Whitney Tilson (Trades, Portfolio) is the founder and managing partner of Kase Capital Management, a value-oriented hedge fund. Kase Capital rose 8.4% in the first quarter, compared to 1.8% for the S&P 500, fueled by long positions magicJack (CALL), Sodastream (SODA) and Berkshire Hathaway (BRK.A)(BRK.B). Tilson also holds a basket of five 3D printing stocks which all declined in double digit percentages in the first quarter.
In the second quarter, Tilson bought only one new stock: JetBlue Airways Corp. (JBLU). He also significantly increased his holding in two stocks: United Continental Holdings Inc. (UAL) and Spark Networks Inc. (SODA).
In total, Tilson’s portfolio contains 24 stocks and has a value of $67 million. It is primarily weighted in Industrials at 28.7%, financial services at 21% and real estate at 11.4%.
New Buy: JetBlue (JBLU)
Tilson purchased 172,000 shares of JetBlue Airways Corp in the second quarter when the price averaged $9. The new position is 2.8% of his portfolio.
JetBlue Airways Corporation was incorporated in Delaware in August 1998 and commenced service Feb. 11, 2000. JetBlue Airways Corp has a market cap of $3.21 billion; its shares were traded at around $10.81 with a P/E ratio of 23.20 and P/S ratio of 0.65. JetBlue Airways Corp had an annual average earnings growth of 3.10% over the past 10 years. GuruFocus rated JetBlue Airways Corp the business predictability rank of 2-star.
United Continental Holdings Inc. (UAL)
Tilson increased his UAL position by 43.75%, purchasing 7,000 shares of the company for a total position of 23,000. The holding is 1.4% of the portfolio.
United Continental Holdings Inc. was incorporated under the laws of the State of Delaware on December 30, 1968. United Continental Holdings Inc. has a market cap of $17.46 billion; its shares were traded at around $46.73 with a P/E ratio of 27.70 and P/S ratio of 0.47. United Continental Holdings Inc. had an annual average earnings growth of 1.50% over the past five-five years.
Spark Networks Inc. (LOV)
Tilson increased his holding of Spark Networks by 24.2%, buying 105,800 shares of the company for a total of 548,119 shares. The position is 4.6% of his portfolio.
Spark Networks Inc. is an online personal service provider that operated dating websites in various parts of the world. Spark Networks Inc. has a market cap of $137.039 million; its shares were traded at around $5.75 with and P/S ratio of 1.97.