Pine River Capital Management released its latest 13F filing with the Securities and Exchange Commission. During the first three months of the year, the firm significantly increased its position in salesforce.com, inc. (NYSE:CRM) and Goldman Sachs Group Inc (NYSE:GS). Other big increases include Zynga Inc (NASDAQ:ZNGA) and Nuance Communications Inc. (NYSE:NUAN). The firm picked up Twitter Inc (NYSE:TWTR) and dumped all of its stake in International Business Machines Inc (NYSE:IBM).
Pine River Capital’s major holdings
During the first quarter, Pine River Capital bought 303 new stocks and increased its position in 154 others. The firm dumped 144 stocks entirely and cut its holdings in 117 others. As of the end of March, Pine River’s top five holdings were: a call option for SPDR S&P 500 ETF Trust, General Motors Company (NYSE:GM) warrant that expires on July 10, 2019, American Capital Agency Corp. (NASDAQ:AGN), Annaly Capital Management, Inc. (NYSE:NLY), and American Capital Ltd. (NASDAQ:ACAS).
Yost Partners was up 0.8% for the first quarter, while the Yost Focused Long Funds lost 5% net. The firm's benchmark, the MSCI World Index, declined by 5.2%. The funds' returns outperformed their benchmark due to their tilt toward value, high exposures to energy and financials and a bias toward quality. In his first-quarter letter Read More
Pine River Capital’s major increases
Pine River increased its position in salesforce.com, inc. (NYSE:CRM) by 8,780% in the first quarter, buying more than 441,000 additional shares in the company. The firm increased its stake in Goldman Sachs Group Inc (NYSE:GS) by 4,085%, buying an additional 217,843 shares of the firm. Pine River also added to its holdings in RetailMeNot Inc (NASDAQ:SALE), buying approximately 663,000 more shares, and Zynga Inc (NASDAQ:ZNGA), snapping up an extra 2.5 million more shares.
The firm also increased its positions in American Capital Agency Corp. (NASDAQ:AGNC) and Newcastle Investment Corp. (NYSE:NCT), as well as Nuance Communications Inc. (NYSE:NUAN), JPMorgan Chase & Co. (NYSE:JPM), NQ Mobile Inc (ADR) (NYSE:NQ), J.C. Penney Company, Inc. (NYSE:JCP), and American International Group Inc (NYSE:AIG).
Other notable increases for the first quarter include Juniper Networks, Inc. (NYSE:JNPR), Facebook Inc (NASDAQ:FB), and Google Inc (NASDAQ:GOOGL).
Pine River Capital’s new stocks
During the first quarter of the year, Pine River established a new position in Twitter Inc (NYSE:TWTR) with 126,900 shares. It purchased more than 3.1 million shares of Select Sector Financial Slct Str SPDR Fd (NYSEARCA: XLF) and almost 17 million shares of Annaly Capital Management, Inc. (NYSE:NLY). Other sizeable new positions include Universal Business Payment Solutions Acquisit… (NASDAQ:JTPY),
Other new stocks purchased during the quarter include Capital One Financial Corp. (NYSE:COF), Halliburton Company (NYSE:HAL), BlackBerry Ltd (NASDAQ:BBRY), Activision Blizzard, Inc. (NASDAQ:ATVI), and Burlington Stores Inc (NYSE:BURL).
Pine River Capital’s major decreases
Pine River disposed of more than 1.1 million shares of Bank of America Corp (NYSE:BAC) to slash that position in half. It also sold more than 10 million shares of Office Depot Inc (NYSE:ODP), reducing that position by 76%. Pine River also reduced its positions in Apple Inc. (NASDAQ:AAPL), Verizon Communications Inc. (NYSE:VZ), Priceline Group Inc (NASDAQ:PCLN), and eBay Inc (NASDAQ:EBAY).
Pine River’s big exits
During the first three months of the year, Pine River dumped all of its nearly 50,000 shares of Wal-Mart Stores, Inc. (NYSE:WMT). It also closed its positions in Exxon Mobil Corporation (NYSE:XOM), Apollo Education Group Inc (NASDAQ:APOL), AT&T Inc. (NYSE:T), Pfizer Inc. (NYSE:PFE), Vodafone Group Plc (ADR) (NASDAQ:VOD), and Citigroup Inc (NYSE:C). The fund also exited International Business Machines Corp. (NYSE:IBM), Wells Fargo & Co. (NYSE:WFC), and Baidu Inc (ADR) (NASDAQ:BIDU).
The firm dumped more than 8 million shares of Hudson City Bancorp, Inc. (NASDAQ:HCBK) to close out that position.