So here’s another name that we like to follow around here. Loews Corp is a respected (not by all, I know… there are people who think L needs a big shakeup) value investor and has a good long term track record. Recently, things haven’t looked too good, but it’s still worth tracking what they are doing.
Here are the top few names from their 13F. We know that most of the value of L is in their publicly listed subsidiaries.
LOEWS CORP
| Name | dollar amt | %port | #shares | change | %chg |
|---|---|---|---|---|---|
| CNA FINANCIAL CORP | 7,624,056 | 62.36% | 242,649,773 | ||
| BWP COMMON UNITS | 2,191,478 | 17.93% | 125,586,133 | ||
| DIAMOND OFFSHORE DRILLING | 1,778,986 | 14.55% | 73,119,047 | ||
| GENERAL ELECTRIC CO | 62,960 | 0.51% | 2,000,000 | ||
| EXPRESS SCRIPTS HOLDING CO | 53,818 | 0.44% | 710,000 | 40,000 | 6% |
| JOHNSON & JOHNSON | 36,636 | 0.30% | 302,025 | -350,000 | -54% |
| WESTERN DIGITAL CORP | 24,807 | 0.20% | 524,910 | -10,000 | -2% |
| HCA HOLDINGS INC | 23,103 | 0.19% | 300,000 | -50,000 | -14% |
| PFIZER INC | 21,819 | 0.18% | 619,687 | -375,000 | -38% |
| BARRICK GOLD CORP | 19,612 | 0.16% | 918,600 | -31,676 | -3% |
The total equity portfolio is $12.2 billion. They have close to $5 billion of investments at the parent level excluding the three large listed subsidiaries, and I think a couple of the Tisch kids are portfolio managers there (but not sure).
Here are the kids listed in the proxy:
Alexander Tisch, son of Mr. A.H. Tisch, is employed as a Vice President in the Company’s Corporate Development Department. Mr. Tisch, an at-will employee, earned compensation of $850,000 in 2015 and participated in benefit programs available to salaried employees generally. In February 2016, he was granted 6,000 restricted stock units under our 2016 Incentive Compensation Plan, subject to approval of the plan by shareholders at the meeting.Benjamin Tisch, son of Mr. J.S. Tisch, is employed as a Vice President in the Company’s Corporate Development Department. Mr. Tisch, an at-will employee, earned compensation of $850,000 for 2015 and participated in benefit programs available to salaried employees generally. In February 2016, he was granted 6,000 restricted stock units under our 2016 Incentive Compensation Plan, subject to approval of the plan by shareholders at the meeting.
We can’t say if the pay is high or low as we don’t know, really, what they do. But as portfolio managers, unless they manage a large portion of the $5 billion, it may be a little high. But again, we don’t know exactly what they do, so hard to say…
In any case, the point is that there is some portfolio management going on at L other than the large sub holdings. A lot of that will be cash/bonds, and maybe some hedge funds, but they do also own stocks.
So let’s look at the portfolio excluding the large subs. I think this excludes the CNA portfolio; CNA is a consolidated sub, but they file 13F’s separately.
| LOEWS CORP | |||||
| Name | dollar amt | %port | #shares | change | %chg |
| GENERAL ELECTRIC CO | 62,960 | 9.98% | 2,000,000 | ||
| EXPRESS SCRIPTS HOLDING CO | 50,786 | 8.05% | 670,000 | 40,000 | 6% |
| JOHNSON & JOHNSON | 24,506 | 3.88% | 202,025 | -350,000 | -63% |
| HCA HOLDINGS INC | 23,103 | 3.66% | 300,000 | -50,000 | -14% |
| WESTERN DIGITAL CORP | 20,081 | 3.18% | 424,910 | -10,000 | -2% |
| PFIZER INC | 18,298 | 2.90% | 519,687 | -375,000 | -42% |
| MICROSOFT CORP | 16,396 | 2.60% | 320,428 | -40,000 | -11% |
| REALOGY HOLDINGS CORP | 15,090 | 2.39% | 520,000 | 45,000 | 9% |
| CISCO SYSTEMS INC | 14,345 | 2.27% | 500,000 | ||
| GENERAL MOTORS CO. | 14,038 | 2.22% | 496,015 | -205,000 | -29% |
| LIBERTY INTERACTIVE CORP Q-A | 13,066 | 2.07% | 515,000 | 15,000 | 3% |
| KLONDEX MINES LTD | 12,667 | 2.01% | 3,490,780 | -507,000 | -13% |
| CARMAX INC | 12,508 | 1.98% | 255,100 | 255,100 | new |
| JOHNSON & JOHNSON Put | 12,130 | 1.92% | 100,000 | ||
| MTS SYSTEMS CORP | 12,056 | 1.91% | 275,000 | 275,000 | new |
| WALGREENS BOOTS ALLIANCE INC Put | 11,658 | 1.85% | 140,000 | ||
| CF INDUSTRIES HOLDINGS INC | 11,207 | 1.78% | 465,000 | 90,000 | 24% |
| AERCAP HOLDINGS NV | 10,749 | 1.70% | 320,000 | -130,000 | -29% |
| BARRICK GOLD CORP Call | 10,675 | 1.69% | 500,000 | ||
| CHEVRON CORP Put | 10,483 | 1.66% | 100,000 | ||
| LKQ CORP | 9,510 | 1.51% | 300,000 | ||
| BARRICK GOLD CORP | 8,937 | 1.42% | 418,600 | -31,676 | -7% |
| PRETIUM RESOURCES INC | 8,669 | 1.37% | 774,866 | ||
| ASANKO GOLD INC | 8,663 | 1.37% | 2,266,693 | -455,953 | -17% |
| SILVER STANDARD RESOURCES | 8,237 | 1.31% | 634,118 | -53,949 | -8% |
| AXALTA COATING SYSTEMS LTD | 8,224 | 1.30% | 310,000 | 10,000 | 3% |
| ALAMOS GOLD INC-CLASS A | 7,853 | 1.24% | 913,634 | -535,768 | -37% |
| VANECK VECTORS JUNIOR GOLD M | 7,668 | 1.22% | 180,000 | 180,000 | new |
| ROYAL GOLD INC | 7,126 | 1.13% | 98,950 | ||
| ALLISON TRANSMISSION HOLDING | 7,058 | 1.12% | 250,000 | -50,000 | -17% |
| 3M CO Put | 7,005 | 1.11% | 40,000 | ||
| UNION PACIFIC CORP Put | 6,980 | 1.11% | 80,000 | ||
| DU PONT E.I. DE NEMOURS Put | 6,480 | 1.03% | 100,000 | ||
| INFINERA CORP | 5,076 | 0.80% | 450,000 | ||
| CARMAX INC Put | 4,903 | 0.78% | 100,000 | 100,000 | new |
| AMERICAN EXPRESS CO Put | 4,861 | 0.77% | 80,000 | ||
| WESTERN DIGITAL CORP Call | 4,726 | 0.75% | 100,000 | ||
| GOLDCORP INC Call | 4,591 | 0.73% | 240,000 | ||
| HALLIBURTON CO Put | 4,529 | 0.72% | 100,000 | ||
| CITIGROUP INC Put | 4,239 | 0.67% | 100,000 | ||
| UNITED TECHNOLOGIES CORP Put | 4,102 | 0.65% | 40,000 | ||
| The Walt Disney Co. Put | 3,913 | 0.62% | 40,000 | ||
| NEWMONT MINING CORP Call | 3,912 | 0.62% | 100,000 | ||
| BANK OF NEW YORK MELLON CORP Put | 3,885 | 0.62% | 100,000 | ||
| HP INC | 3,821 | 0.61% | 304,470 | -85,000 | -22% |
| WELLS FARGO & CO Put | 3,786 | 0.60% | 80,000 | 80,000 | new |
| TIFFANY & CO Put | 3,638 | 0.58% | 60,000 | ||
| MAG SILVER CORP | 3,556 | 0.56% | 282,123 | ||
| PFIZER INC Put | 3,521 | 0.56% | 100,000 | ||
| VISTA GOLD CORP | 3,420 | 0.54% | 1,781,485 | ||
| UNITED PARCEL SERVICE-CL B Put | 3,232 | 0.51% | 30,000 | ||
| WHOLE FOODS MARKET INC Put | 3,202 | 0.51% | 100,000 | ||
| ELI LILLY & CO Put | 3,150 | 0.50% | 40,000 | ||
