A Look At Activist Hedge Fund Q3 Portfolio Changes

A Look At Activist Hedge Fund Q3 Portfolio Changes

A bird’s-eye view of 13F filings from significant investors is available from www.filingsanalysis.com. It covers key trends during Q3 and may be read here.

Small and mid caps more popular

Fund managers appeared to find more value in small cap stocks compared to large cap stocks, judging from the table below, which shows that Micro and and Small cap sectors grew by 1.29% and 0.38% respectively. On the other hand, Large and Mega caps were down 0.48% and 0.74% respectively.

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In fact, institutional clients expect small cap outperformance to continue, says this recent article in ValueWalk. According to Citi’s reckoning, 60% of institutional investors now expect small caps to outperform large caps. This percentage is up from around 40% in April and July of this year.

Sectors: Transportation, Services and Utilities in fashion

The filings reveal that funds trimmed holdings in Media (-1.97%), Retail (-0.77%), Conglomerate (-1.43%) and Financial (-0.83%) sectors, amongst others. But managers added to holdings in Transportation (+2.04%), Services (+1.03%), Utilities (+0.56%) and Mining (+0.49%).

New positions

Notable new positions were as follows:

–       TIM Participacoes SA (ADR) (NYSE:TSU), a Brazilian holding company engaged in the telecommunications segment. It provides telecommunication services throughout Brazil via its wholly-owned subsidiaries, TIM Celular SA and Intelig Telecomunicacoes Ltda. The stock was purchased by Centaurus Capital.

–       CTC Media, Inc. (NASDAQ:CTCM), an operator of three Russian television networks, namely, CTC, Domashny and Peretz. The stock was purchased by Centaurus Capital.

–       Vail Resorts, Inc. (NYSE:MTN), a holding company operating in the business segments of Mountain, Lodging and Real Estate. The stock was purchased by Marcato Capital Management.

Existing positions added or reduced

Significant changes were as follows:

–       Air Products & Chemicals, Inc. (NYSE:APD), which has a portfolio of products, services, and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. Pershing Square Capital doubled their holdings of the stock.

–       Motorola Solutions Inc (NYSE:MSI), a communications infrastructure, devices and software company. Icahn Partners Holdings exited from the stock.

–       Apple Inc. (NASDAQ:AAPL). The number of funds holding the stock dropped from five to three.

–       Citigroup Inc (NYSE:C). The stock saw a sharp drop in the number of holders (-2) and the average weight (-5.20%).

Top continuing holdings

Google Inc (NASDAQ:GOOG), Life Technologies Corp. (NASDAQ:LIFE), Thermo Fisher Scientific Inc. (NYSE:TMO) and Visteon Corp (NYSE:VC) were amongst the ten most commonly held stocks, both in the current quarter as well as the previous one.

Handy and Harman Ltd (NASDAQ:HNH), Icahn Enterprises LP (NASDAQ:IEP), Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and Lear Corporation (NYSE:LEA) were the major companies out of the top ten positions by concentration to also figure in the top ten list for the last quarter.

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