Dear OWL Users,
Below, we provide highlights from this week’s 13F disclosures, but first, we look at which managers in Japan bought last week’s dip caused by the carry-trade unwind.
Filings in Japan are quite timely, particularly for activist and small-cap funds that frequently buy more than 5% of the shares of their target companies. Disclosures tracked in OWL show a spike of buying last week, particularly on August 5th , the day of the brief market panic in Japan:
Effissimo was the most aggressive in terms of total dollars deployed, with its addition to Dai-Ichi Life alone estimated at $200 million. Effissimo now owns a position worth over $2.7 billion in the Japanese insurance company after adding to its stake several times since 2016:
Q2 13F Highlights
HMI Capital (backed by MIT and Boston Children’s ) doubled its position in Workday
Crows Nest , North Peak , Bares Capital , Keenan , Rivulet , Tencore , Reade Street , and others also bought shares in Workday during the quarter
Madison Avenue Partners (backed by Heinz and Robert Wood Johnson ) disclosed a new $145 million position in Solventum, a healthcare company spun out of 3M in March
Trian , Newtyn , and 683 Capita l also disclosed new positions in Solventum
Tiger Global established a new position in United Health that is worth over $1.3 billion
Thunderbird , Ruane Cunniff , 11 Capital , Route One , and Eagle Health all have large positions in UNH
Long Path Partners more than doubled its position in nCino, now the fund’s largest disclosed position, valued at $89 million
HMI added to its position in nCino, No Street Capital and Shawspring established new positions, while Dragoneer sold its position
Deep Track added to its position in Axsome Therapeutics, now worth $159 million
Axsome is Fairmount’s largest disclosed position, and several other biotech managers ( Checkpoint , RTW , BVF , Cormorant , Vestal Point , etc.) bought during the quarter
Grafton Street increased its position in Atlassian, now its second-largest disclosed positions
Oberndorf Family Office , Dragoneer, Foxhaven , and SRS all bought shares during the quarter, while Viking and Durable sold
Himalaya (backed by U of California , GHR Foundation , etc) established a position in Occidental Petroleum
Windacre (backed by Texas Teachers and U of Michigan ) bought a new position in Expedia
PAR Capital and Engine Capital also bought shares in EXPE during the quarter
Oceanlink (backed by MIT) bought a new position in Chinese freight dispatch platform Full Truck Alliance
The company is also owned by Ward Ferry , Brilliance , Greenwoods , and HongShan
Abrams Capital disclosed a position worth almost $3 billion in Loar Holdings, an aerospace company that went public during Q2
Abrams has been involved with Loar for many years, with David Abrams serving as a board member since the company’s inception in 2017
More Recent Filings
While 13Fs are amongst the least timely ownership filings due to their 6-week lag after quarter-end, OWL collects and processes filings daily from dozens of global sources, which are typically more timely than 13Fs. A small sample is below:
FD Technologies – Briarwood Chase increased its position in the UK software business earlier this month. Irenic Capital, Gumshow, and Newtyn all own shares as well
Truecaller – Yiheng Capital decreased its short position in the Swedish tech company on August 9th
MFE – VOR Capital added to its short in the Italian broadcasting company on August 12th
Fortnox – Gladstone, Kintbury, and Qube Research all disclosed short positions in the Swedish software company on August 14th , the same day that the CEO announced he was stepping down from the company
Please reach out anytime with questions, comments, suggestions, or ideas!
-The OWL Team
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