Viking Global (Andreas Halvorsen) discloses updated portfolio positions in 13F filing: New DNA FTCH CMCSA positions
Highlights from 2021 Q3 filing as compared to Q2 2021:
- New positions in: DNA (~302.94 mln shares), FTCH (~11.54 mln), CMCSA (~10.18 mln), PINS (~7.23 mln), UBER (~6.39 mln), PRCT (~4.91 mln), RLYB (~4.19 mln), CP (~3.45 mln), VTEX (~3.04 mln)
- Increased positions in: BAM (to ~16.99 mln shares from ~4.13 mln shares), PTON (to ~6.49 mln from ~0.52 mln), V (to ~2.64 mln from ~2.22 mln), RUN (to ~8.8 mln from ~4.46 mln), TMUS (to ~10.23 mln from ~7.54 mln) PH (to ~3.1 mln from ~0.67 mln), HUM (to ~3.01 mln from ~0.59 mln) ZI (to ~3.86 mln from ~2.38 mln), ZLAB (to ~2.93 mln from ~1.54 mln),
- Maintained positions in: APG (~33.33 mln shares), ADPT (~29.99 mln shares), BBIO (~26.62 mln shares), FIGS (~14.74 mln shares)
- Closed positions in: BAC (from ~7.17 mln shares), MUDS (from ~3.05 mln), AON (from ~2.9 mln), WBA (from ~2.17 mln), PACB (from ~1.27 mln), HZNP (from ~1.17 mln), SQ (from ~0.66 mln)
- Decreased positions in: BSX (to ~6.87 mln shares from ~13.32 mln shares), AVTR (to ~7.12 mln from ~11.73 mln), BMY (to ~7.02 mln from ~11.32 mln), IBN (to ~17.24 mln from ~21.07 mln), IR (to ~3.64 mln from ~6.42 mln), FIS (to ~7.17 mln from ~9.2 mln), CB (to ~3.04 mln from ~4.92 mln), PANW (to ~1.27 mln from ~2.64 mln), CNC (to ~9.88 mln from ~11.2 mln), UNH (to ~0.73 mln from ~1.8 mln)
Duquesne (Stanley Druckenmiller) discloses updated portfolio positions in 13F filing: New CPNG OSCR ABCL positions
Highlights from 2021 Q3 filing as compared to Q2 2021:
- New positions in: CPNG (~15.51 mln shares), OSCR (~0.99 mln), ABCL (~0.66 mln), PRCT (~0.6 mln), LYV (~0.43 mln), STNE (~0.38 mln), CCCS (~0.28 mln), CRBU (~0.27 mln), RXRX (~0.26 mln)
- Increased positions in: DISH (to ~0.55 mln shares from ~0.11 mln shares), EXPE (to ~0.91 mln from ~0.51 mln), FTCH (to ~0.63 mln from ~0.29 mln), OPCH (to ~1.03 mln from ~0.74 mln), RETA (to ~0.7 mln from ~0.64 mln) COUP (to ~0.14 mln from ~0.11 mln), GOOGL (to ~0.12 mln from ~0.09 mln)
- Closed positions in: USFD (from ~0.89 mln shares), ON (from ~0.71 mln), BLDR (from ~0.57 mln), GM (from ~0.57 mln), MOS (from ~0.16 mln), CMI (from ~0.32 mln), V (from ~0.18 mln), NFLX (from ~0.17 mln), MA (from ~0.13 mln)
- Decreased positions in: PLTR (to ~1.63 mln shares from ~4.01 mln shares), MSFT (to ~0.78 mln from ~1.51 mln), FCX (to ~4.84 mln from ~5.47 mln), PENN (to ~0.42 mln from ~0.9 mln), KBR (to ~0.87 mln from ~1.33 mln), TMUS (to ~0.86 mln from ~1.29 mln), SMAR (to ~0.06 mln from ~0.5 mln), SBUX (to ~2.11 mln from ~2.31 mln), FLEX (to ~1.53 mln from ~1.71 mln), FB (to ~0.11 mln from ~0.27 mln)
Tiger Global discloses updated portfolio positions in 13F filing: New BLND WRBY HOOD positions
Highlights from 2021 Q3 filing as compared to Q2 2021:
- New positions in: BLND (~18.48 mln shares), WRBY (~15.13 mln), HOOD (~13.66 mln), VTEX (~11.31 mln), MTTR (~7.5 mln), AVPT (~5 mln), BKSY (~5 mln), SPIR (~5 mln), ALCC (~4 mln), DNA (~2.43 mln), CZOO (~2 mln), JOBY (~2 mln), MEKA (~1.5 mln), TOST (~1.25 mln)
- Increased positions in: ONEM (to ~10.73 mln shares from ~7.62 mln shares), OZON (to ~2.75 mln from ~0.75 mln), OSCR (to ~7.51 mln from ~6.18 mln), BEKE (to ~3.77 mln from ~2.5 mln), SNOW (to ~5.17 mln from ~4.19 mln) FUTU (to ~4.19 mln from ~3.47 mln), ONTF (to ~2.26 mln from ~1.6 mln) ROOT (to ~3.68 mln from ~3.11 mln), ZM (to ~4.76 mln from ~4.28 mln)
- Maintained positions in: JD (~51.14 mln shares), UBER (~20.74 mln shares), PDD (~14.05 mln shares), MSFT (~13.13 mln shares), DASH (~11.05 mln shares), PATH (~10.54 mln shares), PCOR (~9.53 mln shares), CRWD (~7.54 mln shares)
- Closed positions in: TAL (from ~2.28 mln shares)
- Decreased positions in: RBLX (to ~17.43 mln shares from ~27.39 mln shares), APO (to ~22.36 mln from ~31.05 mln), YSG (to ~22.09 mln from ~28.21 mln), YQ (to ~0.48 mln from ~4.68 mln), DESP (to ~1.2 mln from ~3.2 mln), PTON (to ~7.2 mln from ~8.83 mln), RERE (to ~1.79 mln from ~2.75 mln), SPOT (to ~2.65 mln from ~3.16 mln), APP (to ~0.6 mln from ~0.93 mln)
Closing Stock Market SummaryThe S&P 500 (unch) finished flat on Monday as the market continued to consolidate near record highs. The Nasdaq Composite (unch) and Dow Jones Industrial Average (unch) also closed little changed, while the Russell 2000 fell 0.5%.
