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 |
CHNG
Change Healthcare Inc. Common Stock
CHNG
|
+$287M |
| 2 |
Nuvation Bio
NUVB
|
+$42.6M |
| 3 |
Cantaloupe
CTLP
|
+$22M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Transmedics
TMDX
|
+$69.6M |
| 2 |
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
|
+$17.1M |
| 3 |
SCU
Sculptor Capital Management, Inc. Class A Common Stock
SCU
|
+$7.93M |
| 4 |
Clear Channel Outdoor Holdings
CCO
|
+$5.54M |
| 5 |
PG&E
PCG
|
+$5.23M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 36.51% |
| 2 | Industrials | 14.88% |
| 3 | Communication Services | 14.79% |
| 4 | Energy | 8.5% |
| 5 | Healthcare | 7.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Lithia Motors
LAD
$6.34B
| $917M | 20.65% |
2,351,068
| – | – |
2018 Q2
11 quarters
|
|
2
Asbury Automotive
ABG
$3.04B
| $416M | 9.37% |
2,118,216
| – | – |
2017 Q3
14 quarters
|
|
3
Meta Platforms (Facebook)
META
$1.64T
| $355M | 7.99% |
1,205,043
| – | – |
2018 Q4
9 quarters
|
|
4
U-Haul Holding Co
UHAL
$10.8B
| $344M | 7.74% |
5,612,580
| – | – |
2016 Q4
17 quarters
|
|
5
TransDigm Group
TDG
$60.6B
| $317M | 7.14% |
539,305
| – | – |
2020 Q1
4 quarters
|
|
6
Alphabet (Google) Class A
GOOGL
$3.95T
| $302M | 6.8% |
2,928,800
| – | – |
2018 Q2
11 quarters
|
|
7
Teva Pharmaceutical Industries Limited
TEVA
$46.2B
| $277M | 6.25% |
24,046,356
| – | – |
2017 Q3
14 quarters
|
|
|
CHNG
8
DELISTED
Change Healthcare Inc. Common Stock
CHNG
| $274M | 6.17% |
+12,400,000
| New | +$287M |
2021 Q1
0 quarters
|
|
|
9
PG&E
PCG
$38B
| $266M | 6% |
22,745,008
-450,000
| -2% | -$5.23M |
2019 Q1
8 quarters
|
|
10
Willis Towers Watson
WTW
$30.3B
| $250M | 5.64% |
1,094,001
| – | – |
2016 Q4
17 quarters
|
|
11
Kinder Morgan
KMI
$76.9B
| $208M | 4.68% |
12,476,200
| – | – |
2018 Q1
12 quarters
|
|
12
Camping World
CWH
$268M
| $186M | 4.18% |
5,108,808
| – | – |
2018 Q3
10 quarters
|
|
13
Energy Transfer Partners
ET
$70.6B
| $170M | 3.83% |
22,124,322
| – | – |
2020 Q1
4 quarters
|
|
14
O-I Glass
OI
$985M
| $102M | 2.3% |
6,934,144
| – | – |
2019 Q4
5 quarters
|
|
|
15
Nuvation Bio
NUVB
$1.59B
| $34M | 0.77% |
+3,811,513
| New | +$42.6M |
2021 Q1
0 quarters
|
|
|
16
DELISTED
Cantaloupe
CTLP
| $22.3M | 0.5% |
+2,090,000
| New | +$22M |
2021 Q1
0 quarters
|
|
|
17
DELISTED
Clear Channel Outdoor Holdings
CCO
| – | – |
-3,354,390
| Closed | -$5.54M | – |
|
|
18
Transmedics
TMDX
$2.51B
| – | – |
-3,499,859
| Closed | -$69.6M | – |
|
|
SCU
19
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
| – | – |
-521,991
| Closed | -$7.93M | – |
|
|
20
DELISTED
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
| – | – |
-24,800,355
| Closed | -$17.1M | – |
|
Similar funds
David Abrams's Q1 2021 Portfolio in Review
As of Q1 2021, David Abrams held 20 positions worth $4.44B, up 25% from $3.55B the previous quarter. Its ten largest holdings account for 84% of the portfolio.
David Abrams deployed $246M of net new capital in Q1 2021, opening 3 new positions. Its largest new stake was Change Healthcare Inc. Common Stock: 12,400,000 shares worth $274M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 37% of assets, up from 34% a quarter earlier, followed by Industrials and Communication Services.
On the sell side, the largest reduction was PG&E, an estimated $5.23M trimmed.
- David Abrams's largest Q1 2021 buy was Change Healthcare Inc. Common Stock: 12,400,000 shares worth $274M.
- David Abrams's biggest Q1 2021 reduction was PG&E, cutting an estimated $5.23M.
- David Abrams fully exited Transmedics in Q1 2021, selling an estimated $69.6M.
- David Abrams's ten largest holdings make up 84% of its $4.44B portfolio in Q1 2021.
- David Abrams opened 3 new positions and closed 4 in Q1 2021.
- David Abrams's portfolio value rose 25% quarter-over-quarter to $4.44B.
Based on Abrams Capital Management's 13F filing for Q1 2021, filed 14 May 2021.