Hedge fund Locust Wood Capital Advisers disclosed an equity portfolio valued at $723.56 million as of the end of the second quarter of 2015. The equity portfolio is mainly invested in consumer discretionary (33%), finance (25%), and health care (11%) stocks.
The turnover ratio during the quarter was 35.71%. The fund made six new purchases and added to 14 existing stakes. On the other hand, it sold out nine stocks while reducing holdings in 19 stocks.
In this article, we will look into the top three stocks held at the end of Q2. Among the 10 largest holdings from Locust Wood's equity portfolio, the top three positions are: Liberty Ventures (LVNTA), Valeant Pharmaceuticals International Inc. (VRX) and Liberty Broadband Corporation (LBRDK).
Liberty Ventures (LVNTA) represents the most valuable investment in the fund's portfolio. After a 12% increase in the company's stake during the second quarter, the fund held 1.25 million shares valued at $49 million. The stock lost 6.5% in the second quarter. The company has made an agreement to buy Zulily (ZU). Under the terms, Liberty will acquire all outstanding shares for $18.75 per share. It seems to be a perfect fit for the firm, reaching customers from the TV to the Internet.
Jim Simons (Trades, Portfolio) initiated a position with 86,092 shares. Paul Tudor Jones (Trades, Portfolio) has 26,368 shares and Steven Cohen (Trades, Portfolio) owns 25,700 shares.
In Valeant Pharmaceuticals International Inc. (VRX), Locust Wood holds 203,610 shares, down by 32% in the quarter. The value of the stake amounts to $45.23 million. The stock gained about 11.85% during the second quarter. Hedge fund manager Bill Ackman (Trades, Portfolio) holds 30% of its capital in Valeant. He holds 19.47 million shares, valued at $4.3 billion as of the end of June. This strong bet is based on the successful acquisition�s strategy the company achieved in the past, with more than 100 in the last seven years. After the acquisition of Salix Pharmaceuticals (SLXP), the company announced it will buy Sprout Pharmaceuticals, the closely held company that has just won U.S. approval to sell the first drug that aims to increase female libido. Kyle Bass (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Steven Cohen (Trades, Portfolio) and George Soros (Trades, Portfolio) have initiated new positions in the stock.
After a 34% increase in the quarter, Liberty Broadband (LBRDK) represents the third-largest holding with 708,473 shares valued at $38.8 million. With a market cap of $5.52 billion, the stock is down by 9.6% during the quarter.