hf intelligence 3q11

8/13/2019 HF Intelligence 3Q11

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www.StreetofWalls.com

By: Street of WallsHedge Fund Division

Hedge Fund Intelligence A detailed Street of Walls break-down of

3Q11 Hedge Fund holdings of the top 23funds.


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www.StreetofWalls.com 2

Table of Contents

1 INTRODUCTION.......................................................................................................................................... 4

2 CROWDEDNESS AMONG NEWLY INITIATED POSITIONS .................................................................... 4 3 CROWDEDNESS AMONG EXISTING POSITIONS ...................................................................................6 4 HEDGE FUND SECTOR CHANGES .......................................................................................................... 7 5 HEDGE FUND INVESTMENT CHARACTERISTICS..................................................................................8 6 STOCK WRITE-UPS.................................................................................................................................... 9 7 BAUPOST GROUP.................................................................................................................................... 12 8 BERKSHIRE HATHAWAY ........................................................................................................................14 9 GREENLIGHT CAPITAL ........................................................................................................................... 16 10 LONE PINE CAPITAL ...............................................................................................................................18

11 APPAL OOSA MANAGEMENT ................................................................................................................. 20 12 PERSHING SQUARE CAPITAL ............................................................................................................... 22 13 MAVERICK CAPITAL................................................................................................................................24 14 THIRD POINT ............................................................................................................................................ 26 15 BLUE RIDGE CAPITAL.............................................................................................................................28 16 PAULSON & CO........................................................................................................................................30 17 SOROS FUND MANAGEMENT ................................................................................................................ 32 18 FAIRHOLME CAPITAL .............................................................................................................................34 19 TIGER MANAGEMENT ............................................................................................................................. 36 20 PERRY CAPITAL ......................................................................................................................................38 21 GLENVIEW CAPITAL................................................................................................................................40 22 VIKING GLOBAL .......................................................................................................................................42 23 FARAL LON CAPITAL ...............................................................................................................................44 24 HAYMAN ADVISORS................................................................................................................................ 46 25 ICAHN CAPITAL .......................................................................................................................................48 26 PASSPORT CAPITAL ...............................................................................................................................50 27 HANAWALT............................................................................................................................................... 52

28 COATUE ....................................................................................................................................................54 29 HAWKSHAW ............................................................................................................................................. 56 30 JANA PARTNERS.....................................................................................................................................58 31 DISCLAIMER ............................................................................................................................................. 60


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Table of Exhibit s

Exhibit 6.1: Baupost Group Positions.............................................................................................................................. 13 Exhibit 7.1: Berkshire Hathaway Positions...................................................................................................................... 15 Exhibit 8.1: Greenlight Capital Positions ......................................................................................................................... 17 Exhibit 9.1: Lone Pine Capital Positions.......................................................................................................................... 19 Exhibit 10.1: Appaloosa Management Positions............................................................................................................. 21 Exhibit 11.1: Pershing Square Capital Positions............................................................................................................. 23 Exhibit 12.1: Maverick Capital Positions ......................................................................................................................... 25 Exhibit 13.1: Third Point Positions................................................................................................................................... 27 Exhibit 14.1: Blue Ridge Positions .................................................................................................................................. 29 Exhibit 15.1: Paulson & Co. Positions ............................................................................................................................. 31 Exhibit 16.1: Soros Fund Management Positions ........................................................................................................... 33 Exhibit 17.1: Fairholme Capital Management Positions.................................................................................................. 35 Exhibit 18.1: Tiger Management Positions...................................................................................................................... 37 Exhibit 19.1: Perry Capital Positions ............................................................................................................................... 39 Exhibit 20.1: Glenview Capital Positions ......................................................................................................................... 41 Exhibit 21.1: Viking Global Positions............................................................................................................................... 43 Exhibit 22.1: Farallon Capital Positions........................................................................................................................... 45 Exhibit 23.1: Hayman Advisors Positions........................................................................................................................ 47 Exhibit 24.1: Icahn Capital Positions ............................................................................................................................... 49 Exhibit 25.1: Passport Capital Positions.......................................................................................................................... 51 Exhibit 26.1: Hanawalt Positions ..................................................................................................................................... 53 Exhibit 27.1: Coatue Positions......................................................................................................................................... 55 Exhibit 28.1: Hawkshaw Positions................................................................................................................................... 57 Exhibit 29.1: Jana Positions ............................................................................................................................................ 59


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1 INTRODUCTION

Registered hedge funds over $100 million are required by the Securities and Exchange Commission (SEC) to filequarterly updates on portfolio holdings. These holdings are filed online through form 13-F at sec.gov. Hedge fundsare required to file these holdings no later than 45 days after the end of the calendar quarter. The Street of Walls teamcompiled very detailed analyses on 23 of the top Hedge Funds in the industry.

This report focuses on hedge fund positions at the start of 4Q 2011 and looks at meaningful changes from the previousquarter. The report is based on 23 of the top hedge funds.

Sign up for 4Q Report : www.streetofwalls.com/guides/free-hedge-fund-intelligence

2 C ROWDEDNESS A MONG NEWLY INITIATED P OSITIONS

During 3Q11, the top 23 hedge funds entered many new positions. The Heat Map below identifies the top NEWpositions added during the quarter. NEW names were not previously held in 2Q11.

