Eminence Capital Buys National Oilwell, FedEx; Sells NetApp


Eminence Capital LLC revealed in its 13F filing for the quarter ending September 30th that it added 9 new stocks to its portfolio, bought more shares of 25 stocks, sold out 9 stocks and reduced holdings in 18 stocks. The top ten holdings of Eminence Capital LLC represent 34.94% of the portfolio. The hedge fund had a market value of $4.51 billion as of September 30th 2013.

Eminence Capital’s major new positions

The hedge fund acquired 2,334,965 shares of the National Oilwell Varco, Inc., which is a global leader of providing equipment and components used in oil and gas drilling. Eminence Capital bought shares in National-Oilwell Varco, Inc. (NYSE:NOV) for $182.38 million comprising 4.04% of its overall portfolio, making it the biggest new addition to the hedge fund’s portfolio during the last quarter. The hedge fund also purchased 1,268,106 FedEx Corporation (NYSE:FDX) shares for $144.70 million contributing 3.20% to its overall portfolio.

Another big new addition was AutoNation, Inc. (NYSE:AN) in which Eminence Capital acquired 1,389,194 shares for $72.47 million representing 1.60% of its total portfolio. Eminence Capital also acquired Lennar Corporation (NYSE:LEN)’s 1,864,339 shares for $65.99 million contributing 1.46% to its portfolio.

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Eminence Capital’s top positions

The digital communications products and services leader QUALCOMM, Inc. (NASDAQ:QCOM) is the biggest holding of Eminence Capital as of September 30th 2013. The hedge fund held 3,333,852 shares of QUALCOMM valued at $224.43 million representing 4.97% of the overall portfolio.

The global consumer-to-consumer corporation eBay Inc (NASDAQ:EBAY) occupied the second-largest holding for Eminence Capital with 3,324,428 shares for $185.48 million for 4.10% of its overall portfolio. National-Oilwell Varco, Inc. (NYSE:NOV), the top new addition is also the third-largest holding for Eminence Capital.

Genpact Limited (NYSE:G) is the fourth-largest holding for Eminence with 8,487,691 shares valuing $160.24 million, while Fossil Group Inc (NASDAQ:FOSL) occupies the fifth-largest holding slot for Eminence Capital with 1,256,064 shares for $146 million representing 3.23% of its overall portfolio.

Eminence’s sold out positions

Eminence Capital sold out its entire stake in NetApp Inc. (NASDAQ:NTAP). The hedge fund owned 2,102,200 NetApp Inc. (NASDAQ:NTAP)’s CALL options comprising 1.95% of its portfolio at the end of the previous quarter. The hedge fund also closed its position in Chicago Bridge & Iron Company N.V. (NYSE:CBI) by selling all 1,057,075 shares it owned. Another major position closed during the quarter was Information Technology major Oracle Corp where the hedge fund sold out its 1,973,662 shares that comprised 1.49% of its portfolio during the previous quarter. Eminence Capital also sold out its entire holding of 965,488 shares in the diagnostics testing company, Quest Diagnostics Inc (NYSE:DGX).

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