Tuesday, August 23, 2016

More 13F Fun

So here's another name that we like to follow around here.  Loews Corp is a respected (not by all, I know... there are people who think L needs a big shakeup) value investor and has a good long term track record.  Recently, things haven't looked too good, but it's still worth tracking what they are doing.

Here are the top few names from their 13F.  We know that most of the value of L is in their publicly listed subsidiaries.


Namedollar amt%port#shareschange%chg
CNA FINANCIAL CORP7,624,056    62.36%242,649,773
BWP COMMON UNITS2,191,478    17.93%125,586,133
DIAMOND OFFSHORE DRILLING1,778,986    14.55%73,119,047
GENERAL ELECTRIC CO62,960    0.51%2,000,000
EXPRESS SCRIPTS HOLDING CO53,818    0.44%710,00040,0006%
JOHNSON & JOHNSON36,636    0.30%302,025-350,000-54%
WESTERN DIGITAL CORP24,807    0.20%524,910-10,000-2%
HCA HOLDINGS INC23,103    0.19%300,000-50,000-14%
PFIZER INC21,819    0.18%619,687-375,000-38%
BARRICK GOLD CORP19,612    0.16%918,600-31,676-3%

The total equity portfolio is $12.2 billion.  They have close to $5 billion of investments at the parent level excluding the three large listed subsidiaries, and I think a couple of the Tisch kids are portfolio managers there (but not sure).

Here are the kids listed in the proxy: 
Alexander Tisch, son of Mr. A.H. Tisch, is employed as a Vice President in the Company’s Corporate Development Department. Mr. Tisch, an at-will employee, earned compensation of $850,000 in 2015 and participated in benefit programs available to salaried employees generally. In February 2016, he was granted 6,000 restricted stock units under our 2016 Incentive Compensation Plan, subject to approval of the plan by shareholders at the meeting.

Benjamin Tisch, son of Mr. J.S. Tisch, is employed as a Vice President in the Company’s Corporate Development Department. Mr. Tisch, an at-will employee, earned compensation of $850,000 for 2015 and participated in benefit programs available to salaried employees generally. In February 2016, he was granted 6,000 restricted stock units under our 2016 Incentive Compensation Plan, subject to approval of the plan by shareholders at the meeting.

We can't say if the pay is high or low as we don't know, really, what they do.  But as portfolio managers, unless they manage a large portion of the $5 billion, it may be a little high. But again, we don't know exactly what they do, so hard to say...

In any case, the point is that there is some portfolio management going on at L other than the large sub holdings. A lot of that will be cash/bonds, and maybe some hedge funds, but they do also own stocks.

So let's look at the portfolio excluding the large subs.  I think this excludes the CNA portfolio; CNA is a consolidated sub, but they file 13F's separately.  

