Kensico Capital

Q2 2019 13F · by Michael Lowenstein, founder

Picture100.0% US stock

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

+7.1 pp in · −7.3 pp out

Concentrated · behaves like 13 equal-sized positions

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


STZConstellation Brands, Inc.	15.06%	4,210,700	$829M	held	—	25 q
LNGCheniere Energy Inc	14.28%	11,484,100	$786M	trimmed−1%	−1.25 pp	25 q
VVISA Inc.	9.02%	2,862,100	$497M	held	—	25 q
MSFTMicrosoft Corp	7.68%	3,156,000	$423M	held	—	24 q
DATATableau Software, Inc.	5.35%	1,773,400	$294M	trimmed−9%	+0.46 pp	9 q
ARMKAramark	5.11%	7,799,300	$281M	trimmed−8%	+0.19 pp	18 q
SEESealed Air Corp New	4.78%	6,155,000	$263M	added+9%	−0.32 pp	7 q
FISVFiserv, Inc.	4.74%	2,861,700	$261M	trimmed−7%	−0.59 pp	6 q
ARNCHowmet Aerospace Inc.	4.69%	10,000,000	$258M	added+38%	+1.97 pp	7 q
CIThe Cigna Group	4.09%	1,430,000	$225M	added+18%	+0.27 pp	3 q
EBAYeBay Inc	4.06%	5,664,200	$224M	held	—	12 q
MPCMarathon Petroleum Corporation	3.46%	3,405,000	$190M	new	+3.46 pp	new
OLNOlin Corp.	3.10%	7,798,300	$171M	added0%	−0.44 pp	14 q
EQTEqt Corp	2.66%	9,251,100	$146M	held	—	6 q
ETRNEquitrans Midstream Corporation	2.53%	7,079,140	$140M	trimmed−7%	−0.72 pp	3 q
METAMeta Platforms, Inc. Class A	1.74%	496,400	$96M	trimmed−41%	−1.02 pp	3 q
LSXMKLiberty Media Cor-siriusxm C	1.46%	2,109,554	$80M	held	—	13 q
CERNCerner Corp	1.33%	1,000,000	$73M	new	+1.33 pp	new
LPGDorian Lpg Ltd	1.31%	8,014,837	$72M	held	—	21 q
PCGPG&E Corporation	1.21%	2,903,382	$67M	held	—	2 q
WYNNWynn Resorts Ltd	0.89%	395,000	$49M	added×7.5	+0.77 pp	2 q
CDEVPermian Resources Corporation	0.74%	5,380,000	$41M	added+35%	+0.05 pp	11 q
LM03Liberty Media Cor-siriusxm A	0.36%	520,927	$20M	held	—	13 q
BKNGBooking Holdings Inc.	0.34%	10,100	$19M	trimmed−86%	−2.20 pp	6 q
ZAYOZayo Group Holdings, Inc.	—	−3,952,400	—	exited	−2.21 pp	—