Toscafund Sells Citigroup, Capital One; Buys Blackstone, Penn

Toscafund Sells Citigroup, Capital One; Buys Blackstone, Penn

Toscafund Asset Management is a London-based hedge fund managed by “Rottweiler” Martin Hughes. The hedge fund said in its 13F filing for the quarter ending March 31 that it added seven new stocks to its portfolio, increased stake in three stocks, exited one stock and reduced holdings in four stocks. As of March 31, Toscafund has 16 stocks in its portfolio, and the top ten account for 98.98 percent of its total holdings.

Toscafund Sells Citigroup, Capital One; Buys Blackstone, Penn

Despite worries about a fragile U.K. economy, Toscafund Asset Management partner Dr. Savvas Savouri believes that the British economy will do well, and by turning unpleasant economic events into opportunities, he says growth in developing countries will have a positive impact on the U.K. industrial sector.  Additionally, the Eurozone debt crisis gives the U.K. an opportunity to rise above other European countries financially.

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Major New Positions

Toscafund purchased 690,000 shares of The Blackstone Group L.P. (NYSE:BX), currently valued at $13.64 million, representing 8.70 percent of its total portfolio. Another new position was Penn National Gaming, Inc (NASDAQ:PENN), of which the hedge fund purchased 250,000 shares for $13.6 million. Toscafund also acquired 240,000 shares of Las Vegas Sands Corp. (NYSE:LVS) for $13.52 million, representing 8.62 percent of its portfolio.

The hedge fund also added Apple Inc. (NASDAQ:AAPL) to its portfolio by purchasing 1,000 shares for $442,660.

Top Holdings

Citigroup Inc (NYSE:C) and Hartford Financial Services Group Inc (NYSE:HIG) remain by far the top two holdings of Toscafund Asset Management. The hedge fund owns 655,000 shares of Citigroup Inc (NYSE:C),currently valued at $28.97 million and representing 18.47 percent of Toscafund’s portfolio. At the beginning of the first quarter, the hedge fund owned 826,000 shares of Citigroup Inc (NYSE:C), but sold 171,000 shares during the quarter.

Toscafund sold 180,000 shares of Hartford Financial Services Group Inc (NYSE:HIG) during the first quarter. It still owns 1,105,000 shares of Hartford with a market value of $28.5 million. Hartford represents 18.17 percent of its total portfolio. The hedge fund’s third largest position is in SLM Corp (NASDAQ:SLM) of which it owns 987,750 shares, currently valued at $20.24 million.

Toscafund’s next big holding was IntercontinentalExchange Inc (NYSE:ICE), representing 9.04 percent of its total holdings. It owns 87,000 shares of IntercontinentalExchange Inc (NYSE:ICE), currently valued at $14.18 million.

Sold Out

Toscafund Asset Management sold its entire stake in Capital One Financial Corp. (NYSE:COF). At the end of the fourth quarter, the hedge fund owned 342,000 shares of Capital One, but sold all those shares during the first quarter.

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