Passport Capital LLC, is a San Francisco based hedge fund, founded by John H. Burbank the third, in the year 2000. The form 13 F filing shows a total value of approximately $3 billion assets under management, as of June 30th 2012.
Portfolio Sector Distribution
Passport Capital has 21.2% of its funds invested in the basic materials sector, while 12.2% of the funds are in the healthcare sector. Additionally, the company has invested 10.9% and 10.5% in Oil &Gas, and Consumer services sectors respectively, while Technology, Industrial and Consumer goods, complete the six most dominant sectors in the company’s portfolio with 5.4%, 4.7% and 1.5% respectively.
Q2 Buys
The most valuable new counter is Kinder Morgan Inc (NYSE:KMI). The company acquired over 2 million shares to trigger a 2.3% change in the overall portfolio. Kinder Morgan Inc (NYSE:KMI) owns and operates energy transportation and storage assets in the United States and Canada. It has a market cap of $29.28 billion.
HollyFrontier Corp (NYSE:HFC) was another major buy during the second quarter, as exhibited in the form 13 F filing. The company acquired 1,222,900 shares of HollyFrontier Corp (NYSE:HFC), to trigger a portfolio change of 1.5%. The company has a trailing twelve months profit margin of 7.45%, and an operating margin of 12.58%.
Burbank acquired 18,864,400 shares of Alcatel-Lucent S.A (NYSE:ALU). The telecommunications gadget manufacturer is a mid cap stock. Alcatel-Lucent S.A (NYSE:ALU)’s leveraged free cash flow stood at $146.44 million.
Additions
Passport Capital also added stakes across several existing counters in its portfolio. The most notable ones include Wynn Resorts ltd (NASDAQ:WYNN). The services sector based company together with its subsidiaries, engages in the development, ownership, and operation of destination casino resorts. Wynn Resorts ltd (NASDAQ:WYNN) has a market cap of $9.93 billion.
Additionally, the company also added stake in E-commerce giant, eBay Inc. (NASDAQ:EBAY), after acquiring 303.25% of its existing stake in the Internet Based eBay, another service sector company. The company has a profit margin of 28.67% for the trailing twelve months, and an operating margin of 20.34%.
Notable Exits
Burbank siold his stake in Amazon.com, Inc. (NASDAQ:AMZN). Amazon.com, Inc. (NASDAQ:AMZN) has since gained approximately 10% of the average buy price.
The company also offloaded all of its Abbott Laboratories (NYSE:ABT) shares, whose value was equivalent to 0.21% of the company’s overall portfolio.Abbott Laboratories (NYSE:ABT) engages in the discovery, development, manufacture, and sale of health care products worldwide. This is a large cap stock with a market capitalization of approximately $104 billion, and 1.57 billion shares outstanding.
More information about John Burbank’s Passport Capital Buys, Sells, Additions and Reductions can be found here.
