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 |
SHPG
Shire pic
SHPG
|
+$389M |
| 2 |
Lithia Motors
LAD
|
+$84.6M |
| 3 |
Franklin Templeton, Inc.
BEN
|
+$64.4M |
| 4 |
Camping World
CWH
|
+$51.2M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$46M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PG&E
PCG
|
+$166M |
| 2 |
QCP
Quality Care Properties, Inc.
QCP
|
+$151M |
| 3 |
AET
Aetna Inc
AET
|
+$147M |
| 4 |
Group 1 Automotive
GPI
|
+$28.8M |
| 5 |
Teva Pharmaceuticals
TEVA
|
+$5.12M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 30.98% |
| 2 | Financials | 28.35% |
| 3 | Consumer Discretionary | 17.51% |
| 4 | Technology | 6.79% |
| 5 | Industrials | 5.43% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Teva Pharmaceuticals
TEVA
$43.5B
| $421M | 11.12% |
19,522,372
-220,751
| -1% | -$5.12M |
|
|
SHPG
2
DELISTED
Shire pic
SHPG
| $407M | 10.77% |
+2,247,133
| New | +$389M |
|
3
Western Union
WU
$2.28B
| $403M | 10.66% |
21,165,498
-186,300
| -0.9% | -$3.62M |
|
4
O'Reilly Automotive
ORLY
$72.1B
| $307M | 8.11% |
13,247,910
| – | – |
|
|
ESRX
5
DELISTED
Express Scripts Holding Company
ESRX
| $303M | 8.02% |
3,192,304
+539,203
| +20% | +$46M |
|
|
6
Franklin Templeton, Inc.
BEN
$17.4B
| $302M | 7.99% |
9,945,023
+2,000,000
| +25% | +$64.4M |
|
|
AABA
7
DELISTED
Altaba Inc
AABA
| $257M | 6.79% |
3,769,842
-52,463
| -1% | -$3.7M |
|
8
U-Haul Holding Co
UHAL
$13.9B
| $205M | 5.43% |
5,760,450
| – | – |
|
|
AET
9
DELISTED
Aetna Inc
AET
| $167M | 4.42% |
823,555
-751,445
| -48% | -$147M |
|
10
Willis Towers Watson
WTW
$31.8B
| $167M | 4.41% |
1,183,287
| – | – |
|
|
11
Lithia Motors
LAD
$8.15B
| $163M | 4.32% |
2,000,000
+959,673
| +92% | +$84.6M |
|
12
Kinder Morgan
KMI
$69B
| $155M | 4.11% |
8,761,405
| – | – |
|
13
Alphabet (Google) Class A
GOOGL
$4.22T
| $150M | 3.96% |
2,482,340
| – | – |
|
14
Asbury Automotive
ABG
$3.86B
| $109M | 2.88% |
1,585,091
+500,000
| +46% | +$36M |
|
15
Suburban Propane Partners
SPH
$1.18B
| $70.3M | 1.86% |
2,988,346
+156,237
| +6% | +$3.65M |
|
|
16
Camping World
CWH
$676M
| $49.6M | 1.31% |
+2,328,100
| New | +$51.2M |
|
17
Barnes & Noble Education
BNED
$418M
| $33.8M | 0.89% |
58,725
| – | – |
|
|
SCU
18
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
| $32.9M | 0.87% |
2,223,859
| – | – |
|
|
KERX
19
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $31M | 0.82% |
9,108,867
-841,188
| -8% | -$3.03M |
|
20
Clear Channel Outdoor Holdings
CCO
$1.21B
| $20M | 0.53% |
3,354,390
| – | – |
|
|
ENT
21
DELISTED
Global Eagle Entertainment Inc.
ENT
| $18.4M | 0.49% |
260,897
-19,103
| -7% | -$1.23M |
|
22
Akebia Therapeutics
AKBA
$251M
| $9.88M | 0.26% |
+1,119,286
| New | +$10M |
|
|
23
Group 1 Automotive
GPI
$3.12B
| – | – |
-457,301
| Closed | -$28.8M |
|
|
24
PG&E
PCG
$38.8B
| – | – |
-3,911,357
| Closed | -$166M |
|
|
QCP
25
DELISTED
Quality Care Properties, Inc.
QCP
| – | – |
-7,025,579
| Closed | -$151M |
|
Similar funds
David Abrams's Q3 2018 Portfolio in Review
As of Q3 2018, David Abrams held 25 positions worth $3.78B, up 5.2% from $3.59B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
David Abrams deployed $175M of net new capital in Q3 2018, opening 3 new positions and adding to 5 existing holdings. Its largest new stake was Shire pic: 2,247,133 shares worth $407M.
By sector, the portfolio is most concentrated in Healthcare at 31% of assets, up from 20% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was Aetna Inc, an estimated $147M trimmed.
- David Abrams's largest Q3 2018 buy was Shire pic: 2,247,133 shares worth $407M.
- David Abrams added most to Lithia Motors in Q3 2018, an estimated $84.6M increase.
- David Abrams's biggest Q3 2018 reduction was Aetna Inc, cutting an estimated $147M.
- David Abrams fully exited PG&E in Q3 2018, selling an estimated $166M.
- David Abrams's ten largest holdings make up 78% of its $3.78B portfolio in Q3 2018.
- David Abrams opened 3 new positions and closed 3 in Q3 2018.
- David Abrams's portfolio value rose 5.2% quarter-over-quarter to $3.78B.
Based on Abrams Capital Management's 13F filing for Q3 2018, filed 9 Nov 2018.