Feb 14 Top U.S. hedge fund managers in the
fourth quarter zoned in on the consumer sector, with investment
plays ranging from high-end auction house Sotheby's to
eBay Inc, the multinational Internet
The quarterly disclosures of manager stock holdings, in
so-called 13F filings with the U.S. Securities and Exchange
Commission, are always intriguing for investors trying to divine
a pattern in what savvy traders are selling and buying.
But relying on the filings to develop an investment strategy
comes with some peril because the disclosures are backward
looking and come out 45 days after the end of each quarter.
Still, the filings offer a glimpse into what hedge fund
managers saw as opportunities to make money on the long side.
The filings don't disclose short positions, bets that a stock
will fall in price. And there's also little disclosure on bonds
and other securities that do not trade on exchanges.
Upon request, the SEC also permits managers to omit
sensitive stock positions from 13F filings. As a result, the
public filings don't always present a complete picture of a
manager's stock holdings.
Here are some of the hot stocks and sectors in which hedge fund
managers either took new positions or exited from in the fourth
Activist investor Marcato Capital Management, run by Mick
McGuire, boosted the firm's holdings of Sotheby's by 35 percent,
having bought an additional 1,200,000 shares in the auction
house to now own 4,562,991.
Farallon Capital Management put on a new position in the
online auction house and bought 3,295,000 shares.
Tiger Consumer Management got back into Facebook Inc after
exiting it in the third quarter. The filing shows the fund owned
1,384,507 shares at the end of the fourth quarter.
Kyle Bass's Hayman Capital announced in early December that
he established a position and that the 4,606,005 million shares
he owned made up nearly one quarter of his portfolio.
Bridger Capital trimmed its holdings in General Motors Co by
selling 155,000 shares, but the fund still owns 1,695,000
shares, which ranks the stock as the fund's fourth largest
Meanwhile, Bass of Hayman Capital liquidated his position,
selling 436,371 shares. Tiger Consumer Management sold 368,252,
cutting its stake by 47 percent.
Blue Ridge opened a new position in Apple Inc, buying
320,000 shares, while Adage Capital Partners bought 14,200
Fresh from bankruptcy and a merger with US Airways, the
"new" American has become a new favorite with money managers and
the stock has climbed 38.71 percent this year alone.
Hutchin Hill opened a new position with 875,000 shares.
TIME WARNER CABLE
Farallon Capital Management added to its holding of Time
Warner Cable Inc in the fourth quarter by buying 1,905,500
shares. It owned 2,432,00 shares at the end of the quarter,
making it the firm's biggest position.
On Thursday, a proposed all-stock deal in which Comcast Corp
would take over Time Warner Cable for $45.2 billion was