Stock Market News & Stocks to Watch from StraightStocks » Lone Pine Capital http://www.straightstocks.com Leading Stock Market News, Opinions and Commentary Thu, 26 Nov 2009 16:49:22 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Gold Schmold (At Least For The Short Term) http://www.straightstocks.com/investing-in-exchange-traded-funds/gold-schmold-at-least-for-the-short-term/ http://www.straightstocks.com/investing-in-exchange-traded-funds/gold-schmold-at-least-for-the-short-term/#comments Tue, 19 May 2009 21:54:56 +0000 Matt Hougan tag:www.indexuniverse.com://3b394b744db25d8b2b0ab92db6da61c3 There you go again, Jim, with that same ole 'gold bug' stuff again. 

But before I get to that, let me poke away at your thoughts that buying the yuan is a “no-brainer.” 

It’s a no-brainer in that eventually the yuan will be revalued against the U.S. dollar. But it’s hardly anything like a no-brainer for an investor facing the opportunity cost of locking up assets in a security that might not move at all for years.

While I totally agree with you on the direction of the yuan/dollar trade, I don’t have any idea on the time frame or the magnitude of that move. Where would a free-floating yuan trade against the dollar? And when will it go there?

The only honest answer to those questions is twofold: “higher” and “eventually.” 

But that doesn’t mean the yuan's a good buy. It could be years. You’re wading into an exquisitely complicated area. Chinese economic policy can hold out for a long time before a significant revaluation.

Is it a no-brainer for an investor to allocate a portion of their assets to China? You could argue that. But a no-brainer for all investors? I don’t think so.

Now on to gold. I’d be careful with gold, at least in the short term. As Daniel Harrison points out in a forthcoming issue of ETFR, gold has become the ultimate safe haven asset. With investors moving money out of safe havens and into riskier assets, it faces fund flow headwinds.

Again, long term? Probably higher. But short term? Who knows ...

Finally, did you catch this article from Dow Jones Newswire? Hedge funds have been loading up on the SPDR Gold Shares (NYSE Arca: GLD) ETF in a major way. 

John Paulson’s Paulson & Co bought 31.5 million shares of GLD in the first quarter of 2009, amounting to $2.8 billion at present value, making it the fund’s single largest shareholder. 

And that's not all. Lone Pine Capital bought 2.65 million shares, or $240 million. Dow Jones says that, as of the latest filings, 20% of GLD’s shares were held by hedge funds.

The fact that hedge funds—among the more sophisticated investors out there—think that GLD is the most efficient way to gain exposure to bullion says something.

They could probably get cheaper exposure making bulk purchases of bars. By using GLD, however, they get massive intraday liquidity, and that (I’m sure) is worth the 40 basis point (0.40%) price of admission. 

 

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]]> http://www.straightstocks.com/investing-in-exchange-traded-funds/gold-schmold-at-least-for-the-short-term/feed/ 0 Paulson Co 13F Holdings Analysis | Q3 2008 http://www.straightstocks.com/investing-in-hedge-funds/paulson-co-13f-holdings-analysis-q3-2008/ http://www.straightstocks.com/investing-in-hedge-funds/paulson-co-13f-holdings-analysis-q3-2008/#comments Tue, 09 Dec 2008 17:40:13 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-8294258196093441604 http://www.straightstocks.com/investing-in-hedge-funds/paulson-co-13f-holdings-analysis-q3-2008/feed/ 0 Viking Global Investors LP Q3 2008 13F Holdings Performance http://www.straightstocks.com/investing-in-hedge-funds/viking-global-investors-lp-q3-2008-13f-holdings-performance/ http://www.straightstocks.com/investing-in-hedge-funds/viking-global-investors-lp-q3-2008-13f-holdings-performance/#comments Tue, 09 Dec 2008 17:20:09 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-6823039732530954326 http://www.straightstocks.com/investing-in-hedge-funds/viking-global-investors-lp-q3-2008-13f-holdings-performance/feed/ 0 Caxton Associates Hedge Fund | Exclusive 13F Holdings Analysis http://www.straightstocks.com/investing-in-hedge-funds/caxton-associates-hedge-fund-exclusive-13f-holdings-analysis/ http://www.straightstocks.com/investing-in-hedge-funds/caxton-associates-hedge-fund-exclusive-13f-holdings-analysis/#comments Fri, 26 Sep 2008 04:33:43 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-4864085456662095756 Caxton Associatese

Caxton Associates Hedge Fund Holdings

Caxton Associates Hedge Fund | 13F Holdings AnalysisThis post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

Up next in the macro hedge fund tracking series we have Caxton Associates, ran by Bruce Kovner. Taken from Wikipedia, Kovner's bio is as follows: "Kovner's first trade was for $3,000, borrowed against his MasterCard, in soybean futures contracts. Realizing growth to $40,000, he then watched the contract drop to $23,000 before selling. He later claimed that this first, nerve-racking trade taught him the importance of hedge fund risk management. In his eventual role as a trader under the legendary Michael Marcus at Commodities Corporation (now part of Goldman Sachs), he purportedly made millions and gained widespread respect as an objective and sober trader. This ultimately led to the establishment of his current company, Caxton Associates, in 1983, which today manages over $10 billion in capital and has been closed to new investors since 1992." Year-to-date, Caxton Associates was up 5% as of a few weeks ago.