| EXPRESS SCRIPTS HOLDING CO Put | 3,032 | 0.48% | 40,000 | ||
| EXETER RESOURCE CORP | 3,012 | 0.48% | 2,388,663 | ||
| GENERAL MOTORS CO. Put | 2,830 | 0.45% | 100,000 | ||
| ILLUMINA INC Put | 2,808 | 0.44% | 20,000 | ||
| SOTHEBY’S Put | 2,740 | 0.43% | 100,000 | 100,000 | new |
| INGERSOLL-RAND PLC Put | 2,547 | 0.40% | 40,000 | 40,000 | new |
| SCHWAB CHARLES CORP Put | 2,531 | 0.40% | 100,000 | ||
| SCHWAB CHARLES CORP | 2,531 | 0.40% | 100,000 | ||
| WALGREENS BOOTS ALLIANCE INC | 2,498 | 0.40% | 30,000 | 30,000 | new |
| STILLWATER MINING CO | 2,457 | 0.39% | 207,132 | ||
| INFINERA CORP Put | 2,256 | 0.36% | 200,000 | ||
| QUALCOMM INC Put | 2,143 | 0.34% | 40,000 | ||
| MACY’S INC Put | 2,017 | 0.32% | 60,000 | ||
| BANK OF AMERICA CORP | 1,922 | 0.30% | 144,818 | -2,750 | -2% |
| JPMORGAN CHASE & CO Put | 1,864 | 0.30% | 30,000 | ||
| GOLDCORP INC | 1,530 | 0.24% | 80,000 | ||
| CLOUD PEAK ENERGY INC | 1,516 | 0.24% | 736,000 | ||
| CAMECO CORP | 1,316 | 0.21% | 120,000 | ||
| CAMECO CORP Put | 1,316 | 0.21% | 120,000 | ||
| DU PONT E.I. DE NEMOURS | 1,296 | 0.21% | 20,000 | ||
| ORACLE CORP | 1,097 | 0.17% | 26,810 | -750 | -3% |
| AMERICAN EXPRESS CO | 911 | 0.14% | 15,000 | ||
| AMERICAN EXPRESS CO Call | 911 | 0.14% | 15,000 | ||
| JPMORGAN CHASE & CO | 780 | 0.12% | 12,558 | -675 | -5% |
| FEDEX CORP | 721 | 0.11% | 4,750 | ||
| CITIGROUP INC | 689 | 0.11% | 16,258 | -950 | -6% |
| AETNA INC | 684 | 0.11% | 5,600 | ||
| CLIFFS NATURAL RESOURCES INC | 680 | 0.11% | 120,000 | ||
| ANADARKO PETROLEUM CORP | 642 | 0.10% | 12,050 | ||
| REINSURANCE GROUP OF AMERICA | 601 | 0.10% | 6,200 | ||
| CORNING INC | 589 | 0.09% | 28,750 | 13,195 | 85% |
| PRIMERO MINING CORP | 575 | 0.09% | 276,407 | ||
| AMKOR TECHNOLOGY INC | 575 | 0.09% | 100,000 | ||
| CLIFFS NATURAL RESOURCES INC Put | 567 | 0.09% | 100,000 | ||
| COMSTOCK MINING INC | 553 | 0.09% | 1,584,982 | ||
| DELTA AIR LINES INC | 529 | 0.08% | 14,510 | ||
| LINCOLN NATIONAL CORP | 523 | 0.08% | 13,500 | ||
| ANTHEM INC | 506 | 0.08% | 3,850 | ||
| TIMMINS GOLD CORP | 481 | 0.08% | 1,308,915 | ||
| CALATLANTIC GROUP INC | 477 | 0.08% | 13,000 | ||
| TRAVELERS COS INC | 470 | 0.07% | 3,950 | ||
| EATON CORP PLC | 452 | 0.07% | 7,575 | ||
| GOLDMAN SACHS GROUP INC | 435 | 0.07% | 2,925 | ||
| TRIBUNE MEDIA CO – A | 417 | 0.07% | 10,652 | 462 | 5% |
| LYONDELLBASELL INDU-CL A | 409 | 0.06% | 5,500 | ||
| OCCIDENTAL PETROLEUM CORP | 386 | 0.06% | 5,108 | -1,040 | -17% |
| DEVON ENERGY CORP | 373 | 0.06% | 10,300 | ||
| AMERICAN AIRLINES GROUP INC | 371 | 0.06% | 13,100 | ||
| ROYAL DUTCH SHELL-SPON ADR-A | 369 | 0.06% | 6,675 | -1,841 | -22% |
| DOW CHEMICAL CO/THE | 356 | 0.06% | 7,165 | 1,675 | 31% |
| MURPHY OIL CORP | 349 | 0.06% | 11,000 | -5,400 | -33% |
| VORNADO REALTY TRUST | 341 | 0.05% | 3,404 | ||
| NEW SENIOR INVESTMENT GROUP | 337 | 0.05% | 31,562 | ||
| KBR INC | 330 | 0.05% | 24,913 | 25 | 0% |
| HEWLETT PACKARD ENTERPRIS | 322 | 0.05% | 17,620 | ||
| COVANTA HOLDING CORP | 282 | 0.04% | 17,136 | ||
| ON SEMICONDUCTOR CORP | 273 | 0.04% | 30,975 | -2,250 | -7% |
| GRANITE REAL ESTATE INVESTMENT | 270 | 0.04% | 8,945 | -451 | -5% |
| BP PLC-SPONS ADR | 268 | 0.04% | 7,540 | ||
| GOVERNMENT PROPERTIES INCOME | 266 | 0.04% | 11,526 | -2,100 | -15% |
| TEREX CORP | 265 | 0.04% | 13,050 | 2,075 | 19% |
| COCA-COLA CO/THE | 249 | 0.04% | 5,484 | ||
| INNOSPEC INC | 248 | 0.04% | 5,392 | 700 | 15% |
| AVNET INC | 246 | 0.04% | 6,075 | -1,150 | -16% |
| CNO FINANCIAL GROUP INC | 243 | 0.04% | 13,900 | -1,900 | -12% |
| AMERICAN INTERNATIONAL GROUP | 235 | 0.04% | 4,450 | ||
| FRANKLIN RESOURCES INC | 231 | 0.04% | 6,925 | -500 | -7% |
| MORGAN STANLEY | 231 | 0.04% | 8,904 | -950 | -10% |
| COMCAST CORP-CLASS A | 228 | 0.04% | 3,500 | ||
| OMNICOM GROUP | 228 | 0.04% | 2,800 | ||
| VOYA FINANCIAL INC | 227 | 0.04% | 9,175 | 2,225 | 32% |
| PAN AMERICAN SILVER CORP | 222 | 0.04% | 13,486 | ||
| SUPERIOR ENERGY SERVICES INC | 222 | 0.04% | 12,075 | -2,075 | -15% |
| TUPPERWARE BRANDS CORP | 218 | 0.03% | 3,882 | -200 | -5% |
| EXXON MOBIL CORP | 216 | 0.03% | 2,300 | -375 | -14% |
| WAL-MART STORES INC | 210 | 0.03% | 2,875 | -1,125 | -28% |
| CSX CORP | 209 | 0.03% | 8,000 | ||
| SEAGATE TECHNOLOGY | 208 | 0.03% | 8,525 | 2,275 | 36% |
| LAMAR ADVERTISING CO-A | 207 | 0.03% | 3,125 | -1,250 | -29% |
| VIRTUS INVESTMENT PARTNERS | 205 | 0.03% | 2,887 | 2,887 | new |
| AXIS CAPITAL HOLDINGS LTD | 204 | 0.03% | 3,700 | ||
| DOVER CORP | 204 | 0.03% | 2,950 | 2,950 | new |
| STAPLES INC | 203 | 0.03% | 23,523 | ||
| AECOM | 202 | 0.03% | 6,344 | -1,000 | -14% |
| FIRST HORIZON NATIONAL CORP | 194 | 0.03% | 14,073 | 300 | 2% |
| FORD MOTOR CO | 187 | 0.03% | 14,875 | ||
| TEEKAY TANKERS LTD-CLASS A | 184 | 0.03% | 61,790 | 2,100 | 4% |
| BROOKDALE SENIOR LIVING INC | 182 | 0.03% | 11,770 | -7,875 | -40% |
| CENOVUS ENERGY INC | 163 | 0.03% | 11,775 | -1,675 | -12% |
| GOLAR LNG LTD | 162 | 0.03% | 10,438 | 10,438 | new |
| HERC HOLDINGS INC | 145 | 0.02% | 13,129 | 13,129 | new |
| ICONIX BRAND GROUP INC | 144 | 0.02% | 21,228 | 1,900 | 10% |
| PARK STERLING CORP | 139 | 0.02% | 19,615 | ||
| UBS GROUP AG-REG | 138 | 0.02% | 10,625 | ||
| JIVE SOFTWARE INC | 127 | 0.02% | 33,673 | ||
| EZCORP INC-CL A | 119 | 0.02% | 15,738 | ||
| HARSCO CORP | 87 | 0.01% | 13,145 | 100 | 1% |
| NOVAGOLD RESOURCES INC | 81 | 0.01% | 13,166 | ||
| ARC DOCUMENT SOLUTIONS INC | 64 | 0.01% | 16,556 | ||
| KEY ENERGY SERVICES INC | 6 | 0.00% | 27,525 | ||
| NATL PENN BCSHS INC | 0 | 0.00% | 10,850 | -10,850 | -100% |
| NEWS CORP – CLASS B | 0 | 0.00% | 10,460 | -10,460 | -100% |
| QUALCOMM INC | 0 | 0.00% | 40,000 | -40,000 | -100% |
| METLIFE INC | 0 | 0.00% | 9,075 | -9,075 | -100% |
| MAXWELL TECHNOLOGIES INC | 0 | 0.00% | 17,511 | -17,511 | -100% |
| MARKET VECTORS JR GOLD MINER | 0 | 0.00% | 180,000 | -180,000 | -100% |
| MASONITE INTERNATIONAL CORP | 0 | 0.00% | 3,150 | -3,150 | -100% |
| SILVER WHEATON CORP | 0 | 0.00% | 126,332 | -126,332 | -100% |
| SPDR DJIA TRUST | 0 | 0.00% | 55,400 | -55,400 | -100% |
| TIME WARNER CABLE | 0 | 0.00% | 50,000 | -50,000 | -100% |
