Tiger cub David Grestenhaber’s Argonaut Capital is out with their 13f filing for the first quarter of this year. Argonaut Capital’s basic strategy is global macro, therefore the equities portfolio makes a small portion of the overall fund assets. The long equity holdings rose from $114 million in 4Q2012 to $275 million in 1Q2013. Argonaut’s Global Macro Fund was up 4.3 percent in Q1, read the full report on returns here.
Argonaut Capital’s Top Positions
As of March 2013, Argonaut Capital’s top positions are in Apple Inc (NASDAQ: AAPL), Philip Morris International Inc. (NYSE:PM), Tenet Healthcare Corp (NYSE:THC) and Netflix, Inc. (NASDAQ:NFLX).
Argonaut Capital bought Delta Air Lines, Inc. (NYSE:DAL) Melco Crown Entertainment Ltd (NASDAQ:MPEL) and Liberty Global Inc. (NASDAQ:LBTYA) in Q1. However all of these are small allocations as Grestenhaber’s major position is his bull on SPDR S&P 500 ETF Trust (NYSEARCA:SPY), where he owns not only the shares but also a big chunk is invested in put options for SPDR S&P 500 ETF Trust (NYSEARCA:SPY), all bought in the last quarter.
The fund exited positions in Starz (NASDAQ:STRZA), Sprint Nextel Corporation (NYSE:S), SBA Communications Corporation (NASDAQ:SBAC) and American Tower Corp (NYSE:AMT) in the last quarter. Argonaut Capital also sold out 682,900 call options of SPDR S&P 500 ETF Trust (NYSEARCA:SPY) in Q1.
Other smaller positions that were sold in Q1 are Bank of America Corp (NYSE:BAC), Whole Foods Market, Inc. (NASDAQ:WFM). Fellow Tiger cub Patrick McCormack’s Tiger Consumer however initiated a new position in Whole Foods Market, Inc. (NASDAQ:WFM) of 823,813 shares in Q1.