Activist investor Carl Icahn has made a few more SEC filings as of late.
First, he has updated his position in Nuance Communications (NUAN). We already highlighted how he trimmed his NUAN stake earlier this month and he has done so again.
A 13G filed with the SEC shows that Icahn now owns around 30 million shares of NUAN, or around 9.88% of the company. This is down from the 34.4 million shares he owned recently. The filing shows he sold shares on March 16th at a price of $19.00. NUAN shares currently trade around $19.49.
Per Google Finance, Nuance Communications is "a provider of voice and language solutions for businesses and consumers across the world. The Company's solutions are used in healthcare, mobile, consumer, enterprise customer service, and imaging markets. The Company offers accuracy, natural language understanding capability, domain knowledge and implementation capabilities. The Company's solutions are based on the Company's voice and language platform and are used by businesses for tasks and services, such as requesting information from a phone-based self-service solution, dictating medical records, searching the mobile Web by voice, entering a destination into a navigation system, or working with portable document format (PDF) documents. The Company offers its solutions to its customers in a range of ways, including through products, hosting, professional services and maintenance and support. The Company operates in four segments: Healthcare, Mobile and Consumer, Enterprise, and Imaging."
Icahn Files 13D on Manitowoc Foodservice
Secondly, Icahn has also filed with the SEC regarding shares of Manitowoc Foodservice (MFS). Per the filing, Icahn now owns 7.73% of the company with over 10.58 million shares. Icahn acquired these shares in connection with the company's separation from Manitowoc, a catalyst he pushed for.
Icahn gets board representation on this new entity as part of a prior agreement. The filing was made due to activity on March 4th.
Per Google Finance, Manitowoc Foodservice, Inc. is a commercial foodservice equipment company. The Company designs, manufactures and services an integrated portfolio of hot and cold category products. The Company supplies foodservice equipment to commercial and institutional foodservice operators, such as full-service restaurants, quick-service restaurant chains, hotels, caterers, supermarkets, convenience stores, business and industry, hospitals, schools and other institutions. The Company operates through three segments: Americas, EMEA and APAC. The Americas segment includes the United States, Canada and Latin America. The EMEA segment consists of Europe, Middle East and Africa, including the United Kingdom, the Nordic countries, Germany, France, Spain, Italy and Switzerland, as well as Egypt, South Africa and Dubai. The APAC segment consists of markets in China, Singapore, Australia, India, Malaysia, Indonesia, Thailand and the Philippines.
Jumat, 18 Maret 2016
Pershing Square Trims Mondelez Stake
Bill Ackman's hedge fund firm Pershing Square Capital has filed an amended 13D with the SEC regarding its stake in Mondelez (MDLZ). It seems that Pershing sold around 20 million shares.
After these transactions, Pershing now owns 5.6% of the company with over 88.1 million shares. This is broken down into 22.9 million shares of common stock and 65.25 million shares worth of exposure via call options. Pershing listed all of their separate transactions in a filing here.
As to the reason for the sales, the filing notes that, "The Reporting Persons reduced their stake in the Issuer because the stake had become an outsized position of their portfolio in light of its initially large size and its outperformance relative to other holdings. The Reporting Persons are reducing the position size for portfolio management purposes only."
It is of course worth noting that Pershing is currently facing a big loss thus far this year, mainly due to its Valeant Pharmaceutical (VRX) position.
The Wall Street Journal notes that Pershing was down 26% for the year and that "Ackman told investors Wednesday that the Mondelez sale would leave Pershing with 'substantial uninvested cash' ... and assured investors that he had no immediate plans to sell other assets."
After these transactions, Pershing now owns 5.6% of the company with over 88.1 million shares. This is broken down into 22.9 million shares of common stock and 65.25 million shares worth of exposure via call options. Pershing listed all of their separate transactions in a filing here.
As to the reason for the sales, the filing notes that, "The Reporting Persons reduced their stake in the Issuer because the stake had become an outsized position of their portfolio in light of its initially large size and its outperformance relative to other holdings. The Reporting Persons are reducing the position size for portfolio management purposes only."
It is of course worth noting that Pershing is currently facing a big loss thus far this year, mainly due to its Valeant Pharmaceutical (VRX) position.
