Kensico Capital

Q1 2019 13F · by Michael Lowenstein, founder

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $5.1B · prev $4.6B
Positions: 23 · prev 23
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%

Moves24 since the prior filing

+5.9 pp in · −5.9 pp out

New 2 +1.14 pp
Added 4 +4.76 pp
Trimmed 16 −5.39 pp
Exited 2 −0.53 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions52% of US stock

LNG Cheniere Energy Inc trimmed+0.06 pp trimmed+0.0615.5%
STZ Constellation Brands, Inc. trimmed−0.65 pp trimmed−0.6514.5%
V VISA Inc. trimmed−0.31 pp trimmed−0.318.8%
MSFT Microsoft Corp trimmed−0.13 pp trimmed−0.137.3%
FISV Fiserv, Inc. added+2.84 pp added+2.845.3%

Positions23 in this filing · 2 exited


LNGCheniere Energy Inc	15.53%	11,546,700	$789M	trimmed−4%	+0.06 pp	24 q
STZConstellation Brands, Inc.	14.53%	4,210,700	$738M	trimmed−3%	−0.65 pp	24 q
VVISA Inc.	8.80%	2,862,100	$447M	trimmed−10%	−0.31 pp	24 q
MSFTMicrosoft Corp	7.32%	3,156,000	$372M	trimmed−6%	−0.13 pp	23 q
FISVFiserv, Inc.	5.33%	3,067,700	$271M	added+97%	+2.84 pp	5 q
SEESealed Air Corp New	5.10%	5,630,500	$259M	trimmed−4%	+0.66 pp	6 q
ARMKAramark	4.92%	8,464,500	$250M	trimmed−4%	−0.63 pp	17 q
DATATableau Software, Inc.	4.89%	1,950,300	$248M	trimmed−4%	−0.41 pp	8 q
EBAYeBay Inc	4.14%	5,664,200	$210M	added+58%	+1.96 pp	11 q
CIThe Cigna Group	3.82%	1,206,900	$194M	trimmed−4%	−1.37 pp	2 q
EQTEqt Corp	3.78%	9,251,100	$192M	trimmed−4%	−0.18 pp	5 q
OLNOlin Corp.	3.54%	7,770,900	$180M	trimmed−6%	−0.09 pp	13 q
ETRNEquitrans Midstream Corporation	3.25%	7,589,240	$165M	trimmed−4%	−0.19 pp	2 q
METAMeta Platforms, Inc. Class A	2.76%	840,600	$140M	trimmed−4%	+0.27 pp	2 q
ARNCHowmet Aerospace Inc.	2.72%	7,226,900	$138M	added+5%	+0.19 pp	6 q
BKNGBooking Holdings Inc.	2.54%	74,000	$129M	trimmed−4%	−0.35 pp	5 q
ZAYOZayo Group Holdings, Inc.	2.21%	3,952,400	$112M	trimmed−26%	−0.44 pp	4 q
LSXMKLiberty Media Cor-siriusxm C	1.59%	2,109,554	$81M	trimmed−41%	−1.31 pp	12 q
PCGPG&E Corporation	1.02%	2,903,382	$52M	new	+1.02 pp	new
LPGDorian Lpg Ltd	1.01%	8,014,837	$51M	held	—	20 q
CDEVPermian Resources Corporation	0.69%	3,985,000	$35M	added+4%	−0.23 pp	10 q
LM03Liberty Media Cor-siriusxm A	0.39%	520,927	$20M	trimmed−41%	−0.32 pp	12 q
WYNNWynn Resorts Ltd	0.12%	53,000	$6M	new	+0.12 pp	new
unresolvedGs Acquisition Hldgs Corp	—	−1,469,900	—	exited	−0.33 pp	—
ECHOEchoStar Corporation	—	−250,000	—	exited	−0.20 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000950123-19-005423
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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