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Stock Market News & Stocks to Watch from StraightStocks » Tontine Capital Partners http://www.straightstocks.com Leading Stock Market News, Opinions and Commentary Wed, 25 Nov 2009 16:10:41 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Tontine Partners Hedge Fund Notes Update http://www.straightstocks.com/investing-in-hedge-funds/tontine-partners-hedge-fund-notes-update/ http://www.straightstocks.com/investing-in-hedge-funds/tontine-partners-hedge-fund-notes-update/#comments Wed, 12 Nov 2008 23:05:12 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-5420976119787244454 Tontine Partners

Tontine Partners | Hedge Fund Update

Just a quick note to let you know we have updated the Hedge Fund Tracker profile for Tontine Partners. Please view this updated profile here: Tontine Associates (Partners) Tracker Profile

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]]> http://www.straightstocks.com/investing-in-hedge-funds/tontine-partners-hedge-fund-notes-update/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 Analysis

This 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.

Analysis #1: Tontine Capital Partners - 13F Hedge Fund Holdings
Analysis #2: Lone Pine Capital - 13F Hedge Fund Holdings
Analysis #3: Tremblant Capital - 13F Hedge Fund Holdings
Analysis #4: Maverick Capital Management 13F Holdings Analysis
Analysis #5: BP Capital Management 13F Holdings Analysis
Analysis #6: Blue Ridge Capital 13F Holdings Analysis
Analysis #7: Clarium Capital Management 13F Holdings Analysis
Analysis #8: Greenlight Capital David Einhorn 13F Holdings
Analysis #9: Soros Fund Management LLC 13F Holdings Analysis

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]]> http://www.straightstocks.com/investing-in-hedge-funds/caxton-associates-hedge-fund-exclusive-13f-holdings-analysis/feed/ 0 Clarium Capital Management | Peter Thiel San Francisco Hedge Fund | Holdings Analysis http://www.straightstocks.com/investing-in-hedge-funds/clarium-capital-management-peter-thiel-san-francisco-hedge-fund-holdings-analysis/ http://www.straightstocks.com/investing-in-hedge-funds/clarium-capital-management-peter-thiel-san-francisco-hedge-fund-holdings-analysis/#comments Mon, 22 Sep 2008 10:29:01 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-1801821847602167115 Clarium Capital Management

Clarium Capital | Peter Thiel Holdings Analysis

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

Clarium is a $6 billion global macro hedge fund run by Peter Thiel, the co-founder of PayPal. Although they had a rough July (-6.8%), Clarium is still up over 45% year to date. Assets under management have recently ballooned to the highest amount in Clarium's history. It will be interesting to see how effective Clarium will be at deploying this new capital.

Now, to the 13F. I actually hesitated even doing a 13F analysis on Clarium Capital simply because when I say they are a global macro fund, I really mean it. The 13F they filed with the SEC details only the equities held in their portfolio. And, all their equities combined only totaled a little over $93 million. And, considering they have over $6 billion AUM, we have a bit of a problem here. The bulk of their holdings/trades seem to be in the actual commodities, futures, and currency markets themselves. And, the 13F only details equities held. So, I just wanted to point that out to everyone before proceeding further. I still think its interesting to at least see what they hold. But, take it with a grain of salt because the majority of their capital is deployed in other financial instruments/markets.

The following are Clarium Capital's current holdings as of June 30th 2008, as released in their most recent 13F filing with the SEC. I've compared the positions in this most recent 13F to last quarter's 13F and here are the changes they made to their portfolio:

New Positions: (in no particular order)
Wendy's (WEN) 7,400 shares
Pinnacle Air (PNCL) 15,220 shares
Fairfax Financial (FFH) 15,000 shares
Nvidia (NVDA) 18,000 shares
NRG Energy (NRG) 9,776 shares
MFA Mortgage Investments (MFA) 50,000 shares
Marathon Oil (MRO) 10,000 shares
Johnson and Johnson (JNJ) 12,000 shares
ITT Corp (ITT) 35,000 shares
Istar Financial (SFI) 99,800 shares
Honeywell (HON) 17,700 shares
Conoco Phillips (COP) 107,900 shares
Chevron (CVX) 6,000 shares
Canadian Superior Energy (SNG) 500,000 shares
Black and Decker (BDK) 23,437 shares
Altria Group (MO) 52,639 shares
Aircastle (AYR) 23,400 shares

