While far less attention is being paid to hedge fund 13F filings, which show a stale representation of equity long stakes among the hedge fund community as of 45 days prior, than in years gone by as a result of increasingly poor performance by the 2 and 20 crowd, they still remain closely watched source of investment ideas but mostly to find out what the new cluster ideas and hedge fund hotel stocks are at any given moment so they can be faded.
Courtesy of a Bloombert compilation, here are some highlights from the latest round of 13F filings.
Valeant.
What used to be one of the industry’s most popular holdings has fallen out of favor with just about every major hedge fund holder save Pershing Square Capital Management’s William Ackman. Brahman Capital, which had invested in Valeant for at least 2010, exited the 8.12 million shares it held at the end of 2015 during the first quarter. The New York firm was joined by a who’s who of hedge fund giants: Andreas Halvorsen’s Viking Global Investors, Stephen Mandel’s Lone Pine Capital, Philippe Laffont’s Coatue Management and Barry Rosenstein’s Jana Partners all sold off the former high-flier, which has plunged about 90 percent from its peak last August.
Allergan
The merger-arb blow up of the year has claimed its set of scalps, however the company’s failed acquisition by Pfizer took place after the end of Q1, which is why all those who loaded up in the first quarter are now nursing big losses on their failed M&A bets. Among them are Lone Pine and Seth Klarman’s Baupost Group who bought into Allergan Plc during the first quarter, establishing stakes shortly before Pfizer Inc. decided in April to terminate a $160 billion deal to combine with the Dublin-domiciled company as the U.S. cracks down on corporate inversions. Pentwater Capital Management, Arrowgrass Capital Partners and Eton Park Capital Management also took new stakes or increased their Allergan holdings. The stock has fallen 28 percent this year.
Cutting back equity exposure
As noted earlier, the value of Soros Fund Management’s publicly disclosed holdings dropped by 25% to $4.5 billion as of the end of the first quarter. He was not alone in rapidly derisking his portfolio. At Glenview Capital Management, the hedge fund run by Larry Robbins, investments in U.S.-listed stocks declined by 22 percent. At Louis Bacon’s Moore Capital Management, the value of the holdings fell by about 29 percent.
Gold
Gold is gaining popularity among prominent investors. Soros established a $264 million position in Barrick Gold Corp., acquiring a 1.7 percent stake in the world’s biggest bullion producer that was the fund’s biggest equity position. Soros also disclosed owning bullish options on 1.05 million shares in the SPDR Gold Trust, an exchange-traded fund tracking the price of bullion. Other major investors also sought safety in the yellow metal. Eton Park purchased 3.6 million shares in the same gold ETF, a $422 million position. Bessemer Group bought 546,000 shares valued at $64.3 million.
