Starboard Value (Jeffrey Smith) discloses updated portfolio positions in 13F filing: Confirms GDDY holding and new CFX WTW positions
Highlights from 2021 Q4 filing as compared to Q3 2021:
- New positions in: GDDY (~6.79 mln shares), CFX (~3.92 mln), WTW (~2.1 mln) ONYX (~0.77 mln) AVAC (~0.73 mln), MLAI (~0.73 mln), SHCA (~0.73 mln)
- Increased positions in: HUN (to ~18.03 mln shares from ~11.6 mln shares), ELAN (to ~7.69 mln from ~7.31 mln), CVLT (to ~4.29 mln from ~4.08 mln), CERN (to ~3.43 mln from ~3.25 mln)
- Maintained positions in: NLOK (~16.7 mln shares), CYXT (~16.53 mln shares), ACIW (~8.99 mln shares), ACM (~7.24 mln shares), GCP (~6.54 mln shares), MD (~5.92 mln shares), GDOT (~5.29 mln shares), PZZA (~2.76 mln shares)
- Closed positions in: BOX (from ~12.21 mln shares), SCOR (from ~2.42 mln), HCIC (from ~0.3 mln)
- Decreased positions in: MMSI (to ~1.3 mln shares from ~3.54 mln shares), ON (to ~7.57 mln from ~8.34 mln), CTVA (to ~8.9 mln from ~9.19 mln), MTAC (to ~0.3 mln from ~0.38 mln), WPCB (to ~0.81 mln from ~0.85 mln), LEGA (to ~0.57 mln from ~0.6 mln), SLAM (to ~0.57 mln from ~0.6 mln), TWND (to ~0.38 mln from ~0.4 mln)
Carl Icahn discloses updated portfolio positions in 13F filing: Increases SWX XRX positions
Highlights from 2021 Q4 filing as compared to Q3 2021:
- Increased positions in: IEP (to ~257.05 mln shares from ~247.12 mln shares), SWX (to ~2.9 mln from ~1.27 mln), XRX (to ~32.11 mln from ~31.14 mln)
- Maintained positions in: CVI (~71.2 mln shares), OXY (~45 mln shares), NWL (~43.7 mln shares), BHC (~34.72 mln shares), FE (~18.97 mln shares), LNG (~16.17 mln shares), DAN (~14.29 mln shares), WBT (~11.15 mln shares)
- Decreased positions in: DK (to ~6.98 mln shares from ~7.46 mln shares), HRI (to ~4.02 mln from ~4.49 mln)
ValueAct (Jeffrey Ubben and Bradley Singer) discloses updated portfolio positions in 13F filing: New AMPS position, Exits LITE RXT
Highlights from 2021 Q4 filing as compared to Q3 2021:
- New positions in: AMPS (~4 mln shares)
- Increased positions in: FISV (to ~13.04 mln shares from ~10.94 mln shares)
- Maintained positions in: C (~13.85 mln shares), CBRE (~9.23 mln shares), NSIT (~3.32 mln shares)
- Closed positions in: LITE (from ~1 mln shares), RXT (from ~0.4 mln)
- Decreased positions in: TRN (to ~3.87 mln shares from ~15.01 mln shares), LKQ (to ~17.55 mln from ~21.55 mln), BHC (to ~15.62 mln from ~17.94 mln), SLM (to ~14.6 mln from ~16.91 mln), KKR (to ~22.06 mln from ~24.06 mln), STX (to ~15.49 mln from ~17.38 mln)
Elliott Management (Paul Singer) discloses updated portfolio positions in 13F filing: New SWCH position, Maintains CTXS holding
Highlights from 2021 Q4 filing as compared to Q3 2021:
- New positions in: SWCH (~5.79 mln shares)
- Increased positions in: VAL (to ~2.23 mln shares from ~1.81 mln shares)
- Maintained positions in: HWM (~41.07 mln shares), UNIT (~20.48 mln shares), NLSN (~16.6 mln shares), MPC (~10.57 mln shares), TWTR (~10 mln shares), T (~5 mln shares), HTA (~3.33 mln shares), APA (~2.75 mln shares), CTXS (~1.2 mln shares)