The Wall Street Journal notes that Pershing was down 26% for the year and that "Ackman told investors Wednesday that the Mondelez sale would leave Pershing with 'substantial uninvested cash' ... and assured investors that he had no immediate plans to sell other assets."
Hedge Fund Links ~ 3/18/16
What hedge funds get right [A Wealth of Common Sense]
Allan Mecham's (Arlington Value) annual letter [ValueWalk]
Top 10 hedge fund industry trends for 2016 [FINalternatives]
Bridgewater grapples with succession plans [WSJ]
Cohen's Point72 hires sports psychologist as performance coach [Reuters]
The unlamented decline of hedge funds [MoneyWeek]
The secretive hedge fund that's generating huge profits for Yale [Bloomberg]
This SAC alum stands out in hedge fund rankings [Bloomberg]
Global value investor steps back into the fray [Barrons]
Former JAT Capital partner launches fund [Reuters]
Is the hedge fund era ending? [Seeking Alpha]
Tiger Global has rough start to the year [Reuters]
Three characteristics of a successful investment firm [A Wealth of Common Sense]
Hedge fund 'ask me anything' [Reddit]
Rabu, 16 Maret 2016
What We're Reading ~ 3/16/2016
Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism [Jeff Gramm]
Two powerful mental models: network effects and critical mass [Andreessen Horowitz]
How to be wrong as an investor [A Wealth of Common Sense]
A look at the concept of moats in investing [Intrinsic Investing]
The great race: e-commerce in India [The Economist]
A look inside Google's DeepMind [The Verge]
Amazon's Echo brims with groundbreaking promise [NYTimes]
In-depth analysis of Moody's (MCO) [Value Seeker]
A look at Visa & Mastercard [JanaV]
American Express, Synchrony Financial & the changing credit card landscape [PunchCard]
Amex: cheap blue chip or value trap? [Value & Opportunity]
How credit cards tax America [Priceonomics]
After TV: Video's future will be bigger, more diverse & precarious than its past [Redef]
John Malone 'cable cowboy' faces test in rounding up the right mix of assets [Variety]
The television has a business model problem and it's killing good TV [Redef]
The craft beer bubble [VinePair]
The rise and final hours of Chesapeake's Aubrey McClendon [Bloomberg]
Selasa, 15 Maret 2016
Graham & Doddsville New Issue: Craig Effron, Jon Salinas, Jeff Gramm & More
The Winter 2016 edition of the Graham & Doddsville newsletter was released and if you haven't had a chance to view it, it's posted below. The Columbia Business School publication features some interesting interviews with money managers that don't necessarily get as much spotlight. It features:
- An interview with Craig Effron of Scoggin Capital Management
- An interview with Jon Salinas of Plymouth Lane Capital (previously was with Marble Arch)
- Interview with Jeff Gramm of Bandera Partners, who is also the author of the recently released book Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism
- Interview with Shane Parrish, founder of the popular Farnam Street blog
Lastly, the issue also features stock pitches from Columbia Business School students. They pitch short Dexcom (DXCM), short Quest Diagnostics (DGX), and long XPO Logistics (XPO).
Embedded below is the latest issue of Graham & Doddsville:
You can download a pdf copy here.
- An interview with Craig Effron of Scoggin Capital Management
- An interview with Jon Salinas of Plymouth Lane Capital (previously was with Marble Arch)
- Interview with Jeff Gramm of Bandera Partners, who is also the author of the recently released book Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism
- Interview with Shane Parrish, founder of the popular Farnam Street blog
Lastly, the issue also features stock pitches from Columbia Business School students. They pitch short Dexcom (DXCM), short Quest Diagnostics (DGX), and long XPO Logistics (XPO).
Embedded below is the latest issue of Graham & Doddsville:
You can download a pdf copy here.
Jeff Ubben's Interview with CNBC
CNBC's Kelly Evans sat down with activist investment manager Jeff Ubben of ValueAct Capital recently. Here's a summary of his latest thoughts:
On his recent portfolio activity: "We have been selling a number of our companies where we have been there, done all we could, the stocks are fairly valued... and it's been hard to redeploy that." They sold some Adobe, MSCI, Microsoft, and Motorola Solutions.
He notes the only compelling investment they've found value in has been Rolls Royce (RR.L).
