Long Pond Capital, LP recently filed their 13F report for the second quarter of 2022, which ended on 2022-06-30.
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.
Long Pond Capital, LP is a hedge fund sponsor based out of New York City, New York. The firm was originally established by founder John Khoury, who is still with the company today acting as its Managing Partner. The company conducts its research internally and externally, focusing on identifying asymmetry, which the company has defined as the “material disconnect between stock price and intrinsic value, at the company level across a broad investable universe of real estate and real-estate-related securities.” Long Pond Capital utilizes a fundamental methodology, focusing on the value stocks of companies with a bottom up approach. The company invests most heavily in the real estate sector, which alone makes up over three quarters of the firm’s total asset allocations, and also invest in the consumer discretionary and finance sectors, among other sectors such as industrials and utilities and telecommunications to a lesser degree, in order of decreasing allocation. Long Pond Capital holds its allocations for 3.2 quarters on average and holds its top 10 allocations for 2.6 quarters on average. The firm’s top allocations include Colony Financial Inc., Starwood Hotels & Resorts Worldwide Inc., LaSalle Hotel Properties, Inc., Caterpillar Inc., and Forest City Enterprises, Inc. Class A, in order of decreasing holdings. Long Pond Capital manages over $3.2 billion in total assets under management spread across 4 accounts, all of which are discretionary accounts. Although the firm’s total number of accounts has stayed the same in recent years, its total assets under management has been increasing, growing significantly from under $300 million back in 2012 to well over 10 times that amount today. Long Pond Capital currently caters exclusively to pooled investment vehicles. The firm takes advisory fees in the form of a percentage of assets and various performance based fees and operates with 17 total employees of which 7 are investment professionals.
As of the latest 13F report, the guru’s equity portfolio contained 40 stocks valued at a total of $2.02Bil. The top holdings were JBGS(10.09%), DHI(6.79%), and HLT(4.93%).
According to GuruFocus data, these were Long Pond Capital, LP’s top five trades of the quarter.
VICI Properties Inc
The guru sold out of their 5,356,839-share investment in NYSE:VICI. Previously, the stock had a 6.21% weight in the equity portfolio. Shares traded for an average price of $29.47 during the quarter.
On 08/15/2022, VICI Properties Inc traded for a price of $35.39 per share and a market cap of $34.08Bil. The stock has returned 21.87% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, VICI Properties Inc has a price-earnings ratio of 35.04, a price-book ratio of 1.57, a price-earnings-to-growth (PEG) ratio of 0.21, a EV-to-Ebitda ratio of 44.68 and a price-sales ratio of 13.59.
The price-to-GF Value ratio is 1.17, earning the stock a GF Value rank of 3.
Hilton Worldwide Holdings Inc
The guru established a new position worth 894,219 shares in NYSE:HLT, giving the stock a 4.93% weight in the equity portfolio. Shares traded for an average price of $138.58 during the quarter.
On 08/15/2022, Hilton Worldwide Holdings Inc traded for a price of $137.44 per share and a market cap of $37.70Bil. The stock has returned 11.47% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Hilton Worldwide Holdings Inc has a price-earnings ratio of 39.84, a EV-to-Ebitda ratio of 23.75 and a price-sales ratio of 5.12.
The price-to-GF Value ratio is 1.04, earning the stock a GF Value rank of 5.
Americold Realty Trust Inc
Long Pond Capital, LP reduced their investment in NYSE:COLD by 4,283,238 shares. The trade had a 4.87% impact on the equity portfolio. During the quarter, the stock traded for an average price of $27.8.
On 08/15/2022, Americold Realty Trust Inc traded for a price of $32.45 per share and a market cap of $8.74Bil. The stock has returned -9.92% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 5 out of 10.
In terms of valuation, Americold Realty Trust Inc has a price-book ratio of 2.25, a EV-to-Ebitda ratio of 31.45 and a price-sales ratio of 3.03.
The price-to-GF Value ratio is 0.86, earning the stock a GF Value rank of 9.
LXP Industrial Trust
The guru established a new position worth 9,071,090 shares in NYSE:LXP, giving the stock a 4.82% weight in the equity portfolio. Shares traded for an average price of $12.08 during the quarter.
On 08/15/2022, LXP Industrial Trust traded for a price of $11.27 per share and a market cap of $3.15Bil. The stock has returned -11.81% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, LXP Industrial Trust has a price-earnings ratio of 10.34, a price-book ratio of 1.49, a price-earnings-to-growth (PEG) ratio of 1.62, a EV-to-Ebitda ratio of 13.39 and a price-sales ratio of 9.98.
The price-to-GF Value ratio is 1.13, earning the stock a GF Value rank of 3.
American Homes 4 Rent
Long Pond Capital, LP reduced their investment in NYSE:AMH by 2,514,625 shares. The trade had a 4.1% impact on the equity portfolio. During the quarter, the stock traded for an average price of $37.88.
On 08/15/2022, American Homes 4 Rent traded for a price of $38.39 per share and a market cap of $13.37Bil. The stock has returned -4.70% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, American Homes 4 Rent has a price-earnings ratio of 67.35, a price-book ratio of 2.13, a price-earnings-to-growth (PEG) ratio of 23.22, a EV-to-Ebitda ratio of 22.94 and a price-sales ratio of 9.34.
The price-to-GF Value ratio is 1.15, earning the stock a GF Value rank of 3.
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.
Want to provide feedback on this article? Have questions or concerns? Get in touch with us here, or email us at [email protected]!
This article is general in nature and does not represent the opinions of GuruFocus or any of its affiliates. This article is not intended to be financial advice, nor does it constitute investment advice or recommendations. It was written without regard to your individual situation or financial goals. We aim to bring you fundamental, data-driven analysis, The information on this site is in no way guaranteed for completeness, accuracy or in any other way.