| TIME WARNER CABLE Put | 0 | 0.00% | 50,000 | -50,000 | -100% |
| TAKE-TWO INTERACTIVE SOFTWRE | 0 | 0.00% | 220,000 | -220,000 | -100% |
| SPDR S&P METALS & MINING ETF | 0 | 0.00% | 32,500 | -32,500 | -100% |
| SPDR GOLD SHARES | 0 | 0.00% | 26,800 | -26,800 | -100% |
| SPDR GOLD SHARES Call | 0 | 0.00% | 200,000 | -200,000 | -100% |
| MARKET VECTORS GOLD MINERS | 0 | 0.00% | 28,250 | -28,250 | -100% |
| ISHARES MSCI EMERGING MARKET | 0 | 0.00% | 79,100 | -79,100 | -100% |
| DANA HOLDING CORP | 0 | 0.00% | 10,075 | -10,075 | -100% |
| DISH NETWORK CORP-A | 0 | 0.00% | 100,000 | -100,000 | -100% |
| CONSUMER STAPLES SPDR Put | 0 | 0.00% | 3,000,000 | -3,000,000 | -100% |
| CARPENTER TECHNOLOGY INC. | 0 | 0.00% | 226,336 | -226,336 | -100% |
| ARRIS INTERNATIONAL PLC | 0 | 0.00% | 8,800 | -8,800 | -100% |
| BLUCORA INC | 0 | 0.00% | 260,000 | -260,000 | -100% |
| ELDORADO GOLD CORP | 0 | 0.00% | 560,969 | -560,969 | -100% |
| ENERGY SELECT SECTOR SPDR | 0 | 0.00% | 16,600 | -16,600 | -100% |
| INFINERA CORP Call | 0 | 0.00% | 100,000 | -100,000 | -100% |
| IPATH S&P 500 VIX S/T FU ETN Call | 0 | 0.00% | 100,000 | -100,000 | -100% |
| HERTZ GLOBAL HOLDINGS INC | 0 | 0.00% | 73,129 | -73,129 | -100% |
| GOLD FIELDS LTD-SPONS ADR | 0 | 0.00% | 830,133 | -830,133 | -100% |
| FREEPORT-MCMORAN INC | 0 | 0.00% | 26,400 | -26,400 | -100% |
| FTI CONSULTING INC | 0 | 0.00% | 34,602 | -34,602 | -100% |
| APPLE INC | 0 | 0.00% | 17,800 | -17,800 | -100% |
| Total Sum | 631,087 |
The total equity porfolio excluding the large subs come to $631 million, so less than 10% of the parent company cash and investments. This figure is actually not totally accurate as it includes the notional amounts of both puts and calls. We have no idea what the strike prices of the options are etc. You will notice that some positions have the word “put” or “call” next to them. Those are put or call positions.
Anyway, $631 million in stock may seem defensive and conservative, which makes sense given their overall cautious view. But then again, they have three huge long positions too so no need to be swinging for the fences with parent liquidity.
GE is their largest non-subsidiary equity holding but this may be related to James Tisch being on the board. I don’t mean to say that he used L funds to hold a position in a company he sits on the board of. It probably goes both ways; he probably likes the company and stock and therefore owns the stock for L and is a board member for the same reason.
Of course, a less than $1 billion equity portfolio is too small a piece of L to move the needle either way. But this exercise is not about predicting the future of L, but digging for ideas.
Moving on…
Duquesne Family Office
Druckenmiller is known more for his macro trading, but it’s fun to look through his equity portfolio. He files 13F’s as a family office. The portfolio itself may not tell us much about his market view, though, cuz he may be short a bunch of futures and/or stocks against it.
But, it’s still fun to look at. Druckenmiller is no fool so he is worth paying attention to. And unlike many ‘macro’ guys, he started out in equities so he knows stocks.
One thing you may remember is that he used to talk up Google; that they have great management that are doing all the right things and whatnot. It’s interesting to see that GOOG is not even in the portfolio anymore, and FB is at the top of his list. And HAL is a new, large position. This is probably a call on crude (not necessarily on crude oil price, but on capex etc…).
Be careful with the “new” positions because sometimes a name or spelling changes and the script is not smart enough to know so, for example, POST shows up as a new position, but the same amount shows up at the bottom of the list as completely liquidated. I guess sorting by cusip number would prevent some of this. Project for the future…
Duquesne Family Office LLC
| Name | dollar amt | %port | #shares | change | %chg |
|---|---|---|---|---|---|
| Facebook Inc. | 106,554 | 12.24% | 932,394 | -1,091,300 | -54% |
| Halliburton Co | 98,624 | 11.33% | 2,177,600 | 2,177,600 | new |
| AbbVie Inc. | 82,026 | 9.42% | 1,324,920 | 1,324,920 | new |
| IShrs MSCI Emg’g Mkt Idx | 71,929 | 8.26% | 2,093,400 | -877,600 | -30% |
| Barrick Gold Corp | 39,126 | 4.49% | 1,832,600 | ||
| Freeport-McMoRan Inc | 38,664 | 4.44% | 3,470,700 | 3,470,700 | new |
| Alcoa Inc. | 31,432 | 3.61% | 3,390,700 | 3,390,700 | new |
| Deere & Co | 29,215 | 3.36% | 360,500 | 360,500 | new |
| Amazon.com Inc. | 25,333 | 2.91% | 35,400 | -41,800 | -54% |
| Post Hldgs Inc. | 24,079 | 2.77% | 291,200 | 291,200 | new |
| Agnico Eagle Mines Ltd | 23,267 | 2.67% | 434,900 | ||
| Zoetis Inc. | 22,681 | 2.60% | 477,900 | ||
| CF Ind’s Hldgs Inc. | 22,432 | 2.58% | 930,800 | 930,800 | new |
| Pure Storage Inc. | 21,632 | 2.48% | 1,984,600 | ||
| Agrium Inc. | 19,938 | 2.29% | 220,500 | 220,500 | new |
| Potash Corp of Sask Inc. | 19,358 | 2.22% | 1,192,000 | 1,192,000 | new |
| WhiteWave Foods Co | 17,086 | 1.96% | 364,000 | ||
| Ctrip.com Int’l Ltd. | 16,851 | 1.94% | 409,000 | 409,000 | new |
| HDFC Bank Ltd. | 15,393 | 1.77% | 232,000 | 106,200 | 84% |
| Ingersoll-Rand Plc | 15,188 | 1.74% | 238,500 | 238,500 | new |
| Abbott Labs | 15,150 | 1.74% | 385,400 | 385,400 | new |
| NVIDIA Corp. | 15,043 | 1.73% | 320,000 | 320,000 | new |
| Salesforce.com Inc. | 15,008 | 1.72% | 189,000 | 189,000 | new |
| Rockwell Automation Inc. | 14,938 | 1.72% | 130,100 | 130,100 | new |
| General Dynamics Corp | 14,606 | 1.68% | 104,900 | 104,900 | new |
| Raytheon Co | 10,482 | 1.20% | 77,100 | 77,100 | new |
| Mead Johnson Nut’n Co | 10,010 | 1.15% | 110,300 | 110,300 | new |
| Nucor Corp | 9,931 | 1.14% | 201,000 | 201,000 | new |
| Agilent Tech’s Inc. | 9,773 | 1.12% | 220,300 | 220,300 | new |
| Eastman Chem Co | 8,902 | 1.02% | 131,100 | 131,100 | new |
| Williams Co’s Inc. | 6,022 | 0.69% | 278,400 | ||
| SPDR Gold Trust | 0 | 0.00% | 2,016,000 | -2,016,000 | -100% |
| Post Holdings Inc. | 0 | 0.00% | 291,200 | -291,200 | -100% |
| Philip Morris Int’l Inc. | 0 | 0.00% | 554,800 | -554,800 | -100% |
| Pepsico Inc. | 0 | 0.00% | 353,300 | -353,300 | -100% |
