Billionaire Ken Fisher‘s Fisher Asset Management has recently revealed its equity portfolio as at the end of the first quarter of 2014. The fund disclosed an equity portfolio worth around $43.4 billion, basically unchanged over the quarter. The portfolio is diversified the major stakes being invested in the Financial, Services and Technology companies. The two largest positions are held in an ETN and an ETF, followed by American Express Company (NYSE:AXP), in which the fund owns 10.96 million shares, worth $986.92 million, followed by a $980.12 million position in Johnson & Johnson (NYSE:JNJ), which contains around 9.98 million shares.
While the largest holdings from Fisher’s 13F portfolio has remained almost unchanged, supporting some minor changes, the fund has also revealed adding over 50 new stocks to the portfolio. Fisher also significantly raised its exposure to several companies. In this piece, we will analyze some of the largest moves in Fisher’s equity portfolio, which involve both new positions and surges in previous holdings.
The fund has initiated a long position in Kate Spade & Co (NYSE:KATE), reporting ownership of over 3.04 million shares, with a reported value of $112.78 million. Kate Spade & Co (NYSE:KATE) is a $4.30 billion company engaged in the design and marketing of a portfolio of premium brands such as Juicy Couture and Kate Spade. Its stock edged up by 6% year-to-date and trails a P/E of 56.xx, significantly above the industry average of 31.xx. Alexander Mitchell‘s Scopus Asset Management holds a significant position in the company, according to its latest 13F, which amasses around 4.25 million shares.
In Heartland Payment Systems, Inc. (NYSE:HPY) the fund also initiated a stake, worth $72.49 million, which contains some 1.75 million shares. The company has recently bought MCS Software, a provider of school foodservice point-of-sale, back office and online payment solutions with a client base of over 4,000 K-12 schools in the U.S. Heartland Payment Systems, Inc. (NYSE:HPY) has reported a net income of $2.32 per share, above the previous year result of $1.87, and above the analysts estimates. For the current year, the company is expected to post an EPS of $2.39.
Ken Fisher has been bullish on Heartland Express, Inc. (NASDAQ:HTLD) and in its latest 13F reported boosting its stake by almost 170%. Currently Fisher Asset Management holds around 2.46 million shares, with a reported value of $72.49 million. Another hedge fund that revealed a large position in the truckload carrier is Robert Rodriguez and Steven Romic‘s First Pacific Advisors Llc, which held 1.76 million shares of the company at the end of last year.
In Atlas Air Worldwide Holdings, Inc. (NASDAQ:AAWW), Ken Fisher surged his exposure by 285% to 1.72 million shares, reportedly valued at $60.80 million. The stock of the aircraft and aviation operating services company has declined by some 13% since the beginning of the year and trails a P/E of 9.xx, below the industry average of 30.xx.
Moreover, Mr. Fisher raised his fund’s stake in Sberbank Rossii OAO – ADR (OTCMKTS:SBRCY). The fund revealed a position valued at $15.98 million, which contains 1.68 million shares, up by 1.22 million shares over the quarter. The stock of the Russia-based commercial bank has lost 33% since the beginning of the year, amid a tense political situation and economic sanctions imposed on the country.