Caxton Associates sold many stocks in the third quarter; the following are the trades that brought it some gains. Caxton had gains of 61%, 25%, 23%, 14% and 14% and from Apple Inc. (AAPL), Morgan Stanley (MS), Walt Disney Co. (DIS), Mondelez International Inc. (MDLZ) and Wendy's Co. (WEN).
Bruce Stanley Kovner is the founder and chairman of Caxton Associates (Trades, Portfolio), L.L.C. He is also a chairman of CxSynta LLC.
The company had held 100,000 shares of McDonald's Corp. (MCD). The stock has been in the portfolio since 2010 and lost its position several times. Last quarter the firm bought new shares at an average price of $96.72 and this quarter sold the shares a few above its purchase price at $97.41. The firm gained 1% on the investment, and the deal had an impact of -0.43% on the portfolio.
The company has a market cap of $108.87 billion, and it franchises and operates McDonald's restaurants in the food service industry. These restaurants serve a broad menu at various price points in more than 100 countries around the world. It has a P/E of 25.60, a forward P/E ratio of 22.17, a P/B of 13.10 and a P/S of 4.42. GuruFocus has given the stock a financial strength rating of 7/10 and a profitability and growth rating of 7/10.
Paul Tudor Jones (Trades, Portfolio), T Rowe Price Equity Income Fund (Trades, Portfolio), HOTCHKIS & WILEY, Leon Cooperman (Trades, Portfolio) and Larry Robbins (Trades, Portfolio) are other funds that exited their positions in this quarter.
Walt Disney was another stock that lost its position in the portfolio. It had a position in the portfolio since 2010 and lost it several times. The company acquired new shares in Q1 2014 at an average price of $77.5 and this quarter sold the stake for an average of $108.99 per share, gaining 23%. The deal had an impact of -0.41% on the portfolio.
The company has a market cap of $175.01 billion and, together with its subsidiaries, is a diversified entertainment company with operations in five business segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products and Interactive Media. It has a P/E of 21.60, a forward P/E ratio of 18.59, a P/B of 3.80 and a P/S of 3.45. GuruFocus has given the stock a financial strength rating of 5/10 and a profitability and growth rating of 9/10.
The stock also lost its position in the portfolios of Steven Cohen (Trades, Portfolio), Ken Heebner (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio) and Murray Stahl (Trades, Portfolio).
The firm also exited its position in Hilton Worldwide Holdings Inc. (HLT). It had held 300,000 shares, and the position was established in Q2 2014 for an average price of $22.18 per share; last quarter the firm increased its stake by 100% and this quarter sold all its shares and gained 11% on the investment. The deal had an impact of -0.37% on the portfolio.
The company has a market cap of $21.6 billion and is a hospitality company. Along with its subsidiaries it is engaged in owning, leasing, managing, developing and franchising hotels, resorts and timeshare properties. It has a P/E of 29.20, a forward P/E ratio of 22.57, a P/B of 4.14 and a P/S of 1.92. GuruFocus has given the stock a financial strength rating of 4/10 and a profitability and growth rating of 5/10.
RS Investment Management (Trades, Portfolio) and NWQ Managers (Trades, Portfolio) are other funds that closed their holdings.
The company closed its holding in PepsiCo Inc. (PEP), which has been in the portfolio since 2010 and lost its position several times. In Q4 2014 the firm bought new shares and in the last two quarters increased its stake by 33.33% and 60.00%. This quarter the firm sold the shares and gained 7% on the investment. The deal had an impact of -0.34% on the portfolio.
The company has a market cap of $146.47 billion in the Global Beverages - Soft Drinks industry. It has a P/E of 29.80, a forward P/E ratio of 20.70, a P/B of 10.95 and a P/S of 2.34. GuruFocus has given the stock a financial strength rating of 8/10 and a profitability and growth rating of 8/10.
Steven Cohen (Trades, Portfolio) is another guru who exited his position in this quarter.
Mondelez International was another stock that lost its position in the portfolio. It has had a position in the portfolio since 2010 and lost it several times. The company acquired new shares in Q3 2013 and reduced its stake by 46.30% in the second quarter of 2015. This quarter it sold the stake for an average $43.09 per share, gaining 14%. The deal had an impact of -0.27% on the portfolio.
The company has a market cap of $72.07 billion and manufactures and markets confectionery products. The company manufactures and markets food and beverage products for consumers in approximately 165 countries around the world. It has a P/E of 8.70, a forward P/E ratio of 21.88, a P/B of 2.42 and a P/S of 2.42. GuruFocus has given the stock a financial strength rating of 6/10 and a profitability and growth rating of 5/10.