| Southern Co | 0 | 0.00% | 1,017,400 | -1,017,400 | -100% |
| WEC Energy Grp Inc. | 0 | 0.00% | 178,000 | -178,000 | -100% |
| Workday Inc. | 0 | 0.00% | 259,700 | -259,700 | -100% |
| PPL Corp | 0 | 0.00% | 974,700 | -974,700 | -100% |
| Verizon Comms Inc. | 0 | 0.00% | 400,000 | -400,000 | -100% |
| Tempur Sealy Int’l Inc. | 0 | 0.00% | 125,500 | -125,500 | -100% |
| Southwest Airlines Co. | 0 | 0.00% | 493,000 | -493,000 | -100% |
| Home Depot Inc. | 0 | 0.00% | 150,700 | -150,700 | -100% |
| Coca-Cola Co | 0 | 0.00% | 1,388,900 | -1,388,900 | -100% |
| Caterpillar Inc. | 0 | 0.00% | 330,000 | -330,000 | -100% |
| Am Elect Pwr Co Inc. | 0 | 0.00% | 160,200 | -160,200 | -100% |
| Alphabet Inc. | 0 | 0.00% | 55,700 | -55,700 | -100% |
| Consolidated Edison Inc. | 0 | 0.00% | 141,900 | -141,900 | -100% |
| Duke Energy Corp | 0 | 0.00% | 649,100 | -649,100 | -100% |
| McDonald’s Corp | 0 | 0.00% | 158,200 | -158,200 | -100% |
| The Estee Lauder Co Inc. | 0 | 0.00% | 111,900 | -111,900 | -100% |
| JD.Com Inc. | 0 | 0.00% | 356,400 | -356,400 | -100% |
| Emerson Electric Inc. | 0 | 0.00% | 551,000 | -551,000 | -100% |
| Microsoft Corp | 0 | 0.00% | 517,100 | -517,100 | -100% |
| Total Sum | 870,673 |
Ratan Capital Management
Here is a fund manager I learned about a while back because I had CNBC on and this manager started talking about two of my favorite stocks at the time; POST and CHTR (still my largest positions). I stopped to watch the interview and was surprised at how it seemed like we were thinking the same exact thing. Anyway, ever since then I have been following the 13F’s. Ratan owned a bunch of VRX but dumped it pretty quickly last year. She also dumped POST when they seemed to hit a speed bump but bought back in later (I don’t claim to be better, but I didn’t sell a single share and rode it all the way back up!).
Anyway, here is the most recent portfolio:
Ratan Capital Management LP
| Name | dollar amt | %port | #shares | change | %chg |
|---|---|---|---|---|---|
| CHARTER COMMUNICATIONS INC N | 49,281 | 24.51% | 215,540 | 215,540 | new |
| POST HLDGS INC | 43,942 | 21.85% | 531,406 | -516,756 | -49% |
| STARZ | 38,473 | 19.13% | 1,285,860 | 300,000 | 30% |
| COCA COLA EUROPEAN PARTNERS | 26,768 | 13.31% | 750,000 | 750,000 | new |
| MEDIVATION INC | 17,975 | 8.94% | 298,101 | 298,101 | new |
| HILLTOP HOLDINGS INC | 12,529 | 6.23% | 596,884 | ||
| LIONS GATE ENTMNT CORP | 12,104 | 6.02% | 598,300 | 598,300 | new |
| VALEANT PHARMACEUTICALS INTL | 0 | 0.00% | 350,000 | -350,000 | -100% |
| CTRIP COM INTL LTD | 0 | 0.00% | 535,874 | -535,874 | -100% |
| ALLERGAN PLC | 0 | 0.00% | 219,575 | -219,575 | -100% |
| CHARTER COMMUNICATIONS INC D | 0 | 0.00% | 302,905 | -302,905 | -100% |
| COMCAST CORP NEW | 0 | 0.00% | 326,029 | -326,029 | -100% |
| Total Sum | 201,072 |
CHTR and POST remain the top two positions. I still like them both, and it seems Tiger Global likes CHTR too. Not that I like to own things too many hedge funds own; that’s not a great thing either. STARZ is another Malone consolidation play. Coca Cola European Partners looks like an interesting new position. I am not a big fan of sodas, but this is a corporate change play so may be more interesting than KO (which, to me, is the ultimate corporate unchange play). I will have to take a close look at this one.
Pabrai
Here’s a name that is widely followed in the value investing community. Monish Pabrai files as Dalal Street, LLC, and he is heavily into autos. It’s kind of astounding that he has more than half of his portfolio in the auto industry. Focus and concentration is good, but Greenblatt’s book is careful to say that the names should be in different industries or else you may not get the diversification effect you need from a small number of names.
Here is Pabrai’s portfolio:
Dalal Street, LLC
| Name | dollar amt | %port | #shares | change | %chg |
|---|---|---|---|---|---|
| FIAT CHRYSLER AUTOMOBILES N | 84,364 | 28.48% | 13,784,930 | -1,000 | -0% |
| GENERAL MTRS CO | 62,657 | 21.15% | 5,984,447 | -2,001 | -0% |
| ALPHABET INC | 47,885 | 16.16% | 69,188 | ||
| FERRARI N V | 43,527 | 14.69% | 1,069,038 | -208,154 | -16% |
| SERITAGE GROWTH PPTYS | 26,371 | 8.90% | 529,113 | -1,540 | -0% |
| AERCAP HOLDINGS NV | 20,966 | 7.08% | 624,160 | 624,160 | new |
| BERKSHIRE HATHAWAY INC DEL | 10,497 | 3.54% | 72,500 | -6 | -0% |
| WL ROSS HLDG CORP | 0 | 0.00% | 1,026,424 | -1,026,424 | -100% |
| Total Sum | 296,267 |
Seritage Growth Properties is the real estate spin-off from Sears and Buffett bought some for his personal account. It’s always worth a look when Buffett puts something in his PA.
It’s interesting to see GOOG there at 16%. I like GOOG but it’s not a name I would have expected to see in the Dhandho investor’s portfolio.
He dumped WL Ross Holdings, I suppose, after the merger. Ross fans were hoping for a distressed play but instead got a non-distressed chemical platform play.
Tiger Global
And here is Tiger Global’s portfolio. Tiger cubs are really known for digging deep and really understanding the businesses they invest in. That’s why I like to keep track of what they do. There are many others too but I like to watch Tiger Global because of their focus on tech (even though I don’t do too much in tech).
There are other funds with great performance, like Point72 (the old SAC), but since they seem to trade short term, I don’t know what the relevance of the 13F’s would be. For example, if something showed up as a top holding because they thought a company might beat the EPS estimate in a couple of weeks, that would not really interest me. I am more interested in things that people want to own for many years. That’s why I don’t really care what quant funds own either (Medallion etc.).
Anyway, back to Tiger Global.
It seems like they increased their position in CHTR, so that’s very interesting to me as I still like CHTR. Of course, it’s no good when too many hedge funds get on board as it just sets up a big correction at some point down the line.
But seeing Tiger Global add at these prices is encouraging. I’ve owned this name for a long time (since around $100/share, I think).
