"Tracking David Abrams’ Abrams Capital Management Portfolio – Q2 2022 Update"
"David Abrams’ 13F portfolio value decreased this quarter from $4.28B to $3.72B. The number of positions remained steady at 18.The portfolio was untouched this quarter.The top three positions are Lithia Motors, Change Healthcare, and Ashbury Automotive. They add up to ~38% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to David Abrams’ 13F portfolio on a quarterly basis. It is based on Abrams’ regulatory  filed on 8/12/2022. Please visit our  article for an idea on his investment philosophy and our  for the fund's moves during Q1 2022.This quarter, Abrams’ 13F portfolio value decreased from $4.28B to $3.72B. The number of holdings remained steady at 18. The top three stakes are at ~38% of the 13F portfolio while the top five holdings are at ~54%.Lithia Motors (LAD): LAD is currently the largest position at ~17% of the portfolio. It was established in Q2 2018 at prices between $95 and $105 and almost doubled next quarter at prices between $81 and $99. There have been minor increases since. The stock is now at ~$264.Note: Their ownership stake in Lithia Motors is at ~9%.Change Healthcare (CHNG): CHNG is a large (top-three) 10.52% of the portfolio position established during the first three quarters of 2021 at prices between ~$18 and ~$24. The stock currently trades at $24.76.Note: Abrams Capital Management owns ~5.4% of Change Healthcare. UnitedHealth (UNH) is acquiring Change Healthcare in a $25.75 per share all-cash deal. DOJ sued to block the deal and the trial began on August 1st.Asbury Automotive (ABG): ABG is a top-three 9.64% position established in Q3 2017 at prices between $50 and $62 and increased by ~45% in Q3 2018 at prices between $67 and $77.50. Next quarter saw another 20% stake increase at prices between $59 and $72. Q1 2020 also saw a ~11% stake increase at an average cost in the high 40s. The stock currently trades at ~$186.Note: Their ownership stake in the business is ~9%.Alphabet Inc. (GOOG): GOOG is a large (top five) 8.58% position purchased in Q2 2018 at prices between ~$50 and ~$59 and the stock is now at ~$123. There was a ~20% stake increase in Q1 2020 at prices between ~$53 and ~$76.TransDigm Group (TDG): The large (top five) 7.78% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$677.Energy Transfer LP (ET): The 5.93% ET stake was established in Q1 2020 at prices between $4.55 and $13.75 and it is now at $11.58. There was a ~64% stake increase in Q3 2020 at prices between $5.40 and $7.15.Willis Towers Watson plc (WTW): WTW is a large 5.67% position purchased in Q1 2017 at prices between $117 and $133. Since then, the activity has been minor. The stock is now at ~$220.Kinder Morgan (KMI): KMI is a 5.62% of the portfolio position purchased in Q1 2018 at prices between $14.75 and $19.75. Q1 2020 saw a ~15% stake increase at prices between $10 and $22.25 and that was followed with a ~27% increase next quarter at prices between $12.73 and $18. The stock currently trades at $18.57.AMERCO (UHAL): UHAL is a 5.44% position purchased in Q4 2016 at prices between $314 and $374 and increased by ~160% the following quarter at prices between $367 and $391. There was a ~45% increase in Q2 2017 at prices between $341 and $393 and that was followed with a similar increase in H1 2018 at prices between $323 and $384. Q4 2021 saw a ~20% reduction at prices between ~$646 and ~$759. Last quarter also saw a minor ~6% trimming. The stock is now at ~$578.Meta Platforms (META) previously Facebook: META is a 5.22% portfolio position purchased in Q4 2018 at prices between $124 and $163. Q1 2020 saw a ~18% stake increase at prices between $146 and $223. The stock currently trades at ~$181Teva Pharmaceutical (TEVA): TEVA is a 4.86% of the portfolio stake established in Q3 2017 at prices between $15.50 and $33.50. Q3 2019 saw a one-third stake increase at prices between $6 and $9.60. The stock currently trades at ~$11.20.Coupang Inc. (CPNG): The 4.66% CPNG stake was purchased in Q3 2021 at prices between ~$27 and ~$44.50. Next quarter saw a ~120% stake increase at prices between ~$25.50 and ~$30.50. That was followed with a ~40% stake increase last quarter at prices between ~$15.50 and ~$28.75. The stock is now at $18.10.Camping World Holdings (CWH): CWH is a ~3% position purchased in Q3 2018 at prices between $19 and $27 and increased by two-thirds next quarter at prices between $11.25 and $22.50. Q2 2019 saw a ~30% stake increase at prices between $11 and $13 per share. Q4 2019 also saw a ~12% stake increase at ~$7.90 per share while in Q3 2020 there was similar selling at ~$37.50. The stock is now at $31.29. They control ~12% of the business.O-I Glass (OI) previously Owens-Illinois: OI is a 2.61% of the portfolio stake established in Q4 2019 at prices between $8.50 and $12 and increased by ~42% next quarter at prices between $4.64 and $15. The stock currently trades at $14.30.Tempur Sealy International (TPX), and USCB Financial Holdings (USCB): TPX is a ~2% of the portfolio stake established in Q3 2021 at prices between ~$37.50 and ~$49.60 and the stock currently trades well below that range at $28.93. USCB is a minutely small 0.27% portfolio stake established in Q3 2021.Cantaloupe Inc. (CTLP) previously USA Technologies: The very small 0.47% CTLP position was purchased in Q1 2021 at prices between ~$9.45 and ~$12.45 and it is now well below that range at $6.83.  Last quarter saw a ~50% stake increase at prices between ~$6.50 and ~$8.75.Nuvation Bio (NUVB): Panacea Acquisition merged with Nuvation Bio in a de-SPAC transaction that closed in February 2021. The stake was established during that quarter when it traded between ~$9 and ~$14.60. It currently trades at $3.08, and the stake is at 0.33% of the portfolio.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Abrams Capital Management’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 2/14/2022 to 5/28/2022: None."