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eBay Inc (EBAY), Apple Inc. (AAPL) & Miura Global’s Top Picks

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.

Tim Cook holding chartFollowing 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.
In addition to Miura Global Management, check out the top picks of Lone Pine Capital, Leon Cooperman’s Omega Advisors and Philippe Laffont’s Coatue Management.
Disclosure: none
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