Tracking Stephen Mandel's Lone Pine Capital Holdings - Q4 2013 Update

Below is a spreadsheet that highlights the changes to Stephen Mandel's Lone Pine Capital US long stock portfolio as of Q4 2013:




Lone Pine Capital's US long assets increased 3.8% from $22.4B to $23.2B this quarter. Major activity include a 4.37% new position in Microsoft ($MSFT), and stake increases in  Baidu (BIDU) to 4.13%, Dollar General (DG) to 4.91%, and Liberty Global (LBTYA)(LBTYK) to 3.59%. Also, a fairly significant 2.72% stake in eBay Inc. (EBAY) was eliminated this quarter. 

Stephen Mandel is a bonafide "tiger cub". To know more about Julian Robertson and his legendary Tiger Management, check out Julian Robertson: A Tiger in the Land of Bulls and Bears. To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.

 



Tracking John Armitage's Egerton Capital Holdings - Q4 2013 Update

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital US long stock portfolio as of Q4 2013:



The portfolio increased around 20% this quarter from $5.5B to $6.6B. The number of positions in the portfolio also increased from 27 to 30. Major activity during the quarter include stake increases Comcast (CMCSA), Walt Disney (DIS), & Monsanto (MON) and the elimination of a 4.91% stake in Citigroup (C). The largest positions are Twenty-First Century Fox (FOXA) and American Express (AXP).

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.

 

Tracking Leon Cooperman's Omega Advisors Portfolio - Q4 2013 Update

Below is a spreadsheet that highlights the changes to Leon Cooperman's Omega Advisors US long stock portfolio as of Q4 2013:


The portfolio increased around 6% this quarter from $6.6B to $7B. The number of positions in the portfolio also increased from 76 to 79. Major activity during the quarter include stake increases on his largest positions Sprint (S) & American International Group (AIG) and reducing Express Scripts (ESRX) to an insignificantly small position.

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.
 


Tracking David Tepper's Appaloosa Management Portfolio - Q4 2013 Update

Below is a spreadsheet that highlights the changes to David Tepper's Appaloosa Management's US long stock portfolio as of Q4 2013. For a look at how his portfolio has progressed, see our previous update:







David Tepper increased his large stakes in the Nasdaq-100 index tracking ETF (QQQ) and SPDR S&P 500 Index ETF (SPY) this quarter. The former was increased by just over 50% to 9.59% of the US long portfolio while the latter was increased by 165% to 26.49% of the US long portfolio. Other significant activity include a one-third stake reduction in Goodyear Tire (GT) and 2.22% stake instantiation in American Airlines (AAL).

To know more about Tepper's distress investing style, check out Distress Investing: Principles and Technique. To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.
 

Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio - Q4 2013 Update

Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q4 2013. For a look at how his portfolio has progressed, see our previous update:








The most significant changes this quarter include large (more than 5% of the US long portfolio each) new stakes in Bristol Myers Squib (BMY), Federal Express (FDX), and Teva Pharmaceuticals (TEVA).  The largest position is Google (GOOG) at over 30% of the US long portfolio. Delta Airlines (DAL) and Schlumberger (SLB), both at over 10% of the US long portfolio each are the other two in the top-three.

To know more about Druckenmiller's trend-following trading style check out Trend Following: Learn to Make Millions in Up or Down Markets. To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .


Tracking Michael Dell's MSD Capital Portfolio - Q4 2013 Update

Below is a spreadsheet that highlights the changes to Michael Dell's MSD Capital US long stock portfolio as of Q4 2013. For a look at how his portfolio has progressed, see our previous update:






The quarter saw significant stake reduction in all positions except DineEquity Inc. (DIN) - that position was kept steady at just over one-third of the whole portfolio. DineEquity (DIN), PVH Corporation (PVH), and Asbury Automotive Group (ABG) continues to be largest three positions and they together account for ~75% of the US long portfolio.

To know more about Michael Dell, check-out the book Direct from Dell: Strategies that Revolutionized an Industry. To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.

Tracking Richard C. Blum's Blum Capital Partners Portfolio - Q4 2013 Update

Below is a spreadsheet that highlights the changes to Richard C. Blum's Blum Capital Partners US long stock portfolio as of Q4 2013. Please check out our previous update to have an idea on how the portfolio is progressing:






Blum Capital Partners runs a heavily concentrated portfolio with over 60% allocated to a single long position in CBRE Group (CBG). Blum Capital has ownership of just under 5% of CBRE Group's and just under 5% of Career Education's outstanding shares. This quarter saw a 30% stake reduction in ITT Eductional Services (ESI) to a 12.05% of the US long portfolio position, and a ~10% stake reduction in SEI Investments (SEIC) to a 4.85% of the US long portfolio position.

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.

