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HCM

Highfields Capital Management Portfolio holdings

AUM $68.3M
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
Cap. Flow
-$564M
Cap. Flow %
-4.69%
Top 10 Hldgs %
49.21%
Holding
76
New
14
Increased
14
Reduced
21
Closed
12

Top Buys

Rank Stock Value
1
TWX
Time Warner Inc
TWX
+$572M
2
CMCSA icon
Comcast
CMCSA
+$428M
3
AMZN icon
Amazon
AMZN
+$275M
4
AXTA icon
Axalta
AXTA
+$189M
5
TEVA icon
Teva Pharmaceuticals
TEVA
+$138M

Top Sells

Rank Stock Value
1
FDX icon
FedEx
FDX
+$501M
2
TGT icon
Target
TGT
+$346M
3
MAR icon
Marriott International
MAR
+$328M
4
BEN icon
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
TCO
51
DELISTED
Taubman Centers Inc.
TCO
$29.4M 0.24%
+450,000
New +$24.7M
CHTR icon
52
Charter Communications
CHTR
$18.3B
$29.3M 0.24%
+87,065
New +$29.6M
AMT icon
53
American Tower
AMT
$82.1B
$28.5M 0.24%
200,000
-459,386
-70% -$65.6M
SYF icon
54
Synchrony
SYF
$25.4B
$27M 0.22%
700,000
– –
CTSH icon
55
Cognizant
CTSH
$28.8B
$24.1M 0.2%
339,554
-1,635,446
-83% -$120M
ICPT
56
DELISTED
Intercept Pharmaceuticals, Inc.
ICPT
$19.8M 0.16%
339,232
– –
CP icon
57
Canadian Pacific Kansas City
CP
$82.7B
$18.3M 0.15%
+500,000
New +$17.4M
STNLU
58
DELISTED
Sentinel Energy Services Inc. Unit
STNLU
$16M 0.13%
+1,600,000
New +$16.1M
VZ icon
59
Verizon
VZ
$208B
$11.1M 0.09%
210,000
-190,000
-48% -$9.34M
APO icon
60
Apollo Global Management
APO
$79.7B
$10.6M 0.09%
316,346
-414,059
-57% -$13M
AGN
61
DELISTED
Allergan plc
AGN
$6.13M 0.05%
37,500
– –
SRUNW
62
DELISTED
Silver Run Acquisition Corporation II
SRUNW
$5.71M 0.05%
3,833,333
– –
ELECW
63
DELISTED
Electrum Special Acquisition Corporation
ELECW
$344K ﹤0.01%
850,000
– –
EWW icon
64
iShares MSCI Mexico ETF
EWW
$1.77B
– –
-1,789,000
Closed -$97.7M
FE icon
65
CALL
FirstEnergy
FE
$26.5B
– –
-500,000
Closed -$15.4M
FE icon
66
FirstEnergy
FE
$26.5B
– –
-950,000
Closed -$29.3M
IVE icon
67
iShares S&P 500 Value ETF
IVE
$50.2B
– –
-189,391
Closed -$20.4M
IVW icon
68
iShares S&P 500 Growth ETF
IVW
$76.8B
– –
-1,402,992
Closed -$50.3M
KO icon
69
Coca-Cola
KO
$386B
– –
-3,367,037
Closed -$152M
SPY icon
70
State Street SPDR S&P 500 ETF Trust
SPY
$825B
– –
-210,709
Closed -$52.9M
TGT icon
71
Target
TGT
$74.1B
– –
-5,862,327
Closed -$346M
SUM
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
1 2
3

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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.