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Dorsal Capital Management’s Return, AUM, and Holdings

Liliana De la Torre

Dorsal Capital Management is a hedge fund manager that primarily provides its services to pooled investment vehicles. The firm started its operations back in 2009, with its headquarters in Redwood City, California. As of the end of December 2018, the fund manages around $2.45 billion in assets on a discretionary basis. Ryan David Frick is one of its co-founders and its current Chief Investment Officer. He launched the firm along with Oliver Evans who retired in 2014. Mr. Frick graduated with an MBA from Stanford University, after which he joined Credit Suisse First Boston as an Analyst. Later, he moved on to serve as a Portfolio Manager at SAC Capital and worked at CR Intrinsic, first as a generalist Equity Analyst and then as a Manager of a portfolio of stocks in consumer-electronics, video-game, and similar technology and media sectors.

The fund's investment strategy proved to be a good one; as an example, its Dorsal Capital Partners fund has had only one down year over the last five years. More precisely, in 2013 the fund lost 1.11%, but it recovered in the following years. It delivered 15.66% in 2014 and 10.13% in 2015. Even though its annual returns went slightly down in 2016 and 2017, it still managed to stay in the positive track achieving 5.07% and 2.87% respectively. Through October 2018, it brought back 2.18%. Dorsal Capital Partners fund reached a total return of 98.39% with a compound annual return of 7.83%, while its worst drawdown was 7.10.

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At the end of the first quarter of 2019, Dorsal Capital's 13F equity portfolio was valued at $1.53 billion, up from $1.43 billion in the previous quarter. After dumping eight positions and acquiring five new, the fund's equity portfolio ended with 18 long positions. Among the companies that Dorsal Capital Management decided to say goodbye to was Grupo Televisa S.A.B. (NYSE:TV) whose 4.9 million shares valued $61.64 million the fund completely sold out. It also let go of its positions in Royal Caribbean Cruises Ltd. (NYSE:RCL) and American Tower Corporation (REIT) (NYSE:AMT) selling 500,000 Royal's shares with a value of $48.90 million and 400,000 American Tower's shares, which were worth $63.28 million.

The fund decided to trim ten of its stakes during this Q1 of 2019. Among them was Facebook Inc.(NASDAQ:FB) whose stake was lowered by 59% to 510,000 shares valued at $85.01 million. Additionally, its holdings in Tableau Software Inc. (NYSE:DATA) were reduced by 48% to 450,000 shares worth $57.28 million.

Click here to read the rest of the article if you want to find out which were Dorsal Capital's top holdings this Q1 of 2019.

Disclosure: None

This article was originally published at Insider Monkey.