Namedollar amt%port#shareschange%chg
GENERAL ELECTRIC CO62,9609.98%2,000,000
EXPRESS SCRIPTS HOLDING CO50,7868.05%670,00040,0006%
JOHNSON & JOHNSON24,5063.88%202,025-350,000-63%
HCA HOLDINGS INC23,1033.66%300,000-50,000-14%
WESTERN DIGITAL CORP20,0813.18%424,910-10,000-2%
PFIZER INC18,2982.90%519,687-375,000-42%
MICROSOFT CORP16,3962.60%320,428-40,000-11%
REALOGY HOLDINGS CORP15,0902.39%520,00045,0009%
CISCO SYSTEMS INC14,3452.27%500,000
GENERAL MOTORS CO.14,0382.22%496,015-205,000-29%
LIBERTY INTERACTIVE CORP Q-A13,0662.07%515,00015,0003%
KLONDEX MINES LTD12,6672.01%3,490,780-507,000-13%
CARMAX INC12,5081.98%255,100255,100new
JOHNSON & JOHNSON Put12,1301.92%100,000
MTS SYSTEMS CORP12,0561.91%275,000275,000new
CF INDUSTRIES HOLDINGS INC11,2071.78%465,00090,00024%
AERCAP HOLDINGS NV10,7491.70%320,000-130,000-29%
BARRICK GOLD CORP Call10,6751.69%500,000
CHEVRON CORP Put10,4831.66%100,000
LKQ CORP9,5101.51%300,000
BARRICK GOLD CORP8,9371.42%418,600-31,676-7%
PRETIUM RESOURCES INC8,6691.37%774,866
ASANKO GOLD INC8,6631.37%2,266,693-455,953-17%
SILVER STANDARD RESOURCES8,2371.31%634,118-53,949-8%
AXALTA COATING SYSTEMS LTD8,2241.30%310,00010,0003%
ALAMOS GOLD INC-CLASS A7,8531.24%913,634-535,768-37%
VANECK VECTORS JUNIOR GOLD M7,6681.22%180,000180,000new
ROYAL GOLD INC7,1261.13%98,950
ALLISON TRANSMISSION HOLDING7,0581.12%250,000-50,000-17%
3M CO Put7,0051.11%40,000
UNION PACIFIC CORP Put6,9801.11%80,000
DU PONT E.I. DE NEMOURS Put6,4801.03%100,000
INFINERA CORP5,0760.80%450,000
CARMAX INC Put4,9030.78%100,000100,000new
AMERICAN EXPRESS CO Put4,8610.77%80,000
WESTERN DIGITAL CORP Call4,7260.75%100,000
GOLDCORP INC Call4,5910.73%240,000
HALLIBURTON CO Put4,5290.72%100,000
CITIGROUP INC Put4,2390.67%100,000
The Walt Disney Co. Put3,9130.62%40,000
NEWMONT MINING CORP Call3,9120.62%100,000
BANK OF NEW YORK MELLON CORP Put3,8850.62%100,000
HP INC3,8210.61%304,470-85,000-22%
WELLS FARGO & CO Put3,7860.60%80,00080,000new
TIFFANY & CO Put3,6380.58%60,000
MAG SILVER CORP3,5560.56%282,123
PFIZER INC Put3,5210.56%100,000
VISTA GOLD CORP3,4200.54%1,781,485
UNITED PARCEL SERVICE-CL B Put3,2320.51%30,000
WHOLE FOODS MARKET INC Put3,2020.51%100,000
ELI LILLY & CO Put3,1500.50%40,000
EXETER RESOURCE CORP3,0120.48%2,388,663
GENERAL MOTORS CO. Put2,8300.45%100,000
ILLUMINA INC Put2,8080.44%20,000
SOTHEBY'S Put2,7400.43%100,000100,000new
INGERSOLL-RAND PLC Put2,5470.40%40,00040,000new
SCHWAB CHARLES CORP Put2,5310.40%100,000
SCHWAB CHARLES CORP2,5310.40%100,000
WALGREENS BOOTS ALLIANCE INC2,4980.40%30,00030,000new
STILLWATER MINING CO2,4570.39%207,132
INFINERA CORP Put2,2560.36%200,000
QUALCOMM INC Put2,1430.34%40,000
MACY'S INC Put2,0170.32%60,000
BANK OF AMERICA CORP1,9220.30%144,818-2,750-2%
JPMORGAN CHASE & CO Put1,8640.30%30,000
GOLDCORP INC1,5300.24%80,000
CLOUD PEAK ENERGY INC1,5160.24%736,000
CAMECO CORP1,3160.21%120,000
CAMECO CORP Put1,3160.21%120,000
DU PONT E.I. DE NEMOURS1,2960.21%20,000
ORACLE CORP1,0970.17%26,810-750-3%
AMERICAN EXPRESS CO Call9110.14%15,000
JPMORGAN CHASE & CO7800.12%12,558-675-5%
FEDEX CORP7210.11%4,750
CITIGROUP INC6890.11%16,258-950-6%
AETNA INC6840.11%5,600
CORNING INC5890.09%28,75013,19585%
PRIMERO MINING CORP5750.09%276,407
COMSTOCK MINING INC5530.09%1,584,982
DELTA AIR LINES INC5290.08%14,510
ANTHEM INC5060.08%3,850
TIMMINS GOLD CORP4810.08%1,308,915
TRAVELERS COS INC4700.07%3,950
EATON CORP PLC4520.07%7,575
TRIBUNE MEDIA CO - A4170.07%10,6524625%
OCCIDENTAL PETROLEUM CORP3860.06%5,108-1,040-17%
DEVON ENERGY CORP3730.06%10,300
ROYAL DUTCH SHELL-SPON ADR-A3690.06%6,675-1,841-22%
DOW CHEMICAL CO/THE3560.06%7,1651,67531%
MURPHY OIL CORP3490.06%11,000-5,400-33%
KBR INC3300.05%24,913250%
ON SEMICONDUCTOR CORP2730.04%30,975-2,250-7%
BP PLC-SPONS ADR2680.04%7,540
GOVERNMENT PROPERTIES INCOME2660.04%11,526-2,100-15%
TEREX CORP2650.04%13,0502,07519%
COCA-COLA CO/THE2490.04%5,484
INNOSPEC INC2480.04%5,39270015%
AVNET INC2460.04%6,075-1,150-16%
CNO FINANCIAL GROUP INC2430.04%13,900-1,900-12%
FRANKLIN RESOURCES INC2310.04%6,925-500-7%
MORGAN STANLEY2310.04%8,904-950-10%
OMNICOM GROUP2280.04%2,800
VOYA FINANCIAL INC2270.04%9,1752,22532%
SUPERIOR ENERGY SERVICES INC2220.04%12,075-2,075-15%
TUPPERWARE BRANDS CORP2180.03%3,882-200-5%
EXXON MOBIL CORP2160.03%2,300-375-14%
WAL-MART STORES INC2100.03%2,875-1,125-28%
CSX CORP2090.03%8,000
SEAGATE TECHNOLOGY2080.03%8,5252,27536%
LAMAR ADVERTISING CO-A2070.03%3,125-1,250-29%
DOVER CORP2040.03%2,9502,950new
STAPLES INC2030.03%23,523
FORD MOTOR CO1870.03%14,875
TEEKAY TANKERS LTD-CLASS A1840.03%61,7902,1004%
BROOKDALE SENIOR LIVING INC1820.03%11,770-7,875-40%
CENOVUS ENERGY INC1630.03%11,775-1,675-12%
GOLAR LNG LTD1620.03%10,43810,438new
HERC HOLDINGS INC1450.02%13,12913,129new
ICONIX BRAND GROUP INC1440.02%21,2281,90010%
PARK STERLING CORP1390.02%19,615
UBS GROUP AG-REG1380.02%10,625
JIVE SOFTWARE INC1270.02%33,673
EZCORP INC-CL A1190.02%15,738
HARSCO CORP870.01%13,1451001%
NATL PENN BCSHS INC00.00%10,850-10,850-100%
NEWS CORP - CLASS B00.00%10,460-10,460-100%
QUALCOMM INC00.00%40,000-40,000-100%
METLIFE INC00.00%9,075-9,075-100%
MAXWELL TECHNOLOGIES INC00.00%17,511-17,511-100%
MARKET VECTORS JR GOLD MINER00.00%180,000-180,000-100%
SILVER WHEATON CORP00.00%126,332-126,332-100%
SPDR DJIA TRUST00.00%55,400-55,400-100%
TIME WARNER CABLE00.00%50,000-50,000-100%
TIME WARNER CABLE Put00.00%50,000-50,000-100%
TAKE-TWO INTERACTIVE SOFTWRE00.00%220,000-220,000-100%
SPDR S&P METALS & MINING ETF00.00%32,500-32,500-100%
SPDR GOLD SHARES00.00%26,800-26,800-100%
SPDR GOLD SHARES Call00.00%200,000-200,000-100%
MARKET VECTORS GOLD MINERS00.00%28,250-28,250-100%
ISHARES MSCI EMERGING MARKET00.00%79,100-79,100-100%
DANA HOLDING CORP00.00%10,075-10,075-100%
DISH NETWORK CORP-A00.00%100,000-100,000-100%
CONSUMER STAPLES SPDR Put00.00%3,000,000-3,000,000-100%
CARPENTER TECHNOLOGY INC.00.00%226,336-226,336-100%
ARRIS INTERNATIONAL PLC00.00%8,800-8,800-100%
BLUCORA INC00.00%260,000-260,000-100%
ELDORADO GOLD CORP00.00%560,969-560,969-100%
ENERGY SELECT SECTOR SPDR00.00%16,600-16,600-100%
INFINERA CORP Call00.00%100,000-100,000-100%
IPATH S&P 500 VIX S/T FU ETN Call00.00%100,000-100,000-100%
HERTZ GLOBAL HOLDINGS INC00.00%73,129-73,129-100%
GOLD FIELDS LTD-SPONS ADR00.00%830,133-830,133-100%
FREEPORT-MCMORAN INC00.00%26,400-26,400-100%
FTI CONSULTING INC00.00%34,602-34,602-100%
APPLE INC00.00%17,800-17,800-100%
Total Sum631,087

The total equity porfolio excluding the large subs come to $631 million, so less than 10% of the parent company cash and investments. This figure is actually not totally accurate as it includes the notional amounts of both puts and calls.  We have no idea what the strike prices of the options are etc. You will notice that some positions have the word "put" or "call" next to them.  Those are put or call positions.

