Now, here is a concentrated equity portfolio.
Leucadia’s (LUK) 13-F reveals equity holdings in just 7 companies:
Amount of holdings in millions:
Americredit (ACF)= $295
Capital Southwest (CSWC)= $2.4
Cresund (CRESY)= $51.3
Georesources (GEOI)= $4.6
International Assets Holding (IAAC)= $34.5
Jefferies (JEF)= $68.8
United Western Bank (UWBK) = $2.2
Total= $458.8
The interesting part is that 88% of the portfolio is in financials. United, Amercredit, Capital, International Assets and Jefferies are all in the financial sector in some form.
Now, that is concentration…
Disclosure (“none” means no position):None
3 replies on “Leucadia Releases 13-F: Can you Spell Concentrated Portfolio?”
Is it really concentrated?
LUK market cap is ~$12B, so the 13F portfolio is 4% of market cap.
Revenues for LUK in ’07 were ~$1.2B. Cash and cash equivalents as of 12/31/07 were ~$457MM.
Please take a look at the annual report to better understand the company’s investment holdings (public and private).
anon,
I know they own outright other businesses such as wineries and have a real estate arm. they are also a 10% investor in Pershing for Target.
Their stock investments are than concentrated, as a conglomerate (like berkshire) their businesses holdings are more diversified…
Anon
FYI, market cap is not equal to the company’s equity.
the company’s 5,347Million.
Hence, it makes the stocks holding equal to 9% of the company’s net worth.