hedge funds stepped in to purchase shares as the stock price crashed.Facebook Inc. (FB): FB is a top-three 3.86% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. There was a one-third reduction in Q3 2018 at prices between $160 and $218 and that was followed with a ~55% selling next quarter at prices between $123 and $169. Last quarter saw a ~40% stake increase at prices between $131 and $173. That was followed with a ~8% trimming this quarter. The stock is currently at $182.Note: FB has had several previous roundtrips in the portfolio: The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Allergan plc (AGN): AGN is a top-five 2.34% of the portfolio stake. It was built over the five quarters thru Q4 2016 at prices between $188 and $323. The pattern reversed in Q1 2017: ~30% selling at prices between $210 and $250 and that was followed with another ~15% reduction the following quarter at prices between $219 and $249. There was another ~25% selling in Q3 2017 at prices between $203 and $256. The pattern reversed again in Q4 2017: ~85% increase at prices between $164 and $211. Q3 2018 saw a ~40% selling at prices between $167 and $193 and that was followed with a similar reduction next quarter at prices between $130 and $194. There was a ~175% stake increase last quarter at prices between $132 and $161. That was followed with a ~60% selling this quarter at prices between $116 and $168. The stock currently trades at $161.Note: Abbvie (ABBV) is buying Allergan in a cash-and-stock deal ($120.30 cash and 0.866 shares of ABBV for each share of AGN held) announced in June.Caesars Entertainment (CZR): The 1.43% CZR stake was established in Q4 2017 and more than doubled next quarter at prices between $10.50 and $14.50. Q2 2018 also saw a ~25% increase at prices between $10.50 and $13.20. The stock is currently at $11.57. There was a combined ~15% selling in H2 2018 and that was followed with a minor increase last quarter. This quarter saw a ~20% trimming.Note: Eldorado Resorts (ERI) is buying Caesars in a cash-and-stock deal announced in June ($8.40 cash and 0.0899 ERI shares for each share of CZR held).Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed in January and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. Last two quarters have seen a combined ~24% selling.Altaba Inc. (AABA) previously Yahoo: AABA is a 0.79% of the portfolio position. It was first purchased in Q3 2016 at prices between $37.50 and $44. Q1 2017 saw a ~60% increase at prices between $38.50 and $47 and that was followed with a ~130% increase in the following quarter at prices between $46 and $56. There was a ~90% increase in Q4 2017 at prices between $65 and $73. The stock is now at $69.53. Last year saw a combined ~75% reduction at prices between $55.50 and $81.50. There was a marginal increase last quarter and that was followed with a ~55% selling this quarter at prices between $59 and $79.Alps Alerian MLP ETF (AMLP): The ~0.70% portfolio stake in AMLP was established in Q4 2018 at prices between $8.30 and $11 and it is currently at $9.07. There was a ~6% stake increase last quarter while this quarter saw a ~13% trimming.T-Mobile US (TMUS): TMUS is a 0.56% of the portfolio position purchased in Q4 2017 at prices between $55 and $64.50 and the stock is currently at $77.79. Q3 2018 saw a one-third selling at prices between $58 and $71 and that was followed with a ~60% reduction next quarter at prices between $60.80 and $70.50. Last two quarters have seen another one-third selling at prices between $65 and $78.Vistra Energy (VST): The 0.42% VST position was established in Q2 2018 at prices between $19.50 and $24.50 and increased by ~30% in Q4 2018 at prices between $21 and $25.50. The stock currently trades at $24.14. Last two quarters have seen a one-third selling at prices between $22 and $27.Micron Technology (MU): MU was the largest position as of last quarter. The stake was built over the seven quarters thru Q2 2018 at prices between $16.50 and $65. Q3 2018 saw a ~11% trimming and that was followed with a ~55% selling next quarter at prices between $29 and $46. There was an about turn last quarter: ~20% stake increase at prices between $29 and $44. This quarter saw the position reduced to a minutely small 0.38% stake at prices between $31 and $44. The stock is now at $44.78.Clearway Energy (CWEN), Mr. Cooper (COOP) previously WMIH , Caesars Entertainment Notes and Cheniere Energy (LNG): These small positions (less than ~1% of the portfolio each) were reduced during the quarter.Kept Steady:None.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q2 2019:5/23/2019 - Tepper converting to family office -Regulatory filings thru 5/23/2019: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q1 2019 Update" | "David Tepper’s 13F portfolio value increased from $2.02B to $3.49B this quarter.Micron Technology is the largest individual stock position at ~23% of the portfolio.Appaloosa increased the top four positions while also adding Amazon and Alibaba during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value increased ~72% from $2.02B to $3.49B. The number of holdings decreased from 23 to 22. The top-five individual stock positions are Micron Technology, Allergan, PG&E, Facebook, and Amazon. Combined, they account for two-thirds of the 13F holdings. To know more about Tepper's distress investing style, check out the book .Note: It was reported earlier this week that Appaloosa is returning outside money and converting to a Family Office structure.New Stakes:Amazon.com (AMZN) and Alibaba Group Holdings (BABA): These are two large new positions established this quarter. AMZN is a top five 8.42% of the portfolio position purchased at prices between $1500 and $1820 and the stock currently trades just above that range at $1823. The 5.23% BABA stake was established at prices between $131 and $187 and it is now at $155.Note: Alibaba is back in the portfolio after a quarter’s gap. It is a frequently traded stock in Tepper’s portfolio.Salesforce.com (CRM), Adobe Inc. (ADBE), Clearway Energy (CWEN), Select SPDR Energy (XLE), and SPDR Oil & Gas (XOP): These are very small (less than ~1% of the portfolio each) new stakes established this quarter.Stake Disposals:Allstate Corp (ALL) and Wells Fargo (WFC): ALL was a 2.48% portfolio position purchased last quarter at prices between $77 and $100 and disposed this quarter at prices between $82 and $96. It currently trades at $96.37. WFC was a very small 0.68% portfolio stake purchased last quarter but disposed this quarter.NRG Energy (NRG): NRG stake saw a ~575% increase in Q3 2017 at prices between $16 and $26. Q1 2018 saw an about turn: ~30% reduction at prices between $24 and $31 and that was followed with a ~62% selling next quarter at prices between $30 and $35. Last quarter saw another ~80% reduction at prices between $35 and $43. The remainder stake was disposed this quarter. The stock is now at $35.53.Atlantica Yield plc (AY): AY was a 2.90% portfolio position purchased in Q4 2015 at prices between $14.50 and $21. Last two quarters had seen minor trimming and the disposal this quarter was at prices between $17.50 and $20. The stock is now at $21.76.Bank of America (BAC): The BAC stake was established in Q1 2017 at prices between $22 and $25.50 and reduced by ~30% in Q3 2017 at prices between $22.89 and $25.50. There was a ~170% stake increase in Q4 2017 at prices between $25 and $30. The position was almost sold out over the last year at prices between $23 and $33 and the remainder stake was disposed this quarter. The stock currently trades at $28.18.Kennametal (KMT), Platform Specialty Products (PAH), and Terraform Power (TERP): These small positions (less than ~1% of the portfolio each) saw reductions last quarter and were sold out this quarter.Stake Increases:Micron Technology (MU): MU is the largest 13F position at ~23% of the portfolio. The stake was built over the seven quarters thru Q2 2018 at prices between $16.50 and $65. The stock is now at $34. Q3 2018 saw a ~11% trimming and that was followed with a ~55% selling last quarter at prices between $29 and $46. There was an about turn this quarter: ~20% stake increase at prices between $29 and $44.Allergan plc (AGN): AGN is a large (top three) ~13% of the portfolio stake. It was built over the five quarters thru Q4 2016 at prices between $188 and $323. The pattern reversed in Q1 2017: ~30% selling at prices between $210 and $250 and that was followed with another ~15% reduction the following quarter at prices between $219 and $249. There was another ~25% selling in Q3 2017 at prices between $203 and $256. The pattern reversed again in Q4 2017: ~85% increase at prices between $164 and $211. The stock is now at ~$136. Q3 2018 saw a ~40% selling at prices between $167 and $193 and that was followed with a similar reduction last quarter at prices between $130 and $194. There was a ~175% stake increase this quarter at prices between $132 and $161.PG&E Corp. (PCG): PCG is now a large (top five) ~12% portfolio position. It was first purchased in Q4 2017 at prices between $44.50 and $70.75. Last year saw a combined ~500% stake increase at prices between $23 and $49. The stock currently trades well below those ranges at $18.83. There was a ~260% stake increase this quarter at prices between $6.25 and $24.50.Note: PG&E filed for Chapter 11 bankruptcy protection in January and a few hedge funds stepped in to purchase shares as the stock price crashed.Facebook Inc. (FB): FB is a large (top five) ~9% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. Q3 2017 saw a ~40% increase at prices between $148 and $174 and that was followed with a two-thirds increase the following quarter at prices between $168 and $183. The stock currently trades at ~$181. Q1 2018 saw a ~12% increase while next quarter there was a ~18% reduction. There was another one-third reduction in Q3 2018 at prices between $160 and $218 and that was followed with a ~55% selling last quarter at prices between $123 and $169. This quarter saw a ~40% stake increase at prices between $131 and $173.Note: FB has had several previous roundtrips in the portfolio: The latest was a 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Altaba Inc. (AABA) previously Yahoo: AABA is a ~5% of the portfolio position. It was first purchased in Q3 2016 at prices between $37.50 and $44. Q1 2017 saw a ~60% increase at prices between $38.50 and $47 and that was followed with a ~130% increase in the following quarter at prices between $46 and $56. There was a ~90% increase in Q4 2017 at prices between $65 and $73. The stock is now at $61.91. Last year saw a combined ~75% reduction at prices between $55.50 and $81.50. There was a marginal increase this quarter.Caesars Entertainment (CZR): The 3.42% CZR stake was established in Q4 2017 and more than doubled next quarter at prices between $10.50 and $14.50. Q2 2018 also saw a ~25% increase at prices between $10.50 and $13.20. The stock is currently well below those ranges at $9.02. There was a combined ~15% selling over the last two quarters and that was followed with a minor increase this quarter.Alps Alerian MLP ETF (AMLP): The ~2% portfolio stake in AMLP was established last quarter at prices between $8.30 and $11 and it is currently at $9.87. There was a ~6% stake increase this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is a fairly large ~5% of the portfolio position. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follow: Q3 2018 saw a ~40% selling at prices between $1103 and $1268 and that was followed with a ~25% reduction last quarter at prices between $976 and $1203. The stock currently trades at $1133. This quarter saw marginal trimming.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed in January and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. This quarter saw a ~13% trimming.T-Mobile US (TMUS): TMUS is a 1.78% of the portfolio position purchased in Q4 2017 at prices between $55 and $64.50 and the stock is currently at $77.27. Q3 2018 saw a one-third selling at prices between $58 and $71 and that was followed with a ~60% reduction last quarter at prices between $60.80 and $70.50. There was a ~13% trimming this quarter.Vistra Energy (VST): The 1.69% VST position was established in Q2 2018 at prices between $19.50 and $24.50 and increased by ~30% last quarter at prices between $21 and $25.50. The stock currently trades at $24.48. There was a ~11% trimming this quarter.Mr. Cooper (COOP) previously WMIH: COOP was a very small stake that was almost eliminated in Q2 2018. Next quarter saw the position built back up to a 1.53% portfolio stake at prices between $16 and $20 and the stock is now at $9.23. There was a ~20% selling last quarter at prices between $11.30 and $17 and that was followed with a ~35% reduction this quarter at prices between $9.50 and $15.50.Note: the prices quoted are adjusted for the 12-for-1 reverse stock-split in October.Kept Steady:UnitedHealth (UNH): UNH is a 1.77% portfolio position built during the four quarters thru Q1 2018 at prices between $213 and $249. Last three quarters had seen a combined ~65% selling at prices between $217 and $287. The stock is currently at ~$248.Caesars Entertainment Notes and Cheniere Energy (LNG): These small positions (less than ~1% of the portfolio each) were kept steady this quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q1 2019:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q4 2018 Update" | "David Tepper’s 13F portfolio value decreased from $5.69B to $2.02B this quarter.Micron Technology is the largest individual stock position at ~25% of the portfolio.Appaloosa reduced or disposed the majority of the 13F stakes over the last two quarters.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, the pattern of reducing or eliminating positions continued as Tepper’s 13F portfolio value decreased roughly two-thirds from $5.69B to $2.02B. The number of holdings decreased from 37 to 23. The top-five individual stock positions are Micron Technology, Facebook, Allergan, PG&E, and Alphabet. Combined, they account for ~57% of the 13F holdings. To know more about Tepper's distress investing style, check out the book .New Stakes:Energy Transfer LP (ET), Alps Alerian MLP ETF (AMLP), Allstate Corp (ALL), and Wells Fargo (WFC): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last month and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. The 3% portfolio stake in AMLP was established at prices between $8.30 and $11 and it is currently at $9.91. ALL is a 2.48% portfolio position purchased at prices between $77 and $100 and it currently trades at $94.90. WFC is a very small 0.68% portfolio stake.Note: AMLP & WFC are back in the portfolio after a quarter’s gap.Stake Disposals:State Street Corp (STT), Williams Companies (WMB), and Apple Inc. (AAPL): These three positions established last quarter were disposed this quarter. The 1.75% STT stake was purchased at prices between $83 and $95 and eliminated this quarter at prices between $60 and $87. The stock currently trades at $72.47. The very small 0.5% WMB position came about as Williams Companies completed a merger with Williams Partners LP in August. Terms called for an exchange ratio of 1.494 shares of Williams Companies for each share of Williams Partners LP. Appaloosa had a ~2.1M share stake in Williams Partners for which they received ~3.1M shares of WMB. That net position was reduced by roughly two-thirds last quarter when it traded between $26.50 and $32. The position was disposed this quarter at prices between $20.50 and $28. It is now at $27.35. AAPL was a minutely small 0.4% stake. Tepper has had several successful roundtrips with Apple over the years.Alibaba Group Holdings (BABA): BABA was a large (top five) 4.34% of the portfolio stake established in Q1 2017 at prices between $107 and $144. There was a ~20% increase in Q4 2017 at prices between $170 and $191. Q1 2018 saw a ~6% trimming and that was followed with another one-third reduction next quarter at prices between $168 and $211. The pattern continued last quarter: ~43% selling at prices between $166 and $198 and that was followed with the disposal this quarter at prices between $132 and $164. The stock currently trades at $183.Lam Research (LRCX): LRCX was a medium-sized 2.72% of the portfolio stake established in Q1 2018 at prices between $162 and $229. Last quarter saw a ~15% reduction at prices between $149 and $191 and the elimination this quarter was at prices between $123 and $161. The stock is now at $180.XPO Logistics (XPO): XPO was a minutely small stake in Q3 2017. The position was built to a ~2% of the portfolio position in Q4 2017 at prices between $64.50 and $92. There was a ~23% selling in Q2 2018 at prices between $93.50 and $114. Last quarter saw another ~18% reduction at prices between $95.50 and $115. The disposal this quarter was at prices between $44.50 and $113. The stock currently trades at $51.17.Centene Corp (CNC): The 1.50% CNC position was increased by ~60% in Q1 2018 at prices between $99 and $112. Last two quarters had seen a ~52% selling at prices between $105 and $147. The remaining position was sold this quarter at prices between $54.50 and $73.50. It is now at ~$64.02.Energy Transfer Partners LP and Energy Transfer Equity: The two ~1.3% portfolio stakes were eliminated in October as a result of the merger to form Energy Transfer LP.Owens Corning (OC): The original OC stake was established in Q1 & Q2 2012 at prices between $29 and $37. The position has wavered. Recent activity follow: the five quarters thru Q4 2017 had seen a combined two-thirds selling at prices between $46.50 and $92. The pattern reversed next quarter: ~45% stake increase at prices between $77.50 and $96. Q2 2018 saw marginal trimming while last quarter saw a 24% selling at prices between $54 and $67. The stake was disposed this quarter at prices between $41 and $55. The stock currently trades at $49.50.Boston Scientific (BSX), Boyd Gaming (BYD), Dollar General (DG), Huntsman Corporation (HUN), Kennametal (KMT), Stryker Corp. (SYK), Summit Materials (SUM), Thermo Fisher Scientific (TMO), and Venator Materials plc (VNTR): These small positions (less than ~1% of the portfolio each) were eliminated this quarter.Stake Increases:PG&E Corp. (PCG): PCG is now a large (top five) 7.59% portfolio position. It was first purchased in Q4 2017 at prices between $44.50 and $70.75. Last year saw a combined ~500% stake increase at prices between $23 and $49. The stock currently trades well below those ranges at $18.65.Note: PG&E filed for Chapter 11 bankruptcy protection in January due to the exposure to wildfire liabilities.Vistra Energy (VST): The ~3% VST position was established in Q2 2018 at prices between $19.50 and $24.50 and increased by ~30% this quarter at prices between $21 and $25.50. The stock currently trades just above those ranges at $26.56.Stake Decreases:Micron Technology (MU): MU is the largest 13F position at ~25% of the portfolio. The stake was built over the last seven quarters thru Q2 2018 at prices between $16.50 and $65. The stock is now at $42.74. Last quarter saw a ~11% trimming and that was followed with a ~55% selling this quarter at prices between $29 and $46.Facebook Inc. (FB): FB is a large (top three) ~9% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. Q3 2017 saw a ~40% increase at prices between $148 and $174 and that was followed with a two-thirds increase the following quarter at prices between $168 and $183. The stock currently trades at ~$165. Q1 2018 saw a ~12% increase while next quarter there was a ~18% reduction. There was another one-third reduction last quarter at prices between $160 and $218 and that was followed with a ~55% selling this quarter at prices between $123 and $169.Note: FB has had several previous roundtrips in the portfolio: The latest was a fairly large 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Allergan plc (AGN): AGN is a large (top three) 7.60% of the portfolio stake. It was built over the five quarters thru Q4 2016 at prices between $188 and $323. The pattern reversed in Q1 2017: ~30% selling at prices between $210 and $250 and that was followed with another ~15% reduction the following quarter at prices between $219 and $249. There was another ~25% selling in Q3 2017 at prices between $203 and $256. The pattern reversed again in Q4 2017: ~85% increase at prices between $164 and $211. The stock is now at ~$136. Last quarter saw a ~40% selling at prices between $167 and $193 and that was followed with a similar reduction this quarter at prices between $130 and $194.Alphabet Inc. (GOOG) (GOOGL): GOOG is a large (top five) 7.45% of the portfolio position. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follow: last quarter saw a ~40% selling at prices between $1103 and $1268 and that was followed with a ~25% reduction this quarter at prices between $976 and $1203. The stock currently trades at $1109.Altaba Inc. (AABA) previously Yahoo: AABA is a large 6.72% of the portfolio position. It was first purchased in Q3 2016 at prices between $37.50 and $44. Q1 2017 saw a ~60% increase at prices between $38.50 and $47 and that was followed with a ~130% increase in the following quarter at prices between $46 and $56. There was a ~90% increase in Q4 2017 at prices between $65 and $73. The stock is now at $74.03. Last year saw a combined ~75% reduction at prices between $55.50 and $81.50.Caesars Entertainment (CZR): The 4.46% CZR stake was established in Q4 2017 and more than doubled next quarter at prices between $10.50 and $14.50. Q2 2018 also saw a ~25% increase at prices between $10.50 and $13.20. The stock is currently well below those ranges at $8.96. There was a combined ~15% selling over the last two quarters.T-Mobile US (TMUS): TMUS is a 3.27% of the portfolio position purchased in Q4 2017 at prices between $55 and $64.50 and the stock is currently at $73.05. Last quarter saw a one-third selling at prices between $58 and $71 and that was followed with a ~60% reduction this quarter at prices between $60.80 and $70.50.UnitedHealth (UNH): UNH is a ~3% portfolio position built during the four quarters thru Q1 2018 at prices between $213 and $249. Last three quarters have seen a combined ~65% selling at prices between $217 and $287. The stock is currently at ~$265.Atlantica Yield plc (AY): AY is a 2.90% portfolio position purchased in Q4 2015 at prices between $14.50 and $21. Last two quarters have seen minor trimming and the stock is now at $19.53.Mr. Cooper (COOP) previously WMIH: COOP was a very small stake that was almost eliminated in Q2 2018. Last quarter saw the position built back up to a 1.53% portfolio stake at prices between $16 and $20 and the stock is now at $14.16. There was a ~20% selling this quarter at prices between $11.30 and $17.Note: the prices quoted are adjusted for the 12-for-1 reverse stock-split in October.NRG Energy (NRG): NRG stake saw a ~575% increase in Q3 2017 at prices between $16 and $26. Q1 2018 saw an about turn: ~30% reduction at prices between $24 and $31 and that was followed with a ~62% selling next quarter at prices between $30 and $35. It is now at $41.84. This quarter saw another ~80% reduction at prices between $35 and $43. The stake is now very small at 0.90%.Bank of America (BAC): BAC is now a minutely small position. It was established in Q1 2017 at prices between $22 and $25.50 and reduced by ~30% in Q3 2017 at prices between $22.89 and $25.50. There was a ~170% stake increase in Q4 2017 at prices between $25 and $30. The position was almost sold out over the last year at prices between $23 and $33. The stock currently trades at $29.27. BAC is a frequently traded stock in Tepper’s portfolio.Caesars Entertainment Notes, Cheniere Energy (LNG), Kennametal (KMT), Platform Specialty Products (PAH), and Terraform Power (TERP): These small positions (less than ~1% of the portfolio each) saw reductions this quarter.Kept Steady:None.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q4 2018:Regulatory filings thru 11/21/2018: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q3 2018 Update" | "David Tepper’s 13F portfolio value decreased from $8.78B to $5.69B this quarter.Micron Technology is the largest individual stock position at ~29% of the portfolio.Appaloosa reduced or disposed the majority of the positions this quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased ~35% from $8.78B to $5.69B as the majority of the positions were reduced or eliminated. The number of holdings decreased from 48 to 37. The top-five individual stock positions are Micron Technology, Facebook, Allergan, Alibaba, and Alphabet. Combined, they account for ~53% of the 13F holdings. To know more about Tepper's distress investing style, check out the book .New Stakes:State Street Corp (STT), Williams Companies (WMB), and Apple Inc. (AAPL): These are the new positions this quarter. The 1.75% STT stake was purchased at prices between $83 and $95 and the stock currently trades well below that range at $71.19. The very small 0.5% WMB position came about as Williams Companies completed a merger with Williams Partners LP in August. Terms called for an exchange ratio of 1.494 shares of Williams Companies for each share of Williams Partners LP. Appaloosa had a ~2.1M share stake in Williams Partners for which they received ~3.1M shares of WMB. That net position was reduced by roughly two-thirds during the quarter. The stock traded between $26.50 and $32 in the quarter and it is now just below that range at $24.65. AAPL is a minutely small 0.4% stake. Tepper has had several successful roundtrips with Apple over the years.Stake Disposals:Ally Financial (ALLY): Q3 2017 saw a~525% stake increase in the ALLY position at prices between $20.50 and $24.50. Last quarter, there was a ~62% selling at prices between $30 and $35 and the disposal this quarter was at prices between $26 and $28. The stock currently trades at $24.25.UBS Group AG (UBS): UBS was a 1.20% portfolio stake established in Q1 2018 at prices between $17 and $21. Last quarter saw a ~2% trimming and the position was eliminated this quarter at prices between $15 and $16.65. The stock is now at $13.30.Wells Fargo (WFC): The ~2% WFC position was purchased in Q1 2018 at prices between $51 and $66. There was a ~11% increase last quarter and the disposal this quarter was at prices between $52 and $59. The stock currently trades at $52.54.Alerian MLP Alps ETF (AMLP), Citizens Financial Group (CFG), KeyCorp (KEY), Knight-Swift Transportation (KNX), MGM Resorts International (MGM), NXP Semiconductors (NXPI) & Calls, New Oriental Education (EDU), Symantec Corp. (SYMC), United Continental (UAL), and Western Digital (WDC): These small (less than ~1% of the portfolio each) stakes were disposed this quarter.Stake Increases:PG&E Corp. (PCG): PCG is now a 3.23% portfolio position. It was first purchased in Q4 2017 at prices between $44.50 and $70.75. YTD has seen a roughly 4x stake increase at prices between $38.50 and $46. The stock currently trades well below those ranges at $23.51.NRG Energy (NRG): NRG stake saw a ~575% increase in Q3 2017 at prices between $16 and $26. Q1 2018 saw an about turn: ~30% reduction at prices between $24 and $31 and that was followed with a ~62% selling last quarter at prices between $30 and $35. It is now at $37.89. There was a marginal increase this quarter and the stake is at 1.72% of the portfolio.Mr. Cooper (COOP) previously WMIH: COOP was a very small stake that was almost eliminated last quarter. This quarter saw the position built back up to a 1.53% portfolio stake at prices between $16 and $20 and the stock is now at $14.22.Boyd Gaming (BYD), Summit Materials (SUM), and Vistra Energy (VST): These small positions (less than ~1% of the portfolio each) saw increases this quarter.Stake Decreases:Micron Technology (MU): MU is the largest 13F position at ~29% of the portfolio. The stake was built over the last seven quarters thru Q2 2018 at prices between $16.50 and $65. The stock is now at $36.12. This quarter saw a ~11% trimming.Facebook Inc. (FB): FB is a large (top three) ~10% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. Q3 2017 saw a ~40% increase at prices between $148 and $174 and that was followed with a two-thirds increase the following quarter at prices between $168 and $183. The stock currently trades at ~$132. Q1 2018 saw a ~12% increase while last quarter there was a ~18% reduction. There was another one-third reduction this quarter at prices between $160 and $218.Note: FB has had several previous roundtrips in the portfolio: The latest was a fairly large 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Allergan plc (AGN): AGN is a large (top three) 6.67% of the portfolio stake. It was built over the five quarters thru Q4 2016 at prices between $188 and $323. The pattern reversed in Q1 2017: ~30% selling at prices between $210 and $250 and that was followed with another ~15% reduction the following quarter at prices between $219 and $249. There was another ~25% selling in Q3 2017 at prices between $203 and $256. The pattern reversed again in Q4 2017: ~85% increase at prices between $164 and $211. The stock is now at ~$153. There was a ~7% increase in Q1 2018 while last quarter there was a similar reduction. This quarter saw another ~40% selling at prices between $167 and $193.Alibaba Group Holdings (BABA): BABA is a large (top five) 4.34% of the portfolio stake established in Q1 2017 at prices between $107 and $144. There was a ~20% increase in Q4 2017 at prices between $170 and $191 and the stock currently trades at $146. Q1 2018 saw a ~6% trimming and that was followed with another one-third reduction last quarter at prices between $168 and $211. The pattern continued this quarter: ~43% selling at prices between $166 and $198.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 4.20% of the portfolio position. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follow: Q3 2016 saw a 25% selling at prices between $692 and $787 while Q2 2017 saw a ~23% increase at prices between $824 and $984. Q4 2017 saw a ~37% reduction at prices between $952 and $1077. In Q1 2018, there was a ~14% increase while last quarter saw a similar reduction. There was another ~40% selling this quarter at prices between $1103 and $1268. The stock currently trades at $1026.Altaba Inc. (AABA) previously Yahoo: AABA is a fairly large ~4% of the portfolio position. It was first purchased in Q3 2016 at prices between $37.50 and $44. Q1 2017 saw a ~60% increase at prices between $38.50 and $47 and that was followed with a ~130% increase in the following quarter at prices between $46 and $56. There was a ~90% increase in Q4 2017 at prices between $65 and $73. The stock is now at $60.89. Last three quarters have seen a combined ~62% reduction at prices between $64 and $82.T-Mobile US (TMUS): TMUS is a 3.32% of the portfolio position purchased in Q4 2017 at prices between $55 and $64.50 and the stock is currently at $66.57. There was a ~8% stake increase in Q1 2018 while last quarter saw a ~4% trimming. There was another one-third selling this quarter at prices between $58 and $71.Lam Research (LRCX): LRCX is a medium-sized 2.72% of the portfolio stake established in Q1 2018 at prices between $162 and $229 and the stock currently trades at ~$144. There was a ~7% increase last quarter while this quarter saw a ~15% reduction.XPO Logistics (XPO): XPO was a minutely small stake in Q3 2017. The position was built to a ~2% of the portfolio position in Q4 2017 at prices between $64.50 and $92. The stock is now at $71.23. There was a ~3% trimming in Q1 2018 and that was followed with a ~23% selling last quarter at prices between $93.50 and $114. This quarter saw another ~18% reduction at prices between $95.50 and $115.Caesars Entertainment (CZR): The 2.62% CZR stake was established in Q4 2017 and more than doubled next quarter at prices between $10.50 and $14.50. Last quarter also saw a ~25% increase at prices between $10.50 and $13.20. The stock is currently well below those ranges at $7.84. There was a ~8% trimming this quarter.Bank of America (BAC): BAC is a 1.75% position established in Q1 2017 at prices between $22 and $25.50 and reduced by ~30% in Q3 2017 at prices between $22.89 and $25.50. There was a ~170% stake increase in Q4 2017 at prices between $25 and $30. YTD has seen a combined ~80% reduction at prices between $27.75 and $33. The stock currently trades at $27.38. BAC is a frequently traded stock in Tepper’s portfolio.UnitedHealth (UNH): UNH is a 1.63% portfolio position built during the four quarters thru Q1 2018 at prices between $213 and $249. Last two quarters have seen a combined ~50% selling at prices between $217 and $270. The stock is currently at ~$262.Centene Corp (CNC): The 1.50% CNC position was increased by ~60% in Q1 2018 at prices between $99 and $112. Last two quarters have seen a ~52% selling at prices between $105 and $147. It is now at ~$130.Energy Transfer Partners LP and Energy Transfer Equity: The ~1.3% portfolio stakes saw ~30% reductions each this quarter. Energy Transfer Partners merged with Energy Transfer Equity and the transaction closed last month. The resulting entity was renamed Energy Transfer LP (ET). Terms were 1.28 shares of ETE for each ETP.Atlantica Yield plc (AY): AY is a ~1.21 % portfolio position purchased in Q4 2015 at prices between $14.50 and $21. 2016 saw an overall ~8% trimming and that was followed with a ~40% reduction last year. The stock is now at $19.49. There was a ~8% increase in Q1 2018 while last quarter saw a similar reduction. There was another ~3% trimming this quarter.Owens Corning (OC): The original OC stake was established in Q1 & Q2 2012 at prices between $29 and $37. The position has wavered. Recent activity follow: the five quarters thru Q4 2017 had seen a combined two-thirds selling at prices between $46.50 and $92. The pattern reversed next quarter: ~45% stake increase at prices between $77.50 and $96. Last quarter saw marginal trimming while this quarter saw a 24% selling at prices between $54 and $67. The position is now very small at ~1% of the portfolio. The stock currently trades at $49.43.Boston Scientific (BSX), Cheniere Energy (LNG), Dollar General (DG, Huntsman Corporation (HUN), Kennametal (KMT), Platform Specialty Products (PAH), Stryker Corp. (SYK), Terraform Power (TERP), Thermo Fisher Scientific (TMO), and Venator Materials plc (VNTR): These small positions (less than ~1% of the portfolio each) saw reductions this quarter.Kept Steady:Caesars Entertainment Notes: The small 1.43% portfolio stake remained steady this quarter.The spreadsheet below highlights changes to Tepper’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.Regulatory Filings thru 9/3/2018: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q2 2018 Update" | "David Tepper’s 13F portfolio value decreased from $9.72B to $8.78B this quarter.Micron Technology is the largest individual stock position at ~24% of the portfolio.Appaloosa increased Micron Technology while reducing Facebook, Alibaba, and Altaba.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased ~10% from $9.72B to $8.78B. The number of holdings decreased from 53 to 48. The top-five individual stock positions are Micron Technology, Facebook, Allergan, Alibaba, and Altaba. Combined, they account for ~53% of the 13F holdings.To know more about Tepper's distress investing style, check out the book .New Stakes:KeyCorp (KEY), Symantec Corp. (SYMC), NXP Semiconductors (NXPI) & Calls, Citizens Financial Group (CFG), Vistra Energy (VST), and New Oriental Education (EDU): These are small (less than ~1% of the portfolio each) new stakes established this quarter.Stake Disposals:Powershares QQQ ETF (QQQ): QQQ was a large (top three) 8.42% of the portfolio position purchased in Q2 2017 at prices between $130 and $144. The following quarter saw a ~20% selling at prices between $136 and $146 while Q4 2017 saw a ~300% stake increase at prices between $145 and $159. The zigzag trading continued last quarter: ~87% selling at prices between $154 and $174. The remaining ~1% position was eliminated this quarter at prices between $155 and $178. QQQ currently trades at ~$187.Select Sector SPDR Financial ETF (XLF) Calls, Select SPDR Energy ETF (XLE) Calls, and Select SPDR O&G ETF (XOP) Calls: A ~3% position in XLF Calls was established in Q3 2017 when XLF traded between $24 and $26. Q4 2017 saw a ~40% increase as XLF traded between $26 and $28. It currently goes for $28.33. The position was almost sold out last quarter as the underlying traded between $27 and $30 and the remnant stake was disposed this quarter. XLE & XOP Calls were very small stakes that saw ~75% reductions last quarter and elimination this quarter.United Rentals (URI): URI was a 1.22% position as of Q4 2017. The original stake was built over the three quarters thru Q2 2017 at prices between $72 and $129. There was a ~20% reduction in Q3 2017 at prices between $107 and $139 and that was followed with a similar selling in Q4 2017 at prices between $139 and $173. The position was almost sold out last quarter at prices between $162 and $189 and the remnant stake was disposed this quarter. The stock is now at $156.Applied Materials (AMAT) and Vaneck Semi ETF (SMH): AMAT & SMH are very small (less than 1% of the portfolio each) stakes purchased last quarter but disposed this quarter.Allstate Corporation (ALL), HCA Healthcare (HCA), Nvidia Corp (NVDA), and Peabody Energy pfd Cnvrts: These minutely small positions (less than ~0.5% of the portfolio each) were disposed this quarter.Stake Increases:Micron Technology (MU): MU is the largest 13F position at 24% of the portfolio. The stake was built over the last seven quarters at prices between $16.50 and $65. The stock is now at $52.52.Lam Research (LRCX) and Wells Fargo (WFC): LRCX is a medium-sized 2.72% of the portfolio stake established last quarter at prices between $162 and $229 and the stock currently trades at ~$173. There was a ~7% increase this quarter. The ~2% WFC position was purchased at prices between $51 and $66 and it is now at $58.48. There was a ~11% increase this quarter.Caesars Entertainment (CZR): The CZR stake was established in Q4 2017 and more than doubled last quarter at prices between $10.50 and $14.50. This quarter also saw a ~25% increase at prices between $10.50 and $13.20. The stock is currently below those ranges at $10.20.Western Digital (WDC): WDC is a small ~1% of the portfolio stake that was more than doubled this quarter at prices between $77 and $93. The stock currently trades well below that range at $63.24.Cheniere Energy (LNG), Kennametal (KMT), Knight-Swift Transportation (KNX), Platform Specialty Products (PAH), PG&E Corp. (PCG), and Summit Materials (SUM): These small positions (less than ~1% of the portfolio each) saw increases this quarter.Stake Decreases:Facebook Inc. (FB): FB is a large (top three) ~11% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. Q3 2017 saw a ~40% increase at prices between $148 and $174 and that was followed with a two-thirds increase the following quarter at prices between $168 and $183. The stock currently trades at $176. Last quarter saw a ~12% increase while this quarter there was a ~18% reduction.Note: FB has had several previous roundtrips in the portfolio: The latest was a fairly large 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Allergan plc (AGN): AGN is a large 6.43% of the portfolio stake. It was built up over the five quarters thru Q4 2016 at prices between $188 and $323. The pattern reversed in Q1 2017: ~30% selling at prices between $210 and $250 and that was followed with another ~15% reduction the following quarter at prices between $219 and $249. There was another ~25% selling in Q3 2017 at prices between $203 and $256. The pattern reversed again in Q4 2017: ~85% increase at prices between $164 and $211. The stock is now at $192. There was a ~7% increase last quarter while this quarter there was a similar reduction. For investors attempting to follow Appaloosa, AGN is a good option to consider for further research.Note: AGN is an activist stake. Tepper is opposed to the company’s plan to spin off its women’s health and antibiotic divisions.Alibaba Group Holdings (BABA): BABA is a large (top five) 5.38% of the portfolio stake established in Q1 2017 at prices between $107 and $144. There was a ~20% increase in Q4 2017 at prices between $170 and $191 and the stock currently trades at $175. Last quarter saw a ~6% trimming and that was followed with another one-third reduction this quarter at prices between $168 and $211.Altaba Inc. (AABA) previously Yahoo: AABA is a large 5.34% of the portfolio position. It was first purchased in Q3 2016 at prices between $37.50 and $44. Q1 2017 saw a ~60% increase at prices between $38.50 and $47 and that was followed with a ~130% increase in the following quarter at prices between $46 and $56. There was a ~90% increase in Q4 2017 at prices between $65 and $73. The stock is now at $69.55. Last two quarters have seen a combined ~28% reduction at prices between $67 and $82.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 4.20% of the portfolio position. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follow: Q3 2016 saw a 25% selling at prices between $692 and $787 while Q2 2017 saw a ~23% increase at prices between $824 and $984. Q4 2017 saw a ~37% reduction at prices between $952 and $1077. Last quarter there was a ~14% increase while this quarter saw a similar reduction. The stock currently trades at $1218.T-Mobile US (TMUS): TMUS is a 2.72% of the portfolio position purchased in Q4 2017 at prices between $55 and $64.50 and the stock is currently at $66.04. There was a ~8% stake increase last quarter while this quarter saw a ~4% trimming.Bank of America (BAC): BAC is a 2.32% position established in Q1 2017 at prices between $22 and $25.50 and reduced by ~30% in Q3 2017 at prices between $22.89 and $25.50. There was a ~170% stake increase in Q4 2017 at prices between $25 and $30 and that was followed with a ~36% reduction last quarter at prices between $29 and $33. There was another one-third selling this quarter at prices between $28 and $31. The stock currently trades at $30.93. BAC is a frequently traded stock in Tepper’s portfolio.XPO Logistics (XPO): XPO was a minutely small stake in Q3 2017. The position was built up to a ~2% of the portfolio position in Q4 2017 at prices between $64.50 and $92. The stock is now at ~$107. There was a ~3% trimming last quarter and that was followed with a ~23% selling this quarter at prices between $93.50 and $114.UnitedHealth (UNH): UNH is a 1.48% portfolio position built during the first three quarters of 2017 at prices between $158 and $200. Last quarter saw a ~19% increase while this quarter there was a ~25% reduction at prices between $215 and $256. The stock is currently at ~$269.Centene Corp (CNC): The 1.44% CNC position was increased by ~60% last quarter at prices between $99 and $112 and it is now at ~$147. This quarter saw a ~16% trimming.NRG Energy (NRG) and Ally Financial (ALLY): These two positons had seen large stake increases in Q3 2017. NRG stake saw a ~575% increase at prices between $16 and $26 while ALLY position saw a ~525% increase at prices between $20.50 and $24.50. The NRG position was reduced by ~30% last quarter at prices between $24 and $31 and that was followed with a ~62% selling this quarter at prices between $30 and $35. It is now at $35.39. The ALLY position saw marginal trimming last quarter and a ~40% reduction this quarter at prices between $25.50 and $28. The NRG position is now at 0.90% while the ALLY stake is at 1.44%.Energy Transfer Partners LP (ETP): ETP is a 1.20% of the portfolio position. The original stake is from Q4 2015 at prices between $28 and $47. The following quarter saw a ~200% increase at prices between $20 and $35. The pattern reversed in Q2 2016: ~30% selling at prices between $30 and $41. Q2 2017 saw another reversal: ~24% increase at prices between $18.50 and $24.50. Last four quarters saw a ~63% reduction at prices between $16 and $21. The stock is now at $22.55.Note: Energy Transfer Partners is merging with Energy Transfer Equity (ETE). Terms are 1.28 shares of ETE for each ETP. Tepper has similarly sized ~1.2% portfolio stakes in ETE and ETP.UBS Group AG (UBS): UBS is a 1.20% portfolio stake established last quarter at prices between $17 and $21 and it currently trades below that range at $15.66. There was a ~2% trimming this quarter.Owens Corning (OC): The original OC stake was established in Q1 & Q2 2012 at prices between $29 and $37. The five quarters thru Q4 2017 had seen a combined two-thirds selling at prices between $46.50 and $92. The pattern reversed last quarter: ~45% stake increase at prices between $77.50 and $96. The stock currently trades at $56.62. The position is now at ~1% of the portfolio. This quarter saw marginal trimming.Williams Partners LP (WPZ): WPZ is now a small ~1% portfolio position. It was first purchased in Q4 2015 at prices between $23 and $35. There was a ~77% selling over the last four quarters at prices between $33 and $44.Note: Last month, Williams Companies (WMB) completed a merger with Williams Partners LP. Terms called for an exchange ratio of 1.494 shares of Williams Companies for each share of Williams Partners LP.Atlantica Yield plc (AY): AY is a ~0.80% portfolio position purchased in Q4 2015 at prices between $14.50 and $21. 2016 saw an overall ~8% trimming and that was followed with a ~40% reduction last year. The stock is now at $20.64. There was a ~8% increase last quarter while this quarter saw a similar reduction.Alerian MLP Alps ETF (AMLP), Boston Scientific (BSX), Dollar General (DG, Energy Transfer Equity (ETE), Huntsman Corporation (HUN), MGM Resorts International (MGM), Stryker Corp. (SYK), Terraform Power (TERP), Thermo Fisher Scientific (TMO), Venator Materials plc (VNTR), and WMIH Corp (WMIH): These small positions (less than ~1% of the portfolio each) saw reductions this quarter.Kept Steady:Boyd Gaming (BYD), United Continental (UAL), and Caesars Entertainment Notes:These are small positions (less than ~1% of the portfolio each) kept steady this quarter.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q2 2018:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q1 2018 Update" | "David Tepper’s 13F portfolio value decreased from $10.73B to $9.72B this quarter.Micron Technology is the largest individual stock position at ~19% of the portfolio.Appaloosa increased Micron Technology & MGM Resorts while dropping Apple.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value decreased ~10% from $10.73B to $9.72B. The number of holdings increased from 50 to 53. The top-five individual stock positions are Micron Technology, Facebook Inc., Alibaba Group Holdings, Allergan, and Altaba. Combined, they account for ~50% of the 13F holdings.To know more about Tepper's distress investing style, check out the book .New Stakes:Lam Research (LRCX), Wells Fargo (WFC), UBS Group AG (UBS), Applied Materials (AMAT), and Vaneck Semi ETF (SMH): LRCX is a medium-sized 2.71% of the portfolio stake established this quarter at prices between $162 and $229 and the stock currently trades at ~$196. The 1.58% WFC position was purchased at prices between $51 and $66 and it is now near the low end of that range at $53.70. UBS is a 1.26% portfolio stake established at prices between $17 and $21 and it currently trades below that range at $15.97. AMAT & SMH are very small (less than 1% of the portfolio each) stakes purchased this quarter.Alerian MLP Alps ETF (AMLP), Knight-Swift Transportation (KNX), Boyd Gaming (BYD), Platform Specialty Products (PAH), United Continental (UAL), and Nvidia Corp (NVDA): These are minutely small (less than ~0.5% of the portfolio each) positions established this quarter.Stake Disposals:Apple Inc. (AAPL): AAPL was a very large (top five) ~7% of the portfolio stake as of last quarter. The position was built during Q2 & Q3 2017 at prices between $140 and $164. Last quarter saw a huge ~240% stake increase at prices between $153 and $177. The stake was sold this quarter at prices between $155 and $182. The stock is now at ~$186.Mohawk Industries (MHK): The original MHK stake was established in Q1 2016 at prices between $152 and $192 and increased by ~37% the following quarter at prices between $178 and $201. Q3 2016 saw a ~24% reduction at prices between $186 and $216. Last three quarters had seen a combined ~88% selling at prices between $225 and $285. The remaining minutely small 0.18% portfolio position was disposed this quarter. The stock is now at $216.Note: MHK has seen several roundtrips. The last one was a very small stake purchased in Q1 2015 and disposed in Q3 2015.iShares Emerging Market Index ETF (EEM), : EEM was a large (top three) stake established last quarter at prices between $44.50 and $48. It was sold this quarter at prices between $45.50 and $52. The stock is now at $46.07.Comcast Corp. (CMCSA), CSX Corporation (CSX), Southwest Airlines (LUV), and Vistra Energy (VST): These are very small (less than ~1% of the portfolio each) positions disposed this quarter. CMCSA, CSX, and VST stakes were established last quarter. LUV position was from Q3 2015 and had wavered since.Stake Increases:Micron Technology (MU): MU is the largest 13F position at 19% of the portfolio. The stake was built over the last six quarters at prices between $17 and $61. The stock is now at $53.39.Facebook Inc. (FB): FB is a large (top three) ~10% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. Q3 2017 saw a ~40% increase at prices between $148 and $174 and that was followed with a two-thirds increase last quarter at prices between $168 and $183. The stock currently trades at $183. This quarter also saw a ~12% increase.Note: FB has had several previous roundtrips in the portfolio: The latest was a fairly large 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Allergan plc (AGN): AGN is a large 6.41% of the portfolio stake. It was built up over the five quarters thru Q4 2016 at prices between $188 and $323. The pattern reversed in Q1 2017: ~30% selling at prices between $210 and $250 and that was followed with another ~15% reduction the following quarter at prices between $219 and $249. There was another ~25% selling in Q3 2017 at prices between $203 and $256. The pattern reversed again last quarter: ~85% increase at prices between $164 and $211. The stock is now at $158. There was a ~7% increase this quarter. For investors attempting to follow Tepper, AGN is a good option to consider for further research.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 4.31% of the portfolio position. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follow: Q3 2016 saw a 25% selling at prices between $692 and $787 while Q2 2017 saw a ~23% increase at prices between $824 and $984. Last quarter saw a ~37% reduction at prices between $952 and $1077 while this quarter there was a ~14% increase. The stock currently trades at $1066.T-Mobile US (TMUS): TMUS is a 2.61% of the portfolio position purchased last quarter at prices between $55 and $64.50 and the stock is currently at $56.93. There was a ~8% stake increase this quarter.UnitedHealth (UNH): UNH is a 1.56% portfolio position built during the first three quarters of 2017 at prices between $158 and $200. The stock is currently at ~$245. There was a ~11% trimming last quarter while this quarter saw a ~19% increase.Caesars Entertainment (CZR) and MGM Resorts International (MGM): These two ~1.5% portfolio positions were established last quarter and increased substantially this quarter. The CZR stake was more than doubled at prices between $10.50 and $14.50 and it is now at $12.85. The MGM position was increased by ~75% at prices between $33 and $38 and it currently trades just below that range at $32.34.Centene Corp (CNC) and Thermo Fisher Scientific (TMO): These two small ~1.3% stakes were decreased last quarter but saw increases this quarter. CNC position was increased by ~60% at prices between $99 and $112 and it is now at ~$115. The TMO positon saw a minor ~5% increase.Owens Corning (OC): The original OC stake was established in Q1 & Q2 2012 at prices between $29 and $37. Last five quarters had seen a combined two-thirds selling at prices between $46.50 and $92. The pattern reversed this quarter: ~45% stake increase at prices between $77.50 and $96. The stock currently trades at $66. The position is now at 1.17% of the portfolio.Atlantica Yield plc (AY): AY is a ~0.77% portfolio position purchased in Q4 2015 at prices between $14.50 and $21. 2016 saw an overall ~8% trimming and that was followed with a ~40% reduction last year. The stock is now at $19.60. There was a ~8% increase this quarter.Note: Tepper owns ~3.8% of ABY.Cheniere Energy (LNG), Dollar General (DG, Energy Transfer Equity (ETE), Huntsman Corporation (HUN), Kennametal (KMT), PG&E Corp. (PCG), Peabody Energy pfd Cnvrts, and Venator Materials plc (VNTR): These small positions (less than ~1% of the portfolio each) saw increases this quarter.Stake Decreases:Alibaba Group Holdings (BABA): BABA is a large (top five) 7.68% of the portfolio stake established in Q1 2017 at prices between $107 and $144. There was a ~20% increase last quarter at prices between $170 and $191 and the stock currently trades at $195. This quarter saw a ~6% trimming.Altaba Inc. (AABA) previously Yahoo: AABA is a large ~6% of the portfolio position. It was first purchased in Q3 2016 at prices between $37.50 and $44. Q1 2017 saw a ~60% increase at prices between $38.50 and $47 and that was followed with a ~130% increase in the following quarter at prices between $46 and $56. There was a ~90% increase last quarter at prices between $65 and $73. The stock is now at $75.93. This quarter saw a ~10% trimming.Bank of America (BAC): BAC is a 4.72% position established in Q1 2017 at prices between $22 and $25.50 and reduced by ~30% in Q3 2017 at prices between $22.89 and $25.50. There was a ~170% stake increase last quarter at prices between $25 and $30 and that was followed with a ~36% reduction this quarter at prices between $29 and $33. The stock currently trades at $30.26. BAC is a frequently traded stock in Tepper’s portfolio.XPO Logistics (XPO): XPO was a minutely small stake in Q3 2017. The position was built up to a ~2% of the portfolio position last quarter at prices between $64.50 and $92. The stock is now at ~$108. There was a ~3% trimming this quarter.NRG Energy (NRG) and Ally Financial (ALLY): These two positons had seen large stake increases in Q3 2017. NRG stake saw a ~575% increase at prices between $16 and $26 while ALLY position saw a ~525% increase at prices between $20.50 and $24.50. The NRG position was reduced by ~30% this quarter at prices between $24 and $31 and it is now at $33.71. The ALLY position saw marginal trimming this quarter. Both are ~2% portfolio stakes.Powershares QQQ ETF (QQQ): QQQ was a large (top three) 8.42% of the portfolio position purchased in Q2 2017 at prices between $130 and $144. The following quarter saw a ~20% selling at prices between $136 and $146 while last quarter saw a ~300% stake increase at prices between $145 and $159. The zigzag trading continued this quarter: ~87% selling at prices between $154 and $174. QQQ currently trades at ~$168 and the stake is now very small at 1.27% of the portfolio.Energy Transfer Partners LP (ETP): ETP is a 1.12% of the portfolio position. The original stake is from Q4 2015 at prices between $28 and $47. The following quarter saw a ~200% increase at prices between $20 and $35. The pattern reversed in Q2 2016: ~30% selling at prices between $30 and $41. Q2 2017 saw another reversal: ~24% increase at prices between $18.50 and $24.50. Last three quarters saw a ~55% reduction at prices between $15.50 and $21.50. The stock is now at $18.98.Boston Scientific (BSX) and Summit Materials (SUM): These small positions (less than ~1% of the portfolio each) saw reductions this quarter. BSX was reduced by ~18% while SUM stake saw a minor ~2% trimming.Williams Partners LP (WPZ): WPZ is now a small ~1% portfolio position. It was first purchased in Q4 2015 at prices between $23 and $35. There was a ~70% selling over the last three quarters at prices between $35 and $43.50. The stock currently trades at $41.23.Select Sector SPDR Financial ETF (XLF) Calls, Select SPDR Energy ETF (XLE) Calls, and Select SPDR O&G ETF (XOP) Calls: A ~3% position in XLF Calls was established in Q3 2017 when XLF traded between $24 and $26. Last quarter saw a ~40% increase as XLF traded between $26 and $28. It currently goes for $27.95. The position was almost sold out this quarter as the underlying traded between $27 and $30. XLE & XOP Calls were very small stakes that saw ~75% reductions this quarter.United Rentals (URI): URI was a 1.22% position as of last quarter. The original stake was built over the three quarters thru Q2 2017 at prices between $72 and $129. There was a ~20% reduction in Q3 2017 at prices between $107 and $139 and that was followed with a similar selling last quarter at prices between $139 and $173. The stock is now at $170. The position was almost sold out this quarter at prices between $162 and $189.Allstate Corporation (ALL), HCA Healthcare (HCA), Terraform Power (TERP), Western Digital (WDC), and WMIH Corp (WMIH): These are small positions (less than ~1% of the portfolio each) that saw reductions this quarter.Kept Steady:Stryker Corp. (SYK) and Caesars Entertainment Notes: These are small positions (less than ~1% of the portfolio each) kept steady this quarter.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q1 2018:Regulatory Filings thru 2/20/2018: 13G/A – 2/14 – AY - ~3.54M shares – 3.5% of business." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q4 2017 Update" | "David Tepper’s 13F portfolio value increased from $7.12B to $10.73B this quarter.Micron Technology is the largest individual stock position at ~11% of the portfolio.Appaloosa increased Micron Technology, Facebook, Powershares QQQ ETF, & Apple while reducing Alphabet, Energy Transfer Partners LP, and Williams Partners LP.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value increased ~50% from $7.12B to $10.73B. The number of holdings increased from 48 to 50. The top-five individual stock positions are Micron Technology, Facebook Inc., Apple Inc., Alibaba Group Holdings, and Altaba. Combined, they account for ~40% of the 13F holdings.To know more about Tepper's distress investing style, check out the book .New Stakes:T-Mobile US (TMUS): TMUS is a 2.28% of the portfolio position purchased this quarter at prices between $55 and $64.50 and the stock is currently at $60.06.iShares Emerging Market Index ETF (EEM), Select SPDR Energy ETF (XLE) Calls, and Select SPDR O&G ETF (XOP) Calls: These are new long positions on sector index ETFs. EEM is a large (top three) stake established at prices between $44.50 and $48 and it currently trades just above that range at $49.54. XLE Calls & XOP Calls are very small positions at 1.35% and 0.70% of the portfolio respectively established this quarter.Caesars Entertainment (CZR) & Notes, Comcast Corp. (CMCSA), and MGM Resorts International (MGM): These are very small (less than ~1% of the portfolio each) positions established this quarter.PG&E Corp. (PCG), Venator Materials plc (VNTR), Vistra Energy (VST), CSX Corporation (CSX), and Cheniere Energy (LNG): These are minutely small (less than 0.5% of the portfolio each) stakes purchased this quarter.Stake Disposals:PNC Financial (PNC): PNC was a 1.75% portfolio stake as of last quarter. It was established in Q3 2016 at prices between $78.50 and $91 and increased by ~220% the following quarter at prices between $88 and $118. Last quarter saw the position reduced by half at prices between $121 and $135 and the disposal this quarter was at prices between $132 and $147. The stock is now at $159. Tepper realized gains.Kinder Morgan Inc. (KMI): KMI was a ~1% portfolio stake first purchased in Q4 2015 at prices between $15 and $32. The position has wavered since. It was sold down by ~85% in H1 2016 at prices between $12 and $19. The three quarters thru Q1 2017 saw a ~250% stake increase at prices between $18 and $23 while the next two quarters saw a ~40% reduction at prices between $18.50 and $21.75. The elimination this quarter happened at prices between $16.75 and $19.25. The stock currently goes for $17.06.Whirlpool Corporation (WHR): WHR was a ~1% of the US long portfolio position as of last quarter. Most of the original stake was from Q1 & Q3 2014 at prices between $127 and $159. Recent activity follow: 2016 saw a two-thirds reduction at prices between $128 and $192. Last three quarters saw another ~45% reduction at prices between $165 and $198 and the disposal this quarter was at prices between $161 and $186. The stock currently trades at $173.Aerie Pharmaceuticals (AERI), Antero Resources (AR), Applied Materials (AMAT), CBS Corporation (CBS), Chesapeake Energy (CHK), General Motors (GM), Hain Celestial (HAIN), Peabody Energy (BTU), and Range Resources (RRC): These are very small (less than ~0.75% of the portfolio each) positions disposed this quarter.Note: GM is a frequently traded name in Tepper’s portfolio.Stake Increases:Micron Technology (MU): MU is the largest 13F position at 10.53% of the portfolio. The stake was built over the last five quarters at prices between $16.50 and $50. The stock is now at $44.21.Facebook Inc. (FB): FB is a large (top three) ~9% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. Last quarter saw a ~40% increase at prices between $148 and $174 and that was followed with a two-thirds increase this quarter at prices between $168 and $183. The stock currently trades at $177.Note: FB has had several previous roundtrips in the portfolio: The latest was a fairly large 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Powershares QQQ ETF (QQQ): QQQ is a large (top three) 8.42% of the portfolio position purchased in Q2 2017 at prices between $130 and $144. Last quarter saw a ~20% selling at prices between $136 and $146 while this quarter saw a ~300% stake increase at prices between $145 and $159. The stock currently trades at $165.Apple Inc. (AAPL): AAPL is now a very large (top five) ~7% of the portfolio stake. The position was built over the last two quarters at prices between $140 and $164. This quarter saw a huge ~240% stake increase at prices between $153 and $177. The stock is now at $172.Alibaba Group Holdings (BABA): BABA is a large (top five) ~7% of the portfolio stake established in Q1 2017 at prices between $107 and $144. There was a ~20% increase this quarter at prices between $170 and $191 and the stock currently trades at $184.Altaba Inc. (AABA) previously Yahoo: AABA is a fairly large 5.77% of the portfolio position. It was first purchased in Q3 2016 at prices between $37.50 and $44. Q1 2017 saw a ~60% increase at prices between $38.50 and $47 and that was followed with a ~130% increase in the following quarter at prices between $46 and $56. There was a ~90% increase this quarter at prices between $65 and $73. The stock is now at $73.51.Allergan plc (AGN): AGN is a fairly large 5.28% of the portfolio stake. It was built up over the five quarters thru Q4 2016 at prices between $188 and $323. The pattern reversed in Q1 2017: ~30% selling at prices between $210 and $250 and that was followed with another ~15% reduction the following quarter at prices between $219 and $249. There was another ~25% selling last quarter at prices between $203 and $256. The pattern reversed again this quarter: ~85% increase at prices between $164 and $211. The stock is now at $164.Bank of America (BAC): BAC is a 4.72% position established in Q1 2017 at prices between $22 and $25.50 and reduced by ~30% last quarter at prices between $22.89 and $25.50. There was a ~170% stake increase this quarter at prices between $25 and $30. The stock currently trades at $31.97. BAC is a frequently traded stock in Tepper’s portfolio.Select Sector SPDR Financial ETF (XLF) Calls: The ~3% position in XLF Calls stake was established last quarter when it traded between $24 and $26. This quarter saw a ~40% increase as XLF traded between $26 and $28. It currently goes for $28.98.NRG Energy (NRG) and Ally Financial (ALLY): These two positons had seen large stake increases last quarter. NRG stake saw a ~575% increase at prices between $16 and $26 while ALLY position saw a ~525% increase at prices between $20.50 and $24.50. Both positions saw incremental purchases this quarter. NRG & ALLY positions are now at 2.59% & 2.18% of the portfolio respectively. NRG currently trades at $25.22 and ALLY at $28.67.XPO Logistics (XPO): XPO was a minutely small stake last quarter. The position was built up to a ~2% of the portfolio position this quarter at prices between $64.50 and $92. The stock is now at $91.43.Boston Scientific (BSX), Dollar General (DG), Energy Transfer Equity (ETE), HCA Healthcare (HCA), Peabody Energy pfd Cnvrts, and Summit Materials (SUM): These small positions (less than ~1% of the portfolio each) saw increases this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is a ~3.50% of the portfolio position. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follow: Q3 2016 saw a 25% selling at prices between $692 and $787 while Q2 2017 saw a ~23% increase at prices between $824 and $984. This quarter saw a ~37% reduction at prices between $952 and $1077. The stock currently trades at $1095.Energy Transfer Partners LP (ETP): ETP is a 1.37% of the portfolio position. The original stake is from Q4 2015 at prices between $28 and $47. The following quarter saw a ~200% increase at prices between $20 and $35. The pattern reversed in Q2 2016: ~30% selling at prices between $30 and $41. Q2 2017 saw another reversal: ~24% increase at prices between $18.50 and $24.50. There was a ~20% reduction last quarter at prices between $18 and $21.50 and that was followed with a roughly one-third selling this quarter at prices between $15.50 and $18. The stock is now at $18.55.Williams Partners LP (WPZ): WPZ is now a small 1.34% portfolio position. It was first purchased in Q4 2015 at prices between $23 and $35. There was a ~20% selling last quarter at prices between $37 and $41.50 and that was followed with a ~50% reduction this quarter at prices between $35 and $40. The stock currently trades at $38.90.United Rentals (URI): URI is a 1.22% position. The original stake was built over the three quarters thru Q2 2017 at prices between $72 and $129. There was a ~20% reduction last quarter at prices between $107 and $139 and that was followed with a similar selling this quarter at prices between $139 and $173. The stock is now at $168.UnitedHealth (UNH): UNH is a 1.22% portfolio position built during the first three quarters of 2017 at prices between $158 and $200. The stock is currently at $229. There was a ~11% trimming this quarter.Owens Corning (OC): The original OC stake was established in Q1 & Q2 2012 at prices between $29 and $37. Last five quarters saw a combined two-thirds selling at prices between $46.50 and $92. The stock currently trades at $87.44. Tepper is harvesting gains. The remaining position is at 0.85% of the portfolio.Mohawk Industries (MHK): MHK is now a minutely small 0.18% position. The original stake was established in Q1 2016 at prices between $152 and $192 and increased by ~37% the following quarter at prices between $178 and $201. Q3 2016 saw a ~24% reduction at prices between $186 and $216. Last three quarters saw a combined ~88% selling at prices between $225 and $285. The stock is now at $250.Note: MHK has seen several roundtrips. The last one was a very small stake purchased in Q1 2015 and disposed in Q3 2015.Western Digital (WDC): WDC is a 0.44% of the portfolio stake established in Q2 2016 at prices between $35.50 and $51. It was reduced by ~21% the following quarter at prices between $43 and $59. Q1 2017 saw a ~16% increase at prices between $69 and $84 and that was followed with a stake-doubling in Q2 2017 at prices between $82 and $94. There was another reversal this quarter: ~77% selling at prices between $77 and $93. The stock is now at $84.91.Atlantica Yield plc (AY): AY is a ~0.70% portfolio position purchased in Q4 2015 at prices between $14.50 and $21. 2016 saw an overall ~8% trimming and that was followed with a ~40% reduction last year. The stock is now at $20.40.Note: Tepper owns ~3.5% of ABY.Allstate Corporation (ALL), Centene Corp (CNC), Huntsman Corporation (HUN), Kennametal (KMT), Southwest Airlines (LUV), Stryker Corp. (SYK), Terraform Power (TERP), and Thermo Fisher Scientific (TMO): These are small positions (less than ~1% of the portfolio each) that saw reductions this quarter.Note: The minutely small 0.06% portfolio stake in WMIH Corp (WMIH) was kept steady this quarter. Tepper has a ~3.6% ownership stake in WMIH.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q4 2017:Regulatory Filings thru 11/18/2017: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q3 2017 Update" | "David Tepper’s 13F portfolio value increased from $6.74B to $7.12B this quarter.Micron Technology is the largest individual stock position at ~9% of the portfolio.Appaloosa increased Micron Technology, Facebook, NRG Energy, & Apple while reducing Allergan plc, Williams Partners LP, and Energy Transfer Partners LP.