Tilson’s T2 Files 13F, More Sears, More Borders, Less Berkshire

Whitney Tilson’s T2 Partners has files in quarterly 13F. There are some interesting moves.

T2:
Increased ownership in Sears Holdings (SHLD) to over 50,000 shares
Purchased 11,000 shares of Starbucks (SBUX) as a new holding
Increased his stake in Borders (BGP) from 900K to 1.3 million shares
Added a new position (in addition to 797 existing calls) of 45,000 shares of American Express (AXP)
Decreased his Berkshire Hathaway (BRK.B) holdings by 260 class “B” shares
Increased his Target (TGT) stake from 104k to 185k shares of common and now holds 200 less calls
Increased his Whole Foods (WFMI) stake from 7k to 25k shares.

Tilson is the second value manager, Fairholme’s (FAIRX)following Bruce Berkowitz’ disclosure last week to increase their stake in Sears Holdings. The American Express stake was bought at probably fire sales prices that occurred during the quarter and will probably be a “genius” purchase down the road.

What is of note is the Borders increase heading into the fall as Ackman’s options for the warrants he has comes due.

What will be a great interest now is whether or not Ackman completes the Sears trifecta when he reports his holdings.

Full August Filing

Full May filing

Disclosure (“none” means no position):Long SHLD, BGP, none