So, now that we've got a background on Kovner and Caxton Associates, let's take a quick look at his portfolio highlights. Keep in mind that this is merely a brief summary of Caxton's top holdings. Due to the time sensitive nature of the 13F material, I wanted to get this information posted before the next set of filings come out in November.

Top 20 Holdings by % of portfolio
1. Compania Cervecerias Unidas (CCU) - Increased position by 72934%, from 25,000 shares to 18,233,668 shares
2. Electronic Data Systems (EDS) - New Position
3. Activision (ATVI) - New Position
4. Monsanto (MON) - Increased position by 41 %
5. Rockwood Holdings (ROC) - Increased position by 68.8%
6. W-H Energy Services (WHQ) - Increased stake by 195%
7. Occidental (OXY) - Increased stake by 65%
8. ChoicePoint (CPS) - Decreased position by
9. DirecTV (DTV) - Decreased stake by 25%
10. W.R. Grace (GRA) - Boosted stake by 8%
11. Qualcomm (QCOM) - Boosted stake by 44.6%
12. Coca Cola (KO) - Decreased position by 12.5%
13. Rural Cellular (RCCC) - Increased stake by 12.4%
14. Research in Motion (RIMM) - Boosted stake by 8.7%
15. Service Corporation (SCI) - Increased position by 32%
16. Nucor (NUE) - Boosted position by 37%
17. (ANST) - New position
18. XTO (XTO) - Boosted stake by 150%
19. Stewart Enterprises (STEI) - Increased position by 12%
20. Gilead (GILD) - Decreased position by 26.7%

Kovner's Caxton Associates definitely disassociate themselves from the rest of the macro pack when it comes to the equity side of their portfolio. While their portfolio does hold typical energy and technology names often seen in other hedge fund portfolios, they also hold seemingly obscure names that I have yet to see pop up in any other funds I track. So, Kovner and his team may have discovered some diamonds in the rough here. In particular, I want to focus on his top holding: Compania Cervecerias Unidas (CCU). In the quarter prior to the filing, he held just 25,000 shares of this name. Then, over this past quarter, he ratcheted up his holdings in the name big time. He increased his position by 72,934%, bringing it all the way up to his firm's top holding, with a market value of over $642 million at the time of the filing. Needless to say, they bought this name with conviction. And, although I've seen numerous other funds buying up shares of Latin & South American beverage companies, this is the first fund I've seen pick up this name. So, definitely keep an eye on it.

Additionally, I want to point out his holdings in Rocwood Holdings (ROC), W-H Energy Services (WHQ), and Service Corporation (SCI). These are three other names I am seeing for the first time amongst the hedge funds I track. And, he was adding across the board to all three names. Caxton added to WHQ the most, increasing their position by 195%.

Now, turning to the 'hedge fund favorite' names that tend to pop up in numerous hedge fund portfolios that I track, we see Caxton holds positions in Qualcomm (QCOM), Research in Motion (RIMM), XTO Energy (XTO), Occidental (OXY), and Gilead (GILD). Caxton was out adding pretty moderately to all these names. OXY and XTO are easily two of the favorite equity energy plays amongst various hedge funds. And, you have to wonder how they affected their portfolio, given the volatile ride energy stocks have seen as of late. Turning to tech, we see that Caxton, like so many other funds, enjoy large positions in both QCOM and RIMM. As I've noted before, QCOM is easily a top five most common equity holding among the hedge funds I track. And, just like energy, technology stocks have been whipsawed around a lot recently. So, although Caxton was out adding this past quarter, we'll have to see if they were still adding to these names come the next 13F filing.

We already knew hedge funds (and macro funds in particular) had a rough July. And, it's easy to see why, with the heavy commodity exposure many of them had. What we don't yet know is how they've rebounded (if at all). Lastly, I just want to re-emphasize that since Caxton is a macro fund, they obviously have the majority of their positions in the commodity, currency, futures, or other markets. But, at the same time, they still have a sizable chunk of money in the equity markets.

Caxton Associates' full 13F filing listing every position can be found at the SEC.

Guest post by Market Folly

Please check here next week for some further analysis on specific holdings of leading hedge funds.

