Odey Buys Delta, Navistar; Reduces Best Buy, Dell, Microsoft

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Odey Asset Management Group, the investment management firm founded by Crispin Odey, reported in its 13F filing with the Securities and Exchange Commission (SEC) that the market value of its portfolio increased to $2,890,429,763 in the first quarter of 2013. During the previous quarter, the amount of its total stockholdings was $1,708,063,826.

Odey Buys Delta, Navistar; Reduces Best Buy, Dell, Microsoft

During the March quarter, Odey Asset Management purchased 23 new stocks, boosted its stake in 30 companies, reduced its stockholdings in 11 stocks and sold out its position in 14 equities. Its top ten stockholdings account for 47.96 percent of its portfolio.

Odey established its firm in 1991 and billionaire investor George Soros was one of his original backers. In 2008, Odey Asset Management generated 54.8 percent returns on bets against the European banks. At present, the investment management firm has $8.4 billion total assets under management (AUM).

Odey Asset Management Major New Stockholdings

Odey Asset Management major new stock acquisitions for the first three months this year include Delta Airlines, Inc (NYSE:DAL), United Continental Holdings (NYSE:UAL), Navistar International Corp (NYSE:NAV), Ethan Allen Interiors (NYSE:ETH), and Ryland Group Inc (NYSE:RYL).

The hedge fund purchased 13,546,145 shares of Delta Air Lines, Inc. (NYSE:DAL) with a market value of more than $223.646 million. Over the 52-week range, the stock price of the airline company increased from $8.42 per share to $19.43 per share. Its stock is trading around $18.96 per share after trading hours on Wednesday.

Odey Asset Management bought 4,104,837 shares of United Continental Holdings (NYSE:UAL) with a market value of around $131.395 million. The stock price of the company is up by more than 3 percent to $34.42 per share. Its lowest price over the past 52 weeks was $17.45 per share. It has $11.49 billion market capitalization.

The firm acquired 2,488,040 shares of Navistar International Corp (NYSE:NAV). Last year, the company avoided a proxy fight with activist investor Carl Icahn who demanded changes in the board of directors of the company. The company appointed three new directors. Over the past 52 weeks, the stock value of the company climbed from $18.17 per share to as much as $37.65 per share. The stock is trading around $36.34 per share on Wednesday.

Its stockholdings in Ethan Allen Interiors Inc. (NYSE:ETH), and Ryland Group Inc (NYSE:RYL) are 1,818,905 shares and 916,500 shares respectively.  The hedge fund also bought 1,551,138 shares of General Electric Company (NYSE:GE) and 1,975,345 shares of Dana Holding Corporation (NYSE:DAN).

Added Positions

Odey Management purchased additional stakes in the following companies: Bank of America Corp (NYSE:BAC) 2,205, 193 shares, Avis Budget Group Inc (NASDAQ:CAR) 760,990 shares, First American Financial Corp (NYSE:FAF) 1,346,349 shares, Masco Corporation (NYSE:MAS) 1,845, 657 shares, PolyOne Corporation (NYSE:POL) 2,172,440, and Swift Transportation Co (NYSE:SWFT) 2,369,311 shares.

Reduced & Sold Out Stocks

Odey Asset Management significantly reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 1,175,000 shares, Dell Inc. (NASDAQ:DELL) by 6,170,097 shares, Microsoft Corporation (NASDAQ:MSFT) by 584,488 shares, Citigroup (NYSE:C) by 630,320 shares, and JPMorgan Chase & Co. (NYSE:JPM) by 285,345 shares, among others.

The hedge fund sold out its entire position in the following companies: Logitech International SA (NASDAQ:LOGI), Sprint Nextel Corporation (NYSE:S), Deutsche Bank AG (NYSE:DB) (ETR:DBK), and UnitedHealth Group Inc. (NYSE:UNH).

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