Tracking Edward Lampert’s RBS Partners Portfolio - Q2 2016 Update

• Edward Lampert’s 13F portfolio decreased from $1.13B to $1.02B this quarter.
• RBS Partners reduced IBM while adding two small stakes in Fossil Group and Seagate Technology.
• The largest three individual stock positions are Sears Holdings, AutoNation, and Lands End and they add up to ~71% of the portfolio.

Edward Lampert’s 13F portfolio decreased ~10% from $1.13B to $1.02B this quarter. The portfolio is very concentrated with recent 13F reports showing just ~10 stakes. The top five positions are Sears Holdings (SHLD), AutoNation (AN), Lands’ End (LE), International Business Machines (IBM), and Gap Inc. (GPS) and they add up to ~85% of the 13F portfolio.

Below is a look at the significant moves this quarter:

Fossil Group (FOSL) & Seagate Technology (STX): These are small new stakes established this quarter. FOSL was established at prices between $26.24 and $44.42 and the stock is now at $27.34. STX was purchased at prices between $18.72 and $35 and it currently trades at $35.95.

International Business Machines (IBM): IBM is a top-five 8.49% of the portfolio position. It was established in Q3 & Q4 2015 at prices between $132 and $173. This quarter saw a ~11% trimming at prices between $143 and $155. The stock is now at $155.

Gap Inc. (GPS): GPS is a top-five 7.15% of the portfolio stake established in Q2 & Q3 2015 at prices between $28 and $43. This quarter saw a 5% further increase and the stock currently trades at $23.18. For investors attempting to follow RBS Partners, GPS is a good option to consider for further research.

Below is a spreadsheet that shows the changes to Edward Lampert's RBS Partners US long portfolio holdings as of Q2 2016. For a look at how the portfolio has progressed, see our previous update:

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