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 |
Kinder Morgan
KMI
|
+$40.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AGN
Allergan plc
AGN
|
+$219M |
| 2 |
Suburban Propane Partners
SPH
|
+$37.7M |
| 3 |
PACD
Pacific Drilling S.A. Common Shares
PACD
|
+$3.62M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 23.56% |
| 2 | Communication Services | 15.67% |
| 3 | Financials | 14.41% |
| 4 | Healthcare | 14.09% |
| 5 | Industrials | 13.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Lithia Motors
LAD
$6.58B
| $337M | 10.89% |
2,226,068
| – | – |
2018 Q2
8 quarters
|
|
2
Teva Pharmaceutical Industries Limited
TEVA
$47.6B
| $296M | 9.58% |
24,046,356
| – | – |
2017 Q3
11 quarters
|
|
3
Meta Platforms (Facebook)
META
$1.77T
| $274M | 8.84% |
1,205,043
| – | – |
2018 Q4
6 quarters
|
|
4
TransDigm Group
TDG
$63.2B
| $238M | 7.7% |
539,305
| – | – |
2020 Q1
1 quarter
|
|
5
PG&E
PCG
$39.6B
| $222M | 7.17% |
25,000,000
| – | – |
2019 Q1
5 quarters
|
|
6
Willis Towers Watson
WTW
$29.6B
| $215M | 6.96% |
1,094,001
| – | – |
2016 Q4
14 quarters
|
|
7
Alphabet (Google) Class A
GOOGL
$4.16T
| $208M | 6.71% |
2,928,800
| – | – |
2018 Q2
8 quarters
|
|
8
Franklin Templeton
BEN
$15.9B
| $204M | 6.59% |
9,717,841
| – | – |
2015 Q4
18 quarters
|
|
|
9
Kinder Morgan
KMI
$74.8B
| $189M | 6.12% |
12,476,200
+2,669,942
| +27% | +$40.6M |
2018 Q1
9 quarters
|
|
10
U-Haul Holding Co
UHAL
$11B
| $170M | 5.48% |
5,612,580
| – | – |
2016 Q4
14 quarters
|
|
11
Camping World
CWH
$289M
| $166M | 5.36% |
6,108,808
| – | – |
2018 Q3
7 quarters
|
|
12
Asbury Automotive
ABG
$3.09B
| $164M | 5.29% |
2,118,216
| – | – |
2017 Q3
11 quarters
|
|
13
Energy Transfer Partners
ET
$67.3B
| $96.3M | 3.11% |
13,527,492
| – | – |
2020 Q1
1 quarter
|
|
14
DELISTED
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
| $83.1M | 2.68% |
23,202,869
| – | – |
2019 Q4
2 quarters
|
|
15
Akebia Therapeutics
AKBA
$171M
| $76.8M | 2.48% |
5,656,462
| – | – |
2018 Q3
7 quarters
|
|
16
Transmedics
TMDX
$2.59B
| $62.7M | 2.03% |
3,499,859
| – | – |
2019 Q2
4 quarters
|
|
17
O-I Glass
OI
$908M
| $62.3M | 2.01% |
6,934,144
| – | – |
2019 Q4
2 quarters
|
|
|
SCU
18
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
| $26.6M | 0.86% |
2,058,860
| – | – |
2016 Q2
16 quarters
|
|
19
DELISTED
Clear Channel Outdoor Holdings
CCO
| $3.49M | 0.11% |
3,354,390
| – | – |
2013 Q2
28 quarters
|
|
|
PACD
20
DELISTED
Pacific Drilling S.A. Common Shares
PACD
| $201K | 0.01% |
406,076
-7,008,461
| -95% | -$3.62M |
2018 Q4
6 quarters
|
|
|
21
Suburban Propane Partners
SPH
$1.16B
| – | – |
-2,667,512
| Closed | -$37.7M | – |
|
|
AGN
22
DELISTED
Allergan plc
AGN
| – | – |
-1,238,000
| Closed | -$219M | – |
|
Similar funds
David Abrams's Q2 2020 Portfolio in Review
As of Q2 2020, David Abrams held 22 positions worth $3.09B, up 22% from $2.54B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
David Abrams withdrew a net $220M in Q2 2020, closing 2 positions and reducing 1 holding. Its most notable exit was Allergan plc, an estimated $219M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 24% of assets, up from 15% a quarter earlier, followed by Communication Services and Financials.
Against the trend, David Abrams added an estimated $40.6M to Kinder Morgan.
- David Abrams added most to Kinder Morgan in Q2 2020, an estimated $40.6M increase.
- David Abrams's biggest Q2 2020 reduction was Pacific Drilling S.A. Common Shares, cutting an estimated $3.62M.
- David Abrams fully exited Allergan plc in Q2 2020, selling an estimated $219M.
- David Abrams's ten largest holdings make up 76% of its $3.09B portfolio in Q2 2020.
- David Abrams opened 0 new positions and closed 2 in Q2 2020.
- David Abrams's portfolio value rose 22% quarter-over-quarter to $3.09B.
Based on Abrams Capital Management's 13F filing for Q2 2020, filed 13 Aug 2020.