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value increased ~6% from $6.74B to $7.12B. The number of holdings decreased from 58 to 48. The top-five individual stock positions are Micron Technology, Alibaba Group Holdings, Facebook Inc., Alphabet Inc., and Allergan plc. Combined, they account for ~39% of the 13F holdings.To know more about Tepper's distress investing style, check out the book .New Stakes:Select Sector SPDR Financial ETF (XLF) Calls: The ~3% position in XLF Calls is new. The stock traded between $24 and $26 during the quarter and it currently goes for $26.16.Stake Disposals:iShares Nasdaq Biotech ETF (IBB): IBB was a small ~1% portfolio stake established last quarter at prices between $284 and $321 and disposed this quarter at prices between $304 and $336. It is now at $311.Cemex SAB ADR (CX), Delta Air Lines (DAL), L Brands (LB), Nucor Corp (NUE), and Wells Fargo (WFC): These are very small (less than ~0.67% of the portfolio each) stakes disposed this quarter.Stake Increases:Micron Technology (MU): MU is now the largest position at 9.42% of the portfolio. It was established in Q4 2016 at prices between $16.50 and $23.50 and doubled the following quarter at prices between $21.50 and $29. The stake was almost doubled again last quarter at prices between $26.50 and $32.50. There was a one-third further increase this quarter at prices between $27.50 and $39.50. The stock is now at $46.16.Facebook Inc. (FB): FB is a large (top three) ~8% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. Q1 2017 saw a ~13% trimming at prices between $117 and $143. There was a ~24% increase last quarter at prices between $139 and $155 and that was followed with a ~40% increase this quarter at prices between $148 and $174. The stock currently trades at $179.Note: FB has had several previous roundtrips in the portfolio: The latest was a fairly large 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Western Digital (WDC): WDC is a ~3% of the portfolio stake established in Q2 2016 at prices between $35.50 and $51. It was reduced by ~21% the following quarter at prices between $43 and $59. Q1 2017 saw a ~16% increase at prices between $69 and $84 and that was followed with a stake-doubling last quarter at prices between $82 and $94. The stock is now at $91.30. There was a marginal increase this quarter.Ally Financial (ALLY) and NRG Energy (NRG): These two positon saw large stake increases this quarter. NRG stake saw a ~575% increase to a ~3% of the portfolio position at prices between $16 and $26. The stock currently trades above that range at $29.49. ALLY position saw a ~525% increase to a 2.32% portfolio stake at prices between $20.50 and $24.50 and it is now above that range at $26.67.Apple Inc. (AAPL): The majority of the ~3% AAPL stake was purchased over the last two quarters at prices between $140 and $164. The stock is now at $170.UnitedHealth (UNH): UNH is a ~2% portfolio position built this year at prices between $158 and $200 and the stock is currently at $210.Southwest Airlines (LUV): LUV is now a very small a 0.61% position. It was first purchased in Q3 2015 at prices between $32 and $40.50 and the stake has wavered. Recent activity follow: Q1 2017 saw a ~160% stake increase at prices between $49.50 and $59 while last quarter saw the position reduced by two-thirds at prices between $53 and $62. There was a ~25% stake increase this quarter at prices between $50.50 and $64. The stock currently trades at $54.71.Boston Scientific (BSX), Centene Corp (CNC), Energy Transfer Equity (ETE), Kennametal (KMT), Stryker Corp. (SYK), and Thermo Fisher Scientific (TMO): These are small positions (less than ~1.5% of the portfolio each) that saw increases this quarter.Stake Decreases:Alibaba Group Holdings (BABA): BABA is a large (top three) 8.64% of the portfolio stake established in Q1 2017 at prices between $107 and $144 and the stock is now well above that range at $185. There was marginal trimming this quarter.Alphabet Inc. (GOOG) (GOOGL): GOOG is a large (top five) 7.65% of the portfolio position. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The position has wavered. Recent activity follow: Q3 2016 saw a 25% selling at prices between $692 and $787 while last quarter saw a ~23% increase at prices between $824 and $984. The stock currently trades at $1019. There was a very minor ~3% reduction this quarter.Allergan plc (AGN): AGN is a large (top five) 5.44% of the portfolio stake. It was built up over the five quarters thru Q4 2016 at prices between $188 and $323. The pattern reversed in Q1 2017: ~30% selling at prices between $210 and $250 and that was followed with another ~15% reduction last quarter at prices between $219 and $249. There was another ~25% selling this quarter at prices between $203 and $256. The stock is now at $175.Altaba Inc. (AABA) previously Yahoo: AABA is a fairly large 4.36% of the portfolio position. It was first purchased in Q3 2016 at prices between $37.50 and $44. Q1 2017 saw a ~60% increase at prices between $38.50 and $47 and that was followed with a ~130% increase last quarter at prices between $46 and $56. The stock is now at $71.02. There was a ~9% trimming this quarter.Williams Partners LP (WPZ): WPZ is a ~4% portfolio position purchased in Q4 2015 at prices between $23 and $35. There was a ~20% selling this quarter at prices between $37 and $41.50. The stock currently trades at $35.24.Energy Transfer Partners LP (ETP): ETP is a ~3% of the portfolio position. The original stake is from Q4 2015 at prices between $28 and $47. The following quarter saw a ~200% increase at prices between $20 and $35. The pattern reversed in Q2 2016: ~30% selling at prices between $30 and $41. Last quarter saw another reversal: ~24% increase at prices between $18.50 and $24.50. There was a ~20% reduction this quarter at prices between $18 and $21.50. The stock is now at $16.75.Powershares QQQ ETF (QQQ): QQQ is a ~3% of the portfolio position purchased last quarter at prices between $130 and $144. This quarter saw a ~20% selling at prices between $136 and $146. The stock currently trades at $154.Owens Corning (OC): The original OC stake was established in Q1 & Q2 2012 at prices between $29 and $37. Last four quarters saw a combined one-third selling at prices between $46.50 and $78. The stock currently trades at $85.63. Tepper is harvesting gains. The remaining position is at 2.31% of the portfolio.Huntsman Corporation (HUN): HUN is a ~2% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. Q1 2015 saw a one-third increase at prices between $21 and $24.50. Last seven quarters have seen a combined ~36% reduction at prices between $8.50 and $28. The stock is now at $30.55.Allstate Corporation (ALL): The ~2% Allstate stake was established over Q3 & Q4 2015 at prices between $57 and $69. Last four quarters have seen a combined ~53% selling at prices between $66.50 and $94. The stock currently trades at $100.Bank of America (BAC): BAC is a 2.25% position established in Q1 2017 at prices between $22 and $25.50 and reduced by ~30% this quarter at prices between $22.89 and $25.50. The stock currently trades at $26.62. BAC is a frequently traded stock in Tepper’s portfolio.United Rentals (URI): URI is a 1.82% position built over the last three quarters at prices between $72 and $129. There was a ~20% reduction this quarter at prices between $107 and $139. The stock is now at $150.PNC Financial (PNC): The 1.75% PNC stake was established in Q3 2016 at prices between $78.50 and $91 and increased by ~220% the following quarter at prices between $88 and $118. This quarter saw the position reduced by half at prices between $121 and $135. The stock is now at $133. Tepper realized gains.Terraform Power (TERP): TERP is a 1.59% portfolio stake established in Q4 2015 at prices between $7 and $20. There was marginal trimming this quarter. The stock is now at $12.64.Atlantica Yield plc (AY): AY is a ~1.3% portfolio position purchased in Q4 2015 at prices between $14.50 and $21. Last year saw an overall ~8% trimming and that was followed with a ~20% reduction over the last three quarters. The stock is now at $22.80.Note: Tepper owns 4.7% of ABY.Mohawk Industries (MHK): MHK is a 1.10% of the US long portfolio position established in Q1 2016 at prices between $152 and $192 and increased by ~37% the following quarter at prices between $178 and $201. Q3 2016 saw a ~24% reduction at prices between $186 and $216. The stock is now at $272. Last two quarters saw a combined ~50% selling at prices between $228 and $260.Note: MHK has seen several roundtrips. The last one was a very small stake purchased in Q1 2015 and disposed in Q3 2015.Whirlpool Corporation (WHR): WHR is a ~1% of the US long portfolio position. Most of the original stake is from Q1 & Q3 2014 at prices between $127 and $159. Recent activity follow: Last year saw a two-thirds reduction at prices between $128 and $192. YTD has seen another ~45% reduction at prices between $165 and $198. The stock currently trades at $165.Kinder Morgan Inc. (KMI): KMI is a ~1% portfolio stake first purchased in Q4 2015 at prices between $15 and $32. The position has wavered since. It was sold down by ~85% in H1 2016 at prices between $12 and $19. The three quarters thru Q1 2017 saw a ~250% stake increase at prices between $18 and $23 while last two quarters have seen a ~40% reduction at prices between $18.50 and $21.75. The stock currently goes for $17.01.CBS Corporation (CBS), Dollar General (DG), General Motors (GM), Hain Celestial (HAIN), and Summit Materials (SUM): These small (less than ~1% of the portfolio each) positions were decreased this quarter.Note: GM is a frequently traded stock in Tepper’s portfolio.Following are the other minutely small stakes in the portfolio: Aerie Pharmaceuticals (AERI), Antero Resources (AR), Applied Materials (AMAT), Chesapeake Energy (CHK), HCA Healthcare (HCA), Peabody Energy (BTU), Range Resources (RRC), WMIH Corp (WMIH), and XPO Logistics (XPO).Note: Tepper has a ~3.6% ownership stake in WMIH.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q3 2017:Regulatory Filings thru 8/17/2017: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q2 2017 Update" | "David Tepper’s 13F portfolio value increased from $6.09B to $6.74B this quarter.Allergan plc is the largest individual stock position at ~9% of the portfolio.Appaloosa added Alibaba while increasing Alphabet, Micron, and Facebook.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value increased ~11% from $6.09B to $6.74B. The number of holdings increased from 53 to 58. The top-five individual stock positions are Allergan plc, Alphabet Inc., Alibaba Group Holdings, Micron Technology, and Williams Partners LP. Combined, they account for ~36% of the 13F holdings.To know more about Tepper's distress investing style, check out the book .New Stakes:Alibaba Group Holdings (BABA): BABA is a large (top three) 9.05% of the portfolio stake established this quarter at prices between $107 and $144 and the stock is now well above that range at $160.Powershares QQQ ETF (QQQ) and iShares Nasdaq Biotech ETF (IBB): QQQ is a 3.71% of the portfolio position purchased this quarter at prices between $130 and $144 and the ETF currently trades at $144. IBB is a small ~1% portfolio stake established at prices between $284 and $321 and it is now at $310.Dollar General (DG), Stryker Corp. (SYK), Energy Transfer Equity (ETE), L Brands (LB), Wells Fargo (WFC), and Cemex SAB ADR (CX): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Stake Disposals:SPDR S&P500 ETF (SPY) Calls: A ~4% portfolio short position in SPY thru Puts established in Q4 016 was replaced last quarter with a ~5.8% long position in SPY thru Calls. The switch happened as the underlying traded between $224 and $240. The position was sold out this quarter as SPY traded between $233 and $245. It currently goes for $247.Regions Financial (RF): The 2.1% RF position was purchased in Q4 2016 at prices between $9.87 and $14.60 and increased by ~20% last quarter at prices between $13.50 and $16. The disposal this quarter was at prices between $13.34 and $14.66. It now goes for $14.34.Teva Pharmaceuticals (TEVA), Pfizer Inc. (PFE), and Mylan NV (MYL): These pharma stocks were established in Q4 2016, reduced last quarter, and sold out this quarter. TEVA was a ~1% position purchased at prices between $35 and $46 and reduced by ~55% last quarter at prices between $32 and $38. The disposal this quarter was at prices between $27.80 and $33. The stock is now at $17.49. The 1.7% PFE stake was established at prices between $30 and $34 and reduced by ~35% last quarter at prices between $31 and $35. The elimination this quarter was at prices between $31.75 and $34.50. It currently trades at $33.36. MYL is a 1.2% position purchased at prices between $34 and $39 and reduced by ~40% last quarter at prices between $35.50 and $45.50. It was eliminated this quarter at prices between $36.50 and $40. The stock currently trades at $30.47.Alps ETF Alerian MLP (AMLP), ArcelorMittal (MT), Charter Communications (CHTR), Goodyear Tire & Rubber (GT), McKesson Corp (MCK), and Symantec Corp. (SYMC): These are very small positions (less than ~1% of the portfolio each) disposed this quarter.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the second-largest 13F equity stake at ~8% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake was increased by 87% in Q1 2014 at prices between $550 and $610. Q2 & Q3 2015 saw a combined ~77% reduction at prices between $517 and $673. The three quarters thru Q2 2016 saw the pattern reverse: 240% increase at prices between $608 and $777. Q3 2016 saw a 25% selling at prices between $692 and $787. This quarter saw a ~23% increase at prices between $824 and $984. The stock currently trades at $927.Micron Technology (MU): MU is now a large (top five) 5.71% portfolio stake. It was established in Q4 2016 at prices between $16.50 and $23.50 and doubled last quarter at prices between $21.50 and $29. The stake was almost doubled again this quarter at prices between $26.50 and $32.50. The stock is now at $30.69.Facebook Inc. (FB): FB is a large 5.28% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. Last quarter saw a ~13% trimming at prices between $117 and $143. There was a ~24% increase this quarter at prices between $139 and $155. The stock currently trades at $170.Note: FB has had several previous roundtrips in the portfolio: The latest was a fairly large 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Energy Transfer Partners LP (ETP): ETP is a 4.49% of the portfolio position. The original stake is from Q4 2015 at prices between $28 and $47. The following quarter saw a ~200% increase at prices between $20 and $35. Q2 2016 saw a ~30% selling at prices between $30 and $41. This quarter saw a ~24% increase at prices between $18.50 and $24.50. The stock is now at ~$18.37.Western Digital (WDC): WDC is a 3.38% of the portfolio stake established in Q2 2016 at prices between $35.50 and $51. It was reduced by ~21% the following quarter at prices between $43 and $59. Last quarter saw a ~16% increase at prices between $69 and $84 and that was followed with a stake-doubling this quarter at prices between $82 and $94. The stock is now at $85.85.Altaba Inc. (AABA) previously Yahoo: AABA is a ~4% of the portfolio position. It was first purchased in Q3 2016 at prices between $37.50 and $44. Last quarter saw a ~60% increase at prices between $38.50 and $47 and that was followed with a ~130% increase this quarter at prices between $46 and $56. The stock is now at $60.65.Apple Inc. (AAPL), Delta Air Lines (DAL), Hain Celestial (HAIN), Kennametal (KMT), Thermo Fisher Scientific (TMO), UnitedHealth (UNH), and United Rentals (URI): These are very small positions (less than ~1% of the portfolio each) that saw increases this quarter.Stake Decreases:Allergan plc (AGN): AGN is currently the largest position at ~9% of the portfolio. It was established in Q4 2015 at prices between $253 and $323. The stake was increased by ~85% the following quarter at prices between $266 and $313 and that was followed with a whopping 350% increase in Q2 2016 at prices between $202 and $278. Q4 2016 saw another ~250% increase at prices between $188 and $243. The pattern reversed last quarter: ~30% selling at prices between $210 and $250 and that was followed with another ~15% reduction this quarter at prices between $219 and $249. The stock is now at $228.Williams Partners LP (WPZ): WPZ is a top-five 5.46% portfolio position purchased in Q4 2015 at prices between $23 and $35. The stock currently trades above that range at $38.08. Last quarter saw a ~5% increase while this quarter saw a ~8% trimming.PNC Financial (PNC): The fairly large ~4% PNC stake was established in Q3 2016 at prices between $78.50 and $91 and increased by ~220% the following quarter at prices between $88 and $118. The stock is now well above those ranges at $130. There was a ~9% trimming this quarter.Owens Corning (OC): The original OC stake was established in Q1 & Q2 2012 at prices between $29 and $37. Q4 2014 saw a ~14% reduction at prices between $29 and $37 while in Q2 2015 there was a ~22% increase at prices between $38 and $43.50. Q3 2016 saw a ~12% trimming at prices between $51 and $55.50. The stake is now at 2.48%. The stock currently trades at $67.21. Last three quarters saw a combined ~15% trimming at prices between $46.50 and $67. Tepper is harvesting gains.Allstate Corporation (ALL): The 2.23% Allstate stake was established over Q3 & Q4 2015 at prices between $57 and $69. Q4 2016 saw a ~17% selling at prices between $66.50 and $75 and that was followed with a ~30% reduction last quarter at prices between $73 and $83. The stock currently trades at $94.38. There was another ~8% trimming this quarter.Huntsman Corporation (HUN): HUN is a ~2% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. Q1 2015 saw a one-third increase at prices between $21 and $24.50. Q2 2016 saw the pattern reverse: ~16% reduction at prices between $12.50 and $16.50. Last four quarters also saw minor trimming. The stock trades at $25.64.Mohawk Industries (MHK): MHK is a 1.66% of the US long portfolio position established in Q1 2016 at prices between $152 and $192 and increased by ~37% the following quarter at prices between $178 and $201. Q3 2016 saw a ~24% reduction at prices between $186 and $216. The stock is now at $252. This quarter saw a ~18% selling at prices between $228 and $247.Note: MHK has seen several roundtrips. The last one was a very small stake purchased in Q1 2015 and disposed in Q3 2015.Atlantica Yield plc (ABY): ABY is a ~1.5% portfolio position purchased in Q4 2015 at prices between $14.50 and $21. Last year saw an overall ~8% trimming and that was followed with a ~20% reduction over the last two quarters. The stock is now at $21.33.Note: Tepper owns 4.7% of ABY.Kinder Morgan Inc. (KMI): KMI is a ~1% portfolio stake first purchased in Q4 2015 at prices between $15 and $32. H1 2016 saw a ~84% reduction at prices between $12 and $19. There was an about turn in Q3 2016: ~140% increase at prices between $18 and $23 and that was followed with a ~10% increase the following quarter at prices between $19.50 and $23. There was another ~30% increase last quarter at prices between $19 and $23. This quarter saw an about turn: 25% selling at prices between $18.50 and $21.75. The stock currently goes for $18.71.Whirlpool Corporation (WHR): WHR is a ~1.4% of the US long portfolio position. Q1 2014 saw a 125% increase at prices between $127 and $159 and that was followed with a stake doubling in Q3 2014 at prices between $139 and $156. In Q4 2014, the pattern reversed: ~44% reduction over the next two quarters at prices between $140 and $215. In Q4 2015, there was a ~43% increase at prices between $142 and $167. Last year had seen a two-thirds reduction at prices between $128 and $192. The stock currently trades at $174. There was a ~15% trimming last quarter and that was followed with another ~20% selling this quarter.Southwest Airlines (LUV): LUV is now a very small a 0.57% position. It was first purchased in Q3 2015 at prices between $32 and $40.50 and the stake has wavered since. The following quarter saw a ~160% increase at prices between $38 and $50. Q2 & Q3 2016 saw a ~87% reduction at prices between $37 and $48. Q4 2016 saw another reversal: stake doubled at prices between $38.50 and $51. There was a ~160% stake increase last quarter at prices between $49.50 and $59. This quarter saw the position reduced by two-thirds at prices between $53 and $62. The stock currently trades at $55.31.Boston Scientific (BSX), CBS Corporation (CBS), Centene Corp (CNC), General Motors (GM), HCA Healthcare (HCA), Nucor Corp (NUE), and Summit Materials (SUM): These small (less than ~1% of the portfolio each) positions were decreased this quarter.Note: GM is a frequently traded stock in Tepper’s portfolio.Kept Steady:Bank of America (BAC): The fairly large 3.16% BAC position was established last quarter at prices between $22 and $25.50 and the stock currently trades at $24.19. BAC is a frequently traded stock in Tepper’s portfolio.Terraform Power (TERP): TERP is a 1.55% portfolio stake established in Q4 2015 at prices between $7 and $20. The stock is now at $13.30.Following are the other minutely small stakes in the portfolio: Activision Blizzard (ATVI), Aerie Pharma. (AERI), Ally Financial (ALLY), Antero Resources (AR), Chesapeake Energy (CHK), Expedia Inc. (EXPE), Kayne Anderson MLP (KYN), NRG Energy (NRG), Peabody Energy (BTU), Range Resources (RRC), Rio Tinto plc (RIO), Southwestern Energy (SWN), and WMIH Corp (WMIH).Note: Tepper has a ~3.7% ownership stake in WMIH.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q2 2017:Regulatory Filings thru 5/15/2017: None." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q1 2017 Update" | "David Tepper’s 13F portfolio value increased from $5.64B to $6.09B this quarter.Allergan plc is the largest individual stock position at ~12% of the portfolio.The short position in S&P 500 thru SPY Puts was dropped while simultaneously building a long position thru SPY Calls.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory filed on 05/12/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2016.This quarter, Tepper’s 13F portfolio value increased ~8% from $5.64B to $6.09B. The number of holdings decreased from 54 to 53. The top-five individual stock positions are Allergan plc, Energy Transfer Partners LP, Williams Partners LP, Alphabet Inc., and Facebook. Combined, they account for ~36% of the 13F holdings.To know more about Tepper's distress investing style, check out the book .New Stakes:Bank of America (BAC) and General Motors (GM): The fairly large 3.4% BAC position was established this quarter at prices between $22 and $25.50 and the stock currently trades at $24. The ~3% GM stake was purchased at prices between $34 and $38.50 and it currently trades just below the low end of that range at $33.62.Note: Bank of America and General Motors are frequently traded stocks in Tepper’s portfolio.CBS Corporation (CBS), UnitedHealth (UNH), Symantec Corp. (SYMC), Charter Communications (CHTR), and Nucor Corp. (NUE): These are very small positions (less than ~1% of the portfolio each) established this quarter.Stake Disposals:SPDR S&P500 ETF (SPY) Puts: The short position in SPY was at ~4% of the portfolio as of last quarter. It was established in Q3 2016 as the underlying traded between $208 and $219 and decreased by ~60% last quarter at prices between $209 and $228. The disposal this quarter happened as the underlying traded between $224 and $240. It currently goes for $239.Note: SPY is an actively traded position in Tepper’s portfolio. The short position thru SPY Puts was replaced with a long position thru SPY Calls this quarter.Citizens Financial Group (CFG): The ~1.8% CFG position purchased in Q3 2016 at prices between $18.90 and $25 was disposed of this quarter at prices between $34 and $39.75. The stock is now at $36.65. Tepper harvested short-term gains.Qualcomm Inc. (QCOM): The 1.62% QCOM position was established in Q3 2016 at prices between $52 and $68.50 and increased by ~55% last quarter at prices between $64 and $70. The stake was eliminated this quarter at prices between $52.50 and $67. The stock is now at $55.32.Comerica Inc. (CMA): A 1.39% stake in CMA was established last quarter at prices between $47 and $70 and sold this quarter at prices between $65 and $75. The stock currently trades at $70.10.Tempur Sealy Intl. (TPX), American Airlines (AAL), and JC Penney (JCP): These are very small (less than ~1% of the portfolio each) positions disposed of this quarter.Stake Increases:Williams Partners LP (WPZ): WPZ is a top-three 6.69% portfolio position purchased in Q4 2015 at prices between $23 and $35. The stock currently trades above that range at $40.84. This quarter saw a ~5% increase.SPDR S&P500 ETF (SPY) Calls: A ~4% portfolio short position in SPY thru Puts established last quarter was replaced this quarter with a ~5.8% long position in SPY thru Calls. The switch happened as the underlying traded between $224 and $240 and it currently goes for $239.Micron Technology (MU): MU is now a fairly large 3.18% portfolio stake. It was established last quarter at prices between $16.50 and $23.50 and doubled this quarter at prices between $21.50 and $29. The stock is now at $28.93.Southwest Airlines (LUV): LUV is a 2.73% position. It was first purchased in Q3 2015 at prices between $32 and $40.50. The following quarter saw a ~160% increase at prices between $38 and $50. Q2 & Q3 2016 saw a ~87% reduction at prices between $37 and $48. Last quarter saw another reversal: stake doubled at prices between $38.50 and $51. There was a ~160% stake increase this quarter at prices between $49.50 and $59. The stock currently trades at $57.22.Regions Financial (RF): The 2.1% RF position was purchased last quarter at prices between $9.87 and $14.60 and increased by ~20% this quarter at prices between $13.50 and $16. It now goes for $14.13.Kinder Morgan Inc. (KMI): KMI is a 1.9% portfolio stake first purchased in Q4 2015 at prices between $15 and $32. H1 2016 saw a ~84% reduction at prices between $12 and $19. There was an about turn in Q3 2016: ~140% increase at prices between $18 and $23 and that was followed with a ~10% increase last quarter at prices between $19.50 and $23. There was another ~30% increase this quarter at prices between $19 and $23. The stock currently goes for $19.91.Western Digital (WDC): WDC is a 1.76% of the portfolio stake established in Q2 2016 at prices between $35.50 and $51. It was reduced by ~21% the following quarter at prices between $43 and $59. This quarter also saw another ~16% increase at prices between $69 and $84. The stock is now at $89.65.ArcelorMittal (MT), Boston Scientific (BSX), Summit Materials (SUM), United Rentals (URI), Centene Corp. (CNC), and Yahoo Inc. (YHOO): These small (less than ~1.5% of the portfolio each) positions were increased this quarter.Stake Decreases:Allergan plc (AGN): AGN is currently the largest position at ~12% of the portfolio. It was established in Q4 2015 at prices between $253 and $323. The stake was increased by ~85% the following quarter at prices between $266 and $313 and that was followed with a whopping 350% increase in Q2 2016 at prices between $202 and $278. Last quarter saw another ~250% increase at prices between $188 and $243. The pattern reversed this quarter: ~30% selling at prices between $210 and $250. The stock is now at $231.Alphabet Inc. (GOOG) (GOOGL): GOOG is the fourth-largest 13F equity stake at ~6.5% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake was increased by 87% in Q1 2014 at prices between $550 and $610. Q2 & Q3 2015 saw a combined ~77% reduction at prices between $517 and $673. The three quarters thru Q2 2016 saw the pattern reverse: ~240% increase at prices between $608 and $777. Q3 2016 saw a ~25% selling at prices between $692 and $787. The stock currently trades at $932. There was a very minor trimming this quarter.Facebook Inc. (FB): FB is a large (top five) 4.45% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% last quarter at prices between $115 and $133. This quarter saw a ~13% trimming at prices between $117 and $143. The stock currently trades at $150.Note: FB has had several previous roundtrips in the portfolio: The latest was a fairly large 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Owens Corning (OC): The original OC stake was established in Q1 & Q2 2012 at prices between $29 and $37. Q4 2014 saw a ~14% reduction at prices between $29 and $37 while in Q2 2015 there was a ~22% increase at prices between $38 and $43.50. Q3 2016 saw a ~12% trimming at prices between $51 and $55.50. The stake is now at 2.63%. The stock currently trades at $60.87. Last two quarters saw a combined ~12% trimming at prices between $46.50 and $62.50. Tepper is harvesting gains.Allstate Corporation (ALL): The ~2.5% Allstate stake was established over Q3 & Q4 2015 at prices between $57 and $69. Last quarter saw a ~17% selling at prices between $66.50 and $75 and that was followed with a ~30% reduction this quarter at prices between $73 and $83. The stock currently trades at $84.13.Huntsman Corporation (HUN): HUN is a ~2.2% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. Q1 2015 saw a one-third increase at prices between $21 and $24.50. Q2 2016 saw the pattern reverse: ~16% reduction at prices between $12.50 and $16.50. Last three quarters also saw minor trimming. The stock trades at $25.76.Mohawk Industries (MHK): MHK is a 2.12% of the US long portfolio position established in Q1 2016 at prices between $152 and $192 and increased by ~37% the following quarter at prices between $178 and $201. Q3 2016 saw a ~24% reduction at prices between $186 and $216. The stock is now at $231. Last quarter had seen a ~9% increase while there was a ~11% trimming this quarter.Note: MHK has seen several roundtrips. The last one was a very small stake purchased in Q1 2015 and disposed in Q3 2015.Atlantica Yield plc (ABY): ABY is a ~1.8% portfolio position purchased in Q4 2015 at prices between $14.50 and $21. Last year saw an overall ~8% trimming and that was followed with a ~11% trimming this quarter. The stock is now at $19.89.Note: Tepper owns 5.2% of ABY.Whirlpool Corporation (WHR): WHR is a ~1.4% of the US long portfolio position. Q1 2014 saw a 125% increase at prices between $127 and $159 and that was followed with a stake doubling in Q3 2014 at prices between $139 and $156. In Q4 2014, the pattern reversed: ~44% reduction over the next two quarters at prices between $140 and $215. In Q4 2015, there was a ~43% increase at prices between $142 and $167. Last year had seen a two-thirds reduction at prices between $128 and $192. The stock currently trades at $183. There was a ~15% trimming this quarter.Teva Pharmaceuticals (TEVA), Pfizer Inc. (PFE), and Mylan NV (MYL): These pharma stocks were established last quarter and reduced this quarter. TEVA is a ~1% position purchased at prices between $35 and $46 and reduced by ~55% this quarter at prices between $32 and $38. The stock is now at $31.89. The 1.7% PFE stake was established at prices between $30 and $34 and reduced by ~35% this quarter at prices between $31 and $35. It currently trades at ~$33. MYL is a 1.2% position purchased at prices between $34 and $39 and reduced by ~40% this quarter at prices between $35.50 and $45.50. The stock currently trades at $38.94.HCA Holdings (HCA), Apple Inc. (AAPL), Hain Celestial (HAIN), Goodyear Tire & Rubber (GT), Alps ETF Alerian MLP (AMLP), Kennametal (KMT), and McKesson Corp. (MCK): These are very small positions (less than ~1% of the portfolio each) that saw reductions this quarter.Kept Steady:Energy Transfer Partners LP (ETP): ETP is currently the second-largest individual stock position at 7.18% of the portfolio. The original stake is from Q4 2015 at prices between $28 and $47. The following quarter saw a ~200% increase at prices between $20 and $35. Q2 2016 saw a ~30% selling at prices between $30 and $41. The stock is now at ~$23.PNC Financial (PNC): The fairly large ~4% PNC stake was established in Q3 2016 at prices between $78.50 and $91 and increased by ~220% last quarter at prices between $88 and $118. The stock is now just above those ranges at $121.Terraform Power (TERP): TERP is a 1.77% portfolio stake established in Q4 2015 at prices between $7 and $20. The stock is now at $12.20.Following are the other minutely small stakes in the portfolio: AK Steel (AKS), Delta Air Lines (DAL), Kayne Anderson MLP (KYN), Rio Tinto plc (RIO), Snap Inc. (SNAP), Terraform Global (GLBL), Thermo Fisher Scientific (TMO), United Continental Holdings (UAL), United States Steel (X), and WMIH Corp (WMIH).Note: Tepper has a ~3.7% ownership stake in WMIH.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q1 2017:Regulatory Filings thru 2/21/2017: 13G - 2/14/2017 - Atlantica Yield plc - ABY - 5.82M shares - 5.8%.11/21/2016: Sunoco Logistics (SXL) offered to acquire Energy Transfer Partners (ETP) in an all-stock deal (1.5 shares of SXL for each ETP share)." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q4 2016 Update" | "David Tepper’s 13F portfolio value increased from $4.40B to $5.64B this quarter.Allergan plc is the largest individual stock position at ~16% of the portfolio.The large short position in S&P 500 thru SPY Puts established last quarter was reduced this quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio value increased ~28% from $4.40B to $5.64B. The number of holdings increased from 42 to 54. The top-five individual stock positions are Allergan plc, Energy Transfer Partners LP, Alphabet Inc., Williams Partners LP, and Facebook. Combined, they account for ~41% of the 13F holdings.To know more about Tepper's distress investing style, check out the book .New Stakes:Teva Pharmaceuticals (TEVA), Pfizer Inc. (PFE), and Mylan NV (MYL): These are the new pharma stocks this quarter. TEVA is a 3.25% position purchased at prices between $35 and $46 and the stock is now at $35.20. The 2.77% PFE stake was established at prices between $30 and $34 and it currently trades at $33.62. MYL is a 2.22% position purchased at prices between $34 and $39 and the stock currently trades at $42.05.Regions Financial (RF) and Comerica Inc. (CMA): These are the two financial stocks established this quarter. The 1.87% RF position was purchased at prices between $9.87 and $14.60 and it now goes for $15.38. The 1.39% CMA stake was established at prices between $47 and $70 and the stock currently trades at $72.37.Micron Technology (MU), United Rentals (URI), American Airlines (AAL), Centene Corp. (CNC), JC Penney (JCP), Summit Materials (SUM), McKesson Corp. (MCK), and Kennametal (KMT): These are very small (less than ~1% of the portfolio each) positions established this quarter.Stake Disposals:HD Supply Holdings ((HDS): HDS became a significant presence in the portfolio in Q1 2014 when around 1M shares were purchased for around $23 per share. The original stake was more than doubled in Q1 2015 at prices between $27 and $31.50. Q4 2015 saw another ~41% increase at prices between $28 and $32. Q2 2016 saw a ~17% trimming at prices between $32.50 and $36.50. The disposal of the remaining ~2% stake this quarter happened at prices between $31 and $44. It currently trades at $43.25. Tepper harvested gains.Synchrony Financial (SYF): SYF was a 2.65% of the portfolio position established in Q1 2016 at prices between $24.50 and $30.50 and increased by ~20% the following quarter at prices between $23 and $32. Last quarter saw an almost one-third reduction at prices between $25 and $28.50. The elimination this quarter was at prices between $26 and $37.50. The stock is now at $36.68.Note: The retail unit spinoff from General Electric (GE) started trading in July 2014.Bank of America (BAC) and VMWare Inc. (VMW): These two small (less than ~1.5% of the portfolio each) stakes were sold out this quarter.Note: BAC has seen several roundtrips in the portfolio. The most recent activity follow: It was a 1.67% of the US long portfolio stake established in Q1 2016 at prices between $11.16 and $16.83 and sold the following quarter at prices between $12.18 and $15.11.Stake Increases:Allergan plc (AGN): AGN is currently the largest position at ~16% of the portfolio. It was established in Q4 2015 at prices between $253 and $323. The stake was increased by ~85% the following quarter at prices between $266 and $313 and that was followed with a whopping 350% increase in Q2 2016 at prices between $202 and $278. This quarter saw another ~250% increase at prices between $188 and $243. The stock is now at $247. For investors attempting to follow Tepper, AGN is a good option to consider for further research.Energy Transfer Partners LP (ETP): ETP is currently the second-largest individual stock position at 7.59% of the portfolio. The original stake is from Q4 2015 at prices between $28 and $47. The following quarter saw a ~200% increase at prices between $20 and $35. Q2 2016 saw a ~30% selling at prices between $30 and $41. The stock is now at $38.32. Last two quarters have seen marginal increases.Note: Sunoco Logistics (SXL) offered to acquire Energy Transfer Partners (ETP) in an all-stock deal (1.5 shares of SXL for each ETP share) last November.Alphabet Inc. (GOOG) (GOOGL): GOOG is the third-largest 13F equity stake at 6.61% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake was increased by 87% in Q1 2014 at prices between $550 and $610. Q2 & Q3 2015 saw a combined ~77% reduction at prices between $517 and $673. The three quarters thru Q2 2016 saw the pattern reverse: ~240% increase at prices between $608 and $777. Last quarter saw a ~25% selling at prices between $692 and $787. The stock currently trades at $828. There was a very minor increase this quarter.Williams Partners LP (WPZ): WPZ is a top-five 6.40% portfolio position purchased in Q4 2015 at prices between $23 and $35 and marginally increased this quarter. The stock currently trades at $40.03.Facebook Inc. (FB): FB is a large (top five) 4.45% of the portfolio stake established last quarter at prices between $114 and $131 and increased by ~50% this quarter at prices between $115 and $133. The stock currently trades at $134.Note: FB has had several previous roundtrips in the portfolio: The latest was a fairly large 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.PNC Financial (PNC): The fairly large ~4% PNC stake was established last quarter at prices between $78.50 and $91 and increased by ~220% this quarter at prices between $88 and $118. The stock is now at $127.Mohawk Industries (MHK): MHK is a 2.24% of the US long portfolio position established in Q1 2016 at prices between $152 and $192 and increased by ~37% the following quarter at prices between $178 and $201. Last quarter saw a ~24% reduction at prices between $186 and $216. The stock is now at $222. There was a ~9% increase this quarter.Note: MHK has seen several roundtrips. The last one was a very small stake purchased in Q1 2015 and disposed in Q3 2015.Citizens Financial Group (CFG): The ~1.8% CFG position was purchased last quarter at prices between $18.90 and $25 and increased by ~10% this quarter at prices between $24.50 and $36.50. The stock is now at $37.84.Kinder Morgan Inc. (KMI): KMI is a ~1.5% portfolio stake first purchased in Q4 2015 at prices between $15 and $32. H1 2016 saw a ~84% reduction at prices between $12 and $19. There was an about turn last quarter: ~140% increase at prices between $18 and $23 and that was followed with a ~10% increase this quarter at prices between $19.50 and $23. The stock currently goes for $21.77.Southwest Airlines (LUV): LUV is a ~1% position. It was first purchased in Q3 2015 at prices between $32 and $40.50. The following quarter saw a ~160% increase at prices between $38 and $50. Q2 & Q3 2016 saw a ~87% reduction at prices between $37 and $48. This quarter saw another reversal: stake doubled at prices between $38.50 and $51. The stock currently trades at $57.32.Qualcomm Inc. (QCOM): The 1.62% QCOM position was purchased last quarter at prices between $52 and $68.50 and increased by ~55% this quarter at prices between $64 and $70. The stock is now at $56.46. For investors attempting to follow Tepper, QCOM is a good option to consider for further research.Stake Decreases:SPDR S&P500 ETF (SPY) Puts: The short position in SPY is now at ~4% of the portfolio. It was established last quarter as the underlying traded between $208 and $219 and decreased by ~60% this quarter at prices between $209 and $228. It currently goes for $235.Note: SPY is an actively traded position in Tepper’s portfolio.Allstate Corporation (ALL): The ~3.5% Allstate stake was established over Q3 & Q4 2015 at prices between $57 and $69. This quarter saw a ~17% selling at prices between $66.50 and $75. The stock currently trades at $80.44.Owens Corning (OC): The original OC stake was established in Q1 & Q2 2012 at prices between $29 and $37. Q4 2014 saw a ~14% reduction at prices between $29 and $37 while in Q2 2015 there was a ~22% increase at prices between $38 and $43.50. Last quarter saw a ~12% trimming at prices between $51 and $55.50. The stake is now at ~2.5%. The stock currently trades at $57.43. There was a ~8% trimming this quarter. Tepper is harvesting gains.Atlantica Yield plc (ABY): ABY is a 2% portfolio position purchased in Q4 2015 at prices between $14.50 and $21. Last year saw an overall ~8% trimming. The stock is now at $21.31.Note: Tepper owns 5.8% of ABY.Huntsman Corporation (HUN): HUN is a ~2% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. Q1 2015 saw a one-third increase at prices between $21 and $24.50. Q2 2016 saw the pattern reverse: ~16% reduction at prices between $12.50 and $16.50 and that was followed with a ~6% trimming last quarter. This quarter saw another ~10% selling at prices between $15.50 and $20.50. The stake is now at 5.7M shares and the stock trades at $21.34.Whirlpool Corporation (WHR): WHR is a 1.83% of the US long portfolio position. Q1 2014 saw a 125% increase at prices between $127 and $159 and that was followed with a stake doubling in Q3 2014 at prices between $139 and $156. In Q4 2014, the pattern reversed: ~44% reduction over the next two quarters at prices between $140 and $215. In Q4 2015, there was a ~43% increase at prices between $142 and $167. Last year has seen a two-thirds reduction at prices between $128 and $192. The stock currently trades at $177.HCA Holdings (HCA): HCA became a significant position in the portfolio in Q4 2012 when over 4M shares were purchased in the low-30s price-range. Q2 & Q3 20115 saw a ~27% combined reduction at prices between $73.50 and $95. In Q4 2015, the pattern reversed: ~28% increase at prices between $64 and $79. Last two quarters saw a ~73% combined reduction at prices between $63 and $82. This quarter saw a minor ~7% trimming. The remaining stake is at 1.5% of the portfolio and the stock is at $84.63. Tepper is harvesting huge gains.Western Digital (WDC): WDC is a 1.35% of the portfolio stake established in Q2 2016 at prices between $35.50 and $51. It was reduced by ~21% last quarter at prices between $43 and $59. The stock is now at $74.91. There was marginal trimming this quarter.Apple Inc. (AAPL): AAPL is a ~2% portfolio position purchased last quarter at prices between $95 and $116 and reduced by ~45% this quarter at prices between $106 and $118. The stock is now at $136.Note: Apple is a frequently traded stock in Appaloosa’s portfolio since early 2012. Most recently, a 2.65% of the US long portfolio stake was established in Q2 2015 at prices between $120 and $133. It was disposed over the next two quarters at prices between $93 and $132.Hain Celestial (HAIN): HAIN is a small ~0.70% stake purchased in Q1 2016 at prices between $33.50 and $41.50 and reduced by ~10% in Q2 2016 at prices between $41 and $53. This quarter saw a ~20% selling at prices between $34 and $40. The stock currently trades at $34.95.Goodyear Tire & Rubber (GT): GT is a very long-term minutely small 0.13% position that has been in the portfolio since before the financial crisis. In 2007, the stake stood at 2.7M shares (~5% of portfolio). The position size peaked at 22M shares in Q2 2013 when a large increase happened at prices between $12 and $15.50. The four quarters thru Q2 2016 had seen a huge ~93% reduction at prices between $25 and $35. The pattern reversed last quarter: ~21% increase at prices between $25 and $33. The remaining 0.63% position was almost sold out this quarter at prices between $27.50 and $33. The stock currently trades at $36.07.Tempur Sealy Intl. (TPX) and Yahoo Inc. (YHOO): These small (less than ~1.5% of the portfolio each) positions established last quarter were reduced this quarter.Kept Steady:Terraform Power (TERP): TERP is a ~2% portfolio stake established in Q4 2015 at prices between $7 and $20. The stock is now at $11.63.Alps ETF Alerian MLP (AMLP): AMLP is a very small ~1% portfolio stake purchased in Q4 2015 at prices between $10.30 and $14.14 and the stock is now at $12.98.SPDR S&P 500 ETF (SPY) & Calls: A huge ~10% portfolio stake in SPY & Calls (mostly Calls) was established in Q4 2015 when the underlying traded between $192 and $211. The position was almost eliminated in Q2 2016 when SPY traded between $200 and $212. It currently trades at $235. The position is now minutely small at less than ~0.1%.Following are the other minutely small stakes in the portfolio: ArcelorMittal (MT), Arch Coal (ARCH), Boston Scientific (BSX), Bristol Myers Squibb (BMY), Delta Air Lines (DAL), Kayne Anderson MLP (KYN), Rio Tinto plc (RIO), SPDR S&P 500 ETF (SPY), Teck Resources (TECK), Terraform Global (GLBL), United Continental Holdings (UAL), United States Steel (X), and WMIH Corp (WMIH). The 13F report also has minutely small stakes in General Motors (GM) warrants and Kinder Morgan (KMI) Warrants.Note: Tepper has a ~3.7% ownership stake in WMIH.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q4 2016:Regulatory filings thru 11/20/2016: 13D/A 10/13/2016 - WMIH - 7.6M shares - 3.7%." |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q3 2016 Update" | "David Tepper’s 13F portfolio increased from $3.80B to $4.40B this quarter.Energy Transfer Partners is the largest individual stock position at 9.76% of the portfolio.A large new short position in S&P 500 thru SPY Puts was established during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’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, Tepper’s 13F portfolio increased ~16% from $3.80B to $4.40B. The increase was primarily due to a large new stake in S&P 500 ETF Put options. Alphabet Inc., last quarter’s largest individual stock position was reduced by ~25% this quarter. The number of holdings increased from 37 to 42. The top-five individual stock positions are Energy Transfer Partners LP, Alphabet Inc., Williams Partners LP, Allergan plc, and Allstate Corporation. Combined, they account for ~37% of the 13F holdings. Energy continues to be a major theme in the portfolio.To know more about Tepper's distress investing style, check out the book .New Stakes:SPDR S&P500 ETF (SPY) Puts: The short position in SPY is the largest 13F stake at 12.28% of the portfolio. It was established this quarter as the underlying traded between $208 and $219 and it currently goes for $219.Note: SPY is an actively traded position in Tepper’s portfolio. Going back a decade, this is the first time a large short position has been established.Facebook Inc. (FB): FB is a fairly large 4.32% of the portfolio stake established this quarter at prices between $114 and $131 and the stock currently trades near the low end of that range at $117.Note: FB has had several previous roundtrips in the portfolio: The latest was a fairly large 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold last quarter at prices between $109 and $121.Apple Inc. (AAPL): AAPL is a ~2% portfolio position purchased this quarter at prices between $95 and $116 and the stock is now at $110.Note: Apple is a frequently traded stock in Appaloosa’s portfolio since early 2012. Most recently, a 2.65% of the US long portfolio stake was established in Q2 2015 at prices between $120 and $133. It was disposed over the next two quarters at prices between $93 and $132.Bank of America (BAC), Citizens Financial Group (CFG), and PNC Financial (PNC): These three are small (less than ~1.5% of the portfolio each) stakes established this quarter in the financials. All three are trading ~20% above their prices at the end of the quarter.Note: BAC has seen several roundtrips in the portfolio. The most recent activity follow: It was a 1.67% of the US long portfolio stake established in Q1 2016 at prices between $11.16 and $16.83 and sold last quarter at prices between $12.18 and $15.11.Qualcomm Inc. (QCOM), Tempur Sealy Intl. (TPX), VMWare Inc. (VMW), and Yahoo Inc. (YHOO): These are the other small (less than ~1.5% of the portfolio each) positions established during quarter.Stake Disposals:Community Health Systems (CYH): CYH position was first purchased in Q4 2015. The following quarter saw a huge 600% increase to a 2.34% portfolio stake at prices between $11 and $23. Last quarter saw a ~12% reduction at prices between $12.08 and $17.30 and disposal this quarter was at prices between $10 and $13.50. The exit was timely as the stock dropped sharply following results earlier this month. It is now at $5.78.Note: Quorum Health (QHC) was spun off from CYH in April. The prices quoted above are adjusted to account for this.Ingersoll-Rand (IR): IR was a small ~0.79% portfolio stake established in Q3 2015 at prices between $50.50 and $69 and increased by ~51% the following quarter at prices between $50.50 and $60. The pattern reversed in Q1 2016: ~30% reduction at prices between $48.50 and $62. That was followed with another ~35% selling last quarter at prices between $59 and $67. The elimination this quarter happened at prices between $63 and $69. The stock currently trades at $74.46.Twenty First Century Fox (FOX) (FOXA): FOX was a 3.11% of the US long portfolio stake purchased in Q1 2016 at prices between $24 and $28 and increased by ~11% last quarter at prices between $26 and $31. The entire stake was sold this quarter at prices between $24 and $29. The stock currently trades at $27.69.PPG Industries (PPG) and Triumph Group (TGI): These are very small (less than ~1% of the portfolio each) stakes that were reduced last quarter and eliminated this quarter.Stake Increases:Energy Transfer Partners LP (ETP): ETP is currently the largest individual stock position at 9.76% of the portfolio. The original stake is from Q4 2015 at prices between $28 and $47. The following quarter saw a ~200% increase at prices between $20 and $35. Last quarter saw a ~30% selling at prices between $30 and $41. The stock is now at $39.37. This quarter saw a marginal increase.Goodyear Tire & Rubber (GT): GT is a very long-term 0.63% position that has been in the portfolio since before the financial crisis. In 2007, the stake stood at 2.7M shares (~5% of portfolio). The position size peaked at 22M shares in Q2 2013 when a large increase happened at prices between $12 and $15.50. The last four quarters had seen a huge ~93% reduction at prices between $25 and $35. The pattern reversed this quarter: ~21% increase at prices between $25 and $33. The stock currently trades at $30.14.HCA Holdings (HCA): HCA became a significant position in the portfolio in Q4 2012 when over 4M shares were purchased in the low-30s price-range. Q2 & Q3 20115 saw a ~27% combined reduction at prices between $73.50 and $95. In Q4 2015, the pattern reversed: ~28% increase at prices between $64 and $79. Last two quarters saw a ~73% combined reduction at prices between $63 and $82. Tepper is harvesting huge gains. The remaining stake is at 2.12% of the portfolio and the stock is at $72.39. This quarter saw marginal buying.HD Supply Holdings ((HDS): HDS became a significant presence in the portfolio in Q1 2014 when around 1M shares were purchased for around $23 per share. The original stake was more than doubled in Q1 2015 at prices between $27 and $31.50. Q4 2015 saw another ~41% increase at prices between $28 and $32. Last quarter saw a ~17% trimming at prices between $32.50 and $36.50. It currently trades at $38.35. The stake is now at ~2% of the portfolio. There was a very minor increase this quarter.Kinder Morgan Inc. (KMI): KMI is a ~2% portfolio stake first purchased in Q4 2015 at prices between $15 and $32. H1 2016 saw a ~84% reduction at prices between $12 and $19. There was an about turn this quarter: ~140% increase at prices between $18 and $23. The stock currently goes for $21.67.Stake Decreases:Allergan plc (AGN): The top-five 6.37% position was established in Q4 2015 at prices between $253 and $323. It was increased by ~86% the following quarter at prices between $266 and $313 and that was followed with a whopping 350% increase last quarter at prices between $202 and $278. The stock is now below those ranges at $192. This quarter saw a very minor reduction.Allstate Corporation (ALL): The top-five ~5 % Allstate stake was established over Q3 & Q4 2015 at prices between $57 and $69. The stock currently trades at $72. This quarter saw a ~7% trimming.Alphabet Inc. (GOOG) (GOOGL): GOOG is the second-largest 13F equity stake at 8.33% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake was increased by 87% in Q1 2014 at prices between $550 and $610. Q2 & Q3 2015 saw a combined ~77% reduction at prices between $517 and $673. Q4 2015 saw an about turn: ~240% increase over the last three quarters at prices between $608 and $777. The stock currently trades at $761. This quarter saw a ~25% selling at prices between $692 and $787.Atlantica Yield plc (ABY): ABY is a 2.59% portfolio position purchased in Q4 2015 at prices between $14.50 and $21. This year has seen an overall ~5% trimming. The stock is now at $17.86.General Motors (GM): GM was Appaloosa’s largest 13F individual stock position at 8.54% of the US long portfolio as of Q4 2015. The bulk of the original stake was purchased in Q1 2012 and Q2 2012 at prices between $21 and $27. Between Q1 2014 and Q1 2015, that stake was more than doubled at prices between $32 and $41. The pattern reversed in Q3 2015: the position was almost sold out over the last five quarters at prices between $28 and $36. It currently trades at $33 and the stake is now minutely small at ~0.13% of the portfolio.Hain Celestial (HAIN): HAIN is a small ~1% stake purchased in Q1 2016 at prices between $33.50 and $41.50 and reduced by ~10% last quarter at prices between $41 and $53. The stock currently trades at $38.62. This quarter saw a marginal further reduction.Huntsman Corporation (HUN): HUN is a 2.34% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. The stake is now at 6.3M shares and the stock trades at $19.10. Q1 2015 saw a one-third increase at prices between $21 and $24.50. Last quarter saw a ~16% reduction at prices between $12.50 and $16.50 and that was followed with a ~6% trimming this quarter.Mohawk Industries (MHK): MHK is a 2.63% of the US long portfolio position established in Q1 2016 at prices between $152 and $192 and increased by ~37% last quarter at prices between $178 and $201. This quarter saw a ~24% reduction at prices between $186 and $216. The stock is now at $200. Tepper is starting to harvest gains.Note: MHK has seen several roundtrips. The last one was a very small stake purchased in Q1 2015 and disposed in Q3 2015.NXP Semiconductors (NXPI): NXPI was a top five stake at ~7% of the US long portfolio as of Q3 2015. The original position was from Q3 2014 at prices between $60.50 and $73. The stake saw a ~38% increase in Q3 2015 at prices between $79 and $99. It was sold down by ~65% the in following quarter at prices between $73 and $98. The pattern reversed last quarter: ~81% increase at prices between $64 and $83. The position was almost eliminated this quarter at prices between $76 and $102. The stock currently trades at $98.88.Note: Last month, Qualcomm (QCOM) agreed to buy NXP Semi at $110 per share.Owens Corning (OC): The original OC stake was established in Q1 & Q2 2012 at prices between $29 and $37. Q4 2014 saw a ~14% reduction at prices between $29 and $36.80 while in Q2 2015 there was a ~22% increase at prices between $38.31 and $43.40. This quarter saw a ~12% trimming at prices between $51 and $55.50. The stake is now at 3.58%. The stock currently trades at $53.59. OC is starting to harvest gains.Southwest Airlines (LUV): LUV is now a very small 0.51% position. It was first purchased in Q3 2015 at prices between $32 and $40.50. The following quarter saw a ~160% increase at prices between $38 and $50. The pattern reversed in Q2 2016: ~87% reduction over the last two quarters at prices between $37 and $48. The stock currently trades at $47.06.Synchrony Financial (SYF): SYF is a 2.65% of the portfolio position established in Q1 2016 at prices between $24.50 and $30.50 and increased by ~21% last quarter at prices between $23 and $32. This quarter saw an almost one-third reduction at prices between $25 and $28.50. The stock is now at $33.62.Note: The retail unit spinoff from General Electric (GE) started trading in July 2014.Western Digital (WDC): WDC is a 1.53% of the portfolio stake established last quarter at prices between $35.50 and $51. It was reduced by ~21% this quarter at prices between $43 and $59. The stock is now at $60.93.Whirlpool Corporation (WHR): WHR is a fairly large ~4.27% of the US long portfolio position. Q1 2014 saw a 125% increase at prices between $127 and $159 and that was followed with a stake doubling in Q3 2014 at prices between $139 and $156. In Q4 2014, the pattern reversed: ~44% reduction over the next two quarters at prices between $140 and $215. In Q4 2015, there was a ~43% increase at prices between $142 and $167. This year has seen a combined ~30% reduction at prices between $127 and $192. The stock currently trades at $161.WMIH Corp. (WMIH): WMIH is a very small 0.41% stake that was reduced this quarter. Although the relative position size is very small, it is significant that Tepper owns ~3.5% of the business.Kept Steady:Terraform Power (TERP): TERP is a 2.75% portfolio stake established in Q4 2015 at prices between $7 and $20. The stock is now at $13.62.Alps ETF Alerian MLP (AMLP) and Williams Partners LP (WPZ): AMLP is a very small 1.37% portfolio stake purchased in Q4 2015 at prices between $10.30 and $14.14 and the stock is now at $12.28. WPZ is a top-three 7.83% portfolio position purchased in Q4 2015 at prices between $23 and $35 and the stock currently trades above that range at $36.34.SPDR S&P 500 ETF (SPY) & Calls: A huge 9.89% stake in SPY & Calls (mostly Calls) was established in Q4 2015 when the underlying traded between $192 and $211. The position was almost eliminated last quarter when SPY traded between $200 and $212. It currently trades at $219.Following are the other minutely small stakes in the portfolio: Citigroup Inc. (C), Dell Technologies (DVMT), Delta Air Lines (DAL), Kayne Anderson MLP (KYN), SPDR S&P 500 ETF (SPY), Terraform Global (GLBL), and US Foods Holding (USFD). The 13F report also has a minutely small stake in Kinder Morgan Warrants.Note: US Foods Holding had an IPO in June and the stock currently trades near the IPO price at ~$23.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q3 2016:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q2 2016 Update" | "David Tepper’s US long equity portfolio decreased from $5.66B to $3.80B this quarter.Alphabet Inc. is the largest individual stock position at 11.46% of the portfolio.The large stake in S&P 500 ETF Call options along with a top three position in Delta Airlines were sold during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory filed on 08/12/2016. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2016.This quarter, Tepper’s US long equity portfolio decreased 32.77% from $5.66B to $3.80B. The decrease was primarily due to closing a large stake in S&P 500 ETF Call options. A top three holding in Delta Airlines was also disposed of this quarter. The number of holdings decreased from 49 to 37. The top-five individual stock positions are Alphabet Inc., Energy Transfer Partners LP, Williams Partners LP, Allergan plc, and Allstate Corporation. Combined, they account for ~45% of the 13F holdings. Energy continues to be a major theme in the portfolio.To know more about Tepper's distress investing style, check out the book .New Stakes:Western Digital (WDC): WDC is a 1.80% of the portfolio stake established this quarter at prices between $35.44 and $50.81. The stock is now at $44.31.Note: Appaloosa has a history of playing the trends in cyclicals successfully and this new position is typical.Stake Disposals:Bank of America (BAC): BAC was a 1.67% of the US long portfolio stake established last quarter at prices between $11.16 and $16.83 and disposed of this quarter at prices between $12.18 and $15.11. The stock is currently at $14.91.Note: BAC has seen several roundtrips in the portfolio. The last was a very small position in Q2 2015 that was eliminated the following quarter.Facebook Inc. (FB): FB was a fairly large 3.28% of the portfolio position established last quarter at prices between $94 and $116 and sold this quarter at prices between $109 and $121. The stock is now at $125.Note: FB has seen a previous roundtrip. A fairly large ~3.5% stake was eliminated in Q4 2014 and that trade generated short-term gains.Powershares QQQ (QQQ) Calls: Long and Short positions against index ETFs are a regular occurrence in Tepper’s portfolio. The 1.93% stake established last quarter in Calls occurred when the underlying traded between $96 and $112. The elimination this quarter happened as QQQ traded between $102 and $111. It is currently at $107.Note: The last roundtrip was in H1 2015: A huge 7.25% portfolio stake was established in Q1 2015 and disposed of the following quarter.Delta Airlines (DAL): DAL was the third-largest position at 7.40% of the portfolio as of last quarter. It was first purchased in 2012 at a cost-basis in the high single digits. Q3 2015 saw a ~42% increase at prices between $40 and $48 and that was followed with a ~21% increase the following quarter at prices between $44 and $52. Last quarter had also seen a ~17% further increase at prices between $40.77 and $50.69. The disposal this quarter happened at prices between $33 and $49. The stock currently trades at $36.35. Tepper harvested huge gains.United Rentals (URI): URI was first purchased in Q1 2015 at prices between $82 and $104 and increased by ~17% the following quarter at prices between $87 and $105. Q3 2015 saw a further ~39% increase at prices between $59.48 and $87.62. The pattern reversed last quarter: ~25% reduction at prices between $43.34 and $72.54. The elimination this quarter was at prices between $58 and $75. It now trades at $78.37.Range Resources (RRC): A small 0.79% of portfolio position in RRC was established in Q4 2015 at prices between $21 and $37. The stake was sold out this quarter at prices between $31 and $47. The stock is now at $38.75.Pfizer Inc. (PFE): The 1.32% portfolio position in PFE was established in Q4 2015 at prices between $31.33 and $35.45. Last quarter saw a minor increase but the position was disposed of this quarter at prices between $29.64 and $35.31. The stock is now at $34.98.Southwest Energy (SWN): SWN was a very small 0.63% of the portfolio position that was eliminated this quarter.Stake Increases:Allstate Corporation (ALL): The top-five 6.14% ALL stake was established in Q3 2015 at prices between $57 and $69 and increased by ~360% the following quarter at prices between $58 and $65. The stock currently trades at $69.13. Last two quarters have also seen minor increases. The activity indicates a clear bullish bias.Allergan plc (AGN): AGN has seen consistent buying over the last three quarters. The top-five 7.66% position was established in Q4 2015 at prices between $253 and $323. It was increased by ~86% last quarter at prices between $266 and $313 and that was followed with a whopping 350% increase this quarter at prices between $202 and $278. The stock is now at $250.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is the largest 13F equity stake at 11.46% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake was increased by 87% in Q1 2014 at prices between $550 and $610. Q2 2015 saw a large 56% reduction at prices between $520 and $565 and that was followed with a ~47% reduction in Q3 2015 at prices between $517 and $673. Q4 2015 saw an about turn: ~190% increase at prices between $608 and $777. The stock currently trades at $783. Last two quarters have also seen a ~18% increase at prices between $668 and $767.Mohawk Industries (MHK): MHK is a 3.79% of the US long portfolio position established last quarter at prices between $152 and $192 and increased by ~37% this quarter at prices between $178 and $201. The stock is now at $212.Note: MHK has seen several roundtrips. The last one was a very small stake purchased in Q1 2015 and disposed in Q3 2015.Synchrony Financial (SYF): SYF is a 4.03% of the portfolio position established last quarter at prices between $24.48 and $30.41 and increased by ~21% this quarter at prices between $23.36 and $31.95. The stock is now at $27.68.Note: The retail unit spinoff from General Electric (GE) started trading in July 2014.Twenty First Century Fox (FOX) (FOXA): FOX is a 3.11% of the US long portfolio stake purchased last quarter at prices between $24.21 and $28.20 and increased by ~11% this quarter at prices between $26.26 and $30.93. The stock currently trades at $26.57.Stake Decreases:General Motors (GM): GM was Appaloosa’s largest 13F individual stock position at 8.54% of the US long portfolio as of Q4 2015. The bulk of the original stake was purchased in Q1 2012 and Q2 2012 at prices between $21 and $27. Between Q1 2014 and Q1 2015, that original stake was more than doubled at prices between $32 and $41. The pattern reversed in Q3 2015: roughly one-third reduction at prices between $27.28 and $33.33. It was reduced further by ~81% last quarter at prices between $26.90 and $34.01 and that was followed with another ~42% selling this quarter at prices between $27.51 and $32.66. It currently trades at $31.57 and the stake is now very small at ~1% of the portfolio.Goodyear Tire & Rubber (GT): GT is a very long-term 0.48% position that has been in the portfolio since before the financial crisis. In 2007, the stake stood at 2.7M shares (~5% of portfolio). The position size peaked at 22M shares in Q2 2013 when a large increase happened at prices between $12 and $15.50. The stake has been sold down since. Q3 2015 saw a ~41% reduction at prices between $27.83 and $32.66 and that was followed with another ~64% reduction last quarter at prices between $29 and $35. The pattern continued last quarter with another ~55% reduction at prices between $26.34 and $33.07. This quarter also saw another ~26% selling at prices between $24.53 and $32.98. The stock currently trades at $29.30. Tepper is harvesting huge long-term gains.Hain Celestial (HAIN): HAIN is a small 1.68% stake purchased last quarter at prices between $33.46 and $41.46 and reduced by ~10% this quarter at prices between $41 and $53. The stock currently trades at $55.35.HCA Holdings (HCA): HCA became a significant position in the portfolio in Q4 2012 when over 4M shares were purchased in the low-30s price-range. Q2 20115 saw a ~15% reduction at prices between $73.61 and $91.84 and that was followed with a similar reduction the following quarter at prices between $74 and $95. In Q4 2015, the pattern reversed: ~28% increase at prices between $64 and $79. Last quarter saw a ~30% reduction at prices between $62.83 and $78.10 and that was followed with a ~62% reduction this quarter at prices between $74.43 and $81.96. Tepper is harvesting huge gains. The remaining stake is at 2.46% of the portfolio and the stock is at $76.64.HD Supply Holdings ((HDS): HDS became a significant presence in the portfolio in Q1 2014 when around 1M shares were purchased for around $23 per share. The original stake was increased by ~118% in Q1 2015 at prices between $27.02 and $31.41. Q4 2015 saw another ~41% increase at prices between $28 and $32. It currently trades at $36.05. The stake is now at 2.52% of the portfolio. This quarter saw a ~17% trimming at prices between $32.77 and $36.42.Huntsman Corporation (HUN): HUN is a 2.38% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. The stake is now at 6.7M shares and the stock trades at $16.41. Q1 2015 saw a one-third increase at prices between $21.26 and $24.40. This quarter saw a ~16% trimming at prices between $12.70 and $16.54.Ingersoll-Rand (IR): IR is a small ~0.79% portfolio stake established in Q3 2015 at prices between $50.61 and $68.76 and increased by ~51% the following quarter at prices between $50.69 and $60.21. The pattern reversed last quarter: ~30% reduction at prices between $48.80 and $62.07 and that was followed with another ~35% selling this quarter at prices between $59.18 and $66.81. The stock currently trades at $68.Owens Corning (OC): The original OC stake was established in Q1 2012 & Q2 2012 at prices between $29 and $37. Q4 2014 saw a ~14% reduction at prices between $29 and $36.80 while in Q2 2015 there was a ~22% increase at prices between $38.31 and $43.40. The stake is now at 4.52%. The stock currently trades at $53.79. Last two quarters saw marginal reductions.NXP Semiconductors (NXPI): NXPI was a top five stake at 6.98% of the US long portfolio as of Q3 2015. The stake saw a ~38% increase that quarter at prices between $79.26 and $99.28. It was sold down by ~65% the following quarter at prices between $73 and $98. The pattern reversed last quarter: ~81% increase at prices between $64 and $83. The original stake was from Q3 2014 at prices between $60.50 and $73.01. The stock currently trades at $86.03 and the stake is at 2.88%. This quarter saw very minor trimmingSouthwest Airlines (LUV): LUV is a 3.59% position purchased in Q3 2015 at prices between $32.36 and $40.45. The following quarter saw a ~160% increase at prices between $38 and $50. The pattern reversed this quarter: ~20% reduction at prices between $36.76 and $47.73. The stock currently trades at $36.52.SPDR S&P 500 ETF (SPY) & Calls: A huge 9.89% stake in SPY & Calls (mostly Calls) was established in Q4 2015 when the underlying traded between $192 and $211. Last quarter had seen a marginal reduction. The position was almost eliminated this quarter when SPY traded between $200 and $212. It currently trades at $218.Note: The last two roundtrips played out as follows: SPY was the largest position at 22% of the US long portfolio in Q1 2014. It was drastically reduced the following quarter and was almost eliminated in Q4 2014. A similar pattern of trading played out over H1 2015: a huge stake increase to a 16.38% portfolio stake (nominal) using SPY Calls in Q1 2015 followed by liquidation the following quarter.Whirlpool Corporation (WHR): WHR is a fairly large ~5.72% of the US long portfolio position. Q1 2014 saw a 125% increase at prices between $127 and $159 and that was followed with a stake doubling in Q3 2014 at prices between $139 and $156. In Q4 2014, the pattern reversed: ~15% reduction at prices between $140 and $194. The following quarter saw another one-third reduction at prices between $187 and $215. In Q4 2015, there was a ~43% increase at prices between $142 and $167 while last quarter saw ~12% trimming. This quarter also saw a ~8% further trimming. The stock currently trades at $186.Community Health Systems (CYH): The ~2% CYH position was first purchased in Q4 2015. The following quarter saw a huge 600% increase at prices between $11 and $23. This quarter saw a ~12% reduction at prices between $12.08 and $17.30 and the stock is now at $10.95.Note: Quorum Health (QHC) was spun off from CYH in April. The prices quoted above are adjusted to account for this.Atlantica Yield plc (ABY), Alps ETF Alerian MLP (AMLP), Energy Transfer Partners LP (ETP), and Williams Partners LP (WPZ): These energy sector stakes were established in Q4 2015 and increased last quarter. All four positions saw reductions this quarter. Combined, the total position is still very large at ~25% of the portfolio. ETP and WPZ are the second and third-largest stakes in the portfolio at 11.43% and 8.44% respectively. ETP has doubled while WPZ has tripled from the February lows. They were both reduced by ~30% this quarter.Kinder Morgan Inc. (KMI), PPG Industries (PPG), Triumph Group (TGI), and WMIH Corp. (WMIH): These are very small (less than ~1% of the portfolio each) stakes that were reduced this quarter.Kept Steady:Terraform Power (TERP): TERP is a 2.50% portfolio stake established in Q4 2015 at prices between $6.90 and $19.81. Last quarter saw a ~12% increase. The stock is now at $11.92.Following are the other minutely small stakes in the portfolio: Kayne Anderson MLP (KYN), Quorum Health (QHC), Terraform Global (GLBL), and US Foods Holding (USFD). QHC and USFD are new this quarter. Appaloosa’s 13F portfolio also has minutely small stakes in General Motors and Kinder Morgan Warrants.Note: USFD had an IPO in June and the stock currently trades near the IPO price at ~$24. QHC is a spinoff from Community Health Systems (CYH) that started trading in April. The terms called for CYH shareholders to receive one share for every four shares held. Appaloosa had CYH shares for which they received QHC shares. Since then, they have reduced the stake by ~50%.