PointState 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.
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 57 stocks valued at a total of $4.02Bil. The top holdings were MSFT(8.86%), AMZN(6.74%), and TMUS(5.65%).
According to GuruFocus data, these were PointState Capital LP’s top five trades of the quarter.
Amazon.com Inc
During the quarter, PointState Capital LP bought 2,130,481 shares of NAS:AMZN for a total holding of 2,555,581. The trade had a 5.62% impact on the equity portfolio. During the quarter, the stock traded for an average price of $125.73.
On 08/15/2022, Amazon.com Inc traded for a price of $143.55 per share and a market cap of $1,462.42Bil. The stock has returned -13.09% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Amazon.com Inc has a price-earnings ratio of 128.63, a price-book ratio of 11.12, a price-earnings-to-growth (PEG) ratio of 3.07, a EV-to-Ebitda ratio of 30.11 and a price-sales ratio of 3.03.
The price-to-GF Value ratio is 0.76, earning the stock a GF Value rank of 10.
ConocoPhillips
The guru established a new position worth 1,224,923 shares in NYSE:COP, giving the stock a 2.73% weight in the equity portfolio. Shares traded for an average price of $102.98 during the quarter.
On 08/15/2022, ConocoPhillips traded for a price of $102.75 per share and a market cap of $130.80Bil. The stock has returned 84.66% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, ConocoPhillips has a price-earnings ratio of 8.48, a price-book ratio of 2.61, a price-earnings-to-growth (PEG) ratio of 0.42, a EV-to-Ebitda ratio of 4.40 and a price-sales ratio of 2.06.
The price-to-GF Value ratio is 0.91, earning the stock a GF Value rank of 7.
Booking Holdings Inc
The guru established a new position worth 62,065 shares in NAS:BKNG, giving the stock a 2.7% weight in the equity portfolio. Shares traded for an average price of $2136.85 during the quarter.
On 08/15/2022, Booking Holdings Inc traded for a price of $2120.98 per share and a market cap of $84.22Bil. The stock has returned -3.29% 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 56.54, a price-book ratio of 21.28, a EV-to-Ebitda ratio of 27.72 and a price-sales ratio of 5.95.
The price-to-GF Value ratio is 0.75, earning the stock a GF Value rank of 10.
Salesforce Inc
The guru sold out of their 866,602-share investment in NYSE:CRM. Previously, the stock had a 2.11% weight in the equity portfolio. Shares traded for an average price of $177.26 during the quarter.
On 08/15/2022, Salesforce Inc traded for a price of $189.89 per share and a market cap of $188.94Bil. The stock has returned -23.55% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Salesforce Inc has a price-earnings ratio of 184.36, a price-book ratio of 3.21, a price-earnings-to-growth (PEG) ratio of 6.90, a EV-to-Ebitda ratio of 50.74 and a price-sales ratio of 6.73.
The price-to-GF Value ratio is 0.68, earning the stock a GF Value rank of 8.
Shell PLC
During the quarter, PointState Capital LP bought 1,266,847 shares of NYSE:SHEL for a total holding of 3,082,429. The trade had a 1.65% impact on the equity portfolio. During the quarter, the stock traded for an average price of $56.16.
On 08/15/2022, Shell PLC traded for a price of $54.29 per share and a market cap of $197.55Bil. The stock has returned 35.69% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Shell PLC has a price-earnings ratio of 5.95, a price-book ratio of 1.05, a price-earnings-to-growth (PEG) ratio of 1.65, a EV-to-Ebitda ratio of 3.11 and a price-sales ratio of 0.67.
The price-to-GF Value ratio is 0.91, earning the stock a GF Value rank of 7.
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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