In this article, we will take a look at the 10 new stocks in Kamyar Khajavi’s MIK Capital portfolio. You can skip our detailed analysis of Kamyar Khajavi’s history, investment philosophy, and hedge fund performance, and go directly to the 5 New Stocks in Kamyar Khajavi’s MIK Capital Portfolio.
MIK Capital is a hedge fund based out of New York. Founded by Kamyar Khajavi in 2015, the fund has a total portfolio value of $197 million as per the 13F filings for Q2 2021.
The hedge fund’s largest holding as of the second quarter is Thomson Reuters Corporation (NYSE:TRI) with shares worth over $10.8 million, followed by Foot Locker, Inc. (NYSE:FL) with stakes worth $10.7 million.
MIK Capital also owns stakes in big companies such as salesforce.com, inc. (NYSE:CRM), Alphabet Inc. (NASDAQ:GOOG), and Uber Technologies, Inc. (NYSE:UBER).
In this article our focus would be on the new stocks bought by MIK Capital. For this article we picked the stocks in which the fund initiated new positions in the second quarter of 2021.
Why do we care about hedge fund activity? Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 86 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by 86 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
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10 New Stocks in Kamyar Khajavi’s MIK Capital Portfolio
10. Martin Marietta Materials, Inc. (NYSE:MLM)
MIK Capital’s Stake Value: $5,568,000
Percentage of MIK Capital’s 13F Portfolio: 2.82%
Number of Hedge Fund Holders: 34
Founded in 1993 and headquartered in Raleigh, North Carolina, Martin Marietta Materials, Inc. (NYSE:MLM), an S&P 500 member, is an American building materials supplier. The company operates in over 26 states in the US. Internationally, the company’s services are available in the Caribbean and Canada. Its market cap stands at $22.32 billion as of September 9, 2021.
As per our database in which we track 873 hedge funds, 34 held stakes in Martin Marietta Materials, Inc. (NYSE:MLM), down from 41 in Q1
MIK Capital holds 15,827 shares in Martin Marietta Materials worth $5.5 million, representing 2.82 percent of their portfolio. As of the second quarter of 2021, 34 hedge funds out of the 873 tracked by Insider Monkey held stakes in the company in Q2, compared to 41 out of 866 in Q1.
9. The TJX Companies, Inc. (NYSE:TJX)
MIK Capital’s Stake Value: $6,864,000
Percentage of MIK Capital’s 13F Portfolio: 3.48%
Number of Hedge Fund Holders: 56
The TJX Companies, Inc. (NYSE:TJX), formerly known as Zayre Corp., was founded by Bernard Cammarata in 1987. Headquartered in Framingham, Massachusetts, the American off-price department store corporation runs over 4,500 stores in 9 countries. The company sells apparel and home fashion products under four divisions namely Marmaxx, HomeGoods, TJX Canada, and TJX International.
Kamyar Khajavi’s MIK Capital owns over 101.8 million shares in The TJX Companies, Inc. (NYSE:TJX) with a total investment of over $6.8 million which is 3.48% of the fund’s overall portfolio. As of the second quarter of 2021, Insider Monkey tracks 873 hedge funds, and out of these, 56 held stakes in the company, compared to 63 out of 866 in the previous quarter.
In its Q2 investment letter, investment management firm Qualivian Investment Partners mentioned The TJX Companies, Inc. (NYSE:TJX). Here is what the fund said:
“TJX Companies: While it still outperformed the S&P 500, TJX landed in the bottom three as its stock’s tepid performance reflected the broader underperformance of stocks levered to post-COVID reopening. These were muted in the quarter given the resurgence of COVID cases due to the Delta variant. Its actual results, which it reported on August 18th, were outstanding, beating across the board on both top and bottom lines and showing strong operating leverage in the operating profit line. Same store sales were up an impressive 20% overall. We remain very confident in TJX’s moat in that its treasure hunt format is hard to replicate for the likes of Amazon and Walmart.”
While MIK Capital has stakes in salesforce.com, inc. (NYSE:CRM), Alphabet Inc. (NASDAQ:GOOG), and Uber Technologies, Inc. (NYSE:UBER), The TJX Companies, Inc. (NYSE:TJX) is one of the biggest stocks in its portfolio.
