Glenhill Capital Management, a $ 750 million long-short hedge fund with a long term record of over 10% annualized, is so media-shy that even we (who are oft prone to writing long profiles of the best of the best managers) had to settle on a rather short profile.
So we are pleased to present to our readers their top five holdings ahead of their 13 F filings, as revealed in their Letter to Shareholders from September 2012:
Covanta Holding Corp (NYSE:CVA) 4.69%
Retail Opportunity Investments Corp (NASDAQ:ROIC) 3.43%
Motorola Solutions, Inc. 3.36% (NYSE:MSI)
WR Grace & Co 3.19% (NYSE:GRA)
BE Aerospace Inc 3.00% (NASDAQ:BEAV) - new position
The top five holdings from 6/30 (as reported on their 13 F filing on 8/14):
Starwood Property Trust 8.25%
Covanta Holding Corporation 6.08%
Retail Opportunity Investments Corp. 5.99%
TE Connectivity Ltd 5.42%
NICE Systems Ltd 5.38%
The obvious differential is the total dropping (or significant downsizing at any rate) of Starwood Property from number one to nowhere in the top five.
There are two new positions appearing in the top five - WR Grace and BE Aerospace.
Most interestingly, Motorola Solutions (now at third top), was a very small stock position in the last 13 F filing - 22.548 shares amounting to $1.08 million and accounting for 0.27% of the total portfolio. But if one had looked closer, there was a position of 5,500 calls amounting to $ 2.1 million and accounting for 0.53% of the portfolio. Goes to show that one should always look beyond the top five or ten positions (especially if they are options) when analyzing 13F filings.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.