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]]> http://www.straightstocks.com/investing-in-hedge-funds/caxton-associates-hedge-fund-exclusive-13f-holdings-analysis/feed/ 0 Hedge Fund Year To Date Returns | Top Managers D.E. Shaw SAC Paulson http://www.straightstocks.com/investing-in-hedge-funds/hedge-fund-year-to-date-returns-top-managers-de-shaw-sac-paulson/ http://www.straightstocks.com/investing-in-hedge-funds/hedge-fund-year-to-date-returns-top-managers-de-shaw-sac-paulson/#comments Fri, 26 Sep 2008 04:01:28 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-5164624022450674136 Hedge Fund Returns

Hedge Fund Year to Date Returns

Hedge Fund Year to Date ReturnsWhile these "year to date returns" are now slightly out of date here's a nice guest post by Market Folly on the performance of some of the more well known funds in the hedge fund industry:

Well, we recently got an update as to just how poorly hedge funds are performing year to date. Don't get me wrong, there are of course some standout performers. But, for the most part, they are taking it on the chin. Even some of the best and brightest in the game are right there with you. Hell, you're probably even outperforming some of these funds. Courtesy of the Wall Street Journal, we get a look at many notable hedge fund's performance year to date.

The Standout Performers

  • $35 billion Paulson & Co: +18% ytd
  • $26.3 billion Brevan Howard: +16% ytd
  • $37.1 billion D.E. Shaw: +8% ytd
  • $30.9 billion Bridgewater Associates: +6% ytd
  • $33.3 billion Och-Ziff Capital: +0.5% ytd
  • $16 billion Winston Capital: +10% ytd
  • $10 billion Caxton Associates: +5% ytd
  • $17 billion Tudor Investment Corp: +3% ytd
  • $16 billion SAC Capital: +1.5% ytd

The Not-so Standout Performers
  • $49.3 billion Highbridge Capital /JP Morgan (Multistrat fund): -2% ytd
  • $33 billion Farallon Capital: -6% ytd
  • $23.7 billion GLG Partners: -14% ytd
  • $13 billion Eton Park Capital: -1% ytd
  • $19 billion Citadel Investment Group LLC: -6% ytd
  • $18 billion Lone Pine Capital: -8.5% ytd
  • $12.5 billion TPG-Axon: -11% ytd
  • $8 billion Cantillon Capital: -12% ytd
  • $15 billion Atticus Capital: -25% ytd
The Slightly Mixed Bag
  • $29.5 billion Renaissance Technologies: One of their funds is -1% ytd, while their signature Medallion fund is +40% ytd
  • $26.9 billion Goldman Sachs: One of their funds is -2% ytd, while their Global Alpha fund is +17% ytd
And, according to Hedge Fund Research, Inc., hedge funds are having their worst year since 1990 (when they started tracking). They show that the average hedge fund is -3.43% ytd compared to -12.65% in the S&P500 and +1.05% in the Lehman Bros Bond Index.

So, results all across the board. Interesting to note though, that Atticus Capital is down 25% year to date. Tim Barakett, the founder of Atticus, came out and denied those rumors. The reason for such a large decline is pretty easy to pinpoint. As I've written about before, their portfolio had very heavy exposure to the likes of Freeport McMoran (FCX), Mastercard (MA), and NYSE Euronext (NYX); all of which have really been beaten down badly as of late. So, the rumors of liquidation weren't completely illogical, seeing as how the fund is down big this year. But, I want to reiterate again that they have denied the rumors that they were liquidating.

On another note, the algorithm master Jim Simons and his Renaissance Technologies Medallion fund are up big this year; very big. That's all I can really say about that, seeing as his entire operation is one giant quant enigma. D.E. Shaw & Co, fellow quant masters, are doing decently, up 8% year to date in this horrid tape.

Lone Pine Capital, managed by Stephen Mandel, (whom I frequently cover here on the blog), isn't having the best of years, but isn't getting slaughtered like Atticus is. Lone Pine is down a little over 8% year to date.

The "Commodities Corp Offspring," Paul Tudor Jones and Bruce Kovner have been playing the commodities markets smartly with their macro funds it seems. Jones' Tudor Investment Corp is up 3% ytd, while Kovner's Caxton Associates is up 8% year to date. With the wild swings in the commodities markets claiming the life of the Ospraie fund, I'm sure Tudor Jones and Kovner are happy to turn a profit. This year has been one wild ride, to say the least.

And, lastly, John Paulson is still kicking ass and taking names; up 18% year to date. You'll remember that Paulson correctly pegged the subprime crisis last year and profited handsomely from it.

So, there you have it. See how you stack up against some of the most revered names in the game. Some are dominating, while others are getting dominated. Welcome to the bear market.

