Top 10 CLEARLINE CAPITAL 13F Positions in Q3 2015

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Clearline Capital Lp 13F Analysis

Marc Majzner’s Clearline Capital Lp just filed its Q3 2015 13F. Dated 25/12/2015, the 13f report shows the hedge fund has a portfolio value of $593.18 million, representing a decrease of $125.83 million from the previous quarter when it was $719.01 million. Note: This filling reprents about 68.55% of Clearline Capital Lp’s assets, which which are listed in the US.

Portfolio Q32015
Market Value:$593,184,000
Previous Mkt Value:$719,014,000
Chg Mkt Value %:-17.50 %
Sentiment:
Turnover %:52.49 %
Stocks Activity
New Purchases:13
Additional Purchases:17
Sold out:42
Reduced:7
Top 10 Holdings %:62.95%

Based on $865.30 million in assets under management, Clearline Capital Lp’s equity exposure is 68.55% of assets.

New Holdings

In this quarter, Marc Majzner’s Clearline Capital Lp opened new positions in Advance Auto Parts Inc (AAP) for $40.54 million, Starz (STRZA) for $25.23 million, Time Warner Inc (TWX) for $10.93 million, Theravance Inc (THRX) for $8.24 million and Liberty Global Plc (LBTYK) for $8.11 million. These were the 5 biggest new positions. In total the hedge fund bought 13 new stocks.

Portfolio New Buys

Top 5 New Buys
Advance Auto Parts Inc6.83%
Starz4.25%
Time Warner Inc1.84%
Theravance Inc1.39%
Liberty Global Plc1.37%
13F Sector Allocation
Information Technology40 %
Consumer Discretionary30 %
Other9 %
Health Care6 %
Consumer Staples6 %

Increased Positions

As shown in this 13f report the hedge fund lifted its stakes in Ncr Corp New (NCR) by 82% to $67.22 million, Tessera Technologies Inc (TSRA) by 35% to $43.67 million, Shutterfly Inc (SFLY) by 61% to $43.29 million, Gnc Hldgs Inc (GNC) by 50% to $34.95 million and Macys Inc (M) by 31% to $22.73 million. Clearline Capital Lp also acquired smaller stakes in Northstar Asset Mgmt Group I (NSAM) by 102.35% to $13.26 million, Theravance Biopharma Inc (TBPH) by 5.90% to $5.68 million and Veritiv Corp (VRTV) by 28.34% to $7.62 million. Building positions gradually is normal investment practice for many institutional investors.

Sold Stocks

Marc Majzner’s fund sold out its stakes in Michael Kors Hldgs Ltd (KORS), Office Depot Inc (ODP), Tokyo Electron Ltd (TOELY), Jds Uniphase Corp (JDSU) and Bwx Technologies Inc. These stocks constituted 3.41 %, 3.22 %, 2.85 %, 2.65 % and 2.37 % of the portfolio, respectively. We can only speculate about the reasons for the dumping but we believe it has to do with either value, momentum or a better place for Clearline Capital Lp’s capital.

Portfolio Sold All

Reduced Positions

The fund also cut its postitons in Harris Corp Del (HRS) by -19.79%, Qualcomm Inc (QCOM) by -71.60%, Clubcorp Hldgs Inc (MYCC) by -17.40%, Webster Finl Corp Conn (WBS) by -34.78% and Medassets Inc (MDAS) by -67.39%.

Top Holdings

Ncr Corp New (NCR), Tessera Technologies Inc (TSRA) and Shutterfly Inc (SFLY) made up the majority of Clearline Capital Lp’s total US long portfolio in Q3 2015. These positions were top 3 and constitute 25.99% of Clearline Capital Lp’s US-listed securities. The top 10 positions make approximately 62.95% of the investment manager’s portfolio.

Portfolio Top Holdings

The table above provides a snapshot of Clearline Capital Lp’s top 10 US-listed positions in Q3 2015.

Sector Allocation

Consumer Discretionary Sector Clearline Capital Lp - Marc MajznerClearline Capital Lp lifted the consumer discretionary sector from 17 % to 30 %. According to the 13f report, the fund also has securities for 6 % in the health care sector. The consumer staples sector is 6 % of Clearline Capital Lp’s 13F portfolio. The fund cut the Finance and Information Technology sector stakes by 5 % and 45 %, respectively.

So these are Q3 2015 fund’s sector weights now: information technology 40 % for $237.27 million, consumer discretionary 30 % for $177.96 million, health care 6 % for $35.59 million, consumer staples 6 % for $35.59 million, finance 5 % for $29.66 million and materials 4 % for $23.73 million.

Important Position Changes

Top 10 Q3 2015 New Positions: Advance Auto Parts Inc (AAP), Starz (STRZA), Time Warner Inc (TWX), Theravance Inc (THRX), Liberty Global Plc (LBTYK), Terraform Global Inc, Baxter Intl Inc (BAX), Brookdale Sr Living Inc (BKD), Mylan Nv (MYL) and Fossil Group Inc (FOSL).

Top 10 Q3 2015 Sold Out Completely: Michael Kors Hldgs Ltd (KORS), Office Depot Inc (ODP), Tokyo Electron Ltd (TOELY), Jds Uniphase Corp (JDSU), Bwx Technologies Inc, American Cap Ltd (ACAS), Aercap Holdings Nv (AER), Avago Technologies Ltd (AVGO), Yahoo Inc (YHOO) and Textron Inc (TXT).

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Download the full 13F form in CSV: Q3-2015-Clearline-Capital-Lp-Marc-Majzner-13F-Portfolio-Stock-Holdings.csv

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Clearline Capital Lp – website

13F Filing Link: 000160013615000008

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