York Capital Management’s latest 13F filing shows that it bought Sony Corporation (NYSE:SNE) (TYO:6758), DISH Network Corp (NASDAQ:DISH), Elan Corporation, plc (NYSE:ELN), Yahoo! Inc. (NASDAQ:YHOO), Clearwire Corporation (NASDAQ:CLWR), and Oil States International, Inc. (NYSE:OIS).
The firm’s top five holdings at the end of June were Sprint Nextel Corporation (NYSE:S), iShares Russell 2000 Index (ETF) (NYSEARCA:IWM), Hertz Global Holdings, Inc. (NYSE:HTZ), Elan Corporation, plc (NYSE:ELN) and PetroLogistics LP (NYSE:PDH).
Gates Capital Management's ECF Value Funds have a fantastic track record. The funds (full-name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy, have produced a 12.6% annualised return over the past 26 years. The funds added 7.7% overall in the second half of 2022, outperforming the 3.4% return for Read More
Major new stocks and increases
During the June quarter, York Capital bought into 25 new stocks and increased its positions in 24 others. Among those the firm bought into was Sony Corporation (NYSE:SNE), which has been at the center of controversy with hedge fund manager Dan Loeb. Loeb wants the company to spin off its entertainment division. York Capital also took a stake in Oil States International, Inc. (NYSE:OIS), a company in which Greenlight Capital’s David Einhorn also boosted his stake recently.
The firm also bought into several communications companies, particularly those that were embroiled in buyout controversies. It took new positions in Clearwire Corporation (NASDAQ:CLWR)—snapping up almost 18 million shares of it—DISH Network Corp (NASDAQ:DISH) and Verizon Communications Inc (NYSE:VZ).
Other big new stocks for the firm during the second quarter include Elan Corporation, plc (NYSE:ELN), of which it bought more than 16.6 million shares, and Yahoo! Inc. (NASDAQ:YHOO), of which it purchased more than 6.5 million shares. It also bought almost 3 million shares each of Mondelez International Inc (NASDAQ:MDLZ) and Himax Technologies, Inc. (NASDAQ:HIMX).
During the June quarter, York Capital increased its position in Sprint Nextel Corporation (NYSE:S) by more than 62.7 million shares. It also added about 4.5 million shares of Sirius XM Radio Inc (NASDAQ:SIRI) and 2.1 million shares of News Corp (NASDAQ:NWSA).
Major exits and position reductions
The firm exited 35 stocks and reduced its position in 18 others during the second quarter. Among its major exits was another communications company, Vodafone Group Plc (NASDAQ:VOD). Of course its sizeable position in Virgin Media Inc (NASDAQ:VMED) was closed by LIBERTY GLOBAL PLC (NASDAQ:LBTYA)’s acquisition of it, while its position in H.J. Heinz Company (NYSE:HNZ) was closed due to its acquisition by Berkshire Hathaway Inc (NYSE:BRK.A) (NYSE:BRK.B) and 3G Capital.
York Capital cut its stake in General Motors Company (NYSE:GM) by 98 percent during the quarter. Other major cuts came in American International Group Inc (NYSE:AIG), SPDR Gold Trust (ETF) (NYSEARCA:GLD) and J.C. Penney Company, Inc. (NYSE:JCP).