Tickers in Red represent common or crowded positions. The most crowded new ideas during the quarter were MMI,NLC, LBTYA, and NWS. Other new positions shared among hedge funds but with less overlap were HPQ, V, CVS,WFC, KCI, HCA, SNDK, and CTXS.


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Below is a comp table breaking down the most common new positions outlined in the heat map above.

Summary P/E EV/EBITDATicker Price Mkt Cap EV 2011E 2012E 2013E 2011E 2012E 2013E

Expo sure to 3+ FundsBP PLC-ADR BP $39.68 $125,411 $143,027 6.0x 6.1x 6.0x 3.1x 3.1x 2.9xGOOGLE INC-CL A GOOG $570.11 $184,531 $126,236 15.5x 13.0x 11.1x 7.9x 6.5x 5.6xMOSAIC CO/THE MOS $50.01 $22,939 $28,577 9.4x 8.2x 8.6x 7.9x 6.7x 6.9xSOUTHERN UNION SUG $40.95 $5,108 $8,723 21.6x 19.3x 17.9x 10.9x 10.0x 9.7xYOUKU.COM IN-ADR YOKU $14.67 $1,671 $4,296 NM NM 11.0x NM NM 9.3x

Exposure to 2 FundsTENET HEALTHCARE THC $4.12 $1,790 $6,193 9.7x 8.4x 7.4x 5.3x 5.0x 4.7xRALCORP HLDGS RAH $79.21 $4,367 $6,906 14.5x 12.8x NA 8.4x 7.5x NA

AMERICAN TOWER-A AMT $55.42 $21,781 $26,902 NM 39.0x 32.5x 17.5x 14.9x 13.6xEXPEDIA INC EXPE $25.85 $6,903 $6,708 13.1x 11.9x 10.1x 6.7x 6.1x 5.4xSEAGATE TECHNOLO STX $15.43 $6,479 $4,900 11.8x 4.8x 4.1x 3.1x 2.1x 2.1xMARATHON OIL MRO $24.84 $17,480 $15,602 6.8x 7.2x 6.1x 1.9x 2.0x 1.7xNEWS CORP-A NWSA $16.03 $42,105 $44,284 12.7x 10.8x 8.8x 6.7x 6.2x 5.4xSANDISK CORP SNDK $45.79 $11,003 $6,009 10.2x 9.1x 7.8x 3.3x 3.0x 2.6x

Unique PositionsMICROSOFT CORP MSFT $24.47 $205,846 $163,849 9.0x 8.3x 7.4x 5.4x 4.9x 4.4xCENTRAL PACIFIC CPF $12.38 $517 $401 6.8x 15.6x 19.0x NA NA NAIDENIX PHARM IDIX $7.29 $769 $415 NM NM NM NM NM NM

AEROPOSTALE INC ARO $15.01 $1,212 $1,287 14.1x 13.3x 9.8x 6.0x 6.0x 5.2xSTATE BANK FINAN STBZ $14.95 $473 $46 12.3x 10.0x 10.0x NA NA NAHUNTINGTON INGAL HII $29.30 $1,430 $2,518 8.3x 9.9x 7.6x 4.4x 4.8x 4.2xBED BATH &BEYOND BBBY $58.19 $14,236 $11,688 15.7x 13.6x 12.2x 7.0x 6.4x 6.1xWESTERN REFINING WNR $11.35 $1,031 $1,772 3.1x 3.8x 4.3x 2.2x 2.5x 2.7xDOLLAR TREE INC DLTR $76.61 $9,119 $9,371 19.5x 16.5x 14.0x 10.1x 9.0x 8.0xHOLLYFRONTIER CO HFC $22.40 $4,687 $5,601 3.1x 4.3x 6.3x 2.5x 2.9x 3.6xORACLE CORP ORCL $29.00 $146,293 $125,258 12.3x 11.5x 10.4x 7.3x 6.4x 5.8xCABLEVISION SY-A CVC $14.22 $4,050 $14,615 13.7x 10.8x 8.3x 6.4x 6.3x 6.2xMONSANTO CO MON $67.97 $36,392 $36,416 21.8x 18.8x 16.8x 11.3x 10.1x 9.1xUNITED CONTINENT UAL $15.53 $5,138 $11,212 4.2x 3.1x 2.4x 2.8x 2.5x 2.3xMONSANTO CO MON $67.97 $36,392 $36,416 21.8x 18.8x 16.8x 11.3x 10.1x 9.1xDELTA AIR LI DAL $7.12 $6,032 $17,583 5.8x 3.2x 2.3x 5.0x 3.7x 3.3xPRICELINE.COM PCLN $464.53 $23,126 $20,623 20.2x 15.3x 12.9x 13.9x 10.7x 9.2xJEFFERIES GROUP JEF $10.51 $2,099 $34,350 8.2x 7.5x 5.8x NA NA NA

ASSURED GUARANTY AGO $9.30 $1,695 $2,871 3.2x 3.1x 3.4x 3.7x 3.7x 3.7xVODAFONE GRP-ADR VOD $25.87 $130,203 $113,603 15.8x 14.9x 14.7x 7.8x 7.7x 7.7xTEVA PHARM-ADR TEVA $37.50 $35,294 $38,317 7.6x 6.6x 6.1x 6.6x 5.4x 5.0xCONCHO RESOURCES CXO $90.64 $9,398 $9,222 21.8x 17.0x 11.7x 7.0x 5.8x 4.3x

AUTONAVI HOL-ADR AMAP $9.80 $452 $3,169 12.8x 10.7x 7.9x NM NM 37.1x


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3 C ROWDEDNESS A MONG EXISTING P OSITIONS

Below we break-down the most shared stocks held in at the top 23 hedge funds. Crowded trades can lead to higherthan normal share price volatility.