Seven of the 11 S&P 500 sectors closed higher, led by the lightly-weighted utilities (+1.3%) and energy (+0.8%) sectors. Conversely, the health care (-0.6%), materials (-0.5%), and information technology (-0.1%) sectors underperformed in negative territory.
There wasn't any specific catalyst driving the action, although there was some curve-steepening activity in Treasuries following the release of the Empire State Manufacturing Survey, which jumped to 30.9 in November (Briefing.com consensus 20.3) from 19.8 in October.
The 2-yr yield decreased one basis point to 0.52%, while the 10-yr yield rose four basis points to 1.62%. The U.S. Dollar Index rose 0.4% to 95.54. WTI crude futures were unchanged at $80.85/bbl.
The manufacturing survey was a warm-up for tomorrow's release of the Retail Sales report for October. Later in the week, reports indicated that President Biden could nominate a Fed chair and that the CBO plans to release a complete cost estimate for the Build Back Better Act by Friday.
On a related note, President Biden was preparing to sign the $1.2 trillion bipartisan infrastructure bill after the market close.
Shares of Boeing (BA 233.09, +12.13, +5.5%), meanwhile, rose 5.5% after the company received an order for two Boeing 777 freighters from Emirates. Rivian (RIVN 149.36, +19.41, +14.9%) stayed hot and extended its post-IPO gain to over 90%.
Looking ahead, investors will receive Retail Sales for October, Industrial Production and Capacity Utilization, the NAHB Housing Market Index for November, Import and Export Prices for October, Business Inventories for September, and Net Long-Term TIC Flows for September.
- S&P 500 +24.7% YTD
- Nasdaq Composite +23.0% YTD
- Russell 2000 +21.6% YTD
- Dow Jones Industrial Average +17.9% YTD
Starboard Value (Jeffrey Smith) discloses updated portfolio positions in 13F filing: Confirms new HUN position, Increases EHTH
Highlights from 2021 Q3 filing as compared to Q2 2021:
- New positions in: CYXT (~16.53 mln shares), HUN (~11.6 mln), ENFA (~0.45 mln), TREB (~0.45 mln), VPCC (~0.45 mln), HCIC (~0.3 mln), CPAR (~0.25 mln), EGGF (~0.25 mln)
- Increased positions in: AUS (to ~0.5 mln shares from ~0.25 mln shares), MTAC (to ~0.38 mln from ~0.15 mln), LNFA (to ~0.5 mln from ~0.31 mln), FVT (to ~0.35 mln from ~0.19 mln), EHTH (to ~2.05 mln from ~1.9 mln) TWND (to ~0.4 mln from ~0.3 mln), PLMI (to ~0.4 mln from ~0.34 mln) PRPB (to ~0.42 mln from ~0.38 mln), ACAH (to ~0.4 mln from ~0.39 mln)
- Maintained positions in: NLOK (~16.7 mln shares), ACIW (~8.99 mln shares), ACM (~7.33 mln shares), GCP (~6.54 mln shares), GDOT (~5.29 mln shares), CVLT (~4.08 mln shares), MMSI (~3.54 mln shares), CERN (~3.25 mln shares), MGLN (~2.37 mln shares),
- Closed positions in: KVSC (from ~0.5 mln shares)
- Decreased positions in: MD (to ~5.92 mln shares from ~8.45 mln shares), BOX (to ~12.21 mln from ~13.01 mln), PZZA (to ~2.76 mln from ~3.46 mln), IWR (to ~0.03 mln from ~0.49 mln), CTVA (to ~9.19 mln from ~9.58 mln), ON (to ~8.34 mln from ~8.69 mln), ELAN (to ~7.31 mln from ~7.61 mln
Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F filing: New JOBY DBX LFG positions
Highlights from 2021 Q3 filing as compared to Q2 2021:
- New positions in: JOBY (~10 mln shares), DBX (~9.29 mln), LFG (~3.5 mln), OB (~0.79 mln)
- Increased positions in: TBPH (to ~13.66 mln shares from ~9.91 mln shares), LSXMK (to ~9.08 mln from ~6.48 mln), LSXMA (to ~4.4 mln from ~3.5 mln), SSNC (to ~3.82 mln from ~3.32 mln), VRNT (to ~3.53 mln from ~3.04 mln)
- Maintained positions in: LBTYK (~53.97 mln shares), DBRG (~22.88 mln shares), VSAT (~16.29 mln shares), ATRA (~8.48 mln shares), FB (~1.55 mln shares), GOOG (~0.29 mln shares), MU (~7.16 mln shares), VRTV (~3.56 mln shares), NXST (~2.05 mln shares)
