On the surface, it seems that hedge fund manager Alan Fournier (Trades, Portfolio) would be too busy managing other people’s money to worry about his own investments. After all, he manages Pennant Master Fund, Pennant Windward Master Fund, Broadway Gate Master Fund, Ltd. and Pennant General Partner, LLC.
But even with his responsibilities, Fournier still managed to buy and sell large quantities of stocks in the third quarter – and many of his transactions reflected his preference for healthcare, energy and industrial stocks.
Fournier added stakes in two companies that are new to his portfolio – WellCare Health Plans Inc (WCG, Financial) and Markit Ltd (MRKT, Financial).
He bought 2,572,335 shares of WellCare, a Florida-based provider of Medicare and Medicaid managed care health plans, for an average price of $66.35 per share. The transaction had a 2.7% impact on his portfolio.
Fournier acquired 2,525,000 shares of Markit, a financial information and services company based in London, for an average price of $25.35 per share. That transaction had a 1% impact on his portfolio.
Fournier added to existing stakes in eight companies – Ocwen Financial Corp (OCN, Financial), Perrigo Co PLC (PRGO, Financial), The Middleby Corp (MIDD, Financial), Signet Jewelers Ltd (SIG, Financial), Range Resources Corp (RRC, Financial), Terex Corp (TEX, Financial), Devon Energy Corp (DVN, Financial) and KBR Inc (KBR, Financial).
He acquired 3,890,366 shares of Ocwen, a Georgia-based provider of residential and commercial financial services, for an average price of $30.09. That deal had a 1.76% impact on his portfolio.
Fournier added 460,157 shares of Perrigo, a Dublin, Ireland-based maker of private label over-the-counter pharmaceuticals, to his portfolio at an average price of $149.1 per share. The deal had a 1.23% impact on his portfolio.
His purchase of 500,420 shares of Middleby, an Illinois-based manufacturer of cooking equipment, for an average price of $82.95 per share had a 0.78% impact on his portfolio.
Divestitures and reductions
Fournier sold his stakes in four companies during the third quarter – Cognizant Technology Solutions Corp (CTSH, Financial), Owens-Corning Inc (OC, Financial), American International Group Inc (AIG) and Huntington Ingalls Industries Inc (HII).
He sold 3,317,300 shares of Cognizant Technology Solutions, a New Jersey-based information technology company, for an average price of $47.05 per share. The sale had a -2.9% impact on his portfolio.
Fournier’s sale of 3,397,100 shares of Owens-Corning, a maker of fiberglass products based in Toledo, Ohio, for an average price of $35.34 had an impact of -2.4% impact on his portfolio.
Fournier sold 1,945,554 shares of American International Group, a New York-based insurance corporation, for an average price of $54.69 per share. That transaction had a -1.9% impact on his portfolio.
Fournier reduced his holdings in 12 companies – Cheniere Energy Inc (LNG), Priceline Group Inc (PCLN), DaVita HealthCare Partners Inc (DVA), Ascena Retail Group Inc (ASNA), Bright Horizons Family Solutions Inc (BFAM), Gilead Sciences Inc (GILD), Constellation Brands Inc (STZ), Citrix Systems Inc (CTXS), Sensata Technologies Holding N.V. (ST), Team Health Holdings Inc (TMH), Amgen Inc (AMGN) and Workday Inc (WDAY).
He sold 999,600 shares of Cheniere Energy, a Houston-based energy company, for an average price of $76.19 per share. That transaction had a -1.28% impact on Fournier’s portfolio.
He sold 57,000 shares of Priceline Group, a Connecticut-based travel company, for an average price of $1,230.8 per share. The deal had a -1.23% impact on his portfolio.
Fournier sold 912,895 shares of DaVita HealthCare Partners, a Denver-based healthcare company specializing in kidney care, for an average price of $73.27 per share. That transaction had a -1.18% impact on his portfolio.
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