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Top Global Equity Funds – Mutual Fund Commentary

Zacks Market Commentaries — Wed, 29 Jul 2009 06:51:39 +0000

Today we are featuring top-performing "global equity" mutual funds, which primarily invest in equity securities of both U.S. and foreign companies.

Investors can find such funds by checking out the entire list of the Zacks #1 Rank Global Equity Funds.

3 Strong Samples

Ivy Cundill Global Value A (ICDAX) was incepted in September 2001. The investment seeks to provide long-term capital growth and may use certain derivative investment techniques for achieving its objective.

The fund invests primarily in equity securities throughout the world, including emerging market countries. It may invest in a company of any size and in issuers of any industry.

DIRECTV Group Inc. (DTV), Liberty Media Corp. (LMDIA) and Deutsche Telekom AG (DT) are among the fund?s top holdings.

ING Global Value Choice A (NAWGX) seeks long-term capital appreciation by investing in undervalued companies both U.S. and overseas that possess catalysts to improve profitability and/or unlock value.

The fund manager selects a portfolio through qualitative and fundamental bottom-up research, with an emphasis on value-oriented stocks. As of January 2009, its portfolio turnover was 66%.

Unit holders have to make a minimum initial investment of $1,000 to enter this Zacks#1 Rank (?Strong Buy?) fund. Dividends and capital gains, if any, are distributed annually.

Oppenheimer Global Opportunities A (OPGIX) seeks capital appreciation, consistent with preservation of principal, while providing current income.

At present, the fund emphasizes its investments in stocks, but may invest in debt securities. Although it may invest in any country, it currently focuses on developed markets. As a fundamental policy, the fund normally invests in at least four countries.

The fund has topped the total returns of its benchmark index in the last 1-, 3- and 5-year periods. It has an expense ratio of 1.40%.

Discover Many More Funds

Learn more about the new Zacks Mutual Fund Rank and discover some of the best market-beating mutual funds by browsing our new mutual funds section. This part of Zacks.com offers a variety of tools, including mutual fund research, a new mutual fund screener, helpful answers to frequently asked questions and quick access to prospectuses and other information.

By applying the Zacks Rank to mutual funds, investors can find funds that not only outpaced the market in the past but are also expected to outperform going forward.

Zacks Investment Research

Top Global Equity Funds – Mutual Fund Education

Zacks Market Commentaries — Tue, 28 Jul 2009 20:38:15 +0000

Today we are featuring top-performing "global equity" mutual funds, which primarily invest in equity securities of both U.S. and foreign companies.

Investors can find such funds by checking out the entire list of the Zacks #1 Rank Global Equity Funds.

3 Strong Samples

The fund invests primarily in equity securities throughout the world, including emerging market countries. It may invest in a company of any size and in issuers of any industry.

DIRECTV Group Inc. (DTV), Liberty Media Corp. (LMDIA) and Deutsche Telekom AG (DT) are among the fund?s top holdings.

The fund manager selects a portfolio through qualitative and fundamental bottom-up research, with an emphasis on value-oriented stocks. As of January 2009, its portfolio turnover was 66%.

Unit holders have to make a minimum initial investment of $1,000 to enter this Zacks#1 Rank (?Strong Buy?) fund. Dividends and capital gains, if any, are distributed annually.

Oppenheimer Global Opportunities A (OPGIX) seeks capital appreciation, consistent with preservation of principal, while providing current income.

The fund has topped the total returns of its benchmark index in the last 1-, 3- and 5-year periods. It has an expense ratio of 1.40%.

Discover Many More Funds

By applying the Zacks Rank to mutual funds, investors can find funds that not only outpaced the market in the past but are also expected to outperform going forward.

Zacks Investment Research

Sirius Misses View; Shares Down 18% – Zacks Tale of the Tape

Zacks Market Commentaries — Thu, 07 May 2009 16:57:46 +0000

Sirius XM Radio Inc. (SIRI) today announced a first-quarter loss of 7 cents per share, which was wider than the consensus estimate for a 3-cents loss.

Revenues for the provider of satellite radio service rose 5% to $605.5 million.

