- Thyra Zerhusen’s 13F portfolio decreased from $5.14B to $5.02B this quarter.
- Fairpointe Capital increased Mattel & Akamai while reducing Varian Medical Systems & Adtalem Global Education.
- The largest three positions are Lions Gate, Office Depot, and Stericycle.
Thyra Zerhusen’s 13F portfolio decreased ~2% from $5.14B to
$5.02B 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, Office Depot, Stericycle, Mattel, and Juniper Networks and they together
add up to ~18% of the portfolio.
Below is a summary:
Stericycle Inc.
(SRCL): SRCL is a top three 3.49% 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 last quarter.
The stock currently trades at $72.26. There was a ~4% trimming this quarter.
Adtalem Global
Education (ATGE) previously DeVry:
ATGE is a 1.57% 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 and the stock is now at $33.85. There was a ~25% selling in
H2 2016 and that was followed with a ~37% reduction last quarter at prices
between $31 and $35.50. There was another ~37% selling this quarter at prices
between $34 and $40.70. Fairpointe is harvesting gains.
Lions Gate
Entertainment (LGF.A) (LGF.B): LGF is now the largest position at 3.60% 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 $29.33. Last three quarters had seen
minor increases while this quarter saw marginal trimming. For investors
attempting to follow Fairpointe, LGF is a good option to consider for further
research.
Office Depot (ODP):
ODP is a top three 3.58% portfolio stake built-up last year at prices between
$3 and $7.50. The stock currently trades at $4.17. Fairpointe controls ~6.3% of
the business. There was marginal trimming this quarter.
Copa Holdings (CPA):
CPA is a 2.51% 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 last quarter at prices between
$91 and $112. The stock is now at $122. This quarter also saw a ~15% selling.
Tegna Inc. (TGNA):
TGNA is a 2.43% 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 last quarter at prices
between $9 and $14. The stock currently trades at $12.90. For investors
attempting to follow Fairpointe, TGNA is a good option to consider for further
research. There was marginal trimming this quarter. There was a ~13% increase
this quarter.
Note 1: The prices quoted above for TGNA are adjusted for
the Cars.com (CARS) spinoff in May.
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 Q2 2017. For a
look at how the portfolio has progressed, see our previous update:
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