Whitney Tilson Sells J.C. Penny, Buys Netflix and Apple Calls

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Whitney Tilson Sells J.C. Penny, Buys Netflix and Apple Calls

Whitney Tilson, filed his 13ffor the third quarter today (although the 13F lists his former partner Glenn Tongue as Managing Partner, we believe this is Tilson’s fund). Some of the highlights from his portfolio are:

Top Holdings

Tilson increased his ownership in all of the top five holdings, except for DELiA’s, Inc. (NASDAQ:DLIA) which was reduced. More shares of American International Group, Inc. (NYSE:AIG), Howard Hughes Corp (NYSE:HHC), Berkshire Hathaway Inc.Class B (NYSE:BRK.B), and Apple Inc. (NASDAQ:AAPL) were bought in the last quarter.

Howard Hughes Corp (NYSE:HHC) has been Tilson’s favorite investing idea, where he sees a lot of potential for growth. Bill Ackman of Pershing Square is the chairman of HHC’s BoD. Tilson has a history of drawing from the investing thesis of investors like Ackman and Einhorn.


 Tilson bought 56,128 more shares in Netflix, Inc. (NASDAQ:NFLX) in the last quarter, making Netflix Tilson’s 9th largest holding. Lately, Netfilx has been the target of Carl Icahn’s shareholder activism. Icahn has a nearly 10 percent stake in the company and has been pushing for the company to seek a bidder. Tilson is not overly thrilled about a possible takeover, especially if it comes at a low price, but he is of course happy about the boost in Netflix’ share price. Earlier in 2012, Tilson was bearish on the outlook of Netflix.

T2 added more shares of Goldman Sachs Group, Inc. (NYSE:GS), Citigroup Inc. (NYSE:C), Iridium Communications Inc. (NASDAQ:IRDM), and several others.


Whitney Tilson  bought large amount of Call options in Apple Inc. (NASDAQ:AAPL), Netflix, Inc. (NASDAQ:NFLX), and Microsoft Corporation (NASDAQ:MSFT), and Put options in International Business Machines Corp. (NYSE:IBM), Toll Brothers Inc (NYSE:TOL), Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR), and SPDR S&P 500 ETF Trust (NYSEARCA:SPY).

Shares in Research In Motion Limited (NASDAQ:RIMM) (TSE:RIM), Facebook Inc (NASDAQ:FB), Coinstar, Inc. (NASDAQ:CSTR), First American Financial Corp (NYSE:FAF), and Dolby Laboratories, Inc. (NYSE:DLB) were also bought in the last quarter.


Tilson exited his positions in Resource America Inc (NASDAQ:REXI), Medtronic, Inc. (NYSE:MDT), and News Corp (NASDAQ:NWSA) (NASDAQ:NWS). He also sold J.C. Penney Company, Inc. (NYSE:JCP), which was once a big favorite of his.

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