- 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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