Ricky Sandler Eminence Capital
Ricky Sandler is the founder of Eminence Capital, a fundamental long/short equity firm. Eminence is known for research-driven positions across sectors and for an active approach to portfolio construction rather than passive cloning of indexes. Sandler’s firm is frequently listed among notable fundamental hedge funds followed through 13F disclosures.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dynatrace
DT
|
+$163M |
| 2 |
Capital One
COF
|
+$129M |
| 3 |
Sea Limited
SE
|
+$93.1M |
| 4 |
Dave & Buster's
PLAY
|
+$80.1M |
| 5 |
GXO Logistics
GXO
|
+$79.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DFS
Discover Financial Services
DFS
|
+$120M |
| 2 |
Crown Holdings
CCK
|
+$74.5M |
| 3 |
Corteva
CTVA
|
+$70.9M |
| 4 |
Jacobs Solutions
J
|
+$50.2M |
| 5 |
Air Products & Chemicals
APD
|
+$47.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 26.05% |
| 2 | Technology | 22.3% |
| 3 | Materials | 13.67% |
| 4 | Communication Services | 13.6% |
| 5 | Financials | 8.36% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
AutoNation
AN
$6.6B
| $25.4M | 0.41% |
159,338
-85,480
| -35% | -$13.9M |
|
52
Teva Pharmaceuticals
TEVA
$43.5B
| $16.3M | 0.26% |
+1,000,000
| New | +$15.4M |
|
53
US Foods
USFD
$23.7B
| $6.21M | 0.1% |
117,202
-144,697
| -55% | -$7.61M |
|
|
DOMA
54
DELISTED
Doma Holdings, Inc.
DOMA
| $2.97M | 0.05% |
489,664
| – | – |
|
55
Haleon
HLN
$44B
| $2.92M | 0.05% |
353,717
+26,094
| +8% | +$218K |
|
|
CMAX
56
DELISTED
CareMax, Inc. Class A Common Stock
CMAX
| $939K | 0.02% |
336,633
-17,021
| -5% | -$53.1K |
|
57
American International
AIG
$39.8B
| – | – |
-263,754
| Closed | -$20.6M |
|
58
CALL
Amazon
AMZN
$2.79T
| – | – |
-1,273,000
| Closed | -$230M |
|
|
59
Air Products & Chemicals
APD
$67.9B
| – | – |
-197,416
| Closed | -$47.8M |
|
|
60
Crown Holdings
CCK
$13B
| – | – |
-940,498
| Closed | -$74.5M |
|
61
CALL
CF Industries
CF
$19.6B
| – | – |
-3,320,800
| Closed | -$276M |
|
|
DFS
62
DELISTED
Discover Financial Services
DFS
| – | – |
-917,048
| Closed | -$120M |
|
|
63
Jacobs Solutions
J
$17.6B
| – | – |
-395,039
| Closed | -$50.2M |
|
64
KKR & Co
KKR
$97.4B
| – | – |
-370,024
| Closed | -$37.2M |
|
65
Knight Transportation
KNX
$11.7B
| – | – |
-117,552
| Closed | -$6.47M |
|
66
Perrigo
PRGO
$1.98B
| – | – |
-179,956
| Closed | -$5.79M |
|
67
PUT
Invesco QQQ Trust
QQQ
$486B
| – | – |
-1,555,000
| Closed | -$690M |
|
68
PUT
ScottsMiracle-Gro
SMG
$3.55B
| – | – |
-545,000
| Closed | -$40.7M |
|
69
CALL
Zillow
Z
$8.07B
| – | – |
-7,513,500
| Closed | -$367M |
|
|
BECN
70
DELISTED
Beacon Roofing Supply, Inc.
BECN
| – | – |
-65,059
| Closed | -$6.38M |
|
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Ricky Sandler's Q2 2024 Portfolio in Review
As of Q2 2024, Ricky Sandler held 70 positions worth $6.2B, down 12% from $7.06B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Ricky Sandler withdrew a net $729M in Q2 2024, closing 14 positions and reducing 13 holdings. Its most notable exit was Discover Financial Services, an estimated $120M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 26% of assets, up from 20% a quarter earlier, followed by Technology and Materials.
Against the trend, Ricky Sandler opened a new position in Dynatrace worth $158M.
- Ricky Sandler's largest Q2 2024 buy was Dynatrace: 3,539,764 shares worth $158M.
- Ricky Sandler added most to Sea Limited in Q2 2024, an estimated $93.1M increase.
- Ricky Sandler's biggest Q2 2024 reduction was Corteva, cutting an estimated $70.9M.
- Ricky Sandler fully exited Discover Financial Services in Q2 2024, selling an estimated $120M.
- Ricky Sandler's ten largest holdings make up 35% of its $6.2B portfolio in Q2 2024.
- Ricky Sandler opened 9 new positions and closed 14 in Q2 2024.
- Ricky Sandler's portfolio value fell 12% quarter-over-quarter to $6.2B.
Based on Eminence Capital's 13F filing for Q2 2024, filed 14 Aug 2024.