TIGER GLOBAL MANAGEMENT LLC
| Name | dollar amt | %port | #shares | change | %chg |
|---|---|---|---|---|---|
| AMAZON COM INC | 1,047,759 | 20.70% | 1,464,127 | 421,887 | 40% |
| CHARTER COMMUNICATIONS INC N | 972,496 | 19.21% | 4,253,394 | 4,253,394 | new |
| PRICELINE GRP INC | 936,308 | 18.50% | 750,000 | 199,102 | 36% |
| JD COM INC | 934,227 | 18.46% | 44,005,044 | ||
| FLEETCOR TECHNOLOGIES INC | 466,550 | 9.22% | 3,259,626 | -355,000 | -10% |
| MASTERCARD INC | 165,048 | 3.26% | 1,874,271 | -44,500 | -2% |
| APPLE INC | 131,909 | 2.61% | 1,379,797 | -4,277,453 | -76% |
| ETSY INC | 106,367 | 2.10% | 11,091,426 | ||
| RESTAURANT BRANDS INTL INC | 103,842 | 2.05% | 2,496,213 | 36,213 | 1% |
| EHI CAR SVCS LTD | 84,265 | 1.66% | 8,334,863 | ||
| TAL ED GROUP | 37,391 | 0.74% | 602,500 | -1,112,500 | -65% |
| ON DECK CAP INC | 28,190 | 0.56% | 5,473,759 | -1,426,241 | -21% |
| ATLASSIAN CORP PLC | 12,950 | 0.26% | 500,000 | ||
| PURE STORAGE INC | 10,900 | 0.22% | 1,000,000 | -4,242,615 | -81% |
| SQUARE INC | 10,699 | 0.21% | 1,182,237 | -5,369,228 | -82% |
| FITBIT INC | 6,110 | 0.12% | 500,000 | ||
| FIREEYE INC | 3,294 | 0.07% | 200,000 | ||
| SHOPIFY INC | 2,153 | 0.04% | 70,000 | ||
| LENDINGCLUB CORP | 1,183 | 0.02% | 275,000 | ||
| AMERICAN FARMLAND CO | 362 | 0.01% | 60,000 | ||
| TABLEAU SOFTWARE INC | 0 | 0.00% | 1,688,000 | -1,688,000 | -100% |
| ZILLOW GROUP INC | 0 | 0.00% | 996,708 | -996,708 | -100% |
| NETFLIX INC | 0 | 0.00% | 17,997,273 | -17,997,273 | -100% |
| INTREXON CORP | 0 | 0.00% | 2,093,199 | -2,093,199 | -100% |
| CHARTER COMMUNICATIONS INC D | 0 | 0.00% | 1,960,980 | -1,960,980 | -100% |
| GAMESTOP CORP NEW | 0 | 0.00% | 1,750,000 | -1,750,000 | -100% |
| CAL MAINE FOODS INC | 0 | 0.00% | 70,394 | -70,394 | -100% |
| Total Sum | 5,062,003 |
Bulldog Investors
Here’s a name that we looked at a while ago. It looks like Goldstein is branching out into non-closed end funds. Their top holding now, Stewart Information Services (STC) is interesting as Starboard recently took a large stake. It’s worth a closer look. Things are bound to change with multiple activists on board.
There seems to be a lot of drama around Hill International too.
SPE hasn’t been doing too well in recent years, but I like the way they think. I wasn’t always a big fan of their portfolio (SPACs etc…), but they can be a source of some off-beat ideas. Despite the not-so-inspiring performance lately, I don’t think they are a bad investment either. I know that sounds funny, but when you like how people think, you sort of want to support them even in bad times. Things should eventually go their way if they hold to their principles etc.
Anyway, we have seen that it’s been a tough environment for most active managers including hedge funds, so we’ll see what happens.
Bulldog Investors, LLC
| Name | dollar amt | %port | #shares | change | %chg |
|---|---|---|---|---|---|
| STEWART INFORMATION SERVICES | 46,802 | 12.03% | 1,130,200 | 300 | 0% |
| NEUBERGER BERMAN REAL ESTATE | 32,365 | 8.32% | 5,698,062 | 447,710 | 9% |
| NUVEEN GLOBAL EQU INC FD | 25,279 | 6.50% | 2,166,135 | 274,648 | 15% |
| WINTHROP REALTY TRUST | 22,493 | 5.78% | 2,558,908 | 90,854 | 4% |
| NUVEEN LONG/SHORT COMMODITY | 21,796 | 5.60% | 1,468,743 | 13,643 | 1% |
| VIRTUS TOTAL RETURN FD | 20,378 | 5.24% | 4,391,983 | 775,549 | 21% |
| DEUTSCHE HIGH INCOME OPPORT | 16,949 | 4.36% | 1,246,289 | -186,483 | -13% |
| HILL INTERNATIONAL INC | 15,773 | 4.06% | 3,875,519 | ||
| FIRST TRUST DIVIDEND AND INC | 15,205 | 3.91% | 1,691,267 | 125,837 | 8% |
| EMERGENT CAPITAL INC | 13,549 | 3.48% | 4,032,377 | -1 | -0% |
| ADVENT/CLAYMORE ENH GR & INC | 11,972 | 3.08% | 1,461,794 | -5,230 | -0% |
| MVC CAPITAL INC | 11,086 | 2.85% | 1,378,812 | ||
| SWISS HELVETIA FUND | 10,454 | 2.69% | 1,010,103 | 170,011 | 20% |
| PACHOLDER HIGH YIELD FUND | 10,423 | 2.68% | 1,472,141 | 768,373 | 109% |
| CUSHING RENAISSANCE FD | 8,289 | 2.13% | 529,001 | 318,865 | 152% |
| IMPERIAL HLDGS INC | 7,891 | 2.03% | 9,243,000 | 9,243,000 | new |
| WHEELER REAL ESTATE INVESTME | 6,666 | 1.71% | 4,328,415 | 60,582 | 1% |
| LAZARD GLOBAL TOT RT & INC | 6,454 | 1.66% | 493,347 | 493,347 | new |
| TRI CONTL CORP COM | 6,443 | 1.66% | 313,691 | ||
| NUVEEN DIVERSIFIED COMMODITY | 6,106 | 1.57% | 621,807 | ||
| GENERAL AMERICAN INVESTORS | 5,754 | 1.48% | 186,696 | -2,563 | -1% |
| NEW YORK REIT INC | 4,915 | 1.26% | 531,394 | 363,432 | 216% |
| FIRST TRUST ABERDEEN GLOBAL | 4,698 | 1.21% | 410,647 | 209,309 | 104% |
| FULL CIRCLE CAPITAL CORP | 4,456 | 1.15% | 1,650,429 | ||
| LIBERTY ALL STAR EQUITY FD SH | 4,273 | 1.10% | 851,229 | ||
| AROWANA INC | 4,128 | 1.06% | 1,200,000 | ||
| BOULDER GROWTH & INCM FD INC | 3,458 | 0.89% | 426,605 | ||
| PACIFIC SPECIAL ACQUISITION | 3,159 | 0.81% | 900,000 | ||
| CENTRAL SECS CORP COM | 2,703 | 0.70% | 137,645 | ||
| PUTNAM HIGH INCOME SECURITIE | 2,644 | 0.68% | 344,699 | 188,639 | 121% |
| FIRSTHAND TECHNOLOGY VALUE | 2,354 | 0.61% | 316,141 | -143,259 | -31% |
| 1347 CAPITAL CORP | 2,338 | 0.60% | 252,484 | ||
| CROSSROADS CAPITAL INC | 2,309 | 0.59% | 1,121,032 | -300 | -0% |
| DEUTSCHE GLOBAL HIGH INCOME | 2,184 | 0.56% | 268,610 | -508,806 | -65% |
| KOREA EQUITY FD INC | 2,183 | 0.56% | 277,704 | 164,731 | 146% |
| ADAMS EXPRESS COMPANY | 2,115 | 0.54% | 166,914 | ||
| ANDINA ACQUISITION CORP II | 2,039 | 0.52% | 606,855 | -5,973 | -1% |
| TERRAPIN 3 ACQUISITION COR-A | 1,992 | 0.51% | 200,000 | ||
| FINTECH ACQUISITION CORP | 1,568 | 0.40% | 196,515 | -33,400 | -15% |
| GORES HLDGS INC | 1,455 | 0.37% | 150,000 | ||
| BANCROFT FUND LTD | 1,309 | 0.34% | 39,976 | -30,000 | -43% |
| CREDIT SUISSE ASSET MGMT INC | 1,181 | 0.30% | 402,956 | 253,846 | 170% |
| E-COMPASS ACQUISITION CORP | 1,039 | 0.27% | 200,000 | ||
| ROYCE VALUE TRUST | 1,039 | 0.27% | 88,300 | 44,200 | 100% |
| JPMORGAN CHINA REGION FD INC | 961 | 0.25% | 63,232 | 9,844 | 18% |
| EQUUS TOTAL RETURN INC | 885 | 0.23% | 497,162 | ||
| DEUTSCHE HIGH INCOME TRUST | 594 | 0.15% | 67,655 | 67,655 | new |
| QUINPARIO ACQUISITION CORP 2 | 555 | 0.14% | 56,097 | ||
| GDL FUND | 535 | 0.14% | 53,898 | ||
| BARINGTON HILCO ACQUISITION | 521 | 0.13% | 167,469 | ||
| DEUTSCHE MULTI-MARKET INCOME | 461 | 0.12% | 56,604 | 56,604 | new |
| GSV CAPITAL CORP | 405 | 0.10% | 80,704 | ||
| JETPAY CORP | 350 | 0.09% | 153,651 | 85,323 | 125% |