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q2 2016:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q1 2016 Update" | "David Tepper’s US long equity portfolio increased from $5.01B to $5.66B this quarter.Energy Transfer Partners is the largest individual stock position at 9.24% of the portfolio. Energy and Airlines are the two major themes in the overall portfolio.The call option on S&P 500 ETF was marginally decreased while adding a new stake in Powershares QQQ Call in the quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory filed on 05/13/2016. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2015.This quarter, Tepper’s US long equity portfolio increased 12.82% from $5.01B to $5.66B. The number of holdings decreased from 52 to 49. The top-five individual stock positions are Energy Transfer Partners LP, Alphabet Inc., Delta Air Lines, Williams Partners LP, and Whirlpool Corporation. Combined, they account for ~34% of the 13F holdings.To know more about Tepper's distress investing style, check out the book .New Stakes:Bank of America (BAC): BAC is a 1.67% of the US long portfolio stake established this quarter at prices between $11.16 and $16.83. The stock is currently at $14.52.Note: BAC has seen several roundtrips in the portfolio. The last was a very small position in Q2 2015 that was disposed of the following quarter.Facebook Inc. (FB): FB is a fairly large 3.28% of the portfolio position established this quarter at prices between $94 and $116 and the stock is now just outside that range at $117.Note: FB has seen a previous roundtrip. A fairly large ~3.5% stake was eliminated in Q4 2014 and that trade generated short-term gains.Hain Celestial (HAIN): HAIN is a very small ~1% stake purchased this quarter at prices between $33.46 and $41.46 and the stock currently trades well outside that range at $48.74.Mohawk Industries (MHK): MHK is a 1.87% of the US long portfolio position established at prices between $152 and $192 and it is now at $193.Note: MHK has seen several roundtrips. The last one was a very small stake purchased in Q1 2015 and disposed in Q3 2015.Powershares QQQ (QQQ) Calls: Long and Short positions against index ETFs are a regular occurrence in Tepper’s portfolio. The 1.93% stake established this quarter in Calls occurred when the underlying traded between $96 and $112. It is currently at $107. The last roundtrip was in H1 2015: A huge 7.25% portfolio stake was established in Q1 2015 and disposed of the following quarter.Synchrony Financial (SYF): SYF is a 2.54% of the portfolio position established this quarter at prices between $24.48 and $30.41 and the stock is now at $29.87. The retail unit spinoff from General Electric (GE) started trading in July 2014 and has returned ~30% since.Twenty First Century Fox (FOX) (FOXA): FOX is a 1.94% of the US long portfolio stake purchased this quarter at prices between $24.21 and $28.20 and the stock currently trades just outside that range at $28.46.Stake Disposals:Apple Inc. (AAPL): AAPL was a 2.65% of the US long portfolio stake established in Q2 2015 at prices between $120 and $133. The following quarter saw a ~48% reduction at prices between $103 and $132 and the elimination this quarter was at prices between $93 and $110. The stock currently trades at $95.22.Note: Tepper has traded Apple frequently over the last four years: It became a significant presence in Q1 2012, when around 3.5M shares (split-adjusted) were purchased at prices between $60 and $87. The stake represented around 10% of the US long portfolio at the time. In Q4 2012, another 2.8M shares were purchased at prices between $73 and $94. The stock was consistently sold from the next quarter onwards and by Q4 2013 the position was at 1.5M shares. Most of the selling happened in Q1 2013 and Q2 2013 at prices between $56 and $75. Q1 2014 saw a 16% stake increase at prices between $71 and $80. In Q4 2014, the pattern reversed again: 31% reduction at prices between $92.93 and $103. The remaining 1.72% position was eliminated in Q1 2015 at prices between $96.26 and $119.Chicago Bridge & Iron (CBI): CBI was first purchased in Q2 2013. Around 1.5M shares were acquired at the time for around $56 per share. The position had wavered since although it still accounted for ~1.4M shares last quarter. The stake was sold out this quarter at prices between $31.52 and $39.72. The stock currently trades at $36.59. Tepper realized losses from this position.Eastman Chemical (EMN): EMN was a small 0.94% of the US long portfolio position. It saw a huge ~92% increase in Q1 2015 at prices between $68.64 and $76.48. The stake was eliminated this quarter at prices between $58.44 and $73.72. The stock currently trades at $73.28.Mylan NV (MYL): MYL was a very small 0.92% stake. It was established in Q2 2015 at prices between $58 and $76 and reduced by ~53% the following quarter at prices between $39.80 and $71.49. Last quarter, the pattern reversed: ~82% increase at prices between $39 and $55. The elimination this quarter was at prices between $41.42 and $53.93. The stock is now at $41.51.Priceline Group Inc. (PCLN): PCLN was a 2.80% of the US long portfolio position. It was established in Q1 2014 at prices between $1113 and $1370. In Q2 2014, the stake was increased by over 70% at prices between $1108 and $1292. In Q1 2015, the pattern reversed with a ~25% reduction at prices between $1108 and $1268. Q3 2015 saw a further ~57% reduction at prices between $1117 and $1352. The remaining stake was sold out this quarter at prices between $974 and $1351. The stock currently trades at $1249.United Continental Holdings (UAL): UAL was a large 4.68% of the US long portfolio stake in Q4 2014. The bulk of the stake was established in Q1 2012 at prices between $18.21 and $25. Q1 2015 saw a ~19% reduction at prices between $63.83 and $73.62 and that was followed with a huge ~62% reduction in the following quarter at prices between $51.23 and $67.25. Q3 2015 saw another ~69% reduction at prices between $51.50 and $61.56. The pattern reversed last quarter: ~28% increase at prices between $50.78 and $61.49. The remaining stake was still very small at 0.69% of the portfolio. It was sold out this quarter at prices between $45 and $61 and the stock is now at $44.49 - Tepper harvested gains.Hewlett Packard Enterprise (HPE): HPE was a very small ~1% portfolio stake established last quarter and disposed of this quarter.Stake Increases:Allstate Corporation (ALL): The ALL stake was established in Q3 2015 at prices between $57 and $69 and increased by ~360% last quarter at prices between $58 and $65. The stock currently trades at $67.15. The position is now at 3.80% of the portfolio. This quarter saw a ~9% further increase. The activity indicates a clear bullish bias.Delta Airlines (DAL): DAL is the third-largest position at 7.40% of the portfolio. It was first purchased in 2012 at a cost-basis in the high single digits. The position has wavered since. Q3 2015 saw a ~42% increase at prices between $40 and $48 and that was followed with a ~21% increase last quarter at prices between $44 and $52. This quarter also saw a ~17% further increase at prices between $40.77 and $50.69. The stock currently trades at $43.10. Tepper has huge unrealized gains on this position.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake was increased by 87% in Q1 2014 at prices between $550 and $610. Q2 2015 saw a large 56% reduction at prices between $520 and $565 and that was followed with a ~47% reduction in Q3 2015 at prices between $517 and $673. Last quarter saw an about turn: ~190% increase at prices between $608 and $777. The stock currently trades at $710 and the stake is now the second-largest individual stock position at 7.91% of the portfolio. This quarter saw a ~12% further increase.HD Supply Holdings ((HDS): HDS became a significant presence in the portfolio in Q1 2014 when around 1M shares were purchased for around $23 per share. The original stake was increased by ~118% in Q1 2015 at prices between $27.02 and $31.41. Last quarter saw another ~41% increase at prices between $28 and $32. It currently trades at $33.38. The stake is now at 1.94% of the portfolio. This quarter saw a very minor ~4% increase.NXP Semiconductors (NXPI): NXPI was a top five stake at 6.98% of the US long portfolio as of Q3 2015. The stake saw a ~38% increase that quarter at prices between $79.26 and $99.28. It was sold down by ~65% last quarter at prices between $73 and $98. The pattern reversed this quarter: ~81% increase at prices between $64 and $83. The original stake was from Q3 2014 at prices between $60.50 and $73.01. The stock currently trades at $88.39 and the stake is at 2.07%.Southwest Airlines (LUV): LUV is a 3.45% position purchased in Q3 2015 at prices between $32.36 and $40.45. Last quarter saw a ~160% increase at prices between $38 and $50. The stock currently trades at $42.19. This quarter also saw a marginal increase.Triumph Group (TGI): TGI is a very small 0.67% of the portfolio stake. The bulk of the position was purchased in Q1 2014 at prices between $62 and $79. Last two quarters had seen minor increases while this quarter saw a one-third further increase at prices between $23.53 and $40.03. The stock currently trades at $36.41.Atlantica Yield plc (ABY), Alps ETF Alerian MLP (AMLP), Energy Transfer Partners LP (ETP), Terraform Power (TERP), and Williams Partners LP (WPZ): These energy sector stakes were established last quarter and increased this quarter. Combined, the total position is at ~20% of the portfolio. This is compared to ~11% as of last quarter. ETP and WPZ saw huge 215% and 450% increases respectively this quarter.Allergan plc (AGN), Community Health Systems (CYH), and Pfizer Inc. (PFE): These healthcare names were first purchased last quarter. All three saw increases this quarter. PFE saw a marginal 4% increase. The AGN stake was increased by ~86% at prices between $266 and $313 and the stock is now well below that range at $229. CYH position saw a huge 600% increase at prices between $14.56 and $26.53 and the stock is now well below that range at $12.75. The AGN, CYH, and PFE stakes are currently at 1.32%, 2.34%, and 1.32% respectively. For investors attempting to follow Tepper, CYH is a good option to consider for further research.Southwest Energy (SWN): SWN is a very small 0.63% of the portfolio position that saw a marginal increase this quarter.Stake Decreases:General Motors (GM): GM was Appaloosa’s largest 13F individual stock position at 8.54% of the US long portfolio as of last quarter. It was reduced by ~81% this quarter at prices between $26.90 and $34.01. The bulk of the original stake was purchased in Q1 2012 and Q2 2012 at prices between $21 and $27. Q1 2014 saw a ~60% increase at prices between $34 and $41 and the following quarter the position was increased by another two-thirds at prices between $32 and $37. Q1 2015 also saw a ~25% increase at prices between $32.62 and $38.87. The pattern reversed in Q3 2015: roughly one-third reduction at prices between $27.28 and $33.33. The stock currently trades at $30.56.Goodyear Tire & Rubber (GT): GT is a very long-term 0.56% position that has been in the portfolio since before the financial crisis. In 2007, the stake stood at 2.7M shares (~5% of portfolio). The position size peaked at 22M shares in Q2 2013 when a large increase happened at prices between $12 and $15.50. The stake has been sold down since. Q3 2015 saw a ~41% reduction at prices between $27.83 and $32.66 and that was followed with another ~64% reduction last quarter at prices between $29 and $35. The pattern continued this quarter with another ~55% reduction at prices between $26.34 and $33.07. The stock currently trades at $27.17. Tepper is harvesting huge long-term gains from this position.HCA Holdings (HCA): HCA became a significant position in the portfolio in Q4 2012 when over 4M shares were purchased in the low-30s price-range. The position has doubled and it currently trades at $77.12. Q2 20115 saw a ~15% reduction at prices between $73.61 and $91.84 and that was followed with a similar reduction the following quarter at prices between $74 and $95. Last quarter, the pattern reversed: ~28% increase at prices between $64 and $79. This quarter saw a ~30% reduction at prices between $62.83 and $78.10.Ingersoll-Rand (IR): IR is a ~0.80% portfolio stake established in Q3 2015 at prices between $50.61 and $68.76 and increased by ~51% last quarter at prices between $50.69 and $60.21. The pattern reversed this quarter: ~30% reduction at prices between $48.80 and $62.07. The stock currently trades at $64.20.Owens Corning (OC): The original OC stake was established in Q1 2012 & Q2 2012 at prices between $29 and $37. Q4 2014 saw a ~14% reduction at prices between $29 and $36.80 while in Q2 2015 there was a ~22% increase at prices between $38.31 and $43.40. The stake is now at 2.80%. The stock currently trades at $50.99. This quarter saw a marginal reduction.Kinder Morgan Inc. (KMI), PPG Industries (PPG), and Range Resources (RRC): These very small ~1% positions were established last quarter but reduced this quarter. KMI saw a ~50% reduction while PPG & RRC saw modest ~10% reductions. KMI and RRC are part of the huge “energy basket” established last quarter.SPDR S&P 500 ETF (SPY) & Calls: SPY was the largest position at 22% of the US long portfolio in Q1 2014. The stake was drastically reduced in Q2 2014 from 22% to 3.84%. In Q4 2014, the remaining stake was almost eliminated. A similar pattern of trading played out over H1 2015: a huge stake increase to a 16.38% portfolio stake (nominal) using SPY Calls in Q1 2015 followed by liquidation the following quarter. Last quarter saw another stake increase primarily through SPY Calls. This quarter saw a marginal reduction. SPY is currently at $206 and the stake is large at 9.89% of the portfolio.United Rentals (URI): URI was first purchased in Q1 2015 at prices between $82.31 and $104 and increased by ~17% the following quarter at prices between $87.24 and $105. Q3 2015 saw a further ~39% increase at prices between $59.48 and $87.62. The pattern reversed this quarter: ~25% reduction at prices between $43.34 and $72.54. It now trades at $65.29. The stake is now at 0.64% of the US long portfolio.Whirlpool Corporation (WHR): WHR is a fairly large (top-five) ~4.50% of the US long portfolio position. Q1 2014 saw a 125% increase at prices between $127 and $159 and that was followed with a stake doubling in Q3 2014 at prices between $139 and $156. In Q4 2014, the pattern reversed: ~15% reduction at prices between $140 and $194. The following quarter saw another one-third reduction at prices between $187 and $215. Last quarter saw a ~43% increase at prices between $142 and $167 while this quarter saw ~12% trimming. The stock currently trades at $168.Kept Steady:Huntsman Corporation (HUN): HUN is a 1.89% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. The stake is now at 8M shares and the stock trades at $14.12. Q1 2015 saw a one-third increase at prices between $21.26 and $24.40.WMIH Corp. (WMIH): WMIH is a 0.70% stake established in Q3 2015 at prices between $2.26 and $2.87. The stock is now at $2.34.Following are the other minutely small stakes in the portfolio: Antero Resources (AR), Cabot Oil & Gas (COG), Clearbridge Energy MLP (CEM), Kayne Anderson MLP (KYN), Teekay Offshore (TOO), Tenet Healthcare (THC), Terraform Global (GLBL), and Valeant Pharmaceuticals (VRX). Appaloosa’s 13F portfolio also has minutely small stakes in General Motors and Kinder Morgan Warrants.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q1 2016:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q4 2015 Update" | "David Tepper’s US long equity portfolio increased 75% from $2.86B to $5.01B this quarter.General Motors is the largest individual stock position at 8.54% of the portfolio.The call option on S&P 500 ETF was increased significantly in the quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory filed on 02/12/2016. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2015.This quarter, Tepper’s US long equity portfolio increased 75% from $2.86B to $5.01B. Last quarter had seen a ~30% decrease from $4.04B to $2.86B. The number of holdings increased from 33 to 52. The top-five individual stock positions are General Motors, Alphabet Inc., Delta Air Lines, HCA Holdings, and Whirlpool Corporation. Combined, they account for ~35% of the 13F holdings.To know more about Tepper's distress investing style, check out the book .New Stakes:Alps ETF Alerian MLP (AMLP), Energy Transfer Partners LP (ETP), Kinder Morgan Inc. (KMI), Terraform Power (TERP), and Williams Partners LP (WPZ): These energy sector stakes are new this quarter. Combined, the total position is at ~11% of the portfolio. Tepper is positioning in anticipation of a bottom in the sector. Interestingly, all of them trade very near or below the low-end of his purchase price ranges.Abengoa Yield plc (ABY), Allergan plc (AGN), Community Health Systems (CYH), Hewlett Packard Enterprise (HPE), Pfizer Inc. (PFE), PPG Industries (PPG), and Range Resources (RRC): AGN, CYH, HPE, and RRC are very small (less than ~1% of the portfolio each) positions. The 2.43% ABY position was established at prices between $14.15 and $21.10 and it is currently just below that range at $13.73. PFE is a 1.55% stake purchased at prices between $31.33 and $35.45 and the stock is now at $29.35. The 1.48% PPG position was established at prices between $88 and $107 and it currently trades at $91.78.Stake Disposals:JetBlue Airways (JBLU): The 4.04% JBLU stake was established in Q1 2015 at prices between $14.38 and $19.58. It was disposed of this quarter at prices between $22.56 and $26.86. The stock currently trades at $21.25.Nike Inc. (NKE) Puts: The 1.54% (nominal) bearish bet on NKE was established last quarter when the underlying share price varied between $50.50 and $62.50. This quarter, the position was eliminated. The share price was between $61 and $67 during the quarter. The stock is now at $56.41.Axial Corporation (AXLL), KBR Inc. (KBR), Ryland Group (RYL), Terex Corporation (TEX), and USG Corporation (USG): These are very small positions (less than ~1% of the US long portfolio) that were eliminated this quarter.Stake Increases:Chicago Bridge & Iron (CBI): CBI has been in the portfolio since Q2 2013. Around 1.5M shares were purchased for around $56 at that time. The position has wavered since and the current stake is at 1.39M shares (~1% of portfolio). Last three quarters have seen minor increases. The stock currently trades at $32.42.Delta Airlines (DAL): DAL is the third-largest position at 7.40% of the portfolio. It was first purchased in 2012 at a cost-basis in the high single digits. The position has wavered since. Last quarter saw a ~42% increase at prices between $40 and $48 and that was followed with a ~21% increase this quarter at prices between $44 and $52. The stock currently trades at $42.99. Tepper has huge long-term gains on this position.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake was increased by 87% in Q1 2014 at prices between $550 and $610. It was increased by 22% in Q2 2014 as well at prices between $510 and $579. Q4 2014 saw an about-turn as around 19% of the position was sold at prices between $495 and $577 and the following quarter saw a further ~8% reduction at prices between $493 and $575. Q2 2015 saw a large 56% further reduction at prices between $520 and $565 and that was followed with a ~47% reduction last quarter at prices between $517 and $673. This quarter saw an about turn: ~190% increase at prices between $608 and $777. The stock currently trades at $682 and the stake is now the second-largest individual stock position at 8.11% of the portfolio.HCA Holdings (HCA): HCA became a significant position in the portfolio in Q4 2012 when over 4M shares were purchased in the low-30s price-range. The position has doubled and it currently trades at $66.01. It is the fourth-largest individual stock position at 6.12% of the US long portfolio. Q2 20115 saw a ~15% reduction at prices between $73.61 and $91.84 and that was followed with a similar reduction last quarter at prices between $74 and $95. This quarter, the pattern reversed: ~28% increase at prices between $64 and $79.HD Supply Holdings ((HDS): HDS became a significant presence in the portfolio in Q1 2014 when around 1M shares were purchased for around $23 per share. The original stake was increased by ~118% in Q1 2015 at prices between $27.02 and $31.41. This quarter saw another ~41% increase at prices between $28 and $32. It currently trades at $23.31. The stake is now at 1.92% of the portfolio.Mylan NV (MYL): MYL is a very small 0.92% stake established in Q2 2015 at prices between $58 and $76. It was reduced by ~53% last quarter at prices between $39.80 and $71.49. This quarter, the pattern reversed: ~82% increase at prices between $39 and $55. The stock is now at $41.83.Priceline Group Inc. (PCLN): PCLN is a 2.80% of the US long portfolio position established in Q1 2014 at prices between $1113 and $1370. In Q2 2014, the stake was increased by over 70% at prices between $1108 and $1292. In Q1 2015, the pattern reversed with a ~25% reduction at prices between $1108 and $1268. Last quarter saw a further ~57% reduction at prices between $1117 and $1352. The stock currently trades at $1058. There was a ~12% increase this quarter.Southwest Airlines (LUV): LUV is a 3.69% position purchased last quarter at prices between $32.36 and $40.45. This quarter saw a ~160% increase at prices between $38 and $50. The stock currently trades at $36.23.SPDR S&P 500 ETF (SPY) & Calls: SPY was the largest position at 22% of the US long portfolio in Q1 2014. The stake was drastically reduced in Q2 2014 from 22% to 3.84%. In Q4 2014, the remaining stake was almost eliminated. A similar pattern of trading played out over H1 2015: a huge stake increase to a 16.38% portfolio stake (nominal) using SPY Calls in Q1 2015 followed by liquidation the following quarter. This quarter saw another stake increase back to 12.29% of the portfolio primarily through SPY Calls. SPY traded between $192 and $211 during the quarter and it is currently at $187.Triumph Group (TGI): TGI is a very small 0.71% of the portfolio stake. The bulk of the position was purchased in Q1 2014 at prices between $62 and $79. Last two quarters have seen minor increases. The stock currently trades at $23.57.United Continental Holdings (UAL): UAL was a large 4.68% of the US long portfolio stake in Q4 2014. The bulk of the stake was established in Q1 2012 at prices between $18.21 and $25. Q1 2015 saw a ~19% reduction at prices between $63.83 and $73.62 and that was followed with a huge ~62% reduction in the following quarter at prices between $51.23 and $67.25. Last quarter saw another ~69% reduction at prices between $51.50 and $61.56. The pattern reversed this quarter: ~28% increase at prices between $50.78 and $61.49. The stock currently trades at $48.35 and the stake is at 0.69%.Whirlpool Corporation (WHR): WHR is a fairly large (top-five) ~4.73% of the US long portfolio position. Q1 2014 saw a 125% increase at prices between $127 and $159 and that was followed with a stake doubling in Q3 2014 at prices between $139 and $156. In Q4 2014, the pattern reversed: ~15% reduction at prices between $140 and $194. Q1 2015 saw another one-third reduction at prices between $187 and $215. This quarter saw a ~43% increase at prices between $142 and $167. The stock currently trades at $132.Allstate Corporation (ALL): The ALL stake was established last quarter at prices between $57 and $69 and increased by ~360% this quarter at prices between $58 and $65. The stock currently trades at $63.91. The position is now at 3.62% of the portfolio. The activity indicates a clear bullish bias.Ingersoll-Rand (IR): IR is a ~1% portfolio stake established last quarter at prices between $50.61 and $68.76 and increased by ~51% this quarter at prices between $50.69 and $60.21. The stock currently trades at $51.32.Stake Decreases:Apple Inc. (AAPL): AAPL is a 2.65% of the US long portfolio stake established in Q2 2015 at prices between $120 and $133. Last quarter saw a ~48% reduction at prices between $103 and $132. The stock currently trades at $93.99. This quarter also saw minor selling.Note: Tepper has traded Apple frequently over the last three years: It became a significant presence in Q1 2012, when around 3.5M shares (split-adjusted) were purchased at prices between $60 and $87. The stake represented around 10% of the US long portfolio at the time. In Q4 2012, another 2.8M shares were purchased at prices between $73 and $94. The stock was consistently sold from the next quarter onwards and by Q4 2013 the position was at 1.5M shares. Most of the selling happened in Q1 2013 and Q2 2013 at prices between $56 and $75. Q1 2014 saw a 16% stake increase at prices between $71 and $80. In Q4 2014, the pattern reversed again: 31% reduction at prices between $92.93 and $103. The remaining 1.72% position was eliminated in Q1 2015 at prices between $96.26 and $119.Eagle Materials (EXP): EXP was a 1.85% of the portfolio position purchased last quarter at prices between $67.42 and $84.42. It was almost eliminated this quarter at prices between $58.94 and $75.74. The stock currently trades at $53.08.Eastman Chemical (EMN): EMN is a small 0.94% of the US long portfolio position. It saw a huge ~92% increase in Q1 2015 at prices between $68.64 and $76.48. This quarter saw a ~10% trimming. The stock currently trades at $60.66.General Motors (GM): GM is Appaloosa’s largest 13F individual stock position at 8.54% of the US long portfolio. The bulk of the original stake was purchased in Q1 2012 and Q2 2012 at prices between $21 and $27. Q1 2014 saw a ~60% increase at prices between $34 and $41 and the following quarter the position was increased by another two-thirds at prices between $32 and $37. Q1 2015 also saw a ~25% increase at prices between $32.62 and $38.87. The pattern reversed last quarter: roughly one-third reduction at prices between $27.28 and $33.33. The stock currently trades at $27.71. This quarter also saw a marginal further reduction.Goodyear Tire & Rubber (GT): GT is a very long-term 1.39% position that has been in the portfolio since before the financial crisis. In 2007, the stake stood at 2.7M shares (~5% of portfolio). The position size peaked at 22M shares in Q2 2013 when a large increase happened at prices between $12 and $15.50. The stake has been sold down since. Last quarter saw a ~41% reduction at prices between $27.83 and $32.66 and that was followed with another ~64% reduction this quarter at prices between $29 and $35. The stock currently trades at $29.69. Tepper is harvesting huge long-term gains from this position.NXP Semiconductors (NXPI): NXP was a top five stake at 6.98% of the US long portfolio as of last quarter. It was sold down by ~65% this quarter at prices between $73 and $98. The original stake is from Q3 2014 at prices between $60.50 and $73.01. Last quarter had seen a ~38% increase at prices between $79.26 and $99.28. The stock currently trades at $67.30 and the stake is at 1.34%.Note: In March 2015, NXP agreed to acquire Freescale Semiconductor (FSL) and the deal closed in December.United Rentals (URI): URI was first purchased in Q1 2015 at prices between $82.31 and $104 and increased by ~17% in the following quarter at prices between $87.24 and $105. Last quarter saw a further ~39% increase at prices between $59.48 and $87.62. It now trades at $45.45. The stake is now at 1.11% of the US long portfolio. This quarter saw an 8% trimming.Kept Steady:Huntsman Corporation (HUN): HUN is a 1.82% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. The stake is now at 8M shares and the stock trades at $8.80. Q1 2015 saw a one-third increase at prices between $21.26 and $24.40.Owens Corning (OC): The original OC stake was established in Q1 2012 & Q2 2012 at prices between $29 and $37. Q4 2014 saw a ~14% reduction at prices between $29 and $36.80 while in Q2 2015 there was a ~22% increase at prices between $38.31 and $43.40. The stake is now at 3.15%. The stock currently trades at $40.52.WMIH Corp. (WMIH): WMIH is a 0.87% stake established last quarter at prices between $2.26 and $2.87. The stock is now at $2.35.Following are the other minutely small stakes in the portfolio: Antero Resources (AR), Cabot Oil & Gas (COG), Clearbridge Energy MLP (CEM), EQT Corp. (EQT), Freeport McMoran (FCX), Kayne Anderson MLP (KYN), NRG Yield (NYLD.A), Teekay LNG (TGP), Teekay Offshore (TOO), and Tortoise Energy Infra (TYG). Appaloosa’s 13F portfolio also has minutely small stakes in General Motors and Kinder Morgan Warrants.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q4 2015:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q3 2015 Update" | "David Tepper’s US long equity portfolio decreased from $4.04B to $2.86B this quarter.General Motors is by far the largest individual stock position at 13.51% of the portfolio.The large stakes in Delta Air Lines and NXP Semiconductors were increased significantly during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory filed on 11/13/2015. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2015.This quarter, Tepper’s US long equity portfolio decreased ~29% from $4.04B to $2.86B - last quarter saw a very similar decrease from $5.7B to $4.04B. The number of holdings decreased from 34 to 33. The top-five individual stock positions are General Motors (13.51%), HCA Holdings (9.60%), Delta Air Lines (9.52%), NXP Semiconductors NV (6.98%), and Goodyear Tire & Rubber (6.07%). Combined, they account for ~46% of the entire 13F holdings.To Add for Q4 2015 Update onwards: To know more about Tepper's distress investing style, check out .New Stakes:Southwest Airlines (LUV): LUV is a 2.17% position purchased at prices between $32.36 and $40.45 and the stock currently trades well above that range at $45.74. Tepper has plenty of exposure to the airline industry (Delta Air Lines, JetBlue, and United Continental Holdings).Nike Inc. (NKE) Puts and WMIH Corp. (WMIH): The 1.54% (nominal) bearish bet on NKE was established this quarter when the underlying share price varied between $101 and $125. The stock is now at $123. WMIH is a 1.52% long stake established this quarter at prices between $2.26 and $2.87 and the stock is now at $2.35. David Tepper was already involved in WMIH, the NOL shell (successor of Washington Mutual from the financial crisis era) sponsored by KKR, although the exposure to the common is new.Allstate Corp. (ALL), Eagle Materials (EXP), and Ingersoll-Rand (IR): ALL is a small 1.27% of the portfolio stake established this quarter at prices between $57 and $69. The stock currently trades at $63.12. EXP is a 1.85% of the portfolio position purchased this quarter at prices between $67.42 and $84.42. The stock currently trades at $69.29. IR is a 1.22% portfolio stake established at prices between $50.61 and $68.76 and the stock currently trades at $57.70.Stake Disposals:Alibaba Group (BABA): BABA is a 2.77% of the US long portfolio position established last quarter at prices between $80 and $94 and eliminated in early July at around $80 per share. The stock currently trades at $78.32.Note 1: BABA had a previous round-trip in the portfolio: It was a very small 0.95% of the US long portfolio stake established in Q3 2014 at prices between $86.10 and $93.89 and disposed of the following quarter at prices between $84.95 and $119.Note 2: In September, Tepper said he lost money in the Chinese market as he had incorrectly read the policy situation in China.Masco Corporation (MAS): The original MAS stake was almost doubled in Q2 2014 at prices between $19.54 and $22.89. Q3 2014 saw a ~6% reduction at prices between $20.27 and $24.44 and the following quarter saw a further ~21% reduction at prices between $20.86 and $25.40. Last quarter saw another ~45% reduction at prices between $25.65 and $27.92 and the remaining stake was sold this quarter at prices between $22.63 and $28.35. The stock currently trades at $28.78.Bank of America (BAC), D R Horton Inc. (DHI), Lennar Corporation (LEN), Mohawk Industries (MHK), and Regions Financial (RF): These very small (less than ~1% of the portfolio each) stakes were sold out this quarter.Stake Increases:Chicago Bridge & Iron (CBI): CBI has been in the portfolio since Q2 2013. Around 1.5M shares were purchased for around $56 at that time. The position has wavered since and the current stake is at 1.25M shares. Last two quarters have seen minor increases. The stock currently trades at $42.18.Delta Airlines (DAL): DAL is the third-largest position at 9.52% of the portfolio that was first purchased in 2012 at a cost-basis in the high single digits. The position has wavered since. This quarter saw a ~42% increase at prices between $40 and $48. The stock currently trades at $47.93. Tepper has huge long-term gains on this position.NXP Semiconductors (NXPI): NXP is a top five stake at 6.98% of the US long portfolio. It was established in Q3 2014 at prices between $60.50 and $73.01. This quarter saw a ~38% increase at prices between $79.26 and $99.28. The stock currently trades at $78.73.Note: In March, NXP agreed to acquire Freescale Semiconductor (FSL) and shareholders approved the merger in July.Triumph Group (TGI): TGI is a very small 1.24% of the portfolio stake. It was increased by ~10% in Q1 2015 at prices between $53.96 and $67.22. The bulk of the position was purchased in Q1 2014 at prices between $62 and $79. This quarter saw a marginal increase. The stock currently trades at $40.25.United Rentals (URI): URI was first purchased in Q1 2015 at prices between $82.31 and $104 and increased by ~17% last quarter at prices between $87.24 and $105. This quarter saw a further ~39% increase at prices between $59.48 and $87.62. It now trades at $74.75. The stake is now at 1.30% of the US long portfolio.Whirlpool Corporation (WHR): WHR is a fairly large ~5.83% of the US long portfolio position. Q3 2014 saw a stake doubling at prices between $139 and $156. Q1 2014 also saw a 125% increase at prices between $127 and $159. In Q4 2014, the pattern reversed: ~15% reduction at prices between $140 and $194. Q1 2015 saw another one-third reduction at prices between $187 and $215. Last quarter saw a minor reduction while this quarter saw a marginal increase. The stock currently trades at $155.Terex Corporation (TEX): TEX is a very small ~1% stake that had a minor increase this quarter.Stake Decreases:Apple Inc. (AAPL): AAPL is a fairly large 5.04% of the US long portfolio stake established last quarter at prices between $120 and $133. This quarter saw a ~48% reduction at prices between $103 and $132. The stock currently trades at $114.Note: Tepper has traded Apple frequently over the last three years: It became a significant presence in Q1 2012, when around 3.5M shares (split-adjusted) were purchased at prices between $60 and $87. The stake represented around 10% of the US long portfolio at the time. In Q4 2012, another 2.8M shares were purchased at prices between $73 and $94. The stock was consistently sold from the next quarter onwards and by Q4 2013 the position was at 1.5M shares. Most of the selling happened in Q1 2013 and Q2 2013 at prices between $56 and $75. Q1 2014 saw a 16% stake increase at prices between $71 and $80. In Q4 2014, the pattern reversed again: 31% reduction at prices between $92.93 and $103. The remaining 1.72% position was eliminated in Q1 2015 at prices between $96.26 and $119.Eastman Chemical (EMN): EMN is a small 1.77% of the US long portfolio position. It saw a huge ~92% increase in Q1 2015 at prices between $68.64 and $76.48. Last two quarters have seen minor reductions. The stock currently trades at $69.61.General Motors (GM): GM is Appaloosa’s largest 13F individual stock position at 13.51% of the US long portfolio. The bulk of the original stake was purchased in Q1 2012 and Q2 2012 at prices between $21 and $27. Q1 2014 saw a ~60% increase at prices between $34 and $41 and the following quarter the position was increased by another two-thirds at prices between $32 and $37. Q1 2015 also saw a ~25% increase at prices between $32.62 and $38.87. The pattern reversed this quarter: roughly one-third reduction at prices between $27.28 and $33.33. The stock currently trades at $35.17.Goodyear Tire & Rubber (GT): GT is a very long-term top-five 6.07% position that has been in the portfolio since before the financial crisis. In 2007, the stake stood at 2.7M shares (~5% of portfolio). The position size peaked at 22M shares in Q2 2013 when a large increase happened at prices between $12 and $15.50. The stake has been sold down since. This quarter saw a ~41% reduction at prices between $27.83 and $32.66. The stock currently trades at $32.31. Tepper is starting to harvest huge long-term gains from this position.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake was increased by 87% in Q1 2014 at prices between $550 and $610 (split-adjusted). It was increased by 22% in Q2 2014 as well at prices between $510 and $579. Q4 2014 saw an about-turn as around 19% of the position was sold at prices between $495 and $577 and the following quarter saw a further ~8% reduction at prices between $493 and $575. Last quarter saw a large 56% further reduction at prices between $520 and $565 and that was followed with a ~47% reduction this quarter at prices between $517 and $673. The stock currently trades at $729 and the stake is now at 3.97% of the portfolio. Appaloosa is harvesting long-term gains from this position.HCA Holdings (HCA): HCA became a significant position in the portfolio in Q4 2012 when over 4M shares were purchased in the low-30s price-range. It currently trades at $67.20. It is the second-largest individual stock position at 9.60% of the US long portfolio. Last quarter saw a ~15% reduction at prices between $73.61 and $91.84 and that was followed with a similar reduction this quarter at prices between $74 and $95. Tepper is starting to harvest huge long-term gains.HD Supply Holdings ((HDS): HDS became a significant presence in the portfolio in Q1 2014 when around 1M shares were purchased for around $23 per share. The original stake was increased by ~118% in Q1 2015 at prices between $27.02 and $31.41. Last quarter saw a ~12% trimming at prices between $31.16 and $35.50 and it currently trades at $28.96. The stake is now at 2.27% of the portfolio. This quarter saw very minor selling.Huntsman Corporation (HUN): HUN is a 2.72% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. The stake is now at 8M shares and the stock trades at $12.78. Q1 2015 saw a one-third increase at prices between $21.26 and $24.40. This quarter saw a marginal further reduction.JetBlue Airways (JBLU): The 4.04% JBLU stake was established at prices between $14.38 and $19.58. The stock currently trades well above that range at $25.02. This quarter saw a ~9% trimming.Mylan NV (MYL): MYL is a very small 0.66% stake established last quarter at prices between $58 and $76. It was reduced by ~53% this quarter at prices between $39.80 and $71.49. The stock is now at $50.Owens Corning (OC): The original OC stake was established in Q1 2012 & Q2 2012 at prices between $29 and $37. Q4 2014 saw a ~14% reduction at prices between $29 and $36.80. Last quarter saw a ~22% increase at prices between $38.31 and $43.40. There was a ~7% trimming this quarter. The stake is now at 4.92%. The stock currently trades at $46.54.Priceline Group Inc. (PCLN): PCLN is a fairly large 4.23% of the US long portfolio position established in Q1 2014 at prices between $1113 and $1370. In Q2 2014, the stake was increased by over 70% at prices between $1108 and $1292 and Q3 2014 saw a further ~16% increase at prices between $1154 and $1309. In Q4 2014, there was an about-turn as the position was reduced by ~14% at prices between $1040 and $1206 and that was followed with a ~25% reduction last quarter at prices between $1108 and $1268. This quarter saw a further ~57% reduction at prices between $1117 and $1352. The stock currently trades at $1267.United Continental Holdings (UAL): UAL was a large 4.68% of the US long portfolio stake in Q4 2014. The bulk of the stake was established in Q1 2012 at prices between $18.21 and $25. Q1 2015 saw a ~19% reduction at prices between $63.83 and $73.62 and that was followed with a huge ~62% reduction last quarter at prices between $51.23 and $67.25. This quarter saw another ~69% reduction at prices between $51.50 and $61.56. The stock currently trades at $58.08. Tepper is harvesting huge long-term gains from this position and the remaining stake is at 0.87% of the portfolio.Axial Corporation (AXLL), KBR Inc. (KBR), Ryland Group (RYL), and USG Corporation (USG): These are very small positions (less than ~1% of the US long portfolio) that were further reduced this quarter.Kept Steady:SPDR S&P 500 ETF (SPY) & Calls: SPY was the largest position at 22% of the US long portfolio in Q1 2014. The stake was drastically reduced in Q2 2014 from 22% to 3.84%. In Q4 2014, the remaining stake was almost eliminated when SPY traded between $186 and $209. A similar pattern of trading played out over H1 2015: a huge stake increase to a 16.38% portfolio stake (nominal) using SPY Calls in Q1 2015 followed by liquidation last quarter. Currently, it is a minutely small position at 0.15% of the portfolio.Appaloosa’s 13F portfolio also has minutely small stakes in General Motors Warrants.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q3 2015:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q2 2015 Update" | "David Tepper’s US long equity portfolio decreased from $5.70B to $4.04B this quarter.General Motors is by far the largest individual stock position at 15.52% of the portfolio.Appaloosa’s huge stakes in QQQ and SPY Calls were almost eliminated this quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory filed on 08/14/2015. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2015.This quarter, Tepper’s US long equity portfolio decreased ~29% from $5.70B to $4.04B - the zig-zag pattern continues - last quarter saw an increase from $4.05B to $5.7B while the quarter before that saw a huge decrease. The number of holdings decreased from 38 to 34. The huge leveraged bets on S&P 500 and Nasdaq 100 indexes through call options on their ETFs established last quarter were almost eliminated this quarter. The top-five individual stock positions are General Motors (15.52%), HCA Holdings (9.40%), Apple Inc. (7.82%), Goodyear Tire & Rubber (7.46%), and Priceline Group (6.55%). Combined, they account for ~47% of the entire 13F holdings.New Stakes:Apple Inc. (AAPL): AAPL is a large (top-three) 7.82% of the US long portfolio stake established this quarter at prices between $120 and $133. The stock currently trades at $113.Note: Apple is in the portfolio after a quarter’s gap: It became a significant presence in Q1 2012, when around 3.5M shares (split-adjusted) were purchased at prices between $60 and $87. The stake represented around 10% of the US long portfolio at the time. In Q4 2012, another 2.8M shares were purchased at prices between $73 and $94. The stock was consistently sold from the next quarter onwards and by Q4 2013 the position was at 1.5M shares. Most of the selling happened in Q1 2013 and Q2 2013 at prices between $56 and $75. Q1 2014 saw a 16% stake increase at prices between $71 and $80. In Q4 2014, the pattern reversed again: 31% reduction at prices between $92.93 and $103. The remaining 1.72% position was eliminated in Q1 2015 at prices between $96.26 and $119.Alibaba Group (BABA): BABA is a 2.77% of the US long portfolio position established this quarter at prices between $80 and $94. The stock currently trades well below that range at $70.32.Note: BABA had a recent round-trip in the portfolio: It was a very small 0.95% of the US long portfolio stake established in Q3 2014 at prices between $86.10 and $93.89 and disposed of the following quarter at prices between $84.95 and $119.Bank of America (BAC) & Mylan NV (MYL): These are small (less than 2% of the portfolio each) stakes established this quarter. BAC is a very small 0.81% position purchased at prices between $15.41 and $17.67 and the stock currently trades at $16.73. MYL is a 1.66% stake established at prices between $58 and $76 and the stock is now at $53.03.Stake Disposals:Lorillard Inc. (LO): LO was a ~1% of the US long portfolio position established in Q3 2014 at prices between $59 and $67. Q4 2014 saw a ~24% reduction at prices between $58 and $64 and last quarter saw another ~22% decrease at prices between $62 and $70.Note: On July 15, 2014 Reynolds American (RAI) agreed to acquire LO in a cash-and-stock deal valued at $24B ($50.50 cash and 0.2909 in RAI stock) and that transaction closed in June.Micron Technology (MU): A 1.69% MU stake was purchased last quarter at prices between $26.57 and $35 and eliminated this quarter at prices between $18.73 and $29.52. The stock is currently at $14.74.Powershares QQQ Trust (QQQ) Calls: QQQ Calls were a fairly large 7.25% (nominal value) of the US long portfolio position established last quarter and eliminated this quarter. QQQ traded between $100 and $109 last quarter and between $105 and $111 this quarter. It currently trades at $107.Stake Increases:Owens Corning (OC): The original OC stake was established in Q1 2012 & Q2 2012 at prices between $29 and $37. Q4 2014 saw a ~14% reduction at prices between $29 and $36.80. Last quarter saw a marginal increase and that was followed by a ~22% increase this quarter at prices between $38.31 and $43.40. The stake is now at 3.67%. The stock currently trades at $46.General Motors (GM): GM is Appaloosa’s largest 13F individual stock position at 15.52% of the US long portfolio. The bulk of the original stake was purchased in Q1 2012 and Q2 2012 at prices between $21 and $27. Q1 2014 saw a ~60% increase at prices between $34 and $41 and the following quarter the position was increased by another two-thirds at prices between $32 and $37. Last quarter also saw a ~25% increase at prices between $32.62 and $38.87. The stock currently trades at $30.84. This quarter saw a minor further increase.Chicago Bridge & Iron (CBI): CBI has been in the portfolio since Q2 2013. Around 1.5M shares were purchased for around $56 at that time. The stake had since been sold down to 1.23M shares (1.43% of the US long portfolio) as of Q1 2014. In Q2 2014, the position was increased by ~22% at prices between $65.51 and $87.65 and Q3 2014 saw another ~10% increase at prices between $57.85 and $70. In Q4 2014, the stake saw a ~18% reduction at prices between $37.78 and $57.85 and last quarter the pattern continued with a ~11% reduction at prices between $34.51 and $49.48. The stock currently trades at $45.33. This quarter saw a marginal increase.JetBlue Airways (JBLU) and United Rentals (URI): These two positions were established last quarter and increased this quarter. JBLU was established at prices between $14.38 and $19.58 and increased by ~5% this quarter. The stock currently trades at $22.97. URI was purchased at prices between $82.31 and $104 and increased by ~17% this quarter at prices between $87.24 and $105. It now trades at $64.55. JBLU and URI stakes are now at 2.54% and 1.30% of the US long portfolio respectively.Stake Decreases:Google Inc. (GOOG) (GOOGL): GOOG was Appaloosa’s second-largest individual stock position at 7.73% of the US long portfolio last quarter. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake was increased by 87% in Q1 2014 at prices between $550 and $610 (split-adjusted). It was increased by 22% in Q2 2014 as well at prices between $510 and $579. Q4 2014 saw an about-turn as around 19% of the position was sold at prices between $495 and $577 and last quarter saw a further ~8% reduction at prices between $493 and $575. This quarter saw a large 56% further reduction at prices between $520 and $565. The stock currently trades at $647 and the stake is now at 4.50% of the portfolio.HCA Holdings (HCA): HCA became a significant position in the portfolio in Q4 2012 when over 4M shares were purchased in the low-30s price-range. It currently trades at $87.05. It is the second-largest individual stock position at 6.47% of the US long portfolio. This quarter saw a ~15% reduction at prices between $73.61 and $91.84. Tepper is starting to harvest huge long-term gains.HD Supply Holdings ((HDS): HDS became a significant presence in the portfolio in Q1 2014 when around 1M shares were purchased for around $23 per share. The original stake was increased by ~118% last quarter at prices between $27.02 and $31.41. This quarter saw a ~12% trimming at prices between $31.16 and $35.50 and it currently trades at $33.75. The stake is now at 2.18% of the portfolio.Masco Corporation (MAS): The original MAS stake was almost doubled in Q2 2014 at prices between $19.54 and $22.89. Q3 2014 saw a ~6% reduction at prices between $20.27 and $24.44 and the following quarter saw a further ~21% reduction at prices between $20.86 and $25.40. This quarter saw another ~45% reduction at prices between $25.65 and $27.92. The stock currently trades at $27.24 and the stake is now at 1.56% of the portfolio.Priceline Group Inc. (PCLN): PCLN is a large (top-five) 6.55% of the US long portfolio position established in Q1 2014 at prices between $1113 and $1370. In Q2 2014, the stake was increased by over 70% at prices between $1108 and $1292 and Q3 2014 saw a further ~16% increase at prices between $1154 and $1309. In Q4 2014, there was an about-turn as the position was reduced by ~14% at prices between $1040 and $1206 and that was followed with a ~25% reduction this quarter at prices between $1108 and $1268. The stock currently trades at $1258.SPDR S&P 500 ETF (SPY) & Calls: SPY was the largest position at 22% of the US long portfolio in Q1 2014. The stake was drastically reduced in Q2 2014 from 22% to 3.84%. In Q4 2014, the remaining stake was almost eliminated when SPY traded between $186 and $209. A similar pattern of trading played out over the last two quarters: a huge stake increase to a 16.38% portfolio stake (nominal) using SPY Calls last quarter followed by liquidation this quarter. SPY traded between $199 and $212 last quarter and between $205 and $214 this quarter. It currently trades at $204.United Continental Holdings (UAL): UAL was a large 4.68% of the US long portfolio stake in Q4 2014. The bulk of the stake was established in Q1 2012 at prices between $18.21 and $25. Last quarter saw a ~19% reduction at prices between $63.83 and $73.62 and that was followed with a huge ~62% reduction this quarter at prices between $51.23 and $67.25. The stock currently trades at $56.62. Tepper is harvesting huge long-term gains from this position and the remaining stake is at 1.99% of the portfolio.Delta Airlines (DAL): DAL is a 4.34% stake that was increased by around 17% in Q3 2014 at prices between $35.61 and $40.93. The following quarter saw a ~57% reduction at prices between $30.90 and $49.23. Last quarter saw an about-turn: ~45% increase at prices between $43.42 and $50.70. This quarter saw a ~9% trimming at prices between $40.57 and $47.40. The stock currently trades at $45.73.Eastman Chemical (EMN): EMN is a small 1.74% of the US long portfolio position. It saw a huge ~92% increase last quarter at prices between $68.64 and $76.48. This quarter saw a minor reduction. The stock currently trades at $73.89.NXP Semiconductors (NXPI): NXP is a 4.04% of the US long portfolio position established in Q3 2014 at prices between $60.50 and $73.01. It was reduced by ~22% last quarter at prices between $72 and $108 and another ~9% this quarter at prices between $95.33 and $112. The stock currently trades at $82.02.Note: In March, NXP agreed to acquire Freescale Semiconductor (FSL).Whirlpool Corporation (WHR): WHR is a fairly large ~4.76% of the US long portfolio position. Q3 2014 saw a stake doubling at prices between $139 and $156. Q1 2014 also saw a 125% increase at prices between $127 and $159. In Q4 2014, the pattern reversed: ~15% reduction at prices between $140 and $194. Last quarter saw another one-third reduction at prices between $187 and $215. This quarter also saw a minor reduction. The stock currently trades at $183. Appaloosa is harvesting huge gains from this position.Axial Corporation (AXLL), Regions Financial (RF), KBR Inc. (KBR), and USG Corporation (USG): These are very small positions (less than ~1% of the US long portfolio) that were further reduced this quarter.Kept Steady:Goodyear Tire & Rubber (GT): GT is a very long-term top-five position that has been in the portfolio since before the financial crisis. In 2007, the stake stood at 2.7M shares (~5% of portfolio). The position size peaked at 22M shares in Q2 2013 when a large increase happened at prices between $12 and $15.50. The stake has been sold down since. Last two quarters had seen a ~13% reduction at prices between $20 and $29. The stock currently trades at $31.14 and the stake is now at 7.46% (~10M shares) of the portfolio.Huntsman Corporation (HUN): HUN is a 4.42% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. The stake is now at 8M shares and the stock trades at $16.57. Last quarter saw a one-third increase at prices between $21.26 and $24.40.Triumph Group (TGI): TGI is a very small 1.36% of the portfolio stake. It was increased by ~10% last quarter at prices between $53.96 and $67.22 and the stock currently trades at $51.21. The bulk of the position was purchased in Q1 2014 at prices between $62 and $79.D R Horton Inc. (DHI), Lennar Corporation (LEN), Mohawk Industries (MHK), Ryland Group (RYL), and Terex Corporation (TEX): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Appaloosa’s 13F portfolio also has minutely small stakes in Bank of America (BAC) and General Motors Warrants.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q2 2015:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q1 2015 Update" | "David Tepper’s US long equity portfolio increased from $4.05B to $5.70B this quarter.General Motors is by far the largest individual stock position at ~12% of the portfolio.Appaloosa established huge positions in QQQ and SPY Calls during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory filed on 05/15/2015. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2014.This quarter, Tepper’s US long equity portfolio increased ~41% from $4.05B to $5.70B. This is an about-turn as there was a similar reduction last quarter. The number of holdings increased from 28 to 38 as several new positions were added. Also, Tepper added huge leveraged bets on S&P 500 and Nasdaq 100 indexes by purchasing calls on those two index ETFs: the nominal values of those two positions add up to 23.63% of the portfolio. The top-five individual stock positions are General Motors & Calls (12.65%), Google Inc. & Calls (7.73%), HCA Holdings (6.47%), Priceline Group (6.29%), and Goodyear Tire & Rubber (4.74%). Combined, they account for ~37% of the entire 13F holdings.New Stakes:JetBlue Airways (JBLU) & Micron Technology (MU): These are small (less than 2% of the portfolio each) stakes established this quarter. JBLU was established at prices between $14.38 and $19.58 and the stock currently trades at $20.18. MU was purchased at prices between $26.57 and $35 and the stock is currently at $26.90.Powershares QQQ Trust (QQQ) Calls: QQQ Calls are a fairly large 7.25% (nominal value) of the US long portfolio position established this quarter. QQQ traded between $100 and $109 during the period. It currently trades at $111.D R Horton Inc. (DHI), Lennar Corporation (LEN), Mohawk Industries (MHK), Regions Financial (RF), USG Corporation (USG), and United Rentals (URI): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Stake Disposals:American Airlines (AAL): AAL was Tepper’s second-largest position at 7% of the US long portfolio as of Q2 2014. The position was established when the newly merged airline (US Airways & American Airlines) started trading in Q4 2013 - Tepper bought into US Airways in Q1 2012 at much lower prices. The stake was increased by ~23% in Q1 2014 at prices between $25 and $39 and an additional 35% in the next quarter at prices between $33.37 and $44.55. In Q3 2014, the pattern reversed as the position was sold down by 38% at prices between $35 and $43.86. Last quarter saw an additional 40% reduction at prices between $28.58 and $53.63 and this quarter saw the elimination at prices between $46.53 and $55.76. The stock currently trades at $42.47. Tepper harvested huge gains from this position.American Realty Capital Properties (ARCP): ARCP is a very small 0.65% of the US long portfolio stake established last quarter at prices between $7.70 and $12.48 and eliminated this quarter at prices between $8.92 and $10.10. The stock currently trades at $9.21.Stake Increases:Delta Airlines (DAL): DAL is a 3.68% stake that was increased by around 17% in Q3 2014 at prices between $35.61 and $40.93. Last quarter saw a ~57% reduction at prices between $30.90 and $49.23. This quarter saw an about-turn: ~45% increase at prices between $43.42 and $50.70. The stock currently trades at $43.75.General Motors (GM): GM is Appaloosa’s largest 13F individual stock position at 12.06% of the US long portfolio. Q1 2014 saw a ~60% increase at prices between $34 and $41 and the following quarter the position was increased by another two-thirds at prices between $32 and $37.This quarter saw a ~25% increase at prices between $32.62 and $38.87. The bulk of the original stake was purchased in Q1 2012 and Q2 2012 at prices between $21 and $27. The stock currently trades at $35.58.Huntsman Corporation (HUN): HUN is a 3.44% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. The stake is now at 8M shares and the stock trades at $22.73. This quarter saw a roughly one-third increase at prices between $21.26 and $24.40.Owens Corning (OC): The original OC stake was established in Q1 2012 & Q2 2012 at prices between $29 and $37. Last quarter saw a ~14% reduction at prices between $29 and $36.80. This quarter saw a marginal increase and the stake is at 2.23%. The stock currently trades at $40.49.SPDR S&P 500 ETF (SPY) & Calls: SPY was the largest position at 22% of the US long portfolio in Q1 2014. The stake was drastically reduced in Q2 2014 from 22% to 3.84%. Last quarter, the remaining stake was almost eliminated at prices between $186 and $209. This quarter saw a huge reversal: huge increase to a 16.38% portfolio stake (nominal) using SPY Calls. SPY traded between $199 and $212 during the quarter and currently trades at $214.Eastman Chemical (EMN) and HD Supply Holdings ((HDS): These two small positions were increased substantially this quarter. EMN stake was increased by ~92% at prices between $68.64 and $76.48. The stock currently trades at $78.13. HDS position was increased by ~118% at prices between $27.02 and $31.41 and it currently trades at $33.57. The stakes are still small at 1.11% and 1.55% of the US long portfolio for EMS and HDS respectively.Triumph Group (TGI): TGI is a very small 0.87% of the portfolio stake. It was increased by ~10% this quarter at prices between $53.96 and $67.22 and the stock currently trades at $69.15. The bulk of the position was originally purchased in Q1 2014 at prices between $62 and $79.Stake Decreases:Chicago Bridge & Iron (CBI): CBI has been in the portfolio since Q2 2013. Around 1.5M shares were purchased for around $56 at that time. The stake had since been sold down to 1.23M shares (1.43% of the US long portfolio) as of Q1 2014. In Q2 2014, the position was increased by ~22% at prices between $65.51 and $87.65 and Q3 2014 saw another ~10% increase at prices between $57.85 and $70. Last quarter, the stake saw a ~18% reduction at prices between $37.78 and $57.85 and this quarter the pattern continued with a ~11% reduction at prices between $34.51 and $49.48. The stock currently trades at $57.48.Goodyear Tire & Rubber (GT): GT is a very long-term position that has been in the portfolio since before the financial crisis. In 2007, the stake stood at 2.7M shares (~5% of portfolio). The position size peaked at 22M shares in Q2 2013 when a large increase happened at prices between $12 and $15.50. The stake has been sold down since. Last two quarters have seen a ~13% reduction at prices between $20 and $29. The stock currently trades at $31.89. Tepper is harvesting large long-term gains from this position.Google Inc. (GOOG) (GOOGL): GOOG is Appaloosa’s second-largest individual stock position at 7.73% of the US long portfolio. The stake was increased by 87% in Q1 2014 at prices between $550 and $610 (split-adjusted). It was increased by 22% in Q2 2014 as well at prices between $510 and $579. Last quarter saw an about-turn as around 19% of the position was sold at prices between $495 and $577 and this quarter saw a further ~8% reduction at prices between $493 and $575. The stock currently trades at $543. GOOG has been a significant presence in the portfolio since Q1 2012. The original purchase was at prices between $290 and $325.HCA Holdings (HCA): HCA became a significant position in the portfolio in Q4 2012 when over 4M shares were purchased in the low-30s price-range. It currently trades at $81.59 and the stake is close to 5M shares. It is the third-largest individual stock position at 6.47% of the US long portfolio. Last two quarters have seen minor selling. Tepper is sitting on large long-term gains.Lorillard Inc. (LO): LO is a ~1% of the US long portfolio position established in Q3 2014 at prices between $59 and $67. Last quarter saw a ~24% reduction at prices between $58 and $64 and this quarter saw another ~22% decrease at prices between $62 and $70. The stock currently trades at $72.Note: On July 15, 2014 Reynolds American (RAI) agreed to acquire LO in a cash-and-stock deal valued at $24B ($50.50 cash and 0.2909 in RAI stock). Shareholders approved the deal in January.Masco Corporation (MAS): The original MAS stake was almost doubled in Q2 2014 at prices between $19.54 and $22.89. Q3 2014 saw a ~6% reduction at prices between $20.27 and $24.44 and last quarter saw a further ~21% reduction at prices between $20.86 and $25.40. This quarter saw a minor ~6% reduction. The stock currently trades at $27.81.NXP Semiconductors (NXPI): NXP is a 3.22% of the US long portfolio position established in Q3 2014 at prices between $60.50 and $73.01 and reduced by ~22% this quarter at prices between $72 and $108. The stock currently trades at $107.Note: In March, NXP agreed to acquire Freescale Semiconductor (FSL). NXP has returned just over 40% so far this year. Meanwhile FSL is up almost 70%.Priceline Group Inc. (PCLN): PCLN is a large (top-five) 6.29% of the US long portfolio position established in Q1 2014 at prices between $1113 and $1370. In Q2 2014, the stake was increased by over 70% at prices between $1108 and $1292 and Q3 2014 saw a further ~16% increase at prices between $1154 and $1309. Last quarter, there was an about-turn as the position was reduced by ~14% at prices between $1040 and $1206. This quarter saw minor selling. The stock currently trades at $1213.United Continental Holdings (UAL): The large 4.68% of the US long portfolio UAL stake saw a ~19% reduction this quarter at prices between $63.83 and $73.62. The bulk of the original stake was established in Q1 2012 at prices between $18.21 and $25. The stock currently trades at $54.13. Tepper is starting to harvest huge long-term gains from this position.Whirlpool Corporation (WHR): The large ~4% of the US long portfolio position was almost doubled in Q3 2014 at prices between $139 and $156. Q1 2014 had seen a 125% increase at prices between $127 and $159. Last quarter saw a ~15% reduction at prices between $140 and $194 and this quarter the position was reduced by another one-third at prices between $187 and $215. The stock currently trades at $192. Appaloosa is harvesting huge gains from this position.Axial Corporation (AXLL), KBR Inc. (KBR), Ryland Group (RYL), and Terex Corporation (TEX): These are very small positions (less than ~1% of the US long portfolio) that were reduced further this quarter.Kept Steady:None.Appaloosa’s 13F portfolio also has minutely small stakes in Bank of America (BAC) and General Motors Warrants.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q1 2015:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q4 2014 Update" | "David Tepper’s US long equity portfolio decreased ~40% from $6.79B to $4.05B this quarter.The vast majority of positions were reduced or eliminated in the quarter.Large stake eliminations include Citigroup, Facebook, and Halliburton while reductions include American Airlines and Delta Air Lines.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory filed on 02/13/2015. