Todd Combs, Warren Buffett’s new protege, is in the process of winding down Castle Point Capital, the hedge fund he ran for years out his Greenwich, CT office.
No one can quite figure out why Buffett chose Combs, who only managed ~$250 million, but his latest trades might offer a clue.
Castle Point just filed its latest (and last?) 13F report, which shows what the fund bought and sold in the last quarter.
Right now, it’s the best indicator of what Combs did that impressed Buffett that we have.
Combs’ Castle Point Capital completely sold out of:
- BLACKROCK – $5,119,000 (35,700 shares)
- CME GROUP – $14,360,000 (51,000 shares)
- HARTFORD FINANCIAL SRVCS GROUP – $4,515,000 (204,000 shares)
- LEUCADIA NATIONAL CORP – $4,976,000 (255,000 shares) ***
- UNITED AMERICA INDEMNITY – $5,255,000 (714,000 shares)
Sold some of:
- BROADRIDGE FINANCIAL SOLUTIONS – ~$4 million (250,000 shares)
- GENWORTH FINANCIAL – ~$2 million (100,000 shares)
- GOLDMAN SACHS – ~$5 million (40,000 shares)
- MASTERCARD – $40 million (30,000 shares)
- STATE STREET – ~$6 million (200,000 shares)
- WESTERN UNION – $4 million (400,000 shares)
They opened stakes in:
- AMERICAS CAR MART – $844,000 (33,525 shares)
And bought more of:
- CIT GROUP – ~$2 million (100,000 shares)
Pretty much everything else Combs owns made money last quarter (like CHUBB).
*** Interesting: Leucadia is apparently known as a “mini Berkshire Hathaway” because its annual returns have been so good