MFP Investors, the activist hedge fund headed by Michael Price, owns 93 stocks based on its 13f filing with the Securities and Exchange Commission (SEC) as of March 31, 2013. Its portfolio has a market value of $755,860,000.
Price is one of the most famous money-managers and he has a reputation of acquiring a stake in undervalued companies. He started his career in the investment industry as a research assistant for Max Heine and received a salary of $200 per week, yet became the 271st richest person worldwide, according to Forbes.
Value Partners Asia ex-Japan Equity Fund has delivered a 60.7% return since its inception three years ago. In comparison, the MSCI All Counties Asia (ex-Japan) index has returned just 34% over the same period. The fund, which targets what it calls the best-in-class companies in "growth-like" areas of the market, such as information technology and Read More
During the first quarter of the current fiscal year, MFP Investors purchased shares in nine equities, increased stockholdings in seven corporations, reduced its stake in 15 stocks, and sold out its entire position across 16 equities.
MFP Investors New Stockholdings
MFP Investors’ new stockholdings for the first three months of 2013 include 550,000 shares of Hess Corp. (NYSE:HES), 175,000 shares of Icahn Enterprises LP (NYSE:IEP), 600,000 shares of Northfield Bancorp, Inc. (NASDAQ:NFBK), 164,100 shares of Smithfield Foods, Inc. (NYSE:SFD), and 311,300 shares of Blount International Inc (NYSE:BLT).
Last month, Price explained why he likes Hess Corp. (NYSE:HES) and how the three stages of proxy fight apply to the company during a rare interview with Tom Keene, Sara Eisen and Scarlet Fu on Bloomberg Television’s Surveillance. The energy company is facing a proxy battle against Elliot Management.
The activist hedge fund also purchased 1 million shares of EnergySolutions, Inc. (NYSE:ES), 49,400 shares of United Financial Bancorp, Inc. (NASDAQ:UBNK), 11,000 shares of Era Group Inc (NYSE:ERA), and 21, 746 shares of Prothena Corp PLC (NASDAQ:PRTA).
MFP Investors Increased Positions
MFP Investors increased stakes in the following companies: Seacor Holdings, Inc. (NYSE:CKH) 12,207 shares, SandRidge Energy Inc. (NYSE:SD) 200,000 shares, Hospira, Inc. (NYSE:HSP) 152,500 shares, Getty Realty Corp. (NYSE:GTY) 27,601 shares, and Elan Corporation plc (ADR) (NYSE:ELN) 200,000 shares. The hedge fund also bought additional 100,000 shares of Intel Corporation (NASDAQ:INTC), and 400 shares of MVC Capital, Inc. (NYSE:MVC).
MFP Investors Reduced Stockholdings
The hedge fund reduced its stake in the following companies: J.C. Penney Company, Inc. (NYSE:JCP) 45,000 shares, Pfizer Inc. (NYSE:PFE), PLX Technology, Inc. (NASDAQ:PLXT) 89,298 shares, Barnes & Noble, Inc. (NYSE:BKS) 230,000 shares, Heritage Commerce Corp. (NASDAQ:HTBK) 372,000 shares, and Huntsman Corporation (NYSE:HUN) 225,000 shares among others.
MFP Investors Sold Out Positions
The equities sold out by MFP Investors include ConocoPhillips (NYSE:COP), MIPS Technologies, Inc. (NASDAQ:MIPS), Cott Corporation (NYSE:COT), Nexen Inc. (NYSE:NXY), and Smart Technologies Inc (NASDAQ:SMT), etc.