Top Five New Positions in Locust Wood’s Equity Portfolio

#3 General Dynamics Corporation (NYSE:GD)

– Shares Owned by Locust Wood Capital (as of March 31): 144,500

– Value of Holding (as of March 31): $18.99 Million

Moving on, Locust Wood’s newly-initiated stake in General Dynamics Corporation (NYSE:GD) amassed 2.02% of the fund’s portfolio value. Even though the stock price of the Falls Church-based aerospace and defense company is up by nearly 6% year-to-date, Ken Fisher‘s Fisher Asset Management trimmed its General Dynamics holding by 6% to about 13,300 shares during the first quarter. Although General Dynamics Corporation (NYSE:GD)’s first quarter revenue of $7.7 billion saw a 1% decline on year over year basis, EPS jumped by 9% to $2.34, owing to a 2% growth in operating profits and a healthy share buyback program. .

#2 Microsoft Corporation (NASDAQ:MSFT)

– Shares Owned by Locust Wood Capital (as of March 31): 437,500

– Value of Holding (as of March 31): $24.16 Million

Considering that shares of the $384 billion software giant are down by 7% since the start of the year, Locust Wood’s bet on Microsoft Corporation (NASDAQ:MSFT) hasn’t exactly worked out so far. The driving force behind this drop has been the company’s financial report for the third fiscal quarter ending, in which it missed profit expectations as worst quarterly PC numbers since 2007, foreign exchange headwinds and a non-GAAP tax rate of 24% as opposed to the company’s guidance of 20% weighed down on its profitability. Boykin Curry’s Eagle Capital Management reported ownership of 30.80 million shares of Microsoft Corporation in its 13F filing for the March quarter.

#1 Praxair, Inc. (NYSE:PX)

– Shares Owned by Locust Wood Capital (as of March 31): 289,700

– Value of Holding (as of March 31): $33.15 Million

Lastly, based on the 10% surge in Praxair, Inc. (NYSE:PX)’s stock price, Locust seems to have made the right call betting on the company. The $33 billion industrial gas supplier beat both the top and bottom line estimates in its first quarter financial results against the backdrop of a tough macro environment marked by volume declines in North America in the energy, metals and manufacturing industries. In order to combat these headwinds Praxair set out to increase sales to healthcare and food & beverage markets globally. During the January-March period the company also managed to complete six packaged gas acquisition with approximate annualized sales of $50 million. First Eagle Investment Management held 1.71 million shares of Praxair, Inc. (NYSE:PX) at the end of March.

Disclosure: None