Corsair Capital Management, L.P. Q3 2022 vs. Q4 2022 13F Holdings Comparison

Corsair Capital Management, L.P., a New York-based alternative asset management firm, recently reported its 13F portfolio holdings for the third quarter of 2022. The 13F filings are mandatory reports to the U.S. Securities and Exchange Commission that institutional investors with over $100 million in assets under management must file. These reports disclose the institutional investment manager's signature holdings and all the changes they have made in their portfolio over the quarter.

In the third quarter of 2022, Corsair Capital Management, L.P. had a total portfolio value of $482,361,000, with the top 10 holdings accounting for 76.17% of the portfolio. However, the portfolio underwent significant changes in the fourth quarter, with the fund's total value decreasing to $362,307,000. In this article, we will analyze the changes made by Corsair Capital Management, L.P. between the two quarters and explore the reasons behind these decisions.

Changes in Top Holdings

WILLSCOT MOBIL MINI HLDNG CO (WSC): Corsair sold over 36% of its shares in Willscot Mobile Mini Holdings in the fourth quarter, bringing its total shares down to 707,946 with a value of $31,977,000. Although the company's revenue increased by 42% year over year, Corsair still opted to reduce its stake in the company.

LAUREATE EDUCATION INC (LAUR): Corsair, in contrast, increased its stake in Laureate Education by more than 3,900% from 53,036 shares to 2,140,221 shares with a value of $205,880,000, making it the fund's top holding in Q4 2022. This can be attributed to Laureate Education's strategic acquisition by Adtalem Global Education, which could further contribute to the company's growth in the near future.

MIRION TECHNOLOGIES INC (MIR): Corsair sold over 26% of its holdings in Mirion Technologies, Inc, reducing its shares from 3,267,441 to 2,711,141 with a value of $17,920,000. This can be attributed to the underperformance of the company, which reported losses in Q3 2022, leading Corsair to sell some of its shares in the company.

GODADDY INC (GDDY): Corsair reduced its stake in GoDaddy Inc, selling 8% of its holdings and decreasing its total shares from 253,969 to 231,708 with a total value of $17,336,000. This move can be attributed to GoDaddy's underperformance in Q3 2022, leading Corsair to reduce its investment in the company.

Analysis of Sector Allocation

Corsair had portfolio holdings across 7 sectors in Q3 2022, with Information Technology being the most heavily weighted with a 41.9% allocation. However, this allocation changed in Q4 2022, with the Consumer Discretionary sector coming out on top with a 34.29% allocation. This change in sector allocation can be attributed to the shift in the fund's top holdings in the two quarters, with Corsair increasing its stake in Laureate Education and reducing its holdings in Mirion Technologies.

Conclusion

In conclusion, Corsair Capital Management, L.P. made significant changes in its 13F portfolio holdings between Q3 2022 and Q4 2022. The fund reduced its holdings in underperforming companies like Willscot Mobile Mini Holdings and Mirion Technologies while increasing its stake in Laureate Education. This demonstrates Corsair's ability to identify growth opportunities and rebalance its portfolio accordingly. It is essential to keep track of institutional investors' 13F filings as these can provide valuable insights into market trends and investment strategies.