As has become the norm, John Paulson once again went the other way and cut his holdings in the gold ETF. Paulson & Co. owned 4.8 million shares of ETF at the end of the first quarter, compared with 5.8 million as of Dec. 31. Instead he bought over $50 million worth of Office Depot stock which suffered a spectacular collapse after its merger with Staples was also terminated shortly after.
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Here are the rest of the notable highlights among the marquee hedge fund names.
ADAGE CAPITAL
- New stakes in GCP, CHTR, FOXA, ROK, X
- Boosts RTN, DD, GE, DAL, VZ, AGN
- Cuts SYF, PFE, CFG, BA, TYC, BAC
- No longer shows MHK, VC, SUNEQ, SFG, SO, EBAY
APPALOOSA MANAGEMENT
- New stakes in FB, SYF, MHK, BAC, FOXA, VRX, GLBL
- Boosts ETP, WPZ, CYH, AMLP, NXPI, DAL, GOOG, AGN, PFE, TERP
- Cuts GM, KMI, HCA, GT, URI
- No longer shows PCLN, AAPL, HPE, CBI, EMN
BAUPOST GROUP
- Reports new stakes in AGN, VMW, SRAQU, LQ, GNW
- Boosts EMC, AR, FOXA, OLN, LNG, FOX
- Cuts PYPL, PBF, BXE, NG
- No longer shows FTR, OCN, KOS, MU, SN
BERKSHIRE HATHAWAY
- New stake in AAPL
- Boosts PSX, IBM, CHTR, LBTYA, DE, V, BK
- Cuts PG, MA, WBC, WMT
- No longer shows T
BLUE HARBOUR
- New stakes in FFIV, LM
- Boosts AVT, AGCO, VRNT, XLNX, RAX
- Cuts INXN, CHS, BIN, BW
- No longer shows AKAM, GWR
BLUEMOUNTAIN
- New stakes in MBLY, AIG, IBKR, XLY, TV, ENDP
- Boosts IMS, POST, AVGO, JCI, BBY, TSO, HLF
- Cuts PFE, NUVA, IAC, EURN, GNRT, TARO, VRNT
- No longer shows TEVA, BRCM, SLH, BAC, VRX, WTW, MET
BRIDGEWATER ASSOCIATES
- New stakes in EWZ, DIS, MCD, POT, DISH, MDLZ, GOOG
- Boosts VWO, EEM, INTC, ESRX, RL
- Cuts AAPL, PEP, SPY, EXC, ORCL, M
- No longer shows BCE, VIAB, FOSL, TU, KO, JNJ
COATUE MANAGEMENT
- New stakes in PYPL, SPLK, FFIV, CMG, HTZ, SQ
- Boosts EA, AVGO, AKAM, LCI, LBTYA, GOOGL
- Cuts GOOG, NFLX, MSFT, HAIN, EXPE, CHTR, AMZN, GPRO, FB
- No longer shows AAPL, AGN, TWX, CBS, VRX, LNKD, IBM
CORVEX MANAGEMENT
- New stakes in NOMD, TMH, VRX, GLPI
- Boosts PFE, PAH, SIG, COMM, P, BLL, FNF
- Cuts GOOGL, VER, AGN
- No longer shows BAC, AN, CMA, CFG, KMI, TWX
DUQUESNE FAMILY OFFICE
- New stakes in KO, PM, SO, DUK, PPL, PEP, CAT, VZ
- Boosts GOOGL, PSTG
- Cuts AMZN, MSFT, FB, HDB
- No longer shows RTN, CTRP, NOC, SYF, CMG
ELLIOTT MANAGEMENT
- New stakes in QLIK, PFE, PAH, EGN, NE, HLF
- Boosts HES, CNP, SYMC, CAB, AA, BXLT, AGN
- Cuts IPG, ODP, PRGO, RYAAY, FCB, TWC
- No longer shows XLE, VMW, HPE, XOP, STE, NBL, SHPG
EMINENCE CAPITAL
- New stakes in LEN, HUM, ZBRA, RL, ANTM
- Boosts CAA, AN, CCE, SPGI, LNKD
- Cuts TRIP, SJM, ZNGA, ADSK, FOSL
- No longer shows YUM, GOOG, HOT, ATVI, YELP, GNC
ETON PARK CAPITAL
- New stakes in BXLT, GLD, ITC, MHK, CDK, HOT
- Boosts TWC, AGN, EMC, CRTO, CI
- Cuts MSFT, ADBE, SHW, SBAC, ODP, JAH
- No longer shows ADSK, PRGO, AER, HUM, RAD
FAIRHOLME CAPITAL
- Boosts BAC, SRSC
- Cuts SHLD, LUK, SHLDW, JOE, LE
- No longer shows MRC, CNQ, BRK/A, BRK/B, AIG, IBM
GATES FOUNDATION
- Boosts TV, ECL, AN
- Cuts BRK/B
GLENVIEW CAPITAL MANAGEMENT
- New stakes in FIS, AAP, GPN
- Boosts HCA, TWC, GOOGL, HLS, LBTYK, ABBV
- Cuts MON, TMO, HUM, MCK, CI, DOW
- No longer shows PCLN, CYH, PVH, AMAT, UHS, AIG
GREENLIGHT CAPITAL
- New stakes in HTS, PVH, CYH, GSAT, LAMR
- Boosts AAPL, YHOO, M, AGNC, YELP, AER, FOXA
- Cuts IAC, AGR, TTWO, IM, TWX, KORS
- No longer shows CBI, OI, GRMN, ON, SGMS, MTCH
HIGHFIELDS CAPITAL MANAGEMENT
