Giovine Capital is a hedge fund that was founded in 1998 by Thomas A. Giovine, who is also the current manager. Giovine was previously an employee of Morgan Stanley, which he later left to found Giovine Capital. The fund boasts a diversified portfolio valued at $141.34 million according to its 13F filing with the U.S. Securities and Exchange Commission, covering the period of June 30, 2015. This represents a $41.47 million drop compared to its public equity portfolio’s value at the end of the first quarter of 2015. The fund has $283.42 million in assets under management. In this article, we will look at the fund’s top three holdings at the end of the second quarter, which are Apple Inc. (NASDAQ:AAPL), Masonite International Corp (NYSE:DOOR), and Impax Laboratories Inc (NASDAQ:IPXL).
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According to Giovine Capital’s 13F filing, the technology giant Apple Inc. (NASDAQ:AAPL) emerged as its biggest holding, with the fund owning a total of 48,754 shares of the company, with a market value of $6.12 million, representing a 14% drop compared to its position at the end of the first quarter. Its ownership in the Cupertino, California-based company represents 4.33% of its 13F portfolio. The iPhone maker has had some challenges on the stock market after it released lower than expected iPhone sales numbers in its most recent earnings report, seeing the stock drop by up to 14% in just two weeks. The disappointment came as a result of its iPhone sales registering a drop in sales in both China and Japan, which have been some of the top new markets for the company’s flagship product, particularly the large screen iPhone 6 and iPhone 6 Plus. At the end of the second quarter, Fisher Asset Management, led by Ken Fisher, held a total of 11.01 million shares of Apple Inc. (NASDAQ:AAPL) with a market value of $1.38 billion after purchasing 201,769 shares of the stock during the second quarter.
Masonite International Corp (NYSE:DOOR) came in second place on the list of Giovine Capital’s biggest holdings as of the end of the second quarter. The fund held a total of 84,644 shares valued at $5.93 million after reducing its stake by 26% during the quarter. The position represented 4.20% of its total 13F portfolio. The door and door components manufacturer recently announced the completion of the sale of Premdor, S.A.S., which is its door business operating in France. The announced sale was sealed on a nominal consideration. Year-to-date, the company has gained 10.14% and is up by 24.21% over the past year. At the end of the second quarter, Pzena Investment Management, led by Richard S. Pzena, held a total of 594,193 shares of Masonite International Corp (NYSE:DOOR), with a market value of $41.66 million. Deepak Gulati‘s Argentiere Capital held a total of 10,000 shares valued at $701,000.
Now let’s look at Impax Laboratories Inc (NASDAQ:IPXL) in which Giovine Capital held a total of 126,693 shares with a market value of $5.82 million, having opened a new stake in the company during the second quarter. Its holding in the stock represents 4.12% of its 13F portfolio’s value. The Hayward, California-based pharmaceutical company just announced the sale of the U.S. rights to its Daraprim brand to Turing Pharmaceuticals AG for an approximate $55 million. Daraprim is an antiparasitic drug for the treatment of toxoplasmosis and is used together with sulfonamide. Over the past three months, Impax Laboratories Inc (NASDAQ:IPXL)’s stock has dipped by 3.56%, though it remains up by over 40% year-to-date. During the second quarter, many funds sold their shares in the stock. For example, Citadel Advisors, led by Ken Griffin, sold all of the 18,039 shares that it held going into the second quarter. On the other hand, Sivik Global Healthcare, managed by Krishen Sud, raised its stake in the company by purchasing 15,669 shares to increase its position to 55,669 shares valued at $2.56 million.
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