Anyway, $631 million in stock may seem defensive and conservative, which makes sense given their overall cautious view. But then again, they have three huge long positions too so no need to be swinging for the fences with parent liquidity.

GE is their largest non-subsidiary equity holding but this may be related to James Tisch being on the board. I don't mean to say that he used L funds to hold a position in a company he sits on the board of.  It probably goes both ways; he probably likes the company and stock and therefore owns the stock for L and is a board member for the same reason.

Of course, a less than $1 billion equity portfolio is too small a piece of L to move the needle either way. But this exercise is not about predicting the future of L, but digging for ideas.

Moving on...

Duquesne Family Office
Druckenmiller is known more for his macro trading, but it's fun to look through his equity portfolio. He files 13F's as a family office. The portfolio itself may not tell us much about his market view, though, cuz he may be short a bunch of futures and/or stocks against it.

But, it's still fun to look at. Druckenmiller is no fool so he is worth paying attention to. And unlike many 'macro' guys, he started out in equities so he knows stocks.

One thing you may remember is that he used to talk up Google; that they have great management that are doing all the right things and whatnot. It's interesting to see that GOOG is not even in the portfolio anymore, and FB is at the top of his list.  And HAL is a new, large position. This is probably a call on crude (not necessarily on crude oil price, but on capex etc...).

Be careful with the "new" positions because sometimes a name or spelling changes and the script is not smart enough to know so, for example, POST shows up as a new position, but the same amount shows up at the bottom of the list as completely liquidated.  I guess sorting by cusip number would prevent some of this. Project for the future...

Duquesne Family Office LLC

Namedollar amt%port#shareschange%chg
Facebook Inc.106,554    12.24%932,394-1,091,300-54%
Halliburton Co98,624    11.33%2,177,6002,177,600new
AbbVie Inc.82,026    9.42%1,324,9201,324,920new
IShrs MSCI Emg'g Mkt Idx71,929    8.26%2,093,400-877,600-30%
Barrick Gold Corp39,126    4.49%1,832,600
Freeport-McMoRan Inc38,664    4.44%3,470,7003,470,700new
Alcoa Inc.31,432    3.61%3,390,7003,390,700new
Deere & Co29,215    3.36%360,500360,500new
Amazon.com Inc.25,333    2.91%35,400-41,800-54%
Post Hldgs Inc.24,079    2.77%291,200291,200new
Agnico Eagle Mines Ltd23,267    2.67%434,900
Zoetis Inc.22,681    2.60%477,900
CF Ind's Hldgs Inc.22,432    2.58%930,800930,800new
Pure Storage Inc.21,632    2.48%1,984,600
Agrium Inc.19,938    2.29%220,500220,500new
Potash Corp of Sask Inc.19,358    2.22%1,192,0001,192,000new
WhiteWave Foods Co17,086    1.96%364,000
Ctrip.com Int'l Ltd.16,851    1.94%409,000409,000new
HDFC Bank Ltd.15,393    1.77%232,000106,20084%
Ingersoll-Rand Plc15,188    1.74%238,500238,500new
Abbott Labs15,150    1.74%385,400385,400new
NVIDIA Corp.15,043    1.73%320,000320,000new
Salesforce.com Inc.15,008    1.72%189,000189,000new
Rockwell Automation Inc.14,938    1.72%130,100130,100new
General Dynamics Corp14,606    1.68%104,900104,900new
Raytheon Co10,482    1.20%77,10077,100new
Mead Johnson Nut'n Co10,010    1.15%110,300110,300new
Nucor Corp9,931    1.14%201,000201,000new
Agilent Tech's Inc.9,773    1.12%220,300220,300new
Eastman Chem Co8,902    1.02%131,100131,100new
Williams Co's Inc.6,022    0.69%278,400
SPDR Gold Trust0    0.00%2,016,000-2,016,000-100%
Post Holdings Inc.0    0.00%291,200-291,200-100%
Philip Morris Int'l Inc.0    0.00%554,800-554,800-100%
Pepsico Inc.0    0.00%353,300-353,300-100%
Southern Co0    0.00%1,017,400-1,017,400-100%
WEC Energy Grp Inc.0    0.00%178,000-178,000-100%
Workday Inc.0    0.00%259,700-259,700-100%
PPL Corp0    0.00%974,700-974,700-100%
Verizon Comms Inc.0    0.00%400,000-400,000-100%
Tempur Sealy Int'l Inc.0    0.00%125,500-125,500-100%
Southwest Airlines Co.0    0.00%493,000-493,000-100%
Home Depot Inc.0    0.00%150,700-150,700-100%
Coca-Cola Co0    0.00%1,388,900-1,388,900-100%
Caterpillar Inc.0    0.00%330,000-330,000-100%
Am Elect Pwr Co Inc.0    0.00%160,200-160,200-100%
Alphabet Inc.0    0.00%55,700-55,700-100%
Consolidated Edison Inc.0    0.00%141,900-141,900-100%
Duke Energy Corp0    0.00%649,100-649,100-100%
McDonald's Corp0    0.00%158,200-158,200-100%
The Estee Lauder Co Inc.0    0.00%111,900-111,900-100%
JD.Com Inc.0    0.00%356,400-356,400-100%
Emerson Electric Inc.0    0.00%551,000-551,000-100%
Microsoft Corp0    0.00%517,100-517,100-100%
Total Sum870,673

Ratan Capital Management
Here is a fund manager I learned about a while back because I had CNBC on and this manager started talking about two of my favorite stocks at the time; POST and CHTR (still my largest positions). I stopped to watch the interview and was surprised at how it seemed like we were thinking the same exact thing. Anyway, ever since then I have been following the 13F's.  Ratan owned a bunch of VRX but dumped it pretty quickly last year.  She also dumped POST when they seemed to hit a speed bump but bought back in later (I don't claim to be better, but I didn't sell a single share and rode it all the way back up!).