Meanwhile, the company boosted its full-year adjusted income guidance to more than $350 million, compared to earlier guidance of $300 million.

Analysts expect a loss of 12 cents per share for this year, but that has narrowed by 2 cents over the past 2 months.

Sirius XM, created by the merger of Sirius Satellite Radio and XM Satellite Radio, received a loan of $530 million earlier this year from Liberty Media Corp. to avoid a possible bankruptcy filing.

SIRI, a Zacks #3 Rank ("Hold") stock, has slipped more than 18% today on higher-than-usual volume of approximately 109 million, compared to average volume of about 64.7 million.

"SIRI" Free Stock Analysis: Buy? Sell? Hold?
Zacks Investment Research

Zacks Analyst Blog Highlights: DirecTV Group Inc., Liberty Entertainment, Liberty Media Corp., United Therapeutics Corp. and Shire Plc. – Press Releases

Zacks Market Commentaries — Wed, 06 May 2009 13:22:10 +0000

For Immediate Release

Chicago, IL - May 6, 2009 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: DirecTV Group Inc. (DTV), Liberty Entertainment (LMDIA), Liberty Media Corp. (LINTA), United Therapeutics Corp. (UTHR) and Shire Plc (SHPGY).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=4579.

Here are highlights from Tuesday's Analyst Blog:

DTV Gains Content, Independence

DirecTV Group Inc. (DTV) -- in a move to gain autonomy and potentially sell itself -- will merge with its majority shareholder, Liberty Entertainment (LMDIA) after that entity's previously-announced spinoff from its parent Liberty Media Corp. (LINTA).

The post-spinoff DirecTV will own 54% of the common stock of DirecTV, and gain content assets -- three regional sports networks, the majority of the Game Show Network and Internet game company FUN Technologies.

United Therapeutics Awaits FDA

United Therapeutics Corp. (UTHR) posted financial results for the first quarter 2009 on May 1, 2009. Total revenues for the quarter were $79.7 million, up 29% from the first quarter in 2008. Revenues consisted of $76.9 million in sales of IV/SC Remodulin and $2.9 million in service, distributor and licensing fees.

Net income on a GAAP basis totaled $13.2 million, up 16% from last year. This equated to EPS of $0.49. Net income adjusted for non-cash expenses, including stock-based compensation, amortization or debt expense, depreciation and amortization, and non-cash taxes, totaled $37.0 million, an increase of 43% from the adjusted first quarter in 2008, and equated to $1.36 in adjusted EPS. This was roughly 28% growth over the first quarter in 2008. United Therapeutics exited the first quarter 2009 with $319.4 million in cash and equivalents.

Shire's New Products to Take Over

While the loss of exclusivity of Adderall XR will result in revenue falling in 2009 relative to 2008 for Shire Plc (SHPGY), we believe Vyvanse will be able to continue to post strong sales growth due to its strong differentiating characteristics. We believe the drug is much more than just an Adderall XR substitute, which should allow continued share gains despite significantly more generic competition. The adult indication should provide an additional catalyst to growth.

The recent launch of Mezavant in Europe and Canada and the continued ramp of Fosrenol in Europe should make significant positive impacts on the top-line going forward. Eleprase should ramp very quickly with the recent approvals in Canada, Europe, Japan, Mexico, Russia and Brazil, and should be a big contributor to sales growth. Lialda uptake has been very impressive and we expect additional market share penetration, despite Takeda no longer co-promoting the product. And while we were mildly disappointed with the ramp of Vyvanse through 2008, first quarter 2009 sales were inline with our forecast and we expect strong sales growth for the remainder of 2009.

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Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

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Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

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Zacks Investment Research

DTV Gains Content, Independence – Analyst Blog

Zacks Market Commentaries — Mon, 04 May 2009 22:10:46 +0000

Highlights include DirecTV Group Inc. (DTV), Liberty Entertainment (LMDIA), Liberty Media Corp. (LINTA), News Corp. (NWS), AT&T Inc. (T) and Verizon Communications Inc. (VZ).

