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Billionaire Abrams Bets On Camping World Holdings: Value Trap?

David Abrams‘ Abrams Capital must have been impressed by the steps taken by Marcus Lemonis. You might know him from CNBC’s “The Profit”. On September 14th Lemonis purchased 25K shares of the stock at an average price of $19.73. This purchase was probably in preparation for his appearance on Jim Cramer’s Mad Money on September 17th. Barron’s also published a bullish article about Camping World Holdings Inc. (CWH) on September 7th. RV stocks lost around 50% of their value this year. Camping World Holdings Inc. (CWH) shares were trading above $47 in December and closed 2017 nearly at $45.

David Abrams
David Abrams
Abrams Capital Management

David Abrams is known as a shrewd value investor. He started buying Camping World Holdings Inc. (CWH) shares at much lower prices than Dan Loeb paid. Billionaire Abrams also acquired more shares, 8.11% of CWH’s outstanding shares. This isn’t an activist holding. It really is a bet on Marcus Lemonis and his strategy. This is one of the most shorted stocks in the market and many other shrewd investors see it as a value trap. We took a detailed look at CWH in the latest issue of our monthly newsletter and determined whether CWH is a good long-term investment at $20.

The details of Abrams’ filing can be seen below:

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Abrams Capital Partners II Abrams Capital Partners II, L.P. 4.37%

Page 1 of 7 – SEC Filing


Washington, DC 20549


Under the Securities Exchange Act of 1934

(Amendment No. )*

Camping World Holdings, Inc.

(Name of Issuer)

Class A common stock, par value $0.01 per share

(Title of Class of Securities)


(CUSIP Number)
September 25, 2018
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

o Rule 13d-1(b)

x Rule 13d-1(c)

o Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Except as otherwise provided herein, beneficial ownership information contained herein is given as of the date listed above.

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