- John Griffin’s 13F portfolio value decreased from $7.69B to $5.72B this quarter.
- Blue Ridge Capital decreased Amazon, Autodesk & Liberty Global while dropping Nike.
- The largest three positions are Allergan plc, Bank of America, and Facebook and they add up to ~17% of the portfolio.
John Griffin’s 13F portfolio value decreased 27% from $7.69B
to $5.72B this quarter. Recent 13F reports have shown a total of around 55
positions. The largest five stakes are Allergan plc (AGN), Bank of America
(BAC), Facebook Inc. (FB), Transdigm Group (TDG), and Charter Communications
(CHTR) and they add up to ~27% of the entire 13F portfolio.
John Griffin is a "tiger cub" who posted an
outstanding 65% return in 2007 and followed it up with just an 8% loss during
the financial crisis. To know more about Julian Robertson and his legendary
Tiger Management, check out Julian Robertson: A Tiger in the Land
of Bulls and Bears.
Below is a summary:
Bank of America
(BAC), Citigroup Inc. (C), and Wells Fargo (WFC): The three banking stocks
were established in H2 2016 and they together account for ~13% of the
portfolio. C is a 3.79% portfolio stake established in Q3 2016 at prices
between $43 and $48. Last quarter saw a ~30% selling at prices between $55.50
and $61.50 and that was followed with another ~18% selling this quarter at
prices between $57.50 and $67. The stock is now at $68.58. The ~6% BAC stake
was established in Q4 2016 at prices between $15.50 and $23 and it currently
trades at $24.09. Last quarter saw a ~12% increase while this quarter saw a
similar trimming. The ~3.5% WFC position was purchased in Q4 2016 at prices
between $43.50 and $57.50 and it is now at $50.97. There was a one-third
selling this quarter at prices between $51 and $56.
Amazon.com Inc.
(AMZN): AMZN is a ~2% of the portfolio position established in Q1 2016 at
prices between $482 and $676. Q2 2016 saw a ~50% increase at prices between
$586 and $728 and that was followed with another ~20% increase the following
quarter at prices between $716 and $837. There was a ~11% trimming in Q4 2016. This
quarter saw a two-thirds reduction at prices between $885 and $1011. The stock
currently trades at $978. Blue Ridge Capital realized huge gains.
Ulta Beauty (ULTA):
ULTA was a very long-term stake established at much lower prices compared to
the current price of ~$222. Q4 2016 saw a ~50% selling at prices between $228
and $266. There was a ~7% trimming last quarter. The ~2% remaining portfolio
stoke was sold out this quarter at prices between $280 and $314. Blue Ridge
Capital harvested huge long-term gains. The disposal of a long-term stake
indicates a clear bearish bias.
Note: Blue Ridge Capital has a ~3.7% ownership stake in
Platform Specialty Products (PAH) and a ~5% ownership position in Ultra
Petroleum (UPL).
Below is a spreadsheet that shows the changes to John
Griffin's Blue Ridge Capital Holdings US long portfolio holdings as of Q2 2017.
For a look at how the portfolio has progressed, see our previous update:
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 .
No comments :
Post a Comment