Richard Perry (Trades, Portfolio) co-founded private investment management firm Perry Capital LLC in 1988, which manages about $14 billion. Perry Capital had returns of 14.6% in 2010 and 25.2% in 2009. As is typical for him, he made about a dozen transactions in his personal portfolio in the first quarter.
Perry’s addition to his existing stake in Cheniere Energy Inc (LNG, Financial), a Houston-based energy company, had the greatest impact on his portfolio. Perry bought 2,374,774 shares for an average price of $74.62 per share. The deal, which had a 6.05% impact on Perry’s portfolio, made Cheniere the third-most valuable stake in that portfolio.
Cheniere has a market cap of $17.98 billion and an enterprise value of $30.52 billion. It has a Price/Sales of 63.7. Andreas Halvorsen (Trades, Portfolio), Seth Klarman (Trades, Portfolio), Steve Mandel (Trades, Portfolio), John Griffin (Trades, Portfolio), Alan Fournier (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Stanley Druckenmiller (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and John Burbank (Trades, Portfolio) have shares of Cheniere in their portfolios. Steven Cohen (Trades, Portfolio) sold his stake in the first quarter.
Perry also added to his stakes in Ally Financial Inc (ALLY, Financial) and CBS Corp (CBS, Financial).
Perry made four new buys in the first quarter – Williams Companies Inc (WMB, Financial), Micron Technology Inc (MU, Financial), Tenet Healthcare Corp (THC, Financial) and Community Health Systems Inc (CYH, Financial).
Tulsa-based Williams Companies, a natural gas processor and transporter, became the fifth-most valuable stake in Perry’s portfolio with his purchase of 3,288,828 shares for an average price of $46.36 per share. The transaction had a 5.48% impact on Perry’s portfolio.
Williams Companies has a market cap of $38.98 billion and an enterprise value of $72.49 billion. It has a P/E of 19.1, a Price/Book of 4.8 and a Price/Sales of 5.1. Steve Mandel (Trades, Portfolio), John Burbank (Trades, Portfolio), Paul Singer (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Chuck Akre (Trades, Portfolio) and Ken Fisher (Trades, Portfolio) have shares of Williams Companies in their portfolios. John Keeley (Trades, Portfolio), Jim Simons (Trades, Portfolio), Eric Mindich (Trades, Portfolio) and Daniel Loeb (Trades, Portfolio) sold their stakes in Williams Companies in the first quarter.
Perry purchased 5,730,000 shares of Micron Technology, a semiconductor producer in Boise, Idaho, for an average price of $29.89. The acquisition had a 5.12% impact on Perry’s portfolio and made it the fifth-largest stake (by volume) in that portfolio.
Micron has a market cap of $30.42 billion and an enterprise value of $33.48 billion. It has a P/E of 8.5, a Price/Book of 2.4 and a Price/Sales of 2.0. PRIMECAP Management (Trades, Portfolio), David Einhorn (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Seth Klarman (Trades, Portfolio), Donald Smith (Trades, Portfolio), Lee Ainslie (Trades, Portfolio), David Tepper (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Whitney Tilson (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), RS Investment Management (Trades, Portfolio), David Dreman (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Scott Black (Trades, Portfolio) and Julian Robertson (Trades, Portfolio) have shares of Micron Technology in their portfolios. Ken Heebner (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Caxton Associates (Trades, Portfolio) and Jim Simons (Trades, Portfolio) sold their stakes in the first quarter.
Divestitures and reductions
Perry sold his stake in one company – YPF Sociedad Anonima (YPF, Financial), an Argentine energy company. Perry sold his 5,092,045-share stake in the company for an average price of $25.78 per share. The sale had a -5.6% impact on his portfolio.
Perry also reduced his stakes in four companies – KapStone Paper And Packaging Corp (KS, Financial), Nokia Oyj (NOK, Financial), Rock-Tenn Company (RKT, Financial) and International Paper Co (IP, Financial).
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