| KEARNY FINANCIAL CORP/MD | 315 | 0.08% | 25,000 | -35,000 | -58% |
| ELLSWORTH FUND INC | 277 | 0.07% | 35,123 | ||
| CLOUGH GLOBAL EQUITY FUND | 234 | 0.06% | 21,876 | 21,876 | new |
| ATLANTIC ALLIANCE PARTNER CO | 208 | 0.05% | 20,000 | ||
| ABERDEEN SINGAPORE FD INC | 158 | 0.04% | 17,530 | 3,130 | 22% |
| 1347 CAP CORP | 145 | 0.04% | 500,000 | -4,968 | -1% |
| ASIA TIGERS FUND INC | 142 | 0.04% | 14,791 | 14,791 | new |
| DT ASIA INVESTMENTS LTD-RTS | 94 | 0.02% | 261,050 | ||
| GARNERO GROUP ACQUISITIO-RTS | 48 | 0.01% | 535,528 | ||
| COPSYNC INC | 47 | 0.01% | 60,000 | ||
| TERRAPIN 3 ACQUISITION-CW19 | 42 | 0.01% | 200,000 | ||
| HARMONY MERGER CORP-WARRANT | 40 | 0.01% | 200,918 | ||
| GORES HOLDINGS INC | 38 | 0.01% | 150,000 | ||
| ELECTRUM SPL ACQUISITION COR | 35 | 0.01% | 151,020 | ||
| DT ASIA INVTS LTD WT 033021 | 29 | 0.01% | 261,050 | ||
| ISHARES US REAL 08/19/2016 85.00 | 25 | 0.01% | 50,000 | 50,000 | new |
| GARNERO GROUP ACQUISIT-CW19 | 23 | 0.01% | 586,828 | ||
| ISHARES US REAL 07/15/2016 81.00 | 20 | 0.01% | 11,100 | 11,100 | new |
| AR CAPITAL ACQUISITION-CW19 | 14 | 0.00% | 205,173 | 5,000 | 2% |
| ORIGO ACQUISITION CORP-RTS | 11 | 0.00% | 75,000 | 75,000 | new |
| QUINPARIO ACQUISITION C-CW23 | 10 | 0.00% | 56,097 | ||
| SPDR S&P 500 ET 07/15/2016 204.00 | 8 | 0.00% | 10,000 | 10,000 | new |
| ORIGO ACQUISITION COR. WT | 5 | 0.00% | 75,000 | 75,000 | new |
| SPDR S&P 500 ET 07/15/2016 214.00 | 3 | 0.00% | 10,000 | 10,000 | new |
| ISHARES US REAL 07/15/2016 74.00 | 1 | 0.00% | 11,100 | 11,100 | new |
| LMP REAL ESTATE INCOME FUND | 0 | 0.00% | 2,504,359 | -2,504,359 | -100% |
| ISHARES US REAL 01/15/2016 75.50 Call | 0 | 0.00% | 34,800 | -34,800 | -100% |
| MANAGED HI YLD PLUS FUND INC | 0 | 0.00% | 4,209,907 | -4,209,907 | -100% |
| WL ROSS HLDG CORP | 0 | 0.00% | 25,000 | -25,000 | -100% |
| ISHARES US REAL 01/15/2016 73.00 Put | 0 | 0.00% | 34,800 | -34,800 | -100% |
| STRATEGIC GLOBAL INCOME FD | 0 | 0.00% | 150,680 | -150,680 | -100% |
| SOURCE CAP INC | 0 | 0.00% | 82,562 | -82,562 | -100% |
| DELAWARE INV DIVIDEND & INC | 0 | 0.00% | 32,667 | -32,667 | -100% |
| CB PHARMA ACQUISITION-RTS | 0 | 0.00% | 75,000 | -75,000 | -100% |
| C B PHARMA ACQUISITION CORP | 0 | 0.00% | 75,000 | -75,000 | -100% |
| DT ASIA INVESTMENTS LTD | 0 | 0.00% | 556,373 | -556,373 | -100% |
| GABELLI GLOBALDEAL FUND (THE) | 0 | 0.00% | 16,275 | -16,275 | -100% |
| GLOBAL HIGH INCOME FUND INC | 0 | 0.00% | 2,084,103 | -2,084,103 | -100% |
| GARNERO GROUP ACQUISITION CO | 0 | 0.00% | 682,585 | -682,585 | -100% |
| IMPERIAL HOLDINGS INCIFT 8 1/2 02/15/19 | 0 | 0.00% | 9,243,000 | -9,243,000 | -100% |
| Total Sum | 388,905 |
Horizon Kinetics
Here’s another smaller name that we’ve looked at; FRMO. These guys, too, are people I follow and really like how they think. But the performance of their funds haven’t been too great lately, but then again, this is true for the whole industry.
One of their big strategies is to focus on owner-operator type businesses which we like too (the Outsider-type companies).
So regardless of their performance, it’s still interesting to dig into their portfolio to see what’s in there; see if there is anything we should be looking more closely at.
They run some other strategies too so many of the names might not fit the category. I assume the largest positions fit the theme, though.
The list was way too long so I cut off positions less than 0.1% weight.
Horizon Kinetics LLC
| Name | dollar amt | %port | #shares | change | %chg |
|---|---|---|---|---|---|
| HOWARD HUGHES CORP | 405,337 | 10.15% | 3,545,634 | -159,226 | -4% |
| TEXAS PACIFIC LAND TRUST | 279,122 | 6.99% | 1,655,036 | 9,043 | 1% |
| LIBERTY MEDIA CORP DELAWARE | 266,678 | 6.67% | 9,299,190 | 1,367,829 | 17% |
| BARCLAYS BK PLC Call | 249,412 | 6.24% | 5,154,300 | 3,334,600 | 183% |
| DREAMWORKS ANIMATION SKG INC | 198,142 | 4.96% | 4,848,112 | -2,362,772 | -33% |
| ICAHN ENTERPRISES LP | 182,702 | 4.57% | 3,383,381 | -123,895 | -4% |
| STARZ | 144,668 | 3.62% | 4,835,164 | -207,686 | -4% |
| WENDYS COMPANY | 124,606 | 3.12% | 12,952,733 | -573,237 | -4% |
| LIBERTY BROADBAND CORP | 121,570 | 3.04% | 2,031,345 | -207,202 | -9% |
| SILVER WHEATON CORP | 120,568 | 3.02% | 5,124,048 | -268,583 | -5% |
| AUTONATION INC | 109,151 | 2.73% | 2,323,350 | -321,657 | -12% |
| BROOKFIELD ASSET MGMT INC | 100,204 | 2.51% | 3,030,048 | -171,249 | -5% |
| NEWELL BRANDS INC | 83,119 | 2.08% | 1,711,320 | 1,711,320 | new |
| DISH NETWORK CORP | 78,662 | 1.97% | 1,501,185 | -580,979 | -28% |
| CBOE HLDGS INC | 75,065 | 1.88% | 1,126,767 | -50,579 | -4% |
| FRANCO NEVADA CORP | 67,194 | 1.68% | 883,430 | -75,283 | -8% |
| L BRANDS INC | 51,703 | 1.29% | 770,201 | -164,638 | -18% |
| BERKSHIRE HATHAWAY INC DEL | 49,961 | 1.25% | 207,282 | -6,721 | -3% |
| LIBERTY INTERACTIVE CORP QVC | 49,191 | 1.23% | 1,938,928 | 1,938,928 | new |
| LIVE NATION ENTERTAINMENT INC. | 39,775 | 1.00% | 1,692,582 | -167,965 | -9% |
| ECHOSTAR CORP | 39,198 | 0.98% | 987,351 | -63,406 | -6% |
| TRI POINTE GROUP INC | 37,513 | 0.94% | 3,173,653 | -112,675 | -3% |
| VIACOM INC NEW | 35,476 | 0.89% | 855,460 | -43,214 | -5% |
| SEARS HLDGS CORP | 33,974 | 0.85% | 3,050,277 | -327,321 | -10% |
| ROYAL GOLD INC COM | 33,029 | 0.83% | 458,611 | 458,611 | new |
| PLATFORM SPECIALTY PRODS COR | 32,919 | 0.82% | 3,707,185 | -208,171 | -5% |
| LAS VEGAS SANDS CORP | 25,379 | 0.64% | 583,549 | -24,029 | -4% |
| CONTINENTAL RESOURCES INC | 25,231 | 0.63% | 557,345 | -27,413 | -5% |
| ROUSE PPTYS INC | 24,679 | 0.62% | 1,352,277 | -74,672 | -5% |
| FOREST CITY REALTY TRUST | 22,042 | 0.55% | 987,976 | -56,326 | -5% |
| MARKEL CORP | 21,565 | 0.54% | 22,634 | -442 | -2% |
| ALPHABET INC | 21,060 | 0.53% | 30,184 | -609 | -2% |
| DISCOVERY COMMUNICATNS NEW | 20,161 | 0.50% | 806,205 | -114,498 | -12% |
| OAKTREE CAP GROUP LLC | 20,073 | 0.50% | 448,468 | -518 | -0% |
| ROYCE MICRO-CAP TR INC | 19,023 | 0.48% | 2,591,714 | 2,473,038 | 2,084% |
| COLFAX CORP | 18,833 | 0.47% | 711,762 | -33,543 | -5% |
| LEUCADIA NATIONAL CORP | 16,979 | 0.42% | 979,788 | -54,999 | -5% |
| LIBERTY INTERACTIVE CORP | 15,894 | 0.40% | 428,778 | -686,966 | -62% |
| LIBERTY INTERACTIVE CORP | 15,894 | 0.40% | 428,778 | -1,819,336 | -81% |
| CBS CORP NEW | 14,895 | 0.37% | 273,613 | -24,628 | -8% |
| ROYAL GOLD INC | 14,423 | 0.36% | 13,480,000 | -476,724 | -3% |
