Billionaire Ken Griffin’s Citadel Has Been Buying The Walt Disney Company (DIS), Selling The Procter & Gamble Company (PG)

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We track quarterly 13F filings from hundreds of hedge funds and other notable investors as part of our work researching investment strategies (we have found, for example, that the most popular small cap stocks among hedge funds outperform the S&P 500 by an average of 18 percentage points per year). We also like to take a brief look at what a number of top managers including billionaire Ken Griffin of Citadel Investment Group have been doing on a quarter-to-quarter basis by comparing their most recent 13F to the previous one (see Citadel’s filings over time). Read on for three things that we noticed the fund doing in the first quarter of 2013 or see the full 13F on the SEC’s website (warning: it’s long!).

Disney. Griffin and his team increased the size of their position in The Walt Disney Company (NYSE:DIS) to a total of 6.6 million shares. It’s been a good year for media and entertainment stocks, and The Walt Disney Company (NYSE:DIS) is no exception having risen 50% in the last year. The company’s most recent fiscal quarter ended in March, with the 10-Q reporting that earnings had grown 32% versus a year earlier, so the rise in the stock price has somewhat tracked fundamental improvements in Disney’s business. Currently markets are expecting growth to continue, at least moderately, with the stock being valued at 20 times trailing earnings. The Walt Disney Company (NYSE:DIS) does have some very strong assets, including ESPN, and remains dedicated to pushing out its new content libraries from its Marvel and Lucasfilm acquisitions across its television, film, and theme park platforms.

CITADEL INVESTMENT GROUPEOG. Citadel was also buying EOG Resources Inc (NYSE:EOG) between January and March, closing the quarter with 2.6 million shares in its portfolio. The oil and gas exploration and production company has been growing rapidly: in the first quarter of 2013, revenue increased 27% compared to Q1 2012 with net income rising 53%. The market has already incorporated high growth over the next several years into the current stock price, but Wall Street analysts judge that EOG is about fairly valued. Specifically, their consensus forecasts have EOG trading at 17 times forward earnings estimates and at a five-year PEG ratio of 1. Oil majors are generally cheaper than EOG Resources Inc (NYSE:EOG) in terms of trailing numbers, but also have far fewer growth opportunities.

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