Burbank’s Passport Capital Buys Gaming & Leisure; Sells Baidu

The latest 13F filing by Passport Capital, LLC reveals an aggregate portfolio worth $2.93 billion as of December 31, 2013. This is down from the end-September value of $3.09 billion.

Passport Capital top holdings

As of the end of December, Passport Capital’s biggest holding as a percentage of portfolio value was iShares MSCI Emerging Markets Index (PUT) at 6.69%. The investment advisor owns 4,700,000 shares of iShares that are currently valued at $196.43 million.

The second largest holding was Cytec Industries Inc (NYSE:CYT) of which Passport Capital owns 2,051,881 shares that are currently valued at $191.15 million representing 6.51% of its total portfolio. The investment advisor’s third largest holding was SouFun Holdings Ltd., in which it owns 2,232,809 shares valuing $184.00 million, constituting 6.27% of its overall portfolio.

SPDR Gold Shares was the fourth largest holding of Passport Capital. The investment advisor owns 1,480,000 shares that are currently valued at $171.85 million, representing 5.85% of its overall portfolio. Passport Capital’s fifth largest holding was The McGraw Hill Financial Inc (NYSE:MHFI) wherein it owns 1,812,982 shares that are currently valued at $141.77 million representing 4.83% of its total portfolio. The investment manager also added 45,284 shares of McGraw-Hill during the quarter.

New positions

During the quarter, the investment management firm purchased 2,213,948 shares of Gaming and Leisure Properties Inc (NASDAQ:GLPI) for $112.49 million, representing 3.83% of its overall portfolio. 58 COM Inc was the second major new addition, of which Passport Capital purchased 1,635,500 shares valued at $62.70 million.

Valero Energy Corporation (NYSE:VLO) was another major new addition of Passport Capital. The investment advisor purchased 949,885 shares of Valero Energy Corp valued $47.87 million constituting 1.63% of its overall portfolio.

Passport Capital also purchased 500,000 SINA Corp (NASDAQ:SINA) (CALL) for $42.12 million representing 1.43% of its overall portfolio.

Reduced positions

During the period, the investment management firm sold 500,000 shares of Baidu Inc (NASDAQ:BIDU) (CALL) and 468,415 shares of Baidu Inc (NASDAQ:BIDU) Passport Capital also sold 1 million shares of UnitedHealth Group Inc. (NYSE:UNH) shares. The investment management firm also cut its stake in Penn National Gaming, Inc (NASDAQ:PENN) by selling its entire 1,269,171 shares.



About the Author

Mani
Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports