Tracking Ian Cumming and Joseph Steinberg's Leucadia National Portfolio - Q2 2012 Update

This article is part of an ongoing series that provides analysis of the changes made to Ian Cumming & Joseph Steinberg’s Leucadia National's (LUK) US stock portfolio on a quarterly basis. Their US long portfolio currently has just four names and there was only one change from the previous quarter.

The spreadsheet below show Cumming's US stock holdings as of Q2 2012:

The portfolio size dropped around 23% last quarter primarily due to the poor performance of Jefferies (JEF) stock during quarter. The huge positions in Jefferies Corp (JEF) and Mueller Industries Inc (MLI) account for most of Leucadia's US long portfolio. JEF, an over 60% of the portfolio position was a major loser as the stock price went down from the $19 range to the $12 range during the quarter. The stock currently trades in the $13 range and is a good entry point for folks wishing to follow Leucadia's positions. Cowen Group is a very small stake that was doubled this quarter. It still accounts for less than 0.5% of the US long portfolio. The stake increase does not represent a clear bias as it is still insignificantly small.

 Please visit our previous updates to get an idea on how the portfolio has progressed.