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2014.This quarter, Tepper’s US long equity portfolio decreased 40% from $6.79B to $4.05B. David Tepper took a cautious stance toward US markets in May 2014 but more recently stated that the US market of 2014 had similarities to 1998. The numbers of holdings decreased from 42 to 28 as around one-third of his positions were eliminated. There were two minor additions as well: American Realty Capital Properties and HD Supply Holdings. The top-five positions are General Motors (12.65%), Google Inc. (11.34%), HCA Holdings (9.08%), Priceline Group (8.92%), and Whirlpool Corp. (8.13%). Combined, they account for 50% of the entire 13F holdings - Tepper’s US long portfolio has become more concentrated as that percentage was at just over 34% last quarter.New Stakes:American Realty Capital Properties (ARCP): ARCP is a very small 0.65% of the US long portfolio stake established at prices between $7.70 and $12.48 and the stock currently trades at $9.40.Stake Disposals:Alibaba Group Holdings (BABA): BABA was a very small 0.95% of the US long portfolio stake established last quarter at prices between $86.10 and $93.89 and disposed of this quarter at prices between $84.95 and $119. The stock currently trades at $89.05.Apple Inc. (AAPL): AAPL became a significant presence in the portfolio after 2011. In Q1 2012, around 3.5M shares (split-adjusted) were purchased at prices between $60 and $87 and the stake represented around 10% of the US long portfolio at the time. The next quarter saw some selling at prices between $76 and $91. In Q4 2012, another 2.8M shares were purchased at prices between $73 and $94. The stock was consistently sold from the next quarter onwards and by Q4 2013 the position was at 1.5M shares. Most of the selling happened in Q1 2013 and Q2 2013 at prices between $56 and $75. Q1 2014 saw a 16% stake increase at prices between $71 and $80. Last quarter, the pattern reversed again: 31% reduction at prices between $92.93 and $103. The remaining 1.72% position was eliminated this quarter at prices between $96.26 and $119. The stock currently trades at $127.CBS Corporation (CBS): CBS was a 2.25% of the US long portfolio stake that was eliminated this quarter at prices between $48.91 and $56.45. The original position was increased from a very small stake to a 0.86% position in Q1 2014 at prices between $56 and $68 and the following two quarters had seen a stake doubling at prices between $54 and $64. The stock currently trades at $59.83.Citigroup Inc. (C): C was a top-five position at 6.35% of the US long portfolio as of last quarter. The original position consisted of around 6M shares purchased in Q1 2012 at prices between $27 and $37 and another 3M shares purchased in Q2 2012 at prices between $25 and $37. Q2 2014 saw a 14% reduction at prices between $45.68 and $49.58 and last quarter saw marginal additional selling. The remaining position was eliminated this quarter at prices between $49.68 and $56.37. The stock currently trades at $51.20. Tepper realized large long-term gains from this position.Facebook Inc. (FB): FB was increased from a minutely small stake to a fairly large 3.37% of the US long portfolio position in Q2 2014 at prices between $56 and $68. This quarter, the entire stake was eliminated at prices between $72.63 and $81.45. The stock currently trades at $75.74.Ford Motor (F): The original position was a 6.5M share stake from Q1 2012 purchased at prices between $10.76 and $12.80. The stake had wavered since and by last quarter it was at 7.3M shares. The position was eliminated this quarter at prices between $13.54 and $16.01. The stock currently trades at $16.30.Halliburton Company (HAL): HAL was a 4.78% of the US long portfolio position as of last quarter. The initial stake was increased by around four times in Q1 2014 at prices between $48 and $59.50. The elimination this quarter happened at prices between $37.82 and $64.51. The stock currently trades at $44.19.PowerShares QQQ ETF (QQQ): QQQ was the second-largest position in the portfolio as of Q1 2014. The stake was reduced from around 14% to 4.66% of the US long portfolio in Q2 2014. This quarter, the position was eliminated at prices between $91.79 and $106 and it currently trades at around $107.Mohawk Industries (MHK) & Weatherford International (WFT): These were small positions (less than ~1% of the US long portfolio each) established in Q2 2014 and eliminated this quarter. MHK stake was established at prices between $130 and $141 and eliminated at prices between $125 and $158. The stock currently trades at $173. WFT stake was established at prices between $22 and $23 and eliminated at prices between $10.32 and $20.80. The stock currently trades at $12.17.Broadcom Inc. (BRCM), MGM Resorts (MGM), Schlumberger Ltd. (SLB), & Shire plc (SHPG): These are very small positions (less than ~1% of the US long portfolio) that were eliminated this quarter.Stake Increases:HD Supply Holdings ((HDS) & Terex Corporation (TEX): These are very small positions (less than ~1% stake increase each) that were marginally increased this quarter. As the position sizes are still very small, the activity does not indicate a clear bias.Stake Decreases:American Airlines (AAL): AAL was Tepper’s second-largest position at 7% of the US long portfolio as of Q2 2014. The position was established when the newly merged airline (US Airways & American Airlines) started trading in Q4 2013 - Tepper bought into US Airways in Q1 2012 at much lower prices. The stake was increased by ~23% in Q1 2014 at prices between $25 and $39 and an additional 35% in the next quarter at prices between $33.37 and $44.55. Last quarter, the pattern reversed as the position was sold down by 38% at prices between $35 and $43.86. This quarter saw an additional 40% reduction at prices between $28.58 and $53.63. The stock currently trades at $48.39 and the remaining stake is still fairly large at 5.77%.Chicago Bridge & Iron (CBI): CBI has been in the portfolio since Q2 2013. Around 1.5M shares were purchased for around $56 at that time. The stake had since been sold down to 1.23M shares (1.43% of the US long portfolio) as of Q1 2014. In Q2 2014, the position was increased by ~22% at prices between $65.51 and $87.65 and last quarter saw another ~10% increase at prices between $57.85 and $70. This quarter, the stake saw a ~18% reduction at prices between $37.78 and $57.85. The stock currently trades at $38.69.Delta Airlines (DAL): DAL is a 3.91% stake that was increased by around 17% last quarter at prices between $35.61 and $40.93. This quarter saw a ~57% reduction at prices between $30.90 and $49.23. The stock currently trades at $44.50.General Motors (GM): GM is Appaloosa’s largest 13F position at 12.65% of the US long portfolio. Q1 2014 saw a ~60% increase at prices between $34 and $41 and the following quarter the position was increased by another two-thirds at prices between $32 and $37.This quarter saw minor selling. The bulk of the original stake was purchased in Q1 2012 and Q2 2012 at prices between $21 and $27. The stock currently trades at $37.62.Goodyear Tire & Rubber (GT): GT is a very long-term position that has been in the portfolio since before the financial crisis. In 2007, the stake stood at 2.7M shares (~5% of portfolio). The position size peaked at 22M shares in Q2 2013 when a large increase happened at prices between $12 and $15.50. Q2 2014 saw a ~7% reduction at prices between $22.67 and $28.12 and this quarter saw another ~9% reduction at prices between $19.63 and $28.66. The stock currently trades at $25.91. Tepper is harvesting large long-term gains from this position.Google Inc. (GOOG) (GOOGL): GOOG is Appaloosa’s second-largest position at 11.34% of the US long portfolio. The stake was increased by 87% in Q1 2014 at prices between $550 and $610 (split-adjusted). It was increased by 22% in Q2 2014 as well at prices between $510 and $579. This quarter saw an about-turn as around 19% of the position was sold at prices between $495 and $577. The stock currently trades at $549. GOOG has been a significant presence in the portfolio since Q1 2012. The original purchase was at prices between $290 and $325.HCA Holdings (HCA): HCA became a significant position in the portfolio in Q4 2012 when over 4M shares were purchased in the low-30s price-range. The stake currently is at over 5M shares and is the third-largest position at 9.08% of the US long portfolio. This quarter saw minor selling. The stock has more than doubled and Tepper is sitting on large long-term gains.Huntsman Corporation (HUN): HUN is a 3.44% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. The stake is now at 6.1M shares and the stock trades at $24.40. This quarter saw a 16% reduction at prices between $21.26 and $26.67.Lorillard Inc. (LO): LO is a 1.67% of the US long portfolio position established last quarter at prices between $59 and $67.22. This quarter saw a ~24% reduction at prices between $58 and $64. The stock currently trades at $67.30.Note: On July 15, 2014 Reynolds American (RAI) agreed to acquire LO in a cash-and-stock deal valued at $24B ($50.50 cash and 0.2909 in RAI stock). Shareholders approved the deal last month.Masco Corporation (MAS): The original MAS stake was almost doubled in Q2 2014 at prices between $19.54 and $22.89. Last quarter saw a ~6% reduction at prices between $20.27 and $24.44 and this quarter saw a further ~21% reduction at prices between $20.86 and $25.40. The stock currently trades at $26.45.NXP Semiconductors (NXPI): NXP is a medium-sized 4.44% of the US long portfolio position established last quarter at prices between $60.50 and $73.01. The stock currently trades at $84.79. This quarter saw a minor reduction.Owens Corning (OC): The original OC stake was established in Q1 2012 & Q2 2012 at prices between $29 and $37. This quarter saw a ~14% reduction at prices between $29 and $36.80 and the remaining stake is at 2.51%. The stock currently trades at $38.72.Priceline Group Inc. (PCLN): PCLN is a large 8.92% of the US long portfolio position established in Q1 2014 at prices between $1113 and $1370. In Q2 2014, the stake was increased by over 70% at prices between $1108 and $1292 and last quarter saw a further ~16% increase at prices between $1154 and $1309. This quarter, there was an about-turn as the position was reduced by ~14% at prices between $1040 and $1206. The stock currently trades at $1103.United Continental Holdings (UAL): The large 8.13% of the US long portfolio UAL stake saw very minor selling this quarter. The bulk of the original stake was established in Q1 2012 at prices between $18.21 and $25. The stock currently trades at $66.23. Tepper is sitting on huge long-term gains in this position.Whirlpool Corporation (WHR): The large 8.13% of the US long portfolio position was almost doubled last quarter at prices between $139 and $156. Q1 2014 had seen a 125% increase at prices between $127 and $159. This quarter saw a ~15% reduction at prices between $140 and $194. The stock currently trades at $213. Appaloosa is starting to harvest gains from this position.SPDR S&P 500 ETF (SPY): SPY was the largest position at 22% of the US long portfolio in Q1 2014. The stake was drastically reduced in Q2 2014 from 22% to 3.84%. This quarter, the remaining stake was almost eliminated at prices between $186 and $209. It currently trades at around $210.Axial Corporation (AXLL), Eastman Chemical (EMN), KBR Inc. (KBR), Ryland Group (RYL), & Triumph Group (TGI): These are very small positions (less than ~1% of the US long portfolio) that were reduced further this quarter.Kept Steady:None.Appaloosa’s 13F portfolio also has minutely small stakes in General Motors and Hartford Financial warrants.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q4 2014:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q3 2014 Update" | "David Tepper’s US long equity portfolio decreased 5% from $7.15B to $6.79B this quarter.Several small positions were eliminated and a large position in American Airlines was reduced by over one-third in the quarter.Appaloosa added a medium-sized stake in NXP Semiconductors and significantly increased positions in Whirlpool Corporation, CBS Corporation, General Motors, Priceline Group, and Delta Airlines.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory filed on 11/14/2014. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2014.This quarter, Tepper’s US long equity portfolio decreased 5% from $7.15B to $6.79B. The number of holdings decreased from 50 to 42 as several small positions were eliminated. There were also four significant additions: Alibaba Group Holdings, Lorillard Inc., NXP Semiconductors, and Shire plc. The top-five positions are Google Inc. (9.25%), General Motors (7%), Citigroup Inc. (6.35%), Priceline (6.26%), and HCA Holdings (5.54%). Combined, they account for just over 34% of the entire US long portfolio.New Stakes:NXP Semiconductors (NXPI): NXP is a medium-sized 2.55% of the US long portfolio position established this quarter at prices between $60.50 and $73.01. The stock currently trades just outside that range at $74.14. The substantial stake establishment indicates a bullish bias.Lorillard Inc. (LO): LO is a 1.25% of the US long portfolio position established this quarter at prices between $59 and $67.22. The stock currently trades in the middle of that range at $63.14.Note: On July 15, 2014 Reynolds American (RAI) agreed to acquire LO in a cash-and-stock deal valued at $24B ($50.50 cash and 0.2909 in RAI stock).Alibaba Group Holdings (BABA) and Shire plc (SHPG): BABA & SHPG are very small 0.95% and 0.71% of the US long portfolio positions established this quarter. The BABA stake was purchased at prices between $86.10 and $93.89 and the stock currently trades at $110. The SHPG position was established at prices between $232 and $263 and the stock currently trades below that range at $211.Note: In July, AbbVie (ABBV) agreed to acquire SHPG for $55B but the merger was called off in October.Stake Disposals:American International Group (AIG): AIG was a small 0.92% of the US long portfolio position that was reduced by more than half in Q1 2014 at prices between $46.88 and $52.22. This quarter, the remaining position was sold at prices between $52 and $56.33. The stock currently trades at $54.45. The original stake was a 6.75% of the portfolio position established in Q3 2012 at prices between $31 and $35. The disposal indicates a bearish bias.Expedia Inc. (EXPE): EXPE was a ~1% position established in Q1 2014 at prices between $63 and $80. It was increased by around 29% last quarter at prices between $68 and $80 but was disposed of this quarter at prices between $77.40 and $88.40. The stock currently trades at $86.08.Prudential Financial (PRU): The small 0.92% of the US long portfolio PRU stake was disposed of this quarter at prices between $85.75 and $93.16. It was reduced by ~46% in Q1 2014 at prices between $80.45 and $92.22. The position was originally purchased in Q1 and Q2 2013 at prices between $55 and $73. Tepper harvested large long-term gains.Walt Disney (DIS): DIS was a minutely small 0.26% position in Q4 2013. It was increased significantly in Q1 2014 at prices between $70 and $83.34. This quarter, the stake was eliminated at prices between $85 and $90.94. The stock currently trades at $88.90.ASML Holding N V (ASML), Baidu Inc. (BIDU), Celanese Corporation (CE), Comcast Corporation (CMCSA), Du Pont E I De Nemours & Co (DD), and Ingredion Inc. (INGR): These are very small positions (less than ~1% of the US long portfolio) that were sold this quarter.Stake Increases:CBS Corporation (CBS): CBS is a 2.25% of the US long portfolio stake increased by just over 70% last quarter at prices between $54 and $63. It was increased from a very small stake to a 0.86% position in Q1 2014 at prices between $56 and $68. This quarter saw a ~32% increase at prices between $53.50 and $64.30. The stock currently trades at $53.67. The aggressive build-up indicates a bullish bias. For investors attempting to follow Tepper, CBS is a good option to consider for further research.Chicago Bridge & Iron (CBI): CBI has been in the portfolio since Q2 2013. Around 1.5M shares were purchased for around $56 at that time. The stake had since been sold down to 1.23M shares (1.43% of the US long portfolio) as of Q1 2014. Last quarter, the position was increased by ~22% at prices between $65.51 and $87.65 and this quarter saw another ~10% increase at prices between $57.85 and $70. The stock currently trades below those ranges at $56.02. The activity indicates a mild bullish bias.General Motors (GM): The large 7% of the US long portfolio GM position was increased by almost 60% in Q1 2014 at prices between $34 and $41. Last quarter, the position was increased by another two-thirds at prices between $32 and $37 and this quarter saw another ~15% increase at prices between $31.94 and $37.97. The bulk of the original stake was purchased in Q1 2012 and Q2 2012 at prices between $21 and $27. The stock currently trades at $32.13. The activity indicates a clear bullish bias.Priceline Group Inc. (PCLN): PCLN is a 6.26% of the US long portfolio position established in Q1 2014 at prices between $1113 and $1370. Last quarter, the position was increased by over 70% at prices between $1108 and $1292 and this quarter saw a further ~16% increase at prices between $1154 and $1309. The stock currently trades at $1154. The large stake build-up indicates a clear bullish bias.Whirlpool Corporation (WHR): The 4.29% of the US long portfolio position was almost doubled this quarter at prices between $139 and $156. It was reduced marginally last quarter. Q1 2014 had seen a 125% increase at prices between $127 and $159. The stock currently trades well above those ranges at $182. The aggressive build-up indicates a clear bullish bias.Delta Airlines (DAL): DAL is a ~4% stake that was increased by around 17% this quarter at prices between $35.61 and $40.93. The stock currently trades at $43.96.KBR Inc. (KBR) and Terex Corporation (TEX): These are very small positions (less than ~1% stake increase each) that saw some buying this quarter. As the position sizes are still very small, the activity does not indicate a clear bias.Stake Decreases:American Airlines (AAL): AAL was Tepper’s second-largest position at 7% of the US long portfolio as of last quarter. The position was established when the newly merged airline (US Airways & American Airlines) started trading in Q4 2013 - Tepper bought into US Airways in Q1 2012 at much lower prices. The stake was increased by ~23% in Q1 2014 at prices between $25 and $39. Last quarter saw an additional 35% stake increase at prices between $33.37 and $44.55. This quarter, the pattern reversed as the position was sold down by 38% to a still significant 3.81% stake at prices between $35 and $43.86. The stock currently trades at $44.16.Apple Inc. (AAPL): AAPL became a significant presence in the portfolio in 2011 although the stock was also purchased in 2009. In Q1 2012, around 3.5M shares (split-adjusted) were purchased at prices between $60 and $87 and the stake represented around 10% of the US long portfolio at the time. The next quarter saw some selling at prices between $76 and $91. In Q4 2012, another 2.8M shares were purchased at prices between $73 and $94. The stock was consistently sold from the next quarter onwards and by Q4 2013 the position was at 1.5M shares. Most of the selling happened in Q1 2013 and Q2 2013 at prices between $56 and $75. Q1 2014 saw a 16% stake increase at prices between $71 and $80. This quarter, the pattern reversed again: 31% reduction at prices between $92.93 and $103. The stock currently trades at $116.Citigroup Inc. (C): C is a top-five position at 6.35% of the US long portfolio. Q1 2014 saw a 4% stake increase at prices between $46.34 and $55. The original position consisted of around 6M shares purchased in Q1 2012 at prices between $27 and $37 and another 3M shares purchased in Q2 2012 at prices between $25 and $37. Last quarter saw a 14% reduction at prices between $45.68 and $49.58 and this quarter saw marginal additional selling. The current position is at just over 8.3M shares and the stock trades at $53.52.Masco Corporation (MAS): MAS stake was almost doubled to a significant 1.92% position last quarter at prices between $19.54 and $22.89. This quarter saw a ~6% reduction at prices between $20.27 and $24.44. The stock currently trades at $23.85.United Continental Holdings (UAL): The 3.42% of the US long portfolio UAL stake was increased by ~13% last quarter at prices between $39 and $48. This quarter saw minor selling. The stock currently trades at $56.39. The bulk of the original stake was established in Q1 2012 at prices between $18.21 and $25.Eastman Chemical (EMN) & MGM Resorts (MGM): These are very small positions (less than ~1% of the portfolio each) that were further reduced this quarter.Kept Steady:Facebook Inc. (FB): FB was increased from a minutely small stake to a fairly large 3.37% of the US long portfolio position last quarter at prices between $56 and $68. The stock currently trades at $73.60.Ford Motor (F): The 1.59% F stake was kept steady this quarter. The original position was a 6.5M share stake from Q1 2012 purchased at prices between $10.76 and $12.80 and the current position is at 7.3M shares. The stake has wavered in the interim: it peaked at almost 12M shares in Q1 2013 but since then has been sold. The stock currently trades at $15.46.Goodyear Tire & Rubber (GT): GT is a very long-term position that has been in the portfolio since before the financial crisis. In 2007, the stake stood at 2.7M shares (~5% of portfolio). The position size peaked at 22M shares in Q2 2013 when a large increase happened at prices between $12 and $15.50. Last quarter saw a ~7% reduction at prices between $22.67 and $28.12. The stock currently trades at $26.20.Google Inc. (GOOG) (GOOGL): GOOG is Appaloosa’s largest position at 9.25% of the US long portfolio. The stake was increased by 87% in Q1 2014 at prices between $550 and $610 (split-adjusted). It was increased by 22% last quarter at prices between $510 and $579. The stock currently trades at $535. GOOG has been a significant presence in the portfolio since Q1 2012. The original purchase was at prices between $290 and $325. The position size has wavered but the stake had a huge increase over the last year at prices between $425 and $610.Halliburton Company (HAL): HAL is a 4.78% of the US long portfolio position that was increased by around four times in Q1 2014 at prices between $48 and $59.50. The stock currently trades at $49.21.HCA Holdings (HCA): HCA became a significant position in the portfolio in Q4 2012 when over 4M shares were purchased in the low-30s price-range. The stake currently is at over 5.3M shares and account for 5.54% of the US long portfolio. The stock has more than doubled and Tepper is sitting on large long-term gains.Huntsman Corporation (HUN): HUN is a 2.80% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. The stake is now at 7.3M shares and the stock trades at $26.36. Here again, Tepper is sitting on large long-term gains.Mohawk Industries (MHK), Ryland Group (RYL), & Weatherford International (WFT): These are small positions (less than ~1% of the US long portfolio each) established last quarter and kept steady this quarter. MHK stake was established at prices between $130 and $141 and the stock currently trades at $148. RYL position was purchased at prices between $36 and $41.50 and the stock currently trades at $38.37. WFT stake was established at prices between $22 and $23 and the stock currently trades well below that range at $15.92.Owens Corning (OC): The position saw marginal buying last quarter but was kept steady this quarter. The original stake was established in Q1 2012 & Q2 2012 at prices between $29 and $37 and the stock currently trades at $35.40.PowerShares QQQ ETF (QQQ) and SPDR S&P 500 ETF (SPY): These were the two largest positions in the portfolio as of Q1 2014 - parts of these positions were in Calls at the time. The stakes were drastically reduced last quarter indicating clear caution toward the US market overall. The QQQ stake was reduced from around 14% to 4.66% while the SPY stake was reduced from over 22% to 3.84%.Triumph Group (TGI), Axial Corporation (AXLL), Broadcom Inc. (BRCM), & Schlumberger Ltd. (SLB): These are very small positions (less than ~1% of the US long portfolio) that were left untouched this quarter.Appaloosa’s 13F portfolio also has minute stakes (less than 0.5% of the portfolio each) in the following businesses: Walt Disney (DIS), General Motors and Hartford Financial warrants, and HD Supply Holdings (HDS).The spreadsheet below highlights changes to Tepper’s US stock holdings in Q3 2014:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q2 2014 Update" | "David Tepper’s US long equity portfolio decreased 21% from $9.06B to $7.15B this quarter.The huge 36% combined position in SPDR S&P 500 Index ETF and PowerShares QQQ ETF were reduced to just 7.85% of the portfolio.Appaloosa significantly increased positions in American Airlines, CBS Corporation, Facebook Inc., General Motors, Masco Corporation, and Priceline Group.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory filed on 08/14/2014. Please visit our to get an idea of his investment philosophy and the fund’s moves during Q1 2014.This quarter, Tepper’s US long equity portfolio decreased 21% from $9.06B to $7.15B. The portfolio raised cash, consistent with his regarding current market posture. The number of holdings decreased from 58 to 50 as several very small positions were eliminated. There were also three significant additions: Mohawk Industries, Ryland Group, and Weatherford International. Largest five positions are Google Inc. (8.74%), American Airlines (7%), General Motors (6.59%), Citigroup Inc. (5.68%), and Priceline (5.30%). Combined, they account for one-third of the entire US long portfolio.New Stakes:Mohawk Industries (MHK), Ryland Group (RYL), & Weatherford International (WFT): These are small positions (less than ~1% of the US long portfolio each) established this quarter. MHK is a 1.10% of the US long portfolio stake established this quarter at prices between $130 and $141. The stock currently trades at $145. RYL is a 0.60% of the US long portfolio stake established this quarter at prices between $36 and $41.50. The stock currently trades at $37.15. WFT is a 0.86% of the US long portfolio stake established this quarter at prices between $22 and $23. The stock currently trades at $22.28.Stake Disposals:MetLife Inc. (MET): The small 0.65% of the US long portfolio MET position had seen consistent selling since Q3 2013 - at that time it was a fairly large position at just over 3%. It was reduced by more than half last quarter at prices between $47 and $55. This quarter, the remaining position was eliminated at prices between $49 and $57. The original position was built up in Q4 2012 and Q1 2013 at prices between $31.50 and $40.20. The stock currently trades at $53.63.Qualcomm (QCOM), Trinity Industries (TRN), Delphi Automotive (DLPH), JP Morgan Chase (JPM), and KBR Inc. (KBR) & Calls: These small positions (less than 1% of the US long portfolio) were eliminated this quarter. As the position sizes are too small, the stake elimination does not indicate a clear bias.Stake Increases:American Airlines (AAL): AAL is Tepper’s second-largest position at 7% of the US long portfolio. The position was established when the newly merged airline (US Airways & American Airlines) started trading in Q4 2013 - Tepper bought into US Airways in Q1 2012 at much lower prices. He is sitting on large gains on this investment. The stake was increased by ~23% last quarter at prices between $25 and $39. This quarter saw an additional 35% stake increase at prices between $33.37 and $44.55. The stock currently trades at $40.43.CBS Corporation (CBS): CBS is a 1.88% of the US long portfolio stake increased by just over 70% this quarter at prices between $54 and $63. It was increased from a very small stake to a 0.86% position last quarter at prices between $56 and $68. The stock currently trades at $60.74. The aggressive build-up indicates a bullish bias.Chicago Bridge & Iron (CBI): CBI has been in the portfolio since Q2 2013. Around 1.5M shares were purchased for around $56 at that time. The stake had since been sold down to 1.23M shares (1.43% of the US long portfolio) as of last quarter. This quarter, the position was increased by ~22% at prices between $65.51 and $87.65. The stock currently trades at $63.95. The activity indicates a mild bullish bias.Expedia Inc. (EXPE): EXPE is a ~1% position established last quarter at prices between $63 and $80. It was increased by around 29% this quarter at prices between $68 and $80. The stock currently trades outside those ranges at $86.34.Facebook Inc. (FB): FB was increased from a minutely small stake to a fairly large 3.37% of the US long portfolio position this quarter at prices between $56 and $68. The stock currently trades at $75.29. The activity indicates a bullish bias.General Motors (GM): The 6.59% of the US long portfolio GM position was increased by almost 60% last quarter at prices between $34 and $41. This quarter, the position was increased by another two-thirds at prices between $32 and $37. The bulk of the original stake was purchased in Q1 2012 and Q2 2012 at prices between $21 and $27. The stock currently trades at $34.57.Google Inc. (GOOG) (GOOGL): GOOG is Appaloosa’s largest position at 8.74% of the US long portfolio. The position was increased by 87% last quarter at prices between $550 and $610 (split-adjusted). It was increased by 22% this quarter at prices between $510 and $579. The stock currently trades at $587. GOOG has been a significant presence in the portfolio since Q1 2012. The original purchase was at prices between $290 and $325. The position size has wavered but the last three quarters has seen a huge increase at prices between $425 and $610.Masco Corporation (MAS): MAS stake was almost doubled to a significant 1.92% position this quarter at prices between $19.54 and $22.89. The stock currently trades just outside that range at $23.19.United Continental Holdings (UAL): The 2.97% of the US long portfolio UAL stake was increased by ~13% this quarter at prices between $39 and $48. The bulk of the original stake was established in Q1 2012 at prices between $18.21 and $25.Priceline Group Inc. (PCLN): PCLN is a 5.30% of the US long portfolio position established last quarter at prices between $1113 and $1370. This quarter, the position was increased by over 70% at prices between $1108 and $1292. The stock currently trades at $1272. The large stake build-up indicates a clear bullish bias.Delta Airlines (DAL) and Owens Corning (OC): These positions saw marginal buying (less than ~5% stake increase each) this quarter. The activity indicates a mild bullish bias toward these businesses. DAL & OC became significant positions in the portfolio in Q1 2012.Stake Decreases:American International Group (AIG): AIG is a small 0.92% of the US long portfolio position that was reduced by more than half last quarter at prices between $46.88 and $52.22. It has seen consistent selling every quarter since the stake establishment in Q3 2012. The original 6.75% of the portfolio position was purchased at prices between $31 and $35. This quarter saw a minor decrease and the stock currently trades at $54.62.Apple Inc. (AAPL): AAPL became a significant presence in the portfolio in 2011 although the stock was also purchased in 2009. In Q1 2012, around 3.5M shares (split-adjusted) were purchased at prices between $60 and $87 and the stake represented around 10% of the US long portfolio at the time. The next quarter saw some selling at prices between $76 and $91. In Q4 2012, another 2.8M shares were purchased at prices between $73 and $94. The stock was consistently sold from the next quarter onwards and by Q4 2013 the position was at 1.5M shares. Most of the selling happened in Q1 2013 and Q2 2013 at prices between $56 and $75. Last quarter saw a 16% stake increase at prices between $71 and $80. This quarter saw marginal selling and the stock currently trades at $100.53.Citigroup Inc. (C): C is a top-five position at 5.68% of the US long portfolio. Last quarter saw a 4% stake increase at prices between $46.34 and $55. The original position consisted of around 6M shares purchased in Q1 2012 at prices between $27 and $37 and another 3M shares purchased in Q2 2012 at prices between $25 and $37. This quarter saw a 14% reduction at prices between $45.68 and $49.58. The current position is at just over 8.6M shares and the stock trades at $49.70.PowerShares QQQ ETF (QQQ) & Calls & SPDR S&P 500 ETF (SPY) & Calls: These were the two largest positions in the portfolio as of last quarter. The stakes were drastically reduced this quarter indicating clear caution toward the US market overall. The QQQ stake was reduced from around 14% to just 4% while the SPY stake was reduced from over 22% to just 3.65%.Prudential Financial (PRU): The small 0.92% of the US long portfolio PRU stake was reduced marginally this quarter. It was reduced by ~46% last quarter at prices between $80.45 and $92.22. That position was originally purchased in Q1 and Q2 2013 at prices between $55 and $73. Tepper is harvesting large gains from this position.Whirlpool Corporation (WHR): The 1.97% of the US long portfolio position was reduced marginally this quarter. It was increased by just over 125% last quarter at prices between $127 and $159. The stock currently trades at $153.Celanese Corporation (CE), Du Pont E I De Nemours & Co (DD), Eastman Chemical (EMN), Ingredion Inc. (INGR), KBR Inc. (KBR) & Calls: These are very small positions (less than ~1% of the US long portfolio) that were reduced this quarter. As the position sizes are very small, the activity does not indicate any clear bias.Kept Steady:Ford Motor (F): The 1.25% F stake was kept steady this quarter. The original position was a 6.5M share stake from Q1 2012 purchased at prices between $10.76 and $12.80 and the current position is at 7.3M shares. The stake has waved in the interim: it peaked at almost 12M shares in Q1 2013 but since then has been sold. The stock currently trades at $17.36.Goodyear Tire & Rubber (GT): GT is a very long-term position that has been in the portfolio since before the financial crisis. In 2007, the stake stood at 2.7M shares (~5% of portfolio). The position size peaked at 22M shares in Q2 2013 when a large increase happened at prices between $12 and $15.50. Last quarter saw a ~7% reduction at prices between $22.67 and $28.12. The stock currently trades at $25.60.Halliburton Company (HAL): HAL is a 3.27% of the US long portfolio position that was increased by around four times last quarter at prices between $48 and $59.50. The stock currently trades at $68.77. The aggressive stake build up indicates a clear bullish bias.HCA Holdings (HCA): HCA became a significant position in the portfolio in Q4 2012 when over 4M shares were purchased in the low-30s price-range. The stake currently is at over 5M shares and account for 4.2% of the US long portfolio. The stock has more than doubled and Tepper is sitting on large long-term gains.Huntsman Corporation (HUN): HUN is a 2.88% of the US long portfolio position that has been in the portfolio since Q1 2012. Just over 5M shares were purchased at that time for around $13 per share. The stake is now at 7.3M shares and here again Tepper is sitting on large long-term gains.MGM Resorts (MGM): The MGM position was sold by almost half last quarter at prices between $23 and $28.39. The bulk of the original MGM position was established in Q3 2012 at prices between $9.26 and $11.41. The stock currently trades at $25.11.Walt Disney (DIS): DIS was a minutely small 0.26% position in Q4 2013. It was increased significantly last quarter at prices between $70 and $83.34. The stock currently trades at $90. The position is now at 1.65% of the US long portfolio.Schlumberger Ltd. (SLB), Triumph Group (TGI), Terex Corporation (TEX), Comcast Corporation (CMCSA), Broadcom Inc. (BRCM), ASML Holding N V (ASML), Axial Corporation (AXLL), & Baidu Inc. (BIDU): These are very small positions (less than ~1% of the US long portfolio) that were left untouched this quarter. As the position sizes are very small, the activity does not indicate any clear bias.Appaloosa’s 13F portfolio also has minute stakes (less than 0.5% of the portfolio each) in the following businesses: Berry Plastics (BERY), General Motors and Hartford Financial warrants, HD Supply Holdings (HDS), Mueller Water (MWA), and Ply Gem (PGEM).The spreadsheet below highlights changes to Tepper’s US stock holdings in Q2 2014:" |
"Tracking David Tepper’s Appaloosa Management Portfolio – Q1 2014 Update" | "This article is the first in a series that provides an ongoing analysis of the changes made to David Tepper’s US stock portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory filed on 05/15/2014. David Tepper founded Appaloosa Management in 1993. His investment style focuses on distressed businesses (both equity & debt) all over the world - a risky proposition but the long-term returns are just stunning.David Tepper is considered one of the most successful managers in the hedge fund world. Since inception in 1993, his annual returns are estimated in the 30% range. The firm currently has over $20B in Assets Under Management (AUM). They are also known to return significant capital periodically in order to keep AUM “optimal” - in 2013, Appaloosa returned around $2B. The US long equity portfolio that are represented in the 13F reports typically account for only around one-third of the total AUM. The rest of the fund is invested in debt and other instruments (exchange warrants, options, futures, etc.). Tepper also holds significant cash although the percentage amount can vary widely quarter-to-quarter.This quarter, Tepper’s US long equity portfolio increased 13.55% from $7.98B to $9.06B. The number of holdings decreased from 70 to 58 as several very small positions were eliminated. The largest holding is SPDR S&P 500 ETF Trust (and calls) at 22.33% of the entire 13F portfolio followed by PowerShares QQQ ETF Trust (and calls) at 13.84%. Largest five positions also include Google Inc. (5.44%), Citigroup Inc. (5.29%), and American Airlines (3.48%). Combined, the largest five positions are at just over 50% of the US long portfolio.New Stakes:Priceline Group Inc. (PCLN) and Expedia Inc. (EXPE): PCLN is a 2.41% of the US long portfolio position established this quarter at prices between $1113 and $1370. The stock currently trades at $1177. EXPE is a small 0.56% of the US long portfolio position established this quarter at prices between $63 and $80. The stock currently trades at $70.84. The activity indicates a bullish bias toward these businesses.Stake Disposals:Fluor Corporation (FLR): FLR was a 1.23% of the US long portfolio position as of last quarter. It was eliminated this quarter at prices between $73.79 and $83.65. The stock currently trades at $74.10. The bulk of the position was purchased in Q2 2013 at prices between $54 and $65.Hartford Financial (HIG): HIG was a 1.17% of the US long portfolio position that was disposed of this quarter at prices between $32 and $36. Most of the stake was established in Q3 2012 and Q4 2012 at prices between $16 and $22. The stock currently trades at $34.35. Tepper harvested large long-term gains from this position.EMC Corporation (EMC), Foster Wheeler AG (FWLT), Freeport McMoran (FCX) & Calls, and Transocean Inc. (RIG): These small positions (less than ~1% of the US long portfolio) were eliminated this quarter. Most of the FWLT & FCX positions were established in Q3 2013. EMC & RIG have had significant presence in the portfolio since Q1 2012 and Q4 2012 respectively. The activity indicates a mild bearish bias toward these businesses.Stake Increases:Google Inc. (GOOG): GOOG is Appaloosa’s largest individual stock position at 5.44% of the US long portfolio. The position was increased by 87% this quarter at prices between $550 and $610 (split-adjusted). The stock currently trades at $539. GOOG has been a significant presence in the portfolio since Q1 2012. The original purchase was at prices between $290 and $325. The position size has wavered although the last two quarters saw a 200% stake increase at prices between $425 and $610.Citigroup Inc. (C): C is Tepper’s second-largest individual stock position after Google at 5.29% of the US long portfolio. This quarter saw a 4% stake increase at prices between $46.34 and $55. The original position consisted of around 6M shares purchased in Q1 2012 at prices between $27 and $37 and another 3M shares purchased in Q2 2012 at prices between $25 and $37. The current position is at just over 10M shares and the stock currently trades at $46.85.American Airlines (AAL): AAL is a top-five position at 3.48% of the US long portfolio. The position was established when the newly merged airline (US Airways & American Airlines) started trading in Q4 2013 - Tepper bought into US Airways in Q1 2012 at much lower prices. He is sitting on large gains on this investment. The stake was increased by ~23% this quarter at prices between $25 and $39. The stock currently trades at $38.32.Apple Inc. (AAPL): AAPL became a significant presence in the portfolio in 2011 although the stock was also purchased in 2009. In Q1 2012, around 500K shares were purchased at prices between $420 and $610 and the stake represented around 10% of the US long portfolio at the time. The next quarter saw some selling at prices between $530 and $634. In Q4 2012, another ~400K shares were purchased at prices between $510 and $660. The stock was consistently sold from the next quarter onwards and by last quarter the position was at 215K shares. Most of the selling happened in Q1 2013 and Q2 2013 at prices between $390 and $527. This quarter saw a 16% stake increase at prices between $500 and $560 and the position is at 1.48% of the US long portfolio.General Motors (GM): The 3% of the US long portfolio GM position was increased by almost 60% this quarter at prices between $34 and $41. The bulk of the original stake was purchased in Q1 2012 and Q2 2012 at prices between $21 and $27. The stock currently trades at $33.40.Halliburton Company (HAL): HAL is a 3.27% of the US long portfolio position that was increased by around four times this quarter at prices between $48 and $59.50. The stock currently trades at $63.57. The aggressive stake build up indicates a clear bullish bias.PowerShares QQQ ETF (QQQ) & Calls: QQQ & Calls at 13.84% of the US long portfolio is Tepper’s second-largest 13F position after SPDR S&P 500 ETF. The position was established in Q2 2013 at prices between $68 and $75 and was more than doubled in the last two quarters at prices between $77 and $91. The large stake build-up indicates a bullish bias toward the technology sector in the US.Whirlpool Corporation (WHR): WHR stake was increased by just over 125% this quarter at prices between $127 and $159. The stock currently trades at $146 and the stake is at 1.68% of the US long portfolio.Walt Disney (DIS): DIS was a minutely small 0.26% position last quarter. It was increased to a significant 1.22% position this quarter at prices between $70 and $83.34. The stock currently trades at $82.50. The activity indicates a mild bullish bias.Delta Airlines (DAL), HCA Holdings (HCA), and Owens Corning (OC): These positions saw marginal buying (less than ~5% stake increase each) this quarter. The activity indicates a mild bullish bias toward these businesses. DAL & OC became significant positions in the portfolio in Q1 2012 and HCA in Q4 2012.ASML Holding N V (ASML), CBS Corporation (CBS), Comcast Corporation (CMCSA), Du Pont E I De Nemours & Co (DD), Eastman Chemical (EMN), Ingredion Inc. (INGR), Masco Corporation (MAS), Schlumberger Ltd. (SLB), and Triumph Group (TGI): These are very small positions (less than ~1% of the US long portfolio) that were increased this quarter. As the position sizes are still very small, the activity does not indicate any clear bias.Stake Decreases:American International Group (AIG): AIG is a small 0.68% of the US long portfolio position that was reduced by more than half this quarter at prices between $46.88 and $52.22. It has seen consistent selling every quarter since the stake establishment in Q3 2012. The original 6.75% of the portfolio position was purchased at prices between $31 and $35.Goodyear Tire & Rubber (GT): GT is a very long-term position that has been in the portfolio since before the financial crisis. In 2007, the stake stood at 2.7M shares (~5% of portfolio). The position size peaked at 22M shares in Q2 2013 when a large increase happened at prices between $12 and $15.50. Since then, the stake saw consistent reductions every quarter and the pattern continues this quarter: ~7% reduction at prices between $22.67 and $28.12. The stock currently trades at $24.67.MetLife Inc. (MET): The small 0.65% of the US long portfolio MET position has seen consistent selling since Q3 2013. It was reduced by more than half this quarter at prices between $47 and $55. The original position was built up in Q4 2012 and Q1 2013 at prices between $31.50 and $40.20. The stock currently trades at $50.49.MGM Resorts (MGM), Prudential Financial (PRU), and United Continental Holdings (UAL): These three stakes were all reduced by ~46% this quarter. They now represent 1.03%, 0.71%, and 2.29% of the US long portfolio respectively. The MGM position was sold at prices between $23 and $28.39. The bulk of the original MGM position was established in Q3 2012 at prices between $9.26 and $11.41. PRU was sold at prices between $80.45 and $92.22. That position was originally purchased in Q1 and Q2 2013 at prices between $55 and $73. The UAL stake was sold at prices between $37.73 and $49.18 and the bulk of the original position was established in Q1 2012 at prices between $18.21 and $25. Tepper is harvesting large gains from these positions.SPDR S&P 500 ETF (SPY) & Calls: This is the largest position in the portfolio at 22.33%. It saw a ~5% trimming this quarter at prices between $174 and $188. The majority of the stake was established last quarter when around 7M shares were purchased at prices between $165 and $185.Chicago Bridge & Iron (CBI) & Calls & Huntsman Corporation (HUN): CBI and HUN at 1.18% and 1.97% of the US long portfolio respectively saw marginal (less than ~5% change) stake reductions this quarter. The activity is too minor to signify a change in bias. CBI has been in the portfolio since Q2 2013 and HUN since Q1 2012.Axial Corporation (AXLL), Broadcom Inc. (BRCM), Qualcomm (QCOM), Terex Corporation (TEX), and Trinity Industries (TRN): These are small positions (less than ~1% of the US long portfolio) that were reduced further this quarter.Kept Steady:Ford Motor (F): The 1.25% F stake was kept steady this quarter. The original position was a 6.5M share stake from Q1 2012 purchased at prices between $10.76 and $12.80 and the current position is at 7.3M shares. The stake has waved in the interim: it peaked at almost 12M shares in Q1 2013 but since then has been sold.Celanese Corporation (CE), Delphi Automotive (DLPH), JP Morgan Chase (JPM), and KBR Inc. (KBR) & Calls: These are small positions (less than 1% of the US long portfolio) that were kept steady this quarter.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q1 2014:" |
"Tracking Yacktman Asset Management Portfolio – Q2 2023 Update" | "….….….This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 8/8/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q1 2023.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased from $10.11B to $10.55B. The number of holdings decreased from 68 to 67. The largest holding is Canadian Natural Resources at 8.06% of the 13F portfolio. Largest five individual stock positions are Canadian Natural Resources, Microsoft, Alphabet, PepsiCo Inc., and Procter & Gamble. Together they account for ~27% of the 13F portfolio. The firm currently holds around ~9% cash. The portfolio is concentrated with recent 13F reports showing around 65 individual positions. 45 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: Three of their top holdings in their flagship Yacktman Fund are not in the 13F report as they are not US listed 13F securities –Bollore SA (BOIVF), Samsung Electronics (SSNLF) Preferred, and Brenntag AG (BNTGY). The fund has generated alpha since their 1992 inception (10.28% annualized compared to 9.59% for the Russell 1000 Value Index and 10.11% for the S&P 500 index).New Stakes:Olin Corporation (OLN): OLN is a ~2% of the portfolio stake established this quarter at prices between ~$47 and ~$58 and the stock currently trades just above that range at $58.54.Stake Increases:Alphabet Inc. (GOOG): The 4.74% stake in GOOG was established in Q1 2019 at prices between ~$51 and ~$62 and it now goes for ~$130. Q1 2020 saw a one-third stake increase at prices between ~$53 and ~$77. The last several quarters have seen only minor adjustments.Fox Corp (FOX) (FOXA): The FOX stake came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to a collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. The last three quarters of 2019 had seen a ~42% stake increase at prices between $30 and $39. Q1 2020 saw another ~55% stake increase at prices between $20 and $38.60. There was a ~38% reduction over the two quarters through Q1 2021 at prices between ~$25 and ~$41.50. The stock currently trades at $32.53, and the stake is at 3.50%. The last nine quarters have seen only minor adjustments.Charles Schwab (SCHW): The 3.43% of the portfolio stake in SCHW was first purchased in Q4 2020 at prices between $37 and $53. The stock is now at $65.29. There was a ~20% stake increase during Q4 2022 at prices between ~$67 and ~$83. That was followed with a ~47% stake increase last quarter at prices between ~$52 and ~$86. This quarter saw a marginal further increase.Cognizant Technology (CTSH): The 3.33% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase in Q1 2020 at prices between $42 and $71.50. That was followed by a one-third increase in Q3 2021 at prices between $66.50 and $78. The stock currently trades at ~$70. The last seven quarters have seen only minor adjustments.Pioneer Natural Resources (PXD): The 2.56% PXD position was established during Q3 2022 at prices between ~$205 and ~$263 and it now goes for ~$237. The last quarter saw a ~75% stake increase at prices between ~$182 and ~$242. There was a marginal increase this quarter.State Street Corporation (STT): The 2.42% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. There was a ~20% selling over the three quarters thru Q2 2020. The stock currently trades at $72.23. The last three years have seen only minor adjustments.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire position saw a significant stake build-up in Q1 2021 at prices between $222 and $264. It is now a significant ~2.45% of the portfolio position. The stock currently trades at ~$358. The last several quarters saw only minor adjustments.EOG Resources (EOG), Devon Energy (DVN), and Diamondback Energy (FANG): These three positions were established in Q3 2022. EOG is a 1.85% of the portfolio position purchased at prices between ~$95 and ~$127 and the stock currently trades above that range at ~$131. The 1.38% DVN stake was established at prices between ~$51 and ~$74 and it is now at $51.19. FANG is a 1.81% of the portfolio stake purchased at prices between ~$107 and ~$135 and the stock is now well above that range at ~$150. The stakes in EOG, DVN, and FANG saw minor increases in the last three quarters.ConocoPhillips (COP): The 1.79% COP stake was primarily built during Q3 2022 at prices between ~$82 and ~$118. The stock is now at ~$116. The last three quarters saw minor increases.Tyson Foods (TSN): TSN is a 1.48% of the portfolio stake established in Q4 2020 at prices between $56.50 and $70 and the stock currently trades below that range at $53.82. The last ten quarters have seen only minor adjustments.Armstrong World Industries (AWI), Bank of New York Mellon (BK), Colgate-Palmolive (CL), Comcast Corporation (CMCSA), Elevance Health (ELV) previously Anthem Inc., eBay Inc. (EBAY), Embecta Corp (EMBC), Goldman Sachs (GS), L3Harris Tech. (LHX), Sysco Corporation (SYY), Walt Disney (DIS), and Warner Brothers Discovery (WBD): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.Note: Embecta was Becton, Dickinson, and Company’s (BDX) diabetes care business. It was spun off last April. Shareholders of BDX received one share of Embecta for every five shares held.Stake Decreases:Canadian Natural Resources (CNQ): CNQ is currently the largest position at ~8% of the portfolio. It was purchased in Q1 2021 at prices between $22.50 and $32.50. There was a ~90% stake increase in the next quarter at prices between $29.40 and $38. That was followed with a ~30% increase in Q3 2021 at prices between $30.40 and $36.50. The stock currently trades at $61.31. The last several quarters have seen only minor adjustments.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. The six years through 2019 saw the position reduced by ~95% at prices between $36 and $190. Q2 2020 also saw a ~17% selling at prices between $152 and $204. There was a ~15% stake increase in Q1 2021 at prices between $212 and $245. Since then, there have only been minor adjustments. The stock currently trades at ~$322 and the large (top three) stake is at 6.19% of the portfolio.PepsiCo Inc. (PEP): PEP is currently the fourth largest 13F stake at 4.50% of the portfolio. It was built over multiple years with the bulk established in the 2011-13 period: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters through Q3 2016 had seen a two-thirds reduction at prices between $91 and $111. The last three quarters of 2019 had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction in Q1 2020 at prices between $104 and $147. Q2 2021 saw a one-third increase at prices between ~$141 and ~$149 while during H2 2022 there was a ~40% selling at prices between ~$162 and ~$186. The stock currently trades at ~$184. There was marginal trimming over the last two quarters.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The stake was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters through Q3 2016 saw a 50% reduction at prices between $72 and $90. The six quarters through Q1 2020 saw another ~80% selling at prices between $80 and $128. The stock currently trades at ~$157 and the stake is now at 3.85% of the portfolio. There was a ~8% trimming last quarter and that was followed with a marginal reduction this quarter.U-Haul Holding Company (UHAL): The 3.32% of the portfolio UHAL position saw a ~50% stake increase during Q1 & Q3 2020 at prices between ~$24.20 and $38.40. Q2 2021 saw another ~75% stake increase at prices between ~$52.70 and ~$63.20. That was followed with a ~60% stake increase in Q1 2022 at prices between ~$55.70 and ~$72.60. The stock currently trades at $56.92. There was a ~8% trimming this quarter.Note: the prices quoted above are adjusted for the 10-for-1 stock-split last November.Reliance Steel & Aluminum (RS): RS is a 3.21% of the portfolio position established in Q4 2021 at prices between ~$141 and ~$167 and the stock currently trades well above that range at ~$282. There was a ~20% stake increase in Q1 2022 at prices between ~$149 and ~$195. The last five quarters saw marginal trimming.Johnson & Johnson (JNJ): JNJ is a 3.14% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low sixties price-range. 2015-18 saw a combined ~45% reduction at prices between $91 and $147. The three quarters through Q2 2020 saw another ~50% selling at prices between $111 and $156. The stock currently trades at ~$173. The last several quarters have seen minor trimming.News Corp (NWSA): The 3.13% portfolio position was built in 2019 at prices between $12.50 and $14.60. Q1 2020 also saw a ~30% stake increase at prices between $8.20 and $15. There was a ~25% selling in Q1 2021 at prices between $18 and $27.30. The stock currently trades at $20.34. The last nine quarters have seen only minor adjustments.Booking Holdings (BKNG): BKNG is a ~3% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. Q2 2020 saw a ~20% reduction at prices between $1231 and $1841. There was another ~20% selling this quarter at prices between ~$2509 and ~$2781. The stock currently trades at ~$3205.Weatherford International plc (WFRD): WFRD is a 2.41% of the portfolio position. Weatherford filed for Chapter 11 bankruptcy protection in July 2019 and emerged that December. Yacktman Asset Management had both debt and equity in the business. The stock got relisted in Nasdaq in June 2021. Shares started trading at $15.75 and currently go for $86.17. There was a ~20% selling last quarter at prices between ~$47 and ~$69. This quarter also saw a minor ~5% trimming.Note: Yacktman’s ownership stake in WFRD is ~5.3%.Ingredion Inc. (INGR): The 2.24% INGR stake was purchased in Q3 2020 at prices between $75 and $90 and increased by ~170% next quarter at prices between $69 and $82. The stock currently trades well above those ranges at ~$101. The last five quarters have seen minor trimming.US Bancorp (USB): The USB position has been in the portfolio for over 15 years. The majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $39.65. 2015 saw a ~50% reduction in the low-40s price range. Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. The stake was reduced to a minutely small position last quarter at prices between ~$33 and ~$50. There was further selling this quarter.Univar Solutions (UNVR): UNVR is a small 0.68% of the portfolio stake established during Q4 2022 at prices between ~$23 and ~$34 and the stock currently trades at $36.14. The last two quarters saw only minor adjustments.Cisco Systems (CSCO), Coca-Cola Company (KO), Lockheed Martin (LMT), Northrop Grumman (NOC), Oracle Corporation (ORCL), and Wells Fargo (WFC): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Note: Yacktman is known to shy away from investing in banks but has held significant stakes in banks since the financial crisis: The Bank of New York Mellon (1.61%), Wells Fargo (1.05%), and State Street Bank (2.42%) are the current holdings. The stake in US Bancorp was almost sold out last quarter.The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Yacktman Asset Management’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 1/29/2023 to 5/9/2023: 13G/A – 2/2 – WFRD – 4.92M shares – 7% of business." |
"Tracking Yacktman Asset Management Portfolio – Q1 2023 Update" | "Yacktman's 13F equity portfolio value increased from $10.04B to $10.11B this quarter.Yacktman Asset Management increased Charles Schwab, EOG Resources, and Pioneer Natural Resources while decreasing Weatherford International and US Bancorp.Yacktman’s largest five stakes are at ~27% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 5/8/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q4 2022.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased from $10.04B to $10.11B. The number of holdings remained steady at 68. The largest holding is Canadian Natural Resources at 8.33% of the 13F portfolio. Largest five individual stock positions are Canadian Natural Resources, Microsoft, PepsiCo Inc., Alphabet, and Procter & Gamble. Together they account for ~27% of the 13F portfolio. The firm currently holds around ~11% cash. The portfolio is concentrated with recent 13F reports showing around 65 individual positions. 44 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: Four of their top holdings in their flagship Yacktman Fund are not in the 13F report as they are not US listed 13F securities –Bollore SA (BOIVF), Samsung Electronics (SSNLF) Preferred, Brenntag AG (BNTGY), and Associated British Foods plc (ASBFY). The fund has generated alpha since their 1992 inception (10.25% annualized compared to 9.52% for the S&P 500 index).Stake Increases:Canadian Natural Resources (CNQ): CNQ is currently the largest position at 8.33% of the portfolio. It was purchased in Q1 2021 at prices between $22.50 and $32.50. There was a ~90% stake increase in the next quarter at prices between $29.40 and $38. That was followed with a ~30% increase in Q3 2021 at prices between $30.40 and $36.50. The stock currently trades at $55.71. There was a ~10% trimming in the last two quarters while this quarter saw a marginal increase.Alphabet Inc. (GOOG): The 4.25% stake in GOOG was established in Q1 2019 at prices between ~$51 and ~$62 and it now goes for ~$117. Q1 2020 saw a roughly one-third stake increase at prices between ~$53 and ~$77. The last several quarters have seen only minor adjustments.U-Haul Holding Company (UHAL): The ~4% of the portfolio UHAL position saw a ~50% stake increase during Q1 & Q3 2020 at prices between ~$24.20 and $38.40. Q2 2021 saw another ~75% stake increase at prices between ~$52.70 and ~$63.20. That was followed with a ~60% stake increase in Q1 2022 at prices between ~$55.70 and ~$72.60. The stock currently trades at $61.61. The last four quarters have seen minor increases.Note: the prices quoted above are adjusted for the 10-for-1 stock-split last November.Fox Corp (FOX) (FOXA): The FOX stake came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to a collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. The last three quarters of 2019 had seen a ~42% stake increase at prices between $30 and $39. Q1 2020 saw another ~55% stake increase at prices between $20 and $38.60. There was a ~38% reduction over the two quarters through Q1 2021 at prices between ~$25 and ~$41.50. The stock currently trades at $28.16, and the stake is at 3.59%. The last two years have seen only minor adjustments.Charles Schwab (SCHW): The 3.26% of the portfolio stake in SCHW was first purchased in Q4 2020 at prices between $37 and $53. The stock is now at $47.73. There was a ~20% stake increase last quarter at prices between ~$67 and ~$83. That was followed with a ~47% stake increase this quarter at prices between ~$52 and ~$86.Cognizant Technology (CTSH): The 3.23% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase in Q1 2020 at prices between $42 and $71.50. That was followed with a roughly one-third increase in Q3 2021 at prices between $66.50 and $78. The stock currently trades at ~$62. The last six quarters have seen only minor adjustments.News Corp (NWSA): The ~3% portfolio position was built in 2019 at prices between $12.50 and $14.60. Q1 2020 also saw a ~30% stake increase at prices between $8.20 and $15. There was a ~25% selling in Q1 2021 at prices between $18 and $27.30. The stock currently trades at $16.74. The last two years have seen only minor adjustments. They have a ~4% ownership stake in the business.EOG Resources (EOG), Devon Energy (DVN), Diamondback Energy (FANG), and Pioneer Natural Resources (PXD): These four positions were established in Q3 2022. EOG is a 1.92% of the portfolio position purchased at prices between ~$95 and ~$127 and the stock currently trades above that range at ~$111. The 1.49% DVN stake was established at prices between ~$51 and ~$74 and it is now at $47.26. FANG is a 1.93% of the portfolio stake purchased at prices between ~$107 and ~$135 and the stock is now at ~$128. The 2.56% PXD position was established at prices between ~$205 and ~$263 and it now goes for ~$207. This quarter saw a ~75% stake increase at prices between ~$182 and ~$242. The stakes in EOG, DVN, and FANG saw minor increases in the last two quarters.ConocoPhillips (COP): The 1.76% COP stake was primarily built during Q3 2022 at prices between ~$82 and ~$118. The stock is now at ~$100. The last two quarters saw minor increases.Tyson Foods (TSN): TSN is a 1.76% of the portfolio stake established in Q4 2020 at prices between $56.50 and $70 and the stock currently trades at $49.34. The last nine quarters have seen only minor adjustments.Univar Solutions (UNVR): UNVR is a small 0.69% of the portfolio stake established last quarter at prices between ~$23 and ~$34 and the stock currently trade at $35.52. There was a minor ~2% stake increase this quarter.Armstrong World Industries (AWI), Embecta Corp (EMBC), Elevance Health (ELV) previously Anthem Inc., eBay Inc. (EBAY), L3Harris Tech. (LHX), and Warner Brothers Discovery (WBD): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.Note: Embecta was Becton, Dickinson, and Company’s (BDX) diabetes care business. It was spun off last April. Shareholders of BDX received one share of Embecta for every five shares held.Stake Decreases:Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. The six years through 2019 saw the position reduced by ~95% at prices between $36 and $190. Q2 2020 also saw a ~17% selling at prices between $152 and $204. There was a ~15% stake increase in Q1 2021 at prices between $212 and $245. Since then, there have only been minor adjustments. The stock currently trades at ~$310 and the large (top three) stake is at 5.48% of the portfolio.PepsiCo Inc. (PEP): PEP is currently the third largest 13F stake at 4.62% of the portfolio. It was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. The last three quarters of 2019 had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction in Q1 2020 at prices between $104 and $147. Q2 2021 saw a one-third increase at prices between ~$141 and ~$149 while in the last two quarters there was a ~40% selling at prices between ~$162 and ~$186. The stock currently trades at ~$195. There was marginal trimming this quarter.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The stake was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters through Q3 2016 saw a 50% reduction at prices between $72 and $90. The six quarters through Q1 2020 had seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$154 and the stake is now at 3.94% of the portfolio. There was a ~8% trimming this quarter.Booking Holdings (BKNG): BKNG is a 3.81% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. Q2 2020 saw a ~20% reduction at prices between $1231 and $1841. The stock currently trades at ~$2657. The last eleven quarters have seen only minor adjustments.Reliance Steel & Aluminum (RS): RS is a 3.18% of the portfolio position established in Q4 2021 at prices between ~$141 and ~$167 and the stock currently trades well above that range at ~$239. There was a ~20% stake increase in Q1 2022 at prices between ~$149 and ~$195. The last four quarters saw marginal trimming.Johnson & Johnson (JNJ): JNJ is a 3.11% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low 60s price-range. 2015-18 saw a combined ~45% reduction at prices between $91 and $147. The three quarters through Q2 2020 saw another ~50% selling at prices between $111 and $156. The stock currently trades at ~$161. The last several quarters have seen minor trimming.State Street Corporation (STT): The 2.61% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. There was a ~20% selling over the three quarters thru Q2 2020. The stock currently trades at $67.73. The last eleven quarters have seen only minor adjustments.Weatherford International plc (WFRD): WFRD is a 2.36% of the portfolio position. Weatherford filed for Chapter 11 bankruptcy protection in July 2019 and emerged that December. Yacktman Asset Management had both debt and equity in the business. The stock got relisted in Nasdaq in June 2021. Shares started trading at $15.75 and currently go for $58.92. There was a ~20% selling this quarter at prices between ~$47 and ~$69.Note: Yacktman’s ownership stake in WFRD is ~5.6%.Ingredion Inc. (INGR): The 2.28% INGR stake was purchased in Q3 2020 at prices between $75 and $90 and increased by ~170% next quarter at prices between $69 and $82. The stock currently trades well above those ranges at ~$110. The last four quarters have seen minor trimming.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire position saw a huge stake build-up in Q1 2021 at prices between $222 and $264. It is now a significant ~2.4% of the portfolio position. The stock currently trades at ~$323. The last several quarters saw only minor adjustments.US Bancorp (USB): The USB position has been in the portfolio for over 15 years. The majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at ~$29. 2015 saw a ~50% reduction in the low-40s price range. Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. The stake was reduced to a minutely small position this quarter at prices between ~$33 and ~$50.Bank of New York Mellon (BK), Cisco Systems (CSCO), Coca-Cola Company (KO), Colgate-Palmolive (CL), Comcast Corporation (CMCSA), Goldman Sachs (GS), Lockheed Martin (LMT), Northrop Grumman (NOC), Oracle Corporation (ORCL), Sysco Corporation (SYY), Walt Disney (DIS), and Wells Fargo (WFC): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Note: Yacktman is known to shy away from investing in banks but has held significant stakes in banks since the financial crisis: The Bank of New York Mellon (1.70%), Wells Fargo (0.96%), and State Street Bank (2.61%) are the current holdings. The stake in US Bancorp was almost sold out this quarter.The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Yacktman Asset Management’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/8/2022 to 1/29/2023: None." |
