Recently hedge funds have been filing their form 13-F, which is a quarterly report of equity holdings by filed institutional investment managers with at least $100 million in equity assets under management, as required by the United States Securities and Exchange Commission (SEC). In this article, let´s concentrate on Paul Tudor Jones (Trades, Portfolio) II, who is the president and founder of Tudor Investment Corporation, a private asset management company and hedge fund. As of March 2014, his net worth was $4.3 billion according to Forbes estimates.
Recently the fund reported its equity portfolio, as at the end of December. The total value of the portfolio amounted to $1,855 million, up $115.99 million disclosed at the end of the previous quarter. The filing revealed that, at the end of December, the fund added 411 new positions to its equity portfolio and sold out 322 positions. The top ten portfolio holdings as of the end of the quarter represented 19.68%. The largest changes from previous 13-F fillings are in the financials and technology sectors.
Equity allocation
When analyzing the portfolio allocation by sectors, we found that: Technology (18.2%), financials (17.3%), industrials (16.8) and health care (16.8) are the main sectors, totaling almost 70% of the portfolio.
Top positions by market value
In the next table we can see the top holdings by market value.
| Â | Ticker | Company Name | Add / (Reduce) | Actual Position | Market Value |
| 1 | SPY | SPDR S&P 500 ETF | 639.000 | 645.900 | 132.758.286 |
| 2 | LQD | iShares iBoxx $ Invst Grade Crp Bond | (95.321) | 358.841 | 42.849.204 |
| 3 | WDAY | Workday, Inc. | (10.645) | 403.513 | 32.930.696 |
| 4 | FB | Facebook, Inc. | 29.400 | 360.398 | 28.118.252 |
| 5 | JD | JD.com, Inc. | 642.621 | 1.173.483 | 27.154.397 |
Now turning our attention to the top new buys by market value we found the next list:
| Â | Ticker | Company Name | Add / (Reduce) | Actual Position | Market Value |
| 1 | HYH | Halyard Health, Inc. | 329.108 | 329.108 | 14.964.541 |
| 2 | LNKD | LinkedIn Corporation | 61.500 | 61.500 | 14.127.165 |
| 3 | GRA | W.R. Grace & Co. | 140.000 | 140.000 | 13.354.600 |
| 4 | SEE | Sealed Air Corporation | 201.200 | 201.200 | 8.536.916 |
| 5 | RHI | Robert Half International Inc | 134.607 | 134.607 | 7.858.357 |
Final comment
Jones is one of the most successful hedge-fund managers, and I think it could be valuable for investors to see those positions from some of the world's most accomplished investors.
All of the stocks still have good upside potential despite the fact that they have already risen in the past year. The only exception was Workday. The stocks are certainly attractive for fundamental investors and make it a worthy investment for Tudor’s portfolio. In future articles we are going to calculate the intrinsic values of these stocks to determine if they are a good buy in terms of valuation.
Disclosure: Omar Venerio holds no position in any stocks or funds mentioned.