- Closed positions in: FYBR (from ~1.5 mln shares), PSA (from ~0.58 mln), RYAAY (from ~0.07 mln)
- Decreased positions in: ETWO (to ~15.7 mln shares from ~25 mln shares), ARNC (to ~0.55 mln from ~8.33 mln), BTU (to ~25.86 mln from ~27.12 mln), EVRG (to ~9.42 mln from ~10.54 mln)
Pershing Square (Bill Ackman) discloses updated portfolio positions in 13F filing: Maintains most holdings
Highlights from 2021 Q4 filing as compared to Q3 2021:
- Maintained positions in: QSR (~23.94 mln shares), HHC (~13.62 mln) LOW (~10.24 mln shares), DPZ (~2.09 mln shares), CMG (~1.11 mln shares)
- Decreased positions in: HLT (slightly lowers to ~12.59 mln shares from ~12.89 mln shares)
Paulson & Co (John Paulson) discloses updated portfolio positions in 13F filing: New TELL KWEB CERN positions
Highlights from 2021 Q4 filing as compared to Q3 2021:
- New positions in: TELL (~5 mln shares), KWEB (~0.5 mln), CERN (~0.47 mln)
- Increased positions in: SSRM (to ~3.12 mln shares from ~1.31 mln shares), PCRX (to ~1.71 mln from ~1.26 mln)
- Maintained positions in: THM (~61.93 mln shares), BHC (~25.84 mln shares), SHEL (~1 mln shares), NG (~22.23 mln shares), ENDP (~17.33 mln shares), AU (~5.97 mln shares), GOLD (~4.55 mln shares), TIMB (~3.9 mln shares), OXY (~3.75 mln shares), APA (~3 mln shares), NMRK (~2.32 mln shares), SA (~2.07 mln shares), XOM (~1.13 mln shares), BALY (~1 mln shares)
- Closed positions in: PVG (from ~2.4 mln shares), VTRS (from ~1.06 mln)
- Decreased positions in: BSIG (to ~8.95 mln shares from ~20 mln shares), DIDI (to ~11.9 mln from ~12.7 mln), THRY (to ~2.14 mln from ~2.64 mln), HZNP (to ~6 mln from ~6.17 mln)
Third Point (Dan Loeb) discloses updated portfolio positions in 13F filing: New GRAB ZEN EQT HTZ positions
Highlights from 2021 Q4 filing as compared to Q3 2021:
- New positions in: GRAB (~12.41 mln shares), PRM (~6.45 mln), HTZ (~6 mln), EQT (~4.98 mln), VTYX (~4.31 mln), RIVN (~4.05 mln), OPEN (~3.78 mln), EXPE (~1.31 mln), CMCSA (~2 mln), ZEN (~1.3 mln)
- Increased positions in: AES (to ~5.75 mln shares from ~3.75 mln shares), SMFR (to ~4.3 mln from ~2.8 mln), TPGY (to ~1.7 mln from ~0.54 mln), CTLT (to ~1.93 mln from ~1.38 mln), DD (to ~3.31 mln from ~2.98 mln), CF (to ~1.24 mln from ~1 mln), DELL (to ~3.6 mln from ~3.36 mln) RH (to ~0.54 mln from ~0.3 mln), LFG (to ~4.45 mln from ~4.27 mln), UNH (to ~0.79 mln from ~0.68 mln)
- Maintained positions in: S (~26.71 mln shares), AVTR (~10.8 mln shares), CSGP (~5.69 mln shares), DHR (~2.9 mln shares), MSFT (~1.6 mln shares), SPGI (~1 mln shares), GOOGL (~0.21 mln shares)
- Closed positions in: PSFE (from ~39.47 mln shares), DIDI (from ~13.08 mln), EDR (from ~12.5 mln), INTC (from ~9 mln), SU (from ~7 mln), FB (from ~1 mln), EL (from ~1 mln), ACHR (from ~2.5 mln), UP (from ~2.5 mln), ATVI (from ~2 mln)
