Kensico Capital

Q4 2014 13F · by Michael Lowenstein, founder

As of: Dec 31, 2014
Filed: Feb 17, 2015
US stock: $4.6B · prev $4.5B
Positions: 32 · prev 32
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%

Moves35 since the prior filing

+13.7 pp in · −11.3 pp out

New 8 +9.36 pp
Added 17 +4.38 pp
Trimmed 2 −0.12 pp
Exited 8 −11.16 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 44% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions58% of US stock

STZ Constellation Brands, Inc. added+1.50 pp added+1.5014.7%
unresolved SanDisk Corp added−0.16 pp added−0.1613.3%
LNG Cheniere Energy Inc held held12.0%
AIG American International Group, Inc. added+0.26 pp added+0.2611.5%
MSFT Microsoft Corp added−0.05 pp added−0.056.4%

Positions32 in this filing · 8 exited


STZConstellation Brands, Inc.	14.73%	6,908,100	$678M	added0%	+1.50 pp	7 q
unresolvedSanDisk Corp	13.35%	6,274,300	$615M	added0%	−0.16 pp	7 q
LNGCheniere Energy Inc	12.01%	7,855,200	$553M	held	—	7 q
AIGAmerican International Group, Inc.	11.46%	9,417,100	$527M	added0%	+0.26 pp	7 q
MSFTMicrosoft Corp	6.37%	6,309,700	$293M	added0%	−0.05 pp	6 q
WBAWalgreens Boots Alliance, Inc	5.99%	3,619,473	$276M	new	+5.99 pp	new
VVISA Inc.	5.63%	989,300	$259M	added+1%	+1.00 pp	7 q
unresolvedTwenty First Centy Fox Inc	5.45%	6,535,600	$251M	added+1%	+0.53 pp	6 q
unresolvedExpress Scripts Hldg Co	4.81%	2,616,700	$222M	added+1%	+0.75 pp	7 q
unresolvedWebmd Health Corp	4.03%	4,691,200	$186M	added0%	−0.29 pp	7 q
LPGDorian Lpg Ltd	2.42%	8,014,837	$111M	held	—	3 q
ECHOEchoStar Corporation	1.97%	1,726,700	$91M	added0%	+0.12 pp	7 q
unresolvedLeucadia National	1.70%	3,491,100	$78M	added+32%	+0.31 pp	4 q
EBAYeBay Inc	1.49%	1,220,000	$68M	new	+1.49 pp	new
SIRISirius XM Holdings, Inc	0.96%	12,637,000	$44M	added0%	−0.01 pp	5 q
unresolvedLiberty Media Corp Delaware	0.94%	1,237,500	$43M	added0%	−0.34 pp	2 q
JNPJuniper Networks Inc	0.93%	1,928,000	$43M	added×3.9	+0.69 pp	2 q
unresolvedNational Gen Hldgs Corp	0.90%	2,229,000	$41M	trimmed−17%	−0.11 pp	4 q
unresolvedKinder Morgan Inc DEL	0.86%	9,327,300	$40M	added0%	+0.11 pp	7 q
TTWOTake-Two Interactive Software Inc	0.58%	956,350	$27M	held	—	7 q
unresolvedState Natl Cos Inc	0.52%	2,012,800	$24M	new	+0.52 pp	new
SUNEQSunedison Inc	0.52%	1,236,200	$24M	added+53%	+0.18 pp	3 q
unresolvedAbengoa Yield PLC	0.48%	801,000	$22M	new	+0.48 pp	new
unresolvedLiberty Media Corp Delaware	0.47%	618,600	$22M	added0%	−0.17 pp	7 q
unresolvedScorpio Bulkers Inc	0.36%	8,460,000	$17M	new	+0.36 pp	new
LBRDKLiberty Broadband Corporation Class C	0.33%	309,299	$15M	new	+0.33 pp	new
ASCArdmore Shipping Corporation	0.23%	890,000	$11M	trimmed−10%	−0.01 pp	6 q
STAYExtended Stay America, Inc. Paired Share	0.21%	502,300	$10M	added0%	−0.05 pp	2 q
LBRDALiberty Broadband Corporation Class A	0.17%	154,798	$8M	new	+0.17 pp	new
unresolvedScorpio Tankers Inc	0.05%	290,000	$3M	held	—	7 q
unresolvedLiberty Broadband Corp	0.02%	92,822	$882,000	new	+0.02 pp	new
unresolvedSeacor Holdings Inc.	0.02%	14,307	$1M	held	—	7 q
unresolvedWalgreen Co	—	−4,036,973	—	exited	−5.28 pp	—
MASMasco Corporation	—	−5,810,000	—	exited	−3.07 pp	—
AAgilent Technologies Inc.	—	−1,131,000	—	exited	−1.42 pp	—
LTRPALiberty TripAdvisor Holdings, Inc. Series A	—	−920,000	—	exited	−0.69 pp	—
unresolvedDreamWorks Animation SKG Inc.	—	−585,000	—	exited	−0.35 pp	—
unresolvedGt Advanced Technologies Inc	—	−499,700	—	exited	−0.12 pp	—
unresolvedVerifone Sys Inc	—	−160,000	—	exited	−0.12 pp	—
unresolvedPowershares Qqq Trust Series 1	—	−50,000	—	exited	−0.11 pp	—