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 |
AABA
Altaba Inc
AABA
|
+$213M |
| 2 |
Cars.com
CARS
|
+$67.3M |
| 3 |
U-Haul Holding Co
UHAL
|
+$45.3M |
| 4 |
Suburban Propane Partners
SPH
|
+$9.6M |
| 5 |
ENT
Global Eagle Entertainment Inc.
ENT
|
+$3.44M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$328M |
| 2 |
BKS
Barnes & Noble
BKS
|
+$54.2M |
| 3 |
WBT
Welbilt, Inc.
WBT
|
+$30.7M |
| 4 |
DigitalBridge
DBRG
|
+$20.2M |
| 5 |
VEON
VEON
|
+$18.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 52.25% |
| 2 | Communication Services | 18.64% |
| 3 | Industrials | 10.21% |
| 4 | Technology | 8.48% |
| 5 | Consumer Discretionary | 4.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Western Union
WU
$1.92B
| $412M | 16.36% |
21,608,707
| – | – |
2013 Q2
16 quarters
|
|
2
Franklin Templeton
BEN
$15.7B
| $356M | 14.15% |
7,945,023
| – | – |
2015 Q4
6 quarters
|
|
|
TWX
3
DELISTED
Time Warner Inc
TWX
| $306M | 12.17% |
3,050,000
| – | – |
2016 Q4
2 quarters
|
|
|
AABA
4
DELISTED
Altaba Inc
AABA
| $213M | 8.48% |
+3,914,805
| New | +$213M |
2017 Q2
0 quarters
|
|
5
Wells Fargo
WFC
$252B
| $185M | 7.36% |
3,342,343
| – | – |
2013 Q4
14 quarters
|
|
6
Willis Towers Watson
WTW
$29.3B
| $172M | 6.84% |
1,183,287
| – | – |
2016 Q4
2 quarters
|
|
|
7
U-Haul Holding Co
UHAL
$11.1B
| $144M | 5.74% |
3,946,100
+1,249,180
| +46% | +$45.3M |
2016 Q4
2 quarters
|
|
|
8
DELISTED
DigitalBridge
DBRG
| $133M | 5.28% |
2,354,864
-372,172
| -14% | -$20.2M |
2016 Q1
5 quarters
|
|
|
WBT
9
DELISTED
Welbilt, Inc.
WBT
| $112M | 4.47% |
5,967,907
-1,573,159
| -21% | -$30.7M |
2016 Q1
5 quarters
|
|
10
Barnes & Noble Education
BNED
$449M
| $93.2M | 3.71% |
87,715
| – | – |
2015 Q3
7 quarters
|
|
|
QCP
11
DELISTED
Quality Care Properties, Inc.
QCP
| $91.6M | 3.64% |
5,000,000
| – | – |
2016 Q4
2 quarters
|
|
|
12
Cars.com
CARS
$547M
| $66.6M | 2.65% |
+2,500,000
| New | +$67.3M |
2017 Q2
0 quarters
|
|
|
SCU
13
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
| $56.9M | 2.26% |
2,223,859
| – | – |
2016 Q2
4 quarters
|
|
|
14
VEON
VEON
$5.73B
| $55M | 2.18% |
562,219
-188,619
| -25% | -$18.6M |
2015 Q1
9 quarters
|
|
|
KERX
15
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $41.4M | 1.64% |
5,719,176
| – | – |
2015 Q3
7 quarters
|
|
|
BKS
16
DELISTED
Barnes & Noble
BKS
| $26.7M | 1.06% |
3,508,735
-6,910,040
| -66% | -$54.2M |
2014 Q1
13 quarters
|
|
|
ENT
17
DELISTED
Global Eagle Entertainment Inc.
ENT
| $24.9M | 0.99% |
280,000
+44,638
| +19% | +$3.44M |
2013 Q4
14 quarters
|
|
18
DELISTED
Clear Channel Outdoor Holdings
CCO
| $16.3M | 0.65% |
3,354,390
| – | – |
2013 Q2
16 quarters
|
|
|
19
Suburban Propane Partners
SPH
$1.17B
| $9.25M | 0.37% |
+388,969
| New | +$9.6M |
2017 Q2
0 quarters
|
|
|
20
Microsoft
MSFT
$3.93T
| – | – |
-4,980,000
| Closed | -$328M | – |
|
Similar funds
David Abrams's Q2 2017 Portfolio in Review
As of Q2 2017, David Abrams held 20 positions worth $2.52B, down 3.6% from $2.61B the previous quarter. Its ten largest holdings account for 85% of the portfolio.
David Abrams withdrew a net $113M in Q2 2017, closing 1 position and reducing 4 holdings. Its most notable exit was Microsoft, an estimated $328M position sold in full.
By sector, the portfolio is most concentrated in Financials at 52% of assets, up from 50% a quarter earlier, followed by Communication Services and Industrials.
Against the trend, David Abrams opened a new position in Altaba Inc worth $213M.
- David Abrams's largest Q2 2017 buy was Altaba Inc: 3,914,805 shares worth $213M.
- David Abrams added most to U-Haul Holding Co in Q2 2017, an estimated $45.3M increase.
- David Abrams's biggest Q2 2017 reduction was Barnes & Noble, cutting an estimated $54.2M.
- David Abrams fully exited Microsoft in Q2 2017, selling an estimated $328M.
- David Abrams's ten largest holdings make up 85% of its $2.52B portfolio in Q2 2017.
- David Abrams opened 3 new positions and closed 1 in Q2 2017.
- David Abrams's portfolio value fell 3.6% quarter-over-quarter to $2.52B.
Based on Abrams Capital Management's 13F filing for Q2 2017, filed 11 Aug 2017.