Tracking Michael Price’s MFP Portfolio - Q2 2016 Update

• Michael Price’s 13F portfolio increased from $712M to $753M this quarter.
• MFP Investors added Outerwall Inc. while reducing Boston Scientific and Continental Resources.
• The largest three individual stock positions are BMC Stock Holdings, Intel Corporation, and Dolby Laboratories and they add up to ~23% of the portfolio.

Michael Price’s 13F portfolio increased ~6% from $712M to $753M this quarter. The portfolio is diversified with recent 13F reports showing well over 100 individual stock positions. The top five stakes are BMC Stock Holdings (BMCH), Intel Corporation (INTC), Dolby Laboratories (DLB), Hess Corporation (HES), and Boston Scientific (BSX) and they add up to ~30% of the 13F portfolio.

Below is a look at the significant moves this quarter:

Outerwall Inc. (OUTR): OUTR is a ~1% portfolio stake established this quarter at prices between $36 and $45 and the stock is currently at ~$52. The stock price spiked in July when it was announced that Outerwall is getting acquired by Apollo Global in a PE transaction at $52 cash per share.

Continental Resources (CLR): CLR is a 1.20% portfolio position established in Q4 2014 at prices between $32 and $65. Q4 2015 also saw a ~57% increase at prices between $20 and $38. The pattern reversed this quarter: ~36% selling at prices between $29 and $46. The stock currently trades at $45.11.

Boston Scientific (BSX): BSX is a long-term top-five position at 2.79% of the portfolio. Recent activity follow: Last quarter saw a ~10% trimming and that was followed with a ~50% reduction this quarter at prices between $18.81 and $23.32. The original position is from 2012 established in the mid-single-digits. The stock is now at $23.31.

Ally Financial (ALLY) & Westlake Chemical (WLK): These two stakes saw large ~130% increases this quarter. The ALLY stake increase happened at prices between $15 and $19 while the WLK stake increase was at prices between $40 and $52. ALLY and WLK stakes are now at 1.5% and 1.3% of the portfolio respectively.

Below is a spreadsheet that shows the changes to Michael Price's MFP Investors 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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