Q2 2015 Form 13-F Summary

August 16, 2015 Moats 5 Comments

The following is a summary of the tweetstorm produced by @BluegrassCap with some refinement by me.

Updated Compounders Watchlist, Q2 2015

Companies are sourced from 37 funds who concentrate their best ideas in growing companies with high returns on capital & strong management teams.

I use this list to identify companies and industries worth following & understanding, for individual investment & general learning.

  1. Companies Owned by Four Funds:   CSU.TO, ENDP, FOX, IBKR, JD, MCO, PAH, QVCA
  2. Companies Owned by Five Funds:  AGN, BAM, CFX, EQIX, ESRX, LVNTA, MHK, MKL, MSFT, ORLY, PCLN, TWC, VRSK, WFC
  3. Companies Owned by Six Funds: DHR, IHS, LMCA / SIRI
  4. Companies Owned by Seven Funds: FLT, GOOG, KRFT
  5. Companies Owned by Eight Funds:  BRK, V, PCP
  6. Companies Owned by Nine Funds:  ST
  7. Companies Owned by Ten or More Funds:  LBTYA, MA, TDG, CHTR / LBRDA, VRX

Funds Included:  Berkshire, Pershing, Dorsey Asset Management, Sequoia, Brave Warrior, Weitz, Akre, Arlington Value (Mecham), Wedgewood, ValueAct, SQ Advisors (Lou Simpson), Hound, Tesuji, 3G, Ratan, Blue Ridge, Lone Pine, Select Equity, Marble Arch, Chieftain, Maverick, Russo, Bares, Nine Ten, Hitchwood, Coatue, Tiger Global, Ancient Art, Makaira, Altarock, StockbridgeTriple Frond, Levasseur, Ashe, Giverny, Brahman, FPR

General observations:

  • CHTR holdings grew immensely, both new positions & increases, likely even understated w TWC arbitrage; same for LBTYA
  • KRFT & FLT were consistently added
  • CSU.TO, MCO, IBKR made the list for 1st time, & CSU likely understated (Canadian)
  • increased interest also in BAM & PAH
  • ST was stable as a holding, but reduced across the board
  • The following were materially reduced or altogether cut: ESRX, GHC, CFX, VIA, DISCA, NOV
  • Ownership of media content companies was already weak in this group, but got even weaker; exceptions: FOX, QVCA
  • minor prior energy exposure (service providers, technology) was reduced across board; exception: HAL / BHI creeping up
  • GHC was cut in favor of CABO after CABO traded when issued; surprised at limited interest in ROP
  • With across board interest in LBTYA (owned by 11 funds), interested to see portfolios where LILA ends up (tracking stock distributed early July)