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 |
TWX
Time Warner Inc
TWX
|
+$272M |
| 2 |
Willis Towers Watson
WTW
|
+$148M |
| 3 |
QCP
Quality Care Properties, Inc.
QCP
|
+$66.8M |
| 4 |
U-Haul Holding Co
UHAL
|
+$35.3M |
| 5 |
Wells Fargo
WFC
|
+$28.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NRF
NorthStar Realty Finance Corp.
NRF
|
+$43.2M |
| 2 |
OPB
Opus Bank Common Stock
OPB
|
+$37.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 49.12% |
| 2 | Communication Services | 15.27% |
| 3 | Industrials | 11.61% |
| 4 | Technology | 11.36% |
| 5 | Consumer Discretionary | 7.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Western Union
WU
$1.92B
| $469M | 17.23% |
21,608,707
| – | – |
2013 Q2
14 quarters
|
|
2
Franklin Templeton
BEN
$15.7B
| $314M | 11.54% |
7,945,023
| – | – |
2015 Q4
4 quarters
|
|
3
Microsoft
MSFT
$3.93T
| $309M | 11.36% |
4,980,000
| – | – |
2014 Q1
11 quarters
|
|
|
TWX
4
DELISTED
Time Warner Inc
TWX
| $294M | 10.81% |
+3,050,000
| New | +$272M |
2016 Q4
0 quarters
|
|
|
WBT
5
DELISTED
Welbilt, Inc.
WBT
| $218M | 7.99% |
11,255,323
| – | – |
2016 Q1
3 quarters
|
|
|
6
Wells Fargo
WFC
$252B
| $184M | 6.76% |
3,342,343
+572,343
| +21% | +$28.8M |
2013 Q4
12 quarters
|
|
7
DELISTED
DigitalBridge
DBRG
| $163M | 5.97% |
2,727,036
| – | – |
2016 Q1
3 quarters
|
|
|
8
Willis Towers Watson
WTW
$29.3B
| $145M | 5.31% |
+1,183,287
| New | +$148M |
2016 Q4
0 quarters
|
|
|
BKS
9
DELISTED
Barnes & Noble
BKS
| $116M | 4.26% |
10,418,775
| – | – |
2014 Q1
11 quarters
|
|
10
Barnes & Noble Education
BNED
$449M
| $101M | 3.69% |
87,715
| – | – |
2015 Q3
5 quarters
|
|
11
VEON
VEON
$5.73B
| $72.3M | 2.65% |
750,838
| – | – |
2015 Q1
7 quarters
|
|
|
QCP
12
DELISTED
Quality Care Properties, Inc.
QCP
| $69.1M | 2.54% |
+4,459,185
| New | +$66.8M |
2016 Q4
0 quarters
|
|
|
SCU
13
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
| $62.7M | 2.3% |
1,894,999
+190,934
| +11% | +$6.09M |
2016 Q2
2 quarters
|
|
|
MGI
14
DELISTED
MoneyGram International, Inc. New
MGI
| $60.6M | 2.22% |
5,130,000
| – | – |
2014 Q4
8 quarters
|
|
|
15
U-Haul Holding Co
UHAL
$11.1B
| $38M | 1.4% |
+1,028,600
| New | +$35.3M |
2016 Q4
0 quarters
|
|
|
KERX
16
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $33.5M | 1.23% |
5,719,176
| – | – |
2015 Q3
5 quarters
|
|
|
ENT
17
DELISTED
Global Eagle Entertainment Inc.
ENT
| $32.3M | 1.19% |
200,000
| – | – |
2013 Q4
12 quarters
|
|
|
SYT
18
DELISTED
Syngenta Ag
SYT
| $24.9M | 0.91% |
+315,024
| New | +$25.4M |
2016 Q4
0 quarters
|
|
19
DELISTED
Clear Channel Outdoor Holdings
CCO
| $16.9M | 0.62% |
3,354,390
| – | – |
2013 Q2
14 quarters
|
|
|
OPB
20
DELISTED
Opus Bank Common Stock
OPB
| – | – |
-1,052,433
| Closed | -$37.2M | – |
|
|
NRF
21
DELISTED
NorthStar Realty Finance Corp.
NRF
| – | – |
-3,279,651
| Closed | -$43.2M | – |
|
Similar funds
David Abrams's Q4 2016 Portfolio in Review
As of Q4 2016, David Abrams held 21 positions worth $2.72B, up 35% from $2.01B the previous quarter. Its ten largest holdings account for 85% of the portfolio.
David Abrams deployed $501M of net new capital in Q4 2016, opening 5 new positions and adding to 2 existing holdings. Its largest new stake was Time Warner Inc: 3,050,000 shares worth $294M.
By sector, the portfolio is most concentrated in Financials at 49% of assets, down from 55% a quarter earlier, followed by Communication Services and Industrials.
On the sell side, the most notable exit was NorthStar Realty Finance Corp., an estimated $43.2M sold.
- David Abrams's largest Q4 2016 buy was Time Warner Inc: 3,050,000 shares worth $294M.
- David Abrams added most to Wells Fargo in Q4 2016, an estimated $28.8M increase.
- David Abrams fully exited NorthStar Realty Finance Corp. in Q4 2016, selling an estimated $43.2M.
- David Abrams's ten largest holdings make up 85% of its $2.72B portfolio in Q4 2016.
- David Abrams opened 5 new positions and closed 2 in Q4 2016.
- David Abrams's portfolio value rose 35% quarter-over-quarter to $2.72B.
Based on Abrams Capital Management's 13F filing for Q4 2016, filed 10 Feb 2017.