PointState Capital LP recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
PointState Capital is an investment management company based out of New York. The company was founded in 2011 by Zachary J. Schreiber, who is currently still with the company acting as its CEO and CIO, Josh Samuelson, Kenan Turnacioglu and Jack Franke. PointState Capital began with approximately $5 billion in capital and has grown significantly in the few years since its establishment. The company currently has 47 employees with 39 of them being investment professionals and is owned by its employees with the controlling majority ownership in the company being held by founder, CEO, and CIO Zachary J. Schreiber, and the remaining ownership split amongst Joshua D. Samuelson, a limited partner, and other key executives. PointState Capital utilizes a variety of investment strategies including long/short equities, global macro, relative value investing, commodity investing, and special situations investing, among others. The company utilizes a high degree of leverage including derivative instruments and the trading of margin and repurchase agreements. The company invests most heavily in the health care sector, which alone makes up almost a third of its total asset allocations, and the firm also invests in the energy, materials, finance, consumer discretionary, and industrials sectors, among others to a lesser degree, in order of decreasing allocation. PointState Capital currently has $14.2 billion in total assets under management spread across 14 accounts, all of which are discretionary. Both of the company’s total number of accounts and total assets under management have been increasing in recent years with its total number of managed accounts doubling from 7 accounts two years ago and its total assets under management growing significantly from $6.8 billion back in 2012 to well over twice that amount today. The company currently caters almost exclusively to pooled investment vehicles, taking both a percentage of assets and various performance based fees.
As of the latest 13F report, the guru’s equity portfolio contained 64 stocks valued at a total of $8,732,000,000. The top holdings were MSFT(4.98%), TMUS(2.74%), and CRM(2.11%).
According to GuruFocus data, these were PointState Capital LP’s top five trades of the quarter.
Meta Platforms Inc
The guru sold out of their 663,216-share investment in NAS:FB. Previously, the stock had a 3.7% weight in the equity portfolio. Shares traded for an average price of $250.52 during the quarter.
On 05/16/2022, Meta Platforms Inc traded for a price of $198.62 per share and a market cap of $537,529,951,000. The stock has returned -34.93% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Meta Platforms Inc has a price-earnings ratio of 15.02, a price-book ratio of 4.37, a price-earnings-to-growth (PEG) ratio of 0.56, a EV-to-Ebitda ratio of 9.75 and a price-sales ratio of 4.68.
The price-to-GF Value ratio is 0.51, earning the stock a GF Value rank of 4.
Palo Alto Networks Inc
The guru sold out of their 389,971-share investment in NAS:PANW. Previously, the stock had a 3.6% weight in the equity portfolio. Shares traded for an average price of $535.55 during the quarter.
On 05/16/2022, Palo Alto Networks Inc traded for a price of $491.01 per share and a market cap of $48,356,822,000. The stock has returned 51.60% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 4 out of 10.
In terms of valuation, Palo Alto Networks Inc has a price-book ratio of 410.54, a EV-to-Ebitda ratio of -6897.58 and a price-sales ratio of 9.86.
The price-to-GF Value ratio is 1.14, earning the stock a GF Value rank of 5.
Microsoft Corp
During the quarter, PointState Capital LP bought 1,009,722 shares of NAS:MSFT for a total holding of 1,411,521. The trade had a 3.56% impact on the equity portfolio. During the quarter, the stock traded for an average price of $300.8.
On 05/16/2022, Microsoft Corp traded for a price of $261.12 per share and a market cap of $1,952,925,132,000. The stock has returned 8.41% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Microsoft Corp has a price-earnings ratio of 27.26, a price-book ratio of 11.99, a price-earnings-to-growth (PEG) ratio of 1.29, a EV-to-Ebitda ratio of 19.37 and a price-sales ratio of 10.25.
The price-to-GF Value ratio is 0.88, earning the stock a GF Value rank of 7.
Booking Holdings Inc
The guru sold out of their 83,625-share investment in NAS:BKNG. Previously, the stock had a 3.33% weight in the equity portfolio. Shares traded for an average price of $2342.2 during the quarter.
On 05/16/2022, Booking Holdings Inc traded for a price of $2101.89 per share and a market cap of $85,385,616,000. The stock has returned -4.77% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Booking Holdings Inc has a price-earnings ratio of 170.06, a price-book ratio of 19.59, a EV-to-Ebitda ratio of 47.49 and a price-sales ratio of 6.92.
The price-to-GF Value ratio is 0.88, earning the stock a GF Value rank of 5.
D.R. Horton Inc
The guru sold out of their 1,593,008-share investment in NYSE:DHI. Previously, the stock had a 2.86% weight in the equity portfolio. Shares traded for an average price of $86.85 during the quarter.
On 05/16/2022, D.R. Horton Inc traded for a price of $68.53 per share and a market cap of $24,124,633,000. The stock has returned -26.92% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, D.R. Horton Inc has a price-earnings ratio of 4.91, a price-book ratio of 1.44, a price-earnings-to-growth (PEG) ratio of 0.17, a EV-to-Ebitda ratio of 4.28 and a price-sales ratio of 0.81.
The price-to-GF Value ratio is 0.62, earning the stock a GF Value rank of 8.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
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