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HCM
Highfields Capital Management Portfolio holdings
AUM
$68.3M
Turnover
50%
1-Year Est. Return
21.64%
This Fund
S&P 500
This Quarter
Est. Return
+6.34%
1 Year Est. Return
-21.64%
3 Year Est. Return
-4.74%
5 Year Est. Return
+9.61%
10 Year Est. Return
–
AUM
$12B
AUM Growth
+$420M
(+3.6%)
Cap. Flow
-$564M
Cap. Flow
% of AUM
-4.69%
Top 10 Holdings %
Top 10 Hldgs %
49.21%
Holding
76
New
14
Increased
14
Reduced
21
Closed
12
Avg Time Held Equity + Options
1.3
years
Top 10 Avg Time Held Equity + Options
0.9
years
Top 20 Avg Time Held Equity + Options
1.1
years
Avg Time Held Equity only
1.3
years
Top 10 Avg Time Held Equity only
0.9
years
Top 20 Avg Time Held Equity only
1.1
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWX
Time Warner Inc
TWX
|
+$572M |
| 2 |
Comcast
CMCSA
|
+$428M |
| 3 |
Amazon
AMZN
|
+$275M |
| 4 |
Axalta
AXTA
|
+$189M |
| 5 |
Teva Pharmaceutical Industries Limited
TEVA
|
+$138M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$501M |
| 2 |
Target
TGT
|
+$346M |
| 3 |
Marriott International
MAR
|
+$328M |
| 4 |
Franklin Templeton
BEN
|
+$180M |
| 5 |
HDS
HD Supply Holdings, Inc.
HDS
|
+$172M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 25.17% |
| 2 | Consumer Discretionary | 20.16% |
| 3 | Healthcare | 12.06% |
| 4 | Materials | 9.71% |
| 5 | Energy | 7.28% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
TCO
51
DELISTED
Taubman Centers Inc.
TCO
| $29.4M | 0.24% |
+450,000
| New | +$24.7M |
2017 Q4
0 quarters
|
|
52
Charter Communications
CHTR
$12B
| $29.3M | 0.24% |
+87,065
| New | +$29.6M |
2017 Q4
0 quarters
|
|
53
American Tower
AMT
$83.6B
| $28.5M | 0.24% |
200,000
-459,386
| -70% | -$65.6M |
2015 Q3
9 quarters
|
|
54
Synchrony
SYF
$23.3B
| $27M | 0.22% |
700,000
| – | – |
2017 Q2
2 quarters
|
|
55
Cognizant
CTSH
$28.1B
| $24.1M | 0.2% |
339,554
-1,635,446
| -83% | -$120M |
2016 Q4
4 quarters
|
|
|
ICPT
56
DELISTED
Intercept Pharmaceuticals, Inc.
ICPT
| $19.8M | 0.16% |
339,232
| – | – |
2015 Q1
11 quarters
|
|
57
Canadian Pacific Kansas City
CP
$75.7B
| $18.3M | 0.15% |
+500,000
| New | +$17.4M |
2017 Q4
0 quarters
|
|
|
STNLU
58
DELISTED
Sentinel Energy Services Inc. Unit
STNLU
| $16M | 0.13% |
+1,600,000
| New | +$16.1M |
2017 Q4
0 quarters
|
|
59
Verizon
VZ
$185B
| $11.1M | 0.09% |
210,000
-190,000
| -48% | -$9.34M |
2017 Q1
3 quarters
|
|
60
Apollo Global Management
APO
$67B
| $10.6M | 0.09% |
316,346
-414,059
| -57% | -$13M |
2015 Q1
11 quarters
|
|
|
AGN
61
DELISTED
Allergan plc
AGN
| $6.13M | 0.05% |
37,500
| – | – |
2016 Q2
6 quarters
|
|
|
SRUNW
62
DELISTED
Silver Run Acquisition Corporation II
SRUNW
| $5.71M | 0.05% |
3,833,333
| – | – |
2017 Q3
1 quarter
|
|
|
ELECW
63
DELISTED
Electrum Special Acquisition Corporation
ELECW
| $344K | ﹤0.01% |
850,000
| – | – |
2017 Q2
2 quarters
|
|
64
iShares MSCI Mexico ETF
EWW
$1.43B
| – | – |
-1,789,000
| Closed | -$97.7M | – |
|
65
CALL
FirstEnergy
FE
$26.3B
| – | – |
-500,000
| Closed | -$15.4M | – |
|
|
66
FirstEnergy
FE
$26.3B
| – | – |
-950,000
| Closed | -$29.3M | – |
|
67
iShares S&P 500 Value ETF
IVE
$49.5B
| – | – |
-189,391
| Closed | -$20.4M | – |
|
68
iShares S&P 500 Growth ETF
IVW
$78.3B
| – | – |
-1,402,992
| Closed | -$50.3M | – |
|
69
Coca-Cola
KO
$395B
| – | – |
-3,367,037
| Closed | -$152M | – |
|
70
State Street SPDR S&P 500 ETF Trust
SPY
$813B
| – | – |
-210,709
| Closed | -$52.9M | – |
|
|
71
Target
TGT
$70.6B
| – | – |
-5,862,327
| Closed | -$346M | – |
|
72
DELISTED
Summit Materials, Inc. Class A Common Stock
SUM
| – | – |
-1,031,238
| Closed | -$32M | – |
|
|
EGN
73
CALL
DELISTED
Energen
EGN
| – | – |
-500,000
| Closed | -$27.3M | – |
|
|
EGN
74
DELISTED
Energen
EGN
| – | – |
-500,550
| Closed | -$27.4M | – |
|
|
FNFV
75
DELISTED
Fidelity Natl Financial, Inc.
FNFV
| – | – |
-4,400,457
| Closed | -$75.5M | – |
|
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Highfields Capital Management's Q4 2017 Portfolio in Review
As of Q4 2017, Highfields Capital Management held 76 positions worth $12B, up 3.6% from $11.6B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Highfields Capital Management withdrew a net $564M in Q4 2017, closing 12 positions and reducing 21 holdings. Its most notable exit was Target, an estimated $346M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 25% of assets, up from 18% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Highfields Capital Management opened a new position in Comcast worth $456M.
- Highfields Capital Management's largest Q4 2017 buy was Comcast: 11,383,724 shares worth $456M.
- Highfields Capital Management added most to Time Warner Inc in Q4 2017, an estimated $572M increase.
- Highfields Capital Management's biggest Q4 2017 reduction was FedEx, cutting an estimated $501M.
- Highfields Capital Management fully exited Target in Q4 2017, selling an estimated $346M.
- Highfields Capital Management's ten largest holdings make up 49% of its $12B portfolio in Q4 2017.
- Highfields Capital Management opened 14 new positions and closed 12 in Q4 2017.
- Highfields Capital Management's portfolio value rose 3.6% quarter-over-quarter to $12B.
Based on Highfields Capital Management's 13F filing for Q4 2017, filed 14 Feb 2018.