- Michael Dell’s portfolio value decreased this quarter from $407M to $275M.
- The Northstar Asset Management Stake was dropped and the PVH position was reduced.
- MSD Capital 13F portfolio has just five positions.
Michael Dell’s MSD Capital 13F portfolio value dropped
one-third this quarter from $407M to $275M: The large Northstar Asset
Management stake was dropped and PVH Corp position was substantially reduced.
To know more about Michael Dell, check-out the book Direct from Dell: Strategies that
Revolutionized an Industry.
Below is a summary of the portfolio:
Asbury Automotive
Group (ABG): ABG is currently the largest 13F position at ~44% 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
$52.25.
Note: MSD Capital owns ~9% of ABG.
PVH Corporation
(PVH): PVH is a ~14% 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 the following quarter at prices between $92 and $110. Last quarter also
saw another ~23% reduction at prices between $90 and $114. There was a ~15%
further selling this quarter at prices between $85 and $104. 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 $110.
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:
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 .
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