Tracking Bill & Melinda Gates Foundation Portfolio - Q4 2013 Update

Below is a spreadsheet that highlights the changes to Bill & Melinda Gates Foundation's US long stock portfolio as of Q4 2013. Please check out our previous update to have an idea on how the portfolio is progressing:



Consistent with a largely passive strategy, the portfolio was left largely untouched this quarter: the huge 50.75% position in Berkshire Hathaway (BRK.B) was reduced to a still very large 48.51% of the portfolio. The only other changes were a marginal stake increase in BP PLC (BP), a ~4.6% stake increase in Caterpillar (CAT), a ~6.5% stake increase in Exxon Mobil (XOM), a ~10% stake increase in McDonalds Corporation (MCD), and a ~4.5% stake increase in Wal-Mart Stores (WMT). BP, CAT, XOM, MCD, and WMT now represent 1.77%, 5.10%, 4.11%, 5.26%, and 4.55% of the US long portfolio respectively.

To know more about Gates and the Foundation, check-out the book Bill Gates: The Inspirational Life Story of Bill Gates; Businessman, Inventor, and the World's Most Remarkable Philanthropist. To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy


Tracking Jeffrey Ubben's ValueAct Holdings - Q4 2013 Update

Below is a spreadsheet that highlights the changes to Jeffrey Ubben's ValueAct Capital US long stock portfolio as of Q4 2013. Please check out our previous update to have an idea on how the portfolio is progressing:



Microsoft, ValueAct's largest position by far at over 20% was kept steady this quarter. Other changes include a ~24% stake reduction in Adobe Systems (ADBE), an almost ~300% stake increase in Allison Transmission Holding (ALSN), a minor stake increase in MSCI Inc. (MSCI), and a very small 0.32% stake establishment in Dresser-Rand Group (DRC).  ADBE still accounts for 12.53% of the US long portfolio and ALSM stake is now at 4.12%.



To know more about Jeffrey Ubben and his value investing style check out the book The Art of Value Investing: How the World's Best Investors Beat the Market. To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking WIlbur Ross's Holdings - Q4 2013 Update

Below is a spreadsheet that shows changes to Wilbur Ross's US long portfolio as of Q4 2013. To see how his portfolio has progressed, click on our previous update:


The activity in the quarter includes a one-third stake reduction in Bankunited (BKU) and a huge 42.87% of the US long portfolio stake instantiation in Navigator Holdings (NVGS) - Ross bought a 44% stake in Navigator Holdings in 2012 from Lehman Brothers for $110M during bankruptcy proceedings and the IPO in November 2013 resulted in the shares getting allocated. 

To know more about Wilbur Ross, check out the book The Vulture Investors. To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .







Tracking Robert Karr's Joho Capital Portfolio - Q4 2013 Update

Below is a spreadsheet that highlights the changes to Robert Karr's Joho Capital US long stock portfolio as of Q4 2013. Please check out our previous update to have an idea on how the portfolio is progressing:






Karr's portfolio increased by around 10% this quarter from around $1.33B to $1.46B. Baidu (BIDU) and Google (GOOG) are his largest positions at18.11 % and 17.21% respectively. Position sizes in both were reduced last two quarters - both had tremendous appreciation in the last year and Karr is starting to cash-out. Two small new positions were added this quarter: 58.com ADR (WUBA) at 2.41% and Qunar Cayman (QUNR) at 0.05%. Four positions were substantially increased as well: Mead Johnson (MJN), Veeco Instruments (VECO), Vipshop Holdings (VIPS), and Youku Tudou (YOKU) - currently they account for 10.04%, 5.71%, 4.38%, and 5.29% of the US long portfolio respectively.

To know more about Robert Karr and "tiger cubs" (proteges of Julian Robertson & his legendary Tiger Fund), check out the book Julian Robertson: A Tiger in the Land of Bulls and Bears. To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking Leucadia National Portfolio - Q4 2013 Update

The spreadsheet below show Cumming's US stock holdings as of Q4 2013. Please visit our previous updates to get an idea on how the portfolio has progressed:






To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking David Swensen's Yale Endowment Holdings - Q4 2013 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q4 2013. To have an idea of how the endowment's holdings have progressed click on our previous update:






To learn more about their investing style and philosophy and how to profit from such strategies, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .


Tracking Charles Akre's Akre Capital Management Portfolio - Q4 2013 Update

Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q4 2013. Please check out our previous update to have an idea on how the portfolio is progressing:




Significant activity in the quarter include:
  1. Increasing large stakes in American Tower (AMT), Colfax Corporation (CFX), Dollar Tree (DLTR), Markel (MKL), and Ross Stores (ROST) substantially,
  2. Reducing a 4.34% of the portfolio position in Directv (DTV) by more than two-thirds to a 1.28% position, and
  3. Eliminating a 1.74% position in NuStar Energy (NS).

