GuruFocus Premium Membership

Serving Intelligent Investors since 2004. Only 96 cents a day.

Free Trial

Free 7-day Trial
All Articles and Columns »

Hedge Fund Blue Ridge Capital Q1 Portfolio Update

Gorden Pape

John Griffin of hedge fund Blue Ridge Capital reported his Q1 portfolio. As of 03/31/2011, Blue Ridge Capital owns 51 stocks with a total value of $5.9 billion. These are the details of the buys and sells.

Blue Ridge Capital was founded by Mr. John Griffin, who was known as legendary investor Julian Robertson's right hand man. Mr. Griffin is adjunct professor of finance at Columbia Business School and a visiting professor at the University of Virginia. He began his career as a financial analyst for Morgan Stanley Merchant Banking Group before moving on to Tiger Management, where he became president in 1993.

Blue Ridge runs a long-short portfolio. For the long positions the firm focuses on the companies that can produce a superior return over a three to five-year time period. For short positions it focuses the stocks that will underperform, or “not make it”, over a one to two year period. The likely reason their shorts work: the underlying companies fail in a poor economic environment. The portfolio is generally net long. The shorts help the portfolio because they can go to zero in a poor market, whereas the longs may go down a lot, but they will come back based on the strength of the underlying businesses.

Because he owns both long and short positions, Mr. Griffin has the luxury of being somewhat indffierent to the macro environment, which he claims that he had “no idea what is going on", and he is not concerned.

This is the portfolio chart of John Griffin. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



For the details of John Griffin's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=John+Griffin

This is the sector weightings of his portfolio:

Consumer Services 20.4%
Financials 18.9%
Technology 15.5%
Health Care 10.4%
Oil & Gas 10.4%
Basic Materials 5.4%
Industrials 2.6%
Utilities 2.6%
Consumer Goods 1.5%
Telecommunications 0.5%


These are the top 5 holdings of John Griffin

  1. VALEANT PHARMACEUTICALS INTERNATIONAL (VRX) - 8,925,465 shares, 7.51% of the total portfolio. Shares added by 2.53%
  2. Amazon.com Inc. (AMZN) - 1,953,000 shares, 5.94% of the total portfolio. Shares reduced by 8.01%
  3. Apple Inc. (AAPL) - 977,100 shares, 5.75% of the total portfolio. Shares reduced by 13.39%
  4. RANGE RESOURCES CORP (RRC) - 5,727,000 shares, 5.65% of the total portfolio. Shares added by 47.6%
  5. JP Morgan Chase (JPM) - 6,890,000 shares, 5.36% of the total portfolio. Shares reduced by 19.13%


Added: Range Resources Corp (RRC)

John Griffin added to his holdings in Range Resources Corp by 47.6%. His purchase prices were between $44.74 and $57.55, with an estimated average price of $49.62. The impact to his portfolio due to this purchase was 1.82%. His holdings were 5,727,000 shares as of 03/31/2011.

Range Resources Corp. acquires, develops, and finances oil and gas properties in the U. Range Resources Corp has a market cap of $8.28 billion; its shares were traded at around $51.6 with a P/E ratio of 105.3 and P/S ratio of 9.1. The dividend yield of Range Resources Corp stocks is 0.3%. Range Resources Corp had an annual average earnings growth of 6.9% over the past 10 years.

Added: Ivanhoe Mines Ltd (IVN)

John Griffin added to his holdings in Ivanhoe Mines Ltd by 135.59%. His purchase prices were between $22.92 and $28.91, with an estimated average price of $26.71. The impact to his portfolio due to this purchase was 1.66%. His holdings were 6,222,264 shares as of 03/31/2011.

Ivanhoe Mines is a producer of copper, gold and iron ore products. Ivanhoe Mines Ltd has a market cap of $15.53 billion; its shares were traded at around $23.77 with and P/S ratio of 194.7. Ivanhoe Mines Ltd had an annual average earnings growth of 12.5% over the past 5 years.

