Wells Fargo & Co (NYSE:WFC)
– Shares Owned by BloombergSen (as of June 30): 2.23 million
– Value of Holding (as of June 30): $105.70 Million
The fund’s Wells Fargo & Co (NYSE:WFC) holding was halved during the second quarter, to 2.23 million shares, falling from the fund’s top long position to its 5th-largest. Ken Fisher’s Fisher Asset Management trimmed its own Wells Fargo position by 1% during the quarter, to 18.96 million shares of the bank holding company, which has met or exceeded Wall Street earnings estimates for the last 12 quarters, though the ability to meet those expectations has been partly due to one-time gains realized from the sale of securities and other assets. Recently, Wells Fargo & Co (NYSE:WFC) also completed the acquisition of General Electric Company’s Commercial Distribution Finance (CDF) business in Australia & New Zealand, which has further increased its market share in commercial lending.
Credit Acceptance Corp. (NASDAQ:CACC)
– Shares Owned by BloombergSen (as of June 30): 813,537
– Value of Holding (as of June 30): $150.57 Million
BloombergSen has held a stake in Credit Acceptance Corp. (NASDAQ:CACC) since the first quarter of 2011 and the position was largely unchanged during the second quarter, being raised by 1%. Shares of the $4.22 billion provider of financing programs to automobile dealers are down by more than 9.8%. However, in its financial results for the second quarter, Credit Acceptance managed to top analysts’ estimates, as its revenue of $238.5 million was $6.13 million above expectations, while its EPS of $4.38 came out $0.52 ahead. Gavin M. Abrams‘ Abrams Bison Investments held nearly 1.1 million shares of Credit Acceptance Corp. (NASDAQ:CACC) at the end of March.
Charter Communications, Inc. (NASDAQ:CHTR)
– Shares Owned by BloombergSen (as of June 30): 757,444
– Value of Holding (as of June 30): $173.18 Million
After an 8% reduction to its stake during the second quarter, BloombergSen’s Charter Communications, Inc. (NASDAQ:CHTR) position represented over 18% of its equity portfolio’s value and its top overall equity holding. Following the completion of its $56 billion takeover of Time Warner Cable and $10 billion buyout of Bright House Networks, Charter Communications is now the second-largest cable company in the U.S. After all that wheeling and dealing, shares of the company are up by 4% this year. At the end of March, Eashwar Krishnan’s Tybourne Capital Management held 2.18 million shares of Charter Communications, Inc. (NASDAQ:CHTR).