Chris Hansen has a very tech-heavy portfolio that has profited wildly off the current bull market. I say wildly because, after reviewing the fund's worst performing holdings YTD, there were only two in the red. And, after looking at the fund's most recent portfolio update, it appears those profits were enticing enough for Hansen to become a net seller over the first quarter, slashing the portfolio's holdings by 11% to $894.5 million at the end of March. Keeping track of Valiant's portfolio is a great way to learn from one of the best managers in the world and also a perfect place to screen for investment ideas. With that said, here is the portfolio as of March 31, 2013:
- As I said before, Valiant's portfolio holdings declined to $894.5 million from its year-end value of $1.003 billion (down 11%).
- Valiant sold close to $100 million of its stake in Facebook (FB). At the end of March, the fund only held $1.5 million and 61,061 shares (98% less than previously reported).
- The portfolio also shed 9% of Google (GOOG), its second-largest holding, now worth $101.8 million.
- The fund's Liberty Global (LBTYA) shares were also cut 11%, its position in Schwab (SCHW) was cut by 25%, and its Opentable (OPEN) holding fell 32%.
- In addition to the cuts above, Valiant completely sold its $42.5 million stake in Yum Brands (YUM), its $27 million Express Scripts (ESRX) holdings, and its $25.8 million position in Citrix Systems (CTXS).
- Valiant also eliminated its investments in Broadcom (BRCM) and Nordion, Inc. (NDZ).
- There were only two new positions at the end of Q1. The biggest one -- and the fund's four largest positions -- was an $89.4 million investment in Anheuser-Busch (BUD). The other one was a smaller $4.3 million stake in SPDR S&P 500 Trust ETF (SPY).
- Valiant increased its position in BAIDU (BIDU) by 42%. BAIDU is now the fund's fifth largest investment, worth $71.47 million.
- The fund also purchased more shares in Dineequity (DIN), increasing its share count by 82%, worth $35 million at the end of March.
- Apple (AAPL), the fund's largest position, remained unchanged. At the end of the first quarter, Valiant's 313,527 shares were worth $138.7 million (15.51% of the portfolio).
- Valiant also made no changes to its investment in Visa (V), Fomento Economico Mexicano (FMX), Priceline (PCLN), Qualcomm (QCOM), and Vermillion (VRML).
So, Valiant was very active in the first quarter. What do you think? Was it smart to take profits and scale back the portfolio by 11%? And what about the Facebook sell-off -- have you done the same? Please let us know.
Here is a visual of the portfolio's holdings:
Click to enlarge image.