LAKEWOOD CAPITAL MANAGEMENT, 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.
Lakewood Capital Management, LP is a hedge fund sponsor based out of New York City, New York. The company was originally established in 2007 by cofounders Anthony T. Bozza and William L. Jackson, both of whom are still with the company today as its partners. Lakewood Capital Management has grown from its inception to now operate with 12 employees of which 7 are investment professionals. Lakewood Capital Management is employee owned with founder Anthony Bozza holding the highest majority share. The company conducts its research internally and externally, utilizing a fundamental methodology to make its investment decisions. Lakewood Capital Management invests with a long and short strategy, allocating its assets in the public equity and fixed income markets within the United States. The company invests most heavily in the finance sector, which alone makes up over a quarter of the firm’s total asset allocations, and also invests in the information technology, consumer discretionary, health care, transports, and materials sectors, among other sectors to a lesser degree, in order of decreasing allocation. Lakewood Capital Management holds its allocations for just over 5 quarters on average and holds its top 10 allocations, which make up almost two thirds of its total allocations, for 3.8 quarters on average. In the most recent quarter, Lakewood Capital Management had a turnover rate of 48.8%. The company manages over $4.9 billion in total assets under management held in 2 total accounts, both of which are discretionary. Although the company’s total number of accounts has remained steady in recent years, its total assets under management has been increasing, growing significantly from $1.3 billion back in 2012 to approaching four times that amount today. Lakewood Capital Management currently caters exclusively to pooled investment vehicles. The company takes advisory fees in the form of a percentage of assets and various performance based fees.
As of the latest 13F report, the guru’s equity portfolio contained 45 stocks valued at a total of $1.62Bil. The top holdings were CI(7.16%), DELL(6.24%), and BC(5.81%).
According to GuruFocus data, these were LAKEWOOD CAPITAL MANAGEMENT, LP’s top five trades of the quarter.
Alibaba Group Holding Ltd
The guru sold out of their 457,440-share investment in NYSE:BABA. Previously, the stock had a 2.51% weight in the equity portfolio. Shares traded for an average price of $98.24 during the quarter.
On 08/16/2022, Alibaba Group Holding Ltd traded for a price of $94.2 per share and a market cap of $249.40Bil. The stock has returned -50.06% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Alibaba Group Holding Ltd has a price-earnings ratio of 52.33, a price-book ratio of 1.71, a price-earnings-to-growth (PEG) ratio of 3.85, a EV-to-Ebitda ratio of 15.31 and a price-sales ratio of 1.93.
The price-to-GF Value ratio is 0.27, earning the stock a GF Value rank of 2.
T-Mobile US Inc
LAKEWOOD CAPITAL MANAGEMENT, LP reduced their investment in NAS:TMUS by 258,900 shares. The trade had a 1.68% impact on the equity portfolio. During the quarter, the stock traded for an average price of $130.44.
On 08/16/2022, T-Mobile US Inc traded for a price of $146.69 per share and a market cap of $183.96Bil. The stock has returned 1.21% 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, T-Mobile US Inc has a price-earnings ratio of 107.07, a price-book ratio of 2.60, a price-earnings-to-growth (PEG) ratio of 11.51, a EV-to-Ebitda ratio of 14.33 and a price-sales ratio of 2.29.
The price-to-GF Value ratio is 1.13, earning the stock a GF Value rank of 3.
Mimecast Ltd
The guru sold out of their 410,000-share investment in NAS:MIME. Previously, the stock had a 1.65% weight in the equity portfolio. Shares traded for an average price of $79.72 during the quarter.
On 08/16/2022, Mimecast Ltd traded for a price of $79.92 per share and a market cap of $5.35Bil. The stock has returned 69.72% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 4 out of 10.
In terms of valuation, Mimecast Ltd has a price-earnings ratio of 114.17, a price-book ratio of 10.53, a price-earnings-to-growth (PEG) ratio of 1.86, a EV-to-Ebitda ratio of 40.73 and a price-sales ratio of 9.46.
The price-to-GF Value ratio is 1.30, earning the stock a GF Value rank of 1.
Charter Communications Inc
During the quarter, LAKEWOOD CAPITAL MANAGEMENT, LP bought 48,300 shares of NAS:CHTR for a total holding of 72,876. The trade had a 1.4% impact on the equity portfolio. During the quarter, the stock traded for an average price of $488.03.
On 08/16/2022, Charter Communications Inc traded for a price of $480.92 per share and a market cap of $77.26Bil. The stock has returned -37.68% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Charter Communications Inc has a price-earnings ratio of 15.47, a price-book ratio of 7.84, a price-earnings-to-growth (PEG) ratio of 0.83, a EV-to-Ebitda ratio of 8.21 and a price-sales ratio of 1.61.
The price-to-GF Value ratio is 0.61, earning the stock a GF Value rank of 8.
Citigroup Inc
During the quarter, LAKEWOOD CAPITAL MANAGEMENT, LP bought 440,000 shares of NYSE:C for a total holding of 1,650,500. The trade had a 1.25% impact on the equity portfolio. During the quarter, the stock traded for an average price of $50.08.
On 08/16/2022, Citigroup Inc traded for a price of $54.07 per share and a market cap of $104.72Bil. The stock has returned -23.25% 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, Citigroup Inc has a price-earnings ratio of 6.90, a price-book ratio of 0.58, a price-earnings-to-growth (PEG) ratio of 1.31 and a price-sales ratio of 1.46.
The price-to-GF Value ratio is 0.81, earning the stock a GF Value rank of 9.
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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