Palestra Capital Management LLC was founded in 2011 by Andrew Immerman and JeremySchiffman. The New York based company provides investment advisory services to corporations, financial institutions and and individuals. The portfolio value of Palestra Capital Management LLC stands at $1.2 billion. McGraw Hill Financial (NYSE:MHFI), Semgroup Corp (NYSE:SEMG) and Advance Auto Parts Inc. (NYSE:APP) were its top 3 holdings, according to the SEC 13F filings for the quarter ended on September 30, 2014.
McGraw Hill Financial (NYSE:MHFI) was the topmost investment of Palestra Capital Management LLC with value of $70.2 million. McGraw Hill Financial (NYSE:MHFI) is a New York City based publicly traded corporation that handles financial information and analytics. Lone Pine Capital was the topmost holding fund with shares totaling 10.8 million. Highfields capital management came closer in the second position with a total of 8.7 million shares. (You can see complete list of hedge funds which hold positions on McGraw Hill Financial (MHFI) at the end of third quarter.)
Semgroup Corp (NYSE:SEMG) was the second largest investment of the firm with a total investment of $63.1 million. Semgroup Corp (NYSE:SEMG) is a company that deals with transportation of natural gas and oil via pipelines to the end-users all the way from refineries. The company has been in the business since 2001 when it was founded. They also manufacture and sell asphalt worldwide. The major shareholder in this company is Iridian Asset Management LLC followed by Jennison Associates LLC. Some of the company’s subsidiaries are SemGas, L.P., SemCAMS, SEMLogistics, and NGL Equity Ownership.
The third largest investment of the firm is Advance Auto Parts Inc. (NYSE:AAP) with investment worth $60.1 million. Founded in 1932, Advance Auto Parts Inc. (NYSE:AAP) today stands as the largest automotive replacement accessories and parts in the U.S. After acquisition of CARQUEST in 2013, the company has now a total of 3800 stores that are based in different U.S. states. The company has recently been downgraded to a “neutral” rating from “outperform” and given a price target of $153 by Zacks. The top three shareholders of Advance Auto Parts Inc. (NYSE:AAP) are Wellington Management Company, LLP, Lazard Asset Management LLC, and Vanguard Group, Inc.
This article has been written by Victor Ochieng.