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 |
DTV
DIRECTV COM STK (DE)
DTV
|
+$60.5M |
| 2 |
MGI
MoneyGram International, Inc. New
MGI
|
+$17.9M |
| 3 |
VEON
VEON
|
+$14M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
COV
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
|
+$302M |
| 2 |
American International
AIG
|
+$269M |
| 3 |
CST
CST Brands, Inc.
CST
|
+$81.3M |
| 4 |
Rayonier Advanced Materials
RYAM
|
+$54.2M |
| 5 |
JCP
J.C. Penney Company, Inc.
JCP
|
+$9.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 49.86% |
| 2 | Technology | 23.92% |
| 3 | Communication Services | 13.55% |
| 4 | Consumer Discretionary | 9.86% |
| 5 | Industrials | 2.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Western Union
WU
$1.92B
| $450M | 33.44% |
21,608,707
| – | – |
2013 Q2
7 quarters
|
|
2
Microsoft
MSFT
$3.93T
| $202M | 15.06% |
4,980,000
| – | – |
2014 Q1
4 quarters
|
|
3
Wells Fargo
WFC
$252B
| $151M | 11.21% |
2,770,000
| – | – |
2013 Q4
5 quarters
|
|
|
DTV
4
DELISTED
DIRECTV COM STK (DE)
DTV
| $119M | 8.86% |
1,400,000
+700,000
| +100% | +$60.5M |
2014 Q4
1 quarter
|
|
|
BKS
5
DELISTED
Barnes & Noble
BKS
| $97.7M | 7.27% |
6,278,558
| – | – |
2014 Q1
4 quarters
|
|
|
OPB
6
DELISTED
Opus Bank Common Stock
OPB
| $70.1M | 5.21% |
2,270,265
| – | – |
2014 Q2
3 quarters
|
|
|
ENT
7
DELISTED
Global Eagle Entertainment Inc.
ENT
| $66.6M | 4.95% |
200,000
| – | – |
2013 Q4
5 quarters
|
|
|
INXN
8
DELISTED
Interxion Holding N.V.
INXN
| $66.2M | 4.92% |
2,347,788
| – | – |
2014 Q3
2 quarters
|
|
|
MGI
9
DELISTED
MoneyGram International, Inc. New
MGI
| $37.8M | 2.81% |
4,375,590
+2,062,500
| +89% | +$17.9M |
2014 Q4
1 quarter
|
|
|
CST
10
DELISTED
CST Brands, Inc.
CST
| $34.8M | 2.59% |
794,686
-1,871,994
| -70% | -$81.3M |
2013 Q2
7 quarters
|
|
11
DELISTED
Clear Channel Outdoor Holdings
CCO
| $33.9M | 2.52% |
3,354,390
| – | – |
2013 Q2
7 quarters
|
|
|
12
VEON
VEON
$5.73B
| $15.5M | 1.15% |
+118,398
| New | +$14M |
2015 Q1
0 quarters
|
|
|
13
American International
AIG
$42.2B
| – | – |
-4,801,276
| Closed | -$269M | – |
|
|
14
Rayonier Advanced Materials
RYAM
$473M
| – | – |
-2,430,800
| Closed | -$54.2M | – |
|
|
JCP
15
DELISTED
J.C. Penney Company, Inc.
JCP
| – | – |
-1,500,000
| Closed | -$9.7M | – |
|
|
COV
16
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
| – | – |
-2,950,000
| Closed | -$302M | – |
|
Similar funds
David Abrams's Q1 2015 Portfolio in Review
As of Q1 2015, David Abrams held 16 positions worth $1.34B, down 30% from $1.93B the previous quarter. Its ten largest holdings account for 96% of the portfolio.
David Abrams withdrew a net $623M in Q1 2015, closing 4 positions and reducing 1 holding. Its most notable exit was COVIDIEN PLC COM SHS NEW (IRELAND), an estimated $302M position sold in full.
By sector, the portfolio is most concentrated in Financials at 50% of assets, up from 45% a quarter earlier, followed by Technology and Communication Services.
Against the trend, David Abrams opened a new position in VEON worth $15.5M.
- David Abrams's largest Q1 2015 buy was VEON: 118,398 shares worth $15.5M.
- David Abrams added most to DIRECTV COM STK (DE) in Q1 2015, an estimated $60.5M increase.
- David Abrams's biggest Q1 2015 reduction was CST Brands, Inc., cutting an estimated $81.3M.
- David Abrams fully exited COVIDIEN PLC COM SHS NEW (IRELAND) in Q1 2015, selling an estimated $302M.
- David Abrams's ten largest holdings make up 96% of its $1.34B portfolio in Q1 2015.
- David Abrams opened 1 new position and closed 4 in Q1 2015.
- David Abrams's portfolio value fell 30% quarter-over-quarter to $1.34B.
Based on Abrams Capital Management's 13F filing for Q1 2015, filed 14 May 2015.