Apple (AAPL) Holding Slashed By Giovine Capital But Remains Fund’s Top Pick For Q3

Masonite International Corp (NYSE:DOOR) came in second place on the list of Giovine Capital’s biggest holdings as of the end of the second quarter. The fund held a total of 84,644 shares valued at $5.93 million after reducing its stake by 26% during the quarter. The position represented 4.20% of its total 13F portfolio. The door and door components manufacturer recently announced the completion of the sale of Premdor, S.A.S., which is its door business operating in France. The announced sale was sealed on a nominal consideration. Year-to-date, the company has gained 10.14% and is up by 24.21% over the past year. At the end of the second quarter, Pzena Investment Management, led by Richard S. Pzena, held a total of 594,193 shares of Masonite International Corp (NYSE:DOOR), with a market value of $41.66 million. Deepak Gulati‘s Argentiere Capital held a total of 10,000 shares valued at $701,000.

Now let’s look at Impax Laboratories Inc (NASDAQ:IPXL) in which Giovine Capital held a total of 126,693 shares with a market value of $5.82 million, having opened a new stake in the company during the second quarter. Its holding in the stock represents 4.12% of its 13F portfolio’s value. The Hayward, California-based pharmaceutical company just announced the sale of the U.S. rights to its Daraprim brand to Turing Pharmaceuticals AG for an approximate $55 million. Daraprim is an antiparasitic drug for the treatment of toxoplasmosis and is used together with sulfonamide. Over the past three months, Impax Laboratories Inc (NASDAQ:IPXL)’s stock has dipped by 3.56%, though it remains up by over 40% year-to-date. During the second quarter, many funds sold their shares in the stock. For example, Citadel Advisors, led by Ken Griffin, sold all of the 18,039 shares that it held going into the second quarter. On the other hand, Sivik Global Healthcare, managed by Krishen Sud, raised its stake in the company by purchasing 15,669 shares to increase its position to 55,669 shares valued at $2.56 million.

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