Taconic Capital Advisors LP recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Taconic Capital Advisors LP is a hedge fund sponsor based out of New York City, New York. The company was originally established in 1999 by Frank Peter Brosens and Christopher Lord Delong, both of whom were former Goldman Sachs Partners and both of whom are still with the company today acting as its principals with DeLong acting as the CIO. Taconic Capital Advisors “follows a disciplined, replicable investment process that aims to identify investment opportunities with three distinct elements: inefficiencies, catalysts and a margin of safety.” The company conducts its research internally, utilizing a fundamental and quantitative methodology to make its investment decisions. Taconic Capital Advisors invests in the public equity and fixed income markets on a global scale. The company invests most heavily in the consumer discretionary sector, which alone makes up over a third of the firm’s total asset allocations, and also invests in the information technology, which makes up another quarter of its allocations, industrials, health care, and finance sectors, among other sectors to a lesser degree, in order of decreasing allocation. Taconic Capital Advisors holds its allocations for 2.5 quarters on average, which holds true for the firm’s top 10 allocations as well which is unsurprising seeing as how the company’s top 10 allocations make up over 70% of the firm’s total holdings. In the most recent quarter, Taconic Capital Advisors has had a turnover rate of approximately 66.7%. Taconic Capital Advisors oversees over $9.8 billion in total assets under management spread across 16 total accounts, all of which are discretionary accounts. Although the firm’s total number of accounts has been volatile in recent years, its overall assets under management has risen despite some volatility as well, increasing from $7.9 billion back in 2010 to its current amount. Taconic Capital Advisors currently caters exclusively to pooled investment vehicles.
As of the latest 13F report, the guru’s equity portfolio contained 670 stocks valued at a total of $3.44Bil. The top holdings were FYBR(5.12%), GM(4.94%), and VAL(2.01%).
According to GuruFocus data, these were Taconic Capital Advisors LP’s top five trades of the quarter.
IHS Markit Ltd
The guru sold out of their 1,671,163-share investment in NYSE:INFO. Previously, the stock had a 6.6% weight in the equity portfolio. Shares traded for an average price of $116.3 during the quarter.
On 06/01/2022, IHS Markit Ltd traded for a price of $108.61 per share and a market cap of $43.34Bil. The stock has returned 21.07% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, IHS Markit Ltd has a price-earnings ratio of 36.20, a price-book ratio of 4.57, a price-earnings-to-growth (PEG) ratio of 1.59, a EV-to-Ebitda ratio of 22.35 and a price-sales ratio of 9.36.
Nuance Communications Inc
The guru sold out of their 1,452,000-share investment in NAS:NUAN. Previously, the stock had a 2.39% weight in the equity portfolio. Shares traded for an average price of $55.3 during the quarter.
On 06/01/2022, Nuance Communications Inc traded for a price of $55.99 per share and a market cap of $17.88Bil. The stock has returned 33.06% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, Nuance Communications Inc has a price-book ratio of 11.33, a EV-to-Ebitda ratio of 177.79 and a price-sales ratio of 13.03.
Pershing Square Tontine Holdings Ltd
During the quarter, Taconic Capital Advisors LP bought 2,628,093 shares of NYSE:PSTH for a total holding of 3,249,630. The trade had a 1.52% impact on the equity portfolio. During the quarter, the stock traded for an average price of $19.82.
On 06/01/2022, Pershing Square Tontine Holdings Ltd traded for a price of $19.91 per share and a market cap of $3.98Bil. The stock has returned -20.94% over the past year.
GuruFocus gives the company a financial strength rating of 10 out of 10 and a profitability rating of 2 out of 10.
In terms of valuation, Pershing Square Tontine Holdings Ltd has a price-earnings ratio of 5.36, a price-book ratio of 1.06 and a EV-to-Ebitda ratio of -2711.49.
General Motors Co
During the quarter, Taconic Capital Advisors LP bought 908,000 shares of NYSE:GM for a total holding of 3,885,000. The trade had a 1.15% impact on the equity portfolio. During the quarter, the stock traded for an average price of $50.08.
On 06/01/2022, General Motors Co traded for a price of $38.39 per share and a market cap of $55.92Bil. The stock has returned -34.78% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, General Motors Co has a price-earnings ratio of 6.38, a price-book ratio of 0.93, a price-earnings-to-growth (PEG) ratio of 2.90, a EV-to-Ebitda ratio of 5.78 and a price-sales ratio of 0.45.
The price-to-GF Value ratio is 0.92, earning the stock a GF Value rank of 7.
SPDR Gold Shares ETF
The guru established a new position worth 200,000 shares in ARCA:GLD, giving the stock a 1.05% weight in the equity portfolio. Shares traded for an average price of $175.44 during the quarter.
On 06/01/2022, SPDR Gold Shares ETF traded for a price of $172.21 per share and a market cap of $63.53Bil. The stock has returned -4.06% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
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