- Thyra Zerhusen’s 13F portfolio increased marginally from $5.02B to $5.06B this quarter.
- Fairpointe Capital substantially increased Mattel & Hormel Foods during the quarter.
- The largest three positions are Lions Gate, Teradata, and Akamai.
Thyra Zerhusen’s 13F portfolio increased marginally from $5.02B
to $5.06B this quarter. Recent 13F reports have shown a total of around 70
individual stock positions in the portfolio. The largest five stakes are Lions
Gate, Teradata, Akamai, Stericycle, and Juniper Networks and they together add
up to ~18% of the portfolio.
Below is a summary:
Stericycle Inc.
(SRCL): SRCL is a top-five 3.33% 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 in Q4 2016 at
prices between $71 and $80 and that was followed with a ~15% increase in Q1
2017. The stock currently trades at $72. There was a ~2% increase this quarter.
Adtalem Global
Education (ATGE) previously DeVry:
ATGE is a 1.45% 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. There was a ~25% selling in H2 2016 and that was followed with a
~37% reduction in Q1 2017 at prices between $31 and $35.50. There was another
~37% selling last quarter at prices between $34 and $40.70. Fairpointe is
harvesting gains. This quarter saw marginal trimming. The stock is currently at
$46.70.
Lions Gate
Entertainment (LGF): LGF is now the largest position at 3.81% of the
portfolio. It was 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. There was a ~11% trimming this
quarter. For investors attempting to follow Fairpointe, LGF is a good option to
consider for further research.
Office Depot (ODP):
ODP is a 2.75% portfolio stake built-up in 2016 at prices between $3 and $7.50.
The stock currently trades at $3.43. Fairpointe controls ~6% of the business. There
was a ~4% trimming this quarter.
Copa Holdings (CPA):
CPA is a 2.47% portfolio position. The original stake is from Q2 & Q3 2015
at prices between $41 and $112. There was a ~27% selling in Q3 2016 at prices
between $52 and $91 and ~17% selling the following quarter at prices between
$84 and $95. There was another ~30% reduction in Q1 2017 at prices between $91
and $112. The stock is now at $138. Last two quarters have seen a combined ~20%
reduction at prices between $108 and $134.
Tegna Inc. (TGNA):
TGNA is a 2.70% 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 in Q1 2017 at prices
between $9 and $14. The stock currently trades at $15.59. There was a roughly
one-third increase over the last two quarters at prices between $12 and $15.50.
For investors attempting to follow
Fairpointe, TGNA is a good option to consider for further research.
Note 1: The prices quoted above for TGNA are adjusted for
the Cars.com (CARS) spinoff in May last year.
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 Q3 2017. For a
look at how the portfolio has progressed, see our previous update:
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