Tracking Michael Dell’s MSD Capital Portfolio - Q4 2016 Update



  • Michael Dell’s portfolio increased this quarter from $403M to $407M.
  • PVH Corporation was substantially reduced.
  • MSD Capital 13F portfolio has just six positions.



Michael Dell’s MSD Capital 13F portfolio increased marginally this quarter from $403M to $407M. The major activity in the quarter was a reduction in PVH Corp. It is still a large ~10% portfolio stake.

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Below is a summary of the portfolio:

Asbury Automotive Group (ABG): ABG is currently the largest 13F position at ~30% of the portfolio. It is a long-term position that has been in the portfolio since 2008. MSD’s cost-basis is very low as they picked up the original position during the market lows of 2008 when ABG traded in the low-single-digits. Q2 2016 saw a ~10% trimming at prices between $52 and $63 and the stock is now at $62.25.

Note: MSD Capital owns ~9% of ABG.

PVH Corporation (PVH): PVH is a ~10% of the portfolio position. It saw a ~16% reduction in Q2 2016 at prices between $83 and $103 and that was followed with another ~28% selling last quarter at prices between $92 and $110. This quarter also saw another ~23% reduction at prices between $90 and $114. The last significant buying happened in Q4 2015 when there was a one-third increase at prices between $73 and $103. The original position was established in 2012: they had convertible notes ($47.74 strike) as PVH issued them to raise capital for their Tommy Hilfiger Group acquisition in 2010. The stock is now at $89.75.

DineEquity (DIN) and Wesco Aircraft (WAIR) saw very minor adjustments this quarter.

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



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