Source: WSJ

Guest Post by Market Folly

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Tags: Year to Date Returns of Top Hedge Funds, Top Hedge Fund Manager Year to Date Returns, Hedge Fund Performance Returns to Date in New York
]]> http://www.straightstocks.com/investing-in-hedge-funds/hedge-fund-year-to-date-returns-top-managers-de-shaw-sac-paulson/feed/ 0 Maverick Capital Management 13F | Lee Ainslie Hedge Fund Holdings Analysis http://www.straightstocks.com/investing-in-hedge-funds/maverick-capital-management-13f-lee-ainslie-hedge-fund-holdings-analysis/ http://www.straightstocks.com/investing-in-hedge-funds/maverick-capital-management-13f-lee-ainslie-hedge-fund-holdings-analysis/#comments Mon, 22 Sep 2008 12:41:00 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-6643395820893441919 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

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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.

Guest post by Market Folly

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]]> http://www.straightstocks.com/investing-in-hedge-funds/maverick-capital-management-13f-lee-ainslie-hedge-fund-holdings-analysis/feed/ 0 Blue Ridge Capital Hedge Fund | John A. Griffin Holdings Analysis | New York http://www.straightstocks.com/investing-in-hedge-funds/blue-ridge-capital-hedge-fund-john-a-griffin-holdings-analysis-new-york/ http://www.straightstocks.com/investing-in-hedge-funds/blue-ridge-capital-hedge-fund-john-a-griffin-holdings-analysis-new-york/#comments Mon, 22 Sep 2008 10:45:00 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-4320236824523610719 Blue Ridge Capital

Blue Ridge Capital | John A. Griffin Holdings Analysis


This post is being written as part of my Investment Securities Tool which analyzes the holdings of hedge fund managers.

Blue Ridge Capital is ran by John A. Griffin. Griffin is similar to Steve Mandel at Lone Pine Capital and Lee Ainslie at Maverick Capital in that they all are 'Tiger Cubs' (a.k.a. pupils of Julian Robertson while at Tiger Management). Griffin though, is more well known because he was Julian Robertson's right hand man. So, needless to say, the dude knows his stuff. Blue Ridge seeks absolute returns by investing in companies who dominate their industries and shorting the companies who have fundamental problems. And, right off the bat that presents us with a bit of a problem in terms of analyzing 13F's. 13F's don't show short positions, they show long positions (unless the firm is short through puts, which we *can* see). So, the inherent problem with analyzing Blue Ridge (or any fund for that matter) is that we can't see the other side of their portfolio. But, this is increasingly important for Blue Ridge simply due to Griffin's investment strategy and the fact that his long positions could in essence only represent half of the portfolio. Now, I use that loosely because there's no way for me to know exactly how much of his portfolio is short. But, I do know that both Griffin at Blue Ridge and Lee Ainslie over at Maverick Capital (research on him coming later this week) like to effectively hedge with a balance of both long and short positions (like a TRUE hedge fund... not like some of these crazy funds these days with no true hedging). Here's the thing: they don't do pairs trades, so don't classify it as that. In the past, I remember specifically being told by representatives at Maverick that they don't pairs trade, even though a respective long and short could be in the same sector or sub-sector. So, make that distinction clear. But, we'll work with what we've got (and believe me, it's still a lot of solid info).

Before beginning, I would like to give a special shoutout to Alex Prywes for helping me with the daunting task of analyzing 13F filings. Alex has helped gather and sort through the data of numerous hedge funds (including the one below). Thanks to Alex's help, we can now cover even more funds. And, on that note.... onto the 13F!

The following are Blue Ridge 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:
Anadarko Petroleum (APC): 2,335,000 shares. This position is 4.29% of Blue Ridge's portfolio.
Visa Inc (V): 1,720,000 shares. 3.43% of Blue Ridge's portfolio.
Vulcan materials: 1,500,000 shares. 2.20% of Blue Ridge's portfolio.
Rowan Cos (RDC): 1,800,000 shares. 2.06% of Blue Ridge's portfolio.
Amazon (AMZN): 940,000 shares. 1.69% of Blue Ridge's portfolio.
Goodrich Petroleum (GDP): 650,000 shares. 1.32% of Blue Ridge's portfolio.
Countrywide Financial: 1,433,000 shares. 0.15% of Blue Ridge's portfolio.
Bare Escentuals (BARE): 281,500 shares. 0.13% of Blue Ridge's portfolio.
Nutrisystem (NTRI): 233,000 shares. 0.08% of Blue Ridge's portfolio.


Added to:
Federal National Mortgage (FNM): Increased position by 1104%. Position is now 2.77% of their portfolio.
Greenlight Capital Re Ltd (GLRE): Increased position by 76.5%. Position is now 0.20% of their portfolio.
Wyeth (WYE): Increased position by 62.86%. Position is now 6.71% of their portfolio.
Apple (AAPL): Increased position by 15.65%. Position is now 5.46% of their portfolio.
Grupo Televisa (TV): Increased position by 11.83%. Position is now 4.46% of their portfolio.
Echostar (SATS): Increased position by 9.97%. Position is now 1.61% of their portfolio.
Google (GOOG): Increased position by 6.09%. Position is now 6.75% of their portfolio.
Broadrige Financial (BR): Increased position by 0.84%. Position is now 3.71% of their portfolio.


