Palestra Capital Management, led by Andrew Immerman and Jeremy Schiffman, made its latest 13F filing and disclosed its best three stock picks. The stocks are Cadence Design Systems Inc (NASDAQ:CDNS), Sabre Corp (NASDAQ:SABR) and Sunedison Inc (NYSE:SUNE). Palestra Capital Management’s equity portfolio value declined in the third quarter of 2014 to slightly over $1.17 billion. It had more than $1.21 billion at the previous filing.
Palestra Capital Management is famous for its investment approach that takes advantage of special situations and value opportunities.
High on Palestra Capital Management’s top best equity picks is Cadence Design Systems Inc (NASDAQ:CDNS). The fund owned more than 32 million shares in the $5.4 billion developer of technology intellectual property. It reduced its exposure to the stock in the latest filing given that it owned nearly 38 million shares there in the previous filing. The new stake in Cadence Design Systems Inc (NASDAQ:CDNS) carried a value of $1.9 million.
Cadence Design Systems Inc (NASDAQ:CDNS) is also a popular stock in the portfolio of Grisanti Brown & Partners, led by Christopher C. Grisanti. The firm held 487,530 shares in the company at the close of the second quarter of 2014.
Sabre Corp (NASDAQ:SABR) is Palestra Capital Management’s second most popular stock in the latest filing. The fund held a little over 26 million shares in the $4.7 billion travel software company at the end of the third quarter of 2014. Palestra Capital Management narrowed its position in the stock as it owned more than 58 million shares in Sabre Corp (NASDAQ:SABR) in the previous filing. Palestra Capital Management’s new position in the stock was value at about $1.5 million.
Sunedison Inc (NYSE:SUNE) closed the list of Palestra Capital Management’s top three top stock picks. Palestra Capital Management acquired slightly over 26 million shares in the $4.6 billion solar products company in the third quarter of 2014. The position was valued at nearly $1.4 million in the latest filing.
In addition to Palestra Capital Management, Sunedison Inc (NYSE:SUNE) is also a significant position in the portfolio of Altai Capital, led by Rishi Bajaj, Toby Symonds, and Steve Tesoriere. The fund narrowed is exposure to the stock by 33% in the second quarter of 2014 but still owned more than 12.4 million shares there.
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