- Michael Dell’s portfolio value decreased this quarter from $275M to $255M.
- The PVH Cop positon saw a minor reduction.
- MSD Capital 13F portfolio has just five positions.
Michael Dell’s MSD Capital 13F portfolio value dropped ~7%
this quarter from $275M to $255M: The PVH Corp position was reduced. Regulatory
filings after the quarter ended show a small reduction in Asbury Automotive and
a small increase in DineEquity.
To know more about Michael Dell, check-out the book Direct from Dell: Strategies that
Revolutionized an Industry.
Below is a summary:
Asbury Automotive
Group (ABG): ABG is currently the largest 13F position at ~44% of the
portfolio. It is a long-term stake 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 $52.15.
Note: MSD Capital owns ~9% of ABG.
PVH Corporation
(PVH): PVH is a ~16% 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. Q4 2016 also saw
another ~23% reduction at prices between $90 and $114. There was a ~15% further
selling last quarter at prices between $85 and $104 and that was followed with
a ~7% trimming this quarter. 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 $126.
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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following the best hedge fund picks, check out our book Profiting from Hedge Funds: Winning
Strategies for the Little Guy .
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