With so many investments out there it is important to have a strategy that helps screen for potential bargains in order to save time and help one focus for a deeper analysis. One great strategy is to check out investor 13F-Hr. This document is required each quarter by the SEC and provides a great tool to peak into the portfolio of some of the world's greatest investing minds. By doing so, one can observe portfolio strategy as well as potential buying and selling signals. Either way, getting even the smallest advantage you can is essential for long term profits and learning from the best, for free, is one of the easiest ways to do this.
In this article, we will take a look into the portfolio of long-time investor Robert Karr and the holdings of Joho Capital as of 3/31/13:
Google maintained its lead as the portfolio's largest holding and accounted for 25% of the portfolio at the end of March, which was slightly lower than the 26% it took up in December. Joho upped its share count in Google by 3% in the first quarter at prices between $707.38 and $844 per share.
Shares of Baidu were purchased between $84.23 and $113.00. Baidu has a market cap of $30.22 billion and trades near the lower end of the last quarters range at $85.90 per share.
Shares of Micron Technology, the second largest purchase and Joho's 5th largest position, were added between $6.30 and $10.04 per share. Micron Technology has a market cap of $9.63 billion and shares are up 47.48% YTD.
Mead Johnson Nutrition (MJN) (2nd largest position), Estee Lauder (EL) (4th largest position), Veeco Instruments (VECO), Starbucks (SBUX), Tal Education Group (XRS), 21Vianet Group (VNET), SouFun Holdings (SFUN) and Pactera Technology International (PACT).
Of these holdings, the largest price movements have come from the SouFun shares that are up 33.2% YTD and Pactera which is down the most, losing 60.39% YTD.
Decreases and Sellouts
In the previous quarter, SINA Corp (SINA) was the only holding that survived a decreased share count. Karr sold 32% of the shares owned as of December 31st between prices of $47.51 and $57.61 per share.
Joho completely sold out of its positions in Yum Brands (YUM), New Oriental Education and Technology (EDU) and Facebook (FB). New Oriental is down 33.09% YTD, Yum is down 9.35% YTD and Facebook is relatively unchanged (YTD) and trades for $26.21 per share.
Joho Capital has a highly concentrated portfolio that relies heavily on its position in Google. Of the two new positions, Baidu is still trading around the low end of Joho's purchase price and could be a great place to start looking for anyone wanting to initiate a position at a price lower than or equal to the price Robert Karr was able to get for his investors.