- New stakes in MAR, PEP, PFE, DIS, BXLT, CL, TWX, GS
- Boosts WBA, GOOG, WMB, GOOGL, ABBV, IAC, AER
- Cuts MCD, DD, ICE, APC, HOT, CBS, EBAY, YUM
- No longer shows MSFT, SPGI, PRGO, YHOO, SRE, PYPL, AGN
ICAHN ASSOCIATES
- New stakes in MFS
- Boosts XRX, AIG
- Cuts NUAN, PYPL
- No longer shows AAPL, HOLX, TGNA, MENT, PBY, GCI
ICONIQ CAPITAL
- New stakes in UNH, APO, BX, OAK, KKR, CG, SUNEQ
- Boosts GLD, IAU, VTI, IWB, SPY, FB
- Cuts PARR, BABA, VEA, VWO, ACWI, CVX
- No longer shows AMLP, PXD, TSLA, RIG, TOT
JANA PARTNERS
- New stakes in GOOG, SRCL, HDS, TDG, BAC
- Boosts PFE, SPY
- Cuts CAG, LGF, AGN, LVNTA, WBA, MSFT, TWC
- No longer shows QCOM, AIG, LBTYK, BAX, STRZA, TWX, VRX, WMB
KERRISDALE ADVISERS
- New stakes in BRO, EBAY, MENT, PYPL, SNPS
- Boosts CTSH, LXFT, YELP, ETSY, PRXL
- Cuts TARO, MCK, PCLN, MRKT, BGCP, TFM
- No longer shows KFY, BID, EPAM, WSM, RHI
LAKEWOOD CAPITAL
- New stakes in GS, COF
- Boosts CDK, HCA, BIDU, CMCSA, ORCL, MA
- Cuts WRK, ACAS, IM, GTS, TSE, FDX, TWC
- No longer shows TSO, UNP, NPO, SPR, JBLU, GME, NFLX
LANSDOWNE PARTNERS
- New stakes in FB, JCI, UNH, RAI, AGR, GLPI, KO
- Boosts WFC, GOOGL, AMZN, JPM, UTX, UPS, NKE, LNKD
- Cuts ACN, AAPL, LB, DIS, V, DAL, CMCSA, FIT, MTCH
- No longer shows GS, TMUS, C, SYF, ETFC, BAC, MS, SCTY
LONE PINE CAPITAL
- New stakes in AGN, BXLT, PYPL, MNST, YUM
- Boosts FB, GOOG, NOC, GOOGL, EQIX, ADBE, BUD, NKE
- Cuts ILMN, V, EA, AMZN, JD, MA, MSFT
- No longer shows WMB, VRX, WBA, ATVI, ADSK
LONG POND CAPITAL
- New stakes in HLT, CBG, CAA, LQ, CFG
- Boosts KEY, CLNY, TCO, H, SRC
- Cuts FCE/A, SRG, BPOP, FPO, SFR
- No longer shows HOT, LHO, ARPI, SBAC, AL, BYD
MARCATO CAPITAL
- New stakes in RLGY, SFR, LIND
- Boosts M, LBRDK, LBRDA, BLDR, VRTS
- Cuts GT, BID
- No longer shows LPLA, CAR, MDCA, TOWR, BLD
MAVERICK CAPITAL
- New stakes in LRCX, NOC, CMCSA, PCRX, USB, NVDA, VIAB
- Boosts PCLN, FB, AGN, ADBE, AVGO, BUD
- Cuts LBTYK, PF, CIT, PFE, ST, GOOG, ARMK
- No longer shows ARRS, SC, FLT, CHTR, ORI, AER, SNY
MELVIN CAPITAL
- New stakes in NFLX, HD, COST, KHC, MNST, WYNN
- Boosts EXPE, AMZN, LOW, V, MHK, FB, NKE
- Cuts LVS, JD, GIL, BABA, ORLY, HBI
- No longer shows MCD, RCL, ADS, GOOGL, BC, PCLN, LULU, SBUX
MILLENNIUM MANAGEMENT
- New stakes in COP, MRO, CMS, ZBH, PG, RCL, DPZ
- Boosts APC, PEP, T, FIS, PCG, ADBE, YHOO
- Cuts OXY, PPL, NEE, LOW, HFC, TEVA, NBL, FB
- No longer shows WMT, AMZN, OII, GG, PSX
MOORE CAPITAL
- New stakes in EEM, FIS, XHB, FXI, BG, ATVI, HD
- Boosts GOOGL, AAPL, AME, MGM, DLTR, AIG
- Cuts FB, AMZN, CTRP, EQIX, RH, BABA
- No longer shows BAC, C, XOP, JPM, MCD, MSFT, MS, GS
OMEGA ADVISORS
- New stakes in UNH, PYPL, GILD, ETP, BLL, AAPL, EA
- Boosts MSFT, TRGP, SYF, TRCO, WBA
- Cuts GOOGL, AGN, AIG, DISH, AER, FB
- No longer shows C, JPM, EEM, PFE, GLBL, AMZN, HLT
PASSPORT CAPITAL
- New stakes in TSM, TAP, MRK, QVCA, PCLN, CHTR
- Boosts CMCSA, JNJ, YHOO, PFE, LMT, HDP, BABA
- Cuts NKE, GOOG, SBUX, MSFT, HD, KO, MCD
- No longer shows SYT, DAL, UNP, NFLX, LBTYK, LLY
PAULSON & CO
- New stakes in BEAV, ATVI, ACAS, ODP, ALXN, EXPE, BXLT, FB
- Boosts AKRX, ENDP, RDN, PFE, BIIB, ETSY, CVC
- Cuts TWC, HOT, AGN, TMUS, AIG, PRGO
- No longer shows OUT, PMC, ABBV, GMED, LH, PCLN
PERRY CORP.