- Decreased positions in: ALIT (to ~8.37 mln shares from ~17 mln shares), UPST (to ~4 mln from ~12.4 mln), PCG (to ~77 mln from ~81.94 mln), DIS (to ~2 mln from ~4.15 mln) LESL (to ~5.95 mln from ~6.15 mln), TDG (to ~0.33 mln from ~0.45 mln), BURL (to ~1.48 mln from ~1.58 mln)
Glenview Capital (Larry Robbins and Mark Horowitz) discloses updated portfolio positions in 13F filing: QSI USFD BABA ATVI positions , Exits TAK VIAC
Highlights from 2021 Q4 filing as compared to Q3 2021:
- New positions in: QSI (~6 mln shares), USFD (~1.62 mln), HYPR (~1 mln), EVLV (~0.75 mln), EOLS (~0.39 mln), ATVI (~0.31 mln), BABA (~0.08 mln), DMRC (~0.08 mln), AMZN (~0.02 mln)
- Increased positions in: MTOR (to ~2.73 mln shares from ~1.31 mln shares), GPN (to ~2.09 mln from ~1.34 mln), CCEP (to ~2.67 mln from ~2.19 mln), EHC (to ~0.74 mln from ~0.4 mln), SABR (to ~3.93 mln from ~3.71 mln) UBER (to ~2.53 mln from ~2.43 mln), DVA (to ~0.53 mln from ~0.47 mln) CTVA (to ~2.28 mln from ~2.22 mln),
- Maintained positions in: CHNG (~2.23 mln shares), BAX (~2.18 mln shares), DD (~1.51 mln shares), FMC (~0.77 mln shares)
- Closed positions in: TAK (from ~8.1 mln shares), VIAC (from ~2.67 mln), CCCS (from ~2.41 mln) OGN (from ~0.75 mln), MOH (from ~0.33 mln), ATIP (from ~0.25 mln), FB (from ~0.21 mln), V (from ~0.13 mln)
- Decreased positions in: ENDP (to ~2.18 mln shares from ~6.55 mln shares), BKD (to ~10.21 mln from ~13.45 mln), BHC (to ~12.5 mln from ~15.65 mln), IS (to ~1.97 mln from ~4.14 mln), THC (to ~7.33 mln from ~8.65 mln), BSX (to ~1.1 mln from ~2.06 mln), ABC (to ~1.03 mln from ~1.89 mln), CNC (to ~1.36 mln from ~2.12 mln), DXC (to ~4.99 mln from ~5.6 mln), MYGN (to ~1.68 mln from ~2.24 mln), WTW (to ~0.36 mln from ~0.83 mln), ESI (to ~2.34 mln from ~2.75 mln), APTV (to ~0.54 mln from ~0.82 mln), CI (to ~1.11 mln from ~1.32 mln), UNP (to ~0.17 mln from ~0.33 mln), HUM (to ~0.05 mln from ~0.18 mln), FISV (to ~0.5 mln from ~0.62 mln)
Greenlight Capital (David Einhorn) discloses updated portfolio positions in 13F filing: Confirms new GPN GLPG positions
Highlights from 2021 Q4 filing as compared to Q3 2021:
- New positions in: DISCA (~0.65 mln), GPN (confirmed ~0.51 mln), INTC (~0.31 mln), GLPG (confirmed ~0.19 mln), CIVI (~0.12 mln), ME (~0.1 mln), SAVA (~0.04 mln)
- Increased positions in: VSCO (to ~0.45 mln shares from ~0.06 mln shares), ODP (confirmed increased to ~1.44 mln from ~1.15 mln), CPRI (confirmed increased to ~0.88 mln from ~0.61 mln), LIVN (to ~0.34 mln from ~0.18 mln), SONO (to ~0.44 mln from ~0.36 mln) JACK (to ~0.21 mln from ~0.15 mln),
- Maintained positions in: GRBK (~17.42 mln shares), CHNG (~3.64 mln shares), SLV (~1.56 mln shares), GLD (~0.12 mln shares)
- Closed positions in: AER (confirmed exited from ~0.53 mln shares), FUBO (confirmed exited from ~0.32 mln), ADMP (from ~0.29 mln), SNAX (from ~0.15 mln), AGCB (from ~0.06 mln), EXPE (from ~0.02 mln)
