Richard Perry’s Perry Corp filed 13f yesterday with SEC. The notable buys and sells of the first quarter of the year are discussed below. Perry’s top five holdings are in American International Group Inc (NYSE:AIG), Lamar Advertising Co (NASDAQ:LAMR), NRG Energy Inc (NYSE:NRG), Hillshire Brands Co (NYSE:HSH) and CommonWealth REIT (NYSE:CWH), which is a new position.
Sells Gold & Nexen
In the fourth quarter of last year, Nexen Inc. (NYSE:NXY) (TSE:NXY) became a hot buy around the news of CNOOC-Nexen deal. Hedge funds which bought up the shares of Nexen Inc. (NYSE:NXY) based on the event-driven tailwinds are now cashing in their profits in Q1. Perry Corp sold out of Nexen shares which previously made 7.6 percent of its portfolio.
Perry Corp could have reduced the impact of the massive price decline in gold, the fund sold its position in Allied Nevada Gold Corp. (NYSEMKT:ANV) some time in the first quarter. In Q2, Allied Nevada Gold Corp. (NYSEMKT:ANV) declined 46 percent YTD already. However Allied Nevada has been losing market value consistently since the beginning of the year, it is only a question of how bad the losses were.
Richard Perry also closed out BP plc (NYSE:BP) (LON:BP) but still holds 8.9 million Call options of BP. The fund sold call options of Anadarko Petroleum Corporation (NYSE:APC) in Q1.
Perry initiated a new position in Apple Inc. (NASDAQ:AAPL) with 65,000 shares. Perry is among the few hedge funds that has reported an increased stake in Apple Inc. (NASDAQ:AAPL) so far, seems Perry made use of the cheap share price of the tech giant. Although Greenlight Capital has not filed a 13f yet, but David Einhorn has also increased his stake in Apple Inc. (NASDAQ:AAPL) in Q1.
Other than Apple Inc. (NASDAQ:AAPL), the fund also bought a major stake in CommonWealth REIT (NYSE:CWH), Perry Corp bought 6.5 million shares of the REIT. Moreover Perry Corp bought major new positions in Peabody Energy Corporation (NYSE:BTU) and MGIC Investment Corp. (NYSE:MTG) in Q1. A good move by the fund was buying 650,000 Calls of Hess Corp. (NYSE:HES) in Q1, which is currently the target of Elliott Management’s proxy fight with Hess’s BoD. Perry also has a position in Hess Corp. (NYSE:HES)’s common stock, the fund holds 1.33 million shares of the oil & gas explorer.