This $10B Investor Put 40% of His Portfolio in ONE Stock
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…ast quarter. That is a 1.46% yield. He did not make any changes to this position last quarter, but the price went down by 11.5%. This is one of the oldest holdings. The history goes all the way back to 2016, when the price was around $122. He trimmed it down over the years, always making money, and the biggest sell was when the price doubled in Q4 2022. Now, what is interesting is that at the end of Q1 2026, the price was way higher at $290, but he is just holding. So, probably he is not only enjoying the dividends, but also believes that there is more growth coming in the next few years.…
He trimmed it down over the years, always making money, and the biggest sell was when the price doubled in Q4 2022.
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…few years. At 5.3% of the portfolio, we see Coupang Incorporated, ticker CPNG, worth $245 million. Last quarter, its value went down by 61 million dollars, a steep 20% drop, even though he did not sell any shares. This is a newer position. Abrams bought his first shares in Q3 2021 and kept on adding to it till Q1 2022 with an average price probably somewhere around 20 or 22 dollars. And in this case, we don't see any meaningful movement. The price is moving up and down from quarter to quarter, but Abrams is just waiting for a really meaningful moment to act. Another example of extreme patience and strong nerves. >> [m…
Abrams bought his first shares in Q3 2021 and kept on adding to it till Q1 2022 with an average price probably somewhere around 20 or 22 dollars.
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…few years. At 5.3% of the portfolio, we see Coupang Incorporated, ticker CPNG, worth $245 million. Last quarter, its value went down by 61 million dollars, a steep 20% drop, even though he did not sell any shares. This is a newer position. Abrams bought his first shares in Q3 2021 and kept on adding to it till Q1 2022 with an average price probably somewhere around 20 or 22 dollars. And in this case, we don't see any meaningful movement. The price is moving up and down from quarter to quarter, but Abrams is just waiting for a really meaningful moment to act. Another example of extreme patience and strong nerves. >> [m…
Abrams bought his first shares in Q3 2021 and kept on adding to it till Q1 2022 with an average price probably somewhere around 20 or 22 dollars.
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…[music] >> His fifth biggest position in the US stock portfolio is Asbury Automotive Group. It makes up 9.08% [music] of the portfolio. Last quarter, it dropped by around 16% and no dividends here, either. And this one is very interesting. He bought his first shares in Q3 2017 for around 61 dollars and he was adding to this position all the way until Q1 2020 when the price dropped to just 55 dollars. Since then, it is a great investment. But what is different in this case is that Abrams did not sell any shares. At some points, he more than quadrupled his investment, but he is still holding. That is a long-term investor. That is a perso…
He bought his first shares in Q3 2017 for around 61 dollars and he was adding to this position all the way until Q1 2020 when the price dropped to just 55 dollars.
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… Incorporated, ticker LAD, worth $622 million. Last quarter, it dropped almost by 25%. So, it is a huge hit, but as we should already expect, he did not sell any shares. And as with almost every position here, it is a beautiful investment. He opened it in Q2 2018 when the price was close to $94. And for three quarters, he was making it a really meaningful investment. And since then, he did not make any real changes to it. The only two differences are the growing dividends and the price, which went up from around $90 to $250 in Q1 …
He opened it in Q2 2018 when the price was close to $94.
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…$4.6 billion portfolio. It pays no dividend. And last quarter its value dropped by $343 million, about 15.8%. The chart only shows data going back to 2024 because that's when Lowe's went public. But here's what this chart doesn't tell you. Abrams didn't just buy this stock at IPO. He was a private investor in this business since 2017 alongside Blackstone, paying an average price of just $5.87 a share. And at the end of Q1 2026, the price was around $57. It is a 10-bagger for Abrams. So, now let's zoom out and look at the entire portfolio together. Abrams currently holds 11 active positions. When we look at the pie chart of his holdings,…
Abrams didn't just buy this stock at IPO. He was a private investor in this business since 2017 alongside Blackstone, paying an average price of just $5.87 a share.
