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David Cohen and Harold Levy’s Iridian Asset Management’s Return, AUM, and Holdings

At the end of the fourth quarter of 2018, the fund reported holding the largest stake in Anthem Inc (NYSE:ANTM), a health insurance company, previously known under the name WellPoint. After the fund had lowered its stake by 9%, the position counted 1.43 million shares outstanding with a value of $375.12 million, accounting for 5.02% of the fund’s portfolio. Anthem has a market cap of $81.42 billion and it is trading at a P/E ratio of 22.30. Over the past 12 months, the company’s stock gained 32.33%, and on February 21st, it had a closing price of $311.30. The stock seems to be gaining popularity among hedge funds slowly but steadily as 63 smart money investors from Insider Monkey’s table were bullish on this stock at the end of the third quarter of 2018, which is by 23% more than in one quarter earlier. For the full year 2018, Anthem reported adjusted net income of $15.89 per share, compared to a net income of $12.04 per share for the previous year, and total operating revenue of $91.34 billion, versus $89.06 billion in 2017.

The second largest position in the fund’s portfolio was in a timeshare company Wyndham Destinations Inc (NYSE:WYND). During the fourth quarter of 2018, the fund boosted its stake by 4% to 9.11 million shares, which were valued at $326.51 million. Wyndham Destinations has a market cap of $4.59 billion, while its price to earnings ratio is 12.11. At the moment of writing, the company’s stock is trading at $46.67.

Among the biggest new additions to the fund’s portfolio during Q4 of 2018, were AutoZone, Inc.(NYSE:AZO), Equitrans Midstream Corp (NYSE:ETRN), and Frontdoor Inc (NASDAQ:FTDR). In AutoZone, the largest US retailer of aftermarket automotive parts, the fund initiated a position that was worth $167.9 million, on the account of 200,277 shares outstanding. The company’s stock gained 17.5% over the last six months, having its closing price on February 21st of $906.33. AutoZone has a market cap of $22.98 billion, and it is trading at a price-to-earnings ratio of 21.81. There were 30 smart money investors from our table long the stock at the end of Q3 2018, down by 2 from the previous quarter. In Equiterans Midstream the fund established $119.66 million worth a position, by purchasing 5.98 million shares, and in Frontdoor the fund initiated a $65.71 million worth a position, on the account of 2.47 million shares outstanding.

Naturally, the fund also lost faith in some of the companies from its portfolio and decided to sell out its entire positions during the fourth quarter of 2018. Among the biggest positions the fund dropped were those in  Whiting Petroleum Corp (NYSE:WLL), in which the fund previously held 1.93 million shares with a value of $102.35 million, in eBay Inc (NASDAQ:EBAY) whose 3.81 million shares that were worth $125,86 million the fund held, and in Owens Corning (NYSE:OC) in which the fund had a position worth $187.26 million, on the account of 3.45 million shares.

Disclosure: None

This article was originally published at Insider Monkey.

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