On valuations: He notes that last valuation cycle the bubble was largely public and this time around, more and more companies are private so the bubble could burst slower he guessed.
On TwentyFirst Century Fox (FOX/FOXA): He likes the transition from old media to new media and wants to 'get rid of the middleman' by going direct to consumer. He thinks James Murdoch is terrific and can lead the change.
On his stakes in Halliburton (HAL) / Baker Hughes (BHI): If the deal closes, he thinks ValueAct will do really well there. If it doesn't close, he says people have kind of forgotten what happens to Baker's balance sheet with receiving a break-up fee.
On Valeant (VRX): This interview was shown yesterday and today VRX is down 47% on guidance cut and default worries. But Ubben's comments at the time were that CEO Michael Pearson is "incredibly driven." ValueAct spearheaded the effort to place him as CEO many years ago. Ubben also said that "we're solving problems (at the company) as we speak" but also noted that "we haven't been able to control the narrative at all." ValueAct has owned VRX for years and at one point it was a hugely successful play for them, but with shares plummeting this year, they've basically come close to round-tripping their gains.
Embedded below is the video of Ubben's interview:
On his recent portfolio activity: "We have been selling a number of our companies where we have been there, done all we could, the stocks are fairly valued... and it's been hard to redeploy that." They sold some Adobe, MSCI, Microsoft, and Motorola Solutions.
He notes the only compelling investment they've found value in has been Rolls Royce (RR.L).
On valuations: He notes that last valuation cycle the bubble was largely public and this time around, more and more companies are private so the bubble could burst slower he guessed.
On TwentyFirst Century Fox (FOX/FOXA): He likes the transition from old media to new media and wants to 'get rid of the middleman' by going direct to consumer. He thinks James Murdoch is terrific and can lead the change.
On his stakes in Halliburton (HAL) / Baker Hughes (BHI): If the deal closes, he thinks ValueAct will do really well there. If it doesn't close, he says people have kind of forgotten what happens to Baker's balance sheet with receiving a break-up fee.
On Valeant (VRX): This interview was shown yesterday and today VRX is down 47% on guidance cut and default worries. But Ubben's comments at the time were that CEO Michael Pearson is "incredibly driven." ValueAct spearheaded the effort to place him as CEO many years ago. Ubben also said that "we're solving problems (at the company) as we speak" but also noted that "we haven't been able to control the narrative at all." ValueAct has owned VRX for years and at one point it was a hugely successful play for them, but with shares plummeting this year, they've basically come close to round-tripping their gains.
Embedded below is the video of Ubben's interview:
7th Annual Free March Madness Bracket Contest
It's baaaaack! College basketball's championship tournament is here and it's time for the 7th annual Market Folly Madness. Get ready to fill out your bracket as entry is completely free.
Join Market Folly Madness
To join the free contest, click here: http://marketfolly.mayhem.cbssports.com/e?ttag=BPM16_cpy_invite_returning
(If you don't have a CBS Sports account, create one for free)
Group Password: folly
Contest Prizes
1st place: A 1-year subscription to our Hedge Fund Wisdom newsletter ($300 value)
2nd place: A copy of Michael Lewis' most recent book on Wall Street: Flash Boys
3rd place: A DVD copy of the recent movie The Big Short when it is released
To be eligible, you must fill out your bracket before the start of the main games on Thursday March 17th. Only one entry per person. Good luck!
Join Market Folly Madness
To join the free contest, click here: http://marketfolly.mayhem.cbssports.com/e?ttag=BPM16_cpy_invite_returning
(If you don't have a CBS Sports account, create one for free)
Group Password: folly
Contest Prizes
1st place: A 1-year subscription to our Hedge Fund Wisdom newsletter ($300 value)
2nd place: A copy of Michael Lewis' most recent book on Wall Street: Flash Boys
3rd place: A DVD copy of the recent movie The Big Short when it is released
To be eligible, you must fill out your bracket before the start of the main games on Thursday March 17th. Only one entry per person. Good luck!
Kamis, 10 Maret 2016
Passport Capital Ups Hortonworks Stake
John Burbank's hedge fund firm Passport Capital has filed an amended 13G with the SEC regarding its stake in Hortonworks (HDP). Per the filing, Passport now owns 12.2% of the company with over 6.66 million shares.
