Adam Weiss and James Crichton founded Scout Capital in 1999 after Weiss had worked as an analyst at Dan Loeb’s Third Point. A look at Scout’s Q2 13F shows a lot portfolio turnover. Of the top 10 positions (which represent about 60% of the reported long book), 7 of the holdings are either entirely new or were just started last quarter. Of particular interest is Sensata Technologies (NYSE:ST) which is Scout’s largest position by far and which Scout recently disclosed a 5% interest.
Top 10 positions as a percentage of total reported positions:
A look at a 13F time-series report of all the holders of Sensata Technologies reveals that a lot of hedge funds are active in this name and have become increasingly larger holders over time:
Scout’s time series 13F report sorted by Q1 market value reveals that a position in Tyco Electronics (NYSE:TE) was eliminated after several quarters in the portfolio (having been the 4th largest position last quarter). Similarly, Lamar Advertising (NASDAQ:LAMR) was finally dropped after several years in the portfolio. Also, HCA Holdings (NYSE:HCA), Fortune Brands (FO), YUM! Brands (NYSE:YUM) and Solutia Inc (NYSE:SOA) were all removed in Q2:
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.