8. Deckers Outdoor Corporation (NYSE:DECK)
MIK Capital’s Stake Value: $7,671,000
Percentage of MIK Capital’s 13F Portfolio: 3.89%
Number of Hedge Fund Holders: 44
Headquartered in California, Deckers Outdoor Corporation (NYSE:DECK) is more commonly known as Decker Brands with different fashion lifestyle and performance lifestyle brands in its portfolio. It sells footwear, apparel, and accessories in more than 50 countries. The company employs over 3,200 employees across the world with Dave Powers as the current CEO and President.
MIK Capital held over $19.9 million shares in Deckers Outdoor Corporation (NYSE:DECK), valued at $7.7 million, according to the Q2 13F filings. It represents 3.89% of the fund’s overall portfolio. Out of the hedge funds being tracked by Insider Monkey, 44 hedge funds out of the 873 held stakes in the company, compared to 40 out of 866 in Q1.
Robert Pitts’ Steadfast Capital Management is the biggest stakeholder in Deckers Brands with an investment of $295.8 million as of Q2 filings.
7. Planet Fitness, Inc. (NYSE:PLNT)
MIK Capital’s Stake Value: $8,069,000
Percentage of MIK Capital’s 13F Portfolio: 4.09%
Number of Hedge Fund Holders: 34
Based in Hampton, New Hampshire, Planet Fitness, Inc. (NYSE:PLNT) is an American chain of fitness clubs with franchises located throughout the US as well as other countries including Australia, Mexico, Dominican Republic, Panama, and Canada. According to the company website, Planet Fitness is working in over 2,000 locations. It was founded by Michael Grondahl and Marc Grondahl in 1992 and Chris Rondeau is the current CEO of the company.
As of Q2, MIK Capital held over 107.2 million shares in Planet Fitness, Inc. (NYSE:PLNT) worth over $8 million. Insider Monkey’s Q2 data shows that 34 out of the 873 hedge funds held stakes in the company, down from 40 out of 866 in the preceding quarter. Like Planet Fitness, Inc. (NYSE:PLNT), salesforce.com, inc. (NYSE:CRM) and Alphabet Inc. (NASDAQ:GOOG) are also among MIK Capital’s new stock picks in addition to other names such as Uber Technologies, Inc. (NYSE:UBER).
Karthik Sarma’s SRS Investment Management owns the most shares in Planet Fitness with over 7 billion shares worth over $530 million.
In its Q1 investor letter, investment management fund Wasatch Global Investors mentioned Planet Fitness, Inc. (NYSE:PLNT). Here is what the fund said:
“At the other end of the spectrum, we completely sold our position in Planet Fitness, Inc. (PLNT) even though some speculators would consider the stock to be a reopening play. The company owns and operates a chain of fitness clubs. The stock spiked on optimism that people will return to pre-pandemic levels of exercise at group facilities. But recent earnings for Planet Fitness didn’t impress us, and we decided the stock was too expensive based on our projection for the company’s growth rate.”
6. Mohawk Industries, Inc. (NYSE:MHK)
MIK Capital’s Stake Value: $8,276,000
Percentage of MIK Capital’s 13F Portfolio: 4.2%
Number of Hedge Fund Holders: 44
Founded in 1878, Mohawk Industries, Inc. (NYSE:MHK) is a renowned manufacturer of flooring products and it serves customers worldwide. The company is headquartered in Calhoun, Georgia and it is currently run by CEO Jeffrey Lorberbaum. The company is rightly called the global flooring leader owing to its vast portfolio of products including hard and soft flooring products in addition to luxury and sheet vinyl tiles. The company’s shares first traded publicly on NASDAQ, and it now trades on NYSE.
Kamyar Khajavi’s MIK Capital owns a total of 43,061 shares in Mohawk Industries, Inc. (NYSE:MHK) worth $8.27 million. It is 4.2% of the fund’s overall portfolio as of Q2. As of the second quarter of 2021, 44 hedge funds out of the 873 tracked by Insider Monkey held stakes in the company, compared to 36 in the previous quarter.
Richard S. Pzena’s Pzena Investment Management is the biggest shareholder in Mohawk Industries. The fund owns over 1.6 million shares amounting to $308.8 million.
Like Uber Technologies, Inc. (NYSE:UBER), salesforce.com, inc. (NYSE:CRM), and Alphabet Inc. (NASDAQ:GOOG), Mohawk Industries, Inc. (NYSE:MHK) is also among Kamyar Khajavi’s MIK Capital’s new stock picks.
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Disclosure: None. 10 New Stocks in Kamyar Khajavi’s MIK Capital Portfolio is originally published on Insider Monkey.