This is an increase over the 1.7 million shares Passport owned at the end of 2015. The filing was made due to activity on February 29th.
Per Google Finance, Hortonworks is "a provider and distributor of an enterprise-grade Hadoop solution called the Hortonworks Data Platform (HDP). The Company's platform integrates with data center technologies to enable data architectures and enables its customers to collect, store, process and analyze existing and new data types in a way that augments rather than replaces their existing data center infrastructure. It provides support subscription offerings and related professional services around the HDP, which is its open source software distribution of Apache Hadoop and associated projects. Its products include Hortonworks Data Platform and Hortonworks Sandbox. Its range of professional services are training and consulting. It caters to vertical markets, including online services, education, financial services, Government, healthcare/pharmaceuticals, industrials/manufacturing, media/entertainment, retail/ecommerce, technology and telecommunications.."
This is an increase over the 1.7 million shares Passport owned at the end of 2015. The filing was made due to activity on February 29th.
Per Google Finance, Hortonworks is "a provider and distributor of an enterprise-grade Hadoop solution called the Hortonworks Data Platform (HDP). The Company's platform integrates with data center technologies to enable data architectures and enables its customers to collect, store, process and analyze existing and new data types in a way that augments rather than replaces their existing data center infrastructure. It provides support subscription offerings and related professional services around the HDP, which is its open source software distribution of Apache Hadoop and associated projects. Its products include Hortonworks Data Platform and Hortonworks Sandbox. Its range of professional services are training and consulting. It caters to vertical markets, including online services, education, financial services, Government, healthcare/pharmaceuticals, industrials/manufacturing, media/entertainment, retail/ecommerce, technology and telecommunications.."
Three Bays Capital Files 13D on Cypress Semiconductor, Boosts Position
Matthew Sidman's hedge fund Three Bays Capital has filed a 13D with the SEC regarding shares of Cypress Semiconductor (CY). Per the filing, Three Bays now owns 7.1% of the company with over 22.46 million shares.
This is an increase over the 15.8 million shares Three Bays owned at the end of 2015. The filing was made due to activity on March 3rd. The 13D contains the standard boilerplate noting that they've met with management.
Prior to founding Three Bays in 2013, Sidman worked at Highfields Capital.
Per Google Finance, Cypress Semiconductor is "a provider of mixed-signal programmable solutions. The Company's offerings include PSoC 1, PSoC 3, PSoC 4 and PSoC 5LP programmable system-on-chip families. It caters to markets, including industrial, mobile handsets, consumer, computation, data communications, automotive and military. The Company operates in four segments: Programmable Systems Division, Memory Products Division, Data Communications Division and Emerging Technologies Division. The Programmable Solutions Division designs and develops solutions for end-product manufacturers. The Memory Products Division designs and manufactures SRAM products and non-volatile RAMs (random access memories). The Data Communications Division focuses on solutions for industrial, handset and consumer applications. The Emerging Technologies Division consists of the Company's subsidiaries, AgigA Tech, Inc. and Deca Technologies, Inc.."
This is an increase over the 15.8 million shares Three Bays owned at the end of 2015. The filing was made due to activity on March 3rd. The 13D contains the standard boilerplate noting that they've met with management.
Prior to founding Three Bays in 2013, Sidman worked at Highfields Capital.
Per Google Finance, Cypress Semiconductor is "a provider of mixed-signal programmable solutions. The Company's offerings include PSoC 1, PSoC 3, PSoC 4 and PSoC 5LP programmable system-on-chip families. It caters to markets, including industrial, mobile handsets, consumer, computation, data communications, automotive and military. The Company operates in four segments: Programmable Systems Division, Memory Products Division, Data Communications Division and Emerging Technologies Division. The Programmable Solutions Division designs and develops solutions for end-product manufacturers. The Memory Products Division designs and manufactures SRAM products and non-volatile RAMs (random access memories). The Data Communications Division focuses on solutions for industrial, handset and consumer applications. The Emerging Technologies Division consists of the Company's subsidiaries, AgigA Tech, Inc. and Deca Technologies, Inc.."
