In this article, we will take a look at 10 stocks William Harnisch’s Peconic Partners is buying. You can skip our detailed analysis of William Harnisch’s history, investment philosophy, and hedge fund performance, and go directly to William Harnisch’s Peconic Partners is Buying These 5 Stocks.
William Harnisch founded Peconic Partners in 2000. He worked at Chase Manhattan Bank from 1968-1970 as an analyst before doing an MBA from New York University. He then joined Forstmann-Leff Associates as a Portfolio Manager and Research Analyst in 1978 after getting his Chartered Financial Analyst (CFA) certification. When William Harnisch left Forstmann-Leff Associates, he had already served as the president as well as chief executive officer at the firm. It was then he founded his own hedge fund and named it after a wealthy Native American tribe in east Long Island.
William Harnisch is known as one of the most pragmatic hedge fund managers in the world. When it comes to investment strategy, he is not a fan of diversification, and rather adopts a ‘concentration’ approach. He always picks the best stocks to invest in rather than injecting his investment in a wide array of sectors and industries, calling this thinking “Balderdash!”.
According to his investment philosophy, sector or industry does not matter as long as you are putting your money in the right stocks.
Some of the notable stocks in Peconic’s Q2 portfolio were Apple Inc. (NASDAQ:AAPL), The Walt Disney Company (NYSE:DIS), and Shopify Inc. (NYSE:SHOP).
William Harnisch of Peconic Partners LLC
Let’s have a look at the top 10 stocks that William Harnisch’s Peconic Partners is buying. We chose the top 10 stock picks of William Harnisch’s Peconic Partners from the second quarter SEC 13F filings of the fund.
William Harnisch’s Peconic Partners is Buying These 10 Stocks
10. Darden Restaurants, Inc. (NYSE:DRI)
Peconic Partners’ Stake Value: $6,365,000
Percentage of Peconic Partners’ 13F Portfolio: 0.63%
Number of Hedge Fund Holders: 44
Founded as General Mills Restaurants after its owner General Mills in 1970, Darden Restaurants, Inc. (NYSE:DRI) now owns multiple fine dining and casual dining restaurants chains. 44 funds tracked by Insider Monkey owned stakes in Darden Restaurants, Inc. (NYSE:DRI) as of Q2, compared to 49 in the first quarter.
Stephens Analyst James Rutherford kept an Overweight rating on Darden’s shares, raising the price target from $170 to $180 on September 24.
9. Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL)
Peconic Partners’ Stake Value: $11,357,000
Percentage of Peconic Partners’ 13F Portfolio: 1.13%
Number of Hedge Fund Holders: 28
Peconic Partners held stakes worth $11.35 million with over 76,500 shares in Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL), representing 1.13% of the fund’s overall portfolio, as of Q2 SEC 13F filings.
In terms of hedge fund sentiment, managers are bullish on Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) as the number of funds that held stakes in the company increased from 16 in Q1 to 28 in Q2.
On October 5, Loop Capital initiated coverage of Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) with a price target of $140 and a Hold rating.
8. Silicon Laboratories Inc. (NASDAQ:SLAB)
Peconic Partners’ Stake Value: $16,873,000
Percentage of Peconic Partners’ 13F Portfolio: 1.68%
Number of Hedge Fund Holders: 15
Headquartered in Austin, Texas, Silicon Laboratories Inc. (NASDAQ:SLAB) produces hardware and software tools in addition to developing Internet of Things (IoT) infrastructure.
The company reported a Q2 Non-GAAP EPS of $0.16, missing estimates by $0.77, and GAAP EPS of -$0.41, missing targets by a huge margin of $0.74.
The hedge fund sentiment around the stock was slightly neutral with the number of hedge funds opting to invest in Silicon Labs reduced from 18 in Q1 to 15 in Q2 as per Insider Monkey’s data.
7. SBA Communications Corporation (NASDAQ:SBAC)
Peconic Partners’ Stake Value: $23,512,000
Percentage of Peconic Partners’ 13F Portfolio: 2.35%
Number of Hedge Fund Holders: 43
Headquartered in Boca Raton, Florida, SBA Communications Corporation (NASDAQ:SBAC) is a leading real estate investment trust company independently operating wireless infrastructure in 14 markets including America and South Africa. SBA Communications has two major income streams including communications site development and site leasing.
The number of hedge funds that held stakes in SBA Communications Corporation (NASDAQ:SBAC) stood at 43 out of 873 tracked by Insider Monkey as of Q2.
While Peconic Partners owns stakes in Apple Inc. (NASDAQ:AAPL), The Walt Disney Company (NYSE:DIS), and Shopify Inc. (NYSE:SHOP), SBA Communications Corporation (NASDAQ:SBAC) is one of the top stocks William Harnisch is buying.
6. Exxon Mobil Corporation (NYSE:XOM)
Peconic Partners’ Stake Value: $25,232,000
Percentage of Peconic Partners’ 13F Portfolio: 2.52%
Number of Hedge Fund Holders: 68
The hedge fund sentiment around the American oil and gas giant Exxon Mobil Corporation (NYSE:XOM) has been positive as the number of funds that owned stakes in Q2 stood at 68 out of the 873 tracked by Insider Monkey. This is up from 66 out of 866 in Q1 of 2021.
Exxon Mobil Corporation (NYSE:XOM) has increased its focus on sustainability as part of its efforts to reduce carbon emissions. ExxonMobil recently announced to build its first large-scale plastic waste advanced recycling facility which will begin operations next year.
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Disclosure: None. William Harnisch’s Peconic Partners is Buying These 10 Stocks is originally published on Insider Monkey.