Added to:
Frontier Oil (FTO): Increased their position by 1353%
Occidental Petroleum (OXY): Increased their position by 302%
CVS Caremark (CVS): Increased their position by 179%
American Express (AXP): Increased their position by 111%
Colgate Palmolive (CL): Increased their position by 77%
Oneok Inc (OKE): Increased their position by 75%
Sothebys (BID): Increased their position by 60%
Nucor (NUE): Increased their position by 49%
Cabot Oil and Gas COG): Increased their position by 42%
Foster Wheeler (FWLT): Increased their position by 22%
Walmart Stores (WMT): Increased their position by 21%
McDonald's (MCD): Increased their position by 14%
Royal Caribbean (RCL): Increased their position by 11%
Hewlett Packard (HPQ): Increased their position by 3%

Reduced Positions:
Mylan (MYL): Decreased their position by 25%
Procter and Gamble (PG): Decreased their position by 75%

Removed Positions (Positions Clarium sold out of completely):
Zimmer Holdings (ZMH)
Western Refining (WNR)
Viropharma (VPHM)
United Technologies (UTX)
McGraw Hill (MHP)
Lowes (LOW)
Lockheed Martin (LMT)
Leggett and Platt (LEG)
Heinz (HNZ)
General Motors (GM)
General Dynamics (GD)
Cisco Systems (CSCO)
Anheuser Busch (BUD)

Positions with no change:
Schering Plough (SGP)
Burlington Northern (BNI)

Top 10 holdings by % of portfolio:
1. Hewlett Packard (HPQ)
2. Conoco Phillips (COP)
3. American Express (AXP)
4. McDonalds (MCD)
5. Burlington Northern (BNI)
6. Occidental Petroleum (OXY)
7. Fairfax Financial (FFH)
8. Foster Wheeler (FWLT)
9. Royal Caribbean (RCL)
10. Frontier Oil (FTO)

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

Breakdown: Clarium's portfolio really looks "plain jane," doesn't it? There's nothing ridiculously exciting going on. It almost reminds me of a portfolio Warren Buffett would put his stamp of approval on. AXP, BNI, COP, and MCD are for the most part just slow and steady names that chug along with consistent returns. Again, this is why I want to reiterate that Clarium takes the majority of their positions in the commodities, futures, or currency markets since they truly are a global macro fund. The equity holdings reported in this SEC filing represent just a small sliver of their assets under management. So, on the equity side of things, Thiel has focused mostly on larger cap names with international exposure.

Clarium is definitely heavily weighted in the energy sector. They brought Conoco Phillips (COP) in as a new holding and bumped it up all the way to their 2nd largest equity position. He was also out adding to his Frontier Oil (FTO) and Occidental Petroleum (OXY) positions in a big way. Keep in mind that these holdings were reported as of June 30th, 2008 (ie: Crude Oil hadn't started its rapid descent yet). So, we'll have to see next quarter whether he was building up long term positions in these names, or merely trying to ride the oil wave higher.

Thiel has a large bet on tech, but pretty much solely through Hewlett Packard (HPQ). He added some Nvidia (NVDA), but HPQ is the fund's top equity holding. I can't disagree with this choice, as HPQ has been firing on all cylinders with Mark Hurd really turning the company in the right direction. But, even though the company is performing well, the stock really isn't.

I also noticed that Thiel seems to also be playing the 'pooring of America' theme. His MCD and WMT positions give him exposure to the companies that offer everything on the cheap. But, what surprised me a little bit was his Royal Caribbean (RCL) stake being as large as it is. To me, this translates to a discretionary item since its a cruise/vacation after all. And, with the economy the way it is, you'd think that reservations would be down. But, Thiel obviously sees something here, so it might be worth looking at more in depth.

I also want to point out Thiel's position in American Express (AXP), now his fund's 3rd largest equity position. I'm seeing more and more funds pick up stakes in AXP. For the most part, funds have favored Mastercard (MA) and even Visa (V) for their payment processing business models. Now though, it seems more funds are rotating into AXP to get some credit exposure as well. While I think American Express (AXP) is a well run company and typically has a higher credit grade portfolio, I still question adding this name. The credit exposure will continue to provide headwinds for the company and I'm curious to see what these funds do with this position over time.

Lastly, I just wanted to mention Burlington Northern (BNI). If there is one other common theme amongst hedge fund holdings, it is the rails. No matter how small or large their position, practically everyone has at least some sort of exposure to the rails. For Thiel & Clarium, BNI is their 5th largest equity holding.

You can view Clarium Capital's entire 13F as filed with the SEC here.

Guest Post by Market Folly.

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]]> http://www.straightstocks.com/investing-in-hedge-funds/clarium-capital-management-peter-thiel-san-francisco-hedge-fund-holdings-analysis/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

This 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.

Analysis #1: Tontine Capital Partners - 13F Hedge Fund Holdings
Analysis #2: Lone Pine Capital - 13F Hedge Fund Holdings
Analysis #3: Tremblant Capital - 13F Hedge Fund Holdings

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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

This 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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