Reduced Positions:
American Express (AXP): Reduced position by 23.98%. Position is now 6.05% of their portfolio.
Netflix (NFLX): Reduced position by 28.6%. Position is now 0.93% of their portfolio.
Walmart (WMT): Reduced position by 35.75%. Position is now 2.54% of their portfolio.
First Marblehead (FMD): Reduced position by 36.64%. Position is now 0.05% of their portfolio.
Elong Inc (LONG): Reduced position by 51.82%. Position is now 0.02% of their portfolio.
Grupo Aeroportuario Del Pacifico (PAC): Reduced position by 54.83%. Position is now 1.16% of their portfolio.
Crocs (CROX): Reduced position by 66.06%. Position is now 0.14% of their portfolio.


Removed Positions (Positions Blue Ridge sold out of completely):
America Movil (AMX)
Burlington Northern (BNI)
Coach (COH)
Corus Bankshares (CORS)
Fidelity National Information (FIS)
First American Corp California (FAF)
Formfactor (FORM)
Office Depot (ODP)
SLM Corp (SLM)
Smurfit Stone Container (SSCC)
St Joe Co (JOE)
Starbucks (SBUX)
WebMD Health (WBMD)


Positions with no change:
Covanta (CVA). Position is 5.27% of their portfolio.
Millipore (MIL). Position is 4.49% of their portfolio.
Charles Schwab (SCHW). Position is 4.32% of their portfolio.
Discovery Holding Co (DISCA). Position is 3.89% of their portfolio.
Martin Marietta Materials (MLM). Position is 3.41% of their portfolio.
Target (TGT). Position is 3.11% of their portfolio.
Thermo Fisher Scientific (TMO). Position is 2.90% of their portfolio.
Berkshire Hathaway (BRK.A). Position is 2.49% of their portfolio.
Fomento Economico Mexicano (FMX). Position is 2.31% of their portfolio.
Packaging Corp of America (PKG). Position is 2.18% of their portfolio.
Compton Petroleum Corp (CMZ). Position is 2.08% of their portfolio.
Research in Motion (RIMM). Position is 1.86% of their portfolio.
Eagle Materials (EXP). Position is 1.22% of their portfolio.
Fairfax Financial Holdings (FFH). Position is 1.18% of their portfolio.
American Express (AXP) Calls. Position is 0.64% of their portfolio.
MBIA (MBI). Position is 0.27% of their portfolio.
Federal Home Loan Mortgage (FRE). Position is 0.20% of their portfolio.
Evergreen Energy (EEE). Position is 0.12% of their portfolio.
Gold Reserve Inc (GRZ). Position is 0.10% of their portfolio.
Washington Mutual (WM) Puts. Position is 0.02% of their portfolio.
Perfect World Co (PWRD). Position is 0.01% of their portfolio.
Indymac Bancorp (IDMC). Position is 0.01% of their portfolio.



Top 10 holdings by % of portfolio:
1. Google (GOOG). 6.75% of the portfolio
2. Wyeth (WYE). 6.71% of the portfolio
3. American Express (AXP). 6.05% of the portfolio
4. Apple (AAPL). 5.46% of the portfolio
5. Covanta (CVA). 5.27% of the portfolio
6. Millipore (MIL). 4.49% of the portfolio
7. Grupo Televisa (TV). 4.46% of the portfolio
8. Charles Schwab (SCHW). 4.32% of the portfolio
9. Anadarko Petroleum (APC). 4.29% of the portfolio
10. Discovery Holding Co (DISCA). 3.89% of the portfolio

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

Breakdown: First thing I noticed was Blue Ridge's addition of Anadarko Petroleum (APC). They added it in mass, bringing it up to the fund's 9th largest holding. Although I've seen many hedge funds adding this name over the past 2 quarters, do keep in mind that this filing was as of June 30th, 2008. Since then, natural gas prices, oil prices, and pretty much any stock in those sectors have all plummeted. But, it is worth noting that I have seen this name pop up on 13F filings much more frequently recently. And, Blue Ridge did make quite a hefty purchase. We'll have to wait until next quarter to see whether it was a trade or an investment. In the past, when Griffin has brought a position up to a top 10 holding in one quarter, he has held onto the position. So, time to play the waiting game on that one. Also, he added quite a large new position in Visa (V), bringing it up to 3.43% of the portfolio after not even holding a position last go-round (leaving it just shy of being a top 10 holding).