We examined the number of positions that were shared among our hedge fund universe, giving us an understanding ofhow the herd is acting. For the top 23 hedge funds we cover, the most crowded books were from Viking, Maverick,Farallon, Lone Pine, Perry, and Glenview (lots of Tiger Cubs in there). The least crowded positions among the bookswere held at Icahn, Hayman, Coatue, Greenlight, and Hawkshaw.

Below are the top 8 positions held at each fund, followed by the amount overlap at other hedge funds. For example,HPQ is Bauposts second largest position and is owned by 2 other hedge funds we cover.


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4 H EDGE FUND S ECTOR CHANGES

The percentages below show quarterly changes in sector weighting allocations (as defined by S&P GICS) for eachhedge fund we cover. For example, as defined by publicly available data Baupost increased portfolio allocation ($amount) into Energy by 5.8% from 2Q11 to 3Q11.

There was a big push within the quarter to Information Technology (+3.0%), Energy (+2.1%), and ConsumerDiscretionary (+0.3%) while Healthcare (-0.6%) and Financials (-3.6%) declined the most.

Fund managers may have found opportunity within the technology sector as valuations soared higher, whilegovernment reimbursement risks associated with the Healthcare sector and low rates and mortgage related put-backproblems in Financials may have led managers to trim and exit positions within that space.


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5 H EDGE FUND INVESTMENT CHARACTERISTICS

Out of the 23 hedge funds examined, Consumer Discretionary was the leading sector for investment in 3Q11 (as a %of sector investments from last quarter) followed by Energy then Technology.

The average market capitalization of hedge fund portfolio companies was $26.5 billion. Berkshire and Hanawalt hadthe highest average market cap exposure while Icahn and Hayman Advisors had the lowest average market capexposure.

On average the funds listed below bought companies with a 2011 forward price to earnings ratio of 15.0x. Haymanand Pershing bought into the higher valuation stocks at 22.0x and 19.7x respectively while Maverick and Glenviewbought into much lower valuations at 12.2x and 11.6x respectively.

Short interest as a percentage of publicly traded floating shares was an average of 5.5% across the 23 funds. Coatueand Soros had the highest short interest with 11.2% and 9.4% while Berkshire and Tiger had the lowest with 3.1% and3.1%. Owning stocks with high short interest is a sign of contrarian investing.


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6 S TOCK WRITE -UPS

Jana Partners (1)

McGraw-Hill Companies (MHP): On August 1, 2011, JANA disclosed a 5.2% ownership position in the common stockof MHP. JANA followed MHP for some time and in 2011, MHP was able to satisfy all of JANAs V requirements forsuccessful active shareholder engagement.

Value - MHP was trading at a valuation of its least desirable business, the McGraw-Hill Education division.Thus, a sum-of-the-parts analysis proved to represent a sizeable investment return.

Votes JANA was able to get confirmation that there was an interest in splitting up the business to unlockshareholder value due to the underperformance period.

Variety of ways to win JANA believes there are many ways to restructure MHP and unlock shareholdervalue, with or without a split.

El Paso Corp. (EP): JANA built a position in EP due to its planned business split which would unlock shareholdervalue. However, since their initial investment, there has been a major change that made them give an update on theirinvestment thesis. On October 16 th, EP announced that Kinder Morgan (KMI) was interested to purchase the entirebusiness for $39 billion in cash. This was more attractive then splitting the business. The price works out to beapproximately $27 per EP share. KMI will be able to increase their dividend payout and grow at a higher rate. JANAwill continue to hold its position in KMI post-acquisition due to the prospective +5% yield and a double-digit growthprofile.

HCA Holdings (HCA): JANA built a new position in HCA in Q3, which is the largest hospital operator in the US. HCAwas brought public in March 2011 at $30 per share and its stock fell roughly 40% during the summer when theEuropean sovereign debt crisis heightened. JANA views HCAs business as a business with irreplaceable assets anda wide moat. JANA believes HCA can earn $3 per share in their stressed base-case scenario. They built their positionat less than 7x, or less than $21 per share. Shares currently trade at $26.34 per share.

Anadarko Petroleum (APC): JANA believes APC got little recognition for certain major exploration catalysts, such as avast Mozambique natural gas discovery, that substantiate APCs net asset value. JANA also believes thatmanagement will review strategic alternatives to split the business to cause a value-unlocking event for shareholders,

or the sale of undervalued assets.(1) Based on information provided in JANAs Q3 2011 investor letter.

Pershing Square Capital Management (2)

Lowes (LOW): Bill Ackman states, Lowes recent share price of $21.50 is nearly 40% below its peak of ~$35 inFebruary 2007. Investment highlights include:

Attractive retail category: Limited internet risk relative to other retailers; High gross margin retail category anddiversified commodity risk; Limited fashion risk; Service component = consumer value proposition.

Good barriers to entry: Home Depot and Lowes are the central players in home center retail; Home centersare low-cost providers, given scale and leverage with suppliers; Limited risk of new entrants.