| MADISON SQUARE GARDEN CO NEW | 14,316 | 0.36% | 82,989 | -7,296 | -8% |
| EQUITY LIFESTYLE PPTYS INC | 13,758 | 0.34% | 171,870 | -10,324 | -6% |
| CHENIERE ENERGY INC | 13,665 | 0.34% | 23,350,759 | 14,226,593 | 156% |
| MGM RESORTS INTERNATIONAL | 13,351 | 0.33% | 589,960 | -8,800 | -1% |
| WYNN RESORTS LTD | 13,204 | 0.33% | 145,669 | -11,640 | -7% |
| VISA INC COM | 12,658 | 0.32% | 170,664 | 170,664 | new |
| PIMCO DYNAMIC INCOME FD | 11,727 | 0.29% | 425,343 | -5,368 | -1% |
| NAVIGATOR HOLDINGS LTD | 11,290 | 0.28% | 981,775 | 981,775 | new |
| DOUBLELINE OPPORTUNISTIC CR | 11,210 | 0.28% | 418,588 | -75,236 | -15% |
| DOUBLELINE INCOME SOLUTIONS | 11,020 | 0.28% | 600,556 | 4,887 | 1% |
| PIMCO INCOME STRATEGY FUND II | 10,608 | 0.27% | 1,152,998 | -29,247 | -2% |
| LIBERTY MEDIA CORP DELAWARE | 9,314 | 0.23% | 630,212 | -7,301,149 | -92% |
| TORTOISE MLP FD INC | 9,278 | 0.23% | 502,852 | 393,848 | 361% |
| LSB INDS INC | 9,258 | 0.23% | 766,431 | -26,959 | -3% |
| NUVEEN ENERGY MLP TOTL RTRNF | 8,312 | 0.21% | 634,555 | 468,460 | 282% |
| VIASAT INC | 8,052 | 0.20% | 112,766 | -5,801 | -5% |
| CBOE HOLDINGS INC Put | 8,000 | 0.20% | 160,000 | ||
| FEDERATED INVS INC PA | 7,725 | 0.19% | 268,412 | -8,081 | -3% |
| MASTERCARD INC CL A | 7,550 | 0.19% | 85,733 | 85,733 | new |
| PIMCO INCOME OPPORTUNITY FD | 7,365 | 0.18% | 320,208 | -29,242 | -8% |
| EXXON MOBIL CORP | 6,477 | 0.16% | 69,094 | 479 | 1% |
| EMERGENT CAP INC | 6,343 | 0.16% | 1,887,743 | -64,798 | -3% |
| INTER PARFUMS INC | 6,322 | 0.16% | 221,284 | -901 | -0% |
| PAR PACIFIC HOLDINGS INC | 6,232 | 0.16% | 406,305 | -151,463 | -27% |
| PIMCO INCOME STRATEGY FUND | 5,924 | 0.15% | 576,772 | -611 | -0% |
| NUVEEN PERFORM PLUS MUN FD | 5,836 | 0.15% | 353,491 | -1,665 | -0% |
| SEARS CANADA INC | 5,411 | 0.14% | 1,822,195 | -121,007 | -6% |
| SEARS HOMETOWN AND OUTLET ST | 5,380 | 0.13% | 798,227 | -71,916 | -8% |
| KRAFT HEINZ COMPANY | 5,275 | 0.13% | 59,622 | -1,817 | -3% |
| TIME WARNER INC | 5,235 | 0.13% | 71,181 | -8,576 | -11% |
| ASSOCIATED CAP GROUP INC | 5,215 | 0.13% | 181,811 | 86,604 | 91% |
| VANGUARD INDEX TR | 5,103 | 0.13% | 47,620 | 47,620 | new |
| WILLIAMS COS INC | 5,022 | 0.13% | 232,178 | -16,566 | -7% |
| TORTOISE ENERGY INFRA CORP | 4,904 | 0.12% | 159,330 | 159,330 | new |
| LENNAR CORP | 4,589 | 0.11% | 99,568 | -1,737 | -2% |
| BRISTOL MYERS SQUIBBCO | 4,323 | 0.11% | 58,776 | -100 | -0% |
| SANDSTORM GOLD LTD | 4,287 | 0.11% | 961,104 | -491,614 | -34% |
| ISHARES TR | 4,235 | 0.11% | 41,914 | -81,527 | -66% |
| VANGUARD INDEX FDS | 4,211 | 0.11% | 23,446 | -167,181 | -88% |
| MSG NETWORK INC | 4,172 | 0.10% | 271,975 | -23,773 | -8% |
| EATON VANCE LTD DUR INCOME F | 4,086 | 0.10% | 304,043 | -5,379 | -2% |
| AMTRUST FINANCIAL SERVICES I | 3,984 | 0.10% | 162,613 | -4,653 | -3% |
| WESTERN ASSET CORPORATE LN F | 3,929 | 0.10% | 379,618 | 379,618 | new |
| GENERAL GROWTH PPTYS INC NEW | 3,883 | 0.10% | 130,200 | -4,575 | -3% |
| PAYPAL HLDGS INC | 3,882 | 0.10% | 106,312 | -26,453 | -20% |
| CLEARBRIDGE ENERGY MLP TR FD | 3,847 | 0.10% | 300,577 | 300,577 | new |
| CLEARBRIDGE ENERGY MLP FD IN | 3,836 | 0.10% | 240,807 | 240,807 | new |
| AMERICAN RAILCAR INDS INC | 3,835 | 0.10% | 97,168 | -13,198 | -12% |
| *snip* I cut off positions below 0.10% since the list was too long… I include the exits, though, below: |
|||||
| NUVEEN QUALITY PFD INCOME FD 3 | 0 | 0.00% | 140,334 | -140,334 | -100% |
| NUVEEN QUALITY PFD INCOME FD | 0 | 0.00% | 12,321 | -12,321 | -100% |
| ONCONOVA THERAPEUTICS INC | 0 | 0.00% | 24,000 | -24,000 | -100% |
| QUANTUM CORP CONV | 0 | 0.00% | 500,000 | -500,000 | -100% |
| PERSHING GOLD CORP | 0 | 0.00% | 28,810 | -28,810 | -100% |
| PEABODY ENERGY CORP | 0 | 0.00% | 24,000 | -24,000 | -100% |
| NUVEEN QUALITY MUN FD INC | 0 | 0.00% | 10,408 | -10,408 | -100% |
| NUVEEN QUALITY INCOME MUN FD | 0 | 0.00% | 17,200 | -17,200 | -100% |
| MORNINGSTAR INC COM | 0 | 0.00% | 5,988 | -5,988 | -100% |
| MICROSOFT CORP | 0 | 0.00% | 18,630 | -18,630 | -100% |
| NCR CORP NEW | 0 | 0.00% | 546 | -546 | -100% |
| NUVEEN NEW JERSEY MUN VALUE | 0 | 0.00% | 600 | -600 | -100% |
| NUVEEN PFDINCOME OPPRTNY FD | 0 | 0.00% | 49,389 | -49,389 | -100% |
| MFS HIGH INCOME MUN TR SH BEN INT | 0 | 0.00% | 16,762 | -16,762 | -100% |
| WESTROCK CO | 0 | 0.00% | 9,060 | -9,060 | -100% |
| VISTA OUTDOOR INC | 0 | 0.00% | 7,029 | -7,029 | -100% |
| VISA INC | 0 | 0.00% | 172,664 | -172,664 | -100% |
| WESTERN ASSET CLYM INFL SEC COM | 0 | 0.00% | 27,970 | -27,970 | -100% |
| MCGRAW HILL FINL INC | 0 | 0.00% | 5,658 | -5,658 | -100% |
| DREAMWORKS ANIMATION SKG INC Put | 0 | 0.00% | 14,400 | -14,400 | -100% |
| WL ROSS HLDG CORP | 0 | 0.00% | 31,855 | -31,855 | -100% |
| UNION PACIFIC CORP | 0 | 0.00% | 12,575 | -12,575 | -100% |
| TRIMAS CORP | 0 | 0.00% | 11,000 | -11,000 | -100% |
| SCHLUMBERGER LTD | 0 | 0.00% | 12,239 | -12,239 | -100% |
| ROLLINS INC | 0 | 0.00% | 18,991 | -18,991 | -100% |
| SONOCO PRODS CO | 0 | 0.00% | 25,150 | -25,150 | -100% |
| STRAIGHT PATH COMMUNICATNS I | 0 | 0.00% | 6,681 | -6,681 | -100% |
| TESLA MTRS INC | 0 | 0.00% | 2,133 | -2,133 | -100% |
| RALPH LAUREN CORP CL A | 0 | 0.00% | 5,125 | -5,125 | -100% |
| HEARTLAND EXPRESS INC COM | 0 | 0.00% | 26,113 | -26,113 | -100% |
| BROOKFIELD INFRAST PARTNERS | 0 | 0.00% | 78,622 | -78,622 | -100% |
| BROOKFIELD HIGH INCOME FD INC COM | 0 | 0.00% | 271,705 | -271,705 | -100% |
| CABLEVISION SYS CORP | 0 | 0.00% | 49,130 | -49,130 | -100% |
| CASTLE BRANDS INC | 0 | 0.00% | 106,000 | -106,000 | -100% |
| FIRST TR STRATEGIC HIGH INC | 0 | 0.00% | 13,181 | -13,181 | -100% |
| WILLIAMS CLAYTON ENERGY INC | 0 | 0.00% | 56,687 | -56,687 | -100% |
| BAXALTA INC COM | 0 | 0.00% | 14,009 | -14,009 | -100% |
| AVENUE INCOME CR STRATEGIES COM | 0 | 0.00% | 15,884 | -15,884 | -100% |
| ALLIANCE BERNSTEIN INCOME FUND | 0 | 0.00% | 166,800 | -166,800 | -100% |
| AFFYMETRIX INC | 0 | 0.00% | 104,000 | -104,000 | -100% |
| AMERICAN INTERNATIONAL GROUP INC | 0 | 0.00% | 37,789 | -37,789 | -100% |
| APOLLO INVT CORP | 0 | 0.00% | 14,249 | -14,249 | -100% |
| ARES CAP CORP COM | 0 | 0.00% | 11,561 | -11,561 | -100% |
| FLAHERTY & CRMN PFD IN | 0 | 0.00% | 33,392 | -33,392 | -100% |
| FOREST CITY ENTERPRISES INC | 0 | 0.00% | 446,000 | -446,000 | -100% |
| MARKET VECTORS ETF TR | 0 | 0.00% | 7,091 | -7,091 | -100% |
