From Whitney Tilson of Kase Capital via email:
Welcome to our latest issue of issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring hedge funds avoiding distressed china debt, growth in crypto fund launches, and the adapting venture capital industry. Q3 2021 hedge fund letters, 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