Whitney Tilson Up 5.4% In October; Gains On GMCR, K12 Shorts

Lumber Liquidators LL Tesla Whitney Tilson K12 Questcor Pharmaceuticals QCORWhitney Tilson

Whitney Tilson’s latest letter to investors, which was reviewed by ValueWalk, can be found below.

The Kase Fund was up 5.4% in October vs. 4.6% for the S&P 500 and 1.8% for the HFRX Equity Hedge Index. Year to date, the fund is up 12.0% vs. 25.3% for the S&P and 8.6% for the HFRX Equity Hedge Index.


Whitney Tilson K12

Courtesy of Kase Capital

Driving the fund’s performance on the long side in October were Grupo Prisa (the A and B shares rose 17.2% and 29.3%, respectively, thanks to the company refinancing its debt),  Canadian Pacific Railway Limited (TSX:CP) (NYSE:CP) (up 16.0% on strong earnings),dELIA*s Inc. (NASDAQ:DLIA) (14.0%), and Avis Budget Group Inc. (NASDAQ:CAR) (8.7% — also strong earnings). On the short side, the big winners were  K12 Inc. (NYSE:LRN) (-40.8%) and Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) (-16.6%), both of which I discussed in my Q3 letter.

In the Q3 letter discuss my latest thinking on holding cash and long exposure, casting a wider net, and adjustments to my short strategy. I also share my analysis of my newest long position (and first ever outside of North America), Hyundai Motor Co (KRX:005380)  preferred stock, and two of my favorite shorts, K12 and Green Mountain Coffee Roasters (which David Einhorn also discusses in his Q3 letter, posted here: www.marketfolly.com/2013/10/david-einhorn-shorts-more-green.html)

Whitney Tilson Q3 letter embedded below

quarterlyletter-Q313 (1)

quarterlyletter-Q313 (1).pdf by ValueWalk.com

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