Next, I noticed he was adding more shares of Wyeth (WYE). This name was already a large fund holding, and he added to his position by 62%, bringing it up to the fund's 2nd largest holding. Recently, there has definitiely been a rotation into any and all stocks relating to healthcare. This is no exception. Also worth noting is Griffin's addition to his already large Apple (AAPL) position. He continues to add to this name and appears to be assembling a solid core position over time.

Even though Griffin made some purchases, he was definitely busier on the selling side of things. And, that makes me even more curious than usual as to what short positions he holds. But, because hedge funds are not required to disclose short positions in their 13F filings (except for Put positions), we are left in the dark on that one. But, anyways, onto the sales. Griffin was selling some consumer names in Netflix (NFLX) and Walmart (WMT). He only sold 20-30% of his positions there so it could just be some profit taking or position size reducing... nothing too major going on. We'll keep an eye on it next quarter and see if he continues to sell those names. Two quarters ago, as I detailed in my Blue Ridge analysis, we saw that Griffin was starting to sell Coach (COH), Formfactor (FORM), and Smurfit Stone (SSCC). This past quarter, he continued that trend, selling off all the remaining shares in those companies. Additionally, he sold off 66% of his Crocs (CROX) position, which I'm sure was a source of pain for him, given how those shares have plummeted in value over time. Next quarter, it will be interesting to see whether or not he sells off the 'cheap consumer' plays such as Walmart (WMT) and Target (TGT).

Griffin also completely removed America Movil (AMX) from Blue Ridge's portfolio. This is interesting, as this is the 2nd hedge fund so far we've seen completely sell out of this name. (Remember that AMX used to be one of the most common holdings amongst the various hedge funds I track). The stock has been in a downward spiral for numerous months and it appears that numerous hedge funds were the ones responsible for the exodus. In the coming week, we'll see what Griffin's 'Tiger Cub' buddies were up to with their respective AMX positions as well.

Also worth pointing out is that Griffin quickly sold out of Burlington Northern (BNI) completely. In the last 13F filing, we found out he had just added BNI as a new position. And, this time around, we find out that he has quickly sold out. This struck me as somewhat odd, just because practically all hedge funds I track have some sort of exposure to the rails. Maybe Griffin was just locking in some quick profits, or maybe there was something that turned him away from the name. Interesting move, nonetheless. Griffin also had a short stay in Office Depot (ODP). He sold completely out of his position this past quarter, having only added it as a new position in the last 13F filing.

Lastly, I just wanted to point out some of the larger positions that Blue Ridge continues to hold in their portfolio: Millipore (MIL), Covanta (CVA), Grupo Televisa (TV), and Charles Schwab (SCHW). These positions have been top 10 holdings for Blue Ridge for numerous quarters now and are definitely worth a look as they appear to be longer term plays for Griffin.

Blue Ridge Capital's most interesting/peculiar move(s)? Increasing their stake in Fannie Mae (FNM) by over 1100%, bringing it up to 2.77% of the portfolio. (Keep in mind that these positions were as of June 30th, 2008). I only bring this up due to the recent developments in FNM and FRE. Whether it be for a trade or for an investment, John Griffin was definitely up to something here and we can only speculate as to what he's been doing with this position in the past month and a half.

You can view Blue Ridge Capital's most recent 13F as filed with the SEC here.

Guest post by Market Folly

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]]> http://www.straightstocks.com/investing-in-hedge-funds/blue-ridge-capital-hedge-fund-john-a-griffin-holdings-analysis-new-york/feed/ 0 Investment Securities and Holdings of Hedge Fund – Analysis & Exclusive Notes http://www.straightstocks.com/investing-in-hedge-funds/investment-securities-and-holdings-of-hedge-fund-analysis-exclusive-notes/ http://www.straightstocks.com/investing-in-hedge-funds/investment-securities-and-holdings-of-hedge-fund-analysis-exclusive-notes/#comments Mon, 22 Sep 2008 05:53:55 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-2847114369826194134 Investment Securities Tool

Investment Securities Held by Hedge Funds

Investment SecuritiesThis Hedge Fund Holdings Tool is being developed to provide insight which investment securities hedge funds are holding. This is done using publicly available 13F and other filings. All of this information is looking back in time and what hedge funds have disclosed as holding, by nature it is a historical look at holdings and these are not in any way a recommendation for or claim of support for any individual security, hedge fund manager or investing strategy.

