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 |
NUAN
Nuance Communications, Inc.
NUAN
|
+$158M |
| 2 |
DuPont de Nemours
DD
|
+$155M |
| 3 |
MIC
Macquarie Infrastructure Holdings, LLC
MIC
|
+$142M |
| 4 |
JPMorgan Chase
JPM
|
+$86.3M |
| 5 |
LKQ Corp
LKQ
|
+$74.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Royal Caribbean
RCL
|
+$233M |
| 2 |
SPDR Gold Trust
GLD
|
+$175M |
| 3 |
Vulcan Materials
VMC
|
+$148M |
| 4 |
BERY
Berry Global Group, Inc.
BERY
|
+$128M |
| 5 |
VER
VEREIT, Inc.
VER
|
+$127M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 16.88% |
| 2 | Technology | 15.47% |
| 3 | Materials | 13.18% |
| 4 | Healthcare | 6.65% |
| 5 | Communication Services | 6.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
AutoNation
AN
$6.6B
| – | – |
-872,658
| Closed | -$24.5M |
|
77
Apple Hospitality REIT
APLE
$3.94B
| – | – |
-2,851,567
| Closed | -$26.1M |
|
78
Aramark
ARMK
$15.8B
| – | – |
-4,035,134
| Closed | -$58.2M |
|
|
AVB
79
DELISTED
AvalonBay Communities
AVB
| – | – |
-111,877
| Closed | -$16.5M |
|
80
American Express
AXP
$227B
| – | – |
-503,564
| Closed | -$43.1M |
|
81
Bank of America
BAC
$431B
| – | – |
-2,150,410
| Closed | -$45.7M |
|
82
Booking.com
BKNG
$158B
| – | – |
-1,486,300
| Closed | -$80M |
|
83
Boston Scientific
BSX
$73B
| – | – |
-3,101,157
| Closed | -$101M |
|
84
Boyd Gaming
BYD
$5.87B
| – | – |
-726,940
| Closed | -$10.5M |
|
85
CF Industries
CF
$19.6B
| – | – |
-3,593,050
| Closed | -$97.7M |
|
86
Capital One
COF
$134B
| – | – |
-672,178
| Closed | -$33.9M |
|
87
Coty
COTY
$2.41B
| – | – |
-13,012,199
| Closed | -$67.1M |
|
88
Enovis
ENOV
$1.5B
| – | – |
-867,437
| Closed | -$29.6M |
|
|
89
SPDR Gold Trust
GLD
$152B
| – | – |
-1,083,641
| Closed | -$175M |
|
90
Gaming and Leisure Properties
GLPI
$12.7B
| – | – |
-1,051,211
| Closed | -$29.1M |
|
91
Alphabet (Google) Class C
GOOG
$4.18T
| – | – |
-2,048,960
| Closed | -$119M |
|
92
Haemonetics
HAE
$4.95B
| – | – |
-847,328
| Closed | -$84.4M |
|
93
Humana
HUM
$45.5B
| – | – |
-112,661
| Closed | -$35.4M |
|
94
Howmet Aerospace
HWM
$108B
| – | – |
-1,924,145
| Closed | -$23.7M |
|
95
Intercontinental Exchange
ICE
$90.5B
| – | – |
-1,004,840
| Closed | -$81.1M |
|
96
CALL
iShares Russell 2000 ETF
IWM
$81.9B
| – | – |
-2,710,000
| Closed | -$310M |
|
97
Lithia Motors
LAD
$8.15B
| – | – |
-272,687
| Closed | -$22.3M |
|
98
Live Nation Entertainment
LYV
$42.4B
| – | – |
-899,198
| Closed | -$40.9M |
|
99
Marriott International
MAR
$92.9B
| – | – |
-1,103,528
| Closed | -$82.6M |
|
100
MGM Resorts International
MGM
$11B
| – | – |
-6,314,708
| Closed | -$74.5M |
|
Similar funds
Ricky Sandler's Q2 2020 Portfolio in Review
As of Q2 2020, Ricky Sandler held 117 positions worth $10.1B, up 10% from $9.14B the previous quarter. Its ten largest holdings account for 47% of the portfolio.
Ricky Sandler withdrew a net $1.09B in Q2 2020, closing 44 positions and reducing 32 holdings. Its most notable exit was SPDR Gold Trust, an estimated $175M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 17% of assets, down from 20% a quarter earlier, followed by Technology and Materials.
Against the trend, Ricky Sandler opened a new position in Valvoline worth $68.5M.
- Ricky Sandler's largest Q2 2020 buy was Valvoline: 3,544,790 shares worth $68.5M.
- Ricky Sandler added most to Nuance Communications, Inc. in Q2 2020, an estimated $158M increase.
- Ricky Sandler's biggest Q2 2020 reduction was Royal Caribbean, cutting an estimated $233M.
- Ricky Sandler fully exited SPDR Gold Trust in Q2 2020, selling an estimated $175M.
- Ricky Sandler's ten largest holdings make up 47% of its $10.1B portfolio in Q2 2020.
- Ricky Sandler opened 16 new positions and closed 44 in Q2 2020.
- Ricky Sandler's portfolio value rose 10% quarter-over-quarter to $10.1B.
Based on Eminence Capital's 13F filing for Q2 2020, filed 17 Aug 2020.