Transcrição Completa
In 1998, a man with a history degree decided to start his own hedge fund. He spent 10 years working under Seth Klarman, and when he finally went out on his own, he tried for 6 months to raise outside money. He raised just $10 million. Today, the same man manages over $10 [music] billion, and he delivered annualized returns of over 15% since founding his firm. And he's done it almost in complete silence. He barely gives interviews, and he never spoken at a public conference. His name is David Abrams, and today we are going to go through his entire 13F portfolio, so all his US stock positions. >> [music] >> Let's start with a position that isn't even in his portfolio anymore. Energy [music] Transfer, ticker ET. Abrams bought his first shares in Q1 2020 for $4.60. He doubled his position half a year later when the price was just over $5. And after over 2 years of doing nothing, he sold some shares when the price was over $11. Then, in Q1 2025, he trimmed it again in a big way when the price was around $19. And finally, he closed it completely with a price almost at $20. From 4.60 to 20 in 6 years. While at the same time collecting dividends with a yield of 7.1%. I would say that is a pretty nice beginning. Let's see the rest of the portfolio. >> [music] >> Next, U-Haul Holding Corporation, ticker UHAL. This is his smallest current holding. It makes up just 0.04% of his entire portfolio worth $1.7 million. Last quarter, its value dropped by around 5.2%. It currently pays no dividend at all. This is another very nice investment. He bought his first shares in Q4 2016 for around $37. And he was adding to it all the way till Q2 2018. He started to trim it in Q4 2021 when the price was almost double at $72. And he got rid of the majority of shares between Q1 and Q2 2024 for a price moving between 60 and $70. Since then, the price is going down. He's well in the green but decided to keep this small position. And actually, it is even more interesting because he bought more shares of this company but a different class of shares. We will get to that in a minute. >> [music] >> Next up, Nuvation Bio Incorporated, ticker NUVB. This is a much more dramatic story. It [music] currently makes up just 0.12% of his portfolio worth $5.4 million. But last quarter alone, its value dropped by 84% and the main reason for it is that he sold 66.7%. The rest is the falling, or rather, crashing price. He bought his first shares in Q1 2021 for $8.90, but it was not a good decision. The price fell down all the way to $1.30 in Q3 2023. But, he did not sell. He did not take the losses. And then, in Q4 2025, the price jumped shortly to $9 again and that is when he pulled the trigger. Even though the stock is massively down, he did not take any losses. And yes, of course, you can say, "What about the opportunity cost?" So, all the things he could do with this money since 2021. And it is a valid argument, but what is very clear from this graph is that this man does not panic. As Warren Buffett says, "Since I did not sell, I did not lose any money today." And here we have the other class of shares of U-Haul, class B shares. It makes up 3.13% of his portfolio, worth $145 million dollars. Last quarter, it was down $6.7 million, so about 4.4% even though he did not sell any shares. He also received a very small dividend of 0.36%. Abrams built this position starting in late 2022 at around $55. When the price got to around $70, he trimmed this position a bit. But, at the end of Q1 2026, the price was closer to $44. So, knowing his unwillingness to take the losses, he is just holding and collecting these small dividends along the way. >> [music] >> The next position is one almost everyone will recognize, Meta [music] Platforms. It makes up 4.01% of his portfolio worth $186 million. Last quarter, it dropped 13.3%. It pays a small dividend and last quarter he did not make any changes to this position. The history of this one is a masterclass in contrarian investing. Abrams built this position steadily from 2018 onwards, then aggressively doubled down in late 2022, growing his stake to over 2.1 million shares when the price dropped to around $120 and the whole market had basically given up on it. Since then, the stock has rocketed up and Abrams has been steadily selling down to just 325,000 shares today. Graphs like this are the reason we built Stock Investing Academy and the Elite Investor Portfolios to give you clarity, to graphically show all the most important moves. But, this clarity goes far beyond just investors. With one click, we go to Meta's dashboard, where you can find everything you need and nothing you don't. And the best part? The first month is completely free. So, you have nothing to lose. Check it out and see what the best investors see. Now at 4.52% of his portfolio is Willis Towers Watson, ticker WTW, worth $209 million. It pays a nice dividend, $692,000 last quarter. That is a 1.46% yield. He did not make any changes to this position last quarter, but the price went down by 11.5%. This is one of the oldest holdings. The history goes all the way back to 2016, when the price was around $122. He trimmed it down over the years, always making money, and the biggest sell was when the price doubled in Q4 2022. Now, what is interesting is that at the end of Q1 2026, the price was way higher at $290, but he is just holding. So, probably he