David Abrams’ Hedge Fund Is Betting On These Stocks: The Western Union Company (WU), SLM Corp (SLM) & Others
In the current round of 13F filings, hedge funds and other institutional investors are disclosing their equity portfolios as held at the end of the last year. In its latest 13F, David Abrams' Abrams Capital Management, has disclosed its holdings as held at the end of the fourth quarter of 2013. The total value of the fund’s equity portfolio edged down to around $1.27 billion in the fourth quarter from about $1.28 billion as at the end of the third quarter.
We have picked Abrams Capital Management’s top five holdings in terms of value that the fund held in its equity portfolio at the end of last year.
First on the list is The Western Union Company (NYSE:WU) in which the fund owns 17.36 million shares, with a reported value of $299.50 million. The holding remained unchanged throughout the quarter; however the value of the holding fell from $323.98 million in the previous quarter. The Western Union Company (NYSE:WU) is engaged in money movement and provides a platform for payment service with an option to do recurring payments as well.
The next is SLM Corp (NASDAQ:SLM), the position remained unchanged with 10.17 million shares. While the value of the holding surged to $267.16 million from $253.13 million in the previous quarter. The company operates in various segments like consumer spending, business services and FFELP loans.
On the third spot is American International Group Inc (NYSE:AIG), in which the fund disclosed a $242.23 million stake, which comprises 4.75 million shares. The holding remained unchanged from the previous quarter, while the value of the holding increased from $230.75 million.
The next on the list is Wesco Aircraft Holdings Inc (NYSE:WAIR), in which Abrams trimmed its position to 5.77 million shares from 8.68 million shares held at the end of the previous quarter. The value of the current holding is $126.38 million.
Wells Fargo & Co (NYSE:WFC) is the fifth largest holding, which was added to the portfolio during the fourth quarter of 2013. Abrams Capital Management revealed owning 2.77 million shares of Wells Fargo & Co, with a reported value of $125.75 million.
In a separate filing Abrams Capital Management, disclosed that it has dumped its holdings in Mantech International Corp (NASDAQ:MANT). The fund held 860,920, at the end of the third quarter.