Guru Alan Fournier (Trades, Portfolio) has been investing for more than a quarter of a century. Today he manages Pennant Master Fund, Pennant Windward Master Fund, Broadway Gate Master Fund, Ltd., and Pennant General Partner, LLC. Perhaps understandably, his personal investments have been modest compared to many of the gurus we follow, but in the first quarter of 2015, they were significant, as they usually are.
Gilead Sciences Inc (GILD, Financial), a California-based biotechnology company, is widely considered one of the hottest stocks in the market these days, but Fournier sold his 2,141,000-share stake in the first quarter. Fournier received $101.54 per share. The sale had a -3.8% impact on his portfolio.
Gilead has a market cap of $176.57 billion and an enterprise value of $178.05 billion. It has a P/E of 13.7, a Price/Book of 10.3 and a Price/Sales of 7.1. Jim Simons (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), John Rogers (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Ronald Muhlenkamp (Trades, Portfolio), RS Investment Management (Trades, Portfolio)s, NWQ Managers (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), John Burbank (Trades, Portfolio), John Buckingham (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), David Dreman (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Dodge & Cox, Lee Ainslie (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of Gilead in their portfolios.
Fournier also sold his stake in Ocwen Financial Corp (OCN, Financial), a Georgia-based provider of residential and commercial mortgage loan servicing, special servicing and asset management services. Fournier sold his 8,909,964-share stake for an average price of $8.93 per share. The transaction had a -2.5% impact on his portfolio.
Ocwen Financial has a market cap of $1.32 billion and an enterprise value of $3.03 billion. It has a Price/Book of 1.2 and a Price/Sales of 0.7. Seth Klarman (Trades, Portfolio), Murray Stahl (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Ocwen in their portfolios.
Fournier sold his 1,332,685-share stake in Wesco International Inc (WCC, Financial), a Pittsburgh-based holding company, for an average price of $69.23 per share. The sale had a -1.9% impact on his portfolio.
Wesco International has a market cap of $3.17 billion and an enterprise value of $4.4 billion. It has a P/E of 14.1, a Price/Book of 1.7 and a Price/Sales of 0.5. Columbia Wanger (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Jeff Ubben (Trades, Portfolio), Chris Davis (Trades, Portfolio), Jim Simons (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Scott Black (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Wesco in their portfolios.
Fournier reduced his stake in Carter's Inc (CRI, Financial), an Atlanta-based maker of children’s apparel, selling 2,280,934 shares – more than two-thirds of his stake – for an average price of $86.38 per share. The deal had a -3.71% impact on Fournier’s portfolio.
Carter’s has a market cap of $5.66 billion and an enterprise value of $5.87 billion. It has a P/E of 27.3, a Price/Book of 7.1 and a Price/Sales of 2.0. Larry Robbins (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), George Soros (Trades, Portfolio), Bernard Horn (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Carter’s in their portfolios.
Fournier also sold a portion of his stake in Marathon Petroleum Corp (MPC, Financial), an oil refining, marketing and pipeline transport company based in Ohio. Fournier sold 891,828 shares for an average price of $48.02 per share. The transaction had a -1.52% impact on his portfolio.
Marathon Petroleum has a market cap of $27.9 billion and an enterprise value of $33.21 billion. It has a P/E of 9.0, a Price/Book of 2.5 and a Price/Sales of 0.3. James Barrow (Trades, Portfolio), John Griffin (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Jim Simons (Trades, Portfolio), T Boone Pickens (Trades, Portfolio), Steven Cohen (Trades, Portfolio), John Burbank (Trades, Portfolio), Bernard Horn (Trades, Portfolio), John Hussman (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Ron Baron (Trades, Portfolio), David Dreman (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio) and Ken Fisher (Trades, Portfolio) have shares of Marathon Petroleum in their portfolios.
New buys and additions
Fournier made six new buys in the first quarter, the most significant of which was his purchase of an 8,159,206-share stake in Manitowoc Co Inc (MTW, Financial), a Wisconsin-based company focusing on products for the food service and construction industries. Fournier paid an average price of $20.69 per share. The acquisition had a 3.3% impact on his portfolio.
Manitowoc has a market cap of $2.72 billion and an enterprise value of $4.32 billion. It has a P/E of 18.9, a Price/Book of 3.6 and a Price/Sales of 0.7. Carl Icahn (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Bill Frels (Trades, Portfolio) and Murray Stahl (Trades, Portfolio) have shares of Manitowoc in their portfolios.
Fournier acquired a stake in Realogy Holdings Corp (RLGY, Financial), a New Jersey-based provider of real estate and relocation services. Fournier purchased 2,698,946 shares for an average price of $46.04 per share. The transaction had a 2.3% impact on Fournier’s portfolio.
Realogy Holdings has a market cap of $6.81 billion and an enterprise value of $10.56 billion. It has a P/E of 43.9, a Price/Book of 3.1 and a Price/Sales of 1.3. Steve Mandel (Trades, Portfolio), John Paulson (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Manning & Napier Advisors, Inc, Third Avenue Management (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), George Soros (Trades, Portfolio), Jim Simons (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Michael Price (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Realogy Holdings in their portfolios.
Fournier also bought stakes in Dollar Tree Stores Inc (DLTR, Financial), Boston Scientific Inc (BSX, Financial), SunEdison Inc (SUNE, Financial) and CST Brands Inc (CST, Financial).
Fournier added to 10 existing stakes in his portfolio in the first quarter. The most significant addition was his purchase of 1,995,000 shares of General Motors Co (GM, Financial), a Detroit-based designer, manufacturer, marketer and distributor of vehicles and vehicle parts, nearly doubling his stake. Fournier paid an average price of $36.37 per share. The acquisition had a 1.4% impact on his portfolio.
General Motors has a market cap of $55.77 billion and an enterprise value of $80.34 billion. It has a P/E of 16.3, a Price/Book of 1.5 and a Price/Sales of 0.4. Warren Buffett (Trades, Portfolio), David Tepper (Trades, Portfolio), HOTCHKIS & WILEY, David Einhorn (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Brian Rogers (Trades, Portfolio), George Soros (Trades, Portfolio), Larry Robbins (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Ken Heebner (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Third Avenue Management (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Martin Whitman (Trades, Portfolio), Richard Snow (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Donald Smith (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Michael Price (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Kyle Bass (Trades, Portfolio), Ronald Muhlenkamp (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), David Dreman (Trades, Portfolio), Murray Stahl (Trades, Portfolio), T Boone Pickens (Trades, Portfolio) and Ken Fisher (Trades, Portfolio) have shares of General Motors in their portfolios.
Fournier also added to his stake in Impax Laboratories Inc (IPXL), a pharmaceutical company based in Hayward, California. Fournier bought 1,491,900 shares for an average price of $39.79 per share. The transaction had a 1.31% impact on his portfolio.
Impax Laboratories has a market cap of $3.34 billion and an enterprise value of $3.59 billion. It has a P/E of 73.7, a Price/Book of 3.7 and a Price/Sales of 5.3. NWQ Managers (Trades, Portfolio), John Hussman (Trades, Portfolio), Jim Simons (Trades, Portfolio), George Soros (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Impax Laboratories in their portfolios.
Fournier also added to his stakes in Wabco Holdings Inc (WBC), United Continental Holdings Inc (UAL), American Airlines Group Inc (AAL), Range Resources Corp (RRC), Mattress Firm Holding Corp (MFRM), Delta Air Lines Inc (DAL), Amgen Inc (AMGN) and Broadcom Corp (BRCM).
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