Carl Icahn Trims Stakes In Nuance Communications, Tegna & Mentor Graphics
Activist investor Carl Icahn has been busy lately, filing numerous portfolio disclosures with the SEC. Here's a breakdown of his activity:
Trims Nuance Communications Stake
Per a Form 4 filed with the SEC, Icahn sold 26.3 million shares of Nuance Communications (NUAN) on March 9th at a price of $19. After the sale, he still owns over 34.46 million shares of the company. This means he still owns 11.32% of NUAN.
Per Google Finance, Nuance Communications is "a provider of voice and language solutions for businesses and consumers across the world. The Company's solutions are used in healthcare, mobile, consumer, enterprise customer service, and imaging markets. The Company offers accuracy, natural language understanding capability, domain knowledge and implementation capabilities. The Company's solutions are based on the Company's voice and language platform and are used by businesses for tasks and services, such as requesting information from a phone-based self-service solution, dictating medical records, searching the mobile Web by voice, entering a destination into a navigation system, or working with portable document format (PDF) documents. The Company offers its solutions to its customers in a range of ways, including through products, hosting, professional services and maintenance and support. The Company operates in four segments: Healthcare, Mobile and Consumer, Enterprise, and Imaging."
Reduces Tegna Exposure
Additionally, Icahn filed an amended 13D with the SEC regarding his stake in Tegna (TGNA). Per the filing, he sold shares throughout early March at prices around $24.xx. After selling around 2.07 million shares, Icahn still owns 4.88% of the company with over 10.7 million shares.
Per Google Finance, Tegna is "a media and marketing solutions company. The Company is engaged in providing local content on a range of platforms in the United States. The Company operates through Broadcasting and Digital segments. It also provides digital marketing services and Internet-based human resource solutions. Its digital media products and services include search, social media and Website development, among others. The Company offers its services in a range of geographies, demographics and content areas. The Company provides consumers with the information and entertainment, and connects consumers to their communities through various platforms, such as television stations, desktop, smartphone and tablet products. Its Broadcasting segment includes an independent station group of network affiliates. The Company's Digital business segment includes Cars.com, CareerBuilder and Shoplocal."
Sells Some Mentor Graphics
Lastly, the activist investor has sold some of his Mentor Graphics (MENT) position per a 13D filed with the SEC. Icahn was selling shares on March 7th and 8th at prices of $19.46 and $19.54 and now owns 4.6% of the company with over 5.48 million shares. This compares to his previous ownership of 16.1 million shares of MENT at the end of 2015.
Per Google Finance, Mentor Graphics is "a supplier of electronic design automation (EDA) tools - computer software and emulation hardware systems used to automate the design, analysis and testing of complex electro-mechanical systems, electronic hardware and embedded systems software in electronic systems and components. The Company's products are used in the design and development of a diverse set of electronic products, including automotive electronics, computers and workstations, digital cameras, cellular telephones, medical devices, smart phones, industrial electronics and manufacturing systems. The Company segregated revenues into five categories of similar products and services: Scalable Verification, IC Design to Silicon, Integrated System Design, New and Emerging Products, and Services and Other."
Trims Nuance Communications Stake
Per a Form 4 filed with the SEC, Icahn sold 26.3 million shares of Nuance Communications (NUAN) on March 9th at a price of $19. After the sale, he still owns over 34.46 million shares of the company. This means he still owns 11.32% of NUAN.
Per Google Finance, Nuance Communications is "a provider of voice and language solutions for businesses and consumers across the world. The Company's solutions are used in healthcare, mobile, consumer, enterprise customer service, and imaging markets. The Company offers accuracy, natural language understanding capability, domain knowledge and implementation capabilities. The Company's solutions are based on the Company's voice and language platform and are used by businesses for tasks and services, such as requesting information from a phone-based self-service solution, dictating medical records, searching the mobile Web by voice, entering a destination into a navigation system, or working with portable document format (PDF) documents. The Company offers its solutions to its customers in a range of ways, including through products, hosting, professional services and maintenance and support. The Company operates in four segments: Healthcare, Mobile and Consumer, Enterprise, and Imaging."
Reduces Tegna Exposure
Additionally, Icahn filed an amended 13D with the SEC regarding his stake in Tegna (TGNA). Per the filing, he sold shares throughout early March at prices around $24.xx. After selling around 2.07 million shares, Icahn still owns 4.88% of the company with over 10.7 million shares.