"Tracking Yacktman Asset Management Portfolio – Q4 2022 Update" | "Yacktman's 13F equity portfolio value increased from $9.17B to $10.04B this quarter.Yacktman Asset Management increased Charles Schwab while decreasing PepsiCo, Sysco, and Weatherford International.Yacktman’s largest five stakes are at ~26% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 1/26/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q3 2022.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased ~9% from $9.17B to $10.04B. The number of holdings increased from 67 to 68. The largest holding is Canadian Natural Resources at 8.39% of the 13F portfolio. Largest five individual stock positions are Canadian Natural Resources, PepsiCo Inc., Microsoft, Procter & Gamble, and U-Haul Holding Company. Together they account for ~26% of the 13F portfolio. The firm currently holds around ~11% cash. The portfolio is concentrated with recent 13F reports showing around 65 individual positions. 44 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: Three of their top holdings in their flagship Yacktman Fund are not in the 13F report as they are not US listed 13F securities –Bollore SA (BOIVF), Samsung Electronics (SSNLF) Preferred, and Brenntag AG (BNTGY). The fund has generated alpha since their 1992 inception (10.25% annualized compared to 9.57% for the S&P 500 index).New Stakes:Univar Solutions (UNVR): UNVR is a small 0.62% of the portfolio stake established during the quarter at prices between ~$23 and ~$34 and the stock currently trades near the top of that range at $33.77.Stake Increases:U-Haul Holding Company (UHAL): The ~4% of the portfolio UHAL position saw a ~50% stake increase during Q1 & Q3 2020 at prices between ~$24.20 and $38.40. Q2 2021 saw another ~75% stake increase at prices between ~$52.70 and ~$63.20. That was followed with a ~60% stake increase in Q1 2022 at prices between ~$55.70 and ~$72.60. The stock currently trades at $65.59. Last three quarters have seen minor increases.Note: the prices quoted above are adjusted for the 10-for-1 stock-split last November.Charles Schwab (SCHW): Most of the 3.55% of the portfolio stake in SCHW was purchased in Q4 2020 at prices between $37 and $53. The stock is now well above that range at $75.50. There was a ~20% stake increase this quarter at prices between ~$67 and ~$83.Fox Corp (FOX) (FOXA): The FOX stake came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to a collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Last three quarters of 2019 had seen a ~42% stake increase at prices between $30 and $39. Q1 2020 saw another ~55% stake increase at prices between $20 and $38.60. There was a ~38% reduction over the two quarters through Q1 2021 at prices between ~$25 and ~$41.50. The stock currently trades at $31.41, and the stake is at 3.27%. Last seven quarters have seen only minor adjustments.News Corp (NWSA): The 3.15% portfolio position was built in 2019 at prices between $12.50 and $14.60. Q1 2020 also saw a ~30% stake increase at prices between $8.20 and $15. There was a ~25% selling in Q1 2021 at prices between $18 and $27.30. The stock currently trades at $20.17. Last seven quarters have seen only minor adjustments. They have a ~4% ownership stake in the business.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire position saw a huge stake build-up in Q1 2021 at prices between $222 and $264. It is now a significant ~2% of the portfolio position. The stock currently trades at ~$307. Last five quarters had seen only minor adjustments. There was minor trimming this quarter.ConocoPhillips (COP): The ~2% COP stake was primarily built last quarter at prices between ~$82 and ~$118. The stock is now above that range at ~$121. There was a marginal increase this quarter.US Bancorp (USB): The ~2% USB position has been in the portfolio for over 15 years. Majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $48.80. 2015 saw a ~50% reduction in the low-40s price range. Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then, the activity has been minor.EOG Resources (EOG), Devon Energy (DVN), Diamondback Energy (FANG), and Pioneer Natural Resources (PXD): These four positions were established last quarter. EOG is a 1.93% of the portfolio position purchased at prices between ~$95 and ~$127 and the stock currently trades above that range at ~$132. The 1.72% DVN stake was established at prices between ~$51 and ~$74 and it is now at ~$62. FANG is a 1.80% of the portfolio stake purchased at prices between ~$107 and ~$135 and the stock is now well above that range at ~$145. The 1.65% PXD position was established at prices between ~$205 and ~$263 and it now goes for ~$230. All four stakes saw minor increases this quarter.Tyson Foods (TSN): TSN is a 1.83% of the portfolio stake established in Q4 2020 at prices between $56.50 and $70 and the stock currently trades at $64.10. Last two years have seen only minor adjustments.Armstrong World Industries (AWI), Bank of New York Mellon (BK), Colgate-Palmolive (CL), eBay Inc. (EBAY), Elevance Health (ELV) previously Anthem Inc., Embecta Corp (EMBC), Goldman Sachs (GS), Warner Brothers Discovery (WBD), and Wells Fargo (WFC): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.Note: Embecta was Becton, Dickinson, and Company’s (BDX) diabetes care business. It was spun off last April. Shareholders of BDX received one share of Embecta for every five shares held.Stake Decreases:Canadian Natural Resources (CNQ): CNQ is currently the largest position at 8.39% of the portfolio. It was purchased in Q1 2021 at prices between $22.50 and $32.50. There was a ~90% stake increase next quarter at prices between $29.40 and $38. That was followed with a ~30% increase in Q3 2021 at prices between $30.40 and $36.50. The stock currently trades at $60.43. There was a ~10% trimming over the last two quarters.PepsiCo Inc. (PEP): PEP is currently the second largest 13F stake at 4.66% of the portfolio. It was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters of 2019 had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction in Q1 2020 at prices between $104 and $147. Q2 2021 saw a one-third increase at prices between ~$141 and ~$149 while in the last two quarters there was a ~40% selling at prices between ~$162 and ~$186. The stock currently trades at ~$170.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. The six years thru 2019 saw the position reduced by ~95% at prices between $36 and $190. Q2 2020 also saw a ~17% selling at prices between $152 and $204. There was a ~15% stake increase in Q1 2021 at prices between $212 and $245. Since then, there has only been minor adjustments. The stock currently trades at ~$243 and the large (top three) stake is at 4.60% of the portfolio.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The stake was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The six quarters thru Q1 2020 had seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$141 and the stake is now at 4.41% of the portfolio. Last several quarters have seen minor trimming.Alphabet Inc. (GOOG): The 3.65% stake in GOOG was established in Q1 2019 at prices between ~$51 and ~$62 and it now goes for ~$98. Q1 2020 saw a roughly one-third stake increase at prices between ~$53 and ~$77. Last several quarters have seen only minor adjustments.Johnson & Johnson (JNJ): JNJ is a 3.65% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low 60s price-range. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. The three quarters thru Q2 2020 had seen another ~50% selling at prices between $111 and $156. The stock currently trades at ~$162. Last several quarters have seen minor trimming.Booking Holdings (BKNG): BKNG is a ~3% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. Q2 2020 saw a ~20% reduction at prices between $1231 and $1841. The stock currently trades at ~$2437. Last ten quarters have seen only minor adjustments.Cognizant Technology (CTSH): The ~3% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase in Q1 2020 at prices between $42 and $71.50. That was followed with a roughly one-third increase in Q3 2021 at prices between $66.50 and $78. The stock currently trades at $65.27. Last five quarters have seen only minor adjustments.State Street Corporation (STT): The 2.71% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. There was a ~20% selling over the three quarters thru Q2 2020. The stock currently trades at $90.15. Last ten quarters have seen only minor adjustments.Reliance Steel & Aluminum (RS): RS is a 2.53% of the portfolio position established in Q4 2021 at prices between ~$141 and ~$167 and the stock currently trades at ~$222. There was a ~20% stake increase in Q1 2022 at prices between ~$149 and ~$195. Last three quarters saw marginal trimming.Weatherford International plc (WFRD): WFRD is a 2.50% of the portfolio position. Weatherford filed for Chapter 11 bankruptcy protection in July 2019 and emerged that December. Yacktman Asset Management had both debt and equity in the business. The stock got relisted in Nasdaq in June 2021. Shares started trading at $15.75 and currently goes for ~$55.Note: Yacktman’s ownership stake in WFRD is ~6.5%.Ingredion Inc. (INGR): The 2.25% INGR stake was purchased in Q3 2020 at prices between $75 and $90 and increased by ~170% next quarter at prices between $69 and $82. The stock currently trades at ~$101. Last three quarters have seen minor trimming.L3Harris Tech. (LHX), and Northrop Grumman (NOC): These two stakes were established in Q1 2021. The 1.35% LHX stake was established at prices between $172 and $203 and the stock currently trades at ~$212. The 2.23% NOC stake was established at prices between $287 and $324 and it is now well above that range at ~$439. Both stakes saw a ~5% trimming this quarter.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The six quarters thru Q3 2016 saw a ~57% reduction at prices between $38 and $47. The three quarters thru Q1 2020 saw another ~50% selling at prices between $37.50 and $60. There was a similar reduction last quarter at prices between ~$56 and ~$65. The stock currently trades at $60.64, and the position is at 1.65% of the portfolio. This quarter saw marginal trimming.Sysco Corporation (SYY): SYY is a 1.15% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. Q1 2020 saw a ~60% stake increase at prices between $31 and $85.There was a ~25% selling over the three quarters through Q2 2022 at prices between ~$68 and ~$90. That was followed with a ~63% reduction in the last two quarters at prices between ~$71 and ~$88. The stock currently trades at $78.10.Cisco Systems (CSCO), Comcast Corporation (CMCSA), First Hawaiian Bank (FHB), Lockheed Martin (LMT), Oracle Corporation (ORCL), and Walt Disney (DIS): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Note: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.73%), US Bancorp (2.07%), and Wells Fargo (1.07%). Also, a 2.71% stake in State Street (STT) was added in 2018 and a small 0.49% stake in First Hawaiian Bank (FHB) was added in 2020.The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Yacktman Asset Management’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 8/6/2022 to 11/8/2022: None." |
"Tracking Yacktman Asset Management Portfolio – Q3 2022 Update" | "Yacktman's 13F equity portfolio value decreased from $9.64B to $9.17B this quarter.Yacktman Asset Management added EOG Resources, Devon Energy, Diamondback Energy, and Pioneer Natural Resources while decreasing Coca-Cola, Sysco, Wells Fargo, and MSC Industrial Direct.Yacktman’s largest five stakes are at ~28% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 11/7/2022. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q2 2022.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value decreased ~5% from $9.64B to $9.17B. The number of holdings increased from 65 to 67. The largest holding is Canadian Natural Resources at ~8% of the 13F portfolio. Largest five individual stock positions are Canadian Natural Resources, PepsiCo Inc., Microsoft, Alphabet, and AMERCO. Together they account for ~28% of the 13F portfolio. The firm currently holds around ~15% cash. The portfolio is concentrated with recent 13F reports showing around 65 individual positions. 44 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: Three of their top holdings in their flagship Yacktman Fund are not in the 13F report as they are not US listed 13F securities –Bollore SA (BOIVF), Samsung Electronics (SSNLF) Preferred, and Brenntag AG (BNTGY). The fund has generated alpha since their 1992 inception (10.25% annualized compared to 9.79% for the S&P 500 index) but they are lagging in the most recent ten-year period (10.59% annualized vs 12.79%).New Stakes:EOG Resources (EOG), Devon Energy (DVN), Diamondback Energy (FANG), and Pioneer Natural Resources (PXD): These are the new positions this quarter. EOG is a 1.75% of the portfolio position purchased at prices between ~$95 and ~$127 and the stock currently trades well above that range at ~$148. The 1.75% DVN stake was established at prices between ~$51 and ~$74 and it is now at ~$72. FANG is a 1.66% of the portfolio stake purchased at prices between ~$107 and ~$135 and the stock is now well above that range at ~$164. The 1.62% PXD position was established at prices between ~$205 and ~$263 and it now goes for ~$259.Stake Increases:Alphabet Inc. (GOOG): The top five 4.35% stake in GOOG was established in Q1 2019 at prices between ~$51 and ~$62 and it now goes for ~$89. Q1 2020 saw a roughly one-third stake increase at prices between ~$53 and ~$77. Last several quarters have seen only minor adjustments.AMERCO (UHAL): The ~4% of the portfolio UHAL position saw a ~50% stake increase during Q1 & Q3 2020 at prices between ~$242 and $384. Q2 2021 saw another ~75% stake increase at prices between ~$527 and ~$632. That was followed with a ~60% stake increase in Q1 2022 at prices between ~$557 and ~$726. The stock currently trades at ~$529. Last two quarters have seen a marginal increase.Fox Corp (FOX) (FOXA): The FOX stake came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to a collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Last three quarters of 2019 had seen a ~42% stake increase at prices between $30 and $39. Q1 2020 saw another ~55% stake increase at prices between $20 and $38.60. There was a ~38% reduction over the two quarters through Q1 2021 at prices between ~$25 and ~$41.50. The stock currently trades at $27.62, and the stake is at 3.58%. Last six quarters have seen only minor adjustments.Cognizant Technology (CTSH): The 3.45% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase in Q1 2020 at prices between $42 and $71.50. That was followed with a roughly one-third increase in Q3 2021 at prices between $66.50 and $78. The stock currently trades at $53.22. Last four quarters have seen only minor adjustments.News Corp (NWSA): The 2.81% portfolio position was built in 2019 at prices between $12.50 and $14.60. Q1 2020 also saw a ~30% stake increase at prices between $8.20 and $15. There was a ~25% selling in Q1 2021 at prices between $18 and $27.30. The stock currently trades at ~$17. Last six quarters have seen only minor adjustments. They have a ~4% ownership stake in the business.Charles Schwab (SCHW): Most of the 2.80% of the portfolio stake in SCHW was purchased in Q4 2020 at prices between $37 and $53. The stock is now well above that range at $79.63. Last few quarters have seen minor increases.Booking Holdings (BKNG): BKNG is a 2.80% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. Q2 2020 saw a ~20% reduction at prices between $1231 and $1841. The stock currently trades at ~$1859. Last nine quarters have seen only minor adjustments.State Street Corporation (STT): The 2.32% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. There was a ~20% selling over the three quarters thru Q2 2020. The stock currently trades at $76.15. Last nine quarters have seen only minor adjustments.Tyson Foods (TSN): TSN is a ~2% of the portfolio stake established in Q4 2020 at prices between $56.50 and $70 and the stock currently trades at $67.73. Last seven quarters have seen only minor adjustments.US Bancorp (USB): The ~2% USB position has been in the portfolio for over 15 years. Majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $44.17. 2015 saw a ~50% reduction in the low-40s price range. Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then, the activity has been minor.ConocoPhillips (COP): The ~2% COP stake was primarily built this quarter at prices between ~$82 and ~$118. The stock is now well above that range at ~$134.Armstrong World Industries (AWI), Bank of New York Mellon (BK), Colgate-Palmolive (CL), Cisco Systems (CSCO), eBay Inc. (EBAY), Embecta Corp (EMBC), Oracle Corporation (ORCL), and Warner Brothers Discovery (WBD): These very small (less than ~1.10% of the portfolio each) stakes were increased during the quarter.Note: Embecta was Becton, Dickinson, and Company’s (BDX) diabetes care business. It was spun off in April. Shareholders of BDX received one share of Embecta for every five shares held.Stake Decreases:Canadian Natural Resources (CNQ): CNQ is currently the largest position at ~8% of the portfolio. It was purchased in Q1 2021 at prices between $22.50 and $32.50. There was a ~90% stake increase next quarter at prices between $29.40 and $38. That was followed with a ~30% increase in Q3 2021 at prices between $30.40 and $36.50. The stock currently trades at $60.77. There was a ~6% trimming this quarter.PepsiCo Inc. (PEP): PEP is currently the second largest 13F stake at 6.65% of the portfolio. It was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters of 2019 had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction in Q1 2020 at prices between $104 and $147. Q2 2021 saw a one-third increase at prices between ~$141 and ~$149 while in this quarter there was a ~12% trimming. The stock currently trades at ~$181.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. The six years thru 2019 saw the position reduced by ~95% at prices between $36 and $190. Q2 2020 also saw a ~17% selling at prices between $152 and $204. There was a ~15% stake increase in Q1 2021 at prices between $212 and $245. Since then, there has only been minor adjustments. The stock currently trades at ~$229 and the large (top three) stake is at ~5% of the portfolio.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The stake was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The six quarters thru Q1 2020 had seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$137 and the stake is now at ~4% of the portfolio. Last few quarters have seen minor trimming.Johnson & Johnson (JNJ): JNJ is a 3.72% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low 60s price-range. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. The three quarters thru Q2 2020 had seen another ~50% selling at prices between $111 and $156. The stock currently trades at ~$174. Last few quarters have seen minor trimming.Reliance Steel & Aluminum (RS): RS is a 2.39% of the portfolio position established in Q4 2021 at prices between ~$141 and ~$167 and the stock currently trades at ~$206. There was a ~20% stake increase in Q1 2022 at prices between ~$149 and ~$195. Last two quarters saw marginal trimming.L3Harris Tech. (LHX), and Northrop Grumman (NOC): These two stakes were established in Q1 2021. The 1.56% LHX stake was established at prices between $172 and $203 and the stock currently trades at ~$236. The 2.22% NOC stake was established at prices between $287 and $324 and it is now well above that range at ~$541. The positions have seen only minor adjustments in the last six quarters.Ingredion Inc. (INGR): The ~2% INGR stake was purchased in Q3 2020 at prices between $75 and $90 and increased by ~170% next quarter at prices between $69 and $82. The stock currently trades at ~$93. Last two quarters have seen marginal trimming.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire position saw a huge stake build-up in Q1 2021 at prices between $222 and $264. It is now a significant ~2% of the portfolio position. The stock currently trades at ~$293. Last five quarters have seen only minor adjustments.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The six quarters thru Q3 2016 saw a ~57% reduction at prices between $38 and $47. The three quarters thru Q1 2020 saw another ~50% selling at prices between $37.50 and $60. There was a similar reduction this quarter at prices between ~$56 and ~$65. The stock currently trades at $59.60, and the position is at 1.60% of the portfolio.Sysco Corporation (SYY): SYY is a 1.49% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. Q1 2020 saw a ~60% stake increase at prices between $31 and $85.There was a ~25% selling over the last three quarters at prices between ~$68 and ~$90. That was followed with a ~50% reduction this quarter at prices between ~$71 and ~$88. The stock currently trades at $83.42.Comcast Corporation (CMCSA), Elevance Health (ELV) previously Anthem Inc., First Hawaiian Bank (FHB), Goldman Sachs (GS), Lockheed Martin (LMT), MSC Industrial Direct (MSM), Walt Disney (DIS), and Wells Fargo (WFC): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Weatherford International plc (WFRD): WFRD is a ~2% of the portfolio position. Weatherford filed for Chapter 11 bankruptcy protection in July 2019 and emerged that December. Yacktman Asset Management had both debt and equity in the business. The stock got relisted in Nasdaq in June 2021. Shares started trading at $15.75 and currently goes for $43.36.Note 1: Yacktman’s ownership stake in WFRD is ~8%.Note 2: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.60%), US Bancorp (2.09%), and Wells Fargo (1.13%). Also, a 2.32% stake in State Street (STT) was added in 2018 and a small 0.51% stake in First Hawaiian Bank (FHB) was added in 2020.The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Yacktman Asset Management’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/3/2022 to 8/6/2022: None." |
"Tracking Yacktman Asset Management Portfolio – Q2 2022 Update" | "Yacktman's 13F equity portfolio value decreased from $11.21B to $9.64B this quarter.Yacktman Asset Management added Warner Brothers Discovery and Embecta Corp while decreasing Sysco Corporation and Coca-Cola Company.Yacktman’s largest five stakes are at ~31% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 8/4/2022. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q1 2022.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value decreased ~14% from $11.21B to $9.64B. The number of holdings increased from 64 to 65. The largest holding is Canadian Natural Resources at 9.41% of the 13F portfolio. Largest five individual stock positions are Canadian Natural Resources, PepsiCo Inc., Microsoft, Alphabet, and Procter & Gamble. Together they account for ~31% of the 13F portfolio. The firm currently holds around ~15% cash. The portfolio is concentrated with recent 13F reports showing around 65 individual positions. 39 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: Three of their top holdings in their flagship Yacktman Fund are not in the 13F report as they are not US listed 13F securities –Bollore SA (BOIVF), Samsung Electronics (SSNLF) Preferred, and Brenntag AG (BNTGY). The fund has generated alpha since their 1992 inception (10.36% annualized compared to 10.10% for the S&P 500 index) but they are lagging in the most recent ten-year period (10.91% annualized vs 13.80%).New Stakes:Warner Brothers Discovery (WBD) and Embecta Corp (EMBC): WBD is a small 0.75% of the portfolio stake established this quarter at prices between ~$13 and ~$26 and the stock currently trades near the low end of that range at $14.59. The 0.61% of the portfolio position in EMBC was purchased at prices between ~$26 and ~$33 and it now goes for $30.90.Note: Embecta was Becton, Dickinson, and Company’s (BDX) diabetes care business. It was spun off in April. Shareholders of BDX received one share of Embecta for every five shares held.Stake Increases:Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. The six years thru 2019 saw the position reduced by ~95% at prices between $36 and $190. Q2 2020 also saw a ~17% selling at prices between $152 and $204. There was a ~15% stake increase in Q1 2021 at prices between $212 and $245. Since then, there has only been minor adjustments. The stock currently trades at ~$283 and the large (top three) stake is at 5.18% of the portfolio.Alphabet Inc. (GOOG): The top five 4.70% stake in GOOG was established in Q1 2019 at prices between ~$51 and ~$62 and it now goes for ~$118. Q1 2020 saw a roughly one-third stake increase at prices between ~$53 and ~$77. Last two years have seen only minor adjustments.Note: the prices quotes above are adjusted for the 20-for-1 stock-split last month.Cognizant Technology (CTSH): The 3.85% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase in Q1 2020 at prices between $42 and $71.50. That was followed with a roughly one-third increase in Q3 2021 at prices between $66.50 and $78. The stock currently trades at $68.72. Last few quarters have seen only minor adjustments.AMERCO (UHAL): The 3.64% of the portfolio UHAL position saw a ~50% stake increase during Q1 & Q3 2020 at prices between ~$242 and $384. Q2 2021 saw another ~75% stake increase at prices between ~$527 and ~$632. That was followed with a ~60% stake increase last quarter at prices between ~$557 and ~$726. The stock currently trades at ~$553. This quarter also saw a ~3% stake increase.Fox Corp (FOX) (FOXA): The FOX stake came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to a collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Last three quarters of 2019 had seen a ~42% stake increase at prices between $30 and $39. Q1 2020 saw another ~55% stake increase at prices between $20 and $38.60. There was a ~38% reduction over the two quarters through Q1 2021 at prices between ~$25 and ~$41.50. The stock currently trades at $31, and the stake is at 3.55%. Last five quarters have seen only minor adjustments.News Corp (NWSA): The 2.75% portfolio position was built in 2019 at prices between $12.50 and $14.60. Q1 2020 also saw a ~30% stake increase at prices between $8.20 and $15. There was a ~25% selling in Q1 2021 at prices between $18 and $27.30. The stock currently trades at ~$17. Last five quarters have seen only minor adjustments. They have a ~4% ownership stake in the business.Charles Schwab (SCHW): Most of the 2.29% of the portfolio stake in SCHW was purchased in Q4 2020 at prices between $37 and $53. The stock is now well above that range at $69.31. Last six quarters saw only minor adjustments.US Bancorp (USB): The 2.26% USB position has been in the portfolio for over 15 years. Majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $47.39. 2015 saw a ~50% reduction in the low-40s price range. Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then, the activity has been minor.State Street Corporation (STT): The 2.24% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. There was a ~20% selling over the three quarters thru Q2 2020. The stock currently trades at $70.66. Last two years have seen only minor adjustments.L3Harris Tech. (LHX), and Northrop Grumman (NOC): These two stakes were established in Q1 2021. The 1.73% LHX stake was established at prices between $172 and $203 and the stock currently trades at ~$235. The 2.16% NOC stake was established at prices between $287 and $324 and it is now well above that range at ~$478. The positions have seen only minor adjustments in the last five quarters.Armstrong World Industries (AWI), Cisco Systems (CSCO), Colgate-Palmolive (CL), eBay Inc. (EBAY), First Hawaiian Bank (FHB), and Oracle Corporation (ORCL): These very small (less than ~1.10% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Canadian Natural Resources (CNQ): CNQ is currently the largest position at 9.41% of the portfolio. It was purchased in Q1 2021 at prices between $22.50 and $32.50. There was a ~90% stake increase next quarter at prices between $29.40 and $38. That was followed with a ~30% increase in Q3 2021 at prices between $30.40 and $36.50. The stock currently trades at $52. Last few quarters have seen only minor adjustments.PepsiCo Inc. (PEP): PEP is currently the second-largest 13F stake at 7.36% of the portfolio. It was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters of 2019 had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction in Q1 2020 at prices between $104 and $147. Q2 2021 saw a one-third increase at prices between ~$141 and ~$149. The stock currently trades at ~$175. There was minor trimming in the last four quarters.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The stake was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The six quarters thru Q1 2020 had seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$145 and the stake is now at 4.55% of the portfolio. Last nine quarters have seen only minor adjustments.Johnson & Johnson (JNJ): JNJ is a 3.94% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low 60s price-range. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. The three quarters thru Q2 2020 had seen another ~50% selling at prices between $111 and $156. The stock currently trades at ~$171. Last two years have seen only minor adjustments.Sysco Corporation (SYY): SYY is a 3.61% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. Q1 2020 saw a ~60% stake increase at prices between $31 and $85.There was a ~25% selling over the last three quarters at prices between ~$68 and ~$90. The stock currently trades at $86.25.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The six quarters thru Q3 2016 saw a ~57% reduction at prices between $38 and $47. The three quarters thru Q1 2020 saw another ~50% selling at prices between $37.50 and $60. Last two years had seen only minor adjustments. This quarter saw a ~13% trimming. The stock currently trades at $63.38, and the position is at 3.60% of the portfolio.Booking Holdings (BKNG): BKNG is a 2.82% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. Q2 2020 saw a ~20% reduction at prices between $1231 and $1841. The stock currently trades at ~$1925. Last two years have seen only minor adjustments.Tyson Foods (TSN): TSN is a 2.60% of the portfolio stake established in Q4 2020 at prices between $56.50 and $70 and the stock currently trades at $87.45. There was marginal trimming this quarter.Reliance Steel & Aluminum (RS): RS is a 2.22% of the portfolio position established in Q4 2021 at prices between ~$141 and ~$167 and the stock currently trades at ~$189. There was a ~20% stake increase last quarter at prices between ~$149 and ~$195. This quarter saw marginal trimming.Ingredion Inc. (INGR): The 2.16% INGR stake was purchased in Q3 2020 at prices between $75 and $90 and increased by ~170% next quarter at prices between $69 and $82. Q1 2021 saw a ~10% further increase while last quarter saw a similar reduction. There was minor trimming this quarter. The stock currently trades at $91.75.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire position saw a huge stake build-up in Q1 2021 at prices between $222 and $264. It is now a significant ~2% of the portfolio position. The stock currently trades at ~$292. Last four quarters have seen only minor adjustments.Bank of New York Mellon (BK), Comcast Corporation (CMCSA), Elevance Health (ELV) previously Anthem Inc., Goldman Sachs (GS), Lockheed Martin (LMT), MSC Industrial Direct (MSM), Walt Disney (DIS), and Wells Fargo (WFC): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Weatherford International plc (WFRD): WFRD is a 1.20% of the portfolio position. The stock got relisted in Nasdaq last June. Shares started trading at $15.75 and currently goes for $22. Weatherford filed for Chapter 11 bankruptcy protection in July 2019 and emerged that December. Yacktman Asset Management had both debt and equity in the business. There was a ~15% selling in Q3 2021. Since then, there has only been minor adjustments. They control ~8% of the business.Note: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.64%), US Bancorp (2.26%), and Wells Fargo (1.83%). Also, a 2.24% stake in State Street (STT) was added in 2018 and a small 0.51% stake in First Hawaiian Bank (FHB) was added in 2020.The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Yacktman Asset Management’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 2/3/2022 to 5/3/2022: 13G/As – 2/14 – NWS - ~16.2M shares – 4.1% of business, M – 1.96M shares – 0.7% of business, WFRD – 5.74M shares – 8.17% of business, TREC – Trecora Resources – 1.61M shares – 6.6% of business." |
"Tracking Yacktman Asset Management Portfolio – Q1 2022 Update" | "Yacktman's 13F equity portfolio value remained almost steady at $11.21B this quarter.Yacktman Asset Management added eBay and increased Reliance Steel & Aluminum during the quarter. They also reduced Huntsman, Cisco, and Oracle.Yacktman’s largest five stakes are at ~31% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 5/2/2022. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q4 2021.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value remained almost steady at $11.21B. The number of holdings increased from 62 to 64. The largest holding is Canadian Natural Resources at 9.38% of the 13F portfolio. Largest five individual stock positions are Canadian Natural Resources, PepsiCo Inc., Microsoft, Alphabet, and Cognizant Technology. Together they account for ~31% of the 13F portfolio. The firm currently holds around ~15% cash. The portfolio is concentrated with recent 13F reports showing around 65 individual positions. 42 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: Three of their top holdings in their flagship Yacktman Fund are not in the 13F report as they are not US listed 13F securities – Samsung Electronics (SSNLF) Preferred, Bollore SA (BOIVF), and Brenntag AG (BNTGY). The fund has generated alpha since their 1992 inception (10.75% annualized compared to 10.54% for the S&P 500 index) but they are lagging in the most recent ten-year period (11.64% annualized vs 14.64%).New Stakes:eBay Inc. (EBAY): EBAY is a small 0.87% of the portfolio stake established this quarter at prices between ~$50 and ~$67 and the stock currently trades at $53.46.Stake Increases:AMERCO (UHAL): The 3.79% of the portfolio UHAL position saw a ~50% stake increase during Q1 & Q3 2020 at prices between ~$242 and $384. Q2 2021 saw another ~75% stake increase at prices between ~$527 and ~$632. That was followed with a ~60% stake increase this quarter at prices between ~$557 and ~$726. The stock currently trades at ~$549.News Corp (NWSA): The 3.32% portfolio position was built in 2019 at prices between $12.50 and $14.60. Q1 2020 also saw a ~30% stake increase at prices between $8.20 and $15. There was a ~25% selling in Q1 2021 at prices between $18 and $27.30. The stock currently trades at $20.21. Last four quarters have seen only minor adjustments. They have a ~4% ownership stake in the business.Tyson Foods (TSN): TSN is a 2.33% of the portfolio stake established in Q4 2020 at prices between $56.50 and $70 and the stock currently trades at $90.10. Last year saw only minor adjustments. There was a ~6% stake increase this quarter.Reliance Steel & Aluminum (RS): RS is a ~2% of the portfolio position established last quarter at prices between ~$141 and ~$167 and the stock currently trades at ~$205. There was a ~20% stake increase this quarter at prices between ~$149 and ~$195.Armstrong World Industries (AWI): The 0.89% AWI position was purchased in Q1 2021 at prices between $71 and $96 and it is now at $86.78. Last few quarters have seen only minor adjustments.GrafTech Intl (EAF): The minutely small 0.44% stake in EAF saw a marginal increase this quarter.Stake Decreases:Canadian Natural Resources (CNQ): CNQ is currently the largest position at 9.38% of the portfolio. It was purchased in Q1 2021 at prices between $22.50 and $32.50. There was a ~90% stake increase next quarter at prices between $29.40 and $38. That was followed with a ~30% increase in Q3 2021 at prices between $30.40 and $36.50. The stock currently trades at $63.80. Last few quarters have seen only minor adjustments.PepsiCo Inc. (PEP): PEP is currently the second-largest 13F stake at 6.38% of the portfolio. It was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters of 2019 had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction in Q1 2020 at prices between $104 and $147. Q2 2021 saw a one-third increase at prices between ~$141 and ~$149. The stock currently trades at ~$168. There was minor trimming in the last three quarters.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. The six years thru 2019 saw the position reduced by ~95% at prices between $36 and $190. Q2 2020 also saw a ~17% selling at prices between $152 and $204. There was a ~15% stake increase in Q1 2021 at prices between $212 and $245. The stock currently trades at ~$282 and the stake is at 5.34% of the portfolio. There was minor trimming in the last four quarters.Alphabet Inc. (GOOG): The large (top five) 5.16% stake in GOOG was established in Q1 2019 at prices between $1015 and $1230 and it now goes for ~$2363. Q1 2020 saw a roughly one-third stake increase at prices between ~$1055 and ~$1530. Last two years have seen only minor adjustments.Cognizant Technology (CTSH): The 4.39% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase in Q1 2020 at prices between $42 and $71.50. That was followed with a roughly one-third increase in Q3 2021 at prices between $66.50 and $78. The stock currently trades at $81.55. Last few quarters have seen only minor adjustments.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The stake was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The six quarters thru Q1 2020 had seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$156 and the stake is now at 4.20% of the portfolio. Last two years have seen only minor adjustments.Fox Corp (FOX) (FOXA): The FOX stake came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to a collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Last three quarters of 2019 had seen a ~42% stake increase at prices between $30 and $39. Q1 2020 saw another ~55% stake increase at prices between $20 and $38.60. There was a ~38% reduction over the two quarters through Q1 2021 at prices between ~$25 and ~$41.50. The stock currently trades at $33.63, and the stake is at 3.72%. Last four quarters have seen only minor adjustments.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The six quarters thru Q3 2016 saw a ~57% reduction at prices between $38 and $47. The three quarters thru Q1 2020 saw another ~50% selling at prices between $37.50 and $60. Last two years have seen only minor adjustments. The stock currently trades at $63.08, and the position is at 3.51% of the portfolio.Johnson & Johnson (JNJ): JNJ is a 3.43% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low 60s price-range. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. The three quarters thru Q2 2020 had seen another ~50% selling at prices between $111 and $156. The stock currently trades at ~$178. Last seven quarters have seen only minor adjustments.Sysco Corporation (SYY): SYY is a 3.39% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. Q1 2020 saw a ~60% stake increase at prices between $31 and $85.There was a ~15% trimming over the last two quarters. The stock currently trades at $85.76.Booking Holdings (BKNG): BKNG is a 3.26% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. Q2 2020 saw a ~20% reduction at prices between $1231 and $1841. The stock currently trades at ~$2106. Last seven quarters have seen only minor adjustments.State Street Corporation (STT): The 2.72% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. There was a ~20% selling over the three quarters thru Q2 2020. The stock currently trades at $69.91. Last seven quarters have seen only minor adjustments.Charles Schwab (SCHW): Most of the 2.61% of the portfolio stake in SCHW was purchased in Q4 2020 at prices between $37 and $53. The stock is now well above that range at $69.46. Last five quarters saw only minor adjustments.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire position saw a huge stake build-up in Q1 2021 at prices between $222 and $264. It is now a significant ~2.25% of the portfolio position. The stock currently trades at ~$319. Last three quarters have seen only minor adjustments.US Bancorp (USB): The 2.23% USB position has been in the portfolio for over 15 years. Majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $49.47. 2015 saw a ~50% reduction in the low-40s price range. Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then, the activity has been minor.Walt Disney (DIS): The position came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last three quarters of 2019 had seen a combined ~17% selling at prices between $112 and $152. There was another ~20% selling in Q2 2020 at prices between $94 and $127. Q4 2020 saw another similar reduction at prices between ~$118 and ~$181. There was a ~17% selling last quarter. The stock currently trades at ~$114 and the stake is at 2.16%. They are harvesting gains.Ingredion Inc. (INGR): The 1.85% INGR stake was purchased in Q3 2020 at prices between $75 and $90 and increased by ~170% next quarter at prices between $69 and $82. The stock currently trades at $86.52. Q1 2021 saw a ~10% further increase while this quarter saw a similar reduction.Lockheed Martin (LMT), L3Harris Tech. (LHX), and Northrop Grumman (NOC): These three stakes were established in Q1 2021. LMT is a 1.41% of the portfolio position purchased at prices between $322 and $373 and it now goes for ~$435. The 1.52% LHX stake was established at prices between $172 and $203 and the stock currently trades at ~$238. The 1.74% NOC stake was established at prices between $287 and $324 and it is now well above that range at ~$451. The positions have seen only minor adjustments in the last four quarters.Huntsman Corp (HUN): The Huntsman stake was purchased in Q1 2020 at prices between ~$12.50 and ~$23.50 and the stock currently trades at $34.44. The position was sold down to a minutely small stake this quarter at prices between ~$35 and ~$41.Anthem Inc. (ANTM), Bank of New York Mellon (BK), Cisco Systems (CSCO), Colgate-Palmolive (CL), Comcast Corporation (CMCSA), First Hawaiian Bank (FHB), Goldman Sachs (GS), Macy’s Inc. (M), Micron Technology (MU), MSC Industrial Direct (MSM), Oracle Corporation (ORCL), and Wells Fargo (WFC): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Weatherford International plc (WFRD): WFRD is a 1.70% of the portfolio position. The stock got relisted in Nasdaq last June. Shares started trading at $15.75 and currently goes for $33.12. Weatherford filed for Chapter 11 bankruptcy protection in July 2019 and emerged that December. Yacktman Asset Management had both debt and equity in the business. There was a ~15% selling in Q3 2021. Since then, there has only been minor adjustments. They control ~8% of the business.Note: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.68%), US Bancorp (2.23%), and Wells Fargo (1.95%). Also, a 2.72% stake in State Street (STT) was added in 2018 and a small 0.54% stake in First Hawaiian Bank (FHB) was added in 2020.The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Yacktman Asset Management’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/2/2021 to 2/3/2022: None." |
"Tracking Yacktman Asset Management Portfolio – Q4 2021 Update" | "Yacktman's 13F equity portfolio value increased from $10.40B to $11.22B this quarter.Yacktman Asset Management added Reliance Steel & Aluminum while reducing Macy’s during the quarter.Yacktman’s largest five stakes are at ~30% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 2/2/2022. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q3 2021.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased marginally from $10.40B to $11.22B. The number of holdings decreased from 64 to 62. The largest holding is PepsiCo at 6.46% of the 13F portfolio. Largest five individual stock positions are PepsiCo Inc., Alphabet, Canadian Natural Resources, Microsoft, and Procter & Gamble. Together they account for ~28% of the 13F portfolio. The firm currently holds around ~15% cash. The portfolio is concentrated with recent 13F reports showing around 65 individual positions. 41 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: Three of their top five holdings in their flagship fund YACKX are not in the 13F report as they are not US listed 13F securities – Samsung Electronics (SSNLF) Preferred, Bollore SA (BOIVF), and Brenntag AG (BNTGY). The fund has generated alpha since their 1992 inception (10.90% annualized compared to 10.81% for the S&P 500 index) but they are lagging in the most recent ten-year period (12.60% annualized vs 16.55%).New Stakes:Reliance Steel & Aluminum (RS): RS is a small 1.52% of the portfolio position established this quarter at prices between ~$141 and ~$167 and the stock currently trades at ~$156.Stake Increases:Canadian Natural Resources (CNQ): CNQ is a large (top three) 6.41% of the portfolio position purchased in Q1 2021 at prices between $22.50 and $32.50. There was a ~90% stake increase next quarter at prices between $29.40 and $38. That was followed with a ~30% increase last quarter at prices between $30.40 and $36.50. The stock currently trades well above those ranges at $53.57. This quarter saw a minor ~2% increase.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The stake was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The six quarters thru Q1 2020 had seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$162 and the stake is now at 4.68% of the portfolio. Last seven quarters have seen only minor adjustments.Cognizant Technology (CTSH): The large 4.67% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase in Q1 2020 at prices between $42 and $71.50. That was followed with a roughly one-third increase last quarter at prices between $66.50 and $78. The stock currently trades at $86.82. There was a minor ~2% further increase this quarter.Fox Corp (FOX) (FOXA): The FOX stake came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to a collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Last three quarters of 2019 had seen a ~42% stake increase at prices between $30 and $39. Q1 2020 saw another ~55% stake increase at prices between $20 and $38.60. There was a ~38% reduction over the two quarters through Q1 2021 at prices between ~$25 and ~$41.50. The stock currently trades at $37.25, and the stake is at 3.53%. They are harvesting gains. Last three quarters have seen only minor adjustments.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The six quarters thru Q3 2016 saw a ~57% reduction at prices between $38 and $47. The three quarters thru Q1 2020 saw another ~50% selling at prices between $37.50 and $60. Last seven quarters have seen only minor adjustments. The stock currently trades at $60.96, and the position is at 3.38% of the portfolio.Johnson & Johnson (JNJ): JNJ is a 3.37% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low 60s price-range. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. The three quarters thru Q2 2020 had seen another ~50% selling at prices between $111 and $156. The stock currently trades at ~$172. Last six quarters have seen only minor adjustments.State Street Corporation (STT): The 2.92% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. There was a ~20% selling over the three quarters thru Q2 2020. The stock currently trades at $98.89. Last six quarters have seen only minor adjustments.AMERCO (UHAL): The 2.90% of the portfolio UHAL position saw a ~50% stake increase during Q1 & Q3 2020 at prices between ~$242 and $384. Q2 2021 saw another ~75% stake increase at prices between ~$527 and ~$632. The stock currently trades at ~$596. Last two quarters have seen only minor adjustments.Charles Schwab (SCHW): Most of the 2.62% of the portfolio stake in SCHW was purchased in Q4 2020 at prices between $37 and $53. The stock is now well above that range at $91.90. Last year saw only minor adjustments.US Bancorp (USB): The 2.37% USB position has been in the portfolio for over 15 years. Majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $59.70. 2015 saw a ~50% reduction in the low-40s price range. Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then, the activity has been minor.Ingredion Inc. (INGR): The 2.27% INGR stake was purchased in Q3 2020 at prices between $75 and $90 and increased by ~170% next quarter at prices between $69 and $82. The stock currently trades at $85.24. Q1 2021 saw a ~10% further increase. Since then, there has only been minor adjustments.Tyson Foods (TSN): TSN is a 2.14% of the portfolio stake established in Q4 2020 at prices between $56.50 and $70 and the stock currently trades at $88.29. Last year saw only minor adjustments.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire position saw a huge stake build-up in Q1 2021 at prices between $222 and $264. It is now a significant ~2% of the portfolio position. The stock currently trades at ~$315. Last two quarters have seen only minor adjustments.Armstrong World Industries (AWI), Lockheed Martin (LMT), L3Harris Tech. (LHX), and Northrop Grumman (NOC): These four stakes were established in Q1 2021. The small 1.13% AWI position was purchased at prices between $71 and $96 and it is now at $95.04. LMT is a 1.14% of the portfolio position purchased at prices between $322 and $373 and it now goes for ~$389. The 1.32% LHX stake was established at prices between $172 and $203 and the stock currently trades at ~$213. The 1.53% NOC stake was established at prices between $287 and $324 and it is now well above that range at ~$370. The positions have seen only minor adjustments in the last three quarters.Anthem Inc. (ANTM), Bank of New York Mellon (BK), Comcast Corporation (CMCSA), Goldman Sachs (GS), and Wells Fargo (WFC): These small (less than ~1.5% of the portfolio each) positions were increased this quarter.Stake Decreases:PepsiCo Inc. (PEP): PEP is currently the largest 13F stake at 6.90% of the portfolio. It was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters of 2019 had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction in Q1 2020 at prices between $104 and $147. Q2 2021 saw a one-third increase at prices between ~$141 and ~$149. The stock currently trades at ~$173. There was minor trimming in the last two quarters.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. The six years thru 2019 saw the position reduced by ~95% at prices between $36 and $190. Q2 2020 also saw a ~17% selling at prices between $152 and $204. There was a ~15% stake increase in Q1 2021 at prices between $212 and $245. The stock currently trades at ~$306 and the stake is at 6.13% of the portfolio. There was minor trimming in the last three quarters.Alphabet Inc. (GOOG): The large (top five) 5.49% stake in GOOG was established in Q1 2019 at prices between $1015 and $1230 and it now goes for ~$2860. Q1 2020 saw a roughly one-third stake increase at prices between ~$1055 and ~$1530. Last seven quarters have seen only minor adjustments.Booking Holdings (BKNG): BKNG is a 3.36% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. Q2 2020 saw a ~20% reduction at prices between $1231 and $1841. The stock currently trades at ~$2443. Last six quarters have seen only minor adjustments.Sysco Corporation (SYY): SYY is a 3.35% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. Q1 2020 saw a ~60% stake increase at prices between $31 and $85.There was a ~12% trimming this quarter. The stock currently trades at $78.76.News Corp (NWSA): The 3.22% portfolio position was built in 2019 at prices between $12.50 and $14.60. Q1 2020 also saw a ~30% stake increase at prices between $8.20 and $15. There was a ~25% selling in Q1 2021 at prices between $18 and $27.30. The stock currently trades at $22.50. Last three quarters have also seen minor trimming.Walt Disney (DIS): The position came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last three quarters of 2019 had seen a combined ~17% selling at prices between $112 and $152. There was another ~20% selling in Q2 2020 at prices between $94 and $127. Q4 2020 saw another similar reduction at prices between ~$118 and ~$181. There was a ~17% selling this quarter. The stock currently trades at ~$142 and the stake is at 2.45%. They are harvesting gains.Huntsman Corp (HUN): The 1.80% of the portfolio position in Huntsman Corp was purchased in Q1 2020 at prices between ~$12.50 and ~$23.50 and the stock currently trades at $35.81. This quarter saw a ~13% trimming.Weatherford International plc (WFRD): WFRD is a 1.42% of the portfolio position. The stock got relisted in Nasdaq last June. Shares started trading at $15.75 and currently goes for $32.73. Weatherford filed for Chapter 11 bankruptcy protection in July 2019 and emerged that December. Yacktman Asset Management had both debt and equity in the business. There was a ~15% selling last quarter and minor trimming this quarter.Macy’s Inc. (M): Macy’s stake was established in Q2 2019 at prices between $20 and $26 and more than doubled next quarter at prices between $14.30 and $23.25. Q1 2020 saw another ~85% stake increase at prices between $4.50 and $18.10. Last six quarters saw the stake sold down by ~90% at prices between ~$5 and ~$24. The stock currently trades at $25.34. This quarter saw another two-thirds reduction and the stake is now very small at 0.46% of the portfolio.Cisco Systems (CSCO), Colgate-Palmolive (CL), First Hawaiian Bank (FHB), GrafTech Intl (EAF), MSC Industrial Direct (MSM), Micron Technology (MU), and Oracle Corporation (ORCL): These small (less than ~1.5% of the portfolio each) positions were reduced during the quarter.Note: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.99%), US Bancorp (2.37%), and Wells Fargo (1.95%). Also, a 2.92% stake in State Street (STT) was added in 2018 and a small 0.59% stake in First Hawaiian Bank (FHB) was added in 2020.The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Yacktman Asset Management’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings thru 11/1/2021: None." |
"Tracking Yacktman Asset Management Portfolio – Q3 2021 Update" | "Yacktman's 13F equity portfolio value increased from $10.31B to $10.40B this quarter.Yacktman Asset Management increased Canadian Natural Resources & Cognizant while reducing Macy’s, ConocoPhillips, and Exxon Mobil during the quarter.Yacktman’s largest five stakes are at ~28% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 11/01/2021. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q2 2021.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased marginally from $10.31B to $10.40B. The number of holdings decreased from 64 to 62. The largest holding is PepsiCo at 6.46% of the 13F portfolio. Largest five individual stock positions are PepsiCo Inc., Alphabet, Canadian Natural Resources, Microsoft, and Procter & Gamble. Together they account for ~28% of the 13F portfolio. The firm currently holds around ~15% cash. The portfolio is concentrated with recent 13F reports showing around 65 individual positions. 43 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: Three of their top five holdings in their flagship fund YACKX are not in the 13F report as they are not US listed 13F securities – Samsung Electronics (SSNLF) Preferred, Bollore SA (BOIVF), and Brenntag AG (BNTGY). The fund has generated alpha since their 1992 inception (10.80% annualized compared to 10.51% for the S&P 500 index) but they are lagging in the most recent ten-year period (12.99% annualized vs 16.63%).New Stakes:None.Stake Disposals:Ralph Lauren (RL): The minutely small 0.08% of the portfolio stake in RL was sold this quarter.Stake Increases:Canadian Natural Resources (CNQ): CNQ is a large (top three) 5.85% of the portfolio position purchased in Q1 2021 at prices between $22.50 and $32.50. There was a ~90% stake increase last quarter at prices between $29.40 and $38. That was followed with a ~30% increase this quarter at prices between $30.40 and $36.50. The stock currently trades well above those ranges at $42.47.Cognizant Technology (CTSH): The large 4.15% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase in Q1 2020 at prices between $42 and $71.50. That was followed with a roughly one-third increase this quarter at prices between $66.50 and $78. The stock currently trades at $79.65.Micron Technology (MU): The minutely small 0.47% of the portfolio stake in MU saw a minor stake increase this quarter.Stake Decreases:PepsiCo Inc. (PEP): PEP is currently the largest 13F stake at 6.46% of the portfolio. It was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters of 2019 had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction in Q1 2020 at prices between $104 and $147. Last quarter saw a one-third increase at prices between ~$141 and ~$149. The stock currently trades at ~$164. There was minor trimming this quarter.Alphabet Inc. (GOOG): The large (top three) 5.88% stake in GOOG was established in Q1 2019 at prices between $1015 and $1230 and it now goes for ~$2936. Q1 2020 saw a roughly one-third stake increase at prices between ~$1055 and ~$1530. Last six quarters have seen only minor adjustments.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. The six years thru 2019 saw the position reduced by ~95% at prices between $36 and $190. Q2 2020 also saw a ~17% selling at prices between $152 and $204. There was a ~15% stake increase in Q1 2021 at prices between $212 and $245. The stock currently trades at ~$334 and the stake is at 5.56% of the portfolio. There was marginal trimming in the last two quarters.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The stake was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The six quarters thru Q1 2020 had seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$145 and the stake is now at 4.31% of the portfolio. Last six quarters have seen only minor adjustments.Fox Corp (FOX) (FOXA): The FOX stake came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to a collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Last three quarters of 2019 had seen a ~42% stake increase at prices between $30 and $39. Q1 2020 saw another ~55% stake increase at prices between $20 and $38.60. There was a ~38% reduction over the two quarters through Q1 2021 at prices between ~$25 and ~$41.50. The stock currently trades at $38.63 and the stake is at 4.11%. They are harvesting gains. Last two quarters have also seen minor trimming.Sysco Corporation (SYY): SYY is a 4.10% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. Q1 2020 saw a ~60% stake increase at prices between $31 and $85. The stock currently trades at $77.38. Last six quarters have seen only minor adjustments.News Corp (NWSA): The 3.75% portfolio position was built in 2019 at prices between $12.50 and $14.60. Q1 2020 also saw a ~30% stake increase at prices between $8.20 and $15. There was a ~25% selling in Q1 2021 at prices between $18 and $27.30. The stock currently trades at $23.34. Last two quarters have also seen minor trimming.Booking Holdings (BKNG): BKNG is a 3.60% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. Q2 2020 saw a ~20% reduction at prices between $1231 and $1841. The stock currently trades at ~$2435. Last five quarters have seen only minor adjustments.Walt Disney (DIS): The position came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last three quarters of 2019 had seen a combined ~17% selling at prices between $112 and $152. There was another ~20% selling in Q2 2020 at prices between $94 and $127. Q4 2020 saw another similar reduction at prices between ~$118 and ~$181. The stock currently trades at ~$170 and it is a large stake at 3.47%. Last three quarters have also seen minor trimming. They are harvesting gains.Johnson & Johnson (JNJ): JNJ is a 3.40% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$165. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. The three quarters thru Q2 2020 had seen another ~50% selling at prices between $111 and $156. Last five quarters have seen only minor adjustments.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The six quarters thru Q3 2016 saw a ~57% reduction at prices between $38 and $47. The three quarters thru Q1 2020 saw another ~50% selling at prices between $37.50 and $60. Last six quarters have seen only minor adjustments. The stock currently trades at $56.29 and the position is at 3.21% of the portfolio.State Street Corporation (STT): The 2.86% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. There was a ~20% selling over the three quarters thru Q2 2020. The stock currently trades at $99.60. Last five quarters have seen only minor adjustments.AMERCO (UHAL): The 2.76% of the portfolio UHAL position saw a ~50% stake increase during Q1 & Q3 2020 at prices between ~$242 and $384. Last quarter saw another ~75% stake increase at prices between ~$527 and ~$632. The stock currently trades at ~$754. There was minor trimming this quarter.US Bancorp (USB): The 2.69% USB position has been in the portfolio for over 15 years. Majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $61.83. 2015 saw a ~50% reduction in the low-40s price range. Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then the activity has been minor.Charles Schwab (SCHW): Most of the 2.43% of the portfolio stake in SCHW was purchased in Q4 2020 at prices between $37 and $53. The stock is now well above that range at $83.33. Last three quarters have seen only minor adjustments.Ingredion Inc. (INGR): The 2.23% INGR stake was purchased in Q3 2020 at prices between $75 and $90 and increased by ~170% next quarter at prices between $69 and $82. The stock currently trades at $95.94. Q1 2021 saw a ~10% further increase while the last two quarters saw minor trimming.Tyson Foods (TSN): TSN is a ~2% of the portfolio stake established in Q4 2020 at prices between $56.50 and $70 and the stock currently trades at $81.72. Last three quarters have seen only minor adjustments.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire position saw a huge stake build-up in Q1 2021 at prices between $222 and $264. It is now a significant 2.14% of the portfolio position. The stock currently trades at ~$289. There was minor trimming this quarter.Huntsman Corp (HUN): The 1.90% of the portfolio position in Huntsman Corp was purchased in Q1 2020 at prices between ~$12.50 and ~$23.50 and the stock currently trades at $33.71. Last six quarters have seen only minor adjustments.Macy’s Inc. (M): Macy’s is a 1.21% of the portfolio stake established in Q2 2019 at prices between $20 and $26 and more than doubled next quarter at prices between $14.30 and $23.25. Q1 2020 saw another ~85% stake increase at prices between $4.50 and $18.10. Last six quarters saw the stake sold down by ~90% at prices between ~$5 and ~$24. The stock currently trades at $30.56.Armstrong World Industries (AWI), Lockheed Martin (LMT), L3Harris Tech. (LHX), and Northrop Grumman (NOC): These four stakes were established in Q1 2021. The small ~1% AWI position was purchased at prices between $71 and $96 and it is now at ~$109. LMT is a 1.18% of the portfolio position purchased at prices between $322 and $373 and it now goes for ~$331. The 1.46% LHX stake was established at prices between $172 and $203 and the stock currently trades at ~$221. The 1.52% NOC stake was established at prices between $287 and $324 and it is now well above that range at ~$354. The positions have seen only minor adjustments in the last two quarters.Weatherford International plc (WFRD): WFRD is a 1.15% of the portfolio position. The stock got relisted in Nasdaq this June. Shares started trading at $15.75 and currently goes for $32.89. Weatherford filed for Chapter 11 bankruptcy protection in July 2019 and emerged that December. Yacktman Asset Management had both debt and equity in the business. There was a ~15% selling this quarter.Anthem Inc. (ANTM), Bank of New York Mellon (BK), Cisco Systems (CSCO), Colgate-Palmolive (CL), Comcast Corporation (CMCSA), ConocoPhillips (COP), Corning Inc. (GLW), Exxon Mobil (XOM), First Hawaiian Bank (FHB), Goldman Sachs (GS), GrafTech Intl (EAF), MSC Industrial Direct (MSM), Oracle Corporation (ORCL), and Wells Fargo (WFC): These small (less than ~2% of the portfolio each) stakes were reduced this quarter.Kept Steady:None.Note: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.90%), US Bancorp (2.69%), and Wells Fargo (2%). Also, a 2.86% stake in State Street (STT) was added in 2018 and a small 0.78% stake in First Hawaiian Bank (FHB) was added last year.The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Yacktman Asset Management’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings thru 8/5/2021: None." |
"Tracking Yacktman Asset Management Portfolio – Q2 2021 Update" | "Yacktman's 13F equity portfolio value increased from $9.57B to $10.31B this quarter.Yacktman Asset Management increased Canadian Natural Resources & PepsiCo while reducing Ralph Lauren & Macy’s during the quarter.Yacktman’s largest five stakes are at ~26% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 08/03/2021. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q1 2021.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased ~8% from $9.57B to $10.31B. The number of holdings decreased from 66 to 64. The largest holding is PepsiCo at 6.44% of the 13F portfolio. Largest five individual stock positions are PepsiCo Inc., Alphabet, Microsoft, Canadian Natural Resources, and Procter & Gamble. Together they account for ~26% of the 13F portfolio. The firm currently holds around ~16% cash. The portfolio is concentrated with recent 13F reports showing around 65 individual positions. 44 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: The top three holdings in their flagship fund YACKX are not in the 13F report as they are not US listed 13F securities – Samsung Electronics (SSNLF) Preferred, Bollore SA (BOIVF), and Brenntag AG (BNTGY). The fund has generated alpha since their 1992 inception (10.92% annualized compared to 10.59% for the S&P 500 index) but they are lagging in the most recent ten-year period (11.94% annualized vs 14.84%).New Stakes:Weatherford International plc (WFRD): WFRD is a 1.27% of the portfolio position. The stock got relisted in Nasdaq this June. Shares started trading at $15.75 and currently goes for $16.16. Weatherford filed for Chapter 11 bankruptcy protection in July 2019 and emerged that December. Yacktman Asset Management had both debt and equity in the business.Stake Increases:PepsiCo Inc. (PEP): PEP is currently the largest 13F stake at 6.44% of the portfolio. It was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters of 2019 had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction in Q1 2020 at prices between $104 and $147. This quarter saw a one-third increase at prices between ~$141 and ~$149. The stock currently trades at ~$154.Canadian Natural Resources (CNQ): CNQ is a large (top three) 4.50% of the portfolio position purchased last quarter at prices between $22.50 and $32.50 and the stock currently trades at ~$32. There was a ~90% stake increase this quarter at prices between $29.40 and $38.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The stake was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The six quarters thru Q1 2020 had seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$142 and the stake is now at 4.23% of the portfolio. Last five quarters have seen only minor adjustments.Cognizant Technology (CTSH): The ~3% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase in Q1 2020 at prices between $42 and $71.50. The stock currently trades at ~$74. Last five quarters have seen only minor adjustments.AMERCO (UHAL): The 2.56% of the portfolio UHAL position saw a ~75% stake increase this quarter at prices between ~$527 and ~$632 and the stock currently trades at ~$584. Q1 & Q3 2020 had also seen a ~50% stake increase at prices between ~$242 and $384.Northrop Grumman (NOC) and L3Harris Tech. (LHX): These two stakes established last quarter were increased this quarter. The ~2% NOC stake was established at prices between $287 and $324 and it is now well above that range at ~$357. There was a minor increase this quarter. The 1.46% LHX stake was established at prices between $172 and $203 and the stock currently trades at ~$229. This quarter saw a ~2% increase.Stake Decreases:Alphabet Inc. (GOOG): The large (top three) 5.66% stake in GOOG was established in Q1 2019 at prices between $1015 and $1230 and it now goes for ~$2720. Q1 2020 saw a roughly one-third stake increase at prices between ~$1055 and ~$1530. Last five quarters have seen only minor adjustments.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. The six years thru 2019 saw the position reduced by ~95% at prices between $36 and $190. Q2 2020 also saw a ~17% selling at prices between $152 and $204. There was a ~15% stake increase last quarter at prices between $212 and $245. The stock currently trades at ~$287. There was marginal trimming this quarter.News Corp (NWSA): The 4.16% portfolio position was built in 2019 at prices between $12.50 and $14.60. Q1 2020 also saw a ~30% stake increase at prices between $8.20 and $15. There was a ~25% selling last quarter at prices between $18 and $27.30. The stock currently trades at $24.33. This quarter also saw minor trimming.Sysco Corporation (SYY): SYY is a 4.12% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. Q1 2020 saw a ~60% stake increase at prices between $31 and $85. The stock currently trades at $71.75. Last five quarters have seen only minor adjustments.Fox Corp (FOX) (FOXA): The FOX stake came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms were ~$38 per share in cash or Disney stock subject to a collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. Last three quarters of 2019 had seen a ~42% stake increase at prices between $30 and $39. Q1 2020 saw another ~55% stake increase at prices between $20 and $38.60. There was a ~38% reduction over the last two quarters at prices between ~$25 and ~$41.50. The stock currently trades at $32.64 and the stake is at 3.93%. They are harvesting gains. This quarter saw marginal trimming.Walt Disney (DIS): The position came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last three quarters of 2019 had seen a combined ~17% selling at prices between $112 and $152. There was another ~20% selling in Q2 2020 at prices between $94 and $127. Q4 2020 saw another similar reduction at prices between ~$118 and ~$181. The stock currently trades at ~$173 and it is a large stake at 3.65%. Last two quarters have also seen minor trimming. They are harvesting gains.Johnson & Johnson (JNJ): JNJ is a 3.51% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$173. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. The three quarters thru Q2 2020 had seen another ~50% selling at prices between $111 and $156. Last four quarters have seen only minor adjustments.Booking Holdings (BKNG): BKNG is a 3.37% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. Q2 2020 saw a ~20% reduction at prices between $1231 and $1841. The stock currently trades at ~$2086. Last four quarters have seen only minor adjustments.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The six quarters thru Q3 2016 saw a ~57% reduction at prices between $38 and $47. The three quarters thru Q1 2020 saw another ~50% selling at prices between $37.50 and $60. Last five quarters have seen only minor adjustments. The stock currently trades at ~$56 and the position is at 3.35% of the portfolio.State Street Corporation (STT): The 2.82% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. There was a ~20% selling over the three quarters thru Q2 2020. The stock currently trades at ~$87. Last four quarters have seen only minor adjustments.US Bancorp (USB): The 2.61% USB position has been in the portfolio for over 15 years. Majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at ~$55. 2015 saw a ~50% reduction in the low-40s price range. Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then the activity has been minor.Charles Schwab (SCHW): Most of the 2.46% of the portfolio stake in SCHW was purchased in Q4 2020 at prices between $37 and $53. The stock is now well above that range at ~$68. Last two quarters have seen only minor adjustments.Ingredion Inc. (INGR): The 2.31% INGR stake was purchased in Q3 2020 at prices between $75 and $90 and increased by ~170% next quarter at prices between $69 and $82. The stock currently trades at ~$85. Last quarter saw a ~10% further increase while this quarter there was marginal trimming.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire position saw a huge stake build-up last quarter at prices between $222 and $264. It is now a significant ~2.2% of the portfolio position. The stock currently trades at ~$279. There was a ~10% trimming this quarter.Tyson Foods (TSN): TSN is a ~2% of the portfolio stake established in Q4 2020 at prices between $56.50 and $70 and the stock currently trades at ~$70. Last two quarters have seen only minor adjustments.Huntsman Corp (HUN): The 1.73% of the portfolio position in Huntsman Corp was purchased in Q1 2020 at prices between ~$12.50 and ~$23.50 and the stock currently trades at $25.24. Last five quarters have seen only minor adjustments.Macy’s Inc. (M): Macy’s is a 1.52% of the portfolio stake established in Q2 2019 at prices between $20 and $26 and more than doubled next quarter at prices between $14.30 and $23.25. Q1 2020 saw another ~85% stake increase at prices between $4.50 and $18.10. There was a ~25% selling in Q2 2020 at prices between $4.45 and $9.55. Q4 2020 saw another similar reduction at prices between $5.75 and $12. The position was further reduced by roughly two-thirds last quarter at prices between $11 and $21. The stock currently trades at $16.73. There was a ~10% trimming this quarter.Lockheed Martin (LMT) and Armstrong World Industries (AWI): These two stakes established last quarter were reduced this quarter. LMT is a 1.31% of the portfolio position purchased at prices between $322 and $373 and it now goes for ~$362. There was a ~5% trimming this quarter. The small ~1% AWI position was purchased at prices between $71 and $96 and it is now at ~$107. There was marginal trimming this quarter.Anthem Inc. (ANTM), Bank of New York Mellon (BK), Cisco Systems (CSCO), Comcast Corporation (CMCSA), ConocoPhillips (COP), Exxon Mobil (XOM), First Hawaiian Bank (FHB), Goldman Sachs (GS), GrafTech Intl (EAF), Micron Technology (MU), MSC Industrial Direct (MSM), Oracle Corporation (ORCL), Ralph Lauren (RL), and Wells Fargo (WFC): These small (less than ~2% of the portfolio each) stakes were reduced this quarter.Kept Steady:Colgate-Palmolive (CL) and Corning Inc. (GLW): These small (less than ~1% of the portfolio each) positions were kept steady this quarter.Note: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.91%), US Bancorp (2.61%), and Wells Fargo (2.01%). Also, a ~3% stake in State Street (STT) was added in 2018 and a small 0.77% stake in First Hawaiian Bank (FHB) was added last year.The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Yacktman Asset Management’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings thru 5/5/2021: 13G/As – 2/12 – Weatherford – WFTLF – 8.16M shares – 11.6% of business, NWS – 21.44M shares – 5.5% of business, M – 25.15M shares – 8.1% of business." |
