Investment idea generation.


13F Season kicks off: Initial insights

It’s here, 13F day that is; in working up the suite of activist investor focused newsletters to go out in a few days, it’s hard not to get distracted by the various other 13Fs from value investors like Seth Klarman coming across the wire. If you want to get a look at last quarter’s major activist newsletter, drop us a line, but here are some things that have caught my eye thus far...

  • There’s a Seth Klarman vs. David Einhorn battle brewing. Einhorn pitched a “short the frackers” thesis at Sohn last week. His main target was the mother fracker, Pioneer Natural Resources ($PXD). Klarman revealed that he has it as a top 5 position. 
  • Dan Loeb and Third Point blew out of their Alibaba position ($BABA), which was a top 4 position that it had just initiated last quarter. We got to see just how big his Yum! ($YUM) position was, and it's not all that huge - coming in at its 14th largest position. Recall, Loeb and Corvex have talked about Yum over the last few weeks - Corvex wants to split it up. 
  • We got to see just how big a position Qualcomm ($QCOM) is for JANA Partners and as expected, it's the fund's top equity holdings. Although, JANA did quadruple its put position on the SPY.