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ANABRANCH CAPITAL MANAGEMENT, LP

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STAMFORD CT Investment Advisor Hedge Fund
13F Summary

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Equal-WT
WhaleScore 2.0 ?

85

S&P 500
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Equal-WT
WhaleScore 1.0 ?

Anabranch Capital Management is based out of Stamford. Anabranch Capital Management is a hedge fund with 3 clients and discretionary assets under management (AUM) of $241,617,434 (Form ADV from 2024-03-25). Their last reported 13F filing for Q3 2024 included $170,380,356 in managed 13F securities and a top 10 holdings concentration of 100.0%. Anabranch Capital Management's largest holding is Transdigm Group Incorporated with shares held of 30,793. Whalewisdom has at least 16 13F filings
Business Description
Anabranch Capital Management, LP is an investment advisory firm that focuses on concentrated portfolios, aiming to manage this concentration to avoid excessive exposure to any individual security, sector, or risk factor. They believe their thorough due diligence process and focus on investing in businesses with strong fundamentals mitigate risk. They may also short securities to hedge specific exposures. The firm engages in rigorous due diligence when evaluating potential investments and consistently monitors existing holdings. Their research process involves analyzing financial statements, regulatory filings, and proprietary or third-party datasets, constructing detailed financial models, interviewing customers, suppliers, and competitors, and meeting with company management teams. They have a strong bias towards owning businesses with attractive growth prospects, compelling customer value propositions, and market-leading and durable competitive positions.
Investment Strategy
The Adviser utilizes a concentrated, fundamental long-term investment strategy focused on generating high risk-adjusted returns. They seek securities trading at a discount to their intrinsic value, aiming for significant capital appreciation over a multi-year horizon. The Adviser prioritizes businesses with compelling customer value propositions, market-leading positions, and attractive growth prospects, especially when led by capable management teams. The Adviser believes identifying mispriced securities is rare and resource-intensive, leading to a highly concentrated approach with typically 8-12 positions in a client's portfolio. This results in limited diversification. The Adviser has a long-term focus, seeking investments with the potential for attractive compounded returns over 3-5 years, prioritizing long-term growth over short-term volatility. While primarily long-biased, the Adviser may short securities to hedge specific exposures or when they believe the market has overvalued a security.
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2024-09-30

Top Buys (13F)

Name % Change
CVNA Carvana Co 3.56%
MSFT Microsoft Corporatio 2.09%
HLT Hilton Worldwide Hol 1.07%

2024-09-30

Top Sells (13F)

Name % Change
GWRE Guidewire Software, 5.1%
NYT New York Times Co. 2.53%
TPX Tempur Sealy Interna 1.45%

2024-09-30

13F Holdings Summary

Name $ Change
TDG Transdigm Group Inco 25.79%
GWRE Guidewire Software, 18.56%
MSFT Microsoft Corporatio 16.79%
CVNA Carvana Co 12.29%
HLT Hilton Worldwide Hol 10.84%

2024-09-30

13F Activity

Market Value $170m, Prior: $168m
Inflows (Outflows) as % of Total MV (-14.2924)%
New Purchases 0 stocks
Added To 3 stocks
Sold out of 0 stocks
Reduced holdings in 3 stocks
Top 10 Holdings % 100%
Turnover %[1] 0%
Turnover Alt %[2] 4.16%
Time Held Top 20 13 quarters
Time Held Top 10 13 quarters
Time Held All 13 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2024-09-30

13F Sector Allocation Over Time

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2024-09-30

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2024-09-30

Portfolio Performance