Anyway, here is the most recent portfolio:

Ratan Capital Management LP

Namedollar amt%port#shareschange%chg
CHARTER COMMUNICATIONS INC N49,281    24.51%215,540215,540new
POST HLDGS INC43,942    21.85%531,406-516,756-49%
STARZ38,473    19.13%1,285,860300,00030%
COCA COLA EUROPEAN PARTNERS26,768    13.31%750,000750,000new
MEDIVATION INC17,975    8.94%298,101298,101new
HILLTOP HOLDINGS INC12,529    6.23%596,884
LIONS GATE ENTMNT CORP12,104    6.02%598,300598,300new
VALEANT PHARMACEUTICALS INTL0    0.00%350,000-350,000-100%
CTRIP COM INTL LTD0    0.00%535,874-535,874-100%
ALLERGAN PLC0    0.00%219,575-219,575-100%
CHARTER COMMUNICATIONS INC D0    0.00%302,905-302,905-100%
COMCAST CORP NEW0    0.00%326,029-326,029-100%
Total Sum201,072

CHTR and POST remain the top two positions. I still like them both, and it seems Tiger Global likes CHTR too. Not that I like to own things too many hedge funds own; that's not a great thing either.  STARZ is another Malone consolidation play. Coca Cola European Partners looks like an interesting new position. I am not a big fan of sodas, but this is a corporate change play so may be more interesting than KO (which, to me, is the ultimate corporate unchange play).  I will have to take a close look at this one.  

Here's a name that is widely followed in the value investing community. Monish Pabrai files as Dalal Street, LLC, and he is heavily into autos. It's kind of astounding that he has more than half of his portfolio in the auto industry. Focus and concentration is good, but Greenblatt's book is careful to say that the names should be in different industries or else you may not get the diversification effect you need from a small number of names.

Here is Pabrai's portfolio:

Dalal Street, LLC

Namedollar amt%port#shareschange%chg
FIAT CHRYSLER AUTOMOBILES N84,364    28.48%13,784,930-1,000-0%
GENERAL MTRS CO62,657    21.15%5,984,447-2,001-0%
ALPHABET INC47,885    16.16%69,188
FERRARI N V43,527    14.69%1,069,038-208,154-16%
SERITAGE GROWTH PPTYS26,371    8.90%529,113-1,540-0%
AERCAP HOLDINGS NV20,966    7.08%624,160624,160new
BERKSHIRE HATHAWAY INC DEL10,497    3.54%72,500-6-0%
WL ROSS HLDG CORP0    0.00%1,026,424-1,026,424-100%
Total Sum296,267

Seritage Growth Properties is the real estate spin-off from Sears and Buffett bought some for his personal account. It's always worth a look when Buffett puts something in his PA.

It's interesting to see GOOG there at 16%. I like GOOG but it's not a name I would have expected to see in the Dhandho investor's portfolio.

He dumped WL Ross Holdings, I suppose, after the merger. Ross fans were hoping for a distressed play but instead got a non-distressed chemical platform play. 

Tiger Global
And here is Tiger Global's portfolio. Tiger cubs are really known for digging deep and really understanding the businesses they invest in. That's why I like to keep track of what they do. There are many others too but I like to watch Tiger Global because of their focus on tech (even though I don't do too much in tech).

There are other funds with great performance, like Point72 (the old SAC), but since they seem to trade short term, I don't know what the relevance of the 13F's would be.  For example, if something showed up as a top holding because they thought a company might beat the EPS estimate in a couple of weeks, that would not really interest me.  I am more interested in things that people want to own for many years. That's why I don't really care what quant funds own either (Medallion etc.).

Anyway, back to Tiger Global.

It seems like they increased  their position in CHTR, so that's very interesting to me as I still like CHTR. Of course, it's no good when too many hedge funds get on board as it just sets up a big correction at some point down the line.

But seeing Tiger Global add at these prices is encouraging. I've owned this name for a long time (since around $100/share, I think).


Namedollar amt%port#shareschange%chg
AMAZON COM INC1,047,759    20.70%1,464,127421,88740%
CHARTER COMMUNICATIONS INC N972,496    19.21%4,253,3944,253,394new
PRICELINE GRP INC936,308    18.50%750,000199,10236%
JD COM INC934,227    18.46%44,005,044
FLEETCOR TECHNOLOGIES INC466,550    9.22%3,259,626-355,000-10%
MASTERCARD INC165,048    3.26%1,874,271-44,500-2%
APPLE INC131,909    2.61%1,379,797-4,277,453-76%
ETSY INC106,367    2.10%11,091,426
RESTAURANT BRANDS INTL INC103,842    2.05%2,496,21336,2131%
EHI CAR SVCS LTD84,265    1.66%8,334,863
TAL ED GROUP37,391    0.74%602,500-1,112,500-65%
ON DECK CAP INC28,190    0.56%5,473,759-1,426,241-21%
ATLASSIAN CORP PLC12,950    0.26%500,000
PURE STORAGE INC10,900    0.22%1,000,000-4,242,615-81%
SQUARE INC10,699    0.21%1,182,237-5,369,228-82%
FITBIT INC6,110    0.12%500,000
FIREEYE INC3,294    0.07%200,000
SHOPIFY INC2,153    0.04%70,000
LENDINGCLUB CORP1,183    0.02%275,000
AMERICAN FARMLAND CO362    0.01%60,000
TABLEAU SOFTWARE INC0    0.00%1,688,000-1,688,000-100%
ZILLOW GROUP INC0    0.00%996,708-996,708-100%
NETFLIX INC0    0.00%17,997,273-17,997,273-100%
INTREXON CORP0    0.00%2,093,199-2,093,199-100%
CHARTER COMMUNICATIONS INC D0    0.00%1,960,980-1,960,980-100%
GAMESTOP CORP NEW0    0.00%1,750,000-1,750,000-100%
CAL MAINE FOODS INC0    0.00%70,394-70,394-100%
Total Sum5,062,003

Bulldog Investors
Here's a name that we looked at a while ago. It looks like Goldstein is branching out into non-closed end funds. Their top holding now, Stewart Information Services (STC) is interesting as Starboard recently took a large stake. It's worth a closer look. Things are bound to change with multiple activists on board.

