Paulson’s 13D Reveals Taste For Hospitality, Natural Resources

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Paulson’s 13D Reveals Taste For Hospitality, Natural Resources
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John Paulson has an appetite for hospitality and natural resources, a recent 13D filing for Paulson & Company reveals.

Paulson’s positions

Among Paulson’s largest holdings are in hospitality.  The hedge fund has a position in Extended Stay America / ESH Hospitality, where he owns 27% of the stock, as well as a smaller stake in Ryman Hospitality Properties. The hedge fund executive is also gambling on hospitality with Caesars Entertainment Corporation, holding 8.96% of the stock, as well as MGM Resorts International (NYSE:MGM), where he holds 5.87% of the float.  The fund also has a 9.08% stake in Ceasars Acquisition Company, a holding company affiliated with CEASARS ENETRTAINMT DL-01 (FRA:C08).  In regards to entertainment, the fund has a 2.47% stake in AMC Networks Inc (NASDAQ:AMCX), a 9.84% stake in Cablevision Systems Corp / NY, as well as a 22.85% stake in Houghton Mifflin Harcourt Co. (NASDAQ:HMHC)

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Natural resource exposure

As previously reported in ValueWalk, Paulson had a significant stake in a number of gold mining stocks. This includes positions in Agnico Eagle Mines Ltd (NYSE:AEM) (TSE:AEM), Allied Nevada Gold Corp. (NYSEMKT:ANV) (TSE:ANV), AngloGold Ashanti Limited (ADR) (NYSE:AU), Gold Fields Limited (ADR) (NYSE:GFI) and IAMGOLD Corp (NYSE:IAG) (TSE:IMG), as well as a large position in Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX).

The 13D shows Paulson’s appetite for natural resources was unabated as it indicates holdings in NovaGold Resources Inc. (USA) (NYSEMKT:NG), holding 11.32% of the float, Whiting Petroleum Corp (NYSE:WLL), 8.72%, Kodiak Oil & Gas Corp (USA) (NYSE:KOG) 9.77%, Gulf Coast Ultra Deep Royalty Trust 5.96%, NovaCopper Inc (NYSEMKT:NCQ) 11.14%, Anglogold Ashanti Limited (ADR) (NYSE:AU), 7.8%, Oasis Petroleum Inc. (NYSE:OAS) 7.36% as well as a 8.3% stake in Enzymotec Ltd (NASDAQ:ENZY), which manufactures nutritional ingredients and medical foods, which fits with pharmaceutical firm Mallinckrodt plc (NYSE:MNK), where he has 9.7% stake.

Smaller financial and consumer exposure

The 13D revealed some exposure to financials, through insurance company CNO Financial Group Inc (NYSE:CNO), where he held 7.7% of the stock, Popular Inc (NASDAQ:BPOP), where he held 8.56% of the Latin American banking stock, as well as National Bank Holdings Corp, where he had a slight 0.59% exposure.  He also had exposure to consumer goods through a 9.36% stake in Post Holdings Inc (NYSE:POST), a food manufacturer, as well as discount retailer Family Dollar Stores, Inc. (NYSE:FDO), where he held an 8.58% stake.

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Mark Melin is an alternative investment practitioner whose specialty is recognizing a trading program’s strategy and mapping it to a market environment and performance driver. He provides analysis of managed futures investment performance and commentary regarding related managed futures market environment. A portfolio and industry consultant, he was an adjunct instructor in managed futures at Northwestern University / Chicago and has written or edited three books, including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008). Mark was director of the managed futures division at Alaron Trading until they were acquired by Peregrine Financial Group in 2009, where he was a registered associated person (National Futures Association NFA ID#: 0348336). Mark has also worked as a Commodity Trading Advisor himself, trading a short volatility options portfolio across the yield curve, and was an independent consultant to various broker dealers and futures exchanges, including OneChicago, the single stock futures exchange, and the Chicago Board of Trade. He is also Editor, Opalesque Futures Intelligence and Editor, Opalesque Futures Strategies. - Contact: Mmelin(at)valuewalk.com

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