Share with your friends


Highland Capital Management Lp 13F Highlights

James Dondero’s Highland Capital Management Lp just filed its quarterly 13F. Dated 03/02/2016, the filing reveals the hedge fund has a portfolio value of $3.42 billion, representing a decrease of $1.49 billion from the previous quarter when it was $4.91 billion. Note: This filling reprents about 22.73% of Highland Capital Management Lp’s assets, which which are listed in the US.

Portfolio Q32015
Market Value:$3,418,903,000
Previous Mkt Value:$4,912,889,000
Chg Mkt Value %:-30.41 %
Turnover %:22.37 %
Stocks Activity
New Purchases:69
Additional Purchases:62
Sold out:119
Top 10 Holdings %:29.55%

Based on $15.04 billion in assets under management, Highland Capital Management Lp’s equity exposure represents 22.73% of assets. Please also note that we can’t know the Highland Capital Management Lp’s shorts and net exposure.

Fund New Purchases

In this quarter, James Dondero’s Highland Capital Management Lp new positions included Spdr S&P 500 Etf Tr (Call) (SPY) for $67.07 million, Amazon Com Inc (AMZN) for $23.35 million, Eagle Pharmaceuticals Inc (EGRX) for $17.73 million, Danaher Corp Del (DHR) for $17.24 million and Intra Cellular Therapies Inc (ITCI) for $15.90 million. These were the 5 biggest new positions. In total the hedge fund bought 69 new stocks.

Portfolio New Buys

Top 5 New Buys
Spdr S&P 500 Etf Tr (Call)1.96%
Amazon Com Inc0.68%
Eagle Pharmaceuticals Inc0.52%
Danaher Corp Del0.50%
Intra Cellular Therapies Inc0.46%
13F Sector Allocation
Health Care20 %
Information Technology18 %
Finance18 %
Energy12 %
Consumer Discretionary10 %

Increased Positions

Based on this filing the hedge fund lifted its stakes in American Airls Group Inc (Call) (AAL) by 60% to $204.25 million, Patterson Companies Inc (PDCO) by 16% to $87.91 million, Kinder Morgan Inc Del by 173% to $5.38 million, Corning Inc (GLW) by 18% to $54.86 million and Salesforce Com Inc (Call) (CRM) by 18% to $54.85 million. Highland Capital Management Lp also acquired smaller stakes in Salesforce Com Inc (CRM) by 213.34% to $145.22 million, Burlington Stores Inc (BURL) by 10.10% to $35.57 million and Ldr Hldg Corp (LDRH) by 68.98% to $37.95 million. Building positions gradually is normal for many investment managers.

Sold Stocks

James Dondero’s fund sold out its stakes in Spdr Series Trust (Put) (XBI), Nexpoint Cr Strategies Fd (NHF), Mckesson Corp (MCK), Envision Healthcare Hldgs In (EVHC) and Laboratory Corp Amer Hldgs (LH). These securities constituted 5.63 %, 0.81 %, 0.56 %, 0.47 % and 0.43 % of the portfolio, respectively. We can only speculate about the reasons for the selling but we believe it has to do with either value, momentum or a better place for Highland Capital Management Lp’s capital.

Portfolio Sold All

Reduced Positions

The fund also slashed its postitons in Ishares Tr (Put) (IWM) by -52.05%, American Airls Group Inc (AAL) by -56.11%, American Express Co (Call) (AXP) by -17.54%, Anadarko Pete Corp (APC) by -76.75% and Nrg Energy Inc (NRG) by -20.76%.

Top 3 Holdings

American Airls Group Inc (Call) (AAL), Salesforce Com Inc (CRM) and Ishares Tr (Put) (IWM) made up the majority of Highland Capital Management Lp’s total US long portfolio in this quarter. These holdings were top 3 and constitute 13.59% of Highland Capital Management Lp’s US-listed securities. The top 10 holdings make about 29.55% of the 13F reported portfolio.

Portfolio Top Holdings

The chart above provides an overview of Highland Capital Management Lp’s top 10 US-listed stock positions in this quarter.

Sectors Share

Information Technology Sector Highland Capital Management Lp - James DonderoHighland Capital Management Lp lifted the information technology sector from 16 % to 18 %. According to the filing, the fund also has securities for 12 % in the energy sector. The consumer discretionary sector is 10 % of Highland Capital Management Lp’s US-listed long portfolio. The fund slashed the Health Care and Finance sector positions by 20 % and 38 %, respectively.

So these are Q3 2015 fund’s sector weights now: health care 20 % for $683.78 million, information technology 18 % for $615.40 million, finance 18 % for $615.40 million, energy 12 % for $410.27 million, consumer discretionary 10 % for $341.89 million, transports 8 % for $273.51 million, utilities & telecommunications 4 % for $136.76 million, materials 1 % for $34.19 million and services 1 % for $34.19 million.

Important Position Changes

Top 10 Q3 2015 New Positions: Spdr S&P 500 Etf Tr (Call) (SPY), Amazon Com Inc (AMZN), Eagle Pharmaceuticals Inc (EGRX), Danaher Corp Del (DHR), Intra Cellular Therapies Inc (ITCI), Jarden Corp (JAH), Extra Space Storage Inc (EXR), Vulcan Matls Co (VMC), Anacor Pharmaceuticals Inc (ANAC) and Illumina Inc (ILMN).

Top 10 Q3 2015 Sold Out Completely: Spdr Series Trust (Put) (XBI), Nexpoint Cr Strategies Fd (NHF), Mckesson Corp (MCK), Envision Healthcare Hldgs In (EVHC), Laboratory Corp Amer Hldgs (LH), Disney Walt Co (DIS), Quest Diagnostics Inc (DGX), American Rlty Cap Pptys Inc (ARCP), Humana Inc (HUM) and Abbott Labs (ABT).


Download the full 13F form in CSV: Q3-2015-Highland-Capital-Management-Lp-James-Dondero-13F-Portfolio-Stock-Holdings.csv

Research more Texas hedge funds in our free database. Read ‘What is a Hedge Fund’ at our Hedge Funds resource page.

Highland Capital Management Lp – website

13F Filing Link: 000117266116002428

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.