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David Abrams Abrams Capital Management

AUM $5.48B
1-Year Est. Return 3.63%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+5.4%
1 Year Est. Return
+3.63%
3 Year Est. Return
+81.6%
5 Year Est. Return
+124.91%
10 Year Est. Return
+488.27%
AUM
$1.42B
AUM Growth
+$152M
Cap. Flow
+$83M
Cap. Flow %
5.86%
Top 10 Hldgs %
95.78%
Holding
17
New
4
Increased
3
Reduced
–
Closed
2

Top Buys

Rank Stock Value
1
NAVI icon
Navient
NAVI
+$85.5M
2
OPB
Opus Bank Common Stock
OPB
+$68M
3
WU icon
Western Union
WU
+$65.7M
4
BKS
Barnes & Noble
BKS
+$36.8M
5
RYN icon
Rayonier
RYN
+$31.8M

Top Sells

Rank Stock Value
1
SLM icon
SLM Corp
SLM
+$201M
2
WAIR
WESCO Aircraft Holdings Inc.
WAIR
+$31M

Sector Composition

Rank Sector Weight
1 Financials 65.66%
2 Consumer Discretionary 14.89%
3 Technology 10.07%
4 Communication Services 5.74%
5 Real Estate 2.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WU icon
1
Western Union
WU
$2.28B
$372M 26.24%
21,427,477
+4,065,000
+23% +$65.7M
AIG icon
2
American International
AIG
$39.8B
$259M 18.29%
4,745,040
– –
WFC icon
3
Wells Fargo
WFC
$254B
$146M 10.28%
2,770,000
– –
MSFT icon
4
Microsoft
MSFT
$3.59T
$143M 10.07%
3,420,000
– –
CST
5
DELISTED
CST Brands, Inc.
CST
$104M 7.31%
3,000,000
– –
BKS
6
DELISTED
Barnes & Noble
BKS
$93.8M 6.62%
6,278,558
+3,050,719
+95% +$36.8M
NAVI icon
7
Navient
NAVI
$886M
$91.6M 6.47%
+5,170,518
New +$85.5M
OPB
8
DELISTED
Opus Bank Common Stock
OPB
$62.1M 4.39%
+2,270,265
New +$68M
ENT
9
DELISTED
Global Eagle Entertainment Inc.
ENT
$53.8M 3.8%
173,701
+53,701
+45% +$15.9M
RYN icon
10
Rayonier
RYN
$6.31B
$32.7M 2.31%
+1,014,832
New +$31.8M
CCO icon
11
Clear Channel Outdoor Holdings
CCO
$1.21B
$27.4M 1.94%
3,354,390
– –
GTIV
12
DELISTED
GENTIVA HEALTH SERVICES INC
GTIV
$14.7M 1.04%
+975,170
New +$11M
JCP
13
DELISTED
J.C. Penney Company, Inc.
JCP
$13.6M 0.96%
1,500,000
– –
RBS.PRR
14
DELISTED
Royal Bank of Scotland Group Plc (The) ADR repstg USD Pfd Sh
RBS.PRR
$2.72M 0.19%
115,305
– –
RBS.PRP
15
DELISTED
Royal Bank of Scotland Group Plc (The) ADR representing Pref
RBS.PRP
$1.36M 0.1%
57,380
– –
SLM icon
16
SLM Corp
SLM
$4.97B
– –
-22,944,963
Closed -$201M
WAIR
17
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
– –
-1,410,141
Closed -$31M

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David Abrams's Q2 2014 Portfolio in Review

As of Q2 2014, David Abrams held 17 positions worth $1.42B, up 12% from $1.26B the previous quarter. Its ten largest holdings account for 96% of the portfolio.

David Abrams deployed $83M of net new capital in Q2 2014, opening 4 new positions and adding to 3 existing holdings. Its largest new stake was Navient: 5,170,518 shares worth $91.6M.

By sector, the portfolio is most concentrated in Financials at 66% of assets, down from 68% a quarter earlier, followed by Consumer Discretionary and Technology.

On the sell side, the most notable exit was SLM Corp, an estimated $201M sold.

  • David Abrams's largest Q2 2014 buy was Navient: 5,170,518 shares worth $91.6M.
  • David Abrams added most to Western Union in Q2 2014, an estimated $65.7M increase.
  • David Abrams fully exited SLM Corp in Q2 2014, selling an estimated $201M.
  • David Abrams's ten largest holdings make up 96% of its $1.42B portfolio in Q2 2014.
  • David Abrams opened 4 new positions and closed 2 in Q2 2014.
  • David Abrams's portfolio value rose 12% quarter-over-quarter to $1.42B.

Based on Abrams Capital Management's 13F filing for Q2 2014, filed 13 Aug 2014.