From Whitney Tilson of Kase Capital via email:
Gates Capital Management's ECF Value Funds have a fantastic track record. The funds (full-name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy, have produced a 12.6% annualised return over the past 26 years. The funds added 7.7% overall in the second half of 2022, outperforming the 3.4% return for Read More
3G Capital Partner: Initiated stakes in ULTA; Exited stakes in TPX, COH, NWL; Increased stake in DG, GNC; Lowered stake in DLPH.
- Adage: Initiated stakes in RL, AZO, ORLY; Exited stakes in SAFM, GIS, BBBY, KMB; Increased stake in KO, WMT, BBY, PM, MDLZ, HAR, HD, AAP; Lowered stake in PVH, RCII, GME, CAG, BDBD, PLCE.
- Appaloosa: Exited stakes in BWA; Increased stake in F, GT; Lowered stake in DF.
- Berkshire Hathaway: Exited stakes in ADM; Increased stake in WMT; Lowered stake in MDLZ, KRFT.
- Buckingham Capital: Initiated stakes in FRAN, LTD, RL, FNP, EL; Exited stakes in DECK, SKX, ANN, SIG, PLCE, JWN; Increased stake in URBN, AEO, SSI, EXPR; Lowered stake in DKS, CROX, HBI, KORS, GNC, FOSL, ANF, M, GIL.
- Capital Growth: Initiated stakes in KR, NKE, SWY; Exited stakes in HLF, F, FL, M.
- Carlson Capital: Initiated stakes in ULTA, DKS; Exited stakes in SBUX; Increased stake in BG, ROST, AZO, LOW; Lowered stake in HSH, GNC, KRFT, HOTT, MDLZ.
- Citadel: Initiated stakes in PF, JCP; Exited stakes in NWL, WSM, TSN, HBI; Increased stake in FL, AZO, BBY, GIS, SYY, DRI, PEP, DG, EXPR, DLTR, K, KO; Lowered stake in PG, LOW, KRFT, ORLY, PM, ANF, COST, PVH, EAT, HSY, UA, DKS, MJN.
- Dodge & Cox: Initiated stakes in KRFT; Increased stake in JCP.
- Eminence: Initiated stakes in FDO, ABG, GPI, SAH, VFC, ANN, ARO; Exited stakes in DG, HSH, RL; Increased stake in MNST, FNP; Lowered stake in FOSL, WSM.
- Eton Park: Initiated stakes in MJN, STZ; Exited stakes in RL, WMT, BBY; Increased stake in DLTR, CMG; Lowered stake in DG.
- Fairholme: Increased stake in SHLD.
- Farallon Capital: Initiated stakes in STZ, YUM, TIF; Lowered stake in PBY, MDLZ, SBH, DG.
- Fidelity: Exited stakes in LTD, CAR, BDBD, SKUL, BAGL; Increased stake in PG, HD, BBY, WAG, SBUX, RCII, DLPH, KR, FIVE, DG, F, LOW, MO, SPLS, PVH, CAB; Lowered stake in WMT, PETM, ULTA, MNST, JCP, FL, DLTR, YUM, TFM, KMB, TIF, PNRA, WFM, DKS, TGT, BEAM.
- Glenview: Initiated stakes in WAG, TGT, RAD; Increased stake in JCP; Lowered stake in STZ.
- Greenlight: Lowered stake in DLPH. Note filing shows GMCR Put options for ~1.26M shares. Filing no longer shows CMG Put options
- Harris Associates: Initiated stakes in FDO; Increased stake in FL; Lowered stake in SIG.
- Highfields: Initiated stakes in FOSL, DF, BWLD, RSH; Exited stakes in AAP, SFD, HSH; Increased stake in THI, FDO, DLTR, MDLZ; Lowered stake in CRI, CCE.
- Hoplite: Exited stakes in HSH, CCE, KORS, MNST, HLF; Increased stake in DLTR, ULTA, FLO, AZO, CRI, DG; Lowered stake in WFM, SBUX.