"Tracking Yacktman Asset Management Portfolio – Q1 2021 Update" | "Yacktman's 13F equity portfolio value increased from $8.08B to $9.57B this quarter.Yacktman Asset Management added Canadian Natural Resources, Northrup Grumman, Lockheed Martin, L3Harris, and Armstrong World Industries while reducing Macy’s during the quarter. They also increased Berkshire Hathaway substantially this quarter.Yacktman’s largest five stakes are at ~25% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 05/04/2021. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q4 2020.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased ~18% from $8.09B to $9.57B. The number of holdings increased from 61 to 66. The largest holding is Microsoft at 5.19% of the 13F portfolio. Largest five individual stock positions are Microsoft, Alphabet, PepsiCo Inc., Sysco Corp, and Procter & Gamble. Together they account for ~25% of the 13F portfolio. The firm currently holds around ~14% cash. The portfolio is concentrated with recent 13F reports showing around 65 individual positions. 43 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: The top three holdings in their flagship fund YACKX are not in the 13F report as they are not US listed 13F securities – Samsung Electronics (SSNLF) Preferred, Bollore SA (BOIVF), and Brenntag AG (BNTGY). The fund has generated alpha since their 1992 inception (10.83% annualized compared to 10.37% for the S&P 500 index) but they are lagging in the most recent ten-year period (11.70% annualized vs 13.91%).New Stakes:Canadian Natural Resources (CNQ), Northrop Grumman (NOC), Lockheed Martin (LMT), L3Harris Tech. (LHX), and Armstrong World Industries (AWI): These are the new stakes this quarter. CNQ is a 2.16% of the portfolio position purchased this quarter at prices between $22.50 and $32.50 and the stock currently trades at $32.49. The 1.46% NOC stake was established at prices between $287 and $324 and it is now well above that range at ~$373. LMT is a 1.45% of the portfolio position purchased at prices between $322 and $373 and it now goes for ~$386. The 1.44% LHX stake was established at prices between $172 and $203 and the stock currently trades at ~$218. The small ~1% AWI position was purchased at prices between $71 and $96 and it is now at ~$105.Stake Increases:Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. The six years thru 2019 saw the position reduced by ~95% at prices between $36 and $190. Q2 2020 also saw a ~17% selling at prices between $152 and $204. There was a ~15% stake increase this quarter at prices between $212 and $245. The stock currently trades at ~$247.Alphabet Inc. (GOOG): The ~5% stake in GOOG was established in Q1 2019 at prices between $1015 and $1230 and it now goes for ~$2357. Q1 2020 saw a roughly one-third stake increase at prices between ~$1055 and ~$1530. Last four quarters have seen only minor adjustments.PepsiCo Inc. (PEP): PEP is currently a top-three 4.90% of the portfolio stake. It was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters of 2019 had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction in Q1 2020 at prices between $104 and $147. The stock currently trades at ~$144. Last four quarters have seen only minor adjustments.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The stake was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The six quarters thru Q1 2020 had seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$135 and the stake is now at 4.55% of the portfolio. Last four quarters have seen only minor adjustments.Booking Holdings (BKNG): BKNG is a ~4% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. Q2 2020 saw a ~20% reduction at prices between $1231 and $1841. The stock currently trades at ~$2338. Last three quarters have seen only minor adjustments.Johnson & Johnson (JNJ): JNJ is a 3.78% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$167. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. The three quarters thru Q2 2020 had seen another ~50% selling at prices between $111 and $156. Last three quarters have seen only minor adjustments.Cognizant Technology (CTSH): The 3.61% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase in Q1 2020 at prices between $42 and $71.50. The stock currently trades at $81.46. Last four quarters have seen only minor adjustments.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The six quarters thru Q3 2016 saw a ~57% reduction at prices between $38 and $47. The three quarters thru Q1 2020 saw another ~50% selling at prices between $37.50 and $60. Last four quarters have seen only minor adjustments. The stock currently trades at $54 and the position is at 3.59% of the portfolio.State Street Corporation (STT): The 3.12% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. There was a ~20% selling over the three quarters thru Q2 2020. The stock currently trades at $86.21. Last three quarters have seen only minor adjustments.US Bancorp (USB): The 2.74% USB position has been in the portfolio for over 15 years. Majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $60.39. 2015 saw a ~50% reduction in the low-40s price range. Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then the activity has been minor.Ingredion Inc. (INGR): The 2.48% INGR stake was purchased in Q3 2020 at prices between $75 and $90 and increased by ~170% last quarter at prices between $69 and $82. The stock currently trades at $91.84. This quarter saw a ~10% further increase.Charles Schwab (SCHW): Most of the 2.38% of the portfolio stake in SCHW was purchased last quarter at prices between $37 and $53. The stock is now well above that range at $70.98.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire position saw a huge stake build-up this quarter at prices between $222 and $264. It is now a significantly large ~2.5% of the portfolio position. The stock currently trades at ~$283.Tyson Foods (TSN): TSN is a ~2% of the portfolio stake established last quarter at prices between $56.50 and $70 and the stock currently trades at $77.87. There was a minor ~5% stake increase this quarter.Huntsman Corp (HUN): The ~2% of the portfolio position in Huntsman Corp was purchased in Q1 2020 at prices between ~$12.50 and ~$23.50 and the stock currently trades at $31.23. Last four quarters have seen only minor adjustments.AMERCO (UHAL), Anthem Inc. (ANTM), Cisco Systems (CSCO), Colgate-Palmolive (CL), ConocoPhillips (COP), Comcast Corporation (CMCSA), Corning Inc. (GLW), Exxon Mobil (XOM), Goldman Sachs (GS), MSC Industrial Direct (MSM), Oracle Corporation (ORCL), The Bank of New York Mellon (BK), and Wells Fargo (WFC): These small (less than ~1.75% of the portfolio each) positions saw increases this quarter.Stake Decreases:Sysco Corporation (SYY): SYY is a 4.87% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. Q1 2020 saw a ~60% stake increase at prices between $31 and $85. The stock currently trades at ~$83. Last four quarters have seen only minor adjustments.News Corp (NWSA): The 4.47% portfolio position was built in 2019 at prices between $12.50 and $14.60. Q1 2020 also saw a ~30% stake increase at prices between $8.20 and $15. This quarter saw a ~25% selling at prices between $18 and $27.30. The stock currently trades at $26.12. They are harvesting gains.Walt Disney (DIS): The position came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last three quarters of 2019 had seen a combined ~17% selling at prices between $112 and $152. There was another ~20% selling in Q2 2020 at prices between $94 and $127. Last quarter saw another similar reduction at prices between ~$118 and ~$181. The stock currently trades at ~$182 and it is a large stake at 4.37%. This quarter saw a ~4% trimming.Fox Corp (FOX) (FOXA): The FOX stake came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last three quarters of 2019 had seen a ~42% stake increase at prices between $30 and $39. Q1 2020 saw another ~55% stake increase at prices between $20 and $38.60. There was a ~38% reduction over the last two quarters at prices between ~$25 and ~$41.50. The stock currently trades at $35.54 and the stake is at 4.20%. They are harvesting gains.Macy’s Inc. (M): M is a 1.57% of the portfolio stake established in Q2 2019 at prices between $20 and $26 and more than doubled next quarter at prices between $14.30 and $23.25. Q1 2020 saw another ~85% stake increase at prices between $4.50 and $18.10. There was a ~25% selling in Q2 2020 at prices between $4.45 and $9.55. Last quarter saw another similar reduction at prices between $5.75 and $12. The position was further reduced by roughly two-thirds this quarter at prices between $11 and $21. The stock currently trades at $17.41.First Hawaiian (FHB), GrafTech Intl (EAF), Micron Technology (MU), and Ralph Lauren (RL): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Note: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.90%), US Bancorp (2.74%), and Wells Fargo (1.88%). Q4 2018 also saw a 3.12% stake build-up in State Street (STT).The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q1 2021:Regulatory filings thru 2/5/2021: 13G/A – 12/9 – Macys – M – 27.6M shares – 8.9% of business." |
"Tracking Yacktman Asset Management Portfolio – Q4 2020 Update" | "Yacktman's 13F equity portfolio value increased from $6.74B to $8.08B this quarter.Yacktman Asset Management added Tyson Foods and increased Ingredion and Charles Schwab during the quarter.Their largest five stakes are at ~27% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 02/01/2021. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q3 2020.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased ~20% from $6.74B to $8.09B. The number of holdings increased from 60 to 61. The largest holding is PepsiCo at ~6% of the 13F portfolio. Largest five individual stock positions are PepsiCo Inc., Sysco Corp, Procter & Gamble, Walt Disney, and Microsoft and together they account for ~27% of the 13F portfolio. The firm currently holds around ~14% cash. The portfolio is concentrated with recent 13F reports showing around 60 individual positions. 39 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: The top three holdings in their flagship fund YACKX are not in the 13F report as they are not US listed 13F securities – Samsung Electronics (SSNLF) Preferred, Bollore SA (BOIVF), and Brenntag AG (BNTGY). The fund has generated alpha since their 1992 inception (10.54% annualized compared to 10.16% for the S&P 500 index) but they are lagging in the most recent 10-year period (11.12% annualized vs 13.50%).New Stakes:Tyson Foods (TSN): TSN is a ~2% of the portfolio stake established this quarter at prices between $56.50 and $70 and the stock currently trades at $66.18.Stake Increases:Ingredion Inc. (INGR) and FirstCash Inc. (FCFS): These two positions were established last quarter. The 2.33% INGR stake was purchased at prices between $75 and $90 and increased by ~170% this quarter at prices between $69 and $82. The stock currently trades at $83.41. The very small 0.48% FCFS position was established at prices between $65 and $78 and it is now below that range at $60.89. This quarter saw a marginal increase.Charles Schwab (SCHW): Most of the 2.27% of the portfolio stake in SCHW was purchased this quarter at prices between $37 and $53. The stock is now above that range at $55.74.Colgate-Palmolive (CL), ConocoPhillips (COP), Comcast Corporation (CMCSA), Exxon Mobil (XOM), Goldman Sachs (GS), and Micron Technology (MU): These small (less than ~1.5% of the portfolio each) stakes saw minor increases this quarter.Stake Decreases:PepsiCo Inc. (PEP): PEP is currently the top stake at 5.95% of the portfolio. It was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters of 2019 had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction in Q1 2020 at prices between $104 and $147. The stock currently trades at ~$141. Yacktman is harvesting gains. Last three quarters have seen only minor adjustments.Sysco Corporation (SYY): SYY is a 5.44% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. Q1 2020 saw a ~60% stake increase at prices between $31 and $85. The stock currently trades at ~$77. Last three quarters have seen only minor adjustments.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The stake was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The six quarters thru Q1 2020 had seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$130 and the stake is now at 5.41% of the portfolio. Last three quarters have seen only minor adjustments.Walt Disney (DIS): The position came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last three quarters of 2019 had seen a combined ~17% selling at prices between $112 and $152. There was another ~20% selling in Q2 2020 at prices between $94 and $127. This quarter saw another similar reduction at prices between ~$118 and ~$181. The stock currently trades at ~$181 and it is a large stake at 5.28%. Yacktman is harvesting gains.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. The six years thru 2019 saw the position reduced by ~95% at prices between $36 and $190. Q2 2020 also saw a ~17% selling at prices between $152 and $204. The stock currently trades at ~$242. Yacktman is harvesting long-term gains from this position. Last two quarters have also seen minor trimming.Alphabet Inc. (GOOG): The ~5% stake in GOOG was established in Q1 2019 at prices between $1015 and $1230 and it now goes for ~$2098. Q1 2020 saw a roughly one-third stake increase at prices between ~$1055 and ~$1530. Last three quarters have seen only minor adjustments.Fox Corp (FOX) (FOXA): The FOX stake came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last three quarters of 2019 had seen a ~42% stake increase at prices between $30 and $39. Q1 2020 saw another ~55% stake increase at prices between $20 and $38.60. There was a ~25% reduction this quarter at prices between ~$25 and ~$31. The stock currently trades at $31.42 and the stake is at ~5%.News Corp (NWSA): The 4.89% portfolio position was built in 2019 at prices between $12.50 and $14.60. Q1 2020 also saw a ~30% stake increase at prices between $8.20 and $15. The stock currently trades at $21.22. Last three quarters have seen only minor adjustments.Booking Holdings (BKNG): BKNG is a 4.51% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. Q2 2020 saw a ~20% reduction at prices between $1231 and $1841. The stock currently trades at ~$2096. Last two quarters saw minor trimming.Cognizant Technology (CTSH): The 4.42% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase in Q1 2020 at prices between $42 and $71.50. The stock currently trades at $74.50. Last three quarters have seen only minor adjustments.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The six quarters thru Q3 2016 saw a ~57% reduction at prices between $38 and $47. The three quarters thru Q1 2020 saw another ~50% selling at prices between $37.50 and $60. Last three quarters have seen only minor adjustments. The stock currently trades at $49.65 and the position is at 4.34% of the portfolio.Johnson & Johnson (JNJ): JNJ is a 4.23% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$164. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. The three quarters thru Q2 2020 had seen another ~50% selling at prices between $111 and $156. Last two quarters have seen only minor adjustments.Macy’s Inc. (M): M is a 3.50% of the portfolio stake established in Q2 2019 at prices between $20 and $26 and more than doubled next quarter at prices between $14.30 and $23.25. Q1 2020 saw another ~85% stake increase at prices between $4.50 and $18.10. There was a ~25% selling in Q2 2020 at prices between $4.45 and $9.55. This quarter saw another similar reduction at prices between $5.75 and $12. The stock currently trades at $15.07.Note: Yacktman still controls ~8% the business.State Street Corporation (STT): The 3.16% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. There was a ~20% selling over the three quarters thru Q2 2020. The stock currently trades at $74.77. Last two quarters have seen only minor adjustments.US Bancorp (USB): The 2.69% USB position has been in the portfolio for over 15 years. Majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $46.35. 2015 saw a ~50% reduction in the low-40s price range. Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then the activity has been minor.Huntsman Corp (HUN),: The ~2% of the portfolio position in Huntsman Corp was purchased in Q1 2020 at prices between ~$12.50 and ~$23.50 and the stock currently trades at $28.36. This quarter saw marginal trimming.AMERCO (UHAL), Anthem Inc. (ANTM), Berkshire Hathaway (BRK.A) (BRK.B), Cisco Systems (CSCO), Corning Inc. (GLW), First Hawaiian (FHB), GrafTech Intl (EAF), MSC Industrial Direct (MSM), Oracle Corporation (ORCL), Ralph Lauren (RL), The Bank of New York Mellon (BK), and Wells Fargo (WFC): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Note 1: Very small (less than 0.5% of the portfolio each) positions account for ~2.5% of the overall portfolio. They are Ambev (ABEV), Infosys (INFY), Spark Networks (LOV), Unilever NV (UN), Altria Group (MO), ARCOSA Inc. (ACA), Clorox Company (CLX), Evolution Petroleum (EPM), Hershey Co. (HSY), Legacy Housing Corp (LEGH), MasterCard (MA), Otelco Inc. (OTEL), Philip Morris Intl. (PM), Reading International (RDI), SPDR S&P 500 ETF (SPY), Stryker Corp (SYK), Tilly’s Inc. (TLYS), Trecora Resources (TREC), Valmont Industries (VMI), and Waddell & Reed Financial (WDR).Note 2: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (~2%), US Bancorp (2.69%), and Wells Fargo (1.70%). Q4 2018 also saw a 3.16% stake build-up in State Street (STT).The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q4 2020:" |
"Tracking Yacktman Asset Management Portfolio – Q3 2020 Update" | "Yacktman's 13F equity portfolio value increased from $6.27B to $6.74B this quarter.Yacktman Asset Management increased AMERCO, Berkshire Hathaway, and Micron Technology while dropping Qurate Retail.Their largest five stakes are at roughly one-third of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 10/30/2020. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q2 2020.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased ~8% from $6.27B to $6.74B. The number of holdings remained steady at 60. The largest holding is Fox Corp at ~7.5% of the 13F portfolio. Largest five individual stock positions are Fox Corp, PepsiCo Inc., Procter & Gamble, Microsoft, & Walt Disney and together they account for around one-third of the 13F portfolio. The firm currently holds around ~18% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 55 individual positions. 36 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: The top three holdings in their flagship fund YACKX are not in the 13F report as they are not US listed 13F securities – Samsung Electronics (SSNLF) Preferred, Bollore SA (BOIVF), and Brenntag AG (BNTGY). The fund has generated alpha since their 1992 inception (9.98% annualized compared to 9.88% for the S&P 500 index) but they are lagging in the most recent 10-year period (10.07% annualized vs 13.74%).New Stakes:None.Stake Disposals:Qurate Retail (QRTEA): The very small 0.51% QRTEA stake was established in Q1 2020 at prices between $4.25 and $9.82. Last quarter saw a ~42% selling at prices between $5.45 and $9.65. The remainder was sold this quarter at prices between $6.15 and $11.55. The stock currently trades at $6.77.Stake Increases:Fox Corp (FOX) (FOXA): The 7.55% position is currently Yacktman’s largest 13F position. It came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last three quarters of last year had seen a ~42% stake increase at prices between $30 and $39. Q1 2020 saw another ~55% stake increase at prices between $20 and $38.60. There was a ~10% trimming last quarter while this quarter there was a ~4% stake increase. The stock currently trades at $26.14.PepsiCo Inc. (PEP): The top three 6.79% PEP stake was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters of last year had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction in Q1 2020 at prices between $104 and $147. The stock currently trades at ~$133. Yacktman is harvesting gains. There was a minor ~3% trimming last quarter while this quarter there was a marginal increase.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. Last six quarters thru Q1 2020 had seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$137 and the stake is now at 6.74% of the portfolio. There was marginal trimming last quarter while this quarter saw a minor increase.Note: Their Q3 2019 commentary indicated that the reductions in Consumer Staples stocks (PepsiCo, Coca-Cola, and Procter & Gamble) were due to their high valuations.Alphabet Inc. (GOOG): The 5.11% stake in GOOG was established in Q1 2019 at prices between $1015 and $1230 and it now goes for ~$1621. Q1 2020 saw a roughly one-third stake increase at prices between ~$1055 and ~$1530.Last quarter there was marginal trimming while this quarter there was a similar increase.Walt Disney (DIS): The position came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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 stock currently trades at ~$121 and it is a large stake at 5.19%. Last three quarters of last year had seen a combined ~17% selling at prices between $112 and $152. There was another ~20% selling last quarter at prices between $94 and $127. This quarter saw a ~5% stake increase.Sysco Corporation (SYY): SYY is a 5.55% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. Q1 2020 saw a ~60% stake increase at prices between $31 and $85. The stock currently trades at $55.31. Last two quarters have seen only minor adjustments.Johnson & Johnson (JNJ): JNJ is a 4.87% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$137. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. Last three quarters had seen another ~50% selling at prices between $111 and $156. This quarter saw a marginal increase.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at ~$48 and the position is at 4.38% of the portfolio. The six quarters thru Q3 2016 saw a ~57% reduction at prices between $38 and $47. The three quarters thru Q1 2020 saw another ~50% selling at prices between $37.50 and $60. Last two quarters have seen only minor adjustments.News Corp (NWSA): The 4.65% portfolio position was built last year at prices between $12.50 and $14.60. Q1 2020 also saw a ~30% stake increase at prices between $8.20 and $15. The stock currently trades at $13.13. Last two quarters have seen only minor adjustments.Cognizant Technology (CTSH): The 4.53% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase in Q1 2020 at prices between $42 and $71.50. The stock currently trades at $71.42. Last two quarters have seen only minor adjustments.Macy’s Inc. (M): M is a ~3% of the portfolio stake established in Q2 2019 at prices between $20 and $26 and more than doubled next quarter at prices between $14.30 and $23.25. Q1 2020 saw another ~85% stake increase at prices between $4.50 and $18.10. There was a ~25% selling last quarter at prices between $4.45 and $9.55. The stock currently trades at $6.21. This quarter saw a minor increase.Note: Yacktman controls ~6% of the business.State Street Corporation (STT): The 3.12% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. The stock currently trades at $58.90. There was a ~20% selling over the last three quarters while this quarter saw a ~4% stake increase.US Bancorp (USB): The 2.49% USB position has been in the portfolio for over 15 years. Majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $38.95. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then the activity has been minor.The Bank of New York Mellon (BK): The 1.94% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $34.36. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. Since then, the activity has been minor.Wells Fargo (WFC): WFC is a 1.80% of the 13F portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. Q1 2020 saw a ~120% stake increase at prices between $25.25 and $54. The stock currently trades at $21.45. For investors attempting to follow, WFC is a good option to consider for further research. Last two quarters have seen only minor adjustments.Huntsman Corp (HUN), Ralph Lauren (RL), and First Hawaiian (FHB): These three positions were established in Q1 2020. The 2.25% of the portfolio position in Huntsman Corp was purchased at prices between ~$12.50 and ~$23.50 and the stock currently trades at $24.29. RL is a small 0.81% of the portfolio stake established at prices between $65.50 and $124 and it is now at $66.85. The 0.64% First Hawaiian position was purchased at prices between $15 and $31 and it now goes for $17.26. All three positions saw minor increases this quarter.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.59% of the 13F portfolio position purchased in 2012 at prices between $55 and $74. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. Q4 2017 also saw a ~18% selling at prices between $184 and $235. The stock currently trades at ~$273. Q1 2020 saw a ~40% reduction at prices between $175 and $305. Last two quarters have seen only minor adjustments.MSC Industrial Direct (MSM): The 1.23% MSM stake was built in Q1 2020 at prices between $46.70 and $79.30 and the stock currently trades at ~$70. There was a ~20% selling last quarter at prices between $54 and $75.Ingredion Inc. (INGR) and First Cash Inc. (FCFS): These two positions were established last quarter. The ~1% INGR stake was purchased at prices between $75 and $90 and the stock currently trades at ~$71. The very small 0.47% FCFS position was established at prices between $65 and $78 and it is now at ~$52. Both positions saw minor increases this quarter.AMERCO (UHAL), Berkshire Hathaway (BRK.A) (BRK.B), Colgate-Palmolive (CL), ConocoPhillips (COP), Comcast Corporation (CMCSA), Exxon Mobil (XOM), Goldman Sachs (GS), and GrafTech Intl (EAF): These very small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. Last six years saw the position reduced by ~95% at prices between $36 and $190. Last quarter also saw a ~17% selling at prices between $152 and $204. The stock currently trades at ~$203. Yacktman is harvesting long-term gains from this position. This quarter saw minor trimming.Booking Holdings (BKNG): BKNG is a large 4.20% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. Last quarter saw a ~20% reduction at prices between $1231 and $1841. The stock currently trades at ~$1623. This quarter saw minor trimming.Oracle Corporation (ORCL): The 1.73% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The two years thru Q3 2018 had also seen another one-third selling at prices between $38 and $53. That was followed with yet another one-third reduction in Q1 2019 at prices between $45 and $55. Last four quarters had also seen a ~42% selling at prices between $40 and $60. That was followed with a ~60% reduction last quarter at prices between $48.50 and $55. The stock currently trades at ~$56. Yacktman is harvesting gains. This quarter also saw a ~11% trimming.Cisco Systems (CSCO): CSCO is a 1.68% of the 13F portfolio position first purchased in 2010. The bulk of the original position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has since been sold down. 2015-2016 timeframe saw a two-thirds reduction at prices between $25.52 and $32. There was a further ~90% selling since at prices between $30 and $58. The stock currently trades at $35.90. Yacktman is continuing to harvest gains from this position.Corning Inc. (GLW): The very small 0.57% GLW stake saw a marginal reduction this quarter.Note 1: Very small (less than 0.5% of the portfolio each) positions account for ~2.5% of the overall portfolio. They are Ambev (ABEV), Infosys (INFY), Spark Networks (LOV), Unilever NV (UN), Altria Group (MO), ARCOSA Inc. (ACA), Charles Schwab (SCHW), Clorox Company (CLX), Hershey Co. (HSY), Legacy Housing Corp (LEGH), MasterCard (MA), Otelco Inc. (OTEL), Philip Morris Intl. (PM), Reading International (RDI), SPDR S&P 500 ETF (SPY), Stryker Corp (SYK), TD Ameritrade, Tilly’s Inc. (TLYS), Trecora Resources (TREC), Valmont Industries (VMI), and Waddell & Reed Financial (WDR).Note 2: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.94%), US Bancorp (2.49%), and Wells Fargo (1.59%). Q4 2018 also saw a 3.12% stake build-up in State Street (STT).The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q3 2020:" |
"Tracking Yacktman Asset Management Portfolio – Q2 2020 Update" | "Yacktman's 13F equity portfolio value increased from $6.03B to $6.27B this quarter.Yacktman Asset Management added Ingredion and First Cash while reducing Oracle Corporation, Cisco Systems, Qurate Retail, Johnson & Johnson, Macys, and Booking Holdings.Their largest five stakes are at roughly one-third of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 08/06/2020. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q1 2020.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased ~4% from $6.03B to $6.27B. The number of holdings increased from 57 to 60. The largest holding is Fox Corp at ~7.5% of the 13F portfolio. Largest five individual stock positions are Fox Corp, PepsiCo Inc., Microsoft, Procter & Gamble, & Alphabet and together they account for around one-third of the 13F portfolio. The firm currently holds around ~19% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 55 individual positions. 35 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: The top two holdings in their flagship fund YACKX are not in the 13F report as they are not US listed 13F securities – Samsung Electronics (SSNLF) Preferred and Bollore SA (BOIVF). The fund has generated alpha since their 1992 inception (9.94% annualized compared to 9.82% for the S&P 500 index) but they are lagging in the most recent 10-year period (10.16% annualized vs 13.84%).New Stakes:Ingredion Inc. (INGR) and First Cash Inc. (FCFS): These are the two new positions this quarter. The ~1% INGR stake was purchased at prices between $75 and $90 and the stock currently trades at $82.50. The very small 0.54% FCFS position was established at prices between $65 and $78 and it is now at ~$60.Stake Disposals:None.Stake Increases:Wells Fargo (WFC): WFC is a 1.80% of the 13F portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. Last quarter saw a ~120% stake increase at prices between $25.25 and $54. There was a marginal increase this quarter.The stock currently trades at $25.32. For investors attempting to follow, WFC is a good option to consider for further research.Stake Decreases:Fox Corp (FOX) (FOXA): The 7.47% position is currently Yacktman’s largest 13F position. It came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last three quarters of last year had seen a ~42% stake increase at prices between $30 and $39. Last quarter saw another ~55% stake increase at prices between $20 and $38.60. There was a ~10% trimming this quarter. The stock currently trades near the low end of those ranges at $24.94. For investors attempting to follow, Fox is a good option to consider for further research.PepsiCo Inc. (PEP): The top three 6.89% PEP stake was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters of last year had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction last quarter at prices between $104 and $147. The stock currently trades at ~$135. Yacktman is harvesting gains. There was a minor ~3% trimming this quarter.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. Last six years saw the position reduced by ~95% at prices between $36 and $190. This quarter also saw a ~17% selling at prices between $152 and $204. The stock currently trades at ~$203. Yacktman is harvesting long-term gains from this position.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. Last six quarters had seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$133 and the stake is now at ~6% of the portfolio. There was marginal trimming this quarter.Note: Their Q3 2019 commentary indicated that the reductions in Consumer Staples stocks (PepsiCo, Coca-Cola, and Procter & Gamble) were due to their high valuations. The selling has continued since.Alphabet Inc. (GOOG): The 5.27% stake in GOOG was established in Q1 2019 at prices between $1015 and $1230 and it now goes for ~$1480. Last quarter saw a roughly one-third stake increase at prices between ~$1055 and ~$1530 while this quarter there was marginal trimming.Walt Disney (DIS): The position came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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 stock currently trades at ~$131 and it is a large stake at 5.19%. Last three quarters of last year had seen a combined ~17% selling at prices between $112 and $152. There was another ~20% selling this quarter at prices between $94 and $127.Sysco Corporation (SYY): SYY is a ~5% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. Last quarter saw a ~60% stake increase at prices between $31 and $85 while this quarter there was a ~7% trimming. The stock currently trades at ~$61.Johnson & Johnson (JNJ): JNJ is a 4.85% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the original position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$147. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. Last three quarters have seen another ~50% selling at prices between $111 and $156. They are continuing to harvest gains.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at ~$48 and the position is at 4.38% of the portfolio. The six quarters thru Q3 2016 saw a ~57% reduction at prices between $38 and $47. Last three quarters saw another ~50% selling at prices between $37.50 and $60. There was marginal trimming this quarter.Booking Holdings (BKNG): BKNG is a large 4.32% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. This quarter saw a ~20% reduction at prices between $1231 and $1841. The stock currently trades at $1805.News Corp (NWSA): The ~4% portfolio position was built last year at prices between $12.50 and $14.60. Last quarter also saw a ~30% stake increase at prices between $8.20 and $15. There was a minor ~3% selling this quarter. The stock currently trades at $14.89.Cognizant Technology (CTSH): The 3.84% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. There was a ~60% stake increase last quarter at prices between $42 and $71.50. The stock currently trades at $66.53. This quarter saw marginal trimming.Macy’s Inc. (M): M is a 3.72% of the portfolio stake established in Q2 2019 at prices between $20 and $26 and more than doubled next quarter at prices between $14.30 and $23.25. Last quarter saw another ~85% stake increase at prices between $4.50 and $18.10. There was a ~25% selling this quarter at prices between $4.45 and $9.55. The stock currently trades at ~$7.Note: Yacktman controls ~6% of the business.State Street Corporation (STT): The 3.45% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. The stock currently trades at $70.35. There was a ~20% selling over the last three quarters.US Bancorp (USB): The 2.62% USB position has been in the portfolio for over 15 years. Majority of the original stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $38.27. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then the activity has been minor.Cisco Systems (CSCO): CSCO is a 2.28% of the 13F portfolio position first purchased in 2010. The bulk of the original position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has since been sold down. 2015-2016 timeframe saw a two-thirds reduction at prices between $25.52 and $32. There was a further ~88% selling since at prices between $30 and $58. The stock currently trades at $47.19. Yacktman is continuing to harvest gains from this position.The Bank of New York Mellon (BK): The ~2.20% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $38.14. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. Since then, the activity has been minor.Oracle Corporation (ORCL): The 1.95% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The two years thru Q3 2018 had also seen another one-third selling at prices between $38 and $53. That was followed with yet another one-third reduction in Q1 2019 at prices between $45 and $55. Last four quarters had also seen a ~42% selling at prices between $40 and $60. That was followed with a ~60% reduction this quarter at prices between $48.50 and $55. The stock currently trades at $54.27. Yacktman is harvesting gains.Huntsman Corp (HUN), Ralph Lauren (RL), First Hawaiian (FHB), and Qurate Retail (QRTEA): These were the new positions last quarter. The 1.91% of the portfolio position in Huntsman Corp was purchased at prices between ~$12.50 and ~$23.50 and the stock currently trades at $20.70. RL is a small 0.86% of the portfolio stake established at prices between $65.50 and $124 and it is now at $70.21. The 0.78% First Hawaiian position was purchased at prices between $15 and $31 and it now goes for $18.48. HUN, RL, and FHB stakes saw minor reductions this quarter. The very small 0.51% QRTEA stake was established at prices between $4.25 and $9.82. This quarter saw a ~42% selling at prices between $5.45 and $9.65. The stock currently trades at $10.68.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.61% of the 13F portfolio position purchased in 2012 at prices between $55 and $74. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. Q4 2017 also saw a ~18% selling at prices between $184 and $235. The stock currently trades at ~$280. Last quarter saw a ~40% reduction at prices between $175 and $305. That was followed with a ~6% trimming this quarter.MSC Industrial Direct (MSM): The 1.44% MSM stake was built last quarter at prices between $46.70 and $79.30 and the stock currently trades at ~$70. There was a ~20% selling this quarter at prices between $54 and $75.AMERCO (UHAL), Berkshire Hathaway (BRK.A) (BRK.B), Colgate-Palmolive (CL), ConocoPhillips (COP), Comcast Corporation (CMCSA), Exxon Mobil (XOM), Goldman Sachs (GS), and GrafTech Intl (EAF): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Note 1: Very small (less than 0.5% of the portfolio each) positions account for ~2.5% of the overall portfolio. They are Ambev (ABEV), Infosys (INFY), Spark Networks (LOV), Unilever NV (UN), Altria Group (MO), ARCOSA Inc. (ACA), Charles Schwab (SCHW), Clorox Company (CLX), Corning (GLW), Hershey Co. (HSY), Legacy Housing Corp (LEGH), MasterCard (MA), Micron Technology (MU), Otelco Inc. (OTEL), Philip Morris Intl. (PM), Reading International (RDI), SPDR S&P 500 ETF (SPY), Stryker Corp (SYK), Tilly’s Inc. (TLYS), Trecora Resources (TREC), Valmont Industries (VMI), and Waddell & Reed Financial (WDR).Note 2: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (2.01%), US Bancorp (2.58%), and Wells Fargo (2.10%). Q4 2018 also saw a 3.45% stake build-up in State Street (STT).The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q2 2020:Regulatory filings thru 5/11/2020: 13G – 4/6 – M – 24.45M shares – 7.91% of business, 13G/A – 4/8 – 45.45M shares – 14.67% of business, 13G – 4/8 – WFTLF – Weatherford Intl. – 8.21M shares – 11.72% of business." |
"Tracking Yacktman Asset Management Portfolio – Q1 2020 Update" | "Yacktman's 13F equity portfolio value decreased from $7.91B to $6.03B this quarter.Yacktman Asset Management increased Fox Corp, Sysco, Macys, and Cognizant while reducing PepsciCo, Johnson & Johnson, Microsoft, Procter & Gamble, and Coca-Cola.Their largest five stakes are at one-third of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 05/04/2020. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q4 2019.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value decreased ~24% from $7.91B to $6.03B. The number of holdings increased from 50 to 57. The largest holding is Fox Corp at ~8% of the 13F portfolio. Largest five individual stock positions are Fox Corp, PepsiCo Inc., Johnson & Johnson, Microsoft, and Procter & Gamble, and together they account for one-third of the 13F portfolio. The firm currently holds around 18% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 55 individual positions. 33 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: The top two holdings in their flagship fund YACKX are not in the 13F report as they are not US listed 13F securities – Samsung Electronics (SSNLF) Preferred and Bollore SA (BOIVF). They believe Bollore SA is especially undervalued and have been adding to their position this year. The fund has generated alpha since their 1992 inception (9.70% annualized compared to 9.44% for the S&P 500 index) but they are lagging in the most recent 10-year period (8.62% annualized vs 11.69%).New Stakes:Huntsman Corp (HUN), Ralph Lauren (RL), First Hawaiian (FHB), and Qurate Retail (QRTEA): These are the new positions this quarter. The 1.60% of the portfolio position in Huntsman Corp was purchased at prices between ~$12.50 and ~$23.50 and the stock currently trades at $15.82. RL is a small 0.83% of the portfolio stake established at prices between $65.50 and $124 and it is now at $69.41. The 0.78% First Hawaiian position was purchased at prices between $15 and $31 and it now goes for $15.92. The very small 0.59% QRTEA stake was established at prices between $4.25 and $9.82 it currently trades at $7.70.Stake Disposals:None.Stake Increases:Fox Corp (FOX) (FOXA): The 7.54% position came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last three quarters had seen a ~42% stake increase at prices between $30 and $39. The stock currently trades at $25.45. This quarter saw another ~55% stake increase at prices between $20 and $38.60.Booking Holdings (BKNG): BKNG is a large 4.75% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. The stock currently trades below that range at $1411. This quarter saw a marginal increase.Sysco Corporation (SYY): SYY is a 4.66% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. The stock currently trades at $51.70. This quarter saw a ~60% stake increase at prices between $31 and $85.Alphabet Inc. (GOOG): The 4.58% stake in GOOG was established in Q1 2019 at prices between $1015 and $1230 and it now goes for $1403. Last few quarters had seen only minor activity while this quarter saw a roughly one-third stake increase at prices between ~$1055 and ~$1530.Macy’s Inc. (M): M is a 3.70% of the portfolio stake established in Q2 2019 at prices between $20 and $26 and more than doubled next quarter at prices between $14.30 and $23.25. This quarter saw another ~85% stake increase at prices between $4.50 and $18.10. The stock currently trades at $5.27. For investors attempting to follow Macy’s is a good option to consider for further research. The buy-thesis is based on the fact that they possess an extremely valuable portfolio of real-estate.Note: Yacktman controls ~8% of the business.News Corp (NWSA): The minutely small NWSA stake as of Q2 2019 was built up to a ~3% portfolio position since at prices between $12.50 and $14.60. The stock currently trades below that range at $10.70. This quarter saw another ~30% stake increase at prices between $8.20 and $15.Cognizant Technology (CTSH): The ~3% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. The stock currently trades at $55.55. There was a ~60% stake increase this quarter at prices between $42 and $71.50.US Bancorp (USB): The 3.38% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $33.35. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then the activity has been minor.Wells Fargo (WFC): WFC is a 1.37% of the 13F portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. This quarter saw a ~120% stake increase at prices between $25.25 and $54. The stock currently trades at $24.78. For investors attempting to follow, WFC is a good option to consider for further research.MSC Industrial Direct (MSM): The 1.40% MSM stake was built this quarter at prices between $46.70 and $79.30 and the stock currently trades at $61.82.AMERCO (UHAL), Goldman Sachs (GS), and GrafTech Intl (EAF): These very small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:PepsiCo Inc. (PEP): The 6.73% PEP stake was built over multiple years with the bulk established in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters had also seen another ~40% selling at prices between $121 and $140. That was followed with a ~25% reduction this quarter at prices between $104 and $147. The stock currently trades at ~$134. Yacktman is harvesting gains.Johnson & Johnson (JNJ): JNJ is a large (top three) 6.35% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$149. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. Last two quarters have seen another ~37% selling at prices between $111 and $154.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. ~20M shares were added in 2011 at prices between $24 and $28.50. Last six years saw the position reduced by ~95% at prices between $36 and $190. The stock currently trades at ~$187. Yacktman is harvesting long-term gains from this position.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. Last six quarters have seen another ~80% selling at prices between $80 and $128. The stock currently trades at ~$115 and the stake is now at 5.82% of the portfolio.Note: Their Q3 2019 commentary indicated that the reductions in Consumer Staples stocks (PepsiCo, Coca-Cola, and Procter & Gamble) were due to their high valuations. The selling has continued since.Walt Disney (DIS): The position came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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 stock currently trades at ~$108 and it is a large stake at 5.80%. Last three quarters had seen a combined ~17% selling at prices between $112 and $152. This quarter also saw minor selling.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $45.54 and the position is at 6.59% of the portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. Last three quarters saw another ~50% selling at prices between $37.50 and $60.Oracle Corporation (ORCL): The 4.37% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The two years thru Q3 2018 had also seen another one-third selling at prices between $38 and $53. That was followed with yet another one-third reduction in Q1 2019 at prices between $45 and $55. The stock currently trades at $53.53. Last four quarters have also seen a ~42% selling at prices between $40 and $60. Yacktman is harvesting gains.State Street Corporation (STT): The 3.21% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Q3 2019 saw another ~63% stake increase at prices between $49 and $61. The stock currently trades at $58.76. There was a ~15% selling over the last two quarters.Cisco Systems (CSCO): CSCO is a 2.88% of the 13F portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has since been sold down. 2015 saw a ~45% reduction at prices between $25.52 and $29.61 while the following year saw a ~20% reduction at prices between $23 and $32. There was a further ~82% selling over the last three years at prices between $30 and $58. The stock currently trades at $43.32. Yacktman is harvesting gains from this position. This quarter saw marginal trimming.The Bank of New York Mellon (BK): The ~2% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $34.45. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. Since then, the activity has been minor.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.49% of the 13F portfolio position purchased in 2012 at prices between $55 and $74. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. Q4 2017 also saw a ~18% selling at prices between $184 and $235. The stock currently trades at ~$272. Last few quarters had seen minor trimming while this quarter there was a ~40% reduction at prices between $175 and $305.Berkshire Hathaway (BRK.A) (BRK.B), Colgate-Palmolive (CL), ConocoPhillips (COP), Comcast Corporation (CMCSA), and Exxon Mobil (XOM): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Note 1: Regulatory filings since the quarter ended also show them owning 8.21M shares (11.72% of business) of Weatherford International plc (WFTLF).Note 2: Very small (less than 0.5% of the portfolio each) positions account for ~2% of the overall portfolio. They are Infosys (INFY), Spark Networks (LOV), Unilever NV (UN), ARCOSA Inc. (ACA), Altria Group (MO), Charles Schwab (SCHW), Clorox Company (CLX), Corning (GLW), FutureFuel Corp (FF), Hershey Co. (HSY), MasterCard (MA), Micron Technology (MU), Otelco Inc. (OTEL), Philip Morris Intl. (PM), Reading International (RDI), SPDR S&P 500 ETF (SPY), Stryker Corp (SYK), Tilly’s Inc. (TLYS), Trecora Resources (TREC), Valmont Industries (VMI), and Waddell & Reed Financial (WDR).Note 3: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (2.01%), US Bancorp (2.58%), and Wells Fargo (2.10%). Q4 2018 also saw a 3.21% stake build-up in State Street (STT).The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q1 2020:" |
"Tracking Yacktman Asset Management Portfolio – Q4 2019 Update" | "Yacktman's 13F equity portfolio value decreased from $8.14B to $7.91B this quarter.Yacktman Asset Management increased Fox Corp and News Corp while reducing Walt-Disney, ConocoPhillips, Exxon-Mobil and their large allocation to stocks in the Consumer Staples sector.Their largest five stakes are at ~36% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 02/04/2020. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q3 2019.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value decreased ~3% from $8.14B to $7.91B. The number of holdings increased from 49 to 50. The largest holding is Procter & Gamble at ~8% of the 13F portfolio. Largest five individual stock positions are Procter & Gamble, PepsiCo Inc., Walt Disney, Johnson & Johnson, and Coca-Cola Company, and together they account for 35.90% of the 13F portfolio. The firm currently holds around 25% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 50 individual positions. 27 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: The top two holdings in their flagship fund YACKX are not in the 13F report as they are not US listed 13F securities – Samsung Electronics (SSNLF) Preferred and Bollore SA (BOIVF). They believe Bollore SA is especially undervalued and have been adding to their position this year. The fund has generated alpha since their 1992 inception (10.44% annualized compared to 9.94% for the S&P 500 index) but they are lagging in the most recent 10-year period (11.13% annualized vs 13.56%).New Stakes:None.Stake Disposals:None.Stake Increases:Fox Corp (FOX) (FOXA): The 5.79% position came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last three quarters have seen a ~42% stake increase at prices between $30 and $39. The stock currently trades at ~$38.Macy’s Inc. (M): M is a 5.25% of the portfolio stake established in Q2 2019 at prices between $20 and $26 and more than doubled last quarter at prices between $14.30 and $23.25. The stock currently trades at $17.45. For investors attempting to follow Macy’s is a good option to consider for further research. The buy-thesis is based on valuation and the fact that they possess an extremely valuable portfolio of real-estate. This quarter also saw a ~3% stake increase.News Corp (NWSA): The minutely small NWSA stake as of Q2 2019 was built up to a ~3% portfolio position since at prices between $12.50 and $14.60. The stock currently trades at $14.08.Stake Decreases:Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. Last five quarters have seen another ~68% selling at prices between $80 and $125. The stock currently trades at ~$127 and it is their largest position at 7.86% of the portfolio.Note: Their third-quarter commentary indicate that the reductions in Consumer Staples stocks (PepsiCo, Coca-Cola, and Procter & Gamble) were due to the high valuation.PepsiCo Inc. (PEP): The 7.68% PEP stake was built over multiple years with the bulk purchased in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last three quarters have also seen another ~40% selling at prices between $121 and $140. The stock currently trades at ~$144. Yacktman is harvesting gains.Walt Disney (DIS): The position came about because of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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 stock currently trades at ~$141 and it is a large (top five) stake at 6.92%. Last three quarters have seen a combined ~17% selling at prices between $112 and $152.Johnson & Johnson (JNJ): JNJ is a large (top three) 6.86% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$154. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. This quarter saw another ~20% selling at prices between $127 and $146.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $58.85 and the position is at 6.59% of the portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. Last two quarters saw another ~28% selling at prices between $51 and $56.Booking Holdings (BKNG): BKNG is a large 5.51% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. The stock currently trades at $1939. This quarter saw marginal trimming.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.21% of the portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. Last six years saw the position reduced by ~93% at prices between $36 and $160. The stock currently trades at ~$180. Yacktman is harvesting long-term gains from this position.Oracle Corporation (ORCL): The large ~5% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The two years thru Q3 2018 had also seen another one-third selling at prices between $38 and $53. That was followed with yet another one-third reduction in Q1 2019 at prices between $45 and $55. The stock currently trades at $54.74. Last three quarters have also seen a ~20% selling at prices between $50 and $60. Yacktman is harvesting gains.Sysco Corporation (SYY): SYY is a 4.11% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. The stock currently trades at $75.70. Last year saw minor trimming.State Street Corporation (STT): The ~4% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. Last quarter saw another ~63% stake increase at prices between $49 and $61. The stock currently trades at ~$80. There was a ~8% trimming this quarter.US Bancorp (USB): The 3.38% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $55.20. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then the activity has been minor.Alphabet Inc. (GOOG): The ~3% stake in GOOG was established in Q1 2019 at prices between $1015 and $1230 and it now goes for $1448. Last few quarters have seen only minor activity.Cisco Systems (CSCO): CSCO is a 2.72% of the 13F portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has since been sold down. 2015 saw a ~45% reduction at prices between $25.52 and $29.61 while the following year saw a ~20% reduction at prices between $23 and $32. There was a further ~82% selling over the last three years at prices between $30 and $58. The stock currently trades at $48.45. Yacktman is harvesting gains from this position.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 2.44% of the 13F portfolio position purchased in 2012 at prices between $55 and $74. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. Q4 2017 also saw a ~18% selling at prices between $184 and $235. The stock currently trades at ~$287. Last few quarters have seen minor trimming.The Bank of New York Mellon (BK): The 2.29% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at ~$47. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. Since then, the activity has been minor.Cognizant Technology (CTSH): The ~2% portfolio stake in CTSH saw a stake doubling in Q2 2019 at prices between $56.75 and $74.60. The stock currently trades at ~$65. Last two quarters have seen only minor activity.Note: Small ~1% portfolio stakes in the Indian outsourcers Cognizant and Infosys were established in Q2 2017 and were kept relatively steady since. Q2 2019 saw the CTSH stake doubled and INFY position reduced. The INFY position was eliminated last quarter but a very small position was bought again this quarter. For investors attempting to follow, CTSH is a good option to consider for further research.Wells Fargo (WFC): WFC is a 1.37% of the 13F portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. Since then, the activity has been minor. The stock currently trades at $48.31.Amerco (UHAL), Berkshire Hathaway (BRK.A) (BRK.B), Colgate-Palmolive (CL), ConocoPhillips (COP), Comcast Corporation (CMCSA), Exxon Mobil (XOM), and Goldman Sachs (GS): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (2.29%), US Bancorp (3.38%), and Wells Fargo (1.37%). Q4 2018 also saw a ~4% stake build-up in State Street (STT).Note 2: Very small (less than 0.5% of the portfolio each) positions account for ~3% of the overall portfolio. They are Infosys (INFY), Spark Networks (LOV), Unilever NV (UN), ARCOSA Inc. (ACA), Altria Group (MO), America’s Car-Mart (CRMT), CH Robinson Worldwide (CHRW), Charles Schwab (SCHW), Clorox Company (CLX), Corning (GLW), GrafTech Intl. (EAF), Hershey Co. (HSY), MSC Industrial (MSCI), Micron Technology (MU), Otelco Inc. (OTEL), Philip Morris Intl. (PM), Reading International (RDI), SPDR S&P 500 ETF (SPY), and Stryker Corp (SYK).The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q4 2019:" |
"Tracking Yacktman Asset Management Portfolio – Q3 2019 Update" | "Yacktman's 13F equity portfolio value decreased from $8.33B to $8.14B this quarter.Yacktman Asset Management increased Macy’s and State Street Corp while reducing their large allocation to stocks in the Consumer Staples sector.Their largest five stakes are at ~41% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 11/05/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2019.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value decreased ~2% from $8.33B to $8.14B. The number of holdings increased from 46 to 49. The largest holding is PepsiCo at ~10% of the 13F portfolio. Largest five individual stock positions are PepsiCo Inc., Procter & Gamble, Johnson & Johnson, Walt Disney, and Coca-Cola Company, and together they account for 40.59% of the 13F portfolio. The firm currently holds around 28% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 50 individual positions. 26 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Note: The firm’s AUM is ~$15.2B spread out over the mutual funds along with institutional and privately managed separate accounts. The top two holdings in their flagship fund YACKX are not in the 13F report as they are not US listed 13F securities – Samsung Electronics (SSNLF) Preferred and Bollore SA (BOIVF). They believe Bollore SA is especially undervalued and have been adding to their position this year. The fund has generated alpha since their 1992 inception (10.28% annualized compared to 9.69% for the S&P 500 index) but they are lagging in the most recent 10-year period (11.25% annualized vs 13.24%).New Stakes:None.Stake Disposals:None.Stake Increases:Booking Holdings (BKNG) and: BKNG is a fairly large ~5% of the portfolio position purchased in Q1 2019 at prices between $1650 and $1935. The stock currently trades at $1879. Last two quarters have seen a marginal increase.Macy’s Inc. (M): M is a 4.54% of the portfolio stake established last quarter at prices between $20 and $26 and more than doubled this quarter at prices between $14.30 and $23.25. The stock currently trades at $15.88. For investors attempting to follow Macy’s is a good option to consider for further research. The buy-thesis is based on valuation which they estimate to be 5-6 times this years earnings and the fact that they possess an extremely valuable portfolio of real-estate.Fox Corp (FOX) (FOXA): The ~4% position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Last two quarters have seen a ~16% stake increase at prices between $33.50 and $39. The stock currently trades at $34.43.State Street Corporation (STT): The 3.13% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. This quarter saw another ~63% stake increase at prices between $49 and $61. The stock currently trades at $73.10.Cognizant Technology (CTSH): The ~2% portfolio stake in CTSH saw a stake doubling last quarter at prices between $56.75 and $74.60. The stock currently trades at $62.86. There was a marginal increase this quarter.Note: Similarly sized ~1% portfolio stakes in the Indian outsourcers Cognizant and Infosys were established in Q2 2017 and were kept relatively steady since. Last quarter saw the CTSH stake doubled and INFY position reduced. The INFY position was eliminated this quarter. For investors attempting to follow, CTSH is a good option to consider for further research.The Bank of New York Mellon (BK): The ~2% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $49.20. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. Since then, the activity has been minor.News Corp (NWSA): The minutely small NWSA stake as of last quarter was built up to a ~2% portfolio position this quarter at prices between $12.75 and $14.55. The stock currently trades near the low end of that range at $12.90. For investors attempting to follow, NWSA is a good option to consider for further research.Wells Fargo (WFC): WFC is a 1.25% of the 13F portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. Since then, the activity has been minor. The stock currently trades at $54.10.Amerco (UHAL): The small ~0.85% UHAL position saw a ~25% increase in Q4 2018 at prices between $319 and $355. That was followed with a ~8% stake increase in Q1 2019. The stock is now at $387. Last two quarters have seen only minor adjustments.Stake Decreases:PepsiCo Inc. (PEP): The ~10% PEP stake was built over multiple years with the bulk purchased in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Last two quarters have also seen another ~23% selling at prices between $120 and $140. The stock currently trades at ~$133. Yacktman is harvesting gains.Note: Their third-quarter commentary indicate that the reductions in Consumer Staples stocks (PepsiCo, Coca-Cola, and Procter & Gamble) were due to the high valuation.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. Last four quarters have seen another ~60% selling at prices between $80 and $125. The stock currently trades at ~$120 and it is their second-largest position at 9.74% of the portfolio.Note: The two-thirds reduction over the last year was prompted by the large shift in valuation. From early May last year, P&G appreciated ~75% compared to ~10% for the S&P 500 index – such variance in a stable large-cap stock is unusual.Johnson & Johnson (JNJ): JNJ is a large (top three) 7.34% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$133. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. There was a marginal trimming over the last two quarters.Walt Disney (DIS): The position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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 stock currently trades at ~$138 and it is a large (top five) stake at 6.90%. There was minor trimming over the last two quarters.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $52.21 and the position is at 6.75% of the portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. This quarter saw another ~23% selling at prices between $51 and $56.Oracle Corporation (ORCL): The large 5.43% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The two years thru Q3 2018 had also seen another one-third selling at prices between $38 and $53. That was followed with yet another one-third reduction in Q1 2019 at prices between $45 and $55. The stock currently trades at $56.49. Last two quarters have also seen a ~15% selling at prices between $50 and $60. Yacktman is harvesting gains.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.23% of the portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. Last five years saw the position reduced by ~88% at prices between $36 and $115. The stock currently trades at ~$146. YTD has seen another ~20% selling at prices between $97 and $141. Yacktman is harvesting long-term gains from this position.Sysco Corporation (SYY): SYY is a 3.94% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. The stock currently trades at $80.40. There was marginal trimming in the last three quarters.US Bancorp (USB): The 3.22% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $58.90. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then the activity has been minor.Cisco Systems (CSCO): CSCO is a 2.73% of the 13F portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has since been sold down. 2015 saw a ~45% reduction at prices between $25.52 and $29.61 while the following year saw a ~20% reduction at prices between $23 and $32. There was a further ~82% selling over the last eleven quarters at prices between $30 and $58. The stock currently trades at $48.83. Yacktman is harvesting gains from this position.Alphabet Inc. (GOOG): The 2.72% stake in GOOG was established in Q1 2019 at prices between $1015 and $1230 and it now goes for $1311. Last quarter saw a minor increase while this quarter there was a marginal trimming.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 2.18% of the 13F portfolio position purchased in 2012 at prices between $55 and $74. The stake has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. Q4 2017 saw a ~18% selling at prices between $184 and $235. The stock currently trades at ~$282. Last few quarters have seen minor trimming.Exxon Mobil (XOM): XOM is a ~2% of the portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades well below that range at $70.77. Q4 2015 saw a ~30% reduction at prices between $74 and $87 and that was followed with a ~15% reduction in Q2 2016 at prices between $82 and $94. Q4 2016 also saw another ~20% selling at prices between $83 and $88.50. The six quarters thru Q2 2018 had seen a combined ~12% reduction at prices between $72.50 and $91. Since then, the activity has been minor.ConocoPhillips (COP): COP is a long-term 1.56% position first purchased in 2007. It saw marginal trimming over the last two quarters.Comcast Corporation (CMCSA): CMCSA is a ~1% of the 13F portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $7.50. 2014 saw a ~40% reduction at prices between $26.50 and $30.50. Next year saw a further two-thirds reduction at prices between $26.50 and $32. The three quarters thru Q2 2017 also saw a combined ~50% selling at prices between $30 and $42. The stock currently trades at $45.19. Last few quarters have seen only minor activity.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in Q1 2017.Kept Steady:Colgate-Palmolive (CL): The very small 1.14% CL position was kept steady during the quarter.Goldman Sachs (GS): GS is a 0.65% stake that saw a ~150% stake increase in Q4 2018 at prices between $156 and $232. Q1 2019 saw an about-turn: ~30% selling at prices between $167 and $203. The stock is now at ~$223.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (2.01%), US Bancorp (3.22%), and Wells Fargo (1.25%). Q4 2018 also saw a 3.13% stake build-up in State Street (STT).Note 2: Very small (less than 0.5% of the portfolio each) positions account for ~3% of the overall portfolio. They are Spark Networks (LOV), Unilever NV (UN), ARCOSA Inc. (ACA), Altria Group (MO), America’s Car-Mart (CRMT), Berkshire Hathaway (BRK.A)(BRK.B), CH Robinson Worldwide (CHRW), Charles Schwab (SCHW), Clorox Company (CLX), Corning (GLW), GrafTech Intl. (EAF), Hershey Co. (HSY), MSC Industrial (MSCI), Micron Technology (MU), Otelco Inc. (OTEL), Philip Morris Intl. (PM), Reading International (RDI), SPDR S&P 500 ETF (SPY), and Stryker Corp (SYK).The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q3 2019:" |