Please check here next week for some further analysis on specific holdings of leading hedge funds.
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]]> http://www.straightstocks.com/investing-in-hedge-funds/investment-securities-and-holdings-of-hedge-fund-analysis-exclusive-notes/feed/ 0 Lone Pine Capital Hedge Fund | Stephen Mendel Jr. Exclusive Tracking http://www.straightstocks.com/investing-in-hedge-funds/lone-pine-capital-hedge-fund-stephen-mendel-jr-exclusive-tracking/ http://www.straightstocks.com/investing-in-hedge-funds/lone-pine-capital-hedge-fund-stephen-mendel-jr-exclusive-tracking/#comments Mon, 22 Sep 2008 05:02:50 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-5165908646774499606 Lone Pine Capital

Lone Pine Capital & Stephen Mendel - Holdings


Lone Pine Capital Hedge Fund HoldingsThis post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

Lone Pine Capital, managed by Stephen Mandel Jr. Lone Pine is an $8 Billion fund that has returned over 25% annually ever since its inception in 1997. Why is Mandel worth following you might ask? Well, he served as a consumer/retail analyst for Tiger Management back in the day for legendary investor Julian Robertson. Robertson's proteges/right-hand men have been nicknamed the "Tiger Cubs" and many have started their own funds. So, not only has Mandel learned from one of the best, but he has put up some very solid returns himself. Mandel is well versed in the ways of finding undervalued companies and his funds typically like to sniff out solid companies with good management that are trading below their intrinsic value. Just this past year 1 of his hedge funds was up 34% before fees while another was up 32% before fees. His track record speaks for itself. And, not to mention, he learned from one of the greats in Julian Robertson.

The following are Lone Pine 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:
Entergy Corp (ETR): 3,518,632 shares. This position is 6.06% of Lone Pine's portfolio.
Weatherford Intl (WFT): 4,820,337 shares. This position is 3.42% of Lone Pine's portfolio.
Lorillard Inc (LO): 3,328,911 shares. This position is 3.29% of Lone Pine's portfolio.
Amazon (AMZN): 2,527,634 shares. This position is 2.65% of Lone Pine's portfolio.
Sears Holdings Corp (SHLD) Puts: 1,336,800. This position is 1.41% of Lone Pine's portfolio.


Added to:
America Movil (AMX): Increased position by 39.5%. Position is now 10.74% of their portfolio.
Sandridge Energy (SD): Increased position by 22.24%. Position is now 11.35% of their portfolio.
SAIC (SAI): Increased position by 16.38%. Position is now 2.45% of their portfolio.
Dicks Sporting Goods (DKS): Increased position by 15.8%. Position is now 1.48% of their portfolio.
XTO Energy (XTO): Increased position by 5.41%. Position is now 8.33% of their portfolio.


Reduced Positions:
CB Richard Ellis (CBG): Reduced their position by 9.62%. Position is now 2.94% of their portfolio.
Illumina (ILMN): Reduced their position by 9.97%. Position is now 2.69% of their portfolio.
Fastenal (FAST): Reduced their position by 12.5%. Position is now 3.78% of their portfolio.
Qualcomm (QCOM): Reduced their position by 13.88%. Position is now 7.26% of their portfolio.
Brookfield Asset Mgmt (BAM): Reduced their position by 16.4%. Position is now 3.26% of their portfolio.
Monsanto (MON): Reduced their position by 25.82%. Position is now 3.27% of their portfolio.
Mastercard (MA): Reduced their position by 29%. Position is now 2.48% of their portfolio.
Priceline (PCLN): Reduced their position by 30.75%. Position is now 2.34% of their portfolio.
Google (GOOG): Reduced their position by 39.30%. Position is now 7.39% of their portfolio.
Infosys (INFY): Reduced their position by 49.1%. Position is now 2.19% of their portfolio.
Visa (V): Reduced their position by 57.38%. Position is now 1.93% of their portfolio.
Sears Holdings (SHLD) Puts (2nd put position): Reduced their position by 79.73%. Position is now 0.21% of their portfolio.


Removed Positions (Positions Lone Pine sold out of completely):
Apple (AAPL)
Brookfield Asset Management (BAM) - 2nd listed position
CME Group (CME)
EMC Corp (EMC)
Nutrisystem (NTRI)
Southwestern Energy (SWN)
SRA International (SRX)


Positions with no change:
MSC Industrial Direct (MSM). Position is 3.26% of their portfolio.
Teradata (TDC). Position is 3.06% of their portfolio.
Eagle Materials Inc (EXP). Position is 1.66% of their portfolio.
Bunge (BG) Puts. Position is 0.85% of their portfolio.
Deltek (PROJ). Position is 0.24% of their portfolio.
New York Times (NYT) Puts. Position is 0.02% of their portfolio.


