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 |
AGN
Allergan plc
AGN
|
+$223M |
| 2 |
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
|
+$60.3M |
| 3 |
O-I Glass
OI
|
+$48.6M |
| 4 |
Camping World
CWH
|
+$7.36M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CELG
Celgene Corp
CELG
|
+$671M |
| 2 |
AABA
Altaba Inc
AABA
|
+$246M |
| 3 |
Lithia Motors
LAD
|
+$11.1M |
| 4 |
O'Reilly Automotive
ORLY
|
+$6.18M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 28.45% |
| 2 | Healthcare | 17.85% |
| 3 | Financials | 16.12% |
| 4 | Communication Services | 11.84% |
| 5 | Utilities | 10.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Lithia Motors
LAD
$6.58B
| $327M | 10.17% |
2,226,068
-73,932
| -3% | -$11.1M |
2018 Q2
6 quarters
|
|
2
PG&E
PCG
$39.6B
| $272M | 8.44% |
25,000,000
| – | – |
2019 Q1
3 quarters
|
|
3
Franklin Templeton
BEN
$15.9B
| $252M | 7.84% |
9,717,841
-54,645
| -0.6% | -$1.48M |
2015 Q4
16 quarters
|
|
|
AGN
4
DELISTED
Allergan plc
AGN
| $237M | 7.35% |
+1,238,000
| New | +$223M |
2019 Q4
0 quarters
|
|
5
Teva Pharmaceutical Industries Limited
TEVA
$47.6B
| $236M | 7.32% |
24,046,356
| – | – |
2017 Q3
9 quarters
|
|
|
6
O'Reilly Automotive
ORLY
$72.8B
| $228M | 7.07% |
7,792,140
-216,150
| -3% | -$6.18M |
2017 Q3
9 quarters
|
|
7
Willis Towers Watson
WTW
$29.6B
| $221M | 6.86% |
1,094,001
-15,810
| -1% | -$3.03M |
2016 Q4
12 quarters
|
|
8
Asbury Automotive
ABG
$3.09B
| $213M | 6.61% |
1,902,528
| – | – |
2017 Q3
9 quarters
|
|
9
U-Haul Holding Co
UHAL
$11B
| $211M | 6.55% |
5,612,580
| – | – |
2016 Q4
12 quarters
|
|
10
Meta Platforms (Facebook)
META
$1.77T
| $209M | 6.5% |
1,019,712
-5,011
| -0.5% | -$971K |
2018 Q4
4 quarters
|
|
11
Kinder Morgan
KMI
$74.8B
| $181M | 5.61% |
8,529,816
| – | – |
2018 Q1
7 quarters
|
|
|
12
Alphabet (Google) Class A
GOOGL
$4.16T
| $162M | 5.04% |
2,420,380
-61,960
| -2% | -$4M |
2018 Q2
6 quarters
|
|
|
13
Camping World
CWH
$289M
| $90M | 2.8% |
6,108,808
+650,182
| +12% | +$7.36M |
2018 Q3
5 quarters
|
|
|
14
DELISTED
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
| $69.8M | 2.17% |
+23,202,869
| New | +$60.3M |
2019 Q4
0 quarters
|
|
15
Transmedics
TMDX
$2.59B
| $66.5M | 2.07% |
3,499,859
| – | – |
2019 Q2
2 quarters
|
|
16
Suburban Propane Partners
SPH
$1.16B
| $65.3M | 2.03% |
2,988,346
| – | – |
2017 Q2
10 quarters
|
|
|
17
O-I Glass
OI
$908M
| $58.1M | 1.81% |
+4,873,968
| New | +$48.6M |
2019 Q4
0 quarters
|
|
|
SCU
18
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
| $45.5M | 1.41% |
2,058,860
-165,000
| -7% | -$3.06M |
2016 Q2
14 quarters
|
|
19
Akebia Therapeutics
AKBA
$171M
| $35.7M | 1.11% |
5,656,462
| – | – |
2018 Q3
5 quarters
|
|
|
PACD
20
DELISTED
Pacific Drilling S.A. Common Shares
PACD
| $30.3M | 0.94% |
7,414,537
| – | – |
2018 Q4
4 quarters
|
|
21
DELISTED
Clear Channel Outdoor Holdings
CCO
| $9.6M | 0.3% |
3,354,390
| – | – |
2013 Q2
26 quarters
|
|
|
AABA
22
DELISTED
Altaba Inc
AABA
| – | – |
-12,650,000
| Closed | -$246M | – |
|
|
CELG
23
DELISTED
Celgene Corp
CELG
| – | – |
-6,752,869
| Closed | -$671M | – |
|
Similar funds
David Abrams's Q4 2019 Portfolio in Review
As of Q4 2019, David Abrams held 23 positions worth $3.22B, down 9.9% from $3.57B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
David Abrams withdrew a net $607M in Q4 2019, closing 2 positions and reducing 7 holdings. Its most notable exit was Celgene Corp, an estimated $671M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 28% of assets, up from 21% a quarter earlier, followed by Healthcare and Financials.
Against the trend, David Abrams opened a new position in Allergan plc worth $237M.
- David Abrams's largest Q4 2019 buy was Allergan plc: 1,238,000 shares worth $237M.
- David Abrams added most to Camping World in Q4 2019, an estimated $7.36M increase.
- David Abrams's biggest Q4 2019 reduction was Lithia Motors, cutting an estimated $11.1M.
- David Abrams fully exited Celgene Corp in Q4 2019, selling an estimated $671M.
- David Abrams's ten largest holdings make up 75% of its $3.22B portfolio in Q4 2019.
- David Abrams opened 3 new positions and closed 2 in Q4 2019.
- David Abrams's portfolio value fell 9.9% quarter-over-quarter to $3.22B.
Based on Abrams Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.