- Icahn: Initiated stakes in HLF. Note filing states that “Confidential treatment has been requested for certain accounts of securities reported by this Institutional Investment Manager pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended, and this information has been filed separately with the Commission.”
- Jana Partners: Initiated stakes in SVU, ODP; Increased stake in BIG, FNP, VC; Lowered stake in CCE.
- Karsch: Initiated stakes in ULTA, MDLZ; Lowered stake in PVH.
- Lone Pine: Initiated stakes in SBH; Increased stake in MJN, GPS, DG, DLTR, ULTA, LULU; Lowered stake in RL, KORS.
- Luxor: Initiated stakes in THI. KORS; Exited stakes in ZO, DLTR, CRI.
- Massachusetts Financial Service: Initiated stakes in ORLY; Exited stakes in DG, GPS; Increased stake in PM, TGT, PG, YUM, MDLZ, DPS; Lowered stake in URBN, SBUX.
- Maverick: Initiated stakes in HD, LOW, DECK; Exited stakes in JWN; Increased stake in WFM; Lowered stake in RL, FDO, M.
- Neuberger Berman: Initiated stakes in FNP, NUS; Exited stakes in LTD, STZ, WTW; Increased stake in PG, NWL, CMG, CAG, WWAV, BBY; Lowered stake in VFC, FDO, URBN, SBUX, AZO, LO.
- Och-Ziff Management: Initiated stakes in STZ, DF; Exited stakes in FDO, PEP, F; Increased stake in DG, HLF, SVU; Lowered stake in HSH, MDLZ, KORS, .
- Owl Creek: Initiated stakes in GNC; Exited stakes in LOW, DECK, SVU; Lowered stake in VC.
- Paulson: Initiated stakes in FDO; Lowered stake in DLPH, HSH.
- Pershing: PG share position remains at 27.9M. PG Call options position decreased by 3.4M shares to 957K from 4.3M
- RBS Partners: Exited stakes in BIG, SWY, AZO; Lowered stake in AN, GPS, SHLD.
- Relational: Initiated stakes in MDLZ, JOSB; Exited stakes in PEP; Lowered stake in HAR. Note filing states that ‘Confidential information has been omitted from the public Form 13F and filed
- separately with the Commission.”
- SAC: Initiated stakes in BBY, UA, ODP; Exited stakes in COH, WSM, RAI, VRA; Increased stake in GNC, PETM, ADM, ROST, GPS, KORS, CRI, WFM, ANF, SFD; Lowered stake in NKE, RL, AZO, KMX.
- Scout Capital: Initiated stakes in PEP, THI, LULU, DF, POST, MNST, MJN; Exited stakes in DG, ULTA, KORS, TIF, ARCO; Increased stake in WFM, SBH, SBUX; Lowered stake in MDLZ, PG, CCE, EL, DPZ.
- Sigma Capital: Initiated stakes in GNC, SVU, UA, AZO, GPS, PVH; Exited stakes in RL, SBUX, COST, BNNY; Increased stake in WFM, PNRA, FLO; Lowered stake in ANF.
- Southeastern: Increased stake in MDLZ; Lowered stake in DIN, SKS.
- Soros: Exited stakes in HD, F, COST, NWL; Increased stake in STZ.
- Soroban: Initiated stakes in AZO; Increased stake in DG, CCE; Lowered stake in NWL.
- Starboard Value: Initiated stakes in SFD. Note Starboard Value filed its 13-F on 5/6
- T Rowe: Initiated stakes in WWAV, SSI; Increased stake in PG, GMCR, LOW, LULU, DLTR, PM, AVP, WFM, DSW, AZO, GIS, TSCO, HD, CMG, WMT, KSS, DF, RL; Lowered stake in KORS, YUM, CAG, MO, HAS, COH, DPS, UA, MNST.
- TIAA CREF: Initiated stakes in BDBD; Exited stakes in LTD; Increased stake in PEP, HD, PG, KO, KR, DLPH, SPLS, K; Lowered stake in F, EL, LO, CL, DLTR, AEO.
- Tiger Global: Initiated stakes in DG, CRI, DLTR, JCP, LULU, GMCR; Exited stakes in ARCO, RNDY; Increased stake in VRA.