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

 

Tracking Charlie Munger's Daily Journal Portfolio - Q4 2013 Update

Below is a spreadsheet that highlights the changes to Charlie Munger's Daily Journal US long stock portfolio as of Q4 2013:


Daily Journal filed its first 13F regulatory form on 02/11/2014 as their US long portfolio went over the $100M cut-off. The portfolio is heavily concentrated with just 4 holdings and Bank of America (BAC) along with Wells Fargo (WFC) accounting for over 90% of the overall portfolio value. Munger's cost-basis on these holdings are very low as Munger started purchasing common stocks at the nadir of the financial crisis in February 2009. Daily Journal's latest available quarterly report indicates his cost-basis for the equity portfolio as just under $50M - that essentially means he is sitting on huge gains. It is also known that part of the money is invested in foreign companies that do not fall under the 13F regulatory filing requirements.

To know more about Charlie Munger, check out the book Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking Francis Chou's Chou Associates Portfolio - Q4 2013 Update

Below is a spreadsheet that highlights the changes to Francis Chou's Chou Associates US long stock portfolio as of Q4 2013. For a look at how his portfolio has progressed, see our previous update:



The significant purchases this quarter were a 3.77% new position in Goldman Sachs (GS), and stake increases in Resolute Forest Products (RFP) and Blackberry (BBRY). Francis Chou has been bullish on RFP since 2010 when the company was named Abitibibowater and his average cost-basis is much higher - it is currently his largest position at close to 20% of the US long portfolio. Sears is a very long term holding that has been in the portfolio for over 8 years. Chou reduced significantly his holdings in Actavis (ACT) and Overstock (OSTK) this quarter, a pattern that continued from last quarter. Also, minutely small positions in Primus Telecom (PTGI), Radioshack (RSH), and Sprint Nextel (S) were eliminated this quarter.

Note: The large difference in overall portfolio size between Q3 2013 and Q4 2013 is because of a reporting quirk - in the Q4 2013 13F, the Notes held by the fund were not reported while those were included in the Q3 3013 13F.


To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Bannerghatta National Park, Bangalore Trip Report

Bannerghatta National Park is a 104 square kilometer zoological park located around 30 minutes South of Bangalore. To get there, take the Nice Road from Hosur (Rs 30 toll) and Exit at Bannerghatta Road (it is the next exit and it comes at around the 9KM mark) and drive around 20 minutes on that road to get to the entrance. There is also excellent public transportation to the place (BMTC buses 365, 366, 368, and Big-10). The park is open 9AM to 5PM and closed Tuesdays.

The main activities available at the park are the safari, the zoo, and the butterfly park. The overall facility is pretty well organized. We got there around 9:15AM and got the Grand Safari plus Zoo tickets (Rs 210). Although they say the park opens at 9AM, the first Safari doesn’t leave until after 9:45AM. Thankfully, there are waiting sheds provided. Also, it is to your advantage to be among the first to arrive - the animals are caged at the end of the day and so you get to see them when they are released for the day, if you are in the first batch of buses.

The safari buses are seating only - the windows have grills but there are openings to put a camera and/or binoculars. The front of the bus have wider grill-less windows but that place is usually blocked off - sometimes the helper (‘kili’) will offer someone a seat there but the expectation is that they will give a good tip - Rs 500/- is the usual solicitation but you can bargain it down. The large area that the safari takes you through is fenced in and there are entry/exits to different portions of the safari (lion safari, tiger safari, bear safari etc). It takes about an hour as they stop whenever they see animals. They also have a more private safari in a jeep . For us, the highlight was the great sight of a bunch of happy-looking lions running into the forest when they were released. Also saw white tiger, bears, deers, etc.

On the way back, they dropped us off at the Butterfly park - the tickets (Rs 30) can be purchased from there as well. The main facility is an enclosed glass house with plenty of flowering plants and butterflies. There is a breeding center adjacent to it (restricted entry). Also, the Butterfly park grounds have plenty of butterflies as well - you can spend a good half hour here. 

The zoo is also very well organized and covers an area of 12 hectares at the moment, although there are expansion plans for another 28 hectares. It hosts over 1400 animals belonging to over 70 species. The complex also has a museum, auditorium, and an animal hospital (no access for visitors) inside the premises. Prominent animals on display include cayman crocodiles, panthers, hog deer, a good variety of exotic birds, etc. They also occasionally have feeding time, demonstrations, and such - we got to pet a baby elephant! Also, the albino peacock was a first for us.

Not everything was perfect at the park when we visited: Parking was not that well organized, ticketing areas were chaotic, restroom facility was well below par, and there were no restaurant options to speak of (Hotel Vanashree Mayura is next to the entrance but did not look appealing).













































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