There seems to be a lot of drama around Hill International too.

SPE hasn't been doing too well in recent years, but I like the way they think. I wasn't always a big fan of their portfolio (SPACs etc...), but they can be a source of some off-beat ideas. Despite the not-so-inspiring performance lately, I don't think they are a bad investment either.  I know that sounds funny, but when you like how people think, you sort of want to support them even in bad times. Things should eventually go their way if they hold to their principles etc.

Anyway, we have seen that it's been a tough environment for most active managers including hedge funds, so we'll see what happens.

Bulldog Investors, LLC
Namedollar amt%port#shareschange%chg
STEWART INFORMATION SERVICES46,802    12.03%1,130,2003000%
NEUBERGER BERMAN REAL ESTATE32,365    8.32%5,698,062447,7109%
NUVEEN GLOBAL EQU INC FD25,279    6.50%2,166,135274,64815%
WINTHROP REALTY TRUST22,493    5.78%2,558,90890,8544%
NUVEEN LONG/SHORT COMMODITY21,796    5.60%1,468,74313,6431%
VIRTUS TOTAL RETURN FD20,378    5.24%4,391,983775,54921%
DEUTSCHE HIGH INCOME OPPORT16,949    4.36%1,246,289-186,483-13%
HILL INTERNATIONAL INC15,773    4.06%3,875,519
FIRST TRUST DIVIDEND AND INC15,205    3.91%1,691,267125,8378%
EMERGENT CAPITAL INC13,549    3.48%4,032,377-1-0%
ADVENT/CLAYMORE ENH GR & INC11,972    3.08%1,461,794-5,230-0%
MVC CAPITAL INC11,086    2.85%1,378,812
SWISS HELVETIA FUND10,454    2.69%1,010,103170,01120%
PACHOLDER HIGH YIELD FUND10,423    2.68%1,472,141768,373109%
CUSHING RENAISSANCE FD8,289    2.13%529,001318,865152%
IMPERIAL HLDGS INC7,891    2.03%9,243,0009,243,000new
WHEELER REAL ESTATE INVESTME6,666    1.71%4,328,41560,5821%
LAZARD GLOBAL TOT RT & INC6,454    1.66%493,347493,347new
TRI CONTL CORP COM6,443    1.66%313,691
GENERAL AMERICAN INVESTORS5,754    1.48%186,696-2,563-1%
NEW YORK REIT INC4,915    1.26%531,394363,432216%
FIRST TRUST ABERDEEN GLOBAL4,698    1.21%410,647209,309104%
FULL CIRCLE CAPITAL CORP4,456    1.15%1,650,429
LIBERTY ALL STAR EQUITY FD SH4,273    1.10%851,229
AROWANA INC4,128    1.06%1,200,000
BOULDER GROWTH & INCM FD INC3,458    0.89%426,605
CENTRAL SECS CORP COM2,703    0.70%137,645
PUTNAM HIGH INCOME SECURITIE2,644    0.68%344,699188,639121%
FIRSTHAND TECHNOLOGY VALUE2,354    0.61%316,141-143,259-31%
1347 CAPITAL CORP2,338    0.60%252,484
CROSSROADS CAPITAL INC2,309    0.59%1,121,032-300-0%
DEUTSCHE GLOBAL HIGH INCOME2,184    0.56%268,610-508,806-65%
KOREA EQUITY FD INC2,183    0.56%277,704164,731146%
ADAMS EXPRESS COMPANY2,115    0.54%166,914
ANDINA ACQUISITION CORP II2,039    0.52%606,855-5,973-1%
TERRAPIN 3 ACQUISITION COR-A1,992    0.51%200,000
FINTECH ACQUISITION CORP1,568    0.40%196,515-33,400-15%
GORES HLDGS INC1,455    0.37%150,000
BANCROFT FUND LTD1,309    0.34%39,976-30,000-43%
CREDIT SUISSE ASSET MGMT INC1,181    0.30%402,956253,846170%
E-COMPASS ACQUISITION CORP1,039    0.27%200,000
ROYCE VALUE TRUST1,039    0.27%88,30044,200100%
JPMORGAN CHINA REGION FD INC961    0.25%63,2329,84418%
EQUUS TOTAL RETURN INC885    0.23%497,162
DEUTSCHE HIGH INCOME TRUST594    0.15%67,65567,655new
GDL FUND535    0.14%53,898
DEUTSCHE MULTI-MARKET INCOME461    0.12%56,60456,604new
GSV CAPITAL CORP405    0.10%80,704
JETPAY CORP350    0.09%153,65185,323125%
KEARNY FINANCIAL CORP/MD315    0.08%25,000-35,000-58%
ELLSWORTH FUND INC277    0.07%35,123
CLOUGH GLOBAL EQUITY FUND234    0.06%21,87621,876new
ABERDEEN SINGAPORE FD INC158    0.04%17,5303,13022%
1347 CAP CORP145    0.04%500,000-4,968-1%
ASIA TIGERS FUND INC142    0.04%14,79114,791new
COPSYNC INC47    0.01%60,000
TERRAPIN 3 ACQUISITION-CW1942    0.01%200,000
GORES HOLDINGS INC38    0.01%150,000
DT ASIA INVTS LTD WT 03302129    0.01%261,050
ISHARES US REAL 08/19/2016 85.0025    0.01%50,00050,000new
GARNERO GROUP ACQUISIT-CW1923    0.01%586,828
ISHARES US REAL 07/15/2016 81.0020    0.01%11,10011,100new
AR CAPITAL ACQUISITION-CW1914    0.00%205,1735,0002%
ORIGO ACQUISITION CORP-RTS11    0.00%75,00075,000new
SPDR S&P 500 ET 07/15/2016 204.008    0.00%10,00010,000new
ORIGO ACQUISITION COR. WT5    0.00%75,00075,000new
SPDR S&P 500 ET 07/15/2016 214.003    0.00%10,00010,000new
ISHARES US REAL 07/15/2016 74.001    0.00%11,10011,100new
LMP REAL ESTATE INCOME FUND0    0.00%2,504,359-2,504,359-100%
ISHARES US REAL 01/15/2016 75.50 Call0    0.00%34,800-34,800-100%
MANAGED HI YLD PLUS FUND INC0    0.00%4,209,907-4,209,907-100%
WL ROSS HLDG CORP0    0.00%25,000-25,000-100%
ISHARES US REAL 01/15/2016 73.00 Put0    0.00%34,800-34,800-100%
STRATEGIC GLOBAL INCOME FD0    0.00%150,680-150,680-100%
SOURCE CAP INC0    0.00%82,562-82,562-100%
DELAWARE INV DIVIDEND & INC0    0.00%32,667-32,667-100%
CB PHARMA ACQUISITION-RTS0    0.00%75,000-75,000-100%
C B PHARMA ACQUISITION CORP0    0.00%75,000-75,000-100%
DT ASIA INVESTMENTS LTD0    0.00%556,373-556,373-100%
GABELLI GLOBALDEAL FUND (THE)0    0.00%16,275-16,275-100%
GLOBAL HIGH INCOME FUND INC0    0.00%2,084,103-2,084,103-100%
GARNERO GROUP ACQUISITION CO0    0.00%682,585-682,585-100%
IMPERIAL HOLDINGS INCIFT 8 1/2 02/15/190    0.00%9,243,000-9,243,000-100%
Total Sum388,905

