Updates on what top hedge funds are investing in
Lee Cooperman Shows Increased Atlas Resource Partners Stake
Lee Cooperman's investment firm Omega Advisors recently filed an amended 13G with the SEC regarding their position in Atlas Resource Partners (ARP). Per the filing, Cooperman now owns 11.1% of the company with 6,753,919 shares.
This marks an increase of over 1.9 million shares since the end of the third quarter. The filing was made due to portfolio activity on November 12th.
Per Google Finance, Atlas Resource Partners is "an independent developer and producer of natural gas, crude oil and natural gas liquids (NGL), with operations in basins across the United States. The Company is a sponsor and manager of investment partnerships, in which it co-invests, to finance a portion of its natural gas and oil production activities."
You can view other activity from Cooperman here.
Pennant Capital Discloses BFC Financial Position
Alan Fournier's hedge fund firm Pennant Capital has filed a 13G with the SEC regarding shares of BFC Financial Corp (BFCF). Per the filing, Pennant now owns 3.94% of the company with 2,985,600 shares.
This is the first time they've disclosed a position in this security. The filing was required due to portfolio activity on December 4th.
Pennant also recently has decided to return some investor capital. They join the likes of Baupost Group and Appaloosa Management (where Fournier previously worked) in the ranks of hedge funds that have sent capital back to investors.
Per Google Finance, BFC Financial is "a holding company whose principal holdings include controlling interests in Bluegreen Corporation and BBX Capital Corporation. The Company’s objective is to create long-term value for its shareholders through profitable growth of its portfolio companies and appreciation in the value of its investments. The Company has invested in or acquired businesses in a variety of industries. BBX Capital Corporation is a diversified investment and asset management company. In April 2013, Bluegreen Corporation completes merger with subsidiary of the Company, Woodbridge Holdings, LLC (Woodbridge)."
You can see some of Pennant's other recent trades here.
Blue Ridge Capital Discloses Zulily Stake
John Griffin's hedge fund Blue Ridge Capital recently filed a 13G with the SEC and disclosed a new stake in Zulily (ZU). Per the filing, Blue Ridge now owns 6.05% of the company with 799,811 shares.
The company recently completed its initial public offering (IPO) on November 14th. It priced at $22 per share, above the expected range, and now trades around $38.
Per Google Finance, Zulily is "an e-commerce company. The Company, through its desktop and mobile Websites and mobile applications, which it refers to as its sites, helps its customers discover new and unique products. The Company provides moms with a selection of over 4,500 product styles offered on a typical day through various flash sales events, which are limited-time curated online sales of selected products launched each day on its sites. The Company offers merchandise primarily targeted at moms purchasing for their children, themselves and their homes. Its merchandise includes children’s apparel, women’s apparel, and other product categories, such as toys, infant gear, kitchen accessories and home decor The Company sources its merchandise from thousands of vendors, including emerging brands and smaller boutique vendors, as well as larger national brands.The Company offers merchandise primarily targeted at moms purchasing for their children, themselves and their homes."
We've posted additional recent portfolio activity from Blue Ridge here.
Kyle Bass Long General Motors, Exits J.C. Penney Equity: Interview
In an interview with Bloomberg Television, Hayman Capital's Kyle Bass reveals that he's long General Motors (GM) and has exited his equity stake in J.C. Penney (JCP) but retains his debt position.
The hedge fund manager also talked about Herbalife (HLF), noting that it generates significant cashflows and no debt.
He originally thought JCP could move higher with a turnaround from new management, but what he got wrong, he said, was the vendors and perception changing so quickly. He's still long credit but doesn't own equity in the company.
Bass thinks GM can trade 40% higher in the next 18 months. He says it's a catalytic time to be investing as the Treasury finally exits its stake and the company can initiate shareholder friendly actions.
The Hayman founder also said he didn't see anything interesting in US banks, but he would be betting against European banks, especially as a hedge against other European bets. Bass mentioned he likes Vodafone (VOD).
Embedded below is Bass' interview with Bloomberg:
For more from this hedgie, head to Kyle Bass' macro debate with John Burbank.
What We're Reading ~ Hedge Fund Links 12/6/13
Hedge fund ideas from the InvestPitch competition [Institutional Investor]
Baupost Group to return $4 billion to investors [II Alpha]
Biggest trends that hedge funds encountered this year? [ValueWalk]
Jim Chanos betting against CGI Group [Newsweek]
Chanos also shorting US coal sector [Reuters]
Passport Capital gains with Asian internet stocks [HedgeWorld]
Study shows women beat men as hedge fund managers [FINalternatives]
Investors pull back from Lampert's fund [Dealbook]
Tepper's Appaloosa to return some investor money [II Alpha]
Hugh Hendry capitulates, turns bullish [Zerohedge]
Short sellers see once in a lifetime opportunity [CNBC]
Short sellers have had a miserable year [WSJ]
Tiger Global invests in Glassdoor [HedgeWorld]
White House rejects Fairholme's Fannie/Freddie plan [FINalternatives]
Hedge funds get 'too cosy' with prime brokers [FT]
Taconic's co-founder to retire [CNBC]
From hedge fund to family office [Forbes]
A second act for a top Wall Street strategist [Dealbook]