Cheap valuation: Lowes trades at 6.5x depressed EBITDA and less than 13.5x depressed EPS; Lowes EBITmargin currently 7.5% only 70bps higher than its trough in 2009 at 6.8%; Company believes normalized EBITmargins are 10%; Company has maintained staffing to provide high service levels and be positioned for arecovery.

Extremely shareholder friendly capital allocation policy: All free cash flow after dividends goes towards sharerepurchase; Company is increasing leverage levels modestly to further accelerate buyback; We expectCompany to buy back $10bn to $13bn of stock from 2012 to 2015.

Strong asset value and low financial leverage limists downside: Lease-adjusted net debt / LTM EBITDAR =1.6x; Owns roughly 89% of its ~1,750 buildings; $23bn gross book value of land and buildings, or ~65% ofLowes enterprise value.


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(2) Based on Pershing Squares presentation titled Waiting for a Bounce form the Lowes and dated November 8,2011.

Greenlight Capital (3)

Sprint (S): David Einhorn explains what has happened since putting a position in Sprint and expresses where hisinvestment stands, Sprint (S) shares fell from $5.39 to $3.04 in the quarter. First the company announced adisappointing quarterly result, driven by increased phone subsidies in an effort to achieve its targeted level ofcustomers. From there, management went into an investor relations meltdown, hosting an investor day where Spresented a capex-driven funding requirement over the next two years that was greater than it had previouslycommunicated, and at the same time failed to explain how S would fund the additional investment. The company evenmanaged to bungle the October announcement that it would finally offer the iPhone. Management is on the verge oflosing the confidence of the financial markets. We believe the business opportunity and asset values remain sufficientto justify holding the shares, and we wouldnt be surprised if shareholders begin to agitate for significant strategicchange. Given the heavy need to invest, the S opportunity may be better pursued by a new owner with a lower cost ofcapital.

CBS Corporation (CBS): David Einhorn explains his new position in CBS, CBS is a diversified multimedia companywith businesses that include a top-rated TV network, digital content production, publishing and outdoor advertising.CBS stands to benefit from growing retransmission fees (payments) by cable operators for the right to carry CBSstations. We believe this income stream could amount to several hundred million dollars of new earnings to CBSannually. The company has also been early and aggressive in pursuing high margin incremental deals with onlinevideo streaming services like Netflix to monetize its content library. CBS will also benefit from a broader recovery inadvertising markets and what looks to be a big upcoming political cycle. CBS is repurchasing stock and has reduceddebt. We established a position in CBS at an average price of $20.79 per share, less than 10x our estimate of 2012earnings. The shares ended the quarter at $20.38 each.

General Motors Company (GM): David Einhorn explains his new position in GM, GM is being priced by the market asa cyclical company trading at less than 6x this years earnings. While some may see it as normal to value cyclicals atlow multiples of peak earnings, we believe that 2011 is not a peak and, in fact, is below mid-cycle. Prior to the crisis,U.S. auto sales ran between 15 and 19 million units for many years. While sales have bounced from the recession low

to about 13 million units, GM is poised to grow earnings from both a return to mid-cycle volumes, which we estimate tobe 15 million units, and from a coming major refresh of its North American product portfolio. The market appearsfocused on GMs legacy liabilities. However, the new GM does not have pension and healthcare liabilities that arelikely to over-run the company. Instead, GM sits with $33 billion of gross cash which represents nearly its entire currentmarket capitalization. We see potential for GM to begin to return capital to shareholders over the next year. While weare cognizant of the various investment risks that include near-term global economic weakness and the governmentownership overhang, we think these concerns are more than priced in at current levels and see significant upside evenif the U.S. experiences a very slow "new normal" type of economic recovery. The shares ended the quarter at $20.18each.

Marvell Technology (MRVL): David Einhorn explains his new position in MRVL, MRVL designs semiconductors thatserve as the brains of cell phones and hard disk drives. The Street is bearish because hard disk drives may eventuallybe replaced by flash memory (SSD, or solid state drive), and because MRVLs largest cell phone customer has beenResearch In Motion (RIMM), a structural loser. In our view, hard disk drives show no sign of disappearing any timesoon, and MRVLs position in the SSD storage market is at least as strong as its position in the hard disk drive market.In cell phones, RIMM has already declined sharply as a proportion of MRVL's sales, and MRVL has offset it withgrowth from new customers. Meanwhile, the shares are cheap at 6x our 2012 earnings estimate net of almost $4 pershare in cash. We established our position in MRVL at an average price of $13.35 per share. We expect MRVL to buyback 12% of its stock this year, and still have about 30% of its market cap in cash. In short, this is a well-run companyin structurally-defensible markets that is being valued as if it is neither. The shares ended the quarter at $14.53 each.


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Pfizer (PFE): David Einhorn explains why he exited PFE, We exited Pfizer because much of our thesis played out and we became increasingly concerned about future reimbursement cuts for branded pharmaceuticals and the recent disclosure ofadditional government investigations into its marketing practices. Over our two and a half year holding period, the investmentgenerated a double-digit annualized return that modestly outperformed the market. We sold BP at a roughly break-even result in

fear of falling energy prices and to make room for new opportunities, including those described above. We exited our profitablemulti-year short in Amedisys. Reimbursement reductions, aggressive accounting and questionable business practices finally caughtup with the company .


