McKinley Capital Management, LLC is a fund headquartered in Anchorage with more than $7 billion in assets under management. Robert B. Gillam, a graduate of the University of California with an MBA Finance, founded the McKinley in 1990. The fund employs a long/short strategy and as of the end of March, it has more than $2.49 billion in equity portfolio. Robert B. Gillam’s fund has a diversified portfolio with 20% invested in the technology sector, 17% in consumer discretionary, 14% in health care, and 11% in finance, while its largest holdings are represented by Apple, Inc. (NASDAQ:AAPL), Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), Magna International Inc. (NYSE:MGA), and Facebook, Inc. (NASDAQ:FB).
The reason we analyze the 13F filings of over 700 other prominent investors is because we determined that their equity portfolio can still provide some investment opportunities, despite a delay of 45 days after the end of a calendar quarter. The key of our system is to focus on most popular small-cap picks among these investors. During the last three years, our strategy returned 28.2% in 2014, 53.2% in 2013, and 33.3% in 2012, compared to the S&P 500 ETF (SPY)’s 13.5% gain in 2014, 32.3% in 2013, and 16% in 2012 (read more details here).
According to the recent 13F filing, McKinley Capital Management has added 121,258 shares to its stake in Apple, Inc. (NASDAQ:AAPL). The fund disclosed a position of 795,594 shares, valued at almost $99 million. Apple, Inc. reported earnings of $2.33 per share on a revenue of $58 billion for the second quarter on Monday, topping the expectations of $2.16 and $56.08 billion. Carl Icahn’s Icahn Capital is the top shareholder of Apple, Inc. (NASDAQ:AAPL). Despite the stock gaining almost 50% in the last 52 weeks alone, the billionaire investor still considers the stock undervalued, as he said in a recent interview and thinks that it should currently be trading at at least $216 per share.
Robert B. Gillam boosted his fund’s stake in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) by 456,144 shares to 2.42 million shares worth $56.80 million. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)’s stock gained around 9% year-to-date amid a series of downgrades, which lowered its consensus rating to ‘Hold’. Among the latest analyst updates, JPMorgan Chase & Co., HSBC and Citigroup downgraded it to ‘Buy’, ‘Hold’ and ‘Neutral’ respectively. The stock’s consensus price target amounts to around $26.00 per share. Another investor betting on Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is billionaire Ken Fisher’s Fisher Asset Management, which raised its stake by 2.33 million shares to 24.68 million shares during the first quarter.