Per Google Finance, Tegna is "a media and marketing solutions company. The Company is engaged in providing local content on a range of platforms in the United States. The Company operates through Broadcasting and Digital segments. It also provides digital marketing services and Internet-based human resource solutions. Its digital media products and services include search, social media and Website development, among others. The Company offers its services in a range of geographies, demographics and content areas. The Company provides consumers with the information and entertainment, and connects consumers to their communities through various platforms, such as television stations, desktop, smartphone and tablet products. Its Broadcasting segment includes an independent station group of network affiliates. The Company's Digital business segment includes Cars.com, CareerBuilder and Shoplocal."
Sells Some Mentor Graphics
Lastly, the activist investor has sold some of his Mentor Graphics (MENT) position per a 13D filed with the SEC. Icahn was selling shares on March 7th and 8th at prices of $19.46 and $19.54 and now owns 4.6% of the company with over 5.48 million shares. This compares to his previous ownership of 16.1 million shares of MENT at the end of 2015.
Per Google Finance, Mentor Graphics is "a supplier of electronic design automation (EDA) tools - computer software and emulation hardware systems used to automate the design, analysis and testing of complex electro-mechanical systems, electronic hardware and embedded systems software in electronic systems and components. The Company's products are used in the design and development of a diverse set of electronic products, including automotive electronics, computers and workstations, digital cameras, cellular telephones, medical devices, smart phones, industrial electronics and manufacturing systems. The Company segregated revenues into five categories of similar products and services: Scalable Verification, IC Design to Silicon, Integrated System Design, New and Emerging Products, and Services and Other."
ValueAct Capital Reduces MSCI & Motorola Solutions Stakes
Jeff Ubben's activist investment firm ValueAct Capital has filed numerous disclosures with the SEC regarding some of their positions recently.
ValueAct Trims MSCI Stake
First, they've filed an amended 13D with the SEC regarding shares of MSCI (MSCI). ValueAct now owns 4.1% of the company with over 4.06 million shares.
This is down from the 6.32 million shares they owned at the end of 2015. They sold shares at the end of February and beginning of March at prices between $69.25 and $71.96.
Per Google Finance, MSCI "together with its wholly owned subsidiaries, is a provider of investment decision support tools, including indexes, portfolio risk and performance analytics and multi-asset class market risk analytics products and services. The Company�s products include global equity indexes and environmental, social and governance (ESG) products marketed under the MSCI and MSCI ESG Research brands, its private real estate benchmarks marketed under the IPD brand, its portfolio risk and performance analytics covering global equity markets marketed under the Barra brand, its multi-asset class, market and credit risk analytics marketed under the RiskMetrics and Barra brands and its performance reporting products and services offered to the investment consultant community marketed under the InvestorForce brand."
Ubben Reduces Motorola Solutions Position
Second, ValueAct has also filed a Form 4 with the SEC regarding their stake in Motorola Solutions (MSI). They sold over 6.6 million shares at prices of $70 and $74.14 on March 1st and February 29th. After these sales, they now own 10.96 million shares of MSI, or 6.3% of the company.
Per Google Finance, Motorola Solutions "provides communication infrastructure, devices, accessories, software and services. The Company operates business in two segments: Products and Services. The Products segment offers a portfolio of infrastructure, devices, accessories and software. The primary customers of the Products segment are Government, public safety and first-responder agencies, municipalities, and commercial and industrial customers. The Products segment has two principal product lines: devices and systems. The Services segment provides a set of service offerings for Government, public safety and commercial communication networks. The Services segment has the following principal product lines: Integration services, Lifecycle Support services, Managed services, Smart Public Safety Solutions and Integrated Digital Enhanced Network (iDEN) services. The Company serves customers in more than 100 countries."
ValueAct Trims MSCI Stake
First, they've filed an amended 13D with the SEC regarding shares of MSCI (MSCI). ValueAct now owns 4.1% of the company with over 4.06 million shares.
This is down from the 6.32 million shares they owned at the end of 2015. They sold shares at the end of February and beginning of March at prices between $69.25 and $71.96.
