David Greenspan Slate Path Capital
David Greenspan is the founder of Slate Path Capital, a long/short equity firm with roots in the Tiger Management network. The firm conducts fundamental research across sectors with an emphasis on differentiated views rather than index hugging. Greenspan’s filings attract attention among investors who follow Tiger Cub-style managers.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CF Industries
CF
|
+$169M |
| 2 |
The Mosaic Company
MOS
|
+$83.2M |
| 3 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$50.8M |
| 4 |
Charter Communications
CHTR
|
+$49.2M |
| 5 |
HTZ
Hertz Global Holdings, Inc.
HTZ
|
+$10.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$153M |
| 2 |
Invesco QQQ Trust
QQQ
|
+$151M |
| 3 |
State Street Energy Select Sector SPDR ETF
XLE
|
+$101M |
| 4 |
Avis
CAR
|
+$85.8M |
| 5 |
Element Solutions
ESI
|
+$50.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Materials | 31.62% |
| 2 | Communication Services | 26.82% |
| 3 | Consumer Discretionary | 13.2% |
| 4 | Energy | 10.56% |
| 5 | Healthcare | 8.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
CF Industries
CF
$19.6B
| $229M | 17.29% |
5,155,000
+4,137,355
| +407% | +$169M |
|
2
Chipotle Mexican Grill
CMG
$46.7B
| $175M | 13.2% |
20,250,000
| – | – |
|
|
3
Charter Communications
CHTR
$17.9B
| $169M | 12.74% |
575,000
+171,126
| +42% | +$49.2M |
|
|
TWTR
4
DELISTED
Twitter, Inc.
TWTR
| $105M | 7.9% |
2,395,000
-1,416,000
| -37% | -$49.7M |
|
|
X
5
DELISTED
US Steel
X
| $101M | 7.65% |
2,915,000
+300,000
| +11% | +$10.7M |
|
|
6
The Mosaic Company
MOS
$7.76B
| $88.4M | 6.67% |
3,150,000
+3,065,000
| +3,606% | +$83.2M |
|
7
New York Times
NYT
$10.6B
| $81.8M | 6.18% |
3,160,000
-390,000
| -11% | -$9.18M |
|
8
Ally Financial
ALLY
$13.1B
| $78.4M | 5.92% |
2,985,000
| – | – |
|
|
PXD
9
DELISTED
Pioneer Natural Resource Co.
PXD
| $71.9M | 5.43% |
380,000
+265,000
| +230% | +$50.8M |
|
|
MDCO
10
DELISTED
Medicines Co
MDCO
| $63.5M | 4.8% |
1,730,000
| – | – |
|
11
Alnylam Pharmaceuticals
ALNY
$31.6B
| $47.3M | 3.57% |
480,000
+105,000
| +28% | +$10.4M |
|
|
RSPP
12
DELISTED
RSP Permian, Inc.
RSPP
| $34.3M | 2.59% |
780,000
| – | – |
|
13
Diamondback Energy
FANG
$59B
| $33.5M | 2.53% |
255,000
| – | – |
|
|
HTZ
14
DELISTED
Hertz Global Holdings, Inc.
HTZ
| $19.9M | 1.5% |
1,490,545
+667,580
| +81% | +$10.8M |
|
15
Global X Silver Miners ETF NEW
SIL
$5.37B
| $10.1M | 0.76% |
348,000
+140,000
| +67% | +$4.26M |
|
16
VanEck Gold Miners ETF
GDX
$31.8B
| $7.54M | 0.57% |
338,000
+36,000
| +12% | +$806K |
|
17
VanEck Junior Gold Miners ETF
GDXJ
$9.69B
| $4.42M | 0.33% |
135,000
+24,000
| +22% | +$790K |
|
|
18
Avis
CAR
$5.18B
| $2.6M | 0.2% |
80,000
-1,970,000
| -96% | -$85.8M |
|
19
Diana Shipping
DSX
$337M
| $2.04M | 0.15% |
607,888
+286,065
| +89% | +$830K |
|
20
DexCom
DXCM
$34.8B
| – | – |
-372,000
| Closed | -$6.9M |
|
|
21
Element Solutions
ESI
$8.6B
| – | – |
-5,275,000
| Closed | -$50.8M |
|
|
22
CALL
Invesco QQQ Trust
QQQ
$486B
| – | – |
-60,000
| Closed | -$9.61M |
|
|
23
Invesco QQQ Trust
QQQ
$486B
| – | – |
-940,000
| Closed | -$151M |
|
|
24
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| – | – |
-120,000
| Closed | -$31.6M |
|
|
25
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| – | – |
-580,000
| Closed | -$153M |
|
Similar funds
David Greenspan's Q2 2018 Portfolio in Review
As of Q2 2018, David Greenspan held 29 positions worth $1.32B, down 15% from $1.56B the previous quarter. Its ten largest holdings account for 88% of the portfolio.
David Greenspan withdrew a net $335M in Q2 2018, closing 10 positions and reducing 3 holdings. Its most notable exit was State Street SPDR S&P 500 ETF Trust, an estimated $153M position sold in full.
By sector, the portfolio is most concentrated in Materials at 32% of assets, up from 12% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, David Greenspan added an estimated $169M to CF Industries.
- David Greenspan added most to CF Industries in Q2 2018, an estimated $169M increase.
- David Greenspan's biggest Q2 2018 reduction was Avis, cutting an estimated $85.8M.
- David Greenspan fully exited State Street SPDR S&P 500 ETF Trust in Q2 2018, selling an estimated $153M.
- David Greenspan's ten largest holdings make up 88% of its $1.32B portfolio in Q2 2018.
- David Greenspan opened 0 new positions and closed 10 in Q2 2018.
- David Greenspan's portfolio value fell 15% quarter-over-quarter to $1.32B.
Based on Slate Path Capital's 13F filing for Q2 2018, filed 14 Aug 2018.