David Abrams Abrams Capital Management
David Abrams is the founder of Abrams Capital Management, a Boston-based firm with a flexible value-oriented mandate. A former Baupost Group investor, he is known for concentrated positions and a willingness to hold cash or unconventional securities when public equities are unattractive. Abrams Capital’s filings are followed for high-conviction ideas across equities and special situations.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wells Fargo
WFC
|
+$120M |
| 2 |
ENT
Global Eagle Entertainment Inc.
ENT
|
+$36.8M |
| 3 |
JCP
J.C. Penney Company, Inc.
JCP
|
+$8.34M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EGL
Engility Holdings, Inc.
EGL
|
+$76.2M |
| 2 |
WAIR
WESCO Aircraft Holdings Inc.
WAIR
|
+$58.3M |
| 3 |
MANT
Mantech International Corp
MANT
|
+$24.8M |
| 4 |
GCVRZ
Sanofi Contingent Value Rights
GCVRZ
|
+$23.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 73.61% |
| 2 | Industrials | 10.22% |
| 3 | Consumer Discretionary | 9.4% |
| 4 | Communication Services | 6.19% |
| 5 | Miscellaneous | 0.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Western Union
WU
$1.92B
| $300M | 23.59% |
17,362,477
| – | – |
2013 Q2
2 quarters
|
|
2
SLM Corp
SLM
$4.06B
| $267M | 21.04% |
28,444,216
| – | – |
2013 Q2
2 quarters
|
|
3
American International
AIG
$42.2B
| $242M | 19.08% |
4,745,040
| – | – |
2013 Q2
2 quarters
|
|
|
WAIR
4
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $126M | 9.95% |
5,765,539
-2,918,673
| -34% | -$58.3M |
2013 Q2
2 quarters
|
|
|
5
Wells Fargo
WFC
$246B
| $126M | 9.9% |
+2,770,000
| New | +$120M |
2013 Q4
0 quarters
|
|
|
CST
6
DELISTED
CST Brands, Inc.
CST
| $110M | 8.68% |
3,000,000
| – | – |
2013 Q2
2 quarters
|
|
|
ENT
7
DELISTED
Global Eagle Entertainment Inc.
ENT
| $44.6M | 3.51% |
+120,000
| New | +$36.8M |
2013 Q4
0 quarters
|
|
8
DELISTED
Clear Channel Outdoor Holdings
CCO
| $34M | 2.68% |
3,354,390
| – | – |
2013 Q2
2 quarters
|
|
|
JCP
9
DELISTED
J.C. Penney Company, Inc.
JCP
| $9.15M | 0.72% |
+1,000,000
| New | +$8.34M |
2013 Q4
0 quarters
|
|
|
GCVRZ
10
DELISTED
Sanofi Contingent Value Rights
GCVRZ
| $3.96M | 0.31% |
11,658,873
-19,520,764
| -63% | -$23.6M |
2013 Q2
2 quarters
|
|
|
EGL
11
DELISTED
Engility Holdings, Inc.
EGL
| $3.42M | 0.27% |
102,430
-2,425,048
| -96% | -$76.2M |
2013 Q2
2 quarters
|
|
|
RBS.PRR
12
DELISTED
Royal Bank of Scotland Group Plc (The) ADR repstg USD Pfd Sh
RBS.PRR
| $2.3M | 0.18% |
115,305
| – | – |
2013 Q2
2 quarters
|
|
|
RBS.PRP
13
DELISTED
Royal Bank of Scotland Group Plc (The) ADR representing Pref
RBS.PRP
| $1.16M | 0.09% |
57,380
| – | – |
2013 Q2
2 quarters
|
|
|
MANT
14
DELISTED
Mantech International Corp
MANT
| – | – |
-860,920
| Closed | -$24.8M | – |
|
Similar funds
David Abrams's Q4 2013 Portfolio in Review
As of Q4 2013, David Abrams held 14 positions worth $1.27B, down 0.64% from $1.28B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
David Abrams's Q4 2013 filing shows 3 new, 3 reduced and 1 closed positions. Its largest new stake was Wells Fargo: 2,770,000 shares worth $126M. The largest sale was Engility Holdings, Inc., an estimated $76.2M.
By sector, the portfolio is most concentrated in Financials at 74% of assets, up from 63% a quarter earlier, followed by Industrials and Consumer Discretionary.
- David Abrams's largest Q4 2013 buy was Wells Fargo: 2,770,000 shares worth $126M.
- David Abrams's biggest Q4 2013 reduction was Engility Holdings, Inc., cutting an estimated $76.2M.
- David Abrams fully exited Mantech International Corp in Q4 2013, selling an estimated $24.8M.
- David Abrams's ten largest holdings make up 99% of its $1.27B portfolio in Q4 2013.
- David Abrams opened 3 new positions and closed 1 in Q4 2013.
- David Abrams's portfolio value fell 0.64% quarter-over-quarter to $1.27B.
Based on Abrams Capital Management's 13F filing for Q4 2013, filed 13 Feb 2014.