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CBS Corporation (CBS) Out & QUALCOMM, Inc. (QCOM) Jumps to Top of Laurion Capital’s 13F

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Benjamin A Smith’s Laurion Capital Management has filed its 13F with the SEC for the second quarter of 2015, in which it disclosed an equity portfolio of $10.85 billion, which is more than double compared to the previous quarter. The investment manager has its primary investments in information technology, healthcare, and consumer discretionary sector. QUALCOMM, Inc. (NASDAQ:QCOM), Yum! Brands, Inc. (NYSE:YUM), Weyerhaeuser Co (NYSE:WY) are among the top three equity investment of the firm. Moreover, Qualcomm has replaced CBS Corporation (NYSE:CBS) as the top pick of Laurion, after the investor sold its entire stake in CBS during the second quarter. Previously, Laurion held around 1.25 million shares of CBS, but sold them all amid an 8% decline of the stock during the April – June period.

Laurion was founded in 2005 and follows a combination of quantitative and qualitative analysis as its investment principles. Benjamin Smith worked in the equity derivatives division of JPMorgan in New York as a managing director and left the company along with Sheehan Maduraperuma to start Laurion Capital Management.

motherboard, circuit, chip, Intel, Micron, Qualcomm, AMD

We are interested in hedge funds’ 13F filings, because we use them to determine 15 most popular small-cap picks, on which these investors are bullish. We gather and share this information based on 16 years of research, which includes backtests for the period between 1999 and 2012. The results of our analysis show that these 15 most popular small-cap picks have a great potential to outperform the market, beating the S&P 500 Total Return Index by nearly one percentage point per month in backtests. Moreover, since the beginning of forward testing in August 2012, the strategy worked brilliantly, outperforming the market every year and returning 123%, which is more than 65 percentage points higher than the returns of the S&P 500 ETF (SPY) (see more details).

Benjamin A. Smith
Benjamin A. Smith
Laurion Capital Management

QUALCOMM, Inc. (NASDAQ:QCOM) represents Laurion’s largest holding, which contains 2.20 million shares valued at $137.80 million. The position jumped to the top of the list after the fund raised its investment in the chipmaker by 898% during the second quarter. Meanwhile, QUALCOMM, Inc. (NASDAQ:QCOM)’s stock has declined by 17% year-to-date, fueled by some dismal results for the third quarter of fiscal 2015, among other things. Its revenue was down 14% year-over-year to $5.8 billion, whereas its earnings per share declined by 44% to $0.73. The firm pinned lower revenues to a weaker PC Market throughout the year and lowered its guidance for the fourth quarter to between $4.7 billion and $5.7 billion. QUALCOMM, Inc. (NASDAQ:QCOM) has been trying to revamp its growth by entering into new industries, and has acquired connected home chipmaker Ikanos Communications, Inc. (NASDAQ:IKAN) for $47 million. In the midst of these changes, Barry Rosenstein of JANA Partners is another catalyst affecting the management and he has been pushing for the separation of Qualcomm CDMA Technologies and Qualcomm Technology Licensing arms. JANA owns 28.81 million shares of Qualcomm as of the end of June (it’s the fund’s largest holding), followed by Ken Fisher‘sFisher Asset Management which disclosed holding 9.45 million shares in its latest 13F for the second quarter.

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