Kensico Capital

Q2 2016 13F · by Michael Lowenstein, founder

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $5.0B · prev $5.0B
Positions: 31 · prev 29
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

+15.6 pp in · −15.3 pp out

New 11 +10.37 pp
Added 4 +5.22 pp
Trimmed 11 −1.29 pp
Exited 9 −14.01 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 60% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions50% of US stock

STZ Constellation Brands, Inc. trimmed+1.32 pp trimmed+1.3219.4%
AIG American International Group, Inc. trimmed−1.48 pp trimmed−1.489.4%
LNG Cheniere Energy Inc added+2.97 pp added+2.977.8%
MSFT Microsoft Corp trimmed−0.64 pp trimmed−0.647.8%
unresolved Express Scripts Hldg Co held held6.0%

Positions31 in this filing · 9 exited


STZConstellation Brands, Inc.	19.45%	5,852,500	$968M	trimmed−2%	+1.32 pp	13 q
AIGAmerican International Group, Inc.	9.38%	8,822,589	$467M	trimmed−12%	−1.48 pp	13 q
LNGCheniere Energy Inc	7.80%	10,335,000	$388M	added+46%	+2.97 pp	13 q
MSFTMicrosoft Corp	7.80%	7,588,300	$388M	trimmed−0%	−0.64 pp	12 q
unresolvedExpress Scripts Hldg Co	5.99%	3,930,000	$298M	held	—	13 q
VVISA Inc.	5.98%	4,013,500	$298M	trimmed−0%	−0.20 pp	13 q
unresolvedWebmd Health Corp	5.96%	5,104,600	$297M	held	—	13 q
ARMKAramark	5.77%	8,593,900	$287M	trimmed−0%	+0.04 pp	6 q
WBAWalgreens Boots Alliance, Inc	5.68%	3,395,273	$283M	trimmed−0%	−0.10 pp	7 q
LSXMKLiberty Media Cor-siriusxm C	4.73%	7,628,000	$235M	new	+4.73 pp	new
unresolvedManitowoc Foodservice Inc	4.73%	13,350,700	$235M	trimmed−0%	+0.75 pp	2 q
unresolvedTwenty First Centy Fox Inc	3.18%	5,850,400	$158M	trimmed−0%	−0.12 pp	12 q
OLNOlin Corp.	1.79%	3,590,000	$89M	added×3.4	+1.42 pp	2 q
LM03Liberty Media Cor-siriusxm A	1.42%	2,259,800	$71M	new	+1.42 pp	new
AAPAdvance Auto Parts Inc	1.27%	390,000	$63M	new	+1.27 pp	new
ECHOEchoStar Corporation	1.18%	1,481,000	$59M	trimmed−9%	−0.27 pp	13 q
LPGDorian Lpg Ltd	1.14%	8,014,837	$57M	held	—	9 q
unresolvedPriceline Grp Inc	1.05%	42,000	$52M	added+45%	+0.30 pp	2 q
ADSKAutodesk Inc	0.89%	815,000	$44M	added×2.7	+0.53 pp	2 q
AYAtlantica Sustainable Infras	0.88%	2,369,017	$44M	new	+0.88 pp	new
unresolvedManitowoc Inc	0.81%	7,429,000	$40M	trimmed−45%	−0.36 pp	5 q
TTWOTake-Two Interactive Software Inc	0.73%	956,350	$36M	held	—	13 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.63%	1,664,499	$32M	new	+0.63 pp	new
WDCWestern Digital Corp.	0.55%	575,137	$27M	new	+0.55 pp	new
unresolvedSilver Run Acquisition Corp	0.39%	2,000,000	$20M	new	+0.39 pp	new
LM05Liberty Media Corp-liberty-a	0.22%	564,948	$11M	new	+0.22 pp	new
CHKChesapeake Energy Corp	0.19%	2,160,100	$9M	new	+0.19 pp	new
SCSantander Consumer USA Holdings Inc	0.17%	826,700	$9M	held	—	2 q
unresolvedState Natl Cos Inc	0.15%	687,000	$7M	trimmed−54%	−0.23 pp	7 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.07%	242,000	$4M	new	+0.07 pp	new
unresolvedSilver Run Acquisition Corp	0.02%	666,666	$760,000	new	+0.02 pp	new
unresolvedSanDisk Corp	—	−3,682,200	—	exited	−5.64 pp	—
unresolvedLiberty Media Corp Delaware	—	−5,665,000	—	exited	−4.35 pp	—
unresolvedLiberty Media Corp Delaware	—	−1,709,000	—	exited	−1.33 pp	—
FISVFiserv, Inc.	—	−449,700	—	exited	−0.93 pp	—
unresolvedAbengoa Yield PLC	—	−2,432,200	—	exited	−0.87 pp	—
unresolvedSilver Run Acquisition Corp	—	−2,000,000	—	exited	−0.42 pp	—
SIRISirius XM Holdings, Inc	—	−3,750,000	—	exited	−0.30 pp	—
SALTEneti Inc	—	−1,953,000	—	exited	−0.13 pp	—
WMBWilliams Companies Inc.	—	−120,000	—	exited	−0.04 pp	—