A New York based hedge fund, Miura Global Management was founded by Pasco Alfaro and Richard Tumure in 2004. With a moderate level of turnover, Miura is focusing on the Services and Technologies sectors and employs a long/short equity strategy. As a part of our strategy, we follow the activity of a variety of hedge funds including Miura. Via 13F filings, let’s take a look at Miura Global’s top stock picks.
Following the activity of a variety of hedge funds might help retail investors succeed
and outperform their index-focused peers by as much as 18 percentage points per year. (Learn more details about our strategy here
). For those who are interested in pursuing a career in hedge fund management, we have prepared a couple of tips about how to be a hedge fund manager
However, let’s get back to Miura Global Management’s top picks. The largest stake in the hedge fund’s equity portfolio is held by Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA),
in which Miura owns 875,000 shares, worth $71.1 million. Since the end of 2012, the position of Miura in Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA
) declined by 34%, from over 1.3 million shares. The stock of Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA
) has a YTD return of about 1.4% and a trailing P/E of over 35.
In second place, with a stake worth almost $51 million, is eBay Inc (NASDAQ:EBAY).
Miura disclosed ownership of one million shares in the company, an unchanged position since the end of 2012. With over 100 hedge funds invested in it, eBay Inc (NASDAQ:EBAY
) remains a popular choice among hedge fund managers.
The third-largest stake in Miura’s 13F is The Fresh Market Inc (NASDAQ:TFM),
in which the hedge fund reported a $42.3 million stake or 880,000 shares. During the first quarter of 2013, the hedge fund reduced its position by 580,000 shares. The Fresh Market Inc (NASDAQ:TFM
) has posted a year-to-date return of slightly below 9% and has a P/E of about 38.
Next on the list is Apple Inc. (NASDAQ:AAPL),
represented in the Miura equity portfolio by a 72,000-share position, worth $38.3 million, down from 102,000 shares held in the previous round of 13F filings. Apple Inc. (NASDAQ:AAPL
), like eBay, is one of the most popular stocks among hedge funds and should be watched accordingly. The tech giant looks set to have a busy fall with potentially multiple new product releases, though there’s still no confirmation that an iWatch is in the cards.
In fifth is Charter Communications, Inc. (NASDAQ:CHTR)
with a $34.3 million position, which involves 450,000 shares, up by 11% on
the quarter. The stock of Charter Communications, Inc. (NASDAQ:CHTR
) has a year-to-date return above 66%.
To sum up, Miura Global Management’s 13F portfolio involves 30 companies, with the value of the equity portfolio amounting to close to $667.1 million. The focus on the Technology and Services sectors can be observed in the majority of Miura’s holdings, including the top picks we have discused above.