DirecTV Gains Content and Independence After Liberty Media Spin-Off

DirecTV Group Inc. (DTV) -- in a move to gain autonomy and potentially sell itself -- will merge with its majority shareholder, Liberty Entertainment (LMDIA) after that entity's previously-announced spinoff from its parent Liberty Media Corp. (LINTA).

The post-spinoff DirecTV will own 54% of the common stock of DirecTV, and gain content assets -- three regional sports networks, the majority of the Game Show Network and Internet game company FUN Technologies.

Liberty Media, which is controlled by cable pioneer John Malone, currently owns a 51% stake in DTV shares and has 48% voting control. The stake was acquired from News Corp (NWS) in February 2008 in exchange for Liberty's stake in NWS. After the spin off, John Malone will relinquish his voting power and control just 24% of DirecTV through super-voting Class B shares.

Near-term, the deal is expected to be marginally dilutive. Longer-term, however, I think the merger-spinoff is necessary to maximize DTV's shareholder value -- potentially in an acquisition by AT&T Inc. (T) or Verizon Communications (VZ). The telecom providers are currently rolling out their own Internet-based television services to compete with the cable operators' "triple play" packages -- posing a serious threat to satellite providers, which cannot provide VOD, Internet access or telephony because their platforms lack two-way interactivity (no uplink).

Although AT&T and Verizon both offer co-branded satellite service with DirecTV for areas in which the telecoms have not yet reached on their own, it seems a matter of time before they complete their build-outs -- replacing DirecTV -- or acquire satellite TV providers.

Near-term, however, we expect satellite and cable TV will be relatively defensive recession investments, suffering less subscriber attrition in the recession than other forms of entertainment, and DirecTV in particular should benefit from its recent efforts to weed out its lower-end customers most likely to churn.

We are maintaining our Buy rating on shares of DirecTV.
Read the full analyst report on "DTV"
Read the full analyst report on "LINTA"
Read the full analyst report on "NWS"
Read the full analyst report on "T"
Read the full analyst report on "VZ"
Zacks Investment Research

Zacks #1 Rank Additions for Friday – Zacks Tale of the Tape

Zacks Market Commentaries — Fri, 17 Apr 2009 12:24:04 +0000

Here are the stocks added to the Zacks #1 Rank ("strong buy") List today:

Aaon Inc (AAON)
AbitibiBowater Inc (ABH)
Akamai Technologies Inc (AKAM)
Barloworld Ltd (BRRAY)
Basilea Pharmaceutic (BPMUF)
BJ's Restaurants Inc (BJRI)
Charlotte Russe Holding (CHIC)
China GrenTech Corporation Ltd (GRRF)
China Unicom (Hong Kong) Ltd (CHU)
Chipotle Mexican Grill Inc (CMG)
Dolan Media Co (DM)
Embarq Corp (EQ)
Emergency Medical Services Corp (EMS)
Endologix Inc (ELGX)
Facet Biotech Corp (FACT)
Guaranty Bancorp (GBNK)
Haemonetics Corp (HAE)
Intersil Corp (ISIL)
Intervest Bancshares Corp (IBCA)
Invensys Plc (IVNYY)
Liberty Media Corp (LCAPA)
Nile Therapeutics Inc (NLTX)
Osteologix Inc (OLGX)
Pearson Plc (PSO)
San Juan Basin Royalty Trust (SJT)
SonicWall Inc (SNWL)
Spherion Corp (SFN)
Stockhouse Inc (STKH)
Techne Corp (TECH)

View the entire Zacks #1 Rank List.

Zacks Investment Research

Zacks #1 Rank Additions for Monday – Zacks Tale of the Tape

Zacks Market Commentaries — Mon, 06 Apr 2009 11:57:48 +0000

Here are the stocks added to the Zacks #1 Rank ("strong buy") List today:

Access National Corp (ANCX)
Analogic Corp (ALOG)
Argon ST Inc (STST)
Barloworld Ltd (BRRAY)
Bio-Reference Laboratories Inc (BRLI)
BioSante Pharmaceuticals Inc (BPAX)
Blyth Inc (BTH)
Claude Resources Inc (CGR)
Cypress Semiconductor Corp (CY)
Fair Isaac Inc (FIC)
Gladstone Investment Corp (GAIN)
Gold Fields Ltd (GFI)
Hellenic Telecom Organization SA (OTE)
Idacorp Inc (IDA)
Jarden Corp (JAH)
Liberty Media Corp (LCAPA)
Macrovision Solutions Corp (MVSN)
ManTech International Corp (MANT)
MediciNova Inc (MNOV)
Monro Muffler Brake Inc (MNRO)
MWI Veterinary Supply Inc (MWIV)
The Navigators Group Inc (NAVG)
NMT Medical Inc (NMTI)
OMNOVA Solutions Inc (OMN)
Pearson Plc (PSO)
Peet's Coffee & Tea Inc (PEET)
Prudential Public Limited Co (PUK)
Quest Diagnostics Inc (DGX)
Radio One Inc (ROIAK)
Santarus Inc (SNTS)
South Jersey Industries (SJI)
TreeHouse Foods Inc (THS)
Varian Medical Systems Inc (VAR)

View the entire Zacks #1 Rank List.

Zacks Investment Research

Are Investors Finally Getting Sirius?

Contrarian Profits — Mon, 30 Mar 2009 19:00:44 +0000

pSirius XM Radio is having an interesting year. The satellite radio operator’s share price is down 88% in the last 12 months, but up 204% in 2009. Why the volatile ebb and flow?/p pPart of the reason is the company’s high profile on Wall Street – it’s arguably the most popular penny stock out there. And why shouldn’t it be? After all, the company is the exclusive provider of satellite radio and in-car TV broadcasts for almost 20 million paying subscribers in the United States and Canada./p pBut to assume that all the interest in strongSirius XM (a href="http://www.google.com/finance?q=siri" target="_blank"NASDAQ: SIRI/a)/strong is because of the company’s great growth prospects would be dead wrong. Scores of investors want to see this company crash and burn./p pAs of#8230;/p

Maverick Capital Management 13F | Lee Ainslie Hedge Fund Holdings Analysis

Richard C. Wilson — Mon, 22 Sep 2008 12:41:00 +0000

Maverick Capital

Maverick Capital Management Holdings Analysis

This post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

Lee Ainslie started Maverick Capital back in 1993 with $38 million. Nowadays, the fund is worth $10 billion. Ainslie, like many of the other fund managers I've profiled, has a background rooted in learning from legendary great Julian Robertson at Tiger Management. So, due to the fact that these proteges learned from the best and have had great success running their own hedge funds, I continually try to find a reason not to follow these funds. And, needless to say I'm never successful. Some contacts over at Maverick have explained that their hedge fund strategy is straight up stock picking, both long and short. They made it clear though, that they do not employ pairs trades. Although, some of their long/short setups might be in the same sector. They try to hedge their positions like a true hedge fund by picking out the shining stars in certain sectors, as well as identifying the pieces of garbage. Now, of course, this presents us with a problem in that the 13F filings only show long positions (unless they're holding puts on a name, we can see those). So, a good amount of Maverick's portfolio (the entire short side) is unbeknownst to us, because they have reported zero put positions. But, let's look on the bright side in that we can see all their long positions. Maverick uses a value approach (obviously learned from Julian) and one of their most popular metrics is finding companies and comparing their enterprise value to sustainable free cash flow.

So, now that we've got a little background on Maverick, let's see what they were up to. The following are Maverick Capital's current holdings as of June 30th 2008, as released in their most recent 13F filing with the SEC. The positions in this most recent 13F were compared to last quarter's 13F and here are the changes made to their portfolio:

New Positions:
First Solar (FSLR): 1,202,118 shares. This position is 2.93% of Maverick's portfolio.
Lorillard (LO): 3,820,856 shares. This position is 2.36% of Maverick's portfolio.
CVS Caremark (CVS): 5,912,073 shares. This position is 2.09% of Maverick's portfolio.
Netapp (NTAP): 9,331,862 shares. This position is 1.81% of Maverick's portfolio.
ITT Educational Services (ESI): 2,422,090 shares. This position is 1.79% of Maverick's portfolio.
Macy's (M): 9,008,174 shares. This position is 1.56% of Maverick's portfolio.
Hansen Natural (HANS): 5,712,952 shares. This position is 1.47% of Maverick's portfolio.
Polo Ralph Lauren (RL): 2,431,244 shares. This position is 1.36% of Maverick's portfolio.
Dicks Sporting Goods (DKS): 7,589,473 shares. This position is 1.20% of Maverick's portfolio.
Cigna Corp (CI): 2,931,045 shares. This position is 0.93% of Maverick's portfolio.
Digital River Inc (DRIV): 1,974,144 shares. This position is 0.68% of Maverick's portfolio.
Viacom Inc (VIA): 2,442,500 shares. This position is 0.67% of Maverick's portfolio.
Forest Labs (FRX): 1,789,900 shares. This position is 0.56% of Maverick's portfolio.
Lamar Advertising (LAMR): 1,542,918 shares. This position is 0.50% of Maverick's portfolio.
Visa (V): 565,005 shares. This position is 0.41% of Maverick's portfolio.
South Financial Group (TSFG): 50,000 shares. This position is 0.38% of Maverick's portfolio.
Athena Health (ATHN): 1,245,819 shares. This position is 0.34% of Maverick's portfolio.
National City Corp (NCC): 6,625,176 shares. This position is 0.28% of Maverick's portfolio.
Sohu.com Inc (SOHU): 170,485 shares. This position is 0.11% of Maverick's portfolio.
MSCI Inc (MXB): 287,186 shares. This position is 0.09% of Maverick's portfolio.
Universal American (UAM): 1,004,391 shares. This position is 0.09% of Maverick's portfolio.
Comscore (SCOR): 436,640 shares. This position is 0.09% of Maverick's portfolio.
Citizens Republic Bancorp (CRBC): 937,500 shares. This position is 0.02% of Maverick's portfolio.

Added to:
Berkshire Hathaway (BRK.B): Increased position by 1412%. Position is now 0.45% of their portfolio.
Gmarket (GMKT): Increased position by 317%. Position is now 0.19% of their portfolio.
Infinera (INFN): Increased position by 171%. Position is now 0.54% of their portfolio.
American Capital (ACAS): Increased position by 141%. Position is now 0.30% of their portfolio.
Nordstrom (JWN): Increased position by 136.61%. Position is now 2.79% of their portfolio.
America Movil (AMX): Increased position by 129.88%. Position is now 3.91% of their portfolio.
Lexmark (LXK): Increased position by 109.39%. Position is now 1.42% of their portfolio.
Citrix (CTXS): Increased position by 109.36%. Position is now 2.20% of their portfolio.
Bank of New York Mellon (BK): Increased position by 55.42%. Position is now 3.15% of their portfolio.
Baxter Intl (BAX): Increased position by 51.69%. Position is now 2.90% of their portfolio.
Advanced Micro Devices (AMD): Increased position by 45.89%. Position is now 2.87% of their portfolio.
Raytheon (RTN): Increased position by 41.72%. Position is now 2.58% of their portfolio.
Fidelity National Info (FIS): Increased position by 40.56%. Position is now 2.05% of their portfolio.
Covidien (COV): Increased position by 32.99%. Position is now 2.32% of their portfolio.
Liberty Media Corp (LMDIA): Increased position by 28.09%. Position is now 1.59% of their portfolio.
Resmed (RMD): Increased position by 26.46%. Position is now 0.74% of their portfolio.
Burlington Northern (BNI): Increased position by 22.73%. Position is now 1.83% of their portfolio.
Google (GOOG): Increased position by 22.27%. Position is now 1.72% of their portfolio.
Genentech (DNA): Increased position by 21.38%. Position is now 1.40% of their portfolio.
Zimmer Holdings (ZMH): Increased position by 20.28%. Position is now 1.73% of their portfolio.
Cypress Bioscience (CYPB): Increased position by 19.98%. Position is now 0.20% of their portfolio.
Apple (AAPL): Increased position by 19.45%. Position is now 4.09% of their portfolio.
Research in Motion (RIMM): Increased position by 15.41%. Position is now 4.08% of their portfolio.
MetroPCS Comm (PCS): Increased position by 13.6%. Position is now 0.77% of their portfolio.
Home Inns & Hotels (HMIN): Increased position by 7.72%. Position is now 0.54% of their portfolio.
Gilead Sciences (GILD): Increased position by 6.66%. Position is now 2.37% of their portfolio.
Marvell Technology (MRVL): Increased position by 5.24%. Position is now 3.08% of their portfolio.
Newstar Financial (NEWS): Increased position by 5.21%. Position is now 0.14% of their portfolio.
Cardinal Health (CAH): Increased position by 3.33%. Position is now 1.56% of their portfolio.
Amylin Pharma (AMLN): Increased position by 2.84%. Position is now 0.58% of their portfolio.
Discovery Holding (DISCA): Increased position by 1.74%. Position is now 1.21% of their portfolio.
Palm (PALM): Increased position by 1.40%. Position is now 0.51% of their portfolio.
Lumber Liquidators (LL): Increased position by 1.14%. Position is now 0.26% of their portfolio.
China Nepstar (NPD): Increased position by 0.75%. Position is now 0.18% of their portfolio.
First Advantage (FADV): Increased position by 0.65%. Position is now 0.15% of their portfolio.
Under Armour (UA): Increased position by 0.17%. Position is now 0.83% of their portfolio.
Mylan Inc (MYL): Increased position by 0.06%. Position is now 1.09% of their portfolio.
Monsanto (MON): Increased position by 0.04%. Position is now 1.68% of their portfolio.
Potash (POT): Increased position by 0.03%. Position is now 2% of their portfolio.