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7 B AUPOST GROUP

PM : Seth Klarman Filing Date : 9/30/2011 Company Address : Boston, MA

During 3Q11 Baupost increased their exposure to the Energy (+5.8%) and Info Tech (+5.6%) while trimming exposurewithin Consumer D. (-1.5%) and Healthcare (-8.2%).

Increases in existing positions include: ANV BP NWSA PDLI AVEO

New larger positions include: HPQ NWS GNW NG

Baupost's portfolio has a 'Neutral; crowdedness rating(1) across our coverage universe. Weighted for position sizing27.3% of Baupost's top positions were found in 3 or more hedge funds we cover. Baupost's portfolio was in the middlequartile of our coverage universe.

Baupost Group: Cur rent Allocation

38.5%

21.1%18.2%

13.6%

5.3% 2.6%0.0%

5.0%

10.0%

15.0%

20.0%25.0%

30.0%

35.0%

40.0%

45.0%

InfoTechnology

Healthcare Energy Energy Consumer Discretionary

Materials

(1) We evaluate security holdings across our hedge fund universe to determine which funds have overlapping positions. We use a proprietary positionweighting of the top 30 portfolio securities to determine our view. Our rating is relative to only the funds we cover.


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Exhibit 6.1: Baupost Group Positions


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8 B ERKSHIRE H ATHAWAY

PM : Warren Buffet Filing Date : 9/30/2011 Company Address : Omaha, NE

During 3Q11 Berkshire increased their exposure to the Consumer D. (+0.2%) and Info Tech (+10.1%) while trimmingexposure within Consumer S. (-2.3%) and Financials (-6.1%).

Increases in existing positions include: WFC DG TMK

New larger positions include: IBM INTC CVS V DTV

Berkshire's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing26.7% of Berkshire's top positions were found in 3 or more hedge funds we cover. Berkshire's portfolio was in themiddle quartile of our coverage universe.

Berksh ire Hathaway: Curr ent Allocation

40.6%

31.4%

17.9%

4.4% 3.2% 1.6%0.0%

5.0%

10.0%

15.0%

20.0%25.0%

30.0%

35.0%

40.0%

45.0%

Consumer Staples

Financials InfoTechnology

Heal thcare Energy Consumer Discretionary



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Exhibit 7.1: Berkshire Hathaway Positions


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9 G REENLIGHT C APITAL

PM : David Einhorn Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 Greenlight increased their exposure to the Financials (+5.9%) and Info Tech (+7.1%) while trimmingexposure within Energy (-3.7%) and Healthcare (-11.1%).

Increases in existing positions include: AAPL GDX MSFT CFN GM

New larger positions include: MRVL CBS LM ABX GDXJ

Greenlight's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 23.3% of Greenlight's top positions were found in 3 or more hedge funds we cover. Greenlight's portfolio was inthe bottom quartile of our coverage universe.

Greenlight Capital: Curr ent Allocation

34.4%

19.3%16.8%

11.6%6.0% 4.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

InfoTechnology

Fi na nci al s Con su mer Discretionary

Heal thcare Energy TelecomServices



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Exhibit 8.1: Greenlight Capital Positions


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10 L ONE P INE C APITAL

PM : Stephen Mandel Filing Date : 9/30/2011 Company Address : Greenwich, CT

During 3Q11 LonePine increased their exposure to the Energy (+1.9%) and Consumer D. (+2.2%) while trimmingexposure within Industrials (-2.1%) and Financials (-3.4%).

Increases in existing positions include: AAPL CTSH ESRX NWSA

New larger positions include: LVS V NIHD WSM UTX FOSL

Lone Pine's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 46.7% of Lone Pine's top positions were found in 3 or more hedge funds we cover. Lone Pine's portfolio was inthe upper quartile of our coverage universe.

Lone Pine Capital: Cur ren t Allocation

34.8%30.9%

9.1%5.9% 5.7% 4.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Consumer Discretionary

InfoTechnology

Industri al s Heal thcare Tel ecomServices

Energy



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Exhibit 9.1: Lone Pine Capital Positions


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11 A PPALOOSA M ANAGEMENT

PM : David Tepper Filing Date : 9/30/2011 Company Address : Chatham, NJ

During 3Q11 Appaloosa increased their exposure to the Industrials (+4.8%) and Energy (+11.3%) while trimmingexposure within Healthcare (-12.6%) and Financials (-10.5%).

Increases in existing positions include: CLMT

New larger positions include: HFC ETFC BP DAN

Appaloosa's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 0.0% of Appaloosa's top positions were found in 3 or more hedge funds we cover. Appaloosa's portfolio was inthe bottom quartile of our coverage universe.

Appaloosa Management: Curren t Allocation

24.8%

18.7%15.7% 15.1% 13.6%

7.0%

0.0%

5.0%

10.0%15.0%

20.0%

25.0%

30.0%

Energy InfoTechnology

Industr ia ls Consumer Discretionary

Materi al s Fi nan ci al s



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Exhibit 10.1: Appaloosa Management Positions


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12 P ERSHING S QUARE C APITAL

PM : William Ackman Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 Pershing increased their exposure to the Consumer D. (+3.9%) and Consumer S. (+3.3%) while trimmingexposure within Financials (-10.0%) and Info Tech (0.0%).

