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Funds

Holdings and activity of leading value funds.

Glenn Greenberg's Brave Warrior: Long Financials (CNBC Interview)

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  • Focused on 2-3 years ahead, less concerned about short-term swings or quarterly volatility.
  • "(Interest) rates could go a lot higher, Inflation could go a lot higher.
  • Says Valeant Pharmaceuticals was "Biggest investment mistake over last 30 years" for him.

Paulson & Co Trims Extended Stay America / ESH Hospitality Position

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  • John Paulson's hedge fund firm Paulson & Co filed a 13D with the SEC regarding its position in Extended Stay America.
  • These are paired shares with ESH Hospitality which Paulson also owns and they trimmed that position proportionately as well.
  • Paulson sold some STAY shares on March 10th at $16.70 per a Form 4 filed with the SEC. We previously highlighted that Paulson trimmed this position back in November as well.

Tiger Global Shows Teladoc Position

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  • Chase Coleman's hedge fund firm Tiger Global has filed a 13G with the SEC regarding shares of Teladoc.
  • Per the filing, Tiger Global now owns 9% of TDOC with over 4.89 million shares.
  • This is a newly disclosed position and the filing was made due to activity on March 14th. We recently highlighted another stock Tiger Global has been buying as well.

Third Point Adds To Kadmon Holdings

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  • Per the filing, Third Point bought 1.48 million shares of KDMN on March 13th at $3.36 per share.
  • Included in the transaction were 595,238 warrants to purchase 0.40 shares of common stock each.
  • We've posted other recent portfolio activity from Third Point here.

Fairholme Capital Buys Some Sears Shares

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  • Bruce Berkowitz's investment firm Fairholme Capital has filed a Form 4 with the SEC regarding its position in Sears Holdings.
  • Per the filing, Berkowitz bought 84,200 SHLD shares on March 10th at $8.33 and then bought another 197,700 shares on March 14th at $8.82.
  • Fairholme owns over 27.7 million shares of SHLD and keep in mind they own warrants as well with an expiration of December 15th, 2019 and exercise price of $25.686.

Elon Musk's Recommended Reading List

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  • If you haven't noticed before, on the right sidebar of the website we've catalogued various recommended reading lists from top investors.
  • Here are books Elon Musk has recommended over the years, as well as books he said shaped him into who he is today.
  • If you're looking for more investing-focused books, be sure to check out Charlie Munger's recommended reading list as well as Seth Klarman's favorite books.

Pershing Square Exits Valeant Pharmaceuticals

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8th Annual March Madness Bracket Contest: Enter For Free

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  • It's the most wonderful time of the year! March madness is back with college basketball's championship tournament.
  • It's time for the 8th annual Market Folly Madness.
  • To be eligible, you must fill out your bracket before the start of the main games on Thursday, March 16th. Only one entry person.

Carl Icahn Buys More Herbalife & Navistar

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  • Activist investor Carl Icahn has submitted two SEC filings regarding his positions.
  • Icahn added to his Herbalife position, per SEC filings.
  • Second, Icahn now owns 17.02% of Navistar with over 16.69 million shares, per a 13D filed with the SEC. The filing notes Icahn bought 423,404 shares in total across March 8th, 9th, and 10th at prices of $25.47, $25.37, and $25.92.

Market Strategist Jeff Saut on Being Wrong and Still Making Money

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Jim Chanos Interview With Capitalize For Kids

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  • Noted short seller Jim Chanos of Kynikos Associates recently sat down with Capitalize For Kids for an interview.

Eminence Capital Ups Rexnord Stake

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  • Ricky Sandler's hedge fund firm Eminence Capital has filed a 13G with the SEC regarding shares of Rexnord.
  • Per the filing, Eminence now owns 6.8% of the company with over 7 million shares.
  • The filing was made due to activity on February 27th. You can view other recent portfolio activity from Eminence Capital here.

Senator Investment Group Adds To Whiting Petroleum

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  • Alex Klabin and Doug Silverman's hedge fund firm Senator Investment Group has filed a 13G with the SEC regarding its position in Whiting Petroleum.
  • Per the filing, Senator now owns 5.93% of the company with 21.5 million shares.
  • The filing was made due to activity on February 22nd. For more on this hedge fund, we also posted up how Senator disclosed a Forest City Realty Trust position.

Chris Hohn & TCI Fund's Presentation on Safran / Zodiac

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  • Chris Hohn's hedge fund firm TCI Fund Management has put together a campaign trying to block Safran's takeover of Zodiac.
  • TCI has owned Safran for 5 years and as of the date of the letter owned 3.87% of the company.

Connor Leonard of Investors Management Corp on Portfolio Construction

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  • Connor is the Public Securities Manager for IMC where he runs a concentrated public market portfolio utilizing a value investing philosophy.
  • While IMC is a privately-held company, they have allowed Connor to share his annual thoughts with Market Folly readers.
  • This letter dives into investment process and portfolio construction and is an excellent read discussing concepts of intrinsic value, variant perception, portfolio concentration, and defining businesses by type of moat.

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