"Tracking David Abrams’ Abrams Capital Management Portfolio – Q1 2023 Update"
"David Abrams’ 13F portfolio value increased this quarter from $2.80B to $3.16B. The number of positions remained steady at 15.Cantaloupe stake was increased while decreasing Teva Pharmaceutical.The top three positions are Lithia Motors, Meta Platforms, and Ashbury Automotive. They add up to ~45% 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 5/12/2023. Please visit our  article for an idea on his investment philosophy and our  for the fund's moves during Q4 2022.This quarter, Abrams’ 13F portfolio value increased from $2.80B to $3.16B. The number of holdings remained steady at 15. The top three stakes are at ~45% of the 13F portfolio while the top five holdings are at ~62%.Stake Increases:Cantaloupe Inc. (CTLP) previously USA Technologies: The small 1.29% CTLP position was purchased in Q1 2021 at prices between ~$9.45 and ~$12.45 and it is now at $6.53.  Q1 2022 saw a ~50% stake increase at prices between ~$6.50 and ~$8.75. That was followed with a ~130% increase this quarter at prices between ~$4.35 and ~$6.20.Stake Decreases:Meta Platforms (META) previously Facebook: META is a large (top three) 14.42% 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 last quarter saw another ~80% stake increase at prices between ~$89 and ~$140. The stock currently trades at ~$249. There was a marginal reduction this quarter.Asbury Automotive (ABG): ABG is a top-three ~14% 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 ~$203. There was marginal trimming this quarter.Note: Their ownership stake in the business is ~9%.Teva Pharmaceutical (TEVA): TEVA is a 2.23% 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 $7.57. The last quarter saw a one-third reduction at prices between ~$8 and ~$9.50. That was followed with a ~50% selling this quarter at prices between ~$8.35 and ~$11.40.Kept Steady: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 ~$235.Note: Their ownership stake in Lithia Motors is at ~9%.TransDigm Group (TDG): The large (top five) 8.54% TDG position was purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$780. There was a roughly one-third reduction last quarter at prices between ~$510 and ~$640.Alphabet Inc. (GOOG): GOOG is a large 7.68% position purchased in Q2 2018 at prices between ~$50 and ~$59. There was a ~20% stake increase in Q1 2020 at prices between ~$53 and ~$76. The last quarter saw a similar reduction at prices between ~$83.50 and ~$105. The stock is now at ~$122.Energy Transfer LP (ET): The ~7% ET stake was established in Q1 2020 at prices between $4.55 and $13.75. There was a ~64% stake increase in Q3 2020 at prices between $5.40 and $7.15. The stock is now at ~$12.80. There was a ~20% selling last quarter at prices between ~$11 and ~$12.75.Coupang Inc. (CPNG): The 6.80% 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 in Q1 2022 at prices between ~$15.50 and ~$28.75. The stock is now at $15.73.U-Haul Holding Company (UHAL): UHAL is a 6.78% position purchased in Q4 2016 at prices between $31 and $37 and increased by ~160% the following quarter at prices between $37 and $39. There was a ~45% increase in Q2 2017 at prices between $34 and $39 and that was followed with a similar increase in H1 2018 at prices between $32 and $38. Q4 2021 saw a ~20% reduction at prices between ~$65 and ~$76. There has been minor trimming since. The stock is now at ~$63.Note: the prices quoted above are adjusted for the 10-for-1 stock-split last November.Willis Towers Watson plc (WTW): WTW is a large ~6% position purchased in Q1 2017 at prices between $117 and $133. Since then, the activity had been minor. Last quarter saw a ~25% selling at prices between ~$201 and ~$248. The stock is now at ~$221.Tempur Sealy International (TPX): TPX is a 4.50% of the portfolio stake established in Q3 2021 at prices between ~$37.50 and ~$49.60 and the stock currently trades at $37.25.Camping World Holdings (CWH): CWH is a 3.37% 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 $27.45. They control ~12% of the business.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 $1.67, and the stake is at 0.20% of the portfolio.USCB Financial Holdings (USCB): USCB is a minutely small 0.20% portfolio position established in Q3 2021. The stake saw a ~23% selling last quarter.The spreadsheet below highlights changes to Abrams’ 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Abrams Capital Management’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/10/2022 to 2/11/2023: 13G/A – 2/2 – CHNG - zero."