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Funds

Holdings and activity of leading value funds.

Hound Partners Boosts Media General Stake

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  • Jonathan Auerbach's hedge fund firm Hound Partners has filed a 13G with the SEC regarding its position in Media General.
  • Per the filing, Hound now owns 5.63% of MEG with over 7.28 million shares.
  • This is an increase of over 5.14 million shares since the end of the second quarter when they owned 2.13 million shares.

Ruane Cunniff (Sequoia Fund) Investor Day Transcript 2016: Rolls Royce, Valeant & More

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  • Ruane Cunniff Goldfarb, managers of the Sequoia Fund, recently released the transcript from its investor day.
  • Their top ten holdings as of the end of the second quarter were: Berkshire Hathaway, TJX Companies, MasterCard, Alphabet, O'Reilly Auto, Mohawk Industries, Fastenal, Rolls Royce, Constellation Software, and Dentsply Sirona.
  • They outline their thinking on Rolls Royce and also address the Valeant Pharmaceuticals saga, which they no longer own.

Warren Buffett Files Another Form 4 on Phillips 66

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  • Warren Buffett last week indicated he had bought more Phillips 66 for Berkshire Hathaway.
  • That trend continued with the filing of yet another Form 4 with the SEC. The latest filing notes he purchased another 83,466 shares at a weighted average price of $78.2878 on August 25th. This brings his total PSX ownership up to over 79.56 million shares.
  • You can view the rest of Buffett's latest investment activity in the brand new issue of our newsletter.

Warren Buffett Buys More Phillips 66

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  • Warren Buffett's Berkshire Hathaway has filed a Form 4 with the SEC regarding his stake in Phillips 66.
  • Per the filing, Buffett acquired more shares on August 22nd, 23rd, and 24th. In total, he purchased 704,181 shares at weighted average prices of around $77.04 - $78.15.
  • Berkshire now owns 79.48 million shares of PSX. We've highlighted in the past how Buffett has been acquiring PSX shares in recent months.

ValueAct Capital Adds to Alliance Data Systems, 21st Century Fox Stakes

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  • Jeff Ubben's activist firm ValueAct Capital has submitted a few filings to the SEC recently regarding his positions.
  • The 13D also notes that ValueAct intends to have conversations with management and the board on ways to enhance shareholder value.
  • Second, ValueAct Capital has filed a Form 4 with the SEC regarding its stake in 21st Century Fox.

Howard Marks' New Memo "Political Reality"

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  • We posted his most recent note, Economic Reality recently.
  • Now he's released another missive, entitled "Political Reality."
  • As the title implies, this one is less investing related and more about the political and economic environment.

What Stocks Have Top Hedge Funds Been Buying & Selling?

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  • Want to know what stocks hedge funds have been buying & selling? Our 82-page quarterly newsletter summarizes the latest 13F filings of 25 top funds.
  • Catch up quickly on why hedge funds have been active in these stocks.
  • Updated portfolio sheets of 25 top hedge funds including Baupost Group, Appaloosa, Viking, Lone Pine, Third Point, ValueAct, Farallon and other big names.

So You Want To Start A Hedge Fund By Ted Seides Book Review

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  • Seides articulated the lesson as follows: "When getting started, don't let perfect be the enemy of good." He adds, "Even if a new fund starts slowly and preserves capital better than others in a tough tape, it must demonstrate the ability to then turn and make money for its clients before prospects will get interested. Getting one market call correct is difficult enough; getting two right consecutively requires twice as much luck."

ValueAct Capital Buys More CBRE Group Shares

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  • They've filed another Form 4 indicating they acquired some more shares recently.
  • The filing notes ValueAct bought 182,060 CBG shares on August 4th at a price of $28.50.
  • This brings their total ownership up to over 34.62 million shares.

Tybourne Capital Ups Boston Beer Stake

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  • Eashwar Krishnan's hedge fund firm Tybourne Capital has filed a 13G with the SEC regarding shares of Boston Beer.
  • Per the filing, Tybourne now owns 10.1% of SAM with 911,613 shares.
  • Prior to founding Tybourne, Krishnan worked at Lone Pine Capital.

What We're Reading ~ 8/10/16

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  • On investing and getting comfortable with being uncomfortable.
  • Daniel Dennett's most useful critical thinking tools.
  • Think Amazon's drone delivery is a gimmick? Think again [NYTimes].

Ten Attributes of Great Investors By Michael Mauboussin

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  • There are so many quotable passages that you really should just read the whole document.
  • Each underlying attribute has multiple paragraphs of rationale behind it.
  • Know the difference between information and influence.

Market Strategist Jeff Saut's Latest Commentary: "Deja Vu"

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  • It's been a while since we checked in on market strategist Jeff Saut of Raymond James.
  • He lays out his response given that he's been bullish since the February low this year.
  • Embedded below is Jeff Saut's latest market commentary, Deja Vu:. You can download a.pdf copy here.

Third Point Discloses Kadmon Holdings Equity Stake

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  • Dan Loeb's hedge fund Third Point has filed a 13G with the SEC regarding its position in Kadmon Holdings.
  • Per the filing, Third Point now owns 17% of the company with over 7.61 million shares.
  • Third Point was originally a 'second lien' debt holder of Kadmon prior to its IPO. This debt converted into common shares at an 80% discount to the IPO price.

Wall Street Journal 50% Discount Expires in 2 Days

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