Caxton Associates (Trades, Portfolio) was only firm that closed its holding while Ruane Cunniff (Trades, Portfolio), RS Investment Management (Trades, Portfolio), George Soros (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) reduced their holdings.
The firm also exited its position in Yum! Brands Inc. (YUM), which had been 60,000 shares. Yum! had been in the portfolio since 2010 and lost its position several times. The firm acquired new shares in the first quarter and reduced its stake by 62.50% in the second quarter. This quarter Caxton sold all its shares and gained 14% on the investment; the deal had an impact of -0.24% on the portfolio.
The company has a market cap of $31.91 billion; through KFC, Pizza Hut and Taco Bell, it develops, operates, franchises and licenses a system of restaurants that prepare, package and sell a menu of competitively priced food items. It has a P/E of 35.30, a forward P/E ratio of 20.16, a P/B of 17.49 and a P/S of 2.51. GuruFocus has given the stock a financial strength rating of 7/10 and a profitability and growth rating of 7/10.
Jeremy Grantham (Trades, Portfolio), John Hussman (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) are other gurus who exited their position in this quarter.
Apple is another stock that lost its position in the portfolio. It has been in the portfolio since 2010 and lost its position several times. In Q4 2013 the firm bought new shares and reduced its stake by 72.01% in the second quarter of 2015. This quarter it sold its shares and had a gain of 61% on the investment; the deal had an impact of -0.11% on the portfolio.
The company has a market cap of $602.3 billion and designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players. It sells a variety of related software, services, accessories, networking solutions and third-party digital content and applications. It has a P/E of 12.50, a forward P/E ratio of 10.83, a P/B of 5.05 and a P/S of 2.82. GuruFocus has given the stock a financial strength rating of 5/10 and a profitability and growth rating of 9/10.
The stock lost its position in the portfolio of Jim Simons (Trades, Portfolio), Steven Cohen (Trades, Portfolio) and Ken Fisher (Trades, Portfolio).
The company also exited its position in Wendy's. It had held 325,000 shares, and the stock has been in the portfolio since 2010; last quarter Caxton reduced its stake by 45.83%. This quarter it sold all its shares and gained 14% on the investment, and the deal had an impact of -0.17% on the portfolio.
The company has a market cap of $2.98 billion and operates in the Global Restaurants industry. It has a P/E of 39.90, a forward P/E ratio of 30.58, a P/B of 4.22 and a P/S of 1.94. GuruFocus has given the stock a financial strength rating of 6/10 and a profitability and growth rating of 4/10.
Prem Watsa (Trades, Portfolio) and David Abrams (Trades, Portfolio) are other investors who exited their positions in the third quarter.
Citizens Financial Group Inc. (CFG) is another stock that lost its position in the portfolio. The company bought 275,000 shares in the first quarter of 2015 and reduced its stake by 54.55% in the second quarter. This quarter it sold its shares and had a gain of 6% on the investment. The deal had an impact of -0.15% on the portfolio.
The company has a market cap of $14.04 billion; through its subsidiaries, it provides retail and commercial banking products and services. It operates its business through two operating segments: Consumer Banking and Commercial Banking. It has a P/E of 17.90, a forward P/E ratio of 14.03, a P/B of 0.73 and a P/S of 3.03. GuruFocus has given the stock a financial strength rating of 5/10 and a profitability and growth rating of 4/10.
The stock also has no position in the portfolio of David Einhorn (Trades, Portfolio) and Jim Simons (Trades, Portfolio).
Morgan Stanley was another stock that lost its position in the portfolio. It has had a position in the portfolio since 2010 and lost it several times. The firm acquired new shares in Q2 2012; in the last three quarters it reduced its stake by 90.54%, 58.94% and 72.83%. This quarter it sold the stake for an average of $36.4 per share, gaining 25%. The deal had an impact of -0.11% on the portfolio.
The company has a market cap of $62.89 billion, and through its subsidiaries and affiliates, provides financial products and services to a diversified group of clients and customers, including corporations, governments, financial institutions and individuals. It has a P/E of 20.30, a forward P/E ratio of 10.25, a P/B of 0.93 and a P/S of 1.81. GuruFocus has given the stock a financial strength rating of 5/10 and a profitability and growth rating of 5/10.
Ray Dalio (Trades, Portfolio) is another guru who closed his holdings in this quarter.
