Whale Watching: T2 Partners
The famous value investors Whitney Tilson and Glenn Tongue aka T2 Partners filed their latest quartrly statement with the SEC today. I thought that their positions might be of interest to some people:
Moves of note:
- A significant increase in their Microsoft position (doh, I've finally given up on these guys. $8 billion for Skype?! Really. Talk about wasting shareholders' money).
- A large increase in T2's position in Seagate (STX)...a lot of value people like STX and Western Digital at this level.
- An increase in their Iridium (IRDM), BUD, CSCO, and CIT positions.
- New positions in DELL, Coinstar (CSTR), GameStop (GME), Western Digital (WDC), Diamond Offshore (DO), Target (TGT) and a sizeable new position in West Pharmaceutical Services (WST).
- The fund's most interesting divestiture is the Spanish media giant PRSA (Barron's just published an interesting article on them last week and I have been sniffing around the company's convertible Preferred "B" shares myself).
- T2 also sold most of its positions in ADP, AXP, and AEO...Hmmmmm, I wonder if they have something against the letter A.
- They cut their positions in BP and General Growth (GGP) by 30% and 20%, respectively.
The move that I find the most interesting, besides the sale of PRSA, is the company's purchase of West Pharmaceutical Services (WST). I've never heard of this one before. Is anyone out there familiar with it?