By: Manisha Sethi Aug. 23, 2018
Oribel Capital Management, LP reported its SEC 13F filings on May 15, 2018 and showed an increase in portfolio value by 78.44% to $536.32 million compared to the previous quarter. The investor reported a total of 51 holdings this quarter that consist of 15 new stocks. The top 10 holdings account for 37.98% of the portfolio. The top 2 holdings Visa Inc (V) and DST Systems Inc. account for 5.32% and 4.51% of the portfolio respectively. Oribel Capital Management, LP is an investment management firm that was founded in 2015 by Adam Brenner, Greg Brenner, and Mikal Patel and is based in New York. The firm invests in various sectors and its largest shareholding of 61.1% is concentrated in the technology sector.
According to an analysis by Raltin, 59.41% or 41 new stock purchases by Oribel Capital Management, LP outperform the S&P 500, whereas 11 new purchases underperform the S&P 500 by more than 20% from Q1 2014 to Q1 2018. Details of Raltin’s methodology are available here. The following table lists the total number of new stock purchases and the various S&P outperformance categories.
|S&P outperformance category||Number of new stock purchases||Total new purchases (%)|
|-20 to -10%||2||2.9|
Oribel Capital Management, LP bought 15 new stocks this quarter from various sectors. SS&C Technologies Holdings, Inc. and Aon Plc are the largest shareholdings in new stocks category for this quarter and form 4.47% and 3.15% of the portfolio value. The following table lists the investor’s new purchases for Q1 2018.
|Stocks||Number of shares||Holding value ($1,000)|
|SS&C Technologies Holdings, Inc. (SSNC)||446,800||23,966|
|Worldplay Inc. (WP)||232,900||19,154|
|Aon Plc (AON)||120,500||16,910|
|Global Payments Inc. (GPN)||149,500||16,673|
|Equinix, Inc. (EQIX)||35,000||14,635|
|Microchip Technology Inc. (MCHP)||157,200||14,361|
|Verizon Communications Inc. (VZ)||252,900||12,094|
|Adobe Systems Inc. (ADBE)||54,300||11,733|
|MasterCard Incorporated (MA)||65,700||11,508|
|Salesforce.com, Inc. (CRM)||81,300||9,455|
|Analog Devices, Inc. (ADI)||103,100||9,396|
|Netflix, Inc. (NFLX)||7,700||2,274|
|Teradyne, Inc. (TER)||46,000||2,103|
|Microsemi Corp. (MSCC)||11,600||751|
The next table shows the investor’s portfolio value for the past 2 quarters starting from 2017 Q1 along with the top 3 holdings in each period that outperform the S&P 500 IRR. Several new purchases including Alibaba Group (BABA), MasterCard Incorporated (MA), Adobe Systems (ADBE), and TriNet Group (TNET) have been extremely successful.
|Period||Total portfolio value ($Mn)||Top holdings (ticker, % of IRR difference from S&P 500)|
|Q1 2017||608.17||Alibaba Group Holding Limited (BABA, 58.8), MasterCard Incorporated (MA, 44.27), S&P Global Inc. (SPGI, 34.63)|
|Q4 2016||531.96||TriNet Group, Inc. (TNET, 53.89), Adobe Systems, Inc. (ADBE, 51.02), Teradyne, Inc. (TER, 45.63)|