"Tracking Yacktman Asset Management Portfolio – Q2 2019 Update" | "Yacktman's 13F equity portfolio value increased from $8.09B to $8.33B this quarter.Yacktman Asset Management added Macy’s while reducing Infosys and doubling Cognizant Technology.Their largest five stakes are at ~46% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 08/02/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2019.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased ~3% from $8.09B to $8.33B. The number of holdings increased from 44 to 46. The largest holding is Procter & Gamble at ~13% of the 13F portfolio. Largest five individual stock positions are Procter & Gamble, PepsiCo Inc., Coca-Cola Company, Johnson & Johnson, and Walt Disney and together they account for 46.19% of the 13F portfolio. The firm currently holds around one-third cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 45 individual positions. 27 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.New Stakes:Macy’s Inc. (M): M is a 2.85% of the portfolio stake established this quarter at prices between $20 and $26 and the stock currently trades near the low end of that range at $21.29. For investors attempting to follow Macy’s is a good option to consider for further research.Stake Disposals:Avon Products (AVP): AVP was a small 0.56% of the portfolio position purchased last quarter at prices between $1.60 and $3.20 and disposed this quarter at prices between $2.60 and $4. The stock is now at $4.34.Stake Decreases:Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. Last three quarters have seen another ~40% selling at prices between $79 and $112. The stock currently trades at ~$116 and it is their largest position at ~13% of the portfolio.PepsiCo Inc. (PEP): The ~11% (top three) PEP stake was built over multiple years with the bulk purchased in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at ~$128. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Since then, the activity had been minor. This quarter saw a ~11% trimming.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $52.33 and the position is at ~8% of the portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. Last few quarters have seen only minor activity.Johnson & Johnson (JNJ): JNJ is a large (top five) 7.82% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$131. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. There was a marginal trimming this quarter.Walt Disney (DIS): The position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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 stock currently trades at ~$142 and it is a large (top five) stake at 7.35%. There was minor trimming during the quarter.Oracle Corporation (ORCL): The large 5.79% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The two years thru Q3 2018 had also seen another one-third selling at prices between $38 and $53. That was followed with yet another one-third reduction last quarter at prices between $45 and $55. The stock currently trades at $55.84. This quarter also saw a ~11% trimming.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.16% of the portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. Last five years saw the position reduced by ~88% at prices between $36 and $115. The stock currently trades at ~$137. There was another ~15% trimming last quarter. Yacktman is harvesting long-term gains from this position. This quarter saw minor trimming.Sysco Corporation (SYY): SYY is a 3.48% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. The stock currently trades at $68.90. There was marginal trimming in the last two quarters.Cisco Systems (CSCO): CSCO is a ~3% of the 13F portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has since been sold down. 2015 saw a ~45% reduction at prices between $25.52 and $29.61 while the following year saw a ~20% reduction at prices between $23 and $32. There was a further ~82% selling over the last ten quarters at prices between $30 and $57. The stock currently trades at $53.25. Yacktman is harvesting gains from this position.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 2.51% of the 13F portfolio position purchased in 2012 at prices between $55 and $74. The stake has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. Q4 2017 saw a ~18% selling at prices between $184 and $235. The stock currently trades at ~$291. Last few quarters have seen minor trimming.The Bank of New York Mellon (BK): The 1.92% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $46.03. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. Since then, the activity has been minor.ConocoPhillips (COP): COP is a long-term 1.64% position first purchased in 2007. It saw marginal trimming this quarter.Wells Fargo (WFC): WFC is a 1.15% of the 13F portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. Since then, the activity has been minor. The stock currently trades at $47.44.Comcast Corporation (CMCSA): CMCSA is a 0.94% of the 13F portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $7.50. 2014 saw a ~40% reduction at prices between $26.50 and $30.50. Next year saw a further two-thirds reduction at prices between $26.50 and $32. The three quarters thru Q2 2017 also saw a combined ~50% selling at prices between $30 and $42. The stock currently trades at $42.65. Last few quarters have seen only minor activity.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in Q1 2017.Amerco (UHAL): The small ~0.80% UHAL position saw a ~25% increase in Q4 2018 at prices between $319 and $355. That was followed with a ~8% stake increase last quarter. The stock is now at $367. This quarter saw a ~2% trimming.Infosys Ltd. (INFY): The INFY position was established in Q2 2017 at prices between $7.10 and $7.90 and increased by ~60% the following quarter at prices between $7.10 and $8. The six quarters thru Q1 2019 had seen a combined ~25% selling at prices between $7 and $11. The position was sold down by ~82% to a minutely small 0.21% stake this quarter at prices between $10 and $11.30. The stock is currently at $11.08.Note: Infosys had a 2-for-1 stock-split last September. The prices quoted above are adjusted.Colgate-Palmolive (CL) and Corning Inc. (GLW): These very small (less than ~1% of the portfolio each) stakes saw minor selling this quarter.Stake Increases:Booking Holdings (BKNG) and Alphabet Inc. (GOOG): BKNG is a fairly large 4.79% of the portfolio position purchased last quarter at prices between $1650 and $1935. The stock currently trades at $1846. The 2.36% stake in GOOG was established last quarter at prices between $1015 and $1230 and it now goes for $1194. Both positions saw marginal increases this quarter.Fox Corp (FOX) (FOXA): The ~4% position came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. This quarter saw a ~5% stake increase at prices between $33.50 and $38.75. The stock currently trades at ~$36.50.US Bancorp (USB): The ~3% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $55.43. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then the activity has been minor.Exxon Mobil (XOM): XOM is a 2.11% of the portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades well below that range at $71.75. Q4 2015 saw a ~30% reduction at prices between $74 and $87 and that was followed with a ~15% reduction in Q2 2016 at prices between $82 and $94. Q4 2016 also saw another ~20% selling at prices between $83 and $88.50. The six quarters thru Q2 2018 had seen a combined ~12% reduction at prices between $72.50 and $91. Since then, the activity has been minor.Cognizant Technology (CTSH): The ~2% portfolio stake in CTSH saw a stake doubling this quarter at prices between $56.75 and $74.60. The stock currently trades at $63.49.Note: Similarly sized ~1% portfolio stakes in the Indian outsourcers Cognizant and Infosys were established in Q2 2017 and were kept relatively steady since. This quarter saw the CTSH stake doubled and INFY position reduced. For investors attempting to follow, CTSH is a good option to consider for further research.State Street Corporation (STT): The 1.77% STT stake saw a ~150% increase in Q4 2018 at prices between $60 and $87. The position saw a ~8% stake increase last quarter and marginal increase this quarter. The stock currently trades at $55.66. For investors attempting to follow, STT is a good option to consider for further research.Kept Steady:Goldman Sachs (GS): GS is a 0.63% stake that saw a ~150% stake increase in Q4 2018 at prices between $156 and $232. Last quarter saw an about-turn: ~30% selling at prices between $167 and $203. The stock is now at ~$209.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.92%), US Bancorp (2.99%), and Wells Fargo (1.15%). Q4 2018 also saw a 1.77% stake build-up in State Street (STT).Note 2: Very small (less than 0.5% of the portfolio each) positions account for ~2% of the overall portfolio. They are Unilever NV (UN), ARCOSA Inc. (ACA), Altria Group (MO), America’s Car-Mart (CRMT), Berkshire Hathaway (BRK.A)(BRK.B), CH Robinson Worldwide (CHRW), Charles Schwab (SCHW), Clorox Company (CLX), GrafTech Intl. (EAF), Hershey Co. (HSY), Micron Technology (MU), News Corp (NWSA), Otelco Inc. (OTEL), Philip Morris Intl. (PM), Reading International (RDI), SPDR S&P 500 ETF (SPY), and Stryker Corp (SYK).The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q2 2019:Disney-Fox Merger details: the deal value was ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox per share held. Details andRegulatory Filings thru 5/13/2019: None." |
"Tracking Yacktman Asset Management Portfolio – Q1 2019 Update" | "Yacktman's 13F equity portfolio value increased from $7.84B to $8.09B this quarter.Yacktman Asset Management added Booking Holdings and Alphabet while reducing Oracle and Cisco Systems during the quarter.Their largest five stakes are at ~48% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 05/02/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2018.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased ~3% from $7.84B to $8.09B. The number of holdings increased from 43 to 44. The largest holding is Procter & Gamble at ~14% of the 13F portfolio. Largest five individual stock positions are Procter & Gamble, PepsiCo Inc., Johnson & Johnson, Coca-Cola Company, and Oracle and together they account for 47.55% of the 13F portfolio. The firm currently holds around one-third cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 45 individual positions. 27 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.New Stakes:Booking Holdings (BKNG) and Alphabet Inc. (GOOG): BKNG is a fairly large 4.58% of the portfolio position purchased this quarter at prices between $1650 and $1935. The stock currently trades at $1777. The 2.63% stake in GOOG was established at prices between $1015 and $1230 and it now goes for $1132.Walt Disney (DIS) and Fox Corp (FOX) (FOXA): These two positions came about as a result of the merger transaction between Walt Disney and Twenty First Century Fox. Yacktman had a huge position in Twenty First Century Fox. The deal closed in March and the terms 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. Yacktman’s stakes in Walt Disney and Fox Corp are at 6.26% and 3.91% of the portfolio respectively.Stake Disposals:Twenty First Century Fox: This was Yacktman’s largest 13F position at ~17% of the portfolio as of last quarter. 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. Yacktman’s Twenty First Century Fox stake goes back to 2008 when they had a very small position in News Corporation. The 2009 to 2012 timeframe saw a huge stake built up as their share count increased 32-times (2.5M shares to over 80M shares). After the Twenty First Century Fox spinoff and renaming, the News Corp stake was eliminated in Q4 2013. Yacktman’s cost-basis on Twenty-First Century Fox was very low.Stake Decreases:Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. Last two quarters have seen another ~30% selling at prices between $79 and $104. The stock currently trades at ~$106 and it is their largest position at ~14% of the portfolio.PepsiCo Inc. (PEP): The ~11% (top three) PEP stake was built over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at ~$127. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Since then, the activity has been minor.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over twenty years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $48.05 and the position stands at 7.62% of the portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. Last four quarters have seen only minor activity.Oracle Corporation (ORCL): The large (top five) 6.28% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The two years thru Q3 2018 had also seen another one-third selling at prices between $38 and $53. That was followed with yet another one-third reduction this quarter at prices between $45 and $55. The stock currently trades at $53.43.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 4.79% of the portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. Last five years saw the position reduced by ~88% at prices between $36 and $115. The stock currently trades at ~$123. There was another ~15% trimming this quarter. Yacktman is harvesting long-term gains from this position.Sysco Corporation (SYY): SYY is a 3.43% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. H2 2015 saw a ~40% reduction at prices between $36 and $42. The three years thru Q4 2018 had seen another ~80% selling at prices between $40 and $68. The stock currently trades at $73.37. There was a marginal trimming this quarter.Cisco Systems (CSCO): CSCO is a 3.11% of the 13F portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has been sold down since. 2015 saw a ~45% reduction at prices between $25.52 and $29.61 while the following year saw a ~20% reduction at prices between $23 and $32. There was a further ~80% selling over the last six quarters at prices between $33.50 and $54. The stock currently trades at $51.30. Yacktman is harvesting gains from this position.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 2.65% of the 13F portfolio position purchased in 2012 at prices between $55 and $74. The stake has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. Q4 2017 saw a ~18% selling at prices between $184 and $235. The stock currently trades at ~$261. Last three quarters have seen minor trimming.ConocoPhillips (COP): COP is a long-term 1.85% position first purchased in 2007. It saw ~3% stake increase this quarter.Infosys Ltd. (INFY): The 1.22% INFY position was established in Q2 2017 at prices between $7.10 and $7.90 and increased by ~60% the following quarter at prices between $7.10 and $8. The stock is currently at $10.11. The last six quarters have seen a combined ~25% selling at prices between $7 and $11.Note: Infosys had a 2-for-1 stock-split last September. The prices quoted above are adjusted.Comcast Corporation (CMCSA): CMCSA is a 0.92% of the 13F portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $7.50. 2014 saw a ~40% reduction at prices between $26.50 and $30.50. Next year saw a further two-thirds reduction at prices between $26.50 and $32. The three quarters thru Q2 2017 also saw a combined ~50% selling at prices between $30 and $42. The stock currently trades at $42.28. There was marginal trimming this quarter.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in Q1 2017.Goldman Sachs (GS): GS is a 0.61% stake that saw a ~150% stake increase last quarter at prices between $156 and $232. This quarter saw an about-turn: ~30% selling at prices between $167 and $203. The stock is now at $195.Avon Products (AVP) and Cognizant Technology (CTSH): These two very small (less than ~1% of the portfolio each) stakes saw minor trimming this quarter.Stake Increases:Johnson & Johnson (JNJ): JNJ is a large (top three) 8.15% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$137. 2015-18 had seen a combined ~45% reduction at prices between $91 and $147. There was a marginal stake increase this quarter.US Bancorp (USB): The 2.82% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $50.81. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Since then the activity has been minor.Exxon Mobil (XOM): XOM is a 2.29% of the portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades well below that range at $75.71. Q4 2015 saw a ~30% reduction at prices between $74 and $87 and that was followed with a ~15% reduction in Q2 2016 at prices between $82 and $94. Q4 2016 also saw another ~20% selling at prices between $83 and $88.50. The six quarters thru Q2 2018 had seen a combined ~12% reduction at prices between $72.50 and $91. Since then, the activity has been minor.The Bank of New York Mellon (BK): The 2.26% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $47.15. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. Since then, the activity has been minor.State Street Corporation (STT) and Amerco (UHAL): These two positions saw large increases last quarter. The 2.12% STT stake saw a ~150% increase at prices between $60 and $87 while the small ~0.82% UHAL position saw a ~25% increase at prices between $319 and $355. STT currently trades at $63.18 and UHAL at $388. Both positions saw ~8% stake increases this quarter.Wells Fargo (WFC): WFC is a 1.21% of the 13F portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. Since then, the activity has been minor. The stock currently trades at $46.33.Colgate-Palmolive (CL) and Corning Inc. (GLW): These very small (less than ~1% of the portfolio each) stakes saw minor increases in the last two quarters.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (2.26%), US Bancorp (2.82%), and Wells Fargo (1.21%). All three stakes were increased this quarter. Last quarter also saw a ~2% stake build-up in State Street (STT).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 1.60% of the overall portfolio. They are Unilever NV (UN), ARCOSA Inc. (ACA), Altria Group (MO), America’s Car-Mart (CRMT), Berkshire Hathaway (BRK.A)(BRK.B), CH Robinson Worldwide (CHRW), Clorox Company (CLX), GrafTech Intl. (EAF), Hershey Co. (HSY), Micron Technology (MU), Otelco Inc. (OTEL), Philip Morris Intl. (PM), Reading International (RDI), SPDR S&P 500 ETF (SPY), and Stryker Corp (SYK).The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q1 2019:Regulatory Filings thru 2/5/2019: 13G/A – 1/16 – CRMT – 6000 shares – 0.089% of business." |
"Tracking Yacktman Asset Management Portfolio – Q4 2018 Update" | "Yacktman's 13F equity portfolio value decreased from $8.34B to $7.84B this quarter.Yacktman Asset Management increased State Street Corp, Goldman Sachs, and Amerco while reducing Procter & Gamble and Infosys during the quarter.Their largest five stakes are at ~58% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 02/04/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2018.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value decreased ~6% from $8.34B to $7.84B. The number of holdings remained steady at 43. The largest holding is Twenty First Century Fox at ~17% of the 13F portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Coca-Cola Company, and Oracle and they together account for 58.02% of the 13F portfolio. The firm currently holds around one-third cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 40 individual positions. 23 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Stake Decreases:Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. There was another ~20% selling this quarter at prices between $79 and $97. The stock currently trades at $97.44 and it is their second-largest position at ~14% of the portfolio.Infosys Ltd. (INFY): The 1.24% INFY position was established in Q2 2017 at prices between $7.10 and $7.90 and increased by ~60% the following quarter at prices between $7.10 and $8. The stock is currently at $10.84. The last five quarters have seen a combined ~15% selling at prices between $7 and $10.50.Note: Infosys had a 2-for-1 stock-split last September. The prices quoted above are adjusted.Twenty First Century Fox (FOX) (FOXA): FOXA is Yacktman’s largest 13F position at ~17% of the portfolio. They had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as their share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) saw selling - the News Corp. stake was eliminated in Q4 2013 and the FOXA stake was substantially reduced. Yacktman’s cost-basis on FOXA is very low. There was a 52% reduction in Q2 2018 at prices between $35.50 and $50. Last two quarters have seen only marginal activity.Note: The stock is at $49.28, up ~70% in the last fifteen months. In December 2017, Walt Disney Company (DIS) agreed to acquire film & entertainment assets of Twenty First Century Fox in an all-stock deal (0.2745 shares of Disney for each share). The deal excludes broadcasting networks and stations, news channel, business network, and Sports – FS1 & FS2, Fox Deportes, and Big Ten Network.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over nineteen years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $49.26 and the position stands at ~8% of the portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. There was a ~10% trimming in Q2 2018 at prices between $41.50 and $45. Last two quarters have seen only marginal activity.Johnson & Johnson (JNJ): JNJ is a large 7.75% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$133. The last four years have seen a combined ~45% reduction at prices between $91 and $147.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.10% of the portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. 2014 to 2016 saw an overall stake reduction of ~70% at prices between $36 and $63. The last two years have also seen a ~63% reduction at prices between $63 and $115. The stock currently trades at ~$107. Yacktman is harvesting long-term gains from this position.Cisco Systems (CSCO): CSCO is a 3.41% of the 13F portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has been sold down since. 2015 saw a ~45% reduction at prices between $25.52 and $29.61 while the following year saw a ~20% reduction at prices between $23 and $32. There was a ~72% selling over the last five quarters at prices between $33 and $49. The stock currently trades at $47.26. Yacktman is harvesting gains from this position.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 2.50% of the 13F portfolio position purchased in 2012 at prices between $55 and $74. The stake has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. Q4 2017 saw a ~18% selling at prices between $184 and $235. The stock currently trades at ~$304. Last two quarters have also seen minor trimming.Stake Increases:State Street Corporation (STT), Goldman Sachs (GS), and Amerco (UHAL): These three positions saw large increases this quarter. The ~2% STT stake saw a ~150% increase at prices between $60 and $87. The stock currently trades at $70.91. GS is a ~0.80% stake that saw a similar increase at prices between $156 and $232 and it now goes for $198. The small ~0.70% UHAL position saw a ~25% increase during the quarter. For investors attempting to follow Yacktman, these are good options to consider for further research.PepsiCo Inc. (PEP): The ~11% (top three) PEP stake was built over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at ~$113. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. Since then, the activity has been minor.Oracle Corporation (ORCL): The large (top five) 7.89% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The two years thru Q3 2018 had also seen another one-third selling at prices between $38 and $53. The stock currently trades at $51.24. There was a ~3% stake increase this quarter.Sysco Corporation (SYY): SYY is a 3.34% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Q3 2015 saw a ~24% reduction at prices between $36 and $41 and that was followed with a ~20% reduction the following quarter at prices between $39 and $42. The next nine quarters had seen another ~63% selling at prices between $39.50 and $64. The stock currently trades at $65.35. There was another ~40% reduction in Q2 2018 at prices between $58 and $68. Last quarter saw a ~8% trimming while this quarter there was a ~3% stake increase.US Bancorp (USB): The 2.85% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $51.48. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. The four quarters thru Q3 2018 had seen minor trimming while this quarter saw a ~5% stake increase.Exxon Mobil (XOM): XOM is a ~2% of the portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades well below that range at $75.59. Q4 2015 saw a ~30% reduction at prices between $74 and $87 and that was followed with a ~15% reduction in Q2 2016 at prices between $82 and $94. Q4 2016 also saw another ~20% selling at prices between $83 and $88.50. The six quarters thru Q2 2018 had seen a combined ~12% reduction at prices between $72.50 and $91. Last two quarters have seen only minor activity.The Bank of New York Mellon (BK): The ~2% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $52.62. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. There was minor trimming in the last four quarters while this quarter saw a ~6% stake increase.ConocoPhillips (COP): COP is a long-term ~1.80% position first purchased in 2007. It saw ~3% stake increase this quarter.Wells Fargo (WFC): WFC is a 1.18% of the 13F portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $49.27. There was marginal trimming in the last seven quarters while this quarter saw a ~5% stake increase.Comcast Corporation (CMCSA): CMCSA is a 0.82% of the 13F portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $7.50. 2014 saw a ~40% reduction at prices between $26.50 and $30.50. 2015 saw a further two-thirds reduction at prices between $26.50 and $32. The three quarters thru Q2 2017 saw a combined ~50% selling at prices between $30 and $42. The stock currently trades at $37.15. There was a ~8% stake increase this quarter.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in Q1 2017.Colgate-Palmolive (CL), Cognizant Technology (CTSH) and Corning Inc. (GLW): These very small (less than ~1% of the portfolio each) stakes saw minor increases this quarter.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (2.17%), US Bancorp (2.75%), and Wells Fargo (1.18%). All three stakes were increased this quarter. The quarter also saw a ~2% stake build-up in State Street (STT).Note 2: Very small (less than 0.5% of the portfolio each) positions account for ~2% of the overall portfolio. They are Unilever NV (UN), ARCOSA Inc. (ACA), Abbvie Inc. (ABBV), Abbott Laboratories (ABT), Altria Group (MO), America’s Car-Mart (CRMT), Avon Products (AVP), Berkshire Hathaway (BRK.A)(BRK.B), CH Robinson Worldwide (CHRW), Clorox Company (CLX), GrafTech Intl. (EAF), Hershey Co. (HSY), Micron Technology (MU), Otelco Inc. (OTEL), Philip Morris Intl. (PM), Reading International (RDI), SPDR S&P 500 ETF (SPY), and Stryker Corp (SYK).The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q4 2018:Regulatory Filings thru 11/10/2018: None." |
"Tracking Yacktman Asset Management Portfolio – Q3 2018 Update" | "Yacktman's 13F equity portfolio value increased from $8.05B to $8.34B this quarter.Yacktman Asset Management increased Amerco while reducing Sysco during the quarter.Their largest five stakes are at ~58% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 11/08/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2018.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value increased ~4% from $8.05B to $8.34B. The number of holdings increased from 39 to 43. The largest holding is Twenty First Century Fox at 15.62% of the 13F portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Oracle, and Johnson & Johnson and they together account for 57.50% of the 13F portfolio. The firm currently holds around one-third cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 40 individual positions. 22 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Stake Decreases:Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. Since then the activity has been minor. The stock currently trades at $92.41. PG is Yacktman’s second-largest position at ~15% of the portfolio. There was a marginal trimming this quarter.PepsiCo Inc. (PEP): The ~10% (top three) PEP stake was built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at ~$118. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. There was a ~3% trimming this quarter.Oracle Corporation (ORCL): The large (top five) 8.21% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The last two years have also seen another one-third selling at prices between $38 and $53. The stock currently trades at $50.61.Johnson & Johnson (JNJ): JNJ is a large (top five) ~8% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$145. The last fifteen quarters have seen a combined ~45% reduction at prices between $90 and $148.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.84% of the portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. 2014 to 2016 saw an overall stake reduction of ~70% at prices between $36 and $63. The last seven quarters have also seen a ~60% reduction at prices between $62 and $115. The stock currently trades at ~$110. Yacktman is harvesting huge long-term gains from this position.Cisco Systems (CSCO): CSCO is a 3.82% of the 13F portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has been sold down since. 2015 saw a ~45% reduction at prices between $25.52 and $29.61 while the following year saw a ~20% reduction at prices between $23 and $32. There was a ~70% selling over the last four quarters at prices between $33.50 and $48.50. The stock currently trades at $47.11. Yacktman is harvesting gains from this position.Sysco Corporation (SYY): SYY is a 3.55% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Q3 2015 saw a ~24% reduction at prices between $36 and $41 and that was followed with a ~20% reduction the following quarter at prices between $39 and $42. The next nine quarters had seen another ~63% selling at prices between $39.50 and $64. The stock currently trades at $66.81. There was another ~40% reduction last quarter at prices between $58 and $68. Yacktman is harvesting gains. This quarter saw a ~8% trimming.US Bancorp (USB): The 2.85% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $53.15. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Last four quarters have seen minor trimming.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 2.69% of the 13F portfolio position purchased in 2012 at prices between $55 and $74. The stake has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. Q4 2017 saw a ~18% selling at prices between $184 and $235. The stock currently trades at ~$287. There was marginal trimming in the last three quarters.Exxon Mobil (XOM): XOM is a 2.26% of the portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades below that range at $80.87. Q4 2015 saw a ~30% reduction at prices between $74 and $87 and that was followed with a ~15% reduction in Q2 2016 at prices between $82 and $94. Q4 2016 also saw another ~20% selling at prices between $83 and $88.50. Last six quarters had seen a combined ~12% reduction at prices between $72.50 and $91. There was a marginal trimming this quarter.The Bank of New York Mellon (BK): The ~2% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $48.50. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. There was minor trimming in the last four quarters.ConocoPhillips (COP): COP is a long-term ~2% position first purchased in 2007. It saw marginal trimming this quarter.Infosys Ltd. (INFY): The 1.40% INFY position was established in Q2 2017 at prices between $7.10 and $7.90 and increased by ~60% the following quarter at prices between $7.10 and $8. The stock is currently at $9.49. There was minor selling in the last four quarters.Note: Infosys had a 2-for-1 stock-split in September. The prices quoted above are adjusted.Wells Fargo (WFC): WFC is a small 1.20% of the 13F portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $53.04. There was marginal trimming in the last seven quarters.Corning Inc. (GLW): The very small 0.53% GLW stake saw marginal trimming this quarter.Stake Increases:Twenty First Century Fox (FOX) (FOXA): FOXA is Yacktman’s largest 13F position by far at 15.62% of the portfolio. They had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as their share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) saw selling - the News Corp. stake was eliminated in Q4 2013 and the FOXA stake was substantially reduced. Yacktman’s cost-basis on FOXA is very low. There was a 52% reduction last quarter at prices between $35.50 and $50. This quarter saw a marginal increase.Note: The stock is at $48.16, up ~70% in the last twelve months. Last December, Walt Disney Company (DIS) agreed to acquire film & entertainment assets of Twenty First Century Fox in an all-stock deal (0.2745 shares of Disney for each share). The deal excludes broadcasting networks and stations, news channel, business network, and Sports – FS1 & FS2, Fox Deportes, and Big Ten Network.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over eighteen years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $49.68 and the position stands at ~8% of the portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. There was a ~10% trimming last quarter at prices between $41.50 and $45. This quarter saw a marginal increase.Amerco (UHAL) and Cognizant Technology (CTSH): These very small (less than ~1% of the portfolio each) stakes saw increases this quarter.Kept Steady:Comcast Corporation (CMCSA): CMCSA is a 0.74% of the 13F portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $7.50. 2014 saw a ~40% reduction at prices between $26.50 and $30.50. 2015 saw a further two-thirds reduction at prices between $26.50 and $32. The three quarters thru Q2 2017 saw a combined ~50% selling at prices between $30 and $42. The stock currently trades at $38.34. Last quarter saw a ~10% trimming.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in Q1 2017.Colgate-Palmolive (CL) and State Street Corporation (STT): These very small (less than ~1% of the portfolio each) stakes remained steady this quarter.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (2.09%), US Bancorp (2.85%), and Wells Fargo (1.20%).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 1.91% of the overall portfolio. They are Unilever NV (UN), 3M Company (MMM), Abbvie Inc. (ABBV), Abbott Laboratories (ABT), Altria Group (MO), America’s Car-Mart (CRMT), Avon Products (AVP), Berkshire Hathaway (BRK.A)(BRK.B), CH Robinson Worldwide (CHRW), Clorox Company (CLX), GrafTech Intl. (EAF), Goldman Sachs (GS), Hershey Co. (HSY), Micron Technology (MU), Otelco Inc. (OTEL), Philip Morris Intl. (PM), Reading International (RDI), SPDR S&P 500 ETF (SPY), and Stryker Corp (SYK).The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q3 2018:Regulatory Filings thru 2/3/2018: 13G/A – 2/2/2018 – America’s Car Mart – CRMT – 403.5K shares – 5.6% of business.Latest 13G/13D filings (8/7/2017, 11/5/2017): None.Latest 13G/13D filings (02/2017): 2/1/2017 13G - America’s Car Mart - CRMT - 465K shares - 5.9% of business. 2/1/2017 - 13G/A - AVP - 19.2M shares - 4.4% of business." |
"Tracking Yacktman Asset Management Portfolio – Q2 2018 Update" | "Yacktman's 13F equity portfolio value decreased from $9.72B to $8.05B this quarter.Yacktman Asset Management decreased Twenty First Century Fox, Microsoft, Sysco, and Cisco Systems substantially during the quarter.Their largest five stakes are at ~59% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 08/03/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2018.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value decreased ~17% from $9.72B to $8.05B. The number of holdings decreased from 45 to 39. The largest holding is Twenty First Century Fox at 17.38% of the 13F portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Coca-Cola, and Johnson & Johnson and they together account for 58.50% of the 13F portfolio. The firm currently holds around one-third cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 40 individual positions. 25 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.To know more about Yacktman's bottom-up value investing philosophy, check-out the book "".Stake Decreases:Twenty First Century Fox (FOX) (FOXA): FOXA is Yacktman’s largest 13F position by far at 17.38% of the portfolio. They had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as their share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) saw selling - the News Corp. stake was eliminated in Q4 2013 and the FOXA stake was substantially reduced. Yacktman’s cost-basis on FOXA is very low. There was a 52% reduction this quarter at prices between $35.50 and $50.Note: The stock is at $45.42, up ~75% in the last nine months. In December, Walt Disney Company (DIS) agreed to acquire film & entertainment assets of Twenty First Century Fox in an all-stock deal (0.2745 shares of Disney for each share). The deal excludes broadcasting networks and stations, news channel, business network, and Sports – FS1 & FS2, Fox Deportes, and Big Ten Network.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over eighteen years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $46.62 and the position stands at ~8% of the portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. There was a ~10% trimming this quarter at prices between $41.50 and $45.Johnson & Johnson (JNJ): JNJ is a large (top five) ~8% of the 13F portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$132. The six quarters thru Q3 2016 had seen a combined ~30% reduction at prices between $91 and $125. Last seven quarters have also seen a ~16% combined reduction. Yacktman is harvesting gains.Oracle Corporation (ORCL): The large 7.72% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The next four quarters had also seen a combined 25% selling at prices between $38.50 and $53. The stock currently trades at $48.47. Last three quarters have seen minor trimming.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.24% of the portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. 2014 to 2016 saw an overall stake reduction of ~70% at prices between $36 and $63. The stock currently trades at $108. H1 2017 saw another ~20% selling at prices between $62 and $72.50. There was a ~11% reduction in Q4 2017 at prices between $74 and $87 and that was followed with a similar trimming last quarter at prices between $85 and $97. There was another ~24% selling this quarter at prices between $88.50 and $103. Yacktman is harvesting huge long-term gains from this position.Sysco Corporation (SYY): SYY is a 3.74% of the 13F portfolio position. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Q3 2015 saw a ~24% reduction at prices between $36 and $41 and that was followed with a ~20% reduction the following quarter at prices between $39 and $42. The next nine quarters had seen another ~63% selling at prices between $39.50 and $64. The stock currently trades at $68.57. There was another ~40% reduction this quarter at prices between $58 and $68. Yacktman is harvesting gains.Cisco Systems (CSCO): CSCO is a 3.73% of the 13F portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has been sold down since. 2015 saw a ~45% reduction at prices between $25.52 and $29.61 while the following year saw a ~20% reduction at prices between $23 and $32. There was a ~70% selling over the last three quarters at prices between $34 and $46. The stock currently trades at $42.83. Yacktman is harvesting gains from this position.US Bancorp (USB): The 2.80% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $52.91. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Last three quarters have seen minor trimming.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 2.43% of the 13F portfolio position purchased in 2012 at prices between $55 and $74. The stake has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. Q4 2017 saw a ~18% selling at prices between $184 and $235. The stock currently trades at ~$258. There was marginal trimming in the last two quarters.The Bank of New York Mellon (BK): The 2.29% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $52.77. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. There was minor trimming in the last three quarters.Exxon Mobil (XOM): XOM is a 2.28% of the portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades below that range at ~$80. Q4 2015 saw a ~30% reduction at prices between $74 and $87 and that was followed with a ~15% reduction in Q2 2016 at prices between $82 and $94. Q4 2016 also saw another ~20% selling at prices between $83 and $88.50. Last six quarters have seen a combined ~12% reduction at prices between $72.50 and $91.Infosys Ltd. (INFY): The 1.40% INFY position was established in Q2 2017 at prices between $14.25 and $15.80 and increased by ~60% the following quarter at prices between $14.25 and $16. The stock is currently above those ranges at $20.54. There was marginal selling in the last three quarters.Wells Fargo (WFC): WFC is a small 1.31% of the 13F portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $58.83. There was marginal trimming in the last six quarters.Cognizant Technology (CTSH): CTSH is a small 1.25% position established in Q2 2017 at prices between $57.50 and $68 and the stock is now well above that range at $77.82. Last four quarters saw minor trimming.Comcast Corporation (CMCSA): CMCSA is a 0.71% of the 13F portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $7.50. 2014 saw a ~40% reduction at prices between $26.50 and $30.50. 2015 saw a further two-thirds reduction at prices between $26.50 and $32. The three quarters thru Q2 2017 saw a combined ~50% selling at prices between $30 and $42. The stock currently trades at $35.41. This quarter saw a ~10% trimming.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in Q1 2017.Avon Products (AVP), C.H. Robinson Worldwide Inc. (CHRW), ConocoPhillips (COP), Stryker Corporation (SYK), and Unilever NV (UN): These are very small positions (less than ~2% of the portfolio each) that saw selling this quarter.Stake Increases:Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The stock currently trades at $82.33. PG is Yacktman’s second-largest position at 15% of the portfolio. There was a minor increase over the last two quarters.PepsiCo Inc. (PEP): The ~11% (top three) PEP stake was built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $116. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. There was a marginal stake increase this quarter.Amerco (UHAL) and Colgate-Palmolive (CL): These very small (less than ~1% of the portfolio each) stakes saw increases this quarter.Kept Steady:State Street Corporation (STT): The very small 1.14% STT stake was kept steady this quarter.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (2.29%), US Bancorp (2.80%), and Wells Fargo (1.31%).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 1.38% of the overall portfolio. They are Abbvie Inc. (ABBV), Altria Group (MO), America’s Car-Mart (CRMT), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Clorox Company (CLX), Corning Inc. (GLW), Goldman Sachs (GS), Hershey Co. (HSY), Otelco Inc. (OTEL), Philip Morris Intl. (PM), Reading International (RDI), and SPDR S&P 500 ETF (SPY).The spreadsheet below highlights changes to Yacktman’s 13F stock holdings in Q2 2018:" |
"Tracking Yacktman Asset Management Portfolio – Q1 2018 Update" | "Yacktman's 13F equity portfolio value decreased from $10.38B to $9.72B this quarter.Yacktman Asset Management decreased Cisco Systems, Microsoft, and Stryker positions substantially during the quarter.Their largest five stakes are at ~57% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 05/09/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2017.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) 13F portfolio value decreased ~6% from $10.38B to $9.72B. The number of holdings increased from 44 to 45. The largest holding is Twenty First Century Fox at 22.20% of the 13F portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Coca-Cola, and Johnson & Johnson and they together account for 57.34% of the 13F portfolio. The firm currently holds around 25% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 45 individual positions. 24 of their stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.To know more about Yacktman's bottom-up value investing philosophy, check-out the book "".Stake Decreases:Twenty First Century Fox (FOX) (FOXA): FOXA is Yacktman’s largest 13F position by far at 22.20% of the portfolio. They had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as their share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) saw selling - the News Corp. stake was eliminated in Q4 2013 and the FOXA stake was substantially reduced. Yacktman’s cost-basis on FOXA is very low. Q1 2017 saw a ~11% trimming and since then the activity has been minor.Note: The stock is at $37.70, up ~42% in the last six months. In December, Walt Disney Company (DIS) agreed to acquire film & entertainment assets of Twenty First Century Fox in an all-stock deal (0.2745 shares of Disney for each share). The deal excludes broadcasting networks and stations, news channel, business network, and Sports – FS1 & FS2, Fox Deportes, and Big Ten Network. Meanwhile, Comcast is known to be preparing a competing bid for Fox.PepsiCo Inc. (PEP): The 8.76% (top three) PEP stake was built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $96.16. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. There was minor trimming in the last six quarters.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over seventeen years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $41.78 and the position stands at ~7% of the portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. The last six quarters have also seen a ~7% trimming.Johnson & Johnson (JNJ): JNJ is a large (top five) ~7% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around ~$124. The six quarters thru Q3 2016 had seen a combined ~30% reduction at prices between $91 and $125. Last six quarters have also seen a ~15% combined reduction. Yacktman is harvesting gains.Oracle Corporation (ORCL): The large 6.70% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The next four quarters had also seen a combined 25% selling at prices between $38.50 and $53. The stock currently trades at $46.58. Last two quarters have seen minor trimming.Cisco Systems (CSCO): CSCO is a large 5.78% of the 13F portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has been sold down since. 2015 saw a ~45% reduction at prices between $25.52 and $29.61 while the following year saw a ~20% reduction at prices between $23 and $32. There was a ~50% selling over the last two quarters at prices between $33 and $46. The stock currently trades at $46.04. Yacktman is harvesting gains from this position.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.26% of the portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. 2014 to 2016 saw an overall stake reduction of ~70% at prices between $36 and $63. The stock currently trades at $96.94. H1 2017 saw another ~20% selling at prices between $62 and $72.50. There was a ~11% reduction last quarter at prices between $74 and $87 and that was followed with a similar trimming this quarter at prices between $85 and $97. Yacktman is harvesting huge long-term gains from this position.Sysco Corporation (SYY): SYY is a fairly large position at 4.77% of the 13F portfolio. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Q3 2015 saw a ~24% reduction at prices between $36 and $41 and that was followed with a ~20% reduction the following quarter at prices between $39 and $42. Last year saw another ~55% selling at prices between $39.50 and $56.50. Last quarter also saw a ~25% reduction at prices between $52.50 and $63. The stock currently trades at $63.50. Yacktman is harvesting gains. This quarter also saw minor trimming.US Bancorp (USB): The 2.36% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $50.83. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. Last two quarters have seen minor trimming.The Bank of New York Mellon (BK): The ~2% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $56.86. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. There was marginal trimming in the last two quarters.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.87% of the 13F portfolio position purchased in 2012 at prices between $55 and $74. The position has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. Last quarter saw a ~18% selling at prices between $184 and $235. The stock currently trades at ~$222. There was marginal trimming this quarter.Exxon Mobil (XOM): XOM is a 1.83% of the portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades below that range at $79.93. Q4 2015 saw a ~30% reduction at prices between $74 and $87 and that was followed with a ~15% reduction in Q2 2016 at prices between $82 and $94. Q4 2016 also saw another ~20% selling at prices between $83 and $88.50. Last five quarters have seen a combined ~12% reduction at prices between $72.50 and $90.Infosys Ltd. (INFY): The ~1% INFY position was established in Q2 2017 at prices between $14.25 and $15.80 and increased by ~60% the following quarter at prices between $14.25 and $16. The stock is currently above those ranges at $17.47. There was marginal selling in the last two quarters.Cognizant Technology (CTSH): CTSH is a small ~1% position established in Q2 2017 at prices between $57.50 and $68 and the stock is now well above that range at $75.03. Last three quarters saw very minor trimming.Wells Fargo (WFC): WFC is a small ~1% of the 13F portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $53.76. There was marginal trimming in the last five quarters.Stryker Corporation (SYK): SYK is a 0.63% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. The position was reduced by ~25% in Q4 2014 at prices between $79 and $97. That was followed by a ~70% reduction in 2015 at prices between $90 and $104. 2016 saw another ~50% reduction at prices between $88 and $122 and that was followed with a similar reduction last year at prices between $118 and $160. This quarter saw a ~23% selling at prices between $148 and $169. The stock currently trades at $167. Yacktman is harvesting huge long-term gains from this position.Note: Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson and Anthem Inc.Avon Products (AVP), C.H. Robinson Worldwide Inc. (CHRW), ConocoPhillips (COP), State Street Corporation (STT), and Unilever NV (UN): These are very small positions (less than ~1.5% of the portfolio each) that saw selling this quarter.Stake Increases:Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The stock currently trades at $73.37. PG is Yacktman’s second-largest position at 12.55% of the portfolio. There was a minor increase this quarter.Colgate-Palmolive (CL): The very small ~1% stake in CL saw a marginal increase this quarter.Kept Steady:Comcast Corporation (CMCSA): CMCSA is a 0.75% of the 13F portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $7.50. 2014 saw a ~40% reduction at prices between $26.50 and $30.50. 2015 saw a further two-thirds reduction at prices between $26.50 and $32. The three quarters thru Q2 2017 saw a combined ~50% selling at prices between $30 and $42. The stock currently trades at $30.73.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in Q1 2017.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.93%), US Bancorp (2.36%), and Wells Fargo (1.03%).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 2.41% of the overall portfolio. They are Micro Focus Intl. ADR (MCFUF), 3M Company (MMM), Abbvie Inc. (ABBV), Altria Group (MO), Amerco (UHAL), America’s Car-Mart (CRMT), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Clorox Company (CLX), Corning Inc. (GLW), Express Scripts (ESRX), Goldman Sachs (GS), HP Inc.(HPQ), Hewlett Packard Enterprise (HPE), Otelco Inc. (OTEL), Philip Morris Intl. (PM), Reading International (RDI), SPDR S&P 500 ETF (SPY), and Viacom (VIAB).Note 3: Yacktman controls ~5% of America’s Car-Mart.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q1 2018:" |
"Tracking Yacktman Asset Management Portfolio – Q4 2017 Update" | "Yacktman's US long equity portfolio value increased marginally from $10.35B to $10.38B this quarter.Yacktman Asset Management decreased several positions substantially during the quarter.Their largest five stakes are at ~57% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 02/02/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2017.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) US long portfolio value increased marginally from $10.35B to $10.38B. The number of holdings decreased from 46 to 44. The largest holding is Twenty First Century Fox at 20.26% of the US long portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Cisco Systems, and Johnson & Johnson and they together account for 57.05% of the 13F portfolio. The firm currently holds around 25% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 45 individual positions. 23 of their stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.To know more about Yacktman's bottom-up value investing philosophy, check-out the book "".Stake Disposals:Wal-Mart Stores (WMT): WMT was a very small 0.79% of the portfolio stake as of last quarter. It was disposed this quarter at prices between $96 and $100. The original position was built in the 2009-2011 timeframe in the low-50s price-range. The stock is now at $105.Stake Decreases:Twenty First Century Fox (FOX) (FOXA): FOXA is Yacktman’s largest 13F position by far at 20.26% of the portfolio. They had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as their share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) saw selling - the News Corp. stake was eliminated in Q4 2013 and the FOXA stake was substantially reduced. Yacktman’s cost-basis on FOXA is very low. Q1 2017 saw a ~11% trimming and since then the activity has been marginal.Note: The stock is at $36.72, up ~40% in the last three months. In December, Walt Disney Company (DIS) agreed to acquire film & entertainment assets of Twenty First Century Fox in an all-stock deal (0.2745 shares of Disney for each share). The deal excludes broadcasting networks and stations, news channel, business network, and Sports – FS1 & FS2, Fox Deportes, and Big Ten Network.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The stock currently trades at $84.25. PG is Yacktman’s second-largest position at 13.42% of the portfolio. There was minor trimming over the last five quarters.PepsiCo Inc. (PEP): The 9.11% (top three) PEP stake was built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $119. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. There was minor trimming in the last five quarters.Cisco Systems (CSCO): CSCO is a large (top five) 7.27% of the US long portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has been sold down since. 2015 saw a combined ~45% reduction at prices between $25.52 and $29.61. 2016 also saw a combined ~20% reduction at prices between $23 and $32. The stock currently trades at $40.93. Yacktman is harvesting gains from this position. This quarter saw a ~13% trimming at prices between $33 and $39.Johnson & Johnson (JNJ): JNJ is a large (top five) ~7% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around $138. The six quarters thru Q3 2016 had seen a combined ~30% reduction at prices between $91 and $125. Yacktman is harvesting gains. There was a ~15% reduction over the last five quarters.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over sixteen years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $46.73 and the position stands at ~7% of the US long portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. The last five quarters have seen a ~6% trimming.Oracle Corporation (ORCL): The large 6.64% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. Last three quarters had also seen a combined 25% selling at prices between $38.50 and $53. The stock currently trades at $50.13. There was marginal selling this quarter.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.18% of the US long portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. 2014 to 2016 saw an overall stake reduction of ~70% at prices between $36 and $63. The stock currently trades at $91.78. H1 2017 saw another ~20% selling at prices between $62 and $72.50. Yacktman is harvesting long-term gains from this position. There was a ~11% reduction this quarter at prices between $74 and $87.Sysco Corporation (SYY): SYY is a fairly large position at 4.67% of the US long portfolio. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Q3 2015 saw a ~24% reduction at prices between $36 and $41 and that was followed with a ~20% reduction the following quarter at prices between $39 and $42. Last year saw another ~55% selling at prices between $39.50 and $56.50. This quarter saw a ~25% reduction at prices between $52.50 and $63. The stock currently trades at $61.18. Yacktman is harvesting gains.US Bancorp (USB): The 2.41% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $56.90. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. There was another ~5% trimming this quarter.Exxon Mobil (XOM): XOM is a ~2% of the US long portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades below that range at $84.53. Q4 2015 saw a ~30% reduction at prices between $74 and $87 and that was followed with a ~15% reduction in Q2 2016 at prices between $82 and $94. Q4 2016 also saw another ~20% selling at prices between $83 and $88.50. H1 2017 saw a ~10% selling. Last two quarters saw marginal further trimming.The Bank of New York Mellon (BK): The ~2% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $56.33. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. There was marginal trimming this quarter.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.81% of the US long portfolio position purchased in 2012 at prices between $55 and $74. The position has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. There have only been very minor changes since. The stock currently trades at around $239. This quarter saw a ~18% selling this quarter at prices between $184 and $235.Wells Fargo (WFC): WFC is a small ~1% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $64.07. There was marginal trimming in the last four quarters.Infosys Ltd. (INFY): The 0.93% INFY position was established in Q2 2017 at prices between $14.25 and $15.80 and increased by ~60% last quarter at prices between $14.25 and $16. The stock is currently at $17.75. For investors attempting to follow Yacktman, INFY is a good option to consider for further research. There was marginal selling this quarter.Cognizant Technology (CTSH): CTSH is a small 0.89% position established in Q2 2017 at prices between $57.50 and $68 and the stock is now well above that range at $75.72. Last two quarters saw very minor selling.Comcast Corporation (CMCSA): CMCSA is a 0.75% of the US long portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $7.50. 2014 saw a ~40% reduction at prices between $26.50 and $30.50. 2015 saw a further two-thirds reduction at prices between $26.50 and $32. The three quarters thru Q2 2017 saw a combined ~50% selling at prices between $30 and $42. The stock currently trades at $41.11. Yacktman is harvesting large long-term gains from this position. Last two quarters also saw minor selling.Note: The prices quoted above are adjusted for the 2-for-1 stock-split last February.Stryker Corporation (SYK): SYK is a 0.74% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. The position was reduced by ~25% in Q4 2014 at prices between $79 and $97. That was followed by a ~70% reduction in 2015 at prices between $90 and $104. 2016 saw another ~50% reduction at prices between $88 and $122 and that was followed with a similar reduction last year at prices between $118 and $160. The stock currently trades at $162. Yacktman is harvesting huge long-term gains from this position.Note: Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson and Anthem Inc.C.H. Robinson Worldwide Inc. (CHRW), ConocoPhillips (COP), Colgate-Palmolive (CL), State Street Corporation (STT), and Unilever NV (UN): These are very small positions (less than ~1.5% of the portfolio each) that saw selling this quarter.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.93%), US Bancorp (2.41%), and Wells Fargo (1.13%).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 2.62% of the overall portfolio. They are Micro Focus Intl. ADR (MCFUF), 3M Company (MMM), Abbvie Inc. (ABBV), Altria Group (MO), America’s Car-Mart (CRMT), Avon Products (AVP), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Clorox Company (CLX), Corning Inc. (GLW), Express Scripts (ESRX), Goldman Sachs (GS), HP Inc.(HPQ), Hewlett Packard Enterprise (HPE), Otelco Inc. (OTT), Philip Morris Intl. (PM), Reading International (RDI), SPDR S&P 500 ETF (SPY), and Viacom (VIAB).Note 3: Yacktman controls 5.6% of America’s Car-Mart.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q4 2017:" |
"Tracking Yacktman Asset Management Portfolio – Q3 2017 Update" | "Yacktman's US long equity portfolio value increased marginally from $10.28B to $10.35B this quarter.Yacktman Asset Management increased Infosys and added Unilever during the quarter.Their largest five stakes are at ~53% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 11/03/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2017.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) US long portfolio increased marginally from $10.28B to $10.35B. The number of holdings increased from 44 to 46. The largest holding is Twenty First Century Fox at 15.90% of the US long portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Cisco Systems, and Johnson & Johnson and they together account for 52.49% of the 13F portfolio. The firm currently holds around 25% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 45 individual positions. 25 of their stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.To know more about Yacktman's bottom-up value investing philosophy, check-out the book "".New Stakes:Unilever NV (UN): UN is a very small 0.63% of the portfolio stake established this quarter at prices between $54.50 and $61 and the stock is now at $57.27.Stake Decreases:Twenty First Century Fox (FOX) (FOXA): FOXA is Yacktman’s largest 13F position by far at 15.90% of the portfolio. They had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as their share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) saw selling - the News Corp. stake was eliminated in Q4 2013 and the FOXA stake was substantially reduced. Yacktman’s cost-basis on FOXA is very low. Q1 2017 saw a ~11% trimming and since then the activity has been marginal.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The stock currently trades at $86.58. PG is Yacktman’s second-largest position at 13.54% of the portfolio. There was marginal trimming in the last four quarters.PepsiCo Inc. (PEP): The 8.63% (top three) PEP stake was built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $110. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. There was minor trimming in the last four quarters.Cisco Systems (CSCO): CSCO is a large (top five) 7.32% of the US long portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has been sold down since. 2015 saw a combined ~45% reduction at prices between $25.52 and $29.61. 2016 also saw a combined ~20% reduction at prices between $23 and $32. The stock currently trades at $34.47. Yacktman is harvesting gains from this position. There was a ~7% trimming in Q1 2017 and since then the activity has been very minor.Johnson & Johnson (JNJ): JNJ is a large (top five) 7.10% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low 60s price-range. The stock has doubled and currently trades at around $140. The six quarters thru Q3 2016 had seen a combined ~30% reduction at prices between $91 and $125. Yacktman is harvesting gains. There was minor trimming in the last four quarters.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over sixteen years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $45.97 and the position stands at 7.06% of the US long portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. The last four quarters have seen a marginal further reduction.Oracle Corporation (ORCL): The large ~7% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. Last three quarters have also seen a combined 25% selling at prices between $38.50 and $53. The stock currently trades at $50.18.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 6.27% of the US long portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. 2014 to 2016 saw an overall stake reduction of ~70% at prices between $36 and $63. The stock currently trades at $84.14. H1 2017 saw another ~20% selling at prices between $62 and $72.50. Yacktman is harvesting long-term gains from this position. There was marginal trimming this quarter.Sysco Corporation (SYY): SYY is a fairly large position at 5.70% of the US long portfolio. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Q3 2015 saw a ~24% reduction at prices between $36 and $41 and that was followed with a ~20% reduction the following quarter at prices between $39 and $42. Last year saw another ~55% selling at prices between $39.50 and $56.50. The stock currently trades at $56.66. Yacktman is harvesting gains. There was marginal trimming in the last three quarters.US Bancorp (USB): The 2.55% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $54.65. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. There was a ~5% further trimming in Q1 2017 and that was followed with marginal selling in the last two quarters.The Bank of New York Mellon (BK): The 1.89% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $51.33. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. Q1 2017 also saw another ~7% trimming and that was followed with a marginal reduction in the last two quarters.Exxon Mobil (XOM): XOM is a ~2% of the US long portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades below that range at $83.18. Q4 2015 saw a ~28% reduction at prices between $74 and $87 and that was followed with a ~16% reduction in Q2 2016 at prices between $82 and $94. Q4 2016 also saw another ~20% selling at prices between $83 and $88.50. H1 2017 saw a ~10% selling. There was marginal trimming this quarter.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.88% of the US long portfolio position purchased in 2012 at prices between $55 and $74. The position has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. There have only been very minor changes since. The stock currently trades at around $212.Wells Fargo (WFC): WFC is a small ~1% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $56.35. There was marginal trimming in the last three quarters.Stryker Corporation (SYK): SYK is a ~1% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. The position was reduced by ~25% in Q4 2014 at prices between $79 and $97. That was followed by a ~70% reduction in 2015 at prices between $90 and $104. Last year saw another ~50% reduction at prices between $88 and $122. H1 2017 also saw a one-third selling at prices between $118 and $145. The stock currently trades at $156. Yacktman is harvesting huge long-term gains from this position. This quarter saw marginal trimming.Note: Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson and Anthem Inc.Cognizant Technology (CTSH): CTSH is a small ~1% position established last quarter at prices between $57.50 and $68 and the stock is now well above that range at $74.27. This quarter saw a very minor reduction.ConocoPhillips (COP), Colgate-Palmolive (CL), State Street Corporation (STT), Wal-Mart Stores (WMT), and C.H. Robinson Worldwide Inc. (CHRW): These are very small positions (less than ~1.5% of the portfolio each) that saw minor selling this quarter.Stake Increases:Infosys Ltd. (INFY): The 0.85% INFY position was established last quarter at prices between $14.25 and $15.80 and increased by ~60% this quarter at prices between $14.25 and $16. The stock is currently at $14.63. For investors attempting to follow Yacktman, INFY is a good option to consider for further research.Avon Products (AVP): The minutely small 0.43% AVP stake saw a marginal increase this quarter. Yacktman owns ~4% of Avon Products.Kept Steady:Comcast Corporation (CMCSA): CMCSA is a 0.74% of the US long portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $7.50. 2014 saw a ~40% reduction at prices between $26.50 and $30.50. 2015 saw a further two-thirds reduction at prices between $26.50 and $32. The three quarters thru Q2 2017 saw a combined ~50% selling at prices between $30 and $42. The stock currently trades at $35.68. Yacktman is harvesting large long-term gains from this position.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.94%), US Bancorp (2.55%), and Wells Fargo (1.05%).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 2.63% of the overall portfolio. They are 3M Company (MMM), Abbvie Inc. (ABBV), Altria Group (MO), America’s Car-Mart (CRMT), The Bancorp Inc. (TBBK), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Clorox Company (CLX), Corning Inc. (GLW), Dollar General (DG), Express Scripts (ESRX), Goldman Sachs (GS), HP Inc.(HPQ), Hewlett Packard Enterprise (HPE), Intel Corporation (INTC), Philip Morris Intl. (PM), Reading International (RDI), and Viacom (VIAB).Note 3: Yacktman controls ~6% of America’s Car-Mart.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q3 2017:" |
