Kensico Capital

Q4 2019 13F · by Michael Lowenstein, founder

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $4.8B · prev $5.2B
Positions: 20 · prev 24
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%

Moves22 since the prior filing

+6.9 pp in · −10.4 pp out

New 3 +2.68 pp
Added 4 +4.26 pp
Trimmed 8 +2.49 pp
Exited 7 −12.94 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions59% of US stock

STZ Constellation Brands, Inc. held held16.7%
LNG Cheniere Energy Inc trimmed−0.26 pp trimmed−0.2612.8%
V VISA Inc. trimmed+1.60 pp trimmed+1.6010.9%
MSFT Microsoft Corp held held10.3%
ARNC Howmet Aerospace Inc. added+3.00 pp added+3.008.0%

Positions20 in this filing · 7 exited


STZConstellation Brands, Inc.	16.67%	4,210,700	$799M	held	—	27 q
LNGCheniere Energy Inc	12.80%	10,047,800	$614M	trimmed−7%	−0.26 pp	27 q
VVISA Inc.	10.86%	2,770,800	$521M	trimmed−2%	+1.60 pp	27 q
MSFTMicrosoft Corp	10.34%	3,141,000	$495M	held	—	26 q
ARNCHowmet Aerospace Inc.	7.97%	12,420,000	$382M	added+24%	+3.00 pp	9 q
ARMKAramark	6.93%	7,657,500	$332M	trimmed−4%	+0.25 pp	20 q
FISVFiserv, Inc.	6.29%	2,605,200	$301M	trimmed−9%	+0.62 pp	8 q
CIThe Cigna Group	5.55%	1,301,400	$266M	trimmed−9%	+1.40 pp	5 q
SEESealed Air Corp New	5.25%	6,313,500	$251M	added+3%	+0.36 pp	9 q
MPCMarathon Petroleum Corporation	2.81%	2,235,900	$135M	trimmed−33%	−1.06 pp	3 q
LPGDorian Lpg Ltd	2.59%	8,014,837	$124M	held	—	23 q
ETRNEquitrans Midstream Corporation	2.46%	8,828,800	$118M	added+9%	+0.21 pp	5 q
LSXMKLiberty Media Cor-siriusxm C	2.12%	2,109,554	$102M	held	—	15 q
ULTAUlta Beauty, Inc.	1.98%	375,000	$95M	new	+1.98 pp	new
PTCPtc, Inc	1.87%	1,195,100	$90M	added+32%	+0.69 pp	2 q
EQTEqt Corp	1.77%	7,769,100	$85M	trimmed−16%	−0.11 pp	8 q
FISFidelity National Information Services, Inc.	0.61%	210,000	$29M	new	+0.61 pp	new
LM03Liberty Media Cor-siriusxm A	0.53%	520,927	$25M	held	—	15 q
CDEVPermian Resources Corporation	0.51%	5,248,700	$24M	trimmed−2%	+0.05 pp	13 q
BGGBriggs & Stratton Corp.	0.09%	675,000	$4M	new	+0.09 pp	new
EBAYeBay Inc	—	−6,610,000	—	exited	−4.93 pp	—
OLNOlin Corp.	—	−7,423,300	—	exited	−2.66 pp	—
CRMSalesforce, Inc.	—	−585,355	—	exited	−1.66 pp	—
CERNCerner Corp	—	−1,000,000	—	exited	−1.30 pp	—
WYNNWynn Resorts Ltd	—	−610,000	—	exited	−1.27 pp	—
CTSHCognizant Technology Solutions	—	−940,000	—	exited	−1.08 pp	—
MNKMallinckrodt PLC	—	−813,300	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000950123-20-002527
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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