Bill Ackman, the CEO of $US18 billion hedge fund Pershing Square Capital Management, hosted the 2015 Harbour Investment Conference at the AXA Equitable Building in Midtown Manhattan on Thursday.
The annual event brings together both well-known and lesser-known investors to share trade ideas, while raising money for the Boys & Girls’ Harbour.
This year, the conference experienced its largest turnout since it began back in 2006.
All of the stock ideas shared at the private conference were embargoed until 4 p.m. EST today.
Now, here’s a quick rundown of the stock picks shared throughout the conference (You may have noticed a few of these moving today) :
Larry Robbins (Glenview Capital Management)
Robbins, the founder of $US11 billion long/short equity Glenview Capital, did a Q&A with Ackman where he tossed out a number of stock picks. One way Robbins constructs his portfolios is to take a concentrated approach. He added that they like to “act like owners” for their investments. He also told Ackman that he thinks equities are “exceedingly cheap” compared to other assets.
1. Thermo Fisher Scientific (long, top holding)
2. Monsanto (long, top holding)
4. McDonald’s (He hasn’t publicly talked about this before.)
5. Valeant (It’s a “small position”)
Todd Sullivan (Rand Strategic Partners)
1. Howard Hughes Corporation (price target of $US247 to $US257)
Steve Errico (Locust Wood Capital Advisers)
Errico, who manages a $US900 million fund, had the best pick at the 2014 Harbour Conference. Last year, he pitched NorthStar Realty, which rose more than 51% since then. His first pitch this year is a spinoff of that company.
1. NorthStar Asset Management
2. Liberty Media Corporation (He sees a 33% upside)
3. Tesoro Logistics (It’s an MLP. He says the way to buy it is through QEP Midstream Partners. TLLP owns a 55.8% LP interest in QEPM.)
Here’s how last year’s stock picks from the Harbour Conference did:
Ackman will be doing a Q&A later this afternoon with hedge fund god Ray Dalio, the founder of $US160 billion Bridgewater Associates. Ackman will also be answering questions. Stay tuned.