Added: Nrg Energy Inc. (NRG)

John Griffin added to his holdings in Nrg Energy Inc. by 101.71%. His purchase prices were between $19.22 and $21.84, with an estimated average price of $20.38. The impact to his portfolio due to this purchase was 1.3%. His holdings were 7,080,000 shares as of 03/31/2011.

NRG Energy Inc owns and operates a diverse portfolio of power-generating facilities, primarily in the United States. Nrg Energy Inc. has a market cap of $6.11 billion; its shares were traded at around $24.69 with a P/E ratio of 13.1 and P/S ratio of 0.7. Nrg Energy Inc. had an annual average earnings growth of 27.3% over the past 10 years. GuruFocus rated Nrg Energy Inc. the business predictability rank of 2.5-star.

Added: Netflix Inc. (NFLX)

John Griffin added to his holdings in Netflix Inc. by 41.55%. His purchase prices were between $175.7 and $247.55, with an estimated average price of $207.69. The impact to his portfolio due to this purchase was 1.19%. His holdings were 1,005,000 shares as of 03/31/2011.

Netflix Inc. is the largest online movie rental subscription service in the United States providing subscribers access to a comprehensive library of more than 18,000 movie, television and other filmed entertainment titles. Netflix Inc. has a market cap of $12.54 billion; its shares were traded at around $237.09 with a P/E ratio of 68.1 and P/S ratio of 5.8. Netflix Inc. had an annual average earnings growth of 154.4% over the past 5 years.

Added: Novagold Resources Inc. (NG)

John Griffin added to his holdings in Novagold Resources Inc. by 86.4%. His purchase prices were between $12.16 and $14.8, with an estimated average price of $13.58. The impact to his portfolio due to this purchase was 0.73%. His holdings were 7,195,000 shares as of 03/31/2011.

NovaGold Resources is a gold and copper company engaged in the exploration and development of mineral properties in Alaska and Western Canada. Novagold Resources Inc. has a market cap of $2.4 billion; its shares were traded at around $10.27 with and P/S ratio of 3942.8. Novagold Resources Inc. had an annual average earnings growth of 7.3% over the past 5 years.

Added: Ivanhoe Energy Inc. (IVAN)

John Griffin added to his holdings in Ivanhoe Energy Inc. by 125.78%. His purchase prices were between $2.72 and $3.65, with an estimated average price of $3.21. The impact to his portfolio due to this purchase was 0.42%. His holdings were 15,985,000 shares as of 03/31/2011.

Ivanhoe Energy is an independent international oil and gas exploration and development company building long-term growth in its reserve base and production. Ivanhoe Energy Inc. has a market cap of $853 million; its shares were traded at around $2.48 with and P/S ratio of 39.3.

Added: Level 3 Communications Inc. (LVLT)

John Griffin added to his holdings in Level 3 Communications Inc. by 135.13%. His purchase prices were between $0.98 and $1.47, with an estimated average price of $1.28. The impact to his portfolio due to this purchase was 0.26%. His holdings were 18,305,000 shares as of 03/31/2011.

Level 3 Communications is an international communications and information services company. Level 3 Communications Inc. has a market cap of $3.1 billion; its shares were traded at around $1.851 with and P/S ratio of 0.9.

Added: Pennymac Mortgage Trust (PMT)

John Griffin added to his holdings in Pennymac Mortgage Trust by 50.51%. His purchase prices were between $17.95 and $19.04, with an estimated average price of $18.46. The impact to his portfolio due to this purchase was 0.25%. His holdings were 2,384,000 shares as of 03/31/2011.

PennyMac Mortgage Investment Trust is a real estate investment trust. Pennymac Mortgage Trust has a market cap of $481.7 million; its shares were traded at around $17.35 with a P/E ratio of 10.1 and P/S ratio of 10.9. The dividend yield of Pennymac Mortgage Trust stocks is 9.7%.