Horizon Kinetics
Here's another smaller name that we've looked at; FRMO. These guys, too, are people I follow and really like how they think. But the performance of their funds haven't been too great lately, but then again, this is true for the whole industry.

One of their big strategies is to focus on owner-operator type businesses which we like too (the Outsider-type companies).

So regardless of their performance, it's still interesting to dig into their portfolio to see what's in there; see if there is anything we should be looking more closely at.

They run some other strategies too so many of the names might not fit the category.  I assume the largest positions fit the theme, though.

The list was way too long so I cut off positions less than 0.1% weight.

Horizon Kinetics LLC

Namedollar amt%port#shareschange%chg
HOWARD HUGHES CORP405,337    10.15%3,545,634-159,226-4%
TEXAS PACIFIC LAND TRUST279,122    6.99%1,655,0369,0431%
LIBERTY MEDIA CORP DELAWARE266,678    6.67%9,299,1901,367,82917%
BARCLAYS BK PLC Call249,412    6.24%5,154,3003,334,600183%
DREAMWORKS ANIMATION SKG INC198,142    4.96%4,848,112-2,362,772-33%
ICAHN ENTERPRISES LP182,702    4.57%3,383,381-123,895-4%
STARZ144,668    3.62%4,835,164-207,686-4%
WENDYS COMPANY124,606    3.12%12,952,733-573,237-4%
LIBERTY BROADBAND CORP121,570    3.04%2,031,345-207,202-9%
SILVER WHEATON CORP120,568    3.02%5,124,048-268,583-5%
AUTONATION INC109,151    2.73%2,323,350-321,657-12%
BROOKFIELD ASSET MGMT INC100,204    2.51%3,030,048-171,249-5%
NEWELL BRANDS INC83,119    2.08%1,711,3201,711,320new
DISH NETWORK CORP78,662    1.97%1,501,185-580,979-28%
CBOE HLDGS INC75,065    1.88%1,126,767-50,579-4%
FRANCO NEVADA CORP67,194    1.68%883,430-75,283-8%
L BRANDS INC51,703    1.29%770,201-164,638-18%
BERKSHIRE HATHAWAY INC DEL49,961    1.25%207,282-6,721-3%
LIBERTY INTERACTIVE CORP QVC49,191    1.23%1,938,9281,938,928new
LIVE NATION ENTERTAINMENT INC.39,775    1.00%1,692,582-167,965-9%
ECHOSTAR CORP39,198    0.98%987,351-63,406-6%
TRI POINTE GROUP INC37,513    0.94%3,173,653-112,675-3%
VIACOM INC NEW35,476    0.89%855,460-43,214-5%
SEARS HLDGS CORP33,974    0.85%3,050,277-327,321-10%
ROYAL GOLD INC COM33,029    0.83%458,611458,611new
PLATFORM SPECIALTY PRODS COR32,919    0.82%3,707,185-208,171-5%
LAS VEGAS SANDS CORP25,379    0.64%583,549-24,029-4%
CONTINENTAL RESOURCES INC25,231    0.63%557,345-27,413-5%
ROUSE PPTYS INC24,679    0.62%1,352,277-74,672-5%
FOREST CITY REALTY TRUST22,042    0.55%987,976-56,326-5%
MARKEL CORP21,565    0.54%22,634-442-2%
ALPHABET INC21,060    0.53%30,184-609-2%
DISCOVERY COMMUNICATNS NEW20,161    0.50%806,205-114,498-12%
OAKTREE CAP GROUP LLC20,073    0.50%448,468-518-0%
ROYCE MICRO-CAP TR INC19,023    0.48%2,591,7142,473,0382,084%
COLFAX CORP18,833    0.47%711,762-33,543-5%
LEUCADIA NATIONAL CORP16,979    0.42%979,788-54,999-5%
LIBERTY INTERACTIVE CORP15,894    0.40%428,778-686,966-62%
LIBERTY INTERACTIVE CORP15,894    0.40%428,778-1,819,336-81%
CBS CORP NEW14,895    0.37%273,613-24,628-8%
ROYAL GOLD INC14,423    0.36%13,480,000-476,724-3%
MADISON SQUARE GARDEN CO NEW14,316    0.36%82,989-7,296-8%
EQUITY LIFESTYLE PPTYS INC13,758    0.34%171,870-10,324-6%
CHENIERE ENERGY INC13,665    0.34%23,350,75914,226,593156%
MGM RESORTS INTERNATIONAL13,351    0.33%589,960-8,800-1%
WYNN RESORTS LTD13,204    0.33%145,669-11,640-7%
VISA INC COM12,658    0.32%170,664170,664new
PIMCO DYNAMIC INCOME FD11,727    0.29%425,343-5,368-1%
NAVIGATOR HOLDINGS LTD11,290    0.28%981,775981,775new
DOUBLELINE OPPORTUNISTIC CR11,210    0.28%418,588-75,236-15%
DOUBLELINE INCOME SOLUTIONS11,020    0.28%600,5564,8871%
PIMCO INCOME STRATEGY FUND II10,608    0.27%1,152,998-29,247-2%
LIBERTY MEDIA CORP DELAWARE9,314    0.23%630,212-7,301,149-92%
TORTOISE MLP FD INC9,278    0.23%502,852393,848361%
LSB INDS INC9,258    0.23%766,431-26,959-3%
NUVEEN ENERGY MLP TOTL RTRNF8,312    0.21%634,555468,460282%
VIASAT INC8,052    0.20%112,766-5,801-5%
CBOE HOLDINGS INC Put8,000    0.20%160,000
FEDERATED INVS INC PA7,725    0.19%268,412-8,081-3%
MASTERCARD INC CL A7,550    0.19%85,73385,733new
PIMCO INCOME OPPORTUNITY FD7,365    0.18%320,208-29,242-8%
EXXON MOBIL CORP6,477    0.16%69,0944791%
EMERGENT CAP INC6,343    0.16%1,887,743-64,798-3%
INTER PARFUMS INC6,322    0.16%221,284-901-0%
PAR PACIFIC HOLDINGS INC6,232    0.16%406,305-151,463-27%
PIMCO INCOME STRATEGY FUND5,924    0.15%576,772-611-0%
NUVEEN PERFORM PLUS MUN FD5,836    0.15%353,491-1,665-0%
SEARS CANADA INC5,411    0.14%1,822,195-121,007-6%
SEARS HOMETOWN AND OUTLET ST5,380    0.13%798,227-71,916-8%
KRAFT HEINZ COMPANY5,275    0.13%59,622-1,817-3%
TIME WARNER INC5,235    0.13%71,181-8,576-11%
ASSOCIATED CAP GROUP INC5,215    0.13%181,81186,60491%
VANGUARD INDEX TR5,103    0.13%47,62047,620new
WILLIAMS COS INC5,022    0.13%232,178-16,566-7%
TORTOISE ENERGY INFRA CORP4,904    0.12%159,330159,330new
LENNAR CORP4,589    0.11%99,568-1,737-2%
BRISTOL MYERS SQUIBBCO4,323    0.11%58,776-100-0%
SANDSTORM GOLD LTD4,287    0.11%961,104-491,614-34%
ISHARES TR4,235    0.11%41,914-81,527-66%
VANGUARD INDEX FDS4,211    0.11%23,446-167,181-88%
MSG NETWORK INC4,172    0.10%271,975-23,773-8%
EATON VANCE LTD DUR INCOME F4,086    0.10%304,043-5,379-2%
AMTRUST FINANCIAL SERVICES I3,984    0.10%162,613-4,653-3%
WESTERN ASSET CORPORATE LN F3,929    0.10%379,618379,618new
GENERAL GROWTH PPTYS INC NEW3,883    0.10%130,200-4,575-3%
PAYPAL HLDGS INC3,882    0.10%106,312-26,453-20%
CLEARBRIDGE ENERGY MLP TR FD3,847    0.10%300,577300,577new
CLEARBRIDGE ENERGY MLP FD IN3,836    0.10%240,807240,807new
AMERICAN RAILCAR INDS INC3,835    0.10%97,168-13,198-12%