| MARATHON OIL CORP | 0 | 0.00% | 10,902 | -10,902 | -100% |
| MASCO CORP | 0 | 0.00% | 10,600 | -10,600 | -100% |
| MASTEC INC | 0 | 0.00% | 25,319 | -25,319 | -100% |
| MASTERCARD INC | 0 | 0.00% | 90,656 | -90,656 | -100% |
| LMP CORPORATE LN FD INC | 0 | 0.00% | 409,515 | -409,515 | -100% |
| JOURNAL MEDIA GROUP INC | 0 | 0.00% | 53,915 | -53,915 | -100% |
| GAP INC DEL | 0 | 0.00% | 17,045 | -17,045 | -100% |
| GANNETT CO INC | 0 | 0.00% | 24,697 | -24,697 | -100% |
| ILLINOIS TOOL WORKS INC | 0 | 0.00% | 4,997 | -4,997 | -100% |
| INVESCO MUNI INCOME OPP TRST | 0 | 0.00% | 27,874 | -27,874 | -100% |
| JARDEN CORP | 0 | 0.00% | 2,460,911 | -2,460,911 | -100% |
| MCDERMOTT INTL INC | 0 | 0.00% | 10,164 | -10,164 | -100% |
| Total Sum | 3,995,287 |
Anyway, wow, that was long. I won’t always be making posts with these long lists. Some people love lists, others hate them. I guess if you don’t like it, you can just scroll through the lists. I tend to like browsing lists as you never know what pops into view that might grab you.
In the future, I’ll probably only posts lists when there is something interesting to point out. Otherwise we can just grab interesting names from the lists and just look at them.
KK,
Thanks for starting posting again. Maybe it's because I agree with what you say, but your blog is unrivaled. Have you considered including a brief bio in a future post? Obviously not specifics as don't mean to encroach on your privacy, but I think people would be interested.
-Jeff
Thanks. Yeah, maybe I will do some short, simple bio at some point.
Happy to see you posting again.
Hi KK,
I have been doing something similar and would like to share with you what I got. My idea is that since beating SPX is so hard, I want to look at why some can do it consistently and how (not just a blackbox HF). I know 13F is just a quarterly 45-day-delayed snapshot and of course past performance is meaningless (also survivorship bias etc), I have sort of played with the 13Fs using real-life conditions (assuming all portfolios can only buy/sell on Feb 15, May 15, Aug 15 and Nov 15 using those prices) to pick out those with consistent performance (say 15%+ CAGR over time).
1. There were 4,315 13F filings for 2Q16
2. Filter out those are too small (at least $500mn AUM), too concentrated (at least 10 holdings, but no single holding >20%), too diversified (no more than 100 holdings to filter out closet funds), too new (at least 3 year of 13F history), too high turnover (don't like constantly buy/sell)
3. Evaluate historical performances of those 13Fs based on 45-day-delayed buy/sell prices
Below are some of the diversified 13Fs (filtered out pure tech / healthcare portfolios) that caught my eye, not surprisingly, many are under the radar value funds.
FUNDSMITH LLP
VERITAS ASSET MANAGEMENT LLP
LINDSELL TRAIN LTD
TREMBLANT CAPITAL GROUP
EGERTON CAPITAL (UK) LLP
LYRICAL ASSET MANAGEMENT LP
CONATUS CAPITAL MANAGEMENT LP
AKRE CAPITAL MANAGEMENT LLC
BROAD RUN INVESTMENT MANAGEMENT, LLC
STARBOARD VALUE LP
FPR PARTNERS LLC
VALUEACT HOLDINGS, L.P.
RGM CAPITAL, LLC
SANDS CAPITAL MANAGEMENT, LLC
RAGING CAPITAL MANAGEMENT, LLC
Of course everyone running the above will have different picks/conclusion, just a thought…
Cheers
Fundsmith and Lindsell Train are a great follow, UK investors that don't do much but have a very sound philosophy. They're mostly in the big consumer staples everybody decries as too expensive but the reasoning behind is really well thought out.
Nick Train is interesting because he is extremely slow to purchase and then holds his investments for many years. I can't remember the last time he has bought anything new in his investment trust, but it has been years. It trades at a >60% premium, incidentally, due to owning a stake in the asset management company, which has done very well. His funds have added Remy-Cointreau and Pepsi over the last few years – nothing else that I know of.
Terry Smith of Fundsmith is interesting too. He buys high ROC companies with lots of free cash flow and, if you look at what he owns, you will see lots of overlaps with Jensen. So many overlaps, in fact, you wonder whether they talk to each other! He was a brilliant bank analyst, in a past life, and wrote an influential book about accounting jiggery-pokery, but has never owned a bank since starting Fundsmith. He is a great speaker and communicator and if you visit his website you can find footage of him holding court and dispensing pearls of wisdom on various subjects.
Have enjoyed the blog for years, by the way, especially the tangents!
Cool. Thanks for that. I was thinking about making a performance proxy using the 13F's too. Shouldn't be that hard. Maybe next coding project. But one thing that got me was that ticker symbols aren't included as an xml field in the filings so I would have to match ticker symbols with issuer names (or otherwise get stock price information). I could get prices, I suppose, by searching corporate names but it wouldn't be as simple as grabbing prices from the Yahoo Finance API; maybe there is a way to get prices using issuer names.
Anyway, I'd be curious how you went about doing that. Thanks for any input.
For tickers/CIK maybe try : https://gist.github.com/ddd1600/3934032
https://dan.vonkohorn.com/2016/07/03/cik-ticker-mappings/
(http://quant.stackexchange.com/questions/8099/central-index-key-cik-of-all-traded-stocks)
May be also of interest:
https://api.tiingo.com
http://usfundamentals.com/download
more: https://www.reddit.com/r/algotrading/comments/4y6ede/new_fundamental_stock_data_api/
Thanks! I will take a look at these. The best thing about writing this blog is the info I get back in the comments section.
Emergent Capital may be interesting. Goldstein is the Chairman, it's trading around 1/2 of book, and it announced on Aug 1 that it's exploring strategic alternatives. Goldstein mentions it in all of his annual/semi-annual reports going back to 2012. It looks like Horizon also has a position.
Yeah, I think I looked at that before. I should take another look. There're a lot of interesting little things in some these filings…
Government is considering roping in two-three banks, including SBI and PNB, to pick up stake in IIFCL-anchored Rs 500-crore Credit Enhancement Fund announced by Finance Minister Arun Jaitley in the budget this year, as per reports.
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