Increases in existing positions include: KFT C FDO

New larger positions include: BEAM LOW CP

Pershing's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing40.0% of Pershing's top positions were found in 3 or more hedge funds we cover. Pershing's portfolio was in the upperquartile of our coverage universe.

Pershing Square Capital: Curr ent Allocation

35.2%

29.8% 29.4%

5.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%30.0%

35.0%

40.0%

Consum er Di scretionary Consum er Stapl es Fi nancials Industrials



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Exhibit 11.1: Pershing Square Capital Positions


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13 M AVERICK C APITAL

PM : Lee Ainslie Filing Date : 9/30/2011 Company Address : Dallas, TX

During 3Q11 Maverick increased their exposure to the Consumer D. (+4.2%) and Consumer S. (+3.7%) while trimmingexposure within Financials (-4.3%) and Info Tech (-2.3%).

Increases in existing positions include: GLW NTAP OC NWSA

New larger positions include: MCK WFC ABV CTXS USB

Maverick's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing53.3% of Maverick's top positions were found in 3 or more hedge funds we cover. Maverick's portfolio was in the upperquartile of our coverage universe.

Maverick Capital: Cur rent Allocation

35.2%

25.9%

15.7%12.7%

4.1% 3.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

InfoTechnology


Fi nanci al s Heal thcare Industri al s Consum er Staples



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Exhibit 12.1: Maverick Capital Positions


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14 T HIRD P OINT

PM : Daniel Loeb Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 ThirdPoint increased their exposure to the Consumer D. (+0.2%) and Info Tech (+23.8%) while trimmingexposure within Materials (-9.9%) and Financials (-4.6%).

Increases in existing positions include: WMB SLE ABX EXPE SNDK

New larger positions include: YHOO HFC GILD WRC GDI CE

Third Point's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 23.3% of Third Point's top positions were found in 3 or more hedge funds we cover. Third Point's portfolio was inthe bottom quartile of our coverage universe.

Third Point: Current Allocation

35.0%

23.6%

12.4%9.6% 9.0%

4.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

InfoTechnology

Energy Consumer Discretionary

Materi al s Co nsum er Staples

Industrials



27/60



Exhibit 13.1: Third Point Positions


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15 B LUE R IDGE C APITAL

PM : John Griffin Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 BlueRidge increased their exposure to the Materials (+0.7%) and Consumer D. (+4.8%) while trimmingexposure within Healthcare (-2.3%) and Financials (-2.1%).

Increases in existing positions include: GOOG TMO NFLX MON ST LBTYA

New larger positions include: AGNC ILMN KKR DNKD TAT

Blue Ridge's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 40.0% of Blue Ridge's top positions were found in 3 or more hedge funds we cover. Blue Ridge's portfolio wasin the middle quartile of our coverage universe.

Blue Ridge: Cur rent Allocation

25.3%

19.3%17.5%

11.3%7.3% 6.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


InfoTechnology

Financials Heal thcare Energy Industrials



29/60



Exhibit 14.1: Blue Ridge Positions


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16 P AULSON & CO .

PM : John Paulson Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 Paulson increased their exposure to the Materials (+4.9%) and Healthcare (+4.2%) while trimmingexposure within Financials (-6.8%) and Energy (-0.1%).

Increases in existing positions include: COF MYL BAC SNI

New larger positions include: KCI MMI NLC CEPH NWS AMCX IDCC

Paulson's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing33.3% of Paulson's top positions were found in 3 or more hedge funds we cover. Paulson's portfolio was in the middlequartile of our coverage universe.

Paulson & Co: Curr ent Allocation46.6%

16.3%11.1% 10.0% 8.4%

4.5%

0.0%5.0%

10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%

Financials Materials Heal thcare Energy Consumer

Discretionary

Info Technology



31/60



Exhibit 15.1: Paulson & Co. Positions


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17 S OROS FUND M ANAGEMENT

PM : George Soros Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 Soros increased their exposure to the Consumer S. (+3.9%) and Info Tech (+4.4%) while trimmingexposure within Industrials (-3.4%) and Consumer D. (-4.6%).

Increases in existing positions include: MSI IOC AAPL MRCY ARX WFT

New larger positions include: AMZN MDCO BIIB SNDK KFT HTWR

Soros Fund's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 26.7% of Soros Fund's top positions were found in 3 or more hedge funds we cover. Soros Fund's portfolio wasin the middle quartile of our coverage universe.

Soros Fund Management: Curr ent Allocation27.7%

13.8% 13.7% 13.2% 12.2%9.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Info Technology Energy Heal thcare Consumer

Discretionary

Consumer

Staples

Industrials



33/60



Exhibit 16.1: Soros Fund Management Positions


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18 F AIRHOLME C APITAL

PM : Bruce Berkowitz Filing Date : 9/30/2011 Company Address : Miami, FL

During 3Q11 Fairholme increased their exposure to the Consumer D. (+2.5%) and Telecom (+0.2%) while trimmingexposure within Healthcare (-0.1%) and Financials (-2.7%).

Increases in existing positions include: BAC MBI BRK/A

New larger positions include: VZ T TEF STD WFC

Fairholme's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 13.6% of Fairholme's top positions were found in 3 or more hedge funds we cover. Fairholme's portfolio was inthe bottom quartile of our coverage universe.

