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David Abrams Exits Teva Pharmaceutical in Q1 2024, Reflecting Strategic Portfolio Adjustments

Insights into Abrams Capital Management's Latest 13F Filings

David Abrams (Trades, Portfolio), the founder and CEO of Abrams Capital Management, has a notable track record in value investing, honed under the mentorship of Seth Klarman (Trades, Portfolio) at Baupost. Since starting his own firm in 1999, Abrams has adhered to a value-oriented investment philosophy, focusing on long-term, fundamental analysis across a diverse range of assets. The first quarter of 2024 has seen significant shifts in his investment strategy, particularly with the complete exit from positions like Teva Pharmaceutical Industries Ltd.

David Abrams Exits Teva Pharmaceutical in Q1 2024, Reflecting Strategic Portfolio Adjustments
David Abrams Exits Teva Pharmaceutical in Q1 2024, Reflecting Strategic Portfolio Adjustments

Summary of Sold Out Positions

David Abrams (Trades, Portfolio) made decisive exits from two holdings in the first quarter of 2024, which are highlighted below:

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  • Teva Pharmaceutical Industries Ltd (NYSE:TEVA): Abrams sold all 5,996,836 shares, impacting the portfolio by -1.95%.

  • USCB Financial Holdings Inc (NASDAQ:USCB): The complete liquidation of 149,786 shares caused a -0.06% portfolio impact.

Key Position Reductions

During the same period, Abrams also reduced his stakes in five companies, with significant reductions in major tech giants:

  • Alphabet Inc (NASDAQ:GOOGL): A reduction of 255,145 shares led to a -10.99% decrease in holdings and a -1.11% impact on the portfolio. The stock's average trading price was $143.05, with a 16.74% return over the past three months and a 21.96% year-to-date increase.

  • Meta Platforms Inc (NASDAQ:META): The sale of 91,003 shares resulted in a -12.79% reduction and a -1% impact on the portfolio. META traded at an average price of $446.07 during the quarter, with a slight -0.14% return over three months and a significant 33.52% increase year-to-date.

Portfolio Overview

As of the first quarter of 2024, David Abrams (Trades, Portfolio)'s portfolio comprised 13 stocks. The top holdings included 22.47% in Lithia Motors Inc (NYSE:LAD), 15.53% in Asbury Automotive Group Inc (NYSE:ABG), and significant stakes in Alphabet Inc, Meta Platforms Inc, and Energy Transfer LP (NYSE:ET). The portfolio shows a strong concentration in sectors such as Consumer Cyclical, Communication Services, Energy, Industrials, Financial Services, Technology, and Healthcare.

David Abrams Exits Teva Pharmaceutical in Q1 2024, Reflecting Strategic Portfolio Adjustments
David Abrams Exits Teva Pharmaceutical in Q1 2024, Reflecting Strategic Portfolio Adjustments

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.