저자: 미상 · 외국인
요약 보기
빌 애크먼의 퍼싱스퀘어 2024년 2분기 13F 보고서를 분석한 영상. 포트폴리오는 소비재(54%) 집중, 알파벳(20%), 힐튼(19%), 치폴레(17.7%), 레스토랑브랜즈(16%), 캐나디안퍼시픽(11%) 등 상위 5종목이 72%를 차지함. 13F는 45일 지연 공시이며 롱 포지션만 반영해 한계가 있다고 설명. 섹터·종목별 과거 성과와 경기순환 특성을 비교. 특정 자산에 대한 향후 가격 방향 예측 발언은 없음.
다듬은 글
hello everyone welcome to your algo lab if you're curious about what the Savvy investors on Wall Street are doing this episode is for you today we're taking a deep dive into the latest filings from some of the biggest hedge funds and institutional investors we'll break down their recent moves highlight their biggest bets and uncover the trends that could impact the market so without further delay let's get started a 13f filing is a quarterly report that the US Securities and Exchange commission SEC requires from institutional investment managers with at least $100 million in assets under management known officially as form 13f these filings provide details about the equity Holdings of these institutional managers including hedge funds mutual funds and Pension funds these details can be accessed through the US Securities and Exchange commissions secc Edgar system which stands for electronic data Gathering analysis and retrieval here are some key points about 13 F filings institutional managers must submit 13 F filings to the SEC within 45 days after the end of each calendar quarter resulting in four filings per year 13 F filings disclose only long positions in exchange traded stocks shares of closed end investment companies and ETFs certain convertible debt Securities Equity options and warrants listed on the official list may also be reported these filings only cover Holdings of securities is traded on us exchanges investments in markets outside the US are not included we should understand that 13 F filings have two main limitations missing information and untimely data first 13f filings do not include a fund's short positions or International Investments if a fund is primarily net long the filings can be helpful but for net short strategies they may be misleading by only showing long positions additionally International positions are not included in these filings second the data is often untimely institutional managers have 45 days after the quarter's end to submit 13 F filings so they may reflect decisions made months earlier this delay is especially significant for firms which frequently trade and whose filings May no longer represent their current positions persing Square Capital Management is an American hedge fund management company founded and run by Bill Amman according to persing Square's website their investment strategy is defined as primarily concentrated in 8 to 12 core Holdings mainly consisting of liquid large cap North American companies persing Square focuses on highquality businesses with limited downside risk and predictable cash flow sometimes seeking to drive changes in management operations or governance to enhance long-term shareholder value risk management is achieved through selective Investments typically adding only one to three new core Investments annually and using hedging strategies to reduce Market risk or capitalize on profit opportunities now let's look at persing squares 13f filing in detail by compiling 13f filings we can construct persing squares Equity portfolio let's begin by examining the sector allocation here we present the historical sector allocation from the first quarter of 2015 to the most recent filing in the second quarter of 2024 the allocations are displayed in a histogram along with the underlying percentages purging Square's sector allocation has varied over the years recently the consumer discretionary sector has been the dominant holding accounting for 54% of the current portfolio the second largest sector is communication services at 20% primarily represented by alphabet the real estate and Industrial sectors are relatively equal each comprising 11% of the portfolio next let's examine the individual stock positions starting with the top five hold Holdings in persing Square's Equity portfolio these top five Holdings make up 72% of the portfolio indicating a high level of concentration here we'll plot the individual stock prices adjusted for dividends alongside their holding positions in number of shares we'll also compare each Stock's annual total performance with its corresponding industry together with their differences for comparison as of Q2 2024 alphabet accounts for 20% of persing Square's Equity portfolio the fund secured its position at an ideal entry point capturing the stock at its lowest level since 2020 alphabet operates within the interactive media and services industry alongside peers such as meta and tenens Cent while alphabet has generally outperformed its industry peers recent years have seen this outperformance turning negative despite this the company's absolute performance remains impressive the interactive media and services industry is notably cyclical thriving during periods of economic strength and underperforming during downturn as observed in 2015 2018 and 2022 the year 2020 was an exception as alphabet Services benefited from the effects of the co9 pandemic the second largest holding in the portfolio is Hilton worldwide comprising 19% of persing Square's Equity Investments the fund began building its position in Q4 2017 and despite some fluctuations in position size has maintained the majority of its stake since then hilt worldwide operates in the hotels Resorts and cruise lines industry alongside competitors such as booking Airbnb and Marriott overall Hilton worldwide has outperformed its industry peers with the exceptions of 2015 and 2023 the hotels Resorts and cruise lines industry is highly cyclical typically performing well during periods of economic growth and underperforming during downturns as seen in 2015 2018 2020 and 2022 the third largest holding in the portfolio is Chipotle which makes up 177% of persing Square's Equity Investments the fund initially built a substantial position in 2016 but has since reduced most of its stake since 2016 Chipotle has demonstrated notable outperformance compared to its industry peers interestingly after persing Square established its significant position the stock declined by an additional 48% before beginning its upward trend chipot operates within the restaurants industry which tends to be more defensive outperforming during economic downturns as seen in 2015 2018 2020 and 2022 next is restaurant Brands which represent 16% of the portfolio persing square has maintained a long-term position in the company adjusting the holding size through profit taking and strategic buying during Market dips their timing of these transactions has been effective capturing periods when restaurant Brands outperformed its peers restaurant Brands operates within the restaurants industry alongside other major players like McDonald's Starbucks mwin and chipotle which we discussed earlier this industry is generally more defensive often performing well during economic downturns as seen in 2015 2018 2020 and 2022 in the fifth position is Canadian Pacific representing 11% of the portfolio Persian Square initially exited its position completely in 2016 a decision that proved ineffective as Canadian Pacific outperformed its peers in the following years however in 2022 persing Square rebuilt a smaller position effectively capturing the subsequent outperformance Canadian Pacific operates within the rail Transportation industry alongside companies like Union Pacific Canadian National Railway and CSX group The Rail Transportation industry shows mixed performance during economic downturns it had negative returns in some periods such as in 2015 and 2022 while it outperformed in others like in 2018 and 2020 let's review the reduced and sold out positions persing Square reduced its position in Chipotle by 23% bringing it down to 28.8 million shares the holding in alphabet was also decreased by 16% now totaling 11.5 million shares there are no completely sold out positions let's examine the increased and new positions there are no increased positions this time new additions to the portfolio include Brookfield corporation which operates in the asset management and custody Banks industry and Nike within the Footwear sector on this channel we share tested strategies for investing in trading covering everything from technical analysis and fundamentals to economic Trends and sentiment-based algorithms if you don't want to miss out on any of our content be sure to like subscribe and hit the Bell icon to stay in the loop thanks for watching and I'll see you in the next video
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