Reduced positions:
Thermo Fisher (TMO): Reduced their position by 4.91%. Position is now 1.68% of their portfolio.
Western Union (WU): Reduced their position by 10.2%. Position is now 2.08% of their portfolio.
Marsh & Mclennan (MMC): Reduced their position by 12%. Position is now 1.55% of their portfolio.
Textron Inc (TXT): Reduced their position by 18.93%. Position is now 1.44% of their portfolio.
Wyeth (WYE): Reduced their position by 20.6%. Position is now 1.46% of their portfolio.
Leap Wireless (LEAP): Reduced their position by 23.40%. Position is now 0.39% of their portfolio.
Trubion Pharma (TRBN): Reduced their position by 24.38%. Position is now 0.04% of their portfolio.
Dish Network (DISH): Reduced their position by 27.75%. Position is now 1.13% of their portfolio.
Avon Products (AVP): Reduced their position by 33.23%. Position is now 1.36% of their portfolio.
JP Morgan Chase (JPM): Reduced their position by 38.68%. Position is now 0.89% of their portfolio.
Cognizant (CTSH): Reduced their position by 42.97%. Position is now 0.85% of their portfolio.
DirecTV (DTV): Reduced their position by 49.69%. Position is now 0.83% of their portfolio.
Suntrust Banks (STI): Reduced their position by 50%. Position is now 0.16% of their portfolio.
Gamestop (GME): Reduced their position by 51.64%. Position is now 0.81% of their portfolio.
Corcept (CORT): Reduced their position by 57.49%. Position is now 0.01% of their portfolio.
Bluefly (BFLY): Reduced their position by 90%. Position is now 0.11% of their portfolio.
Berkshire Hathaway (BRK.A): Reduced their position by 95%. Position is now 0.66% of their portfolio.

Removed Positions (Positions Maverick sold out of completely):
Hanesbrands (HBI)
Autozone (AZO)
Bankrate (RATE)
CNET (CNET)
Crocs (CROX)
Cumulus Media (CMLS)
Harmonic (HLIT)
Loews (L)
Move Inc (MOVE)
Nucor (NUE)
OfficeMax (OMX)
Qualcomm (QCOM)
Salesforce (CRM)
Sandisk (SNDK)
Sears (SHLD)
Starbucks (SBUX)
UnitedHealth (UNH)

Positions with no change:
VMWare (VMW). Position is 0.59% of their portfolio.
BPW Acquisition (BPW). Position is 0.18% of their portfolio.
FIrst Marblehead (FMD). Position is 0.05% of their portfolio.
Ultra Clean Holdings (UCTT). Position is 0.01% of their portfolio.
Vivus (VVUS). Position is 0.01% of their portfolio.

