MSD Capital, the investment management firm that manages the funds of Michael Dell and his family, disclosed in its 13F filing with the Securities and Exchange Commission (SEC) that its portfolio has a market value of $562,890, 000 for the second quarter of fiscal 2013. In the previous quarter, MSD Capital’s portfolio was $547, 885, 264.
The investment management firm focused its investments in public-traded securities, traditional private equity activities, real estate, and special opportunities. MSD Capital also invests selectively with established third party managers in the private and public markets. Glen R. Fhurman and John C. Phelan serve as managing partners of MSD Capital.
Michael Dell, chairman and CEO of Dell Inc. (NASDAQ:DELL) established MSD Capital in 1999.
MSD Capital: Largest stockholdings
The biggest stockholdings of MSD Capital include DineEquity Inc (NYSE:DIN) 2,352,356 shares worth $162,007,000 and Asbury Automotive Group, Inc. (NYSE:ABG) 3, 137, 873 shares with $125,829,000 market value.
MSD Capital: Increased positions
During the quarter, MSD Capital increased its stake in PVH Corp (NYSE:PVH) by 19,000 shares to 796,108 shares with $99,553,000 market value and WEX Inc (NYSE:WEX) formerly known as Wright Express Corporation by 50,000 shares to 918, 387 shares worth $70,440,000. The investment management firm also bought additional 226,600 shares of Sunstone Hotel Investors Inc (NYSE:SHO) bringing its stockholdings in the company to 1,101,953 shares worth $13,312,000.
MSD Capital: Reduced positions
MSD Capital reduced its positions in Delphi Automotive PLC (NYSE:DLPH) by 250,000 shares to 1,549, 817 shares worth $78,560,000 shares and Energy XXI (Bermuda) Limited (NASDAQ:EXXI) by 90,385 shares to 405,000 shares worth $8,981,000. The investment management firm also cut its stake in FutureFuel Corp. (NYSE:FF) by 986,566 shares to 296,959 shares with $4,208, 000 market value.
Proposed LBO for Dell Inc (NASDAQ:DELL)
Mr. Dell together with MSD Capital and Silver Lake Partners initially proposed a $24.4 billion leveraged buyout deal (LBO) for Dell Inc. (NASDAQ:DELL) to take the company private. However, the largest shareholders of the company including Mason Hawkins of Southeastern Asset Management and activist investor Carl Icahn rejected the group’s bid and urged their fellow shareholders to vote against it. According to them, the proposal significantly undervalues shares of the PC maker.
Southeastern and Icahn submitted an alternative proposal to takeover Dell Inc. (NASDAQ:DELL), which compelled Mr. Dell’s group to increase their bid for the company to $13.75 per share plus a special dividend payout of $13 cents per share, but the voting date and voting rules of the company were changed. Carl Icahn filed a lawsuit against the board of Dell Inc. (NASDAQ:DELL) to prevent of the changes in voting date and rules.