- Tiger Consumer: Initiated stakes in ULTA, ROST, PNRA, WFM, URBN, ARO, JCP, PIR, CHS; Exited stakes in BWLD, SBUX, FNP; Increased stake in DECK; Lowered stake in DLTR, HD, LULU, CRI, DG, KRFT.
- Third Point: Initiated stakes in TIF; Exited stakes in HLF, CCE, HSH, PVH; Increased stake in STZ, DG; Lowered stake in DLPH. Note filing indicates HSH calls on 2.5M shares.
- TPG Axon: Lowered stake in DG.
- Tremblant: Exited stakes in CBOU, SPLS; Lowered stake in DNKN, FNP, CAKE, SODA, GMCR.
- Trian Funds: Increased stake in MDLZ (40.3M from 19.4M in Q4 Amended 13F) & PEP (12.0M from 3.93M in Q4 Amended 13F); Lowered stake in TIF.
- UBS O’Conner: Initiated stakes in PETM; Exited stakes in KRFT, HD; Lowered stake in CAG, KO.
- Viking: Initiated stakes in LOW; Exited stakes in AZO, DG; Increased stake in KORS, NWL; Lowered stake in EL.
- Wellington: Initiated stakes in BBY, WFM, ULTA, TFM; Exited stakes in BIG; Increased stake in GIS, KRFT, PG, LOW, TGT, AZO, HD, ADM, DLTR, MNST, GME, NWL, EL, MO; Lowered stake in FDO, PEP, JCP, F, KO, KMB, HBI, HLF, TRW, DNKN, URBN, GT, LULU.
- West Face Capital: Lowered stake in SWY
May 16 (Bloomberg) — Summary of 1Q 13-F filings:
* Greenlight Capital boosts stake in AAPL; takes stakes in OIS, HES, SPR, IACI; exits stakes in ESV, XRX, YHOO, NVR; cut stakes in MSFT, STX, DLPH, CBS
* Paulson & Co. boosts stakes in S, LIFE, PXD, BPOP, AET; takes stakes in FDO, HES, IOC, MTG, VOD; cut stakes in MYL, DLPH, HIG, HCA, RHP; exits stakes in MUR, NRG, ACAS, ABX, XL
* Berkshire Hathaway boosts stakes in WFC, IBM, WMT, DTV; takes stake in CBI; cut stakes in MDLZ, KRFT, BK; exits stakes in GD, ADM
* Fairholme Capital boosts stakes in AIG, SHLD; takes stakes in CHK, CNQ, GNW; cut stakes in JOE, MBI, OSH; exits stake in CIT
* Third Point boosts stakes in IP, ABBV, TDG, STZ, DG; takes stakes in VMED, TIF, BEAV, APC, TMO; cut stakes in DLPH,MUR, AIG, LYB, LBTYA; exits stakes in HLF, MS, SYMC, TSO, ILMN
* Icahn Associates boosts stakes in RIG, VLTC; takes stakes in HLF, CVRR, DELL, NUAN
* Soros Fund boosts GOOG, LBTYK, EQT, LCC; takes stakes in MWV, BRCD, RHT, LBTYA; cut stakes in C, AIG, AAPL, IVZ, MSI; exits stakes in JPM, GE, CF, MS, COF
* RBS Partners cut stakes in COF, GNW, OSH, SFI, AN; exits stakes in BIG, SWY, AZO
* JAT Capital boosts stakes in INTU, LVS, CBS, LNKD; takes stakes in TWX, CMCSA, RCL, LBTYA, MHFI; cut stakes in EQIX,CTRP, SBAC, N, GRPN; exits stakes in DIS, GOOG, EBAY, CTXS,EXPE
* Highfields Capital boosts stakes in UPS, THI, APC, FDO, ICE; takes stakes in MHFI, DELL, HES, BEN, DISH; cut stakes in IVZ, JPM, IR, GNW, GOOG
