Foxhaven Asset Management is a Virginia-based hedge fund managed by Michael Pausic, which manages a $1.05 billion public equity portfolio as of September 30. This fund caught our attention recently, as its stock picks returned 11.51% when looking at its 16 long positions in companies having a market cap of at least $1 billion (we filter out micro-cap stocks as they are overly volatile). We believe that investors should pay attention to hedge funds’ top picks for a chance to beat the market like Pausic’s stock picks did in Q3.
In this article, we’ll take a look at four of the favorite stock picks of Foxhaven and see how they performed during the third quarter, which were Amazon.com, Inc. (NASDAQ:AMZN), Comcast Corporation (NASDAQ:CMCSA), Twenty-First Century Fox Inc (NASDAQ:FOX), and Grupo Televisa SAB (ADR) (NYSE:TV).
Foxhaven Asset Management owns 145,762 shares of Amazon.com, Inc. (NASDAQ:AMZN) as of the end of the third quarter, valued at $122.05 million. Amazon was one of the fund’s big Q3 performers, gaining 17% during the quarter.
At Q2’s end, a total of 145 of the hedge funds tracked by Insider Monkey held long positions in Amazon, up by 9% from the first quarter of 2016. When looking at the institutional investors followed by Insider Monkey, Andreas Halvorsen’s Viking Global has the number one position in Amazon.com, Inc. (NASDAQ:AMZN), worth close to $2.35 billion, amounting to 10% of its total 13F portfolio. Sitting at the No. 2 spot is Ken Fisher of Fisher Asset Management, with a $1.50 billion position. Some other professional money managers that hold long positions comprise Alex Snow’s Lansdowne Partners, Boykin Curry’s Eagle Capital Management, and Stephen Mandel’s Lone Pine Capital.
Foxhaven Asset Management upped its stake in Comcast Corporation (NASDAQ:CMCSA) by 12% in the third quarter, ending the period with a total of 876,913 shares of the company. The stock posted a modest 2.2% gain during the third quarter.
At the end of the second quarter, a total of 88 of the hedge funds tracked by Insider Monkey were bullish on this stock, a 2% dip from the first quarter of 2016. First Eagle Investment Management was the largest shareholder of Comcast Corporation (NASDAQ:CMCSA), with a stake worth $1.71 billion reported as of the end of June. Trailing First Eagle Investment Management was Lansdowne Partners, which amassed a stake valued at $1.60 billion. Fisher Asset Management, Egerton Capital Limited, and Citadel Investment Group also held valuable positions in the company.
We’ll check out two more of the fund’s stock picks on the next page.