I cut off positions below 0.10% since the list was too long...

I include the exits, though, below: 

NUVEEN QUALITY PFD INCOME FD 30    0.00%140,334-140,334-100%
NUVEEN QUALITY PFD INCOME FD0    0.00%12,321-12,321-100%
ONCONOVA THERAPEUTICS INC0    0.00%24,000-24,000-100%
QUANTUM CORP CONV0    0.00%500,000-500,000-100%
PERSHING GOLD CORP0    0.00%28,810-28,810-100%
PEABODY ENERGY CORP0    0.00%24,000-24,000-100%
NUVEEN QUALITY MUN FD INC0    0.00%10,408-10,408-100%
NUVEEN QUALITY INCOME MUN FD0    0.00%17,200-17,200-100%
MORNINGSTAR INC COM0    0.00%5,988-5,988-100%
MICROSOFT CORP0    0.00%18,630-18,630-100%
NCR CORP NEW0    0.00%546-546-100%
NUVEEN NEW JERSEY MUN VALUE0    0.00%600-600-100%
NUVEEN PFDINCOME OPPRTNY FD0    0.00%49,389-49,389-100%
MFS HIGH INCOME MUN TR SH BEN INT0    0.00%16,762-16,762-100%
WESTROCK CO0    0.00%9,060-9,060-100%
VISTA OUTDOOR INC0    0.00%7,029-7,029-100%
VISA INC0    0.00%172,664-172,664-100%
WESTERN ASSET CLYM INFL SEC COM0    0.00%27,970-27,970-100%
MCGRAW HILL FINL INC0    0.00%5,658-5,658-100%
DREAMWORKS ANIMATION SKG INC Put0    0.00%14,400-14,400-100%
WL ROSS HLDG CORP0    0.00%31,855-31,855-100%
UNION PACIFIC CORP0    0.00%12,575-12,575-100%
TRIMAS CORP0    0.00%11,000-11,000-100%
SCHLUMBERGER LTD0    0.00%12,239-12,239-100%
ROLLINS INC0    0.00%18,991-18,991-100%
SONOCO PRODS CO0    0.00%25,150-25,150-100%
STRAIGHT PATH COMMUNICATNS I0    0.00%6,681-6,681-100%
TESLA MTRS INC0    0.00%2,133-2,133-100%
RALPH LAUREN CORP CL A0    0.00%5,125-5,125-100%
HEARTLAND EXPRESS INC COM0    0.00%26,113-26,113-100%
BROOKFIELD INFRAST PARTNERS0    0.00%78,622-78,622-100%
BROOKFIELD HIGH INCOME FD INC COM0    0.00%271,705-271,705-100%
CABLEVISION SYS CORP0    0.00%49,130-49,130-100%
CASTLE BRANDS INC0    0.00%106,000-106,000-100%
FIRST TR STRATEGIC HIGH INC0    0.00%13,181-13,181-100%
WILLIAMS CLAYTON ENERGY INC0    0.00%56,687-56,687-100%
BAXALTA INC COM0    0.00%14,009-14,009-100%
AVENUE INCOME CR STRATEGIES COM0    0.00%15,884-15,884-100%
ALLIANCE BERNSTEIN INCOME FUND0    0.00%166,800-166,800-100%
AFFYMETRIX INC0    0.00%104,000-104,000-100%
AMERICAN INTERNATIONAL GROUP INC0    0.00%37,789-37,789-100%
APOLLO INVT CORP0    0.00%14,249-14,249-100%
ARES CAP CORP COM0    0.00%11,561-11,561-100%
FLAHERTY & CRMN PFD IN0    0.00%33,392-33,392-100%
FOREST CITY ENTERPRISES INC0    0.00%446,000-446,000-100%
MARKET VECTORS ETF TR0    0.00%7,091-7,091-100%
MARATHON OIL CORP0    0.00%10,902-10,902-100%
MASCO CORP0    0.00%10,600-10,600-100%
MASTEC INC0    0.00%25,319-25,319-100%
MASTERCARD INC0    0.00%90,656-90,656-100%
LMP CORPORATE LN FD INC0    0.00%409,515-409,515-100%
JOURNAL MEDIA GROUP INC0    0.00%53,915-53,915-100%
GAP INC DEL0    0.00%17,045-17,045-100%
GANNETT CO INC0    0.00%24,697-24,697-100%
ILLINOIS TOOL WORKS INC0    0.00%4,997-4,997-100%
INVESCO MUNI INCOME OPP TRST0    0.00%27,874-27,874-100%
JARDEN CORP0    0.00%2,460,911-2,460,911-100%
MCDERMOTT INTL INC0    0.00%10,164-10,164-100%
Total Sum3,995,287

