Kensico Capital

Q3 2021 13F · by Michael Lowenstein, founder

As of: Sep 30, 2021
Filed: Nov 15, 2021
US stock: $3.3B · prev $3.5B
Positions: 35 · prev 31
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%

Moves40 since the prior filing

+17.8 pp in · −17.7 pp out

New 14 +7.69 pp
Added 7 +10.06 pp
Trimmed 9 −3.76 pp
Exited 10 −13.91 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 61% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions52% of US stock

Positions35 in this filing · 10 exited


VVISA Inc.	11.92%	1,741,020	$388M	trimmed−3%	−0.24 pp	34 q
MSFTMicrosoft Corp	10.90%	1,258,700	$355M	trimmed−5%	+0.50 pp	33 q
HWMHowmet Aerospace Inc.	10.82%	11,284,100	$352M	added+20%	+1.48 pp	16 q
LNGCheniere Energy Inc	10.48%	3,493,100	$341M	added+38%	+4.15 pp	34 q
FISVFiserv, Inc.	8.10%	2,428,700	$264M	added+2%	+0.75 pp	15 q
GOOGLAlphabet Inc. Class A	6.05%	73,650	$197M	added+9%	+1.29 pp	4 q
METAMeta Platforms, Inc. Class A	5.94%	570,000	$193M	added+2%	+0.35 pp	7 q
IQVIQVIA Holdings Inc.	5.49%	746,200	$179M	trimmed−16%	−0.74 pp	7 q
SEESealed Air Corp New	5.28%	3,134,257	$172M	trimmed−17%	−1.16 pp	16 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.35%	362,300	$142M	added+46%	+1.47 pp	3 q
BCBrunswick Corporation	3.64%	1,242,900	$118M	trimmed−5%	−0.14 pp	6 q
ARMKAramark	2.43%	2,407,000	$79M	trimmed−5%	−0.31 pp	27 q
FICOFair Isaac Corporation	1.79%	146,600	$58M	new	+1.79 pp	new
LPGDorian Lpg Ltd	1.57%	4,112,240	$51M	held	—	30 q
8INSyneos Health, Inc. Class A	1.41%	524,900	$46M	added+62%	+0.57 pp	2 q
STZConstellation Brands, Inc.	1.18%	182,174	$38M	trimmed−59%	−1.84 pp	34 q
LFGArchaea Energy Inc	1.16%	2,000,000	$38M	new	+1.16 pp	new
ETRNEquitrans Midstream Corporation	1.04%	3,353,100	$34M	trimmed−5%	+0.17 pp	12 q
unresolvedRice Acquisition Corp II	0.79%	2,500,000	$26M	held	—	2 q
AIYActivision Blizzard Inc	0.69%	289,200	$22M	new	+0.69 pp	new
unresolvedCbre Acquisition Hldgs Inc	0.61%	2,000,000	$20M	new	+0.61 pp	new
unresolvedMsd Acquisition Corp	0.60%	2,000,000	$19M	new	+0.60 pp	new
RCLRoyal Caribbean Group	0.58%	212,800	$19M	new	+0.58 pp	new
TWTRTwitter, Inc.	0.52%	279,000	$17M	new	+0.52 pp	new
BKNGBooking Holdings Inc.	0.48%	6,620	$16M	new	+0.48 pp	new
PTCPtc, Inc	0.42%	113,500	$14M	new	+0.42 pp	new
CDEVPermian Resources Corporation	0.39%	1,879,000	$13M	trimmed−5%	0.00 pp	20 q
unresolvedHumanco Acquisition Corp	0.26%	825,000	$8M	held	—	4 q
PSTHPershing Square Tontine Holdings, Ltd.	0.26%	430,000	$8M	held	—	5 q
unresolvedArchaea Energy Inc	0.23%	1,000,000	$7M	new	+0.23 pp	new
PYPLPayPal Holdings, Inc.	0.23%	28,300	$7M	new	+0.23 pp	new
EMREmerson Electric Co.	0.22%	75,700	$7M	new	+0.22 pp	new
unresolvedAfternext Healthtech Acquisition Corp	0.15%	500,000	$5M	new	+0.15 pp	new
unresolvedMsd Acquisition Corp	0.01%	400,000	$460,000	new	+0.01 pp	new
unresolvedPershing Square Tontine Hldg	0.00%	53,253	$69,000	held	—	5 q
BABAAlibaba Group Holding Limited	—	−730,000	—	exited	−4.78 pp	—
AMZNAmazon.Com Inc	—	−44,270	—	exited	−4.40 pp	—
NUANNuance Communications, Inc.	—	−800,000	—	exited	−1.26 pp	—
unresolvedRice Acquisition Corp	—	−2,000,000	—	exited	−1.04 pp	—
unresolvedGeneral Electric Co	—	−1,740,700	—	exited	−0.68 pp	—
MSDAUMsd Acquisition Corp	—	−2,000,000	—	exited	−0.58 pp	—
GDDYGoDaddy Inc	—	−193,700	—	exited	−0.49 pp	—
ZTOZTO Express (Cayman) Inc.	—	−539,400	—	exited	−0.47 pp	—
unresolvedRice Acquisition Corp	—	−1,000,000	—	exited	−0.16 pp	—
YOUClear Secure, Inc.	—	−40,000	—	exited	−0.05 pp	—