Top 20 holdings by % of portfolio:
1. Apple (AAPL): 4.09% of the portfolio
2. Research in Motion (RIMM): 4.08% of the portfolio
3. America Movil (AMX): 3.91% of the portfolio
4. Bank of New York Mellon (BK): 3.15% of the portfolio
5. Marvell Tech (MRVL): 3.08% of the portfolio
6. First Solar (FSLR): 2.93% of the portfolio
7. Baxter Intl (BAX): 2.90% of the portfolio
8. Advanced Micro (AMD): 2.87% of the portfolio
9. Nordstrom (JWN): 2.79% of the portfolio
10. Raytheon (RTN): 2.58% of the portfolio
11. Gilead (GILD): 2.37% of the portfolio
12. Lorillard (LO): 2.36% of the portfolio
13. Covidien (COV): 2.32% of the portfolio
14. Citrix (CTXS): 2.20% of the portfolio
15. CVS Caremark (CVS): 2.09% of the portfolio
16. Western Union (WU): 2.08% of the portfolio
17. Fidelity National Info (FIS): 2.05% of the portfolio
18. Potash (POT): 2.00% of the portfolio
19. Burlington Northern (BNI): 1.83% of the portfolio
20. Netapp (NTAP): 1.81% of the portfolio

----------------------------------------------------

Breakdown: Maverick changed up their portfolio a decent amount over the past quarter. Most notable are their changes within their top 10 holdings. Hedge fund favorite Qualcomm (QCOM) was Maverick's 3rd largest holding last filing. This filing, they no longer even hold a position. Additionally, they were selling off chunks of other top 10 holdings from last quarter. They sold off 33% of their position in Avon Products (AVP), which was their 4th largest holding just one quarter ago. They also sold over 51% of their Gamestop (GME) position, which last quarter was their 7th largest holding. With those positions vacating their place in the top 10 holdings of Maverick's portfolio, new holdings obviously took their place. America Movil (AMX), another hedge fund favorite, was Maverick's 9th largest holding last time. This time, they increased their position by 129% and it is now their 3rd largest holding. They obviously used the weakness in this name to add to their position, just like fellow 'Tiger Cub' fund Lone Pine Capital. Maverick also added heavily to Nordstrom (JWN), increasing their position by 136% and making it now their 9th largest holding.

Maverick was out adding to tech across the board. Apple (AAPL) and Research in Motion (RIMM) are their top 2 largest holdings respectively, as they boosted their positions in both by over 14% each. Additionally, they added to their Marvell (MRVL) position, bringing it up to the fund's 5th largest position now. Maverick also continues to build a position in Advanced Micro Devices (AMD), as it now is their 8th largest holding.

Among their new positions this quarter are First Solar (FSLR), Lorillard (LO), and CVS Caremark (CVS). I highlight these three in particular because Maverick started large, new positions in all three names. First Solar (FSLR) was brought up all the way to the fund's 6th largest holding after not even owning shares last quarter. They started a new position in CVS Caremark (CVS) and brought it up to the fund's 15th largest holding. Also, they added heavily to Lorillard (LO) as well, making this new position their 12th largest holding. This position is interesting because we also saw Lone Pine Capital (ran by Stephen Mandel Jr.) start a new position in this exact same name. And, actually, this is not the only position that both Maverick and Lone Pine both started together. In this 13F filing, we see that Maverick started a position in Hansen Natural (HANS). And, Lone Pine recently disclosed that they have a 7.8% stake in HANS. It's definitely common to see many similar positions within the portfolios of various 'Tiger Cub' managers who now run their own funds because they all undoubtedly keep in touch and come from the same school of thought.

One last thing I would like to point out is Maverick selling completely out of various consumer related names. They sold completely out of their positions in Autozone (AZO), Hanesbrands (HBI), Sears (SHLD), Starbucks (SBUX), Crocs (CROX), and OfficeMax (OMX).

You can view their most recent 13F as filed with the SEC here.

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