Fairholme Capital: Curr ent Allocation

88.3%

11.4%0.3% 0.1%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

Fi nanci al s Consum er Di screti onary Tel ecom Servi ces Energy



35/60



Exhibit 17.1: Fairholme Capital Management Positions


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19 T IGER M ANAGEMENT

PM : Julian Robertson Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 Tiger increased their exposure to the Consumer D. (+6.3%) and Financials (+1.8%) while trimmingexposure within Energy (-8.8%) and Healthcare (-0.6%).

Increases in existing positions include: GGS GOOG WX CVC

New larger positions include: LBTYA NFLX

Tiger's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing41.7% of Tiger's top positions were found in 3 or more hedge funds we cover. Tiger's portfolio was in the upper quartileof our coverage universe.

Tiger Management: Current Allocation

40.3%

22.8% 22.4%

7.9%5.1%

0.9%0.0%

5.0%

10.0%

15.0%

20.0%25.0%30.0%

35.0%

40.0%

45.0%

Info Technology Consumer Discretionary

Heal thcare Financials Industrials Energy



37/60



Exhibit 18.1: Tiger Management Positions


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20 P ERRY C APITAL

PM : Richard Perry Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 Perry increased their exposure to the Energy (+13.0%) and Healthcare (+3.8%) while trimming exposurewithin Consumer D. (-4.0%) and Financials (-9.5%).

Increases in existing positions include: APC SUG

New larger positions include: MMI BP MHS NLC NWS

Perry's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing43.8% of Perry's top positions were found in 3 or more hedge funds we cover. Perry's portfolio was in the upperquartile of our coverage universe.

Perr y Capital: Curr ent Allocation

33.9%

19.8%16.7% 16.4%

6.3%2.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


Heal thca re In dustri al s Con su mer Discretionary

Financials



39/60



Exhibit 19.1: Perry Capital Positions


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21 G LENVIEW C APITAL

PM : Larry Robbins Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 Glenview increased their exposure to the Materials (+1.3%) and Telecom (+2.6%) while trimmingexposure within Financials (-5.1%) and Info Tech (-0.6%).

Increases in existing positions include: LIFE MCK TYC BMC HCA FISV

New larger positions include: SEE LH LBTYA PFE A CVS CCE GS

Glenview's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 43.3% of Glenview's top positions were found in 3 or more hedge funds we cover. Glenview's portfolio was inthe upper quartile of our coverage universe.

Glenv iew Capital: Cur rent Allocation

36.4%

19.6%14.1%

10.3% 9.0% 8.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Healthcare Info Technology Consumer Discretionary

Industrial s Financials Tel ecomServices



41/60



Exhibit 20.1: Glenview Capital Positions


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22 V IKING GLOBAL

PM : Andreas Halvorsen Filing Date : 9/30/2011 Company Address : Greenwich, CT

During 3Q11 Viking increased their exposure to the Info Tech (+7.9%) and Healthcare (+10.2%) while trimmingexposure within Materials (-4.3%) and Consumer D. (-10.8%).

Increases in existing positions include: USB IVZ VRX HRB AMT CI CFN

New larger positions include: AAPL MA CTXS C COF HS SINA

Viking's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing56.7% of Viking's top positions were found in 3 or more hedge funds we cover. Viking's portfolio was in the upper

quartile of our coverage universe.

Viking Global: Current Allocation

28.8%

19.1% 18.0% 17.4%

7.1%3.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Heal thcare Fi nanci al s Consumer Discretionary

Info Techno logy Mate ri al s Tel ecomServices



43/60



Exhibit 21.1: Viking Global Positions


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23 F ARALLON C APITAL

PM : Thomas Steyer Filing Date : 9/30/2011 Company Address : San Francisco, CA

During 3Q11 Farallon increased their exposure to the Info Tech (+10.2%) and Materials (+9.4%) while trimmingexposure within Financials (-9.4%) and Consumer D. (-6.5%).

Increases in existing positions include: STT CMCSA V GD MSFT MHS

New larger positions include: MMI NLC OI GR GOOG NWSA VSEA

Farallon's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing50.0% of Farallon's top positions were found in 3 or more hedge funds we cover. Farallon's portfolio was in the upperquartile of our coverage universe.

Farallon Capital: Curr ent Allocation

29.9%

17.8%13.9% 12.2%

9.9%7.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%


Industrials Financial s Material s Healthcare



45/60



Exhibit 22.1: Farallon Capital Positions


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24 H AYMAN A DVISORS

PM : Kyle Bass Filing Date : 9/30/2011 Company Address : Dallas, TX

During 3Q11 Hayman increased their exposure to the Energy (+12.5%) and Info Tech (+7.3%) while trimmingexposure within Materials (-16.3%) and Financials (-7.5%).

Increases in existing positions include: IMN

New larger positions include: MMR ATNY TSRA

Hayman's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 0.0% of Hayman's top positions were found in 3 or more hedge funds we cover. Hayman's portfolio was in thebottom quartile of our coverage universe.

Hayman Advisor s: Current Allocation

45.8%

22.9% 21.0%

9.5%

0.9%0.0%5.0%

10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%

Energy Consumer Discretionary

Info Technology Materials Financials



47/60



Exhibit 23.1: Hayman Advisors Positions


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25 I CAHN C APITAL

PM : Carl Icahn Filing Date : 9/30/2011 Company Address : White Plains, NY

During 3Q11 Icahn increased their exposure to the Energy (+10.3%) and Info Tech (+3.0%) while trimming exposurewithin Consumer D. (-12.7%) and Consumer S. (-0.5%).