- Boosts AER
- Cuts TWX, AIG, HCA, SE
- No longer shows WMB, CPGX, CYH, ETE, ETP
PERSHING SQUARE
- New stakes in NOMD
- Boosts QSR
- Cuts APD, MDLZ
POINT72 ASSET MANAGEMENT
- New stakes in NFLX, COP, MNST, YHOO, KORS
- Boosts LOW, FB, APC, NWL, VRX, TWX, AMZN
- Cuts NKE, AAP, SIG, GOOGL, COH, MCD, RL, MDVN, EA
- No longer shows AMAT, TYC, CELG, LULU, TJX, WTW
POINTSTATE CAPITAL
- New stakes in CELG, MDVN, EEM, HAL, COG
- Boosts CHTR, LYB, ABBV, AGN, MSFT
- Cuts TEVA, TWC, NOC
- No longer shows LUV, BAC, CFG, GD, JAZZ
SANDELL ASSET
- New stakes in HOT, BXLT, CAG, AFFX, FCS, CPGX
- Boosts YHOO, CAM, MEG, YOKU, CVC, CIT
- Cuts VIAV, TVPT, ARG, XLF, ALLY, BOBE
- No longer shows ETH, PMCS, FCE/A, ABG, SFG, VSLR
SOROS FUND MANAGEMENT
- New stakes in ABX, BXLT, CCI, AVGO, SLB, AET
- Boosts EQIX, GLPI, EMC, HOT, SPY
- Cuts SYF, CY, AGRO, AGN, LYB, PYPL, DISH, AMZN
- No longer shows LVLT, DOW, ENDP, DAL, MCD, BUD
STARBOARD VALUE
- New stakes in MRVL, DEPO, NXST
- Boosts YHOO, M, BAX, CW, WRK
- Cuts DRI, FCPT, QTM
- No longer shows MDAS, MEG, WPP, RLD, ODP, CI
TEMASEK
- New stakes in FIS, BGNE
- Boosts ILMN, REGN, JD, GILD
- Cuts MON
TIGER GLOBAL
- New stake in Z
- Boosts CHTR, EHIC, ETSY, XO
- Cuts AMZN, JD, AAPL, PCLN, DATA, QSR, FLT, MA, SQ
- No longer shows VIPS, TDG, RH, BUD, ATHM, TWC
THIRD POINT
- New stakes in GOOGL, BXLT, LOW, EMC, VMW, FOXA, WMB
- Boosts YUM, DHR, CB, BUD, STZ, KHC
- Cuts AMGN, AGN, SJM, ROP, DOW, MHK, TWC
- No longer shows LBTYK, EBAY, MS, AXTA, CWEI
TRIAN FUND
- Boosts SYY, PNR, DD, BK, MDLZ
- Cuts GE
- No longer shows PEP
TUDOR INVESTMENT
- New stakes in PEP, ITC, CL, MEG, CSCO
- Boosts FIS, MRK, SPY, WMT, ZBH
- Cuts FB, CSRA, EFX, CSC, TEVA, LLY, K, SJM
- No longer shows ULTI, IYR, EWJ, ADP, BABA, V
VALUEACT
- New stake in ADS
- Boosts WLTW, CBG
- Cuts ADBE, AGU, MSI, MSCI
- No longer shows HAL
VIKING GLOBAL
- New stakes in FB, LLY, JD, NWL, DVA, MET, TMUS
- Boosts COG, ECA, AVGO, GPOR, AMZN, AET, MA
- Cuts PXD, LYB, AGN, WBA, HUM, LNG, ANTM, CCI, PFE
- No longer shows VRX, MCK, PCLN, QUNR, BK, CMG, NKE, HAL
Source: BBG
via http://ift.tt/1TXcuE1 Tyler Durden