Clifford Fox Adds Microsoft, Kellogg, Adobe, More to His Portfolio

#3 Kellogg Company (NYSE:K)

 – Shares Owned by CCI (as of March 31): 1.18 Million

 – Value of Holding (as of March 31): $90.55 Million

Moving on, CCI’s Kellogg Company (NYSE:K) holding amassed about 0.81% of its portfolio value as of March 31. The $27 billion manufacturer of ready-to-eat cereal and convenience foods has seen its stock price rise by 6.34% so far this year. Kellogg recently announced that it will be launching two rather unconventional pastries that feature soda flavors inspired by A&W Root Beer and Crush Orange sodas. Despite a tough 2015 which saw revenue decline by 7.2% to $13.5 billion in the face of foreign exchange headwinds, Kellogg Company (NYSE:K)’s shares are up by more than 20% over the last 12 months. BlueCrest Capital Management, which is led by Michael Platt and William Reeves, appears to be bearish on Kellogg’s future prospects, as the fund slashed its holding by 94% during the first trimester to just 4,800 shares.

#2 Procter & Gamble Co (NYSE:PG)

 – Shares Owned by CCI (as of March 31): 1.63 Million

 – Value of Holding (as of March 31): $133.78 Million

Columbus Circle’s Procter & Gamble Co (NYSE:PG) holding represented about 1.19% of its portfolio at the end of March. The $218 billion provider of consumer packaged goods recently posted its third quarter of fiscal year 2016 financial results, which amounted to earnings of $0.86 per share on revenue of $15.76 billion, beating EPS estimates by $0.04, but missing revenue estimates by $50 million. P&G is undergoing a transformation in its product portfolio as part of a plan to divest about 100 brands so that it can focus on 80-to-90 fast growing ones. The sale of the company’s Duracell business was one of the steps in this direction. Another major concern for P&G has been its struggling beauty segment, which accounts for about 24% of the company’s top line, but has been showing flat or declining sales for the last six quarters. Ken Fisher‘s Fisher Asset Management seems to be a believer in the company’s direction, having inched up its Procter & Gamble Co (NYSE:PG) holding by 1% during the first three months of this year to over 8.00 million shares.

#1 Microsoft Corporation (NASDAQ:MSFT)

 – Shares Owned by CCI (as of March 31): 3.19 Million

 – Value of Holding (as of March 31): $176.27 Million

Lastly, CCI’s fresh bet on the $397 billion tech giant has not yet fared so well, as shares of Microsoft Corporation (NASDAQ:MSFT) are down by more than 10% so far this year. The company slightly missed earnings expectations with its third quarter of fiscal year 2016 results, owing to a weak PC market and currency headwinds, which played a major part in the stock’s year-to-date slide. However, investor apprehensions might have been overplayed considering that the company is transitioning to cloud-based services, which seem to be doing pretty well, as evidenced by a year-over-year increase of 120% in Azure revenue, in constant currency terms. Locust Wood Capital Advisers, which is managed by Stephen J. Errico, also initiated a stake in Microsoft Corporation (NASDAQ:MSFT) during the January-to-March period, consisting of some 437,500 shares.

Disclosure: None