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Valiant Capital Management is formed by Christopher R. Hansen in March 2008. Prior to that, Mr. Hansen was a Managing Director of Blue Ridge Capital from 2001 to January 2008. Mr. Hansen is the President and portfolio manager of Valiant and is supported by six junior partners who serve as senior analysts. Usually relatively smaller and newer hedge funds perform better than the well-established ones. They specialize in certain areas and their top stock picks perform better than the rest of the portfolio. This seems like the case with Valiant. Its top stock pick is one of the best stock picks. Below we compiled at list of top 15 positions of Valiant as of September 30, 2011. We think investors should focus on these largest positions to come up with investment ideas. We will go over the largest 5 positions.

Company

Ticker

Value (*$1000)

APPLE INC

AAPL

120,080

GOOGLE INC

GOOG

73,804

LIBERTY GLOBAL INC

LBTYA

60,102

BROADCOM CORP

BRCM

49,603

VERISIGN INC

VRSN

48,328

SCHWAB CHARLES NEW

SCHW

45,995

FOMENTO ECONOMICO MEXICA

FMX

44,314

BAIDU ADR

BIDU

39,134

NORDION INC

NDZ

37,536

HEALTH NET INC

HNT

36,831

VISA INC

V

35,480

YUM BRANDS INC

YUM

34,394

OPENTABLE

OPEN

32,522

CITRIX SYSTEMS INC

CTXS

29,530

SINA CORP

SINA

29,049

Apple Inc (NASDAQ:AAPL): Apple designs, manufactures and markets a range of personal computers, mobile communication and media devices, and portable digital music players, and sells a range of related software, services, peripherals, networking solutions, and third-party digital content and applications. Apple reported revenue of $28.27 billion for the third quarter of 2011, compared with $20.34 billion for the same period in 2010. Its net income was $6.6 billion, compared with $4.3 billion last year. Valiant had $120 million of AAPL and it returned 5.70% since the end of September. AAPL has a market cap of $371.91B and a P/E ratio of 14.46. Rob Citrone had over $700 million invested in AAPL.

Google Inc (NASDAQ:GOOG): Google is focused on improving the ways people connect with information. The company reported revenue of $9.3 billion for the third quarter of 2011, compared with $7.3 billion for the same period a year ago. Third quarter net income was $2.73 billion, compared with $2.17 billion in the third quarter of 2010. Valiant had $73.8 million invested in GOOG and it returned 16.01% since the end of September. GOOG has a market cap of $192.34B and a P/E ratio of 20.24. Stephen Mandel initiated a brand new $400+ million of Google stocks during the second quarter. Ken Fisher, D.E. Shaw, and Jim Simons all had about $300 million invested in Google.

Liberty Global Inc (LBTY): Liberty Global, Inc is an international provider of video, broadband Internet and telephony services. The company posted robust third quarter results. Its quarterly total revenue was $2.6 billion and operating cash flow was $1.23 billion. Operating income rose 17% to $522 million. Valiant had $60.1 million invested in the stock and it returned 16.97% since the end of September. It has a market cap of $11.82B. John H. Scully’s SPO Advisory Corp had over $1 billion invested in the stock as of June 30, 2011. Boykin Curry also invested more than $500 million in Liberty Global.

Broadcom Corp (NASDAQ:BRCM): Broadcom is a provider of semiconductor for wired and wireless communications. The company reported third quarter revenue rising 8.4% to $1.96 billion, in line with the company’s projected range of $1.9 billion to $2 billion. But its profit was $270 million, or 48 cents per share, down from $328 million, or 50 cents per share for the same quarter a year ago. For the fourth quarter, the company projected revenue of $1.7 billion to $1.8 billion, below the $2.01 billion forecast by analysts. Valiant had $49.6 million invested in BRCM and it returned 6.31% since the end of third quarter. BRCM has a market cap of $19.03B and a P/E ratio of 21.24. In the second quarter, Bain Capital’s Brookside Capital initiated a brand new $230 million in BRCM. Ken Griffin also had over $100 million invested in the stock.

VeriSign Inc (NASDAQ:VRSN): VeriSign is a provider of Internet infrastructure services. The company reported 14% year-over-year revenue growth in the third quarter of 2011. Its revenue was $197 million for the third quarter, up 4% from the prior quarter and up 14% from the same quarter last year. Net income was $59 million and diluted EPS was $0.36 in third quarter this year, compared with net income of $785 million and diluted EPS of $4.48, including a net gain of $737 million on the sale of Authentication Services business, in the third quarter of 2010. Valiant had $48.3 million invested in VRSN and it returned 15.41% since the end of third quarter. VRSN has a market cap of $5.20B and a P/E ratio of 85.95. Jim Simons had $80 million invested in VRSN. D. E. Shaw also had $60+ million of the stock.



Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Valiant Capital's Recent Top Stock Picks