Rob Citrone is the founder of Connecticut based hedge fund Discovery Capital Management, which had a 13F portfolio value of $4.71 billion as per their latest 13F filing, with the top ten holdings constituting 40.86% of the total portfolio. The top holdings include Kellogg Co (NYSE:K), Ctrip Com Intl Ltd (NASDAQ:CTRP), Facebook Inc (NASDAQ:FB), Visa Inc (NYSE:V) and Broadcom Ltd (NASDAQ:AVGO). The fund’s major holdings are in Information technology, energy and consumer discretionary sectors. With that in mind, let’s take a closer look at some of the new positions initiated by the fund during the third quarter.
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Kellogg Co (NYSE:K) is the largest holding of Discovery Capital Management with the fund buying 3,289,043 shares valued at $254 million during the third quarter. The stock accounted for 5.4% of the fund’s portfolio making it one of the top buys for Discovery Capital Management. This consumer staple company recently announced its third quarter results, reporting a 41% increase in earnings per share from the prior-year quarter. However, the company also stated that their “sales were affected by trade-inventory reductions in US cereal, a challenging UK market, and portfolio transformations.” Aside from Discovery Capital Management, other hedge funds holding large positions in Kellogg Co (NYSE:K) include Josh Resnick’s Jericho Capital Asset Management and Zach Schreiber’s Point State Capital. According to recent news, Kellogg Co (NYSE:K) was a part of a group of companies which requested President elect Donald Trump to continue the Paris Climate Agreement.
Click next page to see more of Billionaire Rob Citrone’s top buys in Q3.