Robert Karr And Joho Capital's Q1 2013 Portfolio Update

by: Profit Fan

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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:

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Joho Capital added to its previous holdings of Google (NASDAQ:GOOG), Yelp (NYSE:YELP) and Hexcel Corp (NYSE:HXL) in addition to initiating positions in Baidu (NASDAQ:BIDU) and Micron Technology (NASDAQ:MU).

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.

No Changes

Mead Johnson Nutrition (NYSE:MJN) (2nd largest position), Estee Lauder (NYSE:EL) (4th largest position), Veeco Instruments (NASDAQ:VECO), Starbucks (NASDAQ:SBUX), Tal Education Group (XRS), 21Vianet Group (NASDAQ:VNET), SouFun Holdings (NYSE:SFUN) and Pactera Technology International (NASDAQ: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 (NASDAQ: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 (NYSE:YUM), New Oriental Education and Technology (NYSE:EDU) and Facebook (NASDAQ: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.

Bottom Line

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.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.