Added: Valeant Pharmaceuticals International (VRX)

John Griffin added to his holdings in Valeant Pharmaceuticals International by 2.53%. His purchase prices were between $28.29 and $50.08, with an estimated average price of $38.68. The impact to his portfolio due to this purchase was 0.19%. His holdings were 8,925,465 shares as of 03/31/2011.

Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics. Valeant Pharmaceuticals International has a market cap of $15.38 billion; its shares were traded at around $50.56 with a P/E ratio of 48.2 and P/S ratio of 13.

Added: Nvr Inc. (NVR)

John Griffin added to his holdings in Nvr Inc. by 13.37%. His purchase prices were between $684.64 and $804.32, with an estimated average price of $754.69. The impact to his portfolio due to this purchase was 0.18%. His holdings were 118,250 shares as of 03/31/2011.

NVR Inc. is a holding company that operates in two business segments; the construction and marketing of homes and in financial services. Nvr Inc. has a market cap of $4.32 billion; its shares were traded at around $727.49 with a P/E ratio of 23.5 and P/S ratio of 1.4.

New Purchase: Baker Hughes Inc. (BHI)

John Griffin initiated holdings in Baker Hughes Inc.. His purchase prices were between $54.83 and $74.16, with an estimated average price of $66.23. The impact to his portfolio due to this purchase was 3.13%. His holdings were 2,525,000 shares as of 03/31/2011.

Baker Hughes Inc. is engaged in the oilfield and process industries. Baker Hughes Inc. has a market cap of $29.87 billion; its shares were traded at around $68.77 with a P/E ratio of 25.7 and P/S ratio of 2.1. The dividend yield of Baker Hughes Inc. stocks is 0.9%. Baker Hughes Inc. had an annual average earnings growth of 11% over the past 10 years.

New Purchase: Ebay Inc. (EBAY)

John Griffin initiated holdings in Ebay Inc.. His purchase prices were between $27.695 and $34.69, with an estimated average price of $31.12. The impact to his portfolio due to this purchase was 2.31%. His holdings were 4,410,000 shares as of 03/31/2011.

eBay is one of the world's largest online trading communities. Ebay Inc. has a market cap of $42 billion; its shares were traded at around $32.37 with a P/E ratio of 20.9 and P/S ratio of 4.6. Ebay Inc. had an annual average earnings growth of 27.3% over the past 10 years. GuruFocus rated Ebay Inc. the business predictability rank of 2-star.

New Purchase: Sensata Technologies Holding N.v. (ST)

John Griffin initiated holdings in Sensata Technologies Holding N.v.. His purchase prices were between $29.79 and $34.12, with an estimated average price of $32.05. The impact to his portfolio due to this purchase was 1.77%. His holdings were 3,020,000 shares as of 03/31/2011.

Sensata Technologies B.V., through its subsidiaries, is a supplier of sensing, electrical protection, control and power management solutions. Sensata Technologies Holding N.v. has a market cap of $6.02 billion; its shares were traded at around $34.51 with a P/E ratio of 18.7 and P/S ratio of 3.9.

New Purchase: East West Bancorp Inc. (EWBC)

John Griffin initiated holdings in East West Bancorp Inc.. His purchase prices were between $19.55 and $23.64, with an estimated average price of $21.92. The impact to his portfolio due to this purchase was 1.13%. His holdings were 3,040,100 shares as of 03/31/2011.

East West Bancorp, Inc. is the holding company for East West Bank, East West Capital Trust I, East West Capital Trust II and Risk Services, Inc. East West Bancorp Inc. has a market cap of $3.09 billion; its shares were traded at around $20.77 with a P/E ratio of 19.4 and P/S ratio of 2.7. The dividend yield of East West Bancorp Inc. stocks is 1%. East West Bancorp Inc. had an annual average earnings growth of 3.2% over the past 10 years.