Per Google Finance, MSCI "together with its wholly owned subsidiaries, is a provider of investment decision support tools, including indexes, portfolio risk and performance analytics and multi-asset class market risk analytics products and services. The Company�s products include global equity indexes and environmental, social and governance (ESG) products marketed under the MSCI and MSCI ESG Research brands, its private real estate benchmarks marketed under the IPD brand, its portfolio risk and performance analytics covering global equity markets marketed under the Barra brand, its multi-asset class, market and credit risk analytics marketed under the RiskMetrics and Barra brands and its performance reporting products and services offered to the investment consultant community marketed under the InvestorForce brand."
Ubben Reduces Motorola Solutions Position
Second, ValueAct has also filed a Form 4 with the SEC regarding their stake in Motorola Solutions (MSI). They sold over 6.6 million shares at prices of $70 and $74.14 on March 1st and February 29th. After these sales, they now own 10.96 million shares of MSI, or 6.3% of the company.
Per Google Finance, Motorola Solutions "provides communication infrastructure, devices, accessories, software and services. The Company operates business in two segments: Products and Services. The Products segment offers a portfolio of infrastructure, devices, accessories and software. The primary customers of the Products segment are Government, public safety and first-responder agencies, municipalities, and commercial and industrial customers. The Products segment has two principal product lines: devices and systems. The Services segment provides a set of service offerings for Government, public safety and commercial communication networks. The Services segment has the following principal product lines: Integration services, Lifecycle Support services, Managed services, Smart Public Safety Solutions and Integrated Digital Enhanced Network (iDEN) services. The Company serves customers in more than 100 countries."
Rabu, 09 Maret 2016
London Value Investor Conference 2016
The fifth annual London Value Investor Conference will take place on Thursday 26th May 2016 at the QEII Conference Centre in Westminster; with speakers including Howard Marks, Jean-Marie Eveillard and James Montier. Both Howard Marks and Jean-Marie Eveillard will hold extensive audience Q&A sessions hosted by the conference moderators: David Shapiro of Willis Towers Watson and Richard Oldfield of Oldfield Partners.
The conference will also be a showcase for less well known fund managers to present detailed investment ideas: click here for the full speaker line-up.
There is an overview video available of the London Value Investor Conference 2015 which provides a good introduction to the event (video link if it doesn't show up below):
Two other features of the conference this year are the Value Investor Awards (for which nominations are currently being accepted) and the London Value Investor Conference Dinner which takes place in the Members Dining Room at the House of Commons after the conference finishes.
Until 31st March, our readers can save �180 (inc VAT) with the discount code: MARKETFOLLY-MARCH-DISCOUNT
Rabu, 02 Maret 2016
What We're Reading ~ 3/2/16
Quality Investing: Owning the best companies for the long term [Lawrence Cunningham]
How to learn from market mistakes [WSJ]
In-depth interview with JPMorgan's Jamie Dimon [Bloomberg]
Key checklist items [Value Investing World]
The great investment advice hidden in Warren Buffett's annual letter [Fortune]
Hard truths for investors to wrap their heads around [Morgan Housel]
Software is the new oil [AVC]
A pitch on Broadridge Financial Solutions [Intrinsic Investing]
Thoughts on industrial gases [Dislocated Value]
Why restaurants hate GrubHub Seamless [Tribeca Citizen]
Why the economy isn't about labor productivity anymore [Bloomberg]
What I learned from losing $200 million [Nautil.us]
Visa moves at the speed of money [Forbes]
How mobile payments reshape lifestyles [WSJ]
The robots are coming for Wall Street [NYTimes]
Why media titans would be wise not to overlook Netflix [NYTimes]
Expedia thinks it can help you find the dream vacation you didn't know you wanted [Bberg]
Top tips from China's richest man [CNN Money]
Eminence Capital Discloses Restoration Hardware Position
Ricky Sandler's hedge fund firm Eminence Capital has filed a 13G with the SEC regarding shares of Restoration Hardware (RH). Per the filing, Eminence now owns 3.1% of the company with over 1.25 million shares.
This is a newly disclosed position as the firm did not report owning a stake at the end of 2015 in their latest 13F filing. The new 13G filing was made due to portfolio activity on February 25th.
