Park Presidio Capital, managed by Lee Hicks and Jan Koerner, recently filed its Form 13F with the U.S. Securities and Exchange Commission. In its filing, the hedge fund disclosed its long equity positions as held at the end of the fourth quarter of 2014. Park Presidio Capital’s portfolio contains a total of 13 positions, worth around $321.2 million. In this article, we will talk about Blackhawk Network Holdings Inc (NASDAQ:HAWKB), Liberty Interactive Group (NASDAQ:QVCA), and Hub Group Inc (NASDAQ:HUBG), which were the fund’s three largest holdings, in terms of value, at the end of December 31, 2014.
San Francisco-based hedge fund Park Presidio Capital was launched by Lee Hicks and Jan Koerner in 2013. Previously, both Hicks and Koerner worked at Thomas Steyer’s Farallon Capital Management. Park Presidio Capital manages hedge funds, and makes investments in the public equity and commodity markets across the globe. The fund uses long/short strategy and invests in value stocks of companies. In early 2014, Hicks and Koerner launched new funds, Park Presidio Capital Partners, and Park Presidio Capital Offshore Fund, after raising $300 million. The funds are value-oriented, long-short equity portfolios that invests mostly in stocks and commodities. Their main focus is on securities in the U.S., Canada, and Western Europe.
On the top position is Blackhawk Network Holdings Inc (NASDAQ:HAWKB), in which Park Presidio Capital disclosed holding 1.13 million shares, with a reported value of $42.8 million. Blackhawk Network Holdings Inc is $1.9 billion prepaid payment network engaged in offering a broad range of gift cards, other prepaid products and payment services in the United States and 20 other countries. The company’s stock gained 50.62% since February 2014. For nine months ended September 6, 2014, the company reported total operating revenues of $786.1 million, up from $616.9 million in the same period in 2013. It’s net income dropped to $2.8 million, or $0.05 per shares, from $4.8 million, or $0.09 per share, in 2013.
Among the hedge funds we track at Insider Monkey, Ken Griffin’s Citadel Investment Group is the largest shareholders of Blackhawk Network Holdings, owing 706,329 shares of the company as of the end of September 2014. Marathon Partners, led by Mario Cibelli, held 420,000 shares of the company as of the end of the third quarter of 2014.
Liberty Interactive Group (NASDAQ:QVCA) was the second largest position in Park Presidio Capital’s portfolio. The fund reported a $32.8 million stake in the company, containing 1.11 million shares. Liberty Interactive Group, through interests in subsidiaries and other companies, is primarily engaged in the video and digital commerce industries. The company has a market cap of nearly $19 billion. Shares of the company moved up by 4% during last one year. Other investors betting big on Liberty Interactive Group (NASDAQ:QVCA) include Peter Adam Hochfelder’s Brahman Capital, which reported ownership of 9.52 million shares at the end of September 2014. Another investor is D E Shaw, managed by David E. Shaw, which revealed holding 7.37 million shares of the company at the end of September 30.
The third largest holding in the Park Presidio Capital’s portfolio was Hub Group Inc (NASDAQ:HUBG), in which the fund revealed owning 720,899 shares, worth $27.5 million. Hub Group Inc is an asset-light freight transportation management firm engaged in offering intermodal, truck brokerage and logistics services. The $1.41 billion market cap firm operates throughout the United States, Canada and Mexico. Hub Group Inc reported net income of $51.6 million for full-year 2014, down from $69.1 million in 2013. Earnings per common share was $1.41, versus $1.88 in 2013. The company lost 3.29% since February 2014. Currently, it is trading at $38.17.
On Monday, Ric Dillon’s Diamond Hill Capital disclosed upping its stake in Hub Group Inc (NASDAQ:HUBG) to 2.62 million shares from 1.92 million shares the investor reported in its latest 13F. The stake is passive by nature, and represents 7.1% of the company’s common stock. Other largest shareholders of Hub Group Inc, according to our record, is Ken Fisher’s Fisher Asset Management, which reported ownership of 1.68 million shares as of the end of September 2014. Another investor, Royce & Associates, run by Chuck Royce, disclosed holding 396,900 shares of the company as of the end of September 30, 2014.
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