- Thyra Zerhusen’s 13F portfolio increased from $4.94B to $5.14B this quarter.
- Fairpointe Capital increased Stericycle, Mattel, & Patterson Companies while reducing Copa Holdings & FMC Corporation.
- The largest three positions are Juniper Networks, Stericycle, and Tegna Inc.
Thyra Zerhusen’s 13F portfolio increased 4% from $4.94B to
$5.14B this quarter. Recent 13F reports have shown a total of around 70
individual stock positions in the portfolio. The largest five stakes are
Juniper Networks (JNPR), Stericycle (SRCL), Tegna Inc. (TGNA), Time Inc.
(TIME), and Varian Medical (VAR) and they together add up to ~19% of the
portfolio.
Below is a summary:
Stericycle Inc.
(SRCL): SRCL is a ~3.9% portfolio stake established in Q2 2016 at prices
between $93 and $128 and increased by ~140% the following quarter at prices between
$77 and $107. There was another ~37% increase last quarter at prices between $71
and $80 and that was followed with a ~15% increase this quarter. The stock
currently trades at $77.21. For investors attempting to follow Fairpointe, SRCL
is a very good option to consider for further research.
Adtalem Global
Education (ATGE) previously DeVry:
ATGE is a 2.27% of the portfolio stake. The original position is from H2 2012
at a cost-basis of ~$20 per share. Q2 2016 saw a ~30% increase at prices
between $16 and $20 and the stock is now at $37.70. There was a ~25% selling over
the last two quarters and that was followed with a ~37% reduction this quarter
at prices between $31 and $35.50. Fairpointe is harvesting gains.
Lions Gate
Entertainment (LGF.A) (LGF.B): LGF is a 3.35% of the portfolio position
established in Q1 2016 at prices between $18.50 and $32.50 and increased by
just over one-third the following quarter at prices between $19.50 and $23.50. The
stock is now at $26.09. Last three quarters have also seen minor increases. For
investors attempting to follow Fairpointe, LGF is a good option to consider for
further research.
Office Depot (ODP):
ODP is a ~3% portfolio stake built-up last year at prices between $3 and $7.50.
The stock currently trades at $5.51. Fairpointe controls ~6.4% of the business.
Copa Holdings (CPA):
CPA is a 2.76% portfolio position. The original stake is from Q2 & Q3 2015
at prices between $41 and $112. There was a ~27% selling in Q4 2016 at prices
between $52 and $91 and ~17% selling last quarter at prices between $84 and $95.
There was another ~30% reduction this quarter at prices between $91 and $112. The
stock is now at $113.
Tegna Inc. (TGNA):
TGNA is a large (top three) 3.73% portfolio stake. It was established in Q2
2015 at prices between $14 and $29. H2 2016 had seen a ~45% increase at prices
between $11 and $16 and that was followed with another ~24% increase last
quarter at prices between $9 and $14. The stock currently trades at $14.45. For
investors attempting to follow Fairpointe, TGNA is a good option to consider
for further research. There was marginal trimming this quarter.
Note 1: The prices quoted above for TGNA are adjusted for
the Cars.com (CARS) spinoff in May.
Note 2: Reulatory Filings show Fairpointe having significant
ownership stakes in the following businesses: Copa Holdings (CPA), CREE Inc.
(CREE), Adtalem Global Education (ATGE), Itron Inc. (ITRI), McDermott Intl.
(MDR), New York Times (NYT), Scholastic (SCHL), TIME Inc. (TIME), Unisys (UIS),
and Werner Enterprises (WERN).
Below is a spreadsheet that highlights the changes to Thyra
Zerhusen's Fairpointe Portfolio US long stock portfolio as of Q1 2017. For a
look at how the portfolio has progressed, see our previous update:
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