Top 10 holdings by % of portfolio:
1. Sandridge Energy (SD): 11.35% of the portfolio
2. America Movil (AMX): 10.74% of the portfolio
3. XTO Energy (XTO): 8.33% of the portfolio
4. Google (GOOG): 7.39% of the portfolio
5. Qualcomm (QCOM): 7.26% of the portfolio
6. Entergy (ETR): 6.06% of the portfolio (new position)
7. Fastenal (FAST): 3.78% of the portfolio
8. Weatherford Intl (WFT): 3.42% of the portfolio (new position)
9. Lorillard Inc (LO): 3.29% of the portfolio (new position)
10. Monsanto (MON): 3.27% of the portfolio

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

Breakdown: Well, it's very evident where Mandel & Lone Pine's poor performance is coming from. As of June 30th, they had massive holdings in natural gas and oil players Sandridge Energy (SD) and XTO Energy (XTO). SD was their top holding by % value and XTO was not far behind as their 3rd largest holding. The selloff in natural gas, oil, and all related stocks has undoubtedly affected Lone Pine in a negative way. The selloff in those names started around July, leaving Mandel a very limited window of opportunity to sell. Unfortunately, we'll have to wait until the next round of 13F's in the coming quarter to find out what Mandel has done with his large natural gas positions. Considering that the filing reports holdings as of June 30th, and the major selloff began in July, we have no idea whether Lone Pine was massively hurt by the selloff, or whether they were one of the parties responsible for the selloff. But, no matter how savvy Mandel may be, there is no way he got through July unscathed. So, that looks to be one of the main areas contributing to the lackluster performance of his Lone Cedar Fund so far in 2008.

Next, I want to highlight that Lone Pine added to their America Movil (AMX) position by 39%, nearly doubling down on their shares. Obviously, Mandel still likes the company and was using the weakness to add to his position. His addition is interesting, considering numerous hedge funds completely removed their AMX position over the past quarter, including his 'Tiger cub' buddy John Griffin over at Blue Ridge Capital. AMX has long been a hedge fund favorite and has been a top 10 holding in many prominent hedge fund portfolios over the past year. But, with the recent developments in AMX over the last few months, many hedge funds have taken action. And, unlike his colleagues, Mandel was buying the shares that other hedge fund managers were selling off. It will be interesting to see how this continues to play out, as the once hedge fund favorite AMX may be falling out of favor with numerous managers. Lone Pine, however, was adding with conviction, making it their portfolio's 2nd largest position.

I would also like to highlight a couple of new positions started by Lone Pine this past quarter. They added Entergy (ETR) in mass, making it their 6th largest holding at 6.06% of their overall portfolio. In the past, I've talked about ETR on the blog as a way to play both the rising demand in electricity as well as the nuclear space in alternative energy. In addition to starting ETR, they started Weatherford (WFT), an equipment and service provider in the oil and natural gas spaces. They brought this position up to the fund's 8th largest holding at 3.42% of their portfolio. Additionally, they started a position in Lorillard (LO), a cigarette manufacturer. They brought this name up to the 9th largest fund holding, at 3.29% of the portfolio. Mandel added ETR, WFT, and LO all with conviction over the past quarter, landing all three as top 10 holdings.

Turning to tech, we see that Lone Pine has sizable positions in hedge fund favorites like Google (GOOG) and Qualcomm (QCOM). However, Lone Pine was selling off some of their tech holdings during the past quarter. They sold 13% of their QCOM position, leaving it as the fund's 5th largest holding. Mandel got aggressive with Google (GOOG) though, selling nearly 40% of his position. Despite the selling, it still remains their 4th largest holding. That just goes to show how large of a position he had in GOOG. Additionally, he sold completely out of Apple (AAPL). Just last quarter, it was his fund's 5th largest holding. Now, he no longer even holds a position.

Lone Pine was also busy selling the payment processors Mastercard (MA) and Visa (V). They sold 30% of their position in MA and 57% of their position in V. You can't really blame them though, as they were sitting on some handsome profits from those positions. We'll keep an eye out to see if they add back to their positions now that MA and V trade at cheaper prices than they did 2 months ago. After all, the payment processors are big hedge fund favorites, having appeared in numerous funds' portfolios.

Overall, its easy to see where Lone Pine might be struggling this year. They've been rewarded with nice gains in some of their tech and payment processing holdings. But, those gains could have been easily nullified by the likely beating their natural gas and oil holdings took.

And, you can view their most recent 13F as filed with the SEC here.

Guest blog post by Market Folly

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]]> http://www.straightstocks.com/investing-in-hedge-funds/lone-pine-capital-hedge-fund-stephen-mendel-jr-exclusive-tracking/feed/ 0 Lone Pine Capital’s KEY Q2 Trades http://www.straightstocks.com/stock-watch/lone-pine-capital%e2%80%99s-key-q2-trades/ http://www.straightstocks.com/stock-watch/lone-pine-capital%e2%80%99s-key-q2-trades/#comments Sat, 06 Sep 2008 01:12:30 +0000 CEO Blogger http://ceoblogger.wordpress.com/?p=1297 http://www.straightstocks.com/stock-watch/lone-pine-capital%e2%80%99s-key-q2-trades/feed/ 0