Shares of RH have absolutely cratered over the past three months, falling from $105 down to current levels of $38.
Per Google Finance, Restoration Hardware is "The Company, together with its subsidiaries, is a luxury home furnishings retailer that offers various categories, including furniture, lighting, textiles, bathware, decor, outdoor and garden, tableware and children's furnishings. These products are sold through the Company's stores, catalogs and Websites. The Company operated a total of approximately 67 retail stores and over 17 outlet stores in approximately 29 states, the District of Columbia and Canada, and had sourcing operations in Shanghai and Hong Kong. The Company's retail stores are located primarily in upscale malls and street locations. The Company operates stores in Alabama, Arizona, California, Colorado, Connecticut, Florida, Massachusetts, Michigan, New York, Pennsylvania, Texas, Tennessee and British Columbia, among others."
This is a newly disclosed position as the firm did not report owning a stake at the end of 2015 in their latest 13F filing. The new 13G filing was made due to portfolio activity on February 25th.
Shares of RH have absolutely cratered over the past three months, falling from $105 down to current levels of $38.
Per Google Finance, Restoration Hardware is "The Company, together with its subsidiaries, is a luxury home furnishings retailer that offers various categories, including furniture, lighting, textiles, bathware, decor, outdoor and garden, tableware and children's furnishings. These products are sold through the Company's stores, catalogs and Websites. The Company operated a total of approximately 67 retail stores and over 17 outlet stores in approximately 29 states, the District of Columbia and Canada, and had sourcing operations in Shanghai and Hong Kong. The Company's retail stores are located primarily in upscale malls and street locations. The Company operates stores in Alabama, Arizona, California, Colorado, Connecticut, Florida, Massachusetts, Michigan, New York, Pennsylvania, Texas, Tennessee and British Columbia, among others."
Viking Global Boosts Kite Pharma Stake
Andreas Halvorsen's hedge fund firm Viking Global has filed a 13G with the SEC regarding shares of Kite Pharma (KITE). Per the filing, Viking now owns 5% of the company with 2.44 million shares.
This is up from the 2.2 million shares they owned at the end of 2015 and the latest filing was made due to activity on February 18th.
To see the rest of Viking Global's portfolio, head to the brand new issue of our Hedge Fund Wisdom newsletter.
Per Google Finance, Kite Pharma is "a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of cancer immunotherapy products to eradicate cancer cells. The Company does this using its engineered autologous cell therapy (eACT), which is an approach to the treatment of cancer. eACT involves the genetic engineering of T cells to express either chimeric antigen receptors (CARs) or T cell receptors (TCRs). It is conducting a Phase II clinical trial of a TCR-based therapy and multiple Phase I-IIa clinical trials of CAR- and TCR-based therapies. The Company's lead product candidate KTE-C19, is a CAR-based therapy, for the treatment of refractory diffuse large B cell lymphoma (DLBCL), primary mediastinal B cell lymphoma (PMBCL) and transformed follicular lymphoma (TFL). It is developing a pipeline of eACT-based product candidates for the treatment of advanced solid and hematological malignancies: CD19CAR, KTE-C19CAR and EGFRvlll CAR, among others.."
This is up from the 2.2 million shares they owned at the end of 2015 and the latest filing was made due to activity on February 18th.
To see the rest of Viking Global's portfolio, head to the brand new issue of our Hedge Fund Wisdom newsletter.
Per Google Finance, Kite Pharma is "a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of cancer immunotherapy products to eradicate cancer cells. The Company does this using its engineered autologous cell therapy (eACT), which is an approach to the treatment of cancer. eACT involves the genetic engineering of T cells to express either chimeric antigen receptors (CARs) or T cell receptors (TCRs). It is conducting a Phase II clinical trial of a TCR-based therapy and multiple Phase I-IIa clinical trials of CAR- and TCR-based therapies. The Company's lead product candidate KTE-C19, is a CAR-based therapy, for the treatment of refractory diffuse large B cell lymphoma (DLBCL), primary mediastinal B cell lymphoma (PMBCL) and transformed follicular lymphoma (TFL). It is developing a pipeline of eACT-based product candidates for the treatment of advanced solid and hematological malignancies: CD19CAR, KTE-C19CAR and EGFRvlll CAR, among others.."
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