- Decreased positions in: PCG (to ~7.22 mln shares from ~30.66 mln shares), EBAY (to ~5.98 mln from ~14.89 mln), INTC (to ~19.74 mln from ~21.74 mln), WLTW (to ~1 mln from ~1.89 mln), IFF (to ~1.24 mln from ~2.1 mln), PSTH (to ~9.55 mln from ~10.09 mln), QRVO (to ~5.08 mln from ~5.33 mln)
Soros Capital (George Soros) discloses updated portfolio positions in 13F filing: New U ULTA DKS positions
Highlights from 2021 Q3 filing as compared to Q2 2021:
- New positions in: U (~0.18 mln shares), ULTA (~0.09 mln), DKS (~0.08 mln), SNOW (~0.05 mln), IAC (~0.02 mln)
- Increased positions in: AMKR (to ~0.55 mln shares from ~0.39 mln shares), GDDY (to ~0.32 mln from ~0.23 mln), CZR (to ~0.33 mln from ~0.26 mln), CDK (to ~0.12 mln from ~0.09 mln), ATVI (to ~0.05 mln from ~0.03 mln)
- Maintained positions in: PACK (~4.63 mln shares), FISV (~0.51 mln shares), TWTR (~0.29 mln shares), CHDN (~0.03 mln shares), CHTR (~0.02 mln shares), ORLY (~0.02 mln shares)
- Closed positions in: ZNGA (from ~2.16 mln shares), CSX (from ~0.35 mln), FTCH (from ~0.25 mln), KLIC (from ~0.23 mln), AAPL (from ~0.19 mln), MU (from ~0.18 mln), IBN (from ~0.16 mln), ZG (from ~0.15 mln), AMD (from ~0.11 mln), MMYT (from ~0.11 mln)
- Decreased positions in: AMAT (to ~0.02 mln shares from ~0.26 mln shares), TMUS (to ~0.03 mln from ~0.12 mln), TGT (to ~0.16 mln from ~0.2 mln), DLTR (to ~0.01 mln from ~0.02 mln
Royal Dutch Shell: simpler structure means quicker cash returns
Payouts, especially buybacks, will be easier with a single share class
Plurality should not be posited without necessity. Royal Dutch Shell is acting in line with that advice from philosopher William of Ockham. On Monday, the oil company said it would ditch dual-class shares and move its tax residence from the Netherlands to the UK.
Shareholders who stay on board will benefit from the simpler structure. Payouts, especially buybacks, will be easier with a single share class.
Anglo-Dutch corporates have form for shifting allegiances in the past two decades. Relx, the old Reed Elsevier publishing business, became primarily British in 2015 and has outrun the FTSE 100 since. Unilever headquartered in London after shareholders rejected plans for a Dutch base.
The switches help London’s financial centre, which has lost business following Brexit. Shell’s decision wrung sour expressions from the Netherlands government and thrilled British officials.
One conspiracy theory is that Shell is moving to the UK to escape a tougher EU regime for enforcing corporate promises on carbon reduction. This summer a Netherlands court ruled that Shell must move faster to decarbonise.
Less controversially, the move will remove an organisational headache for Shell. Its A shares are mostly held by Dutch investors and its B shares by UK funds. Cash flow to pay B shareholders, free of Dutch or UK withholding tax, has to come from outside the Netherlands. That creates complications when the group holding company is Dutch.
Shell has had to focus buybacks on B shares, limiting their supply. Buying back the A shares can require a fiddly withholding tax refund.
The oil group has plenty of cash to return. Apart from a $2bn buyback announced in July, Shell has plans to pay out another $7bn from the sale of its Permian US onshore assets to ConocoPhillips. No doubt Shell will sell more oil assets as the energy transition continues.
Ironically, Sir Andrew Mackenzie blocked simplification of BHP’s dual-listed status in 2018 when he was chief executive of the big miner and activist Elliott was piling on pressure. Mackenzie will now oversee Shell’s streamlining as the company’s chair, even as BHP bases itself solidly in Australia.
Third Point is demanding the break-up of Shell. Extra share buybacks may mollify the activist, or at least reduce its traction with other investors. For this and other reasons, Shell’s simplification makes singularly good sense.