Increases in existing positions include: MSI MMI FRX CLX HAIN

New larger positions include: IEP EP FDML VGR ARII OSK

Icahn's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position sizing0.0% of Icahn's top positions were found in 3 or more hedge funds we cover. Icahn's portfolio was in the bottomquartile of our coverage universe.

Icahn Capital: Curr ent Allocation

35.8%

28.7%

11.4% 10.3% 8.8%3.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Consumer

Discretionary

Info Technology Consumer

Staples

Energy Healthcare Industri als



49/60



Exhibit 24.1: Icahn Capital Positions


50/60



26 P ASSPORT C APITAL

PM : John Burbank Filing Date : 9/30/2011 Company Address : San Francisco, CA

During 3Q11 Passport increased their exposure to the Energy (+10.3%) and Materials (+5.5%) while trimmingexposure within Consumer S. (-2.1%) and Financials (-14.7%).

Increases in existing positions include: CYT AAPL SCCO GOOG AMZN ARAY

New larger positions include: WLT MPC CJES MOS WBMD HCA YOKU

Passport's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing30.0% of Passport's top positions were found in 3 or more hedge funds we cover. Passport's portfolio was in themiddle quartile of our coverage universe.

Pass por t Capital: Curr ent Allocation

38.8%

16.6% 14.8%11.7%

7.5% 5.8%

0.0%

5.0%

10.0%

15.0%

20.0%25.0%

30.0%

35.0%

40.0%

45.0%

Materi al s Energy Heal thcare Info Technol ogy Consum er Discretionary

Consumer Staples



51/60



Exhibit 25.1: Passport Capital Positions


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27 H ANAWALT

Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 Hanawalt increased their exposure to the Consumer D. (+4.0%) and Financials (+1.4%) while trimmingexposure within Consumer S. (-5.4%) and Energy (-0.1%).

Increases in existing positions include: LOW HD WFC USB MSFT

New larger positions include: BRK/A

Hanawalt's portfolio has a 'Neutral' crowdedness rating(1) across our coverage universe. Weighted for position sizing33.3% of Hanawalt's top positions were found in 3 or more hedge funds we cover. Hanawalt's portfolio was in themiddle quartile of our coverage universe.

Hanawalt Assoc iates: Curr ent Allocation

71.9%

14.9% 11.3%1.0% 0.9%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%


Fi nanci al s Consum er Stapl es Energy Info Technol ogy



53/60



Exhibit 26.1: Hanawalt Positions


54/60



28 C OATUE

PM : Philippe Laffont Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 Coatue increased their exposure to the Consumer S. (+1.9%) and Financials (+4.2%) while trimmingexposure within Info Tech (-5.0%) and Consumer D. (-0.8%).

Increases in existing positions include: AAPL AMZN CMG SLAB NOK

New larger positions include: PANL INTU ATML RIMM HRB RPX AOL

Coatue's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for position sizing26.7% of Coatue's top positions were found in 3 or more hedge funds we cover. Coatue's portfolio was in the bottomquartile of our coverage universe.

Coatue Management: Cur rent Allocation

64.0%

18.6%11.7%

4.2% 0.7% 0.4%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%


Consumer Staples

Fi nanci al s Industri al s Materi als



55/60



Exhibit 27.1: Coatue Positions


56/60



29 H AWKSHAW

PM : Kian Ghazi Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 Hawkshaw increased their exposure to the Consumer D. (+10.1%) and Consumer S. (+0.0%) whiletrimming exposure within Industrials (-1.9%) and Info Tech (-8.1%).

Increases in existing positions include: IM FALC

New larger positions include: BTH CBR

Hawkshaw's portfolio has a 'Contrarian' crowdedness rating(1) across our coverage universe. Weighted for positionsizing 0.0% of Hawkshaw's top positions were found in 3 or more hedge funds we cover. Hawkshaw's portfolio was inthe bottom quartile of our coverage universe.

Hanawalt Assoc iates: Curr ent Allocation

52.2%

32.5%

11.6%

3.7%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Info Technol ogy Consum er Discretionary Financi al s Industrial s



57/60



Exhibit 28.1: Hawkshaw Positions


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30 J ANA P ARTNERS

PM : Barry Rosenstein & Gary Claar Filing Date : 9/30/2011 Company Address : New York, NY

During 3Q11 Jana increased their exposure to the Consumer D. (+8.6%) and Consumer S. (+3.4%) while trimmingexposure within Energy (-8.7%) and Materials (-4.5%).

Increases in existing positions include: MHP CCE GOOG EXPE

New larger positions include: HCA LINTA APC LBTYA MSI LCAPA

Jana's portfolio has a 'Crowded' crowdedness rating(1) across our coverage universe. Weighted for position sizing50.0% of Jana's top positions were found in 3 or more hedge funds we cover. Jana's portfolio was in the upper quartileof our coverage universe.

JANA Partners: Curr ent Allocation

40.8%

24.6%

17.8%

8.1% 6.2%1.1%

0.0%

5.0%

10.0%

15.0%

20.0%25.0%

30.0%

35.0%

40.0%

45.0%



Heal thca re Consumer Staples

Industrials



59/60



Exhibit 29.1: Jana Positions


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