Kensico Capital

Q3 2014 13F · by Michael Lowenstein, founder

As of: Sep 30, 2014
Filed: Nov 14, 2014
US stock: $4.5B · prev $4.8B
Positions: 32 · prev 33
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves36 since the prior filing

+7.6 pp in · −7.1 pp out

New 7 +2.82 pp
Added 5 +4.79 pp
Trimmed 16 −4.60 pp
Exited 8 −2.54 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.6 years per position

Low
Moderate
High

Top 5 positions58% of US stock

LNG Cheniere Energy Inc trimmed+1.46 pp trimmed+1.4613.9%
unresolved SanDisk Corp trimmed−0.53 pp trimmed−0.5313.5%
STZ Constellation Brands, Inc. trimmed+0.63 pp trimmed+0.6313.2%
AIG American International Group, Inc. trimmed−0.76 pp trimmed−0.7611.2%
MSFT Microsoft Corp added+1.48 pp added+1.486.4%

Positions32 in this filing · 8 exited


LNGCheniere Energy Inc	13.87%	7,855,200	$629M	trimmed−6%	+1.46 pp	6 q
unresolvedSanDisk Corp	13.51%	6,250,500	$612M	trimmed−4%	−0.53 pp	6 q
STZConstellation Brands, Inc.	13.23%	6,880,700	$600M	trimmed−1%	+0.63 pp	6 q
AIGAmerican International Group, Inc.	11.20%	9,395,500	$508M	trimmed−11%	−0.76 pp	6 q
MSFTMicrosoft Corp	6.42%	6,280,000	$291M	added+10%	+1.48 pp	5 q
unresolvedWalgreen Co	5.28%	4,036,973	$239M	added+74%	+1.74 pp	5 q
unresolvedTwenty First Centy Fox Inc	4.92%	6,502,000	$223M	trimmed−8%	−0.24 pp	5 q
VVISA Inc.	4.63%	984,000	$210M	trimmed−19%	−0.66 pp	6 q
unresolvedWebmd Health Corp	4.32%	4,683,900	$196M	trimmed−2%	−0.47 pp	6 q
unresolvedExpress Scripts Hldg Co	4.06%	2,603,000	$184M	trimmed−30%	−1.26 pp	6 q
LPGDorian Lpg Ltd	3.15%	8,014,837	$143M	held	—	2 q
MASMasco Corporation	3.07%	5,810,000	$139M	added+13%	+0.72 pp	2 q
ECHOEchoStar Corporation	1.85%	1,719,000	$84M	trimmed−10%	−0.24 pp	6 q
AAgilent Technologies Inc.	1.42%	1,131,000	$64M	trimmed−10%	−0.07 pp	3 q
unresolvedLeucadia National	1.39%	2,648,000	$63M	added×2.6	+0.85 pp	3 q
unresolvedLiberty Media Corp Delaware	1.28%	1,232,000	$58M	new	+1.28 pp	new
unresolvedNational Gen Hldgs Corp	1.01%	2,700,000	$46M	trimmed−7%	−0.04 pp	3 q
SIRISirius XM Holdings, Inc	0.97%	12,582,000	$44M	trimmed−10%	−0.03 pp	4 q
unresolvedKinder Morgan Inc DEL	0.75%	9,283,000	$34M	held	—	6 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.69%	920,000	$31M	new	+0.69 pp	new
unresolvedLiberty Media Corp Delaware	0.64%	616,000	$29M	trimmed−10%	−1.29 pp	6 q
TTWOTake-Two Interactive Software Inc	0.49%	956,350	$22M	trimmed−64%	−0.72 pp	6 q
unresolvedDreamWorks Animation SKG Inc.	0.35%	585,000	$16M	trimmed−57%	−0.30 pp	3 q
SUNEQSunedison Inc	0.34%	809,300	$15M	added+10%	0.00 pp	2 q
STAYExtended Stay America, Inc. Paired Share	0.26%	500,000	$12M	new	+0.26 pp	new
JNPJuniper Networks Inc	0.24%	500,000	$11M	new	+0.24 pp	new
ASCArdmore Shipping Corporation	0.24%	990,000	$11M	trimmed−12%	−0.08 pp	5 q
unresolvedGt Advanced Technologies Inc	0.12%	499,700	$5M	new	+0.12 pp	new
unresolvedVerifone Sys Inc	0.12%	160,000	$6M	new	+0.12 pp	new
unresolvedPowershares Qqq Trust Series 1	0.11%	50,000	$5M	new	+0.11 pp	new
unresolvedScorpio Tankers Inc	0.05%	290,000	$2M	held	—	6 q
unresolvedSeacor Holdings Inc.	0.02%	14,307	$1M	held	—	6 q
PMPhilip Morris International Inc.	—	−810,000	—	exited	−1.41 pp	—
MPCMarathon Petroleum Corporation	—	−200,000	—	exited	−0.32 pp	—
unresolvedAbengoa Yield PLC	—	−405,000	—	exited	−0.32 pp	—
unresolvedDsw Inc	—	−500,000	—	exited	−0.29 pp	—
unresolvedCheniere Energy Ptnrs LP Hld	—	−250,000	—	exited	−0.13 pp	—
SGISomnigroup International Inc.	—	−55,000	—	exited	−0.07 pp	—
unresolvedCliffs Nat Res Inc	—	−1,800	—	exited	0.00 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−3,900	—	exited	0.00 pp	—