"Tracking Yacktman Asset Management Portfolio – Q2 2017 Update" | "Yacktman's US long equity portfolio value decreased ~4% from $10.71B to $10.28B this quarter.Yacktman Asset Management added Cognizant and Infosys during the quarter.Their largest five stakes are at ~54% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 08/03/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2017.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) US long portfolio decreased 4.06% from $10.71B to $10.28B. The number of holdings increased from 42 to 44. The largest holding is Twenty First Century Fox at 17.25% of the US long portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Oracle Corporation, and Johnson & Johnson and they together account for 54.23% of the 13F portfolio. The firm currently holds around 25% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 45 individual positions. 25 of their stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.To know more about Yacktman's bottom-up value investing philosophy, check-out the book "".New Stakes:Cognizant Technology (CTSH) and Infosys Ltd. (INFY): These are the two new positions established this quarter. CTSH is a 0.87% of the portfolio stake purchased at prices between $57.50 and $68 and the stock is now at $71.18. The 0.56% INFY position was established at prices between $14.25 and $15.80 and the stock is currently at $15.67.Stake Disposals:C.R. Bard Inc. (BCR): BCR was a 1.15% of the US long portfolio stake disposed of this quarter at prices between $248 and $316. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then was reduced. 2014 had seen a ~40% reduction at prices between $129 and $172. The selling accelerated in 2015: ~70% reduction at prices between $165 and $200. Q2 2016 saw another ~37% reduction at prices between $203 and $235. Last quarter also saw a roughly one-third further reduction at prices between $225 and $251. The stock currently trades at $319. Yacktman harvested huge long-term gains.Note: In April, Becton Dickinson (BDX) agreed to buy C.R. Bard in a cash-and-stock deal valued at $317 per share ($222.93 cash and 0.5077 shares of Becton Dickinson).Stake Decreases:Comcast Corporation (CMCSA): CMCSA is a ~1% of the US long portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $7.50. 2014 saw a ~40% reduction at prices between $26.50 and $30.50. 2015 saw a further two-thirds reduction at prices between $26.50 and $32. Last three quarters saw a combined ~50% selling at prices between $30 and $42. The stock currently trades at $39.60. Yacktman is harvesting large long-term gains from this position.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February.Stryker Corporation (SYK): SYK is a ~1% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. The position was reduced by ~25% in Q4 2014 at prices between $79 and $97. That was followed by a ~70% reduction in 2015 at prices between $90 and $104. Last year saw another ~50% reduction at prices between $88 and $122. H1 2017 has seen a one-third selling at prices between $118 and $145. The stock currently trades at $147. Yacktman is harvesting huge long-term gains from this position.Note: Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson and Anthem Inc.Oracle Corporation (ORCL): The large (top-five) ~7.5% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. H1 2015 saw a ~23% reduction at prices between $40 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. Last two quarters have seen a 20% selling at prices between $38.50 and $51. The stock currently trades at $49.96.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. The four quarters thru Q3 2016 saw a 50% reduction at prices between $72 and $90. The stock currently trades at $90.67. PG is Yacktman’s second-largest position at 13.15 % of the portfolio. There was marginal trimming in the last three quarters.PepsiCo Inc. (PEP): The ~9% (top three) PEP stake was built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $116. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. There was minor trimming in the last three quarters.Johnson & Johnson (JNJ): JNJ is a large 7.31% (top five) of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low $60s price-range. The stock has doubled and currently trades at around $133. The six quarters thru Q3 2016 had seen a combined ~30% reduction at prices between $91 and $125. Yacktman is harvesting gains. There was minor trimming in the last three quarters.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over sixteen years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $45.50 and the position stands at 7.13% of the US long portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. The last three quarters have seen very minor selling.Cisco Systems (CSCO): CSCO is a large 6.89% of the US long portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has been sold down since. 2015 saw a combined ~45% reduction at prices between $25.52 and $29.61. 2016 also saw a combined ~20% reduction at prices between $23 and $32. The stock currently trades at $31.80. Yacktman is harvesting gains from this position. There was a ~7% trimming last quarter and that was followed with marginal selling this quarter.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.88% of the US long portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. Last three years saw an overall stake reduction of ~70% at prices between $36 and $63. The stock currently trades at $72.68. There was another ~8% trimming last quarter and that was followed with a ~9% selling this quarter. Yacktman is harvesting long-term gains from this position.Sysco Corporation (SYY): SYY is a fairly large position at 5.37% of the US long portfolio. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Q3 2015 saw a ~24% reduction at prices between $36 and $41 and that was followed with a ~20% reduction the following quarter at prices between $39 and $42. Last year saw another ~55% selling at prices between $39.50 and $56.50. The stock currently trades at $52.33. Yacktman is harvesting gains. There was marginal trimming in the last two quarters.US Bancorp (USB): The 2.50% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $53.12. 2015 saw a ~50% reduction in the low-40s price range while Q4 2016 saw another ~25% selling at prices between $42.50 and $52.50. There was a ~5% further trimming last quarter and that was followed with marginal selling this quarter.Exxon Mobil (XOM): XOM is a ~2% of the US long portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades below that range at $80.21. Q4 2015 saw a ~28% reduction at prices between $74 and $87 and that was followed with a ~16% reduction in Q2 2016 at prices between $82 and $94. Q4 2016 also saw another ~20% selling at prices between $83 and $88.50. There was a minor ~4% selling last quarter and that was followed with another ~5% reduction this quarter.The Bank of New York Mellon (BK): The 1.89% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $54.02. The position was reduced by ~30% in Q4 2016 at prices between $39 and $49. Last quarter also saw another ~7% trimming and that was followed with a marginal reduction this quarter.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.88% of the US long portfolio position purchased in 2012 at prices between $55 and $74. The position has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. There have only been very minor changes since. The stock currently trades at around $191.Wells Fargo (WFC): WFC is a small ~1% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $52.84. There was marginal trimming in the last two quarters.ConocoPhillips (COP), Colgate-Palmolive (CL), State Street Corporation (STT), Wal-Mart Stores (WMT), Avon Products (AVP), and C.H. Robinson Worldwide Inc. (CHRW): These are very small positions (less than ~1.5% of the portfolio each) that saw selling this quarter.Note: Yacktman owns ~4% of Avon Products.Stake Increases:Twenty First Century Fox (FOX) (FOXA): FOXA is Yacktman’s largest 13F position by far at 17.25% of the portfolio. They had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as their share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) saw selling - the News Corp. stake was eliminated in Q4 2013 and the FOXA stake was substantially reduced. Yacktman’s cost-basis on FOXA is very low. Last quarter saw a ~11% trimming while there was a marginal increase this quarter.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.89%), US Bancorp (2.50%), and Wells Fargo (1.06%).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 2.69% of the overall portfolio. They are 3M Company (MMM), Abbvie Inc. (ABBV), Altria Group (MO), America’s Car-Mart (CRMT), The Bancorp Inc. (TBBK), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Clorox Company (CLX), Corning Inc. (GLW), Express Scripts (ESRX), Goldman Sachs (GS), HP Inc.(HPQ), Hewlett Packard Enterprise (HPE), Intel Corporation (INTC), Philip Morris Intl. (PM), Reading International (RDI), Staples Inc. (SPLS), and Viacom (VIAB).Note 3: Yacktman controls ~6% of America’s Car-Mart.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q2 2017:" |
"Tracking Yacktman Asset Management Portfolio – Q1 2017 Update" | "Yacktman's US long equity portfolio decreased ~3% from $11.02B to $10.71B this quarter.Yacktman Asset Management reduced Viacom and dropped Unilever during the quarter.Their largest five stakes are at ~55% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 05/03/2017. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2016.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) US long portfolio decreased 2.82% from $11.02B to $10.71B. The number of holdings decreased from 44 to 42. The largest holding is Twenty First Century Fox at 18.77% of the US long portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Cisco Systems, and Oracle Corporation and they together account for 55.19% of the 13F portfolio. The firm currently holds around 23% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 45 individual positions. 25 of their stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.To know more about Yacktman's bottom-up value investing philosophy, check-out the book "".Stake Disposals:Unilever N V (UN): UN was a 1.29% of the portfolio stake that saw a ~50% increase last quarter at prices between $38.50 and $46.50. The original position was from Q4 2014 when it was purchased at prices between $37 and $41. The disposal this quarter happened at prices between $40 and $51. The stock is now at $52.40.Note: Unilever stock price spiked ~20% in February following an acquisition offer from Kraft-Heinz (HNZ). It was withdrawn soon after but the stock price has levitated since.Stake Decreases:Twenty First Century Fox (FOX) (FOXA): FOXA is Yacktman’s largest 13F position by far at 18.77% of the portfolio. They had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as their share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) saw selling - the News Corp. stake was eliminated in Q4 2013 and the FOXA stake was substantially reduced. Yacktman’s cost-basis on FOXA is very low. This quarter saw a ~11% trimming.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. Q4 2015 saw a ~22% reduction at prices between $72 and $81 and that was followed with a ~11% further reduction the following quarter at prices between $75 and $84. There was another ~15% selling in Q3 2016 at prices between $84 and $90. The stock currently trades at $86.43. PG is Yacktman’s second-largest position at 13.05 % of the portfolio. There was marginal trimming in the last two quarters.PepsiCo Inc. (PEP): The 8.85% (top three) PEP stake was built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $112. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. There was very minor trimming in the last two quarters.Cisco Systems (CSCO): CSCO is a large (top five) 7.29% of the US long portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has been sold down since. 2015 saw a combined ~45% reduction at prices between $25.52 and $29.61. 2016 also saw a combined ~20% reduction at prices between $23 and $32. The stock currently trades at $34.25. Yacktman is harvesting gains from this position. There was a ~7% further trimming this quarter.Oracle Corporation (ORCL): The large (top-five) 7.24% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. Q1 2015 saw a ~8% reduction at prices between $41.50 and $45 and that was followed with a ~14% reduction in the following quarter at prices between $40.25 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The stock currently trades at $44.89. This quarter saw another ~11% selling at prices between $38.50 and $46.Johnson & Johnson (JNJ): JNJ is a large 6.88% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low $60s price-range. The stock has almost doubled and currently trades at around $123. Q2 2015 saw a ~12% reduction at prices between $97 and $104. The following five quarters had also seen a combined ~18% reduction at prices between $91 and $125. Yacktman is harvesting gains. There was minor trimming in the last two quarters.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over sixteen years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $43.32 and the position stands at 6.54% of the US long portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. The last two quarters have also seen very minor selling.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.88% of the US long portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. Last three years saw an overall stake reduction of ~70% at prices between $36 and $63. The stock currently trades at $69.08. There was another ~8% trimming this quarter. Yacktman is harvesting long-term gains from this position.Sysco Corporation (SYY): SYY is a fairly large position at 5.36% of the US long portfolio. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Q3 2015 saw a ~24% reduction at prices between $36 and $41 and that was followed with a ~20% reduction the following quarter at prices between $39 and $42. Last year saw another ~55% selling at prices between $39.50 and $56.50. The stock currently trades at $52.91. Yacktman is harvesting gains. There was a very minor ~2% trimming this quarter.US Bancorp (USB): The 2.40% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $52.21. 2015 saw a ~50% reduction in the low-40s price range while last quarter saw another ~25% selling at prices between $42.50 and $52.50. There was a ~5% further trimming this quarter.Exxon Mobil (XOM): XOM is a ~2% of the US long portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades below that range at $82.70. Q4 2015 saw a ~28% reduction at prices between $74 and $87 and that was followed with a ~16% reduction in Q2 2016 at prices between $82 and $94. Last quarter also saw another ~20% selling at prices between $83 and $88.50. There was a minor ~4% selling this quarter.The Bank of New York Mellon (BK): The 1.69% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $47.40. The position was reduced by ~30% last quarter at prices between $39 and $49. This quarter also saw another ~7% trimming.C.R. Bard Inc. (BCR): BCR is a 1.15% of the US long portfolio stake. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then was reduced. 2014 had seen a ~42% reduction at prices between $129 and $172. The selling accelerated in 2015: ~71% reduction at prices between $165 and $200. Q2 2016 saw another ~37% reduction at prices between $203 and $235. This quarter also saw a roughly one-third further reduction at prices between $225 and $251. The stock currently trades at $307. Yacktman is harvesting huge gains.Note 1: Last month, Becton Dickinson (BDX) agreed to buy C.R. Bard in a cash-and-stock deal valued at $317 per share ($222.93 cash and 0.5077 shares of Becton Dickinson).Note 2: Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, Anthem Inc., and Stryker Corporation.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.60% of the US long portfolio position purchased in 2012 at prices between $55 and $74. The position has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~60% reduction in the following quarter at prices between $151 and $171. There have only been very minor changes since. The stock currently trades at around $180.Stryker Corporation (SYK): SYK is a ~1% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. That position was reduced by ~25% in Q4 2014 at prices between $79 and $97. That was followed by a ~70% reduction in 2015 at prices between $90 and $104. 2016 saw another ~50% reduction at prices between $88 and $122. This quarter saw a further ~30% reduction at prices between $118 and $133. The stock currently trades at $136. Yacktman is harvesting huge long-term gains from this position.Wells Fargo (WFC): WFC is a small ~1% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $54.85. There was marginal trimming this quarter. .Comcast Corporation (CMCSA): CMCSA is a ~1% of the US long portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $7.50. 2014 saw a ~40% reduction at prices between $26.50 and $30.50. 2015 saw a further two-thirds reduction at prices between $26.50 and $32. There was another ~17% selling last quarter at prices between $30 and $35.50 and that was followed with another ~14% selling this quarter at prices between $34.50 and $38.50: The stock currently trades at $38.54. Yacktman is harvesting large long-term gains from this position.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February.Avon Products (AVP), C.H. Robinson Worldwide Inc. (CHRW), ConocoPhillips (COP), Viacom Inc. (VIAB), State Street Corporation (STT), Corning Inc. (GLW), and Wal-Mart Stores (WMT): These are very small positions (less than ~1.5% of the portfolio each) that saw selling this quarter.Note: Yacktman owns ~4% of Avon Products.Stake Increases:Colgate-Palmolive (CL): This very small ~1% portfolio stake saw a marginal increase this quarter.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.69%), US Bancorp (2.40%), and Wells Fargo (1.03%).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 2.30% of the overall portfolio. They are Altria Group (MO), America’s Car-Mart (CRMT), The Bancorp Inc. (TBBK), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Clorox Company (CLX), Express Scripts (ESRX), Goldman Sachs (GS), HP Inc.(HPQ), Hewlett Packard Enterprise (HPE), Intel Corporation (INTC), MOCON Inc. (MOCO), Philip Morris Intl. (PM), Reading International (RDI), and Staples Inc. (SPLS).Note 3: Yacktman controls ~5.9% of America’s Car-Mart.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q1 2017:Latest 13G/13D filings (02/2016): SYY (20.57M shares - 3.6%), BCR (1.28M shares - 1.7%), AVP (35M shares - 8%).Historical 13G/D Filings (02/2015): APOL (2.2M shares - 2%), AVP (31.47M shares - 7.2%), SYY (31.63M shares - 5.3%), BCR (4.46M shares - 5.9%)" |
"Tracking Yacktman Asset Management Portfolio – Q4 2016 Update" | "Yacktman's US long equity portfolio decreased ~4% from $11.51B to $11.02B this quarter.Yacktman Asset Management increased Unilever while reducing Sysco, US Bancorp, and BNY Mellon during the quarter.Their largest five stakes are at ~52% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 01/31/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2016.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) US long portfolio decreased 4.25% from $11.51B to $11.02B. The number of holdings decreased from 46 to 44. The largest holding is Twenty First Century Fox at 17.62% of the US long portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Oracle Corporation, and Cisco Systems and they together account for 51.66% of the 13F portfolio. The firm currently holds around 20% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 45 individual positions. 26 of their stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.To know more about Yacktman's bottom-up value investing philosophy, check-out the book "".Stake Increases:Unilever N V (UN): UN is a 1.29% of the portfolio stake that saw a ~50% increase this quarter at prices between $38.50 and $46.50. The original position is from Q4 2014 when it was purchased at prices between $37 and $41. The stock is now at $40.57.Stake Decreases:Twenty First Century Fox (FOX) (FOXA): Yacktman had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as their share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) saw selling - the NWS stake was eliminated in Q4 2013 and the FOXA stake was reduced by around 45%. Yacktman’s cost-basis on this position is very low. The stake is the largest 13F position by far at 17.62% of the portfolio.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. Q4 2015 saw a ~22% reduction at prices between $72 and $81 and that was followed with a ~11% further reduction the following quarter at prices between $75 and $84. There was another ~15% selling last quarter at prices between $84 and $90. The stock currently trades at $87.76. PG is Yacktman’s second-largest position at 12.02 % of the portfolio. There was marginal trimming this quarter.PepsiCo Inc. (PEP): The 8.34% (top three) PEP stake was built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $104. The six quarters thru Q3 2016 had seen a roughly two-thirds reduction at prices between $91 and $111. There was very minor trimming this quarter.Oracle Corporation (ORCL): The large (top-five) 6.84% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. Q1 2015 saw a ~8% reduction at prices between $41.50 and $45 and that was followed with a ~14% reduction in the following quarter at prices between $40.25 and $45. The five quarters thru Q3 2016 saw another one-third reduction at prices between $34 and $42. The stock currently trades at $39.98. There was marginal selling this quarter.Cisco Systems (CSCO): CSCO is a large (top five) 6.84% of the US long portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has been sold down since. 2015 saw a combined ~45% reduction at prices between $25.52 and $29.61. 2016 also saw a combined ~20% reduction at prices between $23 and $32. The stock currently trades at $31.18. Yacktman is harvesting gains from this position.Johnson & Johnson (JNJ): JNJ is a large 6.31% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low $60s price-range. The stock has almost doubled and currently trades at around $114. Q2 2015 saw a ~12% reduction at prices between $97 and $104. The following five quarters had also seen a combined ~18% reduction at prices between $91 and $125. Yacktman is harvesting gains. There was minor trimming this quarter.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over sixteen years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $41.40 and the position stands at 6.26% of the US long portfolio. The six quarters thru Q3 2016 had seen a ~57% reduction at prices between $38 and $47. This quarter also saw very minor selling.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.85% of the US long portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. 2014 saw a ~30% overall reduction at prices between $42 and $50. 2015 also saw another ~40% reduction at prices between $40 and $57. The stock currently trades at $63.17. Last three quarters had seen a ~10% further selling at prices between $48 and $58. There was another ~11% reduction this quarter at prices between $57 and $64. Yacktman is harvesting long-term gains from this position.Sysco Corporation (SYY): SYY is a fairly large position at 5.67% of the US long portfolio. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Q3 2015 saw a ~24% reduction at prices between $36 and $41 and that was followed with a ~20% reduction the following quarter at prices between $39 and $42. H1 2016 had seen another one-third reduction at prices between $39 and $50. There was another ~21% selling this quarter at prices between $47 and $57. The stock currently trades at $52.38. Yacktman is harvesting gains.US Bancorp (USB): The 2.45% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $53.13. 2015 saw a ~50% reduction at prices between $40 and $46. This quarter saw another ~25% selling at prices between $42.50 and $52.50.Exxon Mobil (XOM): XOM is a 2.21% of the US long portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades below that range at $83.45. Q4 2015 saw a ~28% reduction at prices between $74 and $87 and that was followed with a ~16% reduction in Q2 2016 at prices between $82 and $94. This quarter also saw another ~20% selling at prices between $83 and $88.50.The Bank of New York Mellon (BK): The 1.77% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $44.80. The position was reduced by ~30% this quarter at prices between $39 and $49.C.R. Bard Inc. (BCR): BCR is a 1.48% of the US long portfolio stake. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then was reduced. 2014 had seen a ~42% reduction at prices between $129 and $172. The selling accelerated in 2015: ~71% reduction at prices between $165 and $200. Q2 2016 saw another ~37% reduction at prices between $203 and $235. The stock currently trades at $238. This quarter also saw a minor ~2% trimming. Yacktman is harvesting huge gains.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.35% of the US long portfolio position purchased in 2012 at prices between $55 and $74. The position has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~58% reduction in the following quarter at prices between $151 and $171. There have only been very minor changes since. The stock currently trades at around $158. Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, C.R. Bard, and Stryker Corporation.Stryker Corporation (SYK): SYK is a 1.24% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. That position was reduced by ~25% in Q4 2014 at prices between $79 and $97. That was followed by a ~70% reduction in 2015 at prices between $90 and $104. 2016 saw another ~50% reduction at prices between $88 and $122. The stock currently trades at $123. Yacktman is harvesting huge long-term gains from this position.Comcast Corporation (CMCSA): CMCSA is a ~1% of the US long portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $15. 2014 saw a ~40% reduction at prices between $53 and $61. 2015 saw a further two-thirds reduction at prices between $53 and $64. There was another ~17% selling this quarter at prices between $60.50 and $71. The stock currently trades at $75.09. Yacktman is harvesting large long-term gains from this position.Wells Fargo (WFC): WFC is a small 1% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $55.75. Last three quarters had seen very minor increases while this quarter saw a ~7% trimming.Avon Products (AVP): AVP is a 0.88% of the US long portfolio position. The original stake was a 15M share position established in 2011 at prices between $16 and $29. The stake was increased to 18.9M shares by the end of 2012 at prices between $14 and $23. 2014 saw another two-thirds increase at prices between $9 and $17. The stock currently trades well below his cost basis at $5.64. 2016 saw a combined ~45% selling at prices between $2.50 and $6.76.Note 1: In March 2016, Avon Products closed a deal with Cerberus Capital whereby the North American business separated in a private equity transaction. Cerberus invested a total of $605M: $170M for 80% interest in the NA division and $435M for 16.6% of the international business in the form of preferred stocks convertible at $5 per share.Note 2: Yacktman controls ~4.4% of AVP.C.H. Robinson Worldwide Inc. (CHRW): CHRW was an insignificantly small position (~700K shares) purchased in 2012. During Q1 & Q2 2013, ~5.4M additional shares were purchased at prices between $54 and $67 and since then the stake had been kept relatively steady. 2015 saw a ~50% reduction at prices between $61 and 73. That was followed with another ~50% selling in Q1 2016 at prices between $62 and $75. Q2 2016 saw another one-third reduction at prices between $71 and $76. The stock currently trades at $74.94 and the position stands at 0.67% of the US long portfolio. The aggressive selling pattern indicates a clear bearish bias. There was marginal trimming this quarter.Colgate-Palmolive (CL), ConocoPhillips (COP), Viacom Inc. (VIAB), State Street Corporation (STT), Corning Inc. (GLW), and Wal-Mart Stores (WMT): These are very small positions (less than ~1.5% of the portfolio each) that saw selling this quarter.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.77%), US Bancorp (2.45%), and Wells Fargo (1%).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 2.63% of the overall portfolio. They are Altria Group (MO), America’s Car-Mart (CRMT), Apollo Education Group (APOL), The Bancorp Inc. (TBBK), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Clorox Company (CLX), Goldman Sachs (GS), HP Inc.(HPQ), Hewlett Packard Enterprise (HPE), Intel Corporation (INTC), MOCON Inc. (MOCO), Philip Morris Intl. (PM), Reading International (RDI), S&P 500 SPDR ETF (SPY), and Staples Inc. (SPLS). Yacktman controls ~5.9% of CRMT.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q4 2016:" |
"Tracking Yacktman Asset Management Portfolio – Q3 2016 Update" | "Yacktman's US long equity portfolio decreased ~5% from $12.08B to $11.51B this quarter.Yacktman Asset Management increased Twenty First Century Fox and reduced Avon Products, Intel, PepsiCo, Procter & Gamble, and Stryker during the quarter.Their largest five stakes are at ~51% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 11/01/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2016.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) US long portfolio decreased 4.72% from $12.08B to $11.51B. The number of holdings increased from 45 to 46. The largest holding is Twenty First Century Fox at 16.01% of the US long portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Cisco Systems, and Oracle and they together account for 50.71% of the 13F portfolio. The firm currently holds around 18% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 45 individual positions. 27 of their stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.To know more about Yacktman's bottom-up value investing philosophy, check-out the book "".Stake Increases:Twenty First Century Fox (FOX) (FOXA): Yacktman had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as their share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) saw selling - the NWS stake was eliminated in Q4 2013 and the FOXA stake was reduced by around 28%. Last four quarters had seen only minor adjustments. This quarter saw a ~11% stake increase at prices between $23.57 and $28.12. Yacktman’s cost-basis on this position is very low. The stake is the largest 13F position at 16.01% of the portfolio.Wells Fargo (WFC): WFC is a small 0.82% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $45.99. Last three quarters have seen very minor increases.Colgate-Palmolive (CL) and ConocoPhillips (COP): These are very small positions (less than ~1.5% of the portfolio each) that saw minor increases this quarter.Stake Decreases:Avon Products (AVP): AVP is a ~1% of the US long portfolio position. The original stake was a 15M share position established in 2011 at prices between $16 and $29. The stake was increased to 18.9M shares by the end of 2012 at prices between $14 and $23. 2014 saw another two-thirds increase at prices between $9 and $17. The stock currently trades well below his cost basis at $6.39. Q1 2016 saw a ~20% reduction at prices between $2.38 and $4.81 and that was followed with another ~9% reduction last quarter at prices between $3.53 and $5.01. This quarter saw another ~10% trimming at prices between $3.74 and $5.92.Note 1: In March, Avon Products closed a deal with Cerberus Capital whereby the North American business separated in a private equity transaction. Cerberus invested a total of $605M: $170M for 80% interest in the NA division and $435M for 16.6% of the international business in the form of preferred stocks convertible at $5 per share.Note 2: Yacktman controls ~5.2% of AVP.PepsiCo Inc. (PEP): The 8.32% (top three) PEP stake was built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $107. Last six quarters have seen a roughly two-thirds reduction at prices between $91 and $111.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. Q4 2015 saw a ~22% reduction at prices between $72 and $81 and that was followed with a ~11% further reduction the following quarter at prices between $75 and $84. There was another ~15% selling this quarter at prices between $84 and $90. The stock currently trades at $86.85. PG is still Yacktman’s second-largest position at 12.50 % of the portfolio.Stryker Corporation (SYK): SYK is a 1.28% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. That position was reduced by ~25% in Q4 2014 at prices between $79.20 and $96.61. That was followed by a ~70% reduction in 2015 at prices between $90 and $104. Last three quarters have seen another 39% reduction at prices between $87 and $123. The stock currently trades at $115. Yacktman is harvesting huge long-term gains from this position.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.15% of the US long portfolio position purchased in 2012 at prices between $55 and $74. The position has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~58% reduction in the following quarter at prices between $151 and $171. The stock currently trades at around $118. Last two quarters had seen minor increases while this quarter saw a marginal reduction. Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, C.R. Bard, and Stryker Corporation.The Bank of New York Mellon (BK): The 2.03% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $43.40. This quarter saw marginal selling.C.R. Bard Inc. (BCR): BCR is a 1.44% of the US long portfolio stake. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then was reduced. 2014 had seen a ~42% reduction at prices between $129 and $172. The selling accelerated in 2015: ~71% reduction at prices between $165 and $200. Last quarter saw another ~37% reduction at prices between $203 and $235. The stock currently trades at $215. This quarter also saw a ~8% further reduction. Yacktman is harvesting huge gains.C.H. Robinson Worldwide Inc. (CHRW): CHRW was an insignificantly small position (~700K shares) purchased in 2012. During Q1 & Q2 2013, ~5.4M additional shares were purchased at prices between $54 and $67 and since then the stake had been kept relatively steady. 2015 saw a ~50% reduction at prices between $61 and 73. That was followed with another ~50% selling in Q1 2016 at prices between $62 and $75. Last quarter saw another one-third reduction at prices between $71 and $76. The stock currently trades at $68.44 and the position stands at 0.63% of the US long portfolio. The aggressive selling pattern indicates a clear bearish bias. There was marginal trimming this quarter.Cisco Systems (CSCO): CSCO is a large (top five) 7.08% of the US long portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has been sold down since. 2015 saw a combined ~45% reduction at prices between $25.52 and $29.61. Last three quarters have also seen a combined ~17% reduction at prices between $22.51 and $31.95. The stock currently trades at $30.48. Yacktman is harvesting gains from this position.Coca-Cola Company (KO): KO is a very long-term position that has been in the portfolio for over sixteen years. During Yacktman’s first 13F filing in Q1 1999, the position consisted of just a few thousand shares. The stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $42.12 and the position stands at 6.19% of the US long portfolio. Last six quarters have seen selling: ~57% overall reduction at prices between $38 and $47.Comcast Corporation (CMCSA): CMCSA is a ~1% of the US long portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $15. 2014 saw a ~40% reduction at prices between $53 and $61. 2015 saw a further two-thirds reduction at prices between $53 and $64. The stock currently trades at $61.45. Yacktman is harvesting large long-term gains from this position. Last three quarters have seen very minor further trimming.Exxon Mobil (XOM): XOM is a 2.53% of the US long portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades below that range at $83.65. Q4 2015 saw a ~28% reduction at prices between $74 and $87 and that was followed with a ~16% reduction last quarter at prices between $82 and $94. This quarter also saw a ~3% trimming.Johnson & Johnson (JNJ): JNJ is a large 6.31% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low $60s price-range. The stock has almost doubled and currently trades at around $115. Q2 2015 saw a ~12% reduction at prices between $97 and $104. Last five quarters have also seen a combined ~18% reduction at prices between $91 and $125. Yacktman is harvesting gains.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.83% of the US long portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. 2014 saw a ~30% overall reduction at prices between $42 and $50. Last year also saw another ~40% reduction at prices between $40 and $57. The stock currently trades at $59.80. Last three quarters have seen a ~10% further selling at prices between $48 and $58. Yacktman is harvesting long-term gains from this position.Oracle Corporation (ORCL): The large (top-five) 6.81% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. Q1 2015 saw a ~8% reduction at prices between $41.47 and $45 and that was followed with a ~14% reduction in the following quarter at prices between $40.30 and $44.91. The pattern continued in the last five quarters with a one-third overall reduction at prices between $34 and $42. The stock currently trades at $38.46.Sysco Corporation (SYY): SYY is a fairly large position at 6.09% of the US long portfolio. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Q3 2015 saw a ~24% reduction at prices between $36 and $41 and that was followed with a ~20% reduction the following quarter at prices between $39 and $42. Last two quarters had seen another one-third reduction at prices between $39 and $50. The stock currently trades at $48. This quarter also saw a ~4% trimming.US Bancorp (USB): The 2.22% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $44.46. 2015 saw a ~50% reduction at prices between $40 and $46. Last three quarters have also seen minor selling.Corning Inc. (GLW), Intel Corporation (INTC), State Street Corporation (STT), Unilever N V (UN), Viacom Inc. (VIAB), and Wal-Mart Stores (WMT): These are very small positions (less than ~1% of the portfolio each) that saw marginal selling this quarter.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (2.03%), US Bancorp (2.59%), and Wells Fargo (0.82%).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 2.54% of the overall portfolio. They are Altria Group (MO), America’s Car-Mart (CRMT), Apollo Education Group (APOL), The Bancorp Inc. (TBBK), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Clorox Company (CLX), Goldman Sachs (GS), HP Inc.(HPQ), Hewlett Packard Enterprise (HPE), Lancaster Colony (LANC), MOCON Inc. (MOCO), Philip Morris Intl. (PM), Raven Industries (RAVN), Reading International (RDI), Staples Inc. (SPLS), and Valmont Industries (VMI).The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q3 2016:" |
"Tracking Yacktman Asset Management Portfolio – Q2 2016 Update" | "Yacktman's US long equity portfolio decreased ~6% from $12.85B to $12.08B this quarter.Yacktman Asset Management reduced C R Bard, CH Robinson Worldwide, Exxon Mobil, PepsiCo, Stryker, Sysco, and Wal-Mart during the quarter.Yacktman’s largest five stakes are at ~51% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 08/01/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2016.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) US long portfolio decreased 5.98% from $12.85B to $12.08B. The number of holdings remained steady at 45. The largest holding is Twenty First Century Fox at 15.28% of the US long portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Oracle, and Johnson & Johnson and they together account for 51.28% of the 13F portfolio. The firm currently holds around 17% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 45 individual positions. 27 of their stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.To know more about Yacktman's bottom-up value investing philosophy, check-out the book "".Stake Increases:Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.15% of the US long portfolio position purchased in 2012 at prices between $55 and $74. Since then, the position has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~58% reduction in the following quarter at prices between $151 and $171. The stock currently trades at around $128. Last two quarters have seen marginal increases. Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, C.R. Bard, and Stryker Corporation.State Street Corporation (STT): STT is a small 0.75% of the US long portfolio position. The original stake is from 2010 with the bulk purchased in 2011 in the high-30s price-range. Q4 2015 saw a ~13% reduction at prices between $64.73 and $73.69. The stock currently trades at $65.85. There was a very minor stake increase this quarter.Wells Fargo (WFC) and The Bank of New York Mellon (BK): WFC is a small 0.83% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $47.57. Last two quarters have seen very minor increases. The 1.92% BK stake was first purchased in 2009 with the bulk of the current position built in 2010 and 2011 in the high-20s price range. The stock is now at $39.22. This quarter saw a marginal increase.Colgate-Palmolive (CL) and Corning Inc. (GLW): These are very small positions (less than ~1% of the portfolio each) that saw marginal increases this quarter.Stake Decreases:Avon Products (AVP): AVP is a ~1% of the US long portfolio position. The original stake was a 15M share position established in 2011 at prices between $16 and $29. The stake was increased to 18.9M shares by the end of 2012 at prices between $14 and $23. 2014 saw another two-thirds increase at prices between $9 and $17. The stock currently trades well below his cost basis at $5.08. Last quarter saw a ~20% reduction at prices between $2.38 and $4.81 and that was followed with another ~9% reduction this quarter at prices between $3.53 and $5.01.Note 1: In March, Avon Products closed a deal with Cerberus Capital whereby the North American business separated in a private equity transaction. Cerberus invested a total of $605M: $170M for 80% interest in the NA division and $435M for 16.6% of the international business in the form of preferred stocks convertible at $5 per share.Note 2: Yacktman controls ~6% of AVP.C.R. Bard Inc. (BCR): BCR is a 1.57% of the US long portfolio stake. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then was reduced. 2014 had seen a ~42% reduction at prices between $129 and $172. The selling accelerated in 2015: ~71% further reduction at prices between $165 and $200. This quarter saw another ~37% reduction at prices between $203 and $235. The stock currently trades at $220. Yacktman is harvesting huge gains.C.H. Robinson Worldwide Inc. (CHRW): CHRW was an insignificantly small position (~700K shares) purchased in 2012. During Q1 & Q2 2013, ~5.4M additional shares were purchased at prices between $54 and $67 and since then the stake had been kept relatively steady. 2015 saw a ~50% reduction at prices between $61 and 73. That was followed with another ~50% selling last quarter at prices between $62 and $75. This quarter saw another one-third reduction at prices between $71 and $76. The stock currently trades at $68.79 and the position stands at 0.64% of the US long portfolio. The aggressive selling pattern indicates a clear bearish bias.Cisco Systems (CSCO): CSCO is a large 6.69% of the US long portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has seen selling in the last three years. 2015 saw a combined ~45% reduction at prices between $25.52 and $29.61. Last two quarters have also seen a combined ~10% reduction at prices between $22.51 and $29.22. The stock currently trades at $30.72. Yacktman is harvesting gains from this position.Coca-Cola Company (KO) & PepsiCo Inc. (PEP): KO & PEP are very long-term positions that have been in the portfolio for over sixteen years. During Yacktman’s first 13F filing in Q1 1999, the positions consisted of just a few thousand shares each. The KO stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $43.64 and the position stands at 6.33% of the US long portfolio. The even larger 9.31% (top three) PEP stake was similarly built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $108. Last five quarters have seen significant reductions in both: KO was sold down by ~56% at prices between $38 and $47 while PEP saw a ~58% reduction at prices between $91 and $106.Comcast Corporation (CMCSA): CMCSA is a ~1% of the US long portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $15. 2014 saw a ~40% reduction at prices between $53 and $61. 2015 saw a further two-thirds reduction at prices between $53 and $64. The stock currently trades at $66.84. Yacktman is harvesting large long-term gains from this position. Last quarter saw a marginal increase while this quarter saw a minor reduction.Exxon Mobil (XOM): XOM is a 2.68% of the US long portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades below that range at $87.49. Q4 2015 saw a ~28% reduction at prices between $74 and $87 and that was followed with a ~16% reduction this quarter at prices between $82 and $94.Johnson & Johnson (JNJ): JNJ is a large (top-five) 6.70% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low $60s price-range. The stock has doubled and currently trades at around $124. Q2 2015 saw a ~12% reduction at prices between $97 and $104. Last four quarters have also seen minor reductions.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.39% of the US long portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. 2014 saw a ~30% overall reduction at prices between $42 and $50. Last year also saw another ~40% reduction at prices between $40 and $57. The stock currently trades at $56.97. Yacktman is harvesting long-term gains from this position. Last two quarters have also seen minor trimming.Oracle Corporation (ORCL): The large (top-five) 6.83% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. Q1 2015 saw a ~8% reduction at prices between $41.47 and $45 and that was followed with a ~14% reduction in the following quarter at prices between $40.30 and $44.91. The pattern continued in the last four quarters with a one-third overall reduction at prices between $34 and $42. The stock currently trades at $40.71.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. Q4 2015 saw a ~22% reduction at prices between $72 and $81 and that was followed with a ~11% further reduction last quarter at prices between $75 and $84. The stock currently trades at $85.97. PG is still Yacktman’s second-largest position at 13.16 % of the portfolio. This quarter saw a marginal reduction.Stryker Corporation (SYK): SYK is a 1.39% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. That position was reduced by ~25% in Q4 2014 at prices between $79.20 and $96.61. That was followed by a ~70% reduction in 2015 at prices between $90 and $104. Last two quarters have seen another one-third reduction at prices between $88 and $120. The stock currently trades at $115. Yacktman is harvesting huge long-term gains from this position.Sysco Corporation (SYY): SYY is a fairly large position at 6.23% of the US long portfolio. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Q3 2015 saw a ~24% reduction at prices between $35.68 and $41.38 and that was followed with a ~20% reduction the following quarter at prices between $38.61 and $41.79. Last two quarters have seen another one-third reduction at prices between $39 and $50. The stock currently trades at $51.33.Twenty First Century Fox (FOX) (FOXA): Yacktman had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as his share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) saw selling - the NWS stake was eliminated in Q4 2013 and the FOXA stake was reduced by around 28%. Last four quarters have seen only minor adjustments. Yacktman’s cost-basis on this position is very low. The remaining stake is the largest 13F position at 15.28%.US Bancorp (USB): The 2.22% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $42.13. 2015 saw a ~50% reduction at prices between $40 and $46. Last two quarters have also seen minor reductions.Unilever N V (UN): UN is a small 0.90% of the US long portfolio stake established in Q4 2014 at prices between $37.14 and $41.02. In Q1 2015, the position was increased by ~23% at prices between $37.64 and $43.88. Q4 2015 saw a ~43% reduction at prices between $40.20 and $46.04. Last two quarters have also seen minor trimming. The stock currently trades at $44.93.Wal-Mart Stores (WMT): WMT is a long-term position that was first purchased in 2004. The bulk of the current position was purchased in 2011 when around 2M shares were acquired at prices between $50 and $60. The stock currently trades at $72.94. Q1 2015 saw a ~4% trimming at prices between $80.69 and $90.47 and the selling accelerated in the following quarter: around one-third reduction at prices between $70.93 and $82.25. Last four quarters saw a combined ~40% further reduction at prices between $56 and $73. The position now accounts for 0.73% of the US long portfolio.Viacom Inc. (VIAB): VIAB is a small 1.50% of the portfolio position. The stake saw a ~38% reduction in Q4 2015 at prices between $39 and $53 and that was followed by another ~13% reduction last quarter at prices between $31.38 and $46.05. The stock is currently at $43.99. This quarter saw marginal trimming.ConocoPhillips (COP) and Intel Corporation (INTC): These two positions were decreased marginally this quarter. The stakes are small at 1.55% and 0.55% of the portfolio respectively.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.92%), US Bancorp (2.34%), and Wells Fargo (0.83%).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 2.50% of the overall portfolio. They are Altria Group (MO), America’s Car-Mart (CRMT), Apollo Education Group (APOL), The Bancorp Inc. (TBBK), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Clorox Company (CLX), Goldman Sachs (GS), HP Inc.(HPQ), Hewlett Packard Enterprise (HPE), Lancaster Colony (LANC), MOCON Inc. (MOCO), Philip Morris Intl. (PM), Raven Inds. (RAVN), Staples Inc. (SPLS), and Valmont Industries (VMI). Yacktman controls ~2% of APOL.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q2 2016:Latest 13G/13D filings (02/2016): SYY (20.57M shares - 3.6%), BCR (1.28M shares - 1.7%), AVP (35M shares - 8%).Historical 13G/D Filings (02/2015): APOL (2.2M shares - 2%), AVP (31.47M shares - 7.2%), SYY (31.63M shares - 5.3%), BCR (4.46M shares - 5.9%)" |
"Tracking Yacktman Asset Management Portfolio – Q1 2016 Update" | "Yacktman's US long equity portfolio decreased ~3% from $13.21B to $12.85B this quarter.Yacktman Asset Management reduced CH Robinson Worldwide, Avon Products, and Sysco Corporation during the quarter.Yacktman’s largest five stakes are at ~51% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Donald Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 05/06/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2015.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) US long portfolio decreased 2.70% from $13.21B to $12.85B. The number of holdings decreased from 46 to 45. The largest holding is Twenty First Century Fox at 14.93% of the US long portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Coca-Cola, and Cisco Systems and they together account for 51.18% of the 13F portfolio. The firm currently holds around 18% in cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 50 individual positions. 27 of their stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.To know more about Yacktman's bottom-up value investing philosophy, check-out the book "".Stake Increases:Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a ~1% of the US long portfolio position purchased in 2012 at prices between $55 and $74. Since then, the position has seen some selling over the years. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~58% reduction in the following quarter at prices between $151 and $171. The stock currently trades at around $137. This quarter saw a marginal increase. Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, C.R. Bard, and Stryker Corporation.Comcast Corporation (CMCSA): CMCSA is a ~1% of the US long portfolio position first purchased in 2008. The bulk of the original stake was purchased in 2009 at a cost-basis around $15. Q3 2014 saw a ~27% reduction at prices between $53 and $57 and the following quarter saw another ~15% reduction at prices between $53.15 and $60.57. 2015 saw a further two-thirds reduction at prices between $53 and $64. The stock currently trades at $61.42. Yacktman is harvesting large long-term gains from this position. This quarter saw a marginal increase.Twenty First Century Fox (FOX) (FOXA): Yacktman had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as his share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) saw selling - the NWS stake was eliminated in Q4 2013 and the FOXA stake was reduced by around 28%. Last three quarters have seen only minor adjustments. Yacktman’s average cost-basis on this position is very low. The remaining stake is the largest 13F position at 14.93%.Wells Fargo (WFC): WFC is a small 0.80% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $49.03. This quarter saw a marginal increase.Colgate-Palmolive (CL) and Intel Corporation (INTC): These two positions were increased marginally this quarter. The stakes are still very small at 0.74% and 0.51% of the portfolio respectively.Stake Decreases:Avon Products (AVP): AVP is a ~1% of the US long portfolio position. The original stake was a 15M share position established in 2011 at prices between $16 and $29. The position was increased to 18.9M shares by the end of 2012 at prices between $14 and $23. 2014 saw another two-thirds increase at prices between $9 and $17. The stock currently trades well below his cost basis at $4.17. This quarter saw a ~20% reduction at prices between $2.38 and $4.81.Note 1: In March, Avon Products closed a deal with Cerberus Capital whereby the North American business separated in a private equity transaction. Cerberus invested a total of $605M: $170M for 80% interest in the NA division and $435M for 16.6% of the international business in the form of preferred stocks convertible at $5 per share.Note 2: Yacktman controls ~6.5% of AVP.C.R. Bard Inc. (BCR): BCR is a 2.01% of the US long portfolio stake. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then was reduced. 2014 had seen a ~42% reduction at prices between $129 and $172. The selling accelerated in 2015: ~71% further reduction at prices between $165 and $200. The stock currently trades at $216. Yacktman is harvesting huge gains. They still control ~1.70% of the business. This quarter saw a marginal reduction.C.H. Robinson Worldwide Inc. (CHRW): CHRW was an insignificantly small position (~700K shares) purchased in 2012. During Q1 & Q2 2013, ~5.4M additional shares were purchased at prices between $54 and $67 and since then the stake had been kept relatively steady. Q2 & Q3 2015 saw a ~15% combined reduction at prices between $61.64 and $73.22. The selling accelerated last quarter: ~38% reduction at prices between $60.51 and $72.79 and that was followed with a ~50% further selling this quarter at prices between $61.75 and $74.55. The stock currently trades at $72.82 and the position stands at 0.90% of the US long portfolio. The aggressive selling pattern indicates a clear bearish bias.Cisco Systems (CSCO): CSCO is a top-five 6.50% of the US long portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has seen selling in the last three years. 2015 saw a combined ~45% reduction at prices between $25.52 and $29.61. The stock currently trades at $26.53. This quarter saw a ~6% further reduction. Yacktman is harvesting gains from this position.Coca-Cola Company (KO) & PepsiCo Inc. (PEP): KO & PEP are very long-term positions that have been in the portfolio for over sixteen years. During Yacktman’s first 13F filing in Q1 1999, the positions consisted of just a few thousand shares each. The KO stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position size doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $45.31 and the position stands at 6.60% (top five) of the US long portfolio. The even larger 10.69% (top three) PEP stake was similarly built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $105. Last four quarters have seen significant reductions in both: KO was sold down by ~53% at prices between $38 and $47 while PEP saw a ~47% reduction at prices between $91 and $104.Exxon Mobil (XOM): XOM is a 2.69% of the US long portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades just below that range at $88.49. Last quarter saw a ~28% reduction at prices between $74 and $87 and this quarter saw a marginal further reduction.Johnson & Johnson (JNJ): JNJ is a medium-sized 5.96% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low $60s price-range. The stock currently trades at around $113. Q2 2015 saw a ~12% reduction at prices between $97 and $104. Last three quarters have also seen minor reductions.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.39% of the US long portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. Q3 2014 saw a ~14% reduction at prices between $41.50 and $45.50 and that was followed with a ~22% reduction the following quarter at prices between $42.74 and $49.61. Q2 2015 saw a further ~16% reduction at prices between $40.29 and $49.15 and that was followed with a ~25% selling last quarter at prices between $44 and $57. The stock currently trades at $50.39. Yacktman is harvesting long-term gains from this position. This quarter also saw a ~3% further trimming.Oracle Corporation (ORCL): The fairly large 6.43% ORCL position was first purchased in Q2 2013. Over 20M shares were acquired at prices between $30 and $35. Q1 2015 saw a ~8% reduction at prices between $41.47 and $45 and that was followed with a ~14% reduction in the following quarter at prices between $40.30 and $44.91. The pattern continued in the last three quarters with a one-third overall reduction at prices between $34 and $41. The stock currently trades at $39.40.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. Last quarter saw a ~22% reduction at prices between $72 and $81 and that was followed with a ~11% further reduction this quarter at prices between $75 and $84. The stock currently trades at $82.12. PG is still Yacktman’s second-largest position at 12.46 % of the portfolio.Stryker Corporation (SYK): SYK is a 1.63% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. That position was reduced by ~25% in Q4 2014 at prices between $79.20 and $96.61. That was followed by a ~70% reduction in 2015 at prices between $90 and $104. The stock currently trades at $111. Yacktman is harvesting huge long-term gains from this position. This quarter also saw a ~5% further trimming.Sysco Corporation (SYY): SYY is a fairly large position at 6.31% of the US long portfolio. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Q3 2015 saw a ~24% reduction at prices between $35.68 and $41.38 and that was followed with a ~20% reduction last quarter at prices between $38.61 and $41.79. The pattern continued this quarter with a ~16% reduction at prices between $39 and $47. The stock currently trades at $49.37.Note: Yacktman controls ~3% of SYY.US Bancorp (USB): The 2.22% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $41.78. Q2 2015 saw a ~19% reduction at prices between $42.44 and $45.10 and the following quarter saw a further ~8% reduction at prices between $39.76 and $46. Last quarter, the pattern continued: ~20% reduction at prices between $40.50 and $44.36. This quarter also saw a marginal further reduction.Unilever N V (UN): UN is a small 0.81% of the US long portfolio stake established in Q4 2014 at prices between $37.14 and $41.02. In Q1 2015, the position was increased by ~23% at prices between $37.64 and $43.88. Last quarter saw a ~43% reduction at prices between $40.20 and $46.04. This quarter also saw a ~3% further trimming. The stock currently trades at $44.24.Wal-Mart Stores (WMT): WMT is a long-term position that was first purchased in 2004. The bulk of the current position was purchased in 2011 when around 2M shares were acquired at prices between $50 and $60. The stock currently trades at $68.25. Q1 2015 saw a ~4% trimming at prices between $80.69 and $90.47 and the selling accelerated in the following quarter: around one-third reduction at prices between $70.93 and $82.25. Last three quarters saw a combined ~20% further reduction at prices between $56.42 and $73.51. The position now accounts for 0.88% of the US long portfolio.Viacom Inc. (VIAB): VIAB is a small 1.43% of the portfolio position. The stake saw a ~38% reduction last quarter at prices between $39 and $53 and that was followed by another ~13% reduction this quarter at prices between $31.38 and $46.05. The stock is currently at $41.32.The Bank of New York Mellon (BK) and ConocoPhillips (COP): 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. The stakes are now at 1.70% and 1.36% of the portfolio respectively.Kept Steady:State Street Corporation (STT): STT is a small 0.76% of the US long portfolio position. The original stake is from 2010 with the bulk purchased in 2011 in the high-30s price-range. Last quarter saw a ~13% reduction at prices between $64.73 and $73.69. The stock currently trades at $59.76.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.70%), US Bancorp (2.22%), and Wells Fargo (0.80%).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 2.50% of the overall portfolio. They are Altria Group (MO), America’s Car-Mart (CRMT), Apollo Education Group (APOL), The Bancorp Inc. (TBBK), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Clorox Company (CLX), Goldman Sachs (GS), HP Inc.(HPQ), Hewlett Packard Enterprise (HPE), Lancaster Colony (LANC), MOCON Inc. (MOCO), Philip Morris Intl. (PM), Raven Inds. (RAVN), Staples Inc. (SPLS), and Valmont Industries (VMI). Yacktman controls ~2% of APOL.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q1 2016:Latest 13G/13D filings (02/2016): SYY (20.57M shares - 3.6%), BCR (1.28M shares - 1.7%), AVP (35M shares - 8%).Historical 13G/D Filings (02/2015): APOL (2.2M shares - 2%), AVP (31.47M shares - 7.2%), SYY (31.63M shares - 5.3%), BCR (4.46M shares - 5.9%)" |
"Tracking Yacktman Asset Management Portfolio – Q4 2015 Update" | "Yacktman's US long equity portfolio decreased ~13% from $15.24B to $13.21B this quarter.Yacktman Asset Management reduced all of their larger positions during the quarter.Yacktman’s largest five stakes are at ~51% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Donald Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 02/04/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2015.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) US long portfolio decreased 13.34% from $15.24B to $13.21B. The number of holdings decreased from 47 to 46. The largest holding is Twenty First Century Fox at 14.01% of the US long portfolio. Largest five individual stock positions are Twenty First Century Fox, Procter & Gamble, PepsiCo Inc., Coca-Cola, and Sysco Corporation and they together account for 50.88% of the 13F portfolio. The firm currently holds around 18% in cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 50 individual positions. 27 of their stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.To know more about Yacktman's bottom-up value investing philosophy, check-out the book "".Stake Decreases:Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a ~1% of the US long portfolio position purchased in 2012 at prices between $55 and $74. Since then, the position had seen minor trimming every quarter. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~58% reduction in the following quarter at prices between $151 and $171. Last two quarters have seen marginal further reductions. The stock currently trades at around $123. Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, C.R. Bard, and Stryker Corporation. Last six quarters have seen stake reductions in all of them and that indicates a shift in bias.Avon Products (AVP): AVP is a ~1% of the US long portfolio position. The original stake was a 15M share position established in 2011 at prices between $16 and $29. The position was increased to 18.9M shares by the end of 2012 at prices between $14 and $23. 2014 saw another two-thirds increase at prices between $9 and $17. The stock currently trades well below his cost basis at $3.23. Last two quarters have seen minor reductions.Note: In December 2015, AVP with Cerberus Capital whereby the North American business is separated in a private equity transaction. Cerberus is investing a total of $605M: $170M for 80% interest in the NA division and $435M for 16.6% of the parent business in the form of preferred stocks convertible at $5 per share.C.R. Bard Inc. (BCR): BCR is a 1.84% of the US long portfolio position. 2014 had seen a ~42% reduction at prices between $129 and $172. The selling accelerated in 2015: ~71% further reduction at prices between $165 and $200. The stock currently trades at $183. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then has seen selling. Yacktman is harvesting huge gains. They still control ~1.7% of the business.C.H. Robinson Worldwide Inc. (CHRW): CHRW was an insignificantly small position (~700K shares) purchased in 2012. During Q1 & Q2 2013, ~5.4M additional shares were purchased at prices between $54 and $67 and since then the stake had been kept relatively steady. Last two quarters had seen a ~15% combined reduction at prices between $61.64 and $73.22. The selling accelerated this quarter: ~38% reduction at prices between $60.51 and $72.79. The stock currently trades at $68.08 and the position stands at 1.45% of the US long portfolio.Cisco Systems (CSCO): CSCO is a fairly large 6.38% of the US long portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stake has seen selling in the last two years. 2015 saw a combined ~45% reduction at prices between $25.52 and $29.61. The stock currently trades at $22.89. Yacktman is harvesting gains from this position.Clorox Company (CLX): CLX is a very long-term 0.36% portfolio position that has been in the portfolio since Yacktman’s first 13F filing in Q1 1999. The bulk of the original position was purchased in 2012 when almost 4M shares were acquired at prices between $67 and $76. Q3 2014 saw a ~17% stake reduction at prices between $86 and $97 and that was followed with another one-third reduction in the following quarter at prices between $95 and $106. The selling accelerated in 2015: ~88% further reduction at prices between $104 and $129. The stock currently trades at $124. Yacktman harvested long-term gains from this position.Coca-Cola Company (KO) & PepsiCo Inc. (PEP): KO & PEP are very long-term positions that have been in the portfolio for over fifteen years. During Yacktman’s first 13F filing in Q1 1999, the positions consisted of just a few thousand shares each. The KO stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $42.44 and the position stands at 6.48% of the US long portfolio. The even larger 10.87% PEP stake was similarly built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $97.31. Last three quarters have seen significant reductions in both: KO was sold down by ~51% at prices between $38 and $42 while PEP saw a ~44% reduction at prices between $90 and $100.Comcast Corporation (CMCSA): CMCSA is a 0.93% of the US long portfolio position first purchased in 2008. The bulk of the original position was purchased in 2009 in the $15 price-range. Q3 2014 saw a ~27% reduction at prices between $53 and $57 and the following quarter saw another ~15% reduction at prices between $53.15 and $60.57. 2015 saw a further ~65% reduction at prices between $53 and $64. The stock currently trades at $59.41. Yacktman is harvesting large long-term gains from this position.Exxon Mobil (XOM): XOM is a 2.52% of the US long portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades below that range at $80.08. This quarter saw a ~28% reduction at prices between $74 and $87.Johnson & Johnson (JNJ): JNJ is a medium-sized 5.69% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low $60s price-range. The stock currently trades at around $100. Q2 2015 saw a ~12% reduction at prices between $97 and $104. Last two quarters have also seen minor reductions.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.43% of the US long portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. Q3 2014 saw a 14.29% reduction at prices between $41.50 and $45.50 and that was followed with a ~22% reduction the following quarter at prices between $42.74 and $49.61. Q2 2015 saw a further ~16% reduction at prices between $40.29 and $49.15 and that was followed with a ~25% selling this quarter at prices between $44 and $57. The stock currently trades at $50.16. Yacktman is harvesting long-term gains from this position.Oracle Corporation (ORCL): The fairly large 6.32% ORCL position was first purchased in Q2 2013. Over 20M shares were purchased at prices between $30 and $35. Q1 2015 saw a ~8% reduction at prices between $41.47 and $45 and that was followed with a ~14% reduction in the following quarter at prices between $40.30 and $44.91. The pattern continued in the last two quarters with a ~25% overall reduction at prices between $35 and $41. The stock currently trades at $35.70.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. This quarter saw a ~22% reduction at prices between $72 and $81. The stock currently trades at $81.19. PG is Yacktman’s second-largest position at 13.14 % of the portfolio.State Street Corporation (STT): STT is a small 0.84% of the US long portfolio position. The original stake is from 2010 with the bulk purchased in 2011 in the high-30s price-range. This quarter saw a ~13% reduction at prices between $64.73 and $73.69. The stock currently trades at $54.41.Stryker Corporation (SYK): SYK is a 1.45% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. Q4 2014 saw a ~24% reduction at prices between $79.20 and $96.61. The pattern continued the following quarter with a ~13% reduction at prices between $90 and $96 and that was followed with another ~23% selling in Q2 2015 at prices between $91.12 and $97.40. Last quarter saw a further ~36% reduction at prices between $92 and $105 and that was followed with another one-third reduction this quarter at prices between $91 and $101. The stock currently trades at $96.91. Yacktman is aggressively harvesting huge long-term gains from this position.Sysco Corporation (SYY): SYY is a fairly large position at 6.39% of the US long portfolio. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Last quarter saw a ~24% reduction at prices between $35.68 and $41.38 and that was followed with a ~20% reduction this quarter at prices between $38.61 and $41.79. The stock currently trades at $43.07.Twenty First Century Fox (FOX) (FOXA): Yacktman had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as his share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) had seen selling - the NWS stake was eliminated in Q4 2013 and the FOXA stake was reduced by around 28%. Last quarter saw a ~10% increase while this quarter saw a ~7% reduction. Yacktman’s average cost-basis on this position is very low. The remaining stake is the largest 13F position at 14.01%.US Bancorp (USB): The 2.28% USB position has been in the portfolio for over 15 years. Majority of the stake was purchased in 2011 in the low-20s price-range. The stock currently trades at $40.09. Q2 2015 saw a ~19% reduction at prices between $42.44 and $45.10 and last quarter saw a further ~8% reduction at prices between $39.76 and $46. This quarter, the pattern continued: ~20% reduction at prices between $40.50 and $44.36.Unilever N V (UN): UN is a small 0.79% of the US long portfolio stake established in Q4 2014 at prices between $37.14 and $41.02. In Q1 2015, the position was increased by ~23% at prices between $37.64 and $43.88. Last two quarters had seen marginal reductions. This quarter saw a ~43% reduction at prices between $40.20 and $46.04. The stock currently trades at $42.73.Wal-Mart Stores (WMT): WMT is a long-term position that was first purchased in 2004. The bulk of the current position was purchased in 2011 when around 2M shares were acquired at prices between $50 and $60. The stock currently trades at $66.99. Q1 2015 saw a ~4% trimming at prices between $80.69 and $90.47 and the selling accelerated in the following quarter: around one-third reduction at prices between $70.93 and $82.25. Last quarter saw a further ~7% trimming at prices between $63.10 and $73.79. The position now accounts for 0.87% of the US long portfolio. There was marginal selling this quarter.Wells Fargo (WFC): WFC is a small 0.87% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. The stake was kept relatively steady until Q1 2014. Q2 & Q3 2014 saw significant selling as the position was reduced to 2.8M shares at prices between $48 and $54. 2015 saw a ~25% further reduction at prices between $51 and $58. The stock currently trades at $47.85.ConocoPhillips (COP), Intel Corporation (INTC), and Viacom Inc. (VIAB): These three positions saw significant reductions this quarter. The 1.65% COP stake was reduced by ~19% at prices between $45 and $57. The very small 0.53% INTC position was sold down by ~15% at prices between $30 and $35.44. VIAB stake saw a ~38% reduction at prices between $39 and $53 and the remaining position is at 1.60% of the portfolio.The Bank of New York Mellon (BK) and Colgate-Palmolive (CL): 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 clear change in bias.Note 1: Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis. Last four quarters have seen selling in all of them: The Bank of New York Mellon (1.86%), US Bancorp (2.28%), and Wells Fargo (0.87%).Note 2: Very small (less than 0.5% of the portfolio each) positions account for 2.58% of the overall portfolio. They are Altria Group (MO), America’s Car-Mart (CRMT), Apollo Education Group (APOL), The Bancorp Inc. (TBBK), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Corning Inc. (GLW), Goldman Sachs (GS), HP Inc.(HPQ), Hewlett Packard Enterprise (HPE), Lancaster Colony (LANC), MOCON Inc. (MOCO), Philip Morris Intl. (PM), Raven Inds. (RAVN), S&P SPDR ETF (SPY), Staples Inc. (SPLS), and Valmont Industries (VMI). Yacktman controls ~2% of APOL.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q4 2015:" |