- Decreased positions in: DNMR (to ~0.82 mln shares from ~2.36 mln shares) SATS (to ~0.08 mln from ~1.03 mln), GPRO (to ~2.93 mln from ~3.66 mln), AAWW (to ~0.82 mln from ~1.51 mln), CC (to ~1.74 mln from ~2.32 mln), FREY (to ~0.35 mln from ~0.7 mln), TWTR (to ~0.24 mln from ~0.49 mln), REZI (to ~1.17 mln from ~1.37 mln), BHF (to ~3.79 mln from ~3.92 mln)
Closing Stock Market SummaryThe S&P 500 declined 0.4% on Monday, as the market remained preoccupied with the Russia-Ukraine situation and a continued rise in interest rates. The Dow Jones Industrial Average and Russell 2000 both declined 0.5%, while the Nasdaq Composite was unchanged.
Nine of the 11 S&P 500 sectors closed lower, paced by losses in the energy (-2.2%), financials (-1.1%), health care (-1.1%), and real estate (-1.0%) sectors. The consumer discretionary (+0.6%) and communication services (+0.3%) sectors closed higher.
Early on, the market felt relieved after Russia's Minister of Foreign Affairs opened the door for diplomacy with a statement that there's a chance for an agreement on security issues. The qualification that Russia doesn't have indefinite time to talk, though, served as a reminder that the situation is still serious.
The S&P 500 was trading flat midday until media reports misinterpreted a statement from Ukraine President Zelensky, who said Russia will attack on Feb. 16 and that he would declare that day a national holiday. The sarcastic tone contrasted with a precautionary move from the U.S. to relocate its Kyiv Embassy to western Ukraine.
Following these conflicting headlines, oil prices topped $95 per barrel ($95.48, +2.39, +2.6%) and the S&P 500 was down as much as 1.2%. At the same time, Treasury yields continued to push higher on expectations for a hawkish Fed amid persistent inflation pressures.
The 2-yr yield rose seven basis points to 1.59% as the CME FedWatch Tool continued to price in more than six rate hikes this year. The 10-yr yield rose four basis points to 2.00%. The U.S. Dollar Index increased 0.3% to 96.35.
St. Louis Fed President Bullard (FOMC voter) reiterated his hawkish stance in a CNBC interview, arguing that the Fed should front load tightening and that the central bank's credibility is on the line with respect to fighting inflation.
Interestingly, growth stocks outperformed on a relative basis despite the higher rates, and energy stocks performed terribly despite the higher oil prices. Rebalancing activity might have driven the discrepancies in addition to concerns that elevated oil prices could eventually hurt demand.
Separately, The Wall Street Journal reported that Cisco (CSCO 53.18, -0.72, -1.3%) made a recent offer to acquire Splunk (SPLK 124.97, +10.46, +9.1%) for $20 billion. Splunk turned down the offer, but SPLK shares still rose 9% on the takeover interest.
Investors did not receive any economic data on Monday. Looking ahead, investors will receive the Producer Price Index for January, the Empire State Manufacturing Survey for February, and Net Long-Term TIC Flows on Tuesday.
- Dow Jones Industrial Average -4.9% YTD
- S&P 500 -7.7% YTD
- Russell 2000 -10.0% YTD
- Nasdaq Composite -11.9% YTD