New Purchase: Stillwater Mining Company (SWC)

John Griffin initiated holdings in Stillwater Mining Company. His purchase prices were between $19.95 and $25.51, with an estimated average price of $22.54. The impact to his portfolio due to this purchase was 0.96%. His holdings were 2,470,000 shares as of 03/31/2011.

Stillwater Mining Company is engaged in the exploration, development, mining and production of platinum, palladium and associated metals from the Stillwater Complex in southern Montana, which the company believes isthe only significant primary source of platinum and palladium outside theRepublic of South Africa. Stillwater Mining Company has a market cap of $1.83 billion; its shares were traded at around $17.91 with a P/E ratio of 25.2 and P/S ratio of 3.3.

New Purchase: Pacific Biosciences Of California Inc. (PACB)

John Griffin initiated holdings in Pacific Biosciences Of California Inc.. His purchase prices were between $12.94 and $16.3, with an estimated average price of $15. The impact to his portfolio due to this purchase was 0.21%. His holdings were 870,000 shares as of 03/31/2011.

Pacific Biosciences of California, Inc. is engaged in the development, manufacture and commercialization of its single molecule, real-time, or SMRT technology-an integrated platform for genetic analysis. Pacific Biosciences Of California Inc. has a market cap of $618.9 million; its shares were traded at around $11.7 with and P/S ratio of 369.7.

Reduced: Crown Castle Intl. Corp. (CCI)

John Griffin reduced to his holdings in Crown Castle Intl. Corp. by 67.39%. His sale prices were between $37.37 and $46.17, with an estimated average price of $42.02. The impact to his portfolio due to this sale was -2.31%. John Griffin still held 1,560,000 shares as of 03/31/2011.

Crown Castle International is a owner and operator of towers and transmission networks for wireless communications and broadcast transmission companies. Crown Castle Intl. Corp. has a market cap of $12.09 billion; its shares were traded at around $41.55 with a P/E ratio of 2077.5 and P/S ratio of 6.4. Crown Castle Intl. Corp. had an annual average earnings growth of 11.7% over the past 10 years.

Reduced: Discovery Communications Inc. Series A (DISCA)

John Griffin reduced to his holdings in Discovery Communications Inc. Series A by 75.05%. His sale prices were between $38.56 and $44.17, with an estimated average price of $40.79. The impact to his portfolio due to this sale was -1.96%. John Griffin still held 965,000 shares as of 03/31/2011.

DISCOVERY COMMUNICATIONS INC., formerly Discovery Holding Company, is a holding company that conducts operations through its two wholly owned operating subsidiaries, Ascent Media Group, LLC and Ascent Media CANS, LLC, and throught its 66. Discovery Communications Inc. Series A has a market cap of $12.4 billion; its shares were traded at around $43.625 with a P/E ratio of 22.8 and P/S ratio of 3.3. Discovery Communications Inc. Series A had an annual average earnings growth of 115.7% over the past 5 years.

Reduced: Covanta Holding Corp. (CVA)

John Griffin reduced to his holdings in Covanta Holding Corp. by 64.79%. His sale prices were between $16.54 and $17.54, with an estimated average price of $16.97. The impact to his portfolio due to this sale was -1.62%. John Griffin still held 3,050,000 shares as of 03/31/2011.

Covanta Holding Corporation is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U. Covanta Holding Corp. has a market cap of $2.5 billion; its shares were traded at around $16.73 with a P/E ratio of 30.4 and P/S ratio of 1.6. The dividend yield of Covanta Holding Corp. stocks is 1.8%.

Reduced: Discovery Communications Inc. Series C (DISCK)

John Griffin reduced to his holdings in Discovery Communications Inc. Series C by 75.04%. His sale prices were between $33.28 and $39.42, with an estimated average price of $35.79. The impact to his portfolio due to this sale was -1.41%. John Griffin still held 790,000 shares as of 03/31/2011.

Discovery Communications is the world's number one nonfiction media company reaching more than 1. Discovery Communications Inc. Series C has a market cap of $5.46 billion; its shares were traded at around $38.84 with a P/E ratio of 21.5 and P/S ratio of 1.4.

