Tracking Ian Cumming and Joseph Steinberg's Leucadia National Portfolio - Q3 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 three names and there was only one change from the previous quarter.
The spreadsheet below show Cumming's US stock holdings as of Q3 2012. Please visit our previous updates to get an idea on how the portfolio has progressed:


The portfolio size dropped by one-third this quarter from $1.23B to $830M. The drop was primarily because of the disposal of Mueller Industries (MLI) which had accounted for ~36% of the portfolio as of last quarter - Mueller Industries (MLI) bought Leucadia's (LUK) stake in Mueller for ~$430M in September. The huge position in Jefferies Corp (JEF) account for most of Leucadia's US long portfolio. LUK announced their plans to merge with JEF earlier this month and that has resulted in a pop in the shares of JEF. 

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