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 |
CELG
Celgene Corp
CELG
|
+$591M |
| 2 |
PG&E
PCG
|
+$404M |
| 3 |
Meta Platforms (Facebook)
META
|
+$3.99M |
| 4 |
Camping World
CWH
|
+$1.21M |
| 5 |
SCU
Sculptor Capital Management, Inc. Class A Common Stock
SCU
|
+$13 |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Western Union
WU
|
+$178M |
| 2 |
O'Reilly Automotive
ORLY
|
+$40.6M |
| 3 |
ENT
Global Eagle Entertainment Inc.
ENT
|
+$13.5M |
| 4 |
Barnes & Noble Education
BNED
|
+$8.74M |
| 5 |
Teva Pharmaceutical Industries Limited
TEVA
|
+$8.39M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 27.14% |
| 2 | Consumer Discretionary | 19.9% |
| 3 | Financials | 15.59% |
| 4 | Utilities | 14.38% |
| 5 | Communication Services | 9.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
CELG
1
DELISTED
Celgene Corp
CELG
| $637M | 17.89% |
+6,752,869
| New | +$591M |
2019 Q1
0 quarters
|
|
|
2
PG&E
PCG
$39.8B
| $445M | 12.5% |
+25,000,000
| New | +$404M |
2019 Q1
0 quarters
|
|
3
Franklin Templeton
BEN
$16B
| $324M | 9.1% |
9,772,486
-265,220
| -3% | -$8.37M |
2015 Q4
13 quarters
|
|
|
4
O'Reilly Automotive
ORLY
$71.9B
| $290M | 8.16% |
11,221,860
-1,677,855
| -13% | -$40.6M |
2017 Q3
6 quarters
|
|
|
5
Teva Pharmaceutical Industries Limited
TEVA
$47.7B
| $283M | 7.95% |
18,046,356
-476,016
| -3% | -$8.39M |
2017 Q3
6 quarters
|
|
6
Lithia Motors
LAD
$6.43B
| $213M | 5.99% |
2,300,000
| – | – |
2018 Q2
3 quarters
|
|
7
U-Haul Holding Co
UHAL
$10.8B
| $209M | 5.86% |
5,612,580
-147,870
| -3% | -$5.37M |
2016 Q4
9 quarters
|
|
8
Willis Towers Watson
WTW
$29.6B
| $195M | 5.47% |
1,109,811
| – | – |
2016 Q4
9 quarters
|
|
|
9
Meta Platforms (Facebook)
META
$1.81T
| $171M | 4.8% |
1,024,723
+25,074
| +3% | +$3.99M |
2018 Q4
1 quarter
|
|
10
Kinder Morgan
KMI
$75.6B
| $171M | 4.79% |
8,529,816
-231,589
| -3% | -$4.32M |
2018 Q1
4 quarters
|
|
11
Alphabet (Google) Class A
GOOGL
$4.07T
| $146M | 4.1% |
2,482,340
| – | – |
2018 Q2
3 quarters
|
|
12
Asbury Automotive
ABG
$2.99B
| $132M | 3.71% |
1,902,528
| – | – |
2017 Q3
6 quarters
|
|
|
PACD
13
DELISTED
Pacific Drilling S.A. Common Shares
PACD
| $105M | 2.94% |
7,414,537
| – | – |
2018 Q4
1 quarter
|
|
14
Suburban Propane Partners
SPH
$1.16B
| $67M | 1.88% |
2,988,346
| – | – |
2017 Q2
7 quarters
|
|
|
15
Camping World
CWH
$283M
| $54.9M | 1.54% |
3,945,362
+86,554
| +2% | +$1.21M |
2018 Q3
2 quarters
|
|
16
Akebia Therapeutics
AKBA
$167M
| $46.3M | 1.3% |
5,656,462
| – | – |
2018 Q3
2 quarters
|
|
|
SCU
17
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
| $36.5M | 1.02% |
2,223,860
+1
| +0% | +$13 |
2016 Q2
11 quarters
|
|
18
DELISTED
Clear Channel Outdoor Holdings
CCO
| $17.9M | 0.5% |
3,354,390
| – | – |
2013 Q2
23 quarters
|
|
|
19
Barnes & Noble Education
BNED
$459M
| $17.9M | 0.5% |
42,604
-16,121
| -27% | -$8.74M |
2015 Q3
14 quarters
|
|
|
20
Western Union
WU
$1.94B
| – | – |
-10,434,763
| Closed | -$178M | – |
|
|
ENT
21
DELISTED
Global Eagle Entertainment Inc.
ENT
| – | – |
-242,766
| Closed | -$13.5M | – |
|
Similar funds
David Abrams's Q1 2019 Portfolio in Review
As of Q1 2019, David Abrams held 21 positions worth $3.56B, up 47% from $2.42B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
David Abrams deployed $732M of net new capital in Q1 2019, opening 2 new positions and adding to 3 existing holdings. Its largest new stake was Celgene Corp: 6,752,869 shares worth $637M.
By sector, the portfolio is most concentrated in Healthcare at 27% of assets, up from 13% a quarter earlier, followed by Consumer Discretionary and Financials.
On the sell side, the largest reduction was O'Reilly Automotive, an estimated $40.6M trimmed.
- David Abrams's largest Q1 2019 buy was Celgene Corp: 6,752,869 shares worth $637M.
- David Abrams added most to Meta Platforms (Facebook) in Q1 2019, an estimated $3.99M increase.
- David Abrams's biggest Q1 2019 reduction was O'Reilly Automotive, cutting an estimated $40.6M.
- David Abrams fully exited Western Union in Q1 2019, selling an estimated $178M.
- David Abrams's ten largest holdings make up 83% of its $3.56B portfolio in Q1 2019.
- David Abrams opened 2 new positions and closed 2 in Q1 2019.
- David Abrams's portfolio value rose 47% quarter-over-quarter to $3.56B.
Based on Abrams Capital Management's 13F filing for Q1 2019, filed 10 May 2019.