This article first appeared on GuruFocus .
Insights from the Latest 13F Filing of the Tech Mogul and His Private Investment Firm, MSD Capital
Michael Dell ( Trades , Portfolio ), the visionary founder of Dell Technologies, recently submitted his 13F filing for the second quarter of 2026, offering a rare glimpse into the strategic maneuvers of his family's investment vehicle, MSD Capital. Established in 1998, MSD Capital exclusively manages the assets of Michael Dell ( Trades , Portfolio ) and his family, operating with the flexibility to invest across a broad spectrum of asset classes from offices in New York, Santa Monica, and West Palm Beach. The firm's philosophy, as stated on its website, emphasizes generating "superior absolute risk-adjusted returns over the long-term" through disciplined, independent thinking and a relentless pursuit of excellence. This quarter, the most impactful move in his concentrated portfolio was a significant reduction in Townsquare Media Inc ( NYSE:TSQ ), a decision that underscores a strategic shift in his communication services holdings.
Summary of New Buys
During the second quarter of 2026, Michael Dell ( Trades , Portfolio ) did not initiate any new positions in his portfolio. This absence of new buys suggests a period of consolidation and focus on managing existing stakes rather than expanding into new territories. For value investors, this could indicate a cautious approach, prioritizing the optimization of current holdings over seeking fresh opportunities in a potentially volatile market environment.
Key Position Increases
Similarly, the filing reveals that Michael Dell ( Trades , Portfolio ) did not increase his stake in any of the existing portfolio companies during this period. The decision to hold steady on all other positions, while actively reducing one, highlights a selective and deliberate investment strategy. This lack of additions may reflect a belief that the current portfolio composition is already well-aligned with the firm's long-term investment theses, or it could signal a wait-and-see approach regarding future market directions.
Summary of Sold Out
Notably, the 13F filing indicates that Michael Dell ( Trades , Portfolio ) did not completely exit any of his positions during the second quarter. The portfolio remains concentrated in its three core holdings, with no outright liquidations. This stability, apart from the one significant reduction, suggests a high conviction in the remaining assets and a long-term perspective that avoids hasty exits, even when trimming specific positions for portfolio management purposes.
Key Position Reduces
Michael Dell ( Trades , Portfolio ) reduced his position in 1 stock during the quarter. The most significant change was in Townsquare Media Inc ( NYSE:TSQ ), where he sold 111,745 shares. This transaction resulted in a -15.37% decrease in his total shares of the company and had a -0.69% impact on his overall portfolio. The stock traded at an average price of $6.45 during the quarter. Despite this reduction, the stock has shown resilience, returning -8.74% over the past 3 months but boasting a robust 22.04% year-to-date return. This move could be interpreted as profit-taking or a rebalancing effort, especially given the stock's strong performance earlier in the year.
Portfolio Overview
At the end of the second quarter of 2026, Michael Dell ( Trades , Portfolio )'s portfolio was highly concentrated, comprising just 3 stocks. The top holdings were led by Safehold Inc ( NYSE:SAFE ) at 89.19%, followed by Hayward Holdings Inc ( NYSE:HAYW ) at 6.53%, and Townsquare Media Inc ( NYSE:TSQ ) at 4.27%. This concentration indicates a significant bet on the real estate sector, with Safehold dominating the portfolio's value. The holdings are primarily concentrated in 3 of the 11 industries: Real Estate, Industrials, and Communication Services. This sector allocation reflects a strategic focus on asset-heavy and infrastructure-related businesses, which may offer stable, long-term growth prospects.
For value investors tracking the moves of influential figures like Michael Dell ( Trades , Portfolio ), this filing provides a clear signal of his current risk appetite and strategic direction. The decision to trim Townsquare Media, while maintaining a massive position in Safehold, suggests a preference for stability and income-generating assets over more speculative growth plays. As always, it is essential to consider these moves within the broader context of your own investment strategy and risk tolerance.