is not only enjoying the dividends, but also believes that there is more growth coming in the next few years. At 5.3% of the portfolio, we see Coupang Incorporated, ticker CPNG, worth $245 million. Last quarter, its value went down by 61 million dollars, a steep 20% drop, even though he did not sell any shares. This is a newer position. Abrams bought his first shares in Q3 2021 and kept on adding to it till Q1 2022 with an average price probably somewhere around 20 or 22 dollars. And in this case, we don't see any meaningful movement. The price is moving up and down from quarter to quarter, but Abrams is just waiting for a really meaningful moment to act. Another example of extreme patience and strong nerves. >> [music] >> His fifth biggest position in the US stock portfolio is Asbury Automotive Group. It makes up 9.08% [music] of the portfolio. Last quarter, it dropped by around 16% and no dividends here, either. And this one is very interesting. He bought his first shares in Q3 2017 for around 61 dollars and he was adding to this position all the way until Q1 2020 when the price dropped to just 55 dollars. Since then, it is a great investment. But what is different in this case is that Abrams did not sell any shares. At some points, he more than quadrupled his investment, but he is still holding. That is a long-term investor. That is a person whose actions, not just words, shout, "I am thinking in decades, not quarters." At 9.24% of his portfolio is Somny Group International, ticker SGI, worth $428 million. Last quarter, it went down by $89.5 million, about 17.3%. It does pay a dividend, but the yield is only 0.85%. He also trimmed this position slightly last quarter, down 0.1%. He bought his first shares in Q3 2021 for around $46 and just kept it. And then in Q1 2025, he added about 30% more shares. Since that moment, the stock is very nicely up, but Abrams is not selling. He's just collecting dividends and patiently waiting for an opportunity to sell or to buy. It may take years, but when it comes, he will be ready. His third [music] biggest position is Alphabet at 11.57% of the portfolio. Last quarter, the value of this position dropped $63 million, about 10.6%. And on one hand, we see that he sold 2.7% of it, but also we see this meaningful drop in price. And it is another beautiful investment. He bought his first shares in Q2 2018 for around $56. After about 2 years, he added some more shares at similar price. And then, >> [clears throat] >> he waited. He sold some shares in Q4 2022 when the price was around $90. Then, he trimmed it again when it reached $150 in Q1 2024 and again in Q4 2025 when the price was well over $300. [snorts] But, even though he 6X'd his investment, he's still holding the majority of the shares. He's not cutting the most beautiful flowers in his garden. We are getting close to the top now. At 13.41% of his portfolio is Lithia Motors Incorporated, ticker LAD, worth $622 million. Last quarter, it dropped almost by 25%. So, it is a huge hit, but as we should already expect, he did not sell any shares. And as with almost every position here, it is a beautiful investment. He opened it in Q2 2018 when the price was close to $94. And for three quarters, he was making it a really meaningful investment. And since then, he did not make any real changes to it. The only two differences are the growing dividends and the price, which went up from around $90 to $250 in Q1 2026. Lithia Motors is another car dealership group alongside Asbury. So, Abrams clearly has serious long-term conviction in auto retail as an industry. >> [music] >> And now the position we've been building up to, Lowe's Holdings Incorporated, [music] ticker L O A R. It is an aerospace and defense components manufacturer. This single stock makes up 39.59% of David Abrams' entire $4.6 billion portfolio. It pays no dividend. And last quarter its value dropped by $343 million, about 15.8%. The chart only shows data going back to 2024 because that's when Lowe's went public. But here's what this chart doesn't tell you. Abrams didn't just buy this stock at IPO. He was a private investor in this business since 2017 alongside Blackstone, paying an average price of just $5.87 a share. And at the end of Q1 2026, the price was around $57. It is a 10-bagger for Abrams. So, now let's zoom out and look at the entire portfolio together. Abrams currently holds 11 active positions. When we look at the pie chart of his holdings, the concentration is staggering. Lowe's alone makes up almost 40% of the fund. If we add Lithia and Alphabet, his top three positions make up nearly 65% of his entire portfolio. That is conviction. So, if I were to name three traits that we should consider cloning from this exceptional investor, they would be one, a concentrated portfolio, two, buying when things look ugly. Time after time, Abrams' biggest positions were built during moments of maximum fear, not maximum optimism. And number three, thinking in decades. If we do that, then a 25% drop in one quarter is just a minor setback, not a disaster. We still have years to make this investment work as long as the fundamentals are strong. And the easiest way to understand the fundamentals is to get your free month of stock investing academy membership, clicking dashboard, and getting all the data you need and nothing you don't.
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