Anyway, wow, that was long. I won't always be making posts with these long lists. Some people love lists, others hate them.  I guess if you don't like it, you can just scroll through the lists. I tend to like browsing lists as you never know what pops into view that might grab you.

In the future, I'll probably only posts lists when there is something interesting to point out.  Otherwise we can just grab interesting names from the lists and just look at them.


  1. KK,

    Thanks for starting posting again. Maybe it's because I agree with what you say, but your blog is unrivaled. Have you considered including a brief bio in a future post? Obviously not specifics as don't mean to encroach on your privacy, but I think people would be interested.


    1. Thanks. Yeah, maybe I will do some short, simple bio at some point.

  2. Happy to see you posting again.

  3. Hi KK,

    I have been doing something similar and would like to share with you what I got. My idea is that since beating SPX is so hard, I want to look at why some can do it consistently and how (not just a blackbox HF). I know 13F is just a quarterly 45-day-delayed snapshot and of course past performance is meaningless (also survivorship bias etc), I have sort of played with the 13Fs using real-life conditions (assuming all portfolios can only buy/sell on Feb 15, May 15, Aug 15 and Nov 15 using those prices) to pick out those with consistent performance (say 15%+ CAGR over time).

    1. There were 4,315 13F filings for 2Q16
    2. Filter out those are too small (at least $500mn AUM), too concentrated (at least 10 holdings, but no single holding >20%), too diversified (no more than 100 holdings to filter out closet funds), too new (at least 3 year of 13F history), too high turnover (don't like constantly buy/sell)
    3. Evaluate historical performances of those 13Fs based on 45-day-delayed buy/sell prices

    Below are some of the diversified 13Fs (filtered out pure tech / healthcare portfolios) that caught my eye, not surprisingly, many are under the radar value funds.


    Of course everyone running the above will have different picks/conclusion, just a thought...


    1. Fundsmith and Lindsell Train are a great follow, UK investors that don't do much but have a very sound philosophy. They're mostly in the big consumer staples everybody decries as too expensive but the reasoning behind is really well thought out.

    2. Nick Train is interesting because he is extremely slow to purchase and then holds his investments for many years. I can't remember the last time he has bought anything new in his investment trust, but it has been years. It trades at a >60% premium, incidentally, due to owning a stake in the asset management company, which has done very well. His funds have added Remy-Cointreau and Pepsi over the last few years - nothing else that I know of.

      Terry Smith of Fundsmith is interesting too. He buys high ROC companies with lots of free cash flow and, if you look at what he owns, you will see lots of overlaps with Jensen. So many overlaps, in fact, you wonder whether they talk to each other! He was a brilliant bank analyst, in a past life, and wrote an influential book about accounting jiggery-pokery, but has never owned a bank since starting Fundsmith. He is a great speaker and communicator and if you visit his website you can find footage of him holding court and dispensing pearls of wisdom on various subjects.

      Have enjoyed the blog for years, by the way, especially the tangents!

    3. Cool. Thanks for that. I was thinking about making a performance proxy using the 13F's too. Shouldn't be that hard. Maybe next coding project. But one thing that got me was that ticker symbols aren't included as an xml field in the filings so I would have to match ticker symbols with issuer names (or otherwise get stock price information). I could get prices, I suppose, by searching corporate names but it wouldn't be as simple as grabbing prices from the Yahoo Finance API; maybe there is a way to get prices using issuer names.

      Anyway, I'd be curious how you went about doing that. Thanks for any input.

    4. For tickers/CIK maybe try : https://gist.github.com/ddd1600/3934032
      May be also of interest:

    5. more: https://www.reddit.com/r/algotrading/comments/4y6ede/new_fundamental_stock_data_api/

    6. Thanks! I will take a look at these. The best thing about writing this blog is the info I get back in the comments section.

  4. Emergent Capital may be interesting. Goldstein is the Chairman, it's trading around 1/2 of book, and it announced on Aug 1 that it's exploring strategic alternatives. Goldstein mentions it in all of his annual/semi-annual reports going back to 2012. It looks like Horizon also has a position.

    1. Yeah, I think I looked at that before. I should take another look. There're a lot of interesting little things in some these filings...

  5. Government is considering roping in two-three banks, including SBI and PNB, to pick up stake in IIFCL-anchored Rs 500-crore Credit Enhancement Fund announced by Finance Minister Arun Jaitley in the budget this year, as per reports.