Hutchin Hill Capital filed its first quarter 13F with the Securities and Exchange Commission. The regulatory filings show that the hedge fund added a whopping 277 new stocks to its portfolio, increased stakes in 74 stocks, exited 218 stocks, and reduced holdings in 74 stocks. The top ten holdings of Hutchin Hill represent 19.23 percent of its portfolio.
Hutchin Hill returned 2.8 percent in January when most of the other major hedge funds were heavily invested in gold funds. Its Systematic and Quant strategies continue to give solid returns. Founded by Neil A. Chriss in 2008, the hedge fund gained popularity after it nearly took down JPMorgan Chase & Co. (NYSE:JPM) last year. It currently has a market value of $1.39 billion.
At this year's annual Robin Hood conference, which was held virtually, the founder of the world's largest hedge fund, Ray Dalio, talked about asset bubbles and how investors could detect as well as deal with bubbles in the marketplace. Q1 2021 hedge fund letters, conferences and more Dalio believes that by studying past market cycles Read More
Hutchin Hill’s Major New Positions
Hutchin Hill Capital acquired 700,000 shares of Virgin Media Inc. (NASDAQ:VMED) for $34.27 million, making it the biggest holding of the hedge fund. Virgin Media represents 2.46 percent of Hutchin Hill’s portfolio. Another new additional was News Corp. (NASDAQ:NWSA) of which the hedge fund purchased one million shares for $30.51 million. News Corp accounts for 2.19 percent of Hutchin Hill’s portfolio.
The third big new position was Newcastle Investment Corp. (NYSE:NCT). The hedge fund purchased 2.65 million shares of Newcastle for $29.6 million during the first quarter. Liberty Global Inc. (NASDAQ:LBTYA) was the fourth largest new position. Hutchin Hill purchased 350,000 shares of the company for $24.02 million.
The new addition Virgin Media Inc. (NASDAQ:VMED) was the biggest position of Hutchin Hill as of March 31. The second largest holding was Cytec Industries Inc. (NYSE:CYT) of which Hutchin Hill owns 425,000 shares that are currently valued at $31.48 million. The hedge fund purchased 62,200 shares of Cytec during the quarter. The other two new additions, News Corp. (NASDAQ:NWSA) and Newcastle Investment Corp. (NYSE:NCT) were the third and fourth largest holdings of Hutchin Hill Capital.
Sold Out Positions
Hutchin Hill sold out its entire holding in Starz (NASDAQ:STRZA). The hedge fund had 290,000 shares of Starz that represented 3.18 percent of its total portfolio. The second largest closed position was Ocwen Financial Corp. (NYSE:OCN) of which the hedge fund sold entire 697,400 shares it owned. Dole Food Company Inc. (NYSE:DOLE) was the third big position closed during the first quarter. The hedge fund sold all the 1.5 million Dole shares it owned.