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 |
Teva Pharmaceutical Industries Limited
TEVA
|
+$487M |
| 2 |
O'Reilly Automotive
ORLY
|
+$169M |
| 3 |
Asbury Automotive
ABG
|
+$55.2M |
| 4 |
Group 1 Automotive
GPI
|
+$15.4M |
| 5 |
Suburban Propane Partners
SPH
|
+$7.17M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWX
Time Warner Inc
TWX
|
+$306M |
| 2 |
WBT
Welbilt, Inc.
WBT
|
+$112M |
| 3 |
Cars.com
CARS
|
+$66.6M |
| 4 |
VEON
VEON
|
+$55M |
| 5 |
DigitalBridge
DBRG
|
+$50.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 49.9% |
| 2 | Healthcare | 16.44% |
| 3 | Consumer Discretionary | 12.5% |
| 4 | Technology | 10.12% |
| 5 | Industrials | 5.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Western Union
WU
$1.92B
| $415M | 16.19% |
21,608,707
| – | – |
2013 Q2
17 quarters
|
|
|
2
Teva Pharmaceutical Industries Limited
TEVA
$48.4B
| $381M | 14.85% |
+21,623,886
| New | +$487M |
2017 Q3
0 quarters
|
|
3
Franklin Templeton
BEN
$15.7B
| $354M | 13.8% |
7,945,023
| – | – |
2015 Q4
7 quarters
|
|
|
AABA
4
DELISTED
Altaba Inc
AABA
| $259M | 10.12% |
3,914,805
| – | – |
2017 Q2
1 quarter
|
|
5
Wells Fargo
WFC
$252B
| $184M | 7.19% |
3,342,343
| – | – |
2013 Q4
15 quarters
|
|
|
6
O'Reilly Automotive
ORLY
$72.2B
| $184M | 7.18% |
+12,810,000
| New | +$169M |
2017 Q3
0 quarters
|
|
7
Willis Towers Watson
WTW
$29.3B
| $182M | 7.12% |
1,183,287
| – | – |
2016 Q4
3 quarters
|
|
8
U-Haul Holding Co
UHAL
$11.1B
| $148M | 5.77% |
3,946,100
| – | – |
2016 Q4
3 quarters
|
|
|
QCP
9
DELISTED
Quality Care Properties, Inc.
QCP
| $77.5M | 3.03% |
5,000,000
| – | – |
2016 Q4
3 quarters
|
|
|
SCU
10
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
| $71.6M | 2.8% |
2,223,859
| – | – |
2016 Q2
5 quarters
|
|
|
11
DELISTED
DigitalBridge
DBRG
| $71.5M | 2.79% |
1,422,653
-932,211
| -40% | -$50.9M |
2016 Q1
6 quarters
|
|
|
12
Asbury Automotive
ABG
$3.05B
| $61.1M | 2.38% |
+1,000,000
| New | +$55.2M |
2017 Q3
0 quarters
|
|
13
Barnes & Noble Education
BNED
$449M
| $57.1M | 2.23% |
87,715
| – | – |
2015 Q3
8 quarters
|
|
|
KERX
14
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $40.6M | 1.58% |
5,719,176
| – | – |
2015 Q3
8 quarters
|
|
|
ENT
15
DELISTED
Global Eagle Entertainment Inc.
ENT
| $23.9M | 0.93% |
280,000
| – | – |
2013 Q4
15 quarters
|
|
|
16
Group 1 Automotive
GPI
$2.89B
| $18.1M | 0.71% |
+250,471
| New | +$15.4M |
2017 Q3
0 quarters
|
|
|
17
Suburban Propane Partners
SPH
$1.17B
| $17.8M | 0.69% |
682,414
+293,445
| +75% | +$7.17M |
2017 Q2
1 quarter
|
|
18
DELISTED
Clear Channel Outdoor Holdings
CCO
| $15.6M | 0.61% |
3,354,390
| – | – |
2013 Q2
17 quarters
|
|
|
19
Cars.com
CARS
$547M
| – | – |
-2,500,000
| Closed | -$66.6M | – |
|
|
20
VEON
VEON
$5.73B
| – | – |
-562,219
| Closed | -$55M | – |
|
|
WBT
21
DELISTED
Welbilt, Inc.
WBT
| – | – |
-5,967,907
| Closed | -$112M | – |
|
|
BKS
22
DELISTED
Barnes & Noble
BKS
| – | – |
-3,508,735
| Closed | -$26.7M | – |
|
|
TWX
23
DELISTED
Time Warner Inc
TWX
| – | – |
-3,050,000
| Closed | -$306M | – |
|
Similar funds
David Abrams's Q3 2017 Portfolio in Review
As of Q3 2017, David Abrams held 23 positions worth $2.56B, up 1.8% from $2.52B the previous quarter. Its ten largest holdings account for 88% of the portfolio.
David Abrams deployed $116M of net new capital in Q3 2017, opening 4 new positions and adding to 1 existing holding. Its largest new stake was Teva Pharmaceutical Industries Limited: 21,623,886 shares worth $381M.
By sector, the portfolio is most concentrated in Financials at 50% of assets, down from 52% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was DigitalBridge, an estimated $50.9M trimmed.
- David Abrams's largest Q3 2017 buy was Teva Pharmaceutical Industries Limited: 21,623,886 shares worth $381M.
- David Abrams added most to Suburban Propane Partners in Q3 2017, an estimated $7.17M increase.
- David Abrams's biggest Q3 2017 reduction was DigitalBridge, cutting an estimated $50.9M.
- David Abrams fully exited Time Warner Inc in Q3 2017, selling an estimated $306M.
- David Abrams's ten largest holdings make up 88% of its $2.56B portfolio in Q3 2017.
- David Abrams opened 4 new positions and closed 5 in Q3 2017.
- David Abrams's portfolio value rose 1.8% quarter-over-quarter to $2.56B.
Based on Abrams Capital Management's 13F filing for Q3 2017, filed 14 Nov 2017.