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Tiziano Frateschi
Tiziano Frateschi
Articles (1848)  | Author's Website |

David Swensen Bets on Antero Resources

The investment is now 56% of his total assets

David Swensen (Trades, Portfolio), the chief investment officer at Yale University since 1985, is responsible for managing and investing the university's endowment assets and investment funds, which total over $22 billion. The following are his heavily weighted trades during the fourth quarter.

He acquired a new position and bought 8,740,871 shares in Antero Resources Corp. (AR) with an impact of 56% on the portfolio.

The company is an independent oil and natural gas company incorporated in Delaware on March 18, 2008. The company completed its Initial Public Offering on Oct. 16, 2013. During the fourth quarter net daily production had an 18% increase over the prior-year quarter and a 1% decrease sequentially, and adjusted net income decreased 30% from the prior-year quarter.

GuruFocus gives the stock a profitability and growth rating of 6 out of 10 with strong returns of ROE of 17.66% and ROA of 7.32% that are overperforming 90% of the companies in the Global Oil & Gas E&P industry. Financial strength has a rating of 4 out of 10 with a cash-to-debt of 0.01 that is far below the industry median of 0.41.

Seth Klarman (Trades, Portfolio) is the company's largest shareholder among the gurus, with 6.92% of outstanding shares followed by Swensen with 3.15%, Glenn Greenberg (Trades, Portfolio) with 1.26%, David Tepper (Trades, Portfolio) with 0.2%, Steven Cohen (Trades, Portfolio) with 0.09% and Paul Tudor Jones (Trades, Portfolio) with 0.01%.

The guru exited his position in Palo Alto Networks Inc. (PANW) with an impact of -1.8% on the portfolio.

The company offers an enterprise network security platform that allows enterprises, service providers and government entities to secure their networks and safely enable applications running on their networks.

GuruFocus gives the stock a profitability and growth rating of 4 out of 10 with negative returns of ROE of -37.21% and ROA of -9.82% that are underperforming 89% of the companies in the Global Communication Equipment industry. Financial strength has a rating of 8 out of 10 with a cash-to-debt of 1.94 that is few below the industry median of 2.30.

The company's largest shareholder among the gurus is Frank Sands (Trades, Portfolio) with 3.41% of outstanding shares followed by Jim Simons (Trades, Portfolio) with 1.54%, RS Investment Management (Trades, Portfolio) with 0.08%, Pioneer Investments (Trades, Portfolio) with 0.06%, John Burbank (Trades, Portfolio) with 0.05% and Cohen with 0.02%.

The investor bought 93,709 shares in Shore Bancshares Inc. (SHBI), and the deal had an impact of 0.3% on the portfolio.

The company is a financial holding company located on the Eastern Shore of Maryland. Its business is acting as the parent company to several financial institutions and insurance entities. 2015 was an exciting year for the company in which total assets grew 3.2% compared to a year before.

GuruFocus gives the stock a profitability and growth rating of 4 out of 10 with weak returns of ROE of 4.94% and ROA of 0.64% that are underperforming 75% of the companies in the Global Banks - Regional - U.S. industry. Financial strength has a rating of 6 out of 10 with a cash-to-debt of 10.39 that is above the industry median of 2.42. Due to an increase in average earning assets of $41.9 million, net interest income had an increase of 4.4% compared to 2014.

Simons is a notable shareholder with 0.9% of outstanding shares.

The guru closed his stake in Atara Biotherapeutics Inc. (ATRA) with an impact of -0.09% on the portfolio.

The company is a clinical-stage biopharmaceutical company. It develops novel therapeutics with an initial focus on muscle-wasting conditions and oncology.

GuruFocus gives the stock a profitability and growth rating of 2 out of 10 with negative returns of ROE of -31.88% and ROA of -27.96% that are underperforming 51% of the companies in the Global Biotechnology industry. Financial strength has a rating of 6 out of 10 with no debt.

The company's largest shareholder among the gurus is Klarman with 18.72% of outstanding shares followed by Jones with 0.07%.

The investor closed his stake in Tesaro Inc. (TSRO) with an impact of -0.08% on the portfolio.

Tesaro is an oncology-focused biopharmaceutical company dedicated to improving the lives of cancer patients. During the fourth quarter it reported a net loss of $1.89 per share compared to a net loss of $1.33 per share for the fourth quarter of 2014. Due to commercial activities in support of the launch of VARUBI®, increased commercial headcount and higher professional service fees, selling, general and administrative expenses increased to $27.9 million for the fourth quarter of 2015 compared to $7.4 million for the fourth quarter of 2014

GuruFocus gives the stock a profitability and growth rating of 4 out of 10 with negative returns of ROE of -151.32% and ROA of -78.52% that are underperforming 88% of the companies in the Global Biotechnology industry. Financial strength has a rating of 8 out of 10 with a cash-to-debt of 1.90 that is far below the industry median of 54.85.

Cohen is the company's largest shareholder among the gurus with 2.4% of outstanding shares followed by Pioneer Investments (Trades, Portfolio) with 0.31% and Jones with 0.02%.

The guru sold out his shares in JPMorgan Chase & Co. (JPM) with an impact of -0.08% on the portfolio.

It is a financial services firm and banking institution in the U.S. with operations around the world. The company's activities are organized, for management reporting purposes, into various business segments, such as Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset Management. In the fourth quarter the company delivered strong capital returns, in which $2.6 billion of net capital returned to shareholders, including $1.0 billion of net repurchases and average core loans up 16% year over year and 5% quarter over quarter.

GuruFocus gives the stock a profitability and growth rating of 5 out of 10 with easy returns of ROE of 9.32% and ROA of 0.99% that are overperforming 55% of the companies in the Global Banks - Global industry. Financial strength has a rating of 4 out of 10 with a cash-to-debt of 1.11 that is below the industry median of 2.42.

The company's largest shareholder among the gurus is James Barrow (Trades, Portfolio) with 0.85% of outstanding shares followed by Dodge & Cox with 0.72%, Chris Davis (Trades, Portfolio) with 0.47%, PRIMECAP Management (Trades, Portfolio) with 0.39%, Ken Fisher (Trades, Portfolio) with 0.38% and T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.32%.

The investor exited his position in Corcept Therapeutics Inc. (CORT) with an impact of -0.03% on the portfolio.

The company is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic and psychiatric and oncologic disorders. Company focuses on disorders associated with the steroid hormone cortisol.

GuruFocus gives the stock a profitability and growth rating of 3 out of 10 with negative returns of ROE of -182.41% that is underperforming and ROA of -25.98% that is overperforming 54% of the companies in the Global Biotechnology industry. Financial strength has a rating of 3 out of 10 with a cash-to-debt of 1.23 that is far below the industry median of 54.85.

Simons is the company's largest shareholder among the gurus with 0.42% of outstanding shares followed by First Eagle Investment (Trades, Portfolio) with 0.28%, Jones with 0.02% and Joel Greenblatt (Trades, Portfolio) with 0.02%.

About the author:

Tiziano Frateschi
You can read about me on www.theextraincome.info, which gives suggestions on position trading.

Visit Tiziano Frateschi's Website


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