Reduced: The Goldman Sachs Group Inc. (GS)

John Griffin reduced to his holdings in The Goldman Sachs Group Inc. by 59.62%. His sale prices were between $154.38 and $175, with an estimated average price of $164.5. The impact to his portfolio due to this sale was -1.24%. John Griffin still held 315,000 shares as of 03/31/2011.

Goldman Sachs is a global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments, and high net worth individuals. The Goldman Sachs Group Inc. has a market cap of $73.18 billion; its shares were traded at around $140.6 with a P/E ratio of 12.7 and P/S ratio of 1.9. The dividend yield of The Goldman Sachs Group Inc. stocks is 1%. The Goldman Sachs Group Inc. had an annual average earnings growth of 9.8% over the past 10 years.

Reduced: Ares Capital Corp. (ARCC)

John Griffin reduced to his holdings in Ares Capital Corp. by 71.83%. His sale prices were between $16.08 and $17.83, with an estimated average price of $16.91. The impact to his portfolio due to this sale was -1.1%. John Griffin still held 1,500,000 shares as of 03/31/2011.

ARES CAPITAL CORPORATION is a specialty finance company that is a closed-end, non-diversified management investment company. Ares Capital Corp. has a market cap of $3.48 billion; its shares were traded at around $17.01 with a P/E ratio of 12.5 and P/S ratio of 7.2. The dividend yield of Ares Capital Corp. stocks is 8.2%. Ares Capital Corp. had an annual average earnings growth of 2.9% over the past 5 years.

Reduced: Liberty Media Corp. Liberty Starz Ser A (LSTZA)

John Griffin reduced to his holdings in Liberty Media Corp. Liberty Starz Ser A by 49.82%. His sale prices were between $64.82 and $79.48, with an estimated average price of $71.31. The impact to his portfolio due to this sale was -0.83%. John Griffin still held 637,323 shares as of 03/31/2011.

Liberty Starz Group is a significant operating subsidiary and also a principal reportable segment of Liberty Media Corporation which focuses primarily on video programming, communications businesses, and the direct-to-home satellite distribution business. Liberty Media Corp. Liberty Starz Ser A has a market cap of $3.66 billion; its shares were traded at around $74.54 with a P/E ratio of 18.7 and P/S ratio of 2.7.

Reduced: Td Ameritrade Holding Corp. (AMTD)

John Griffin reduced to his holdings in Td Ameritrade Holding Corp. by 29.12%. His sale prices were between $18.79 and $22.49, with an estimated average price of $20.77. The impact to his portfolio due to this sale was -0.71%. John Griffin still held 4,905,000 shares as of 03/31/2011.

TD Ameritrade Holding Corporation has a servicing self-directed investors through its brokerage subsidiaries. Td Ameritrade Holding Corp. has a market cap of $11.79 billion; its shares were traded at around $20.55 with a P/E ratio of 19.6 and P/S ratio of 4.6. The dividend yield of Td Ameritrade Holding Corp. stocks is 1%. Td Ameritrade Holding Corp. had an annual average earnings growth of 2% over the past 5 years.

Reduced: Echostar Corp. (SATS)

John Griffin reduced to his holdings in Echostar Corp. by 21.05%. His sale prices were between $24.97 and $37.5, with an estimated average price of $31.29. The impact to his portfolio due to this sale was -0.35%. John Griffin still held 2,080,300 shares as of 03/31/2011.

ECHOSTAR CORP is a publicly traded company. They intend to operate two primary businesses, a digital set-top box business and a fixed satellite services business. Echostar Corp. has a market cap of $2.79 billion; its shares were traded at around $32.44 with and P/S ratio of 1.2.

Sold Out: Express Scripts Inc. (ESRX)

John Griffin sold out his holdings in Express Scripts Inc.. His sale prices were between $51.8 and $58.74, with an estimated average price of $55.84.

