Discovery Capital Exits Apple, Microsoft, Bank Of America, JPMorgan

Discovery Capital Management’s latest 13F filing with the Securities and Exchange Commission indicates that its portfolio was worth $7.5 billion at the end of the first quarter. The firm bought into 22 new stocks and increased its stake in 28 companies. It also sold off 31 stocks and reduced its position in 20 others.

Discovery Capital Management

The firm’s top 10 holdings made up just under 40 percent of its value. As of the end of March, its top five holdings were Pfizer Inc. (NYSE:PFE), Google Inc (NASDAQ:GOOG), Visa Inc (NYSE:V), LyondellBasell Industries NV (NYSE:LYB) and Las Vegas Sands Corp. (NYSE:LVS).

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Discovery Capital’s Major New Purchases

Major new stock purchases for the firm during the quarter include Cemex SAB de CV (NYSE:CS) and Las Vegas Sands Corp. (NYSE:LVS), which the firm bought enough shares of to make it its fifth highest stock. Other major new stocks for the quarter include Liberty Global Inc. (NASDAQ:LBTYA), Foot Locker, Inc. (NYSE:FL), Prudential Financial Inc (NYSE:PRU), Dollar General Corp. (NYSE:DG), Merck & CO., Inc. (NYSE:MRK) and AbbVie Inc (NYSE:ABBV), which is Abbott Laboratories (NYSE:ABT)’s spinoff company.

Major Position Increases

The firm increased its position in Tripadvisor Inc (NASDAQ:TRIP) by 400 percent and its holdings in The Walt Disney Company (NYSE:DIS) by more than 1,600 percent during the first quarter of the year. It also increased its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by more than 500 percent and its stake in Discover Financial Services (NYSE:DFS) by 378 percent.

Other major increases for the firm during the quarter include Marathon Petroleum Corp (NYSE:MPC), MetroPCS Communications Inc (NYSE:PCS),, Inc. (NASDAQ:AMZN), Time Warner Inc (NYSE:TWX) and Google Inc (NASDAQ:GOOG).

Discovery Capital’s Major Sell-Offs

The firm dropped all of its Apple Inc. (NASDAQ:AAPL) shares during the first quarter as the company’s stock continued to struggle throughout the first part of the year. The firm also sold completely out of Bank of America Corp (NYSE:BAC), dropping more than 9.3 million shares. It also sold off all of its 8.8 million shares of Banco Santander (Brasil) SA (NYSE:BSBR) and its 5.6 million shares of Microsoft Corporation (NASDAQ:MSFT).

Other major sell-offs for the firm during the first three months of the year include JPMorgan Chase & Co. (NYSE:JPM), American International Group Inc (NYSE:AIG), Coach, Inc. (NYSE:COH), Oracle Corporation (NASDAQ:ORCL) Credit Suisse Group AG (NYSE:CS) and General Motors Company (NYSE:GM).

Major Position Reductions

The firm sold 93 percent of its Sprint Nextel Corporation (NYSE:S) shares during the quarter, which amounted to 12.8 million shares in all. It also sold off 4 million shares of Citigroup Inc (NYSE:C), 2.8 million shares of eBay Inc (NASDAQ:EBAY) and 1 million shares of SanDisk Corporation (NASDAQ:SNDK).

Other major reductions during the quarter included Lowe’s Companies, Inc. (NYSE:LOW) and Sherwin-Williams Company (NYSE:SHW).