* BP Capital boosts stakes in GDP, PXD, CNX, ACI, OXY; takes stakes in APA, TSO, MPC, GPOR, PSX; cut stakes in VLO, HAL,FCX, APC, DVN; exits stakes in SWN, RRC, NOV, NFX, MRO
* Gates Foundation cut stake in BRK/B
* Relational Investors boosts stake in TKR; takes stakes in MDLZ, TYC, JOSB; cut stakes in CVS, SPY, ITW, IWS, DGX; exits stakes in PEP, MTW
* Tudor Investment boosts stakes in XLF, WLP, MRK, COV, ABBV; takes stakes in PFE, A, BIIB, ZTS, HYG; cut stakes in MSFT,CA, TMUS, WHR, MRVL; exits stakes in AAPL, EEM, VOD, ANF,VOD
* Pershing Square boosts stake in BKW; cut stake in MATX
* Trian Fund boosts stakes in MDLZ, PEP, FDO; cut stakes in TIF, STT; exits stake in MWV
* SAC Capital boosts stakes in SU, EQT, AMZN, V, GNC; cut stakes NWSA, FB, SHW, SYMC, AVGO; takes stakes in DISCA, LBTYA, LMCA, NCLH, CBST; exits stakes in COH, DOV, VMED, EWJ
Greenlight (Einhorn) discloses holdings in 13F filing
- CBF 940K
- GMCR puts referencing 1.3M
- HES 1.2M
- IACI 437K
- NBHC 333K
- OIS 2.7M
- SPR 1.7M
- AAPL 2.4M, +83% vs prior 1.3M
- RJET 984K, -71% vs prior 3.4M
- SYMM 549K, -68% vs prior 1.7M
- MSFT 6.1M, -44% vs prior 10.8M
- STX 5.4M, -36% vs prior 8.4M
- CBS 3.6M, -33% vs prior 5.4M
- DLPH 6.0M, -25% vs prior 8.0M
- LM 2.5M, -25% vs prior 3.4M
- CSC 5.9M, -23% vs prior 7.7M
- CMG puts referencing 50K
- ESV 3.8M
- GOOG 63K
- NVR 56K
- XRX 26.0M
- YHOO 4.8M
Fairholme (Berkowitz) discloses holdings in 13F filing
- CNQ.CN 1.1M
- CHK 13.4M
- GNW 898.8K
- Berkshire B shares (BRK.B) to 1.5M from 784K
- LUK to 18.8M from 17.9M
- SHLD to 19.5M from 18.1M
- MBI to 31.4M from 42.5M
- CIT was 3.2M prior
- JEF was 1.4M
ESL Investments (Lampert) discloses holdings in 13F filing
- COF 8.5K, -99% vs prior 845.1K
- GNW 8.4M, -31% vs prior 12.1M
- SFI 863K, -42% vs prior 1.5M
- AZO 3K
- BIG 1.4M
- SWY 845K
BRK.B Berkshire discloses holdings in 13F filing
- CBI (CHICAGO BRIDGE & IRON) 6.5M
- ADM 6.0M
- GD 3.9M
- DTV to 37.3M from 34.0M
- NOV to 7.5M from 5.3M
- VRSN to 8.2M from 3.7M
- MDLZ to 7.0M from 12.8M
Trian discloses holdings in 13F filing
- MDLZ 40.3M, +108% vs prior 19.4M (recall the initial stake was reported on 19-Apr from an amended 13F)
- PEP 12.0M, +208% vs prior 3.9M (recall the initial stake was reported on 19-Apr from an amended 13F)
- STT 2.4M, -25% vs prior 3.2M
- MWV 1.6M
Icahn discloses holdings in 13F filing
- CMC 5.8M
- Note: Disclosed 5.8M stake intra-quarter 13D filed on 8-Jan
- CMC 5.8M
Pershing Square (Ackman) discloses holdings in 13F filing
- MATX 3.0M, -17% vs prior 3.6M
- Other notable:
- PG 27.9M, shares unchanged from 12/31/2012
- note that the number of shares of PG remained constant, however the holdings of PG calls declined to 1.0M from 4.3M at 12/31/2012
- PG 27.9M, shares unchanged from 12/31/2012