Express Scripts, Inc. is one of the largest pharmacy benefit management companies in North America. Express Scripts Inc. has a market cap of $31.53 billion; its shares were traded at around $59.59 with a P/E ratio of 22.7 and P/S ratio of 0.7. Express Scripts Inc. had an annual average earnings growth of 28.6% over the past 10 years. GuruFocus rated Express Scripts Inc. the business predictability rank of 5-star.

Sold Out: Bp P.l.c. (BP)

John Griffin sold out his holdings in Bp P.l.c.. His sale prices were between $43.25 and $49.25, with an estimated average price of $46.68.

BP p.l.c. is the holding company of one of the world's largest petroleum and petrochemicals groups. Bp P.l.c. has a market cap of $133.02 billion; its shares were traded at around $42.46 with a P/E ratio of 6.2 and P/S ratio of 0.4. The dividend yield of Bp P.l.c. stocks is 4%.

Sold Out: The Western Union Company (WU)

John Griffin sold out his holdings in The Western Union Company. His sale prices were between $18.57 and $21.99, with an estimated average price of $20.63.

The Western Union Company is a provider of global money-transfer services. The Western Union Company has a market cap of $13.31 billion; its shares were traded at around $20.58 with a P/E ratio of 14.1 and P/S ratio of 2.6. The dividend yield of The Western Union Company stocks is 1.4%. The Western Union Company had an annual average earnings growth of 3.5% over the past 5 years.

Sold Out: Cit Group Inc. New (CIT)

John Griffin sold out his holdings in Cit Group Inc. New. His sale prices were between $41.82 and $49.01, with an estimated average price of $45.21.

CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Cit Group Inc. New has a market cap of $8.53 billion; its shares were traded at around $42.57 with a P/E ratio of 20.6 and P/S ratio of 1.3.

Sold Out: General Growth Properties Inc. (GGP)

John Griffin sold out his holdings in General Growth Properties Inc.. His sale prices were between $14.35 and $15.92, with an estimated average price of $15.11.

General Growth Properties is one of the oldest and most experienced shopping center owners, developers and managers in the United States. General Growth Properties Inc. has a market cap of $15.57 billion; its shares were traded at around $16.15 with a P/E ratio of 13 and P/S ratio of 5.5. The dividend yield of General Growth Properties Inc. stocks is 3%. General Growth Properties Inc. had an annual average earnings growth of 4.3% over the past 10 years.

Sold Out: General Motors Company (GM)

John Griffin sold out his holdings in General Motors Company. His sale prices were between $30.74 and $38.98, with an estimated average price of $35.03.

General Motors Company is engaged in the designing, manufacturing and retailing of vehicles globally including passenger cars, crossover vehicles, and light trucks, sport utility vehicles, vans and other vehicles. General Motors Company has a market cap of $48.54 billion; its shares were traded at around $31.1 with and P/S ratio of 0.4.

Sold Out: Starwood Hotels & Resorts (HOT)

John Griffin sold out his holdings in Starwood Hotels & Resorts. His sale prices were between $55.37 and $65.09, with an estimated average price of $60.43.

Starwood Hotels & Resorts Worldwide, Inc. is one of the world's largesthotel operating companies. Starwood Hotels & Resorts has a market cap of $11.16 billion; its shares were traded at around $57.18 with a P/E ratio of 40.3 and P/S ratio of 2.2. The dividend yield of Starwood Hotels & Resorts stocks is 0.5%.

Sold Out: The Howard Hughes Corp. (HHC)

John Griffin sold out his holdings in The Howard Hughes Corp.. His sale prices were between $50.28 and $70, with an estimated average price of $58.08.

Howard Hughes Corporation operates as a real estate company engaged in the development of master planned communities and other strategic real estate development opportunities across the United States. The Howard Hughes Corp. has a market cap of $2.5 billion; its shares were traded at around $66.27 with and P/S ratio of 17.5.


Rating: 2.9/5 (11 votes)

Comments

Please leave your comment:


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK
Email Hide