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 Third Point purchased 3 million shares, while Carlson Capital bought
2.2 million shares to own 2.3 million shares during the last three
months of 2015, regulatory filings showed Friday and Tuesday.
Adage Capital added to its position, buying 1.6 million shares to
own 4.5 million shares at the end of the quarter, SEC filings
showed.
So far this year, Morgan Stanley shares are down more than 27
percent. In January, Morgan Stanley named Sam Kellie-Smith to head
its fixed-income trading unit as it seeks to turn around the
struggling business. The bank said it was cutting 25 percent of its
fixed income jobs because increased regulation has made trading
bonds less profitable.
These hedge-fund SEC 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 investment
opportunities.
The filings do not disclose short positions, or bets that a stock
will fall. As a result, the public filings do not always present a
complete picture of a management firm's stock holdings.
The following are some of the hot stocks and sectors in which hedge
fund managers either took new positions or exited existing stakes in
the fourth quarter.
AMERICAN INTERNATIONAL GROUP
Omega Advisors increased its stake in the insurer by 731,200 shares
to 4.1 million shares. Jana Partners, the hedge fund founded by
Barry Rosenstein, bought 4.3 million shares with a market value of
$263.6 million at the end of the quarter. So far this year, AIG
shares are down 14.5 percent.
AIG has been facing pressure from activist investors Carl Icahn and
John Paulson since October to split up, and last week nominated
Paulson and an Icahn representative to serve on its board after
posting two straight quarterly losses.
Icahn increased his stake in AIG in the fourth quarter to 42.2
million shares from 1.4 million shares.
BAXTER INTERNATIONAL INC <BAX.N>
Activist investor Jeff Smith's Starboard Value nearly doubled its
holding in the healthcare company to 2.4 million shares. Hedge fund
Visium Asset Management bought roughly 1 million shares to own 1.03
million shares. Fellow activist investor Jana Partners, however, had
a different view, slashing its stake by half to own 5.7 million at
the end of the quarter.
EBAY INC
Farallon Capital Management sold its 4.5 million stake in the online
marketplace. Meanwhile, Third Point cut its stake by 5 million
shares to 4 million shares.
GENERAL ELECTRIC CO
John Burbank's Passport Capital, one of 2016's best performers,
opened a new position of 4.9 million shares in the industrial
conglomerate.
HERBALIFE LTD
Huber Capital trimmed its stake in the nutrition company by selling
96,800 shares to own 1.2 million shares now.
HERTZ GLOBAL HOLDING INC
Jana Partners exited the car-rental company, selling 39.2 million
shares.
JC PENNEY CO INC
Omega Advisors, overseen by Leon Cooperman and Steven Einhorn, sold
its entire stake of 500,000 shares in the department store chain.
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KEURIG GREEN MOUNTAIN INC
Farallon Capital Management took a new stake of 1.6 million shares
in the maker of coffee-brewing machines.
MBIA INC
Distressed investor Marc Lasry exited the bond insurer, selling
75,000 shares.
MONDELEZ INTERNATIONAL INC
Some existing investors in candy and food maker Mondelez, which has
caught the attention of activists Pershing Square Capital and Trian
Partners, raised their stakes, including Passport Capital, which
owned 1.2 million at the end of the quarter.
Zweig-Dimenna Associates bought 187,900 additional shares to own
394,650 shares. But Boston-based Adage Capital Partners cut its
stake nearly in half, selling 2.2 million shares to own 2.7 million
at the end of the quarter.
PFIZER INC
Jana added a new stake of 9.2 million shares in the drug maker.
Suvretta Capital added 1.9 million shares to own 2.5 million. Omega
Advisors cut its stake by 3.5 mln shares to 1.3 million shares.
PIONEER NATURAL RESOURCES CO
Seth Klarman’s Baupost Group exited the stock of the oil and gas
exploration company, selling 4.1 million shares. Senator Investment
Group exited its 500,000-share position.
WESTROCK CO
Activist investor Starboard Value cut its stake in the packaging
company by 26 percent to 4.5 million shares.
WILLIAMS COMPANIES INC
Jana Partners took a new position of 3.8 million shares in the
energy company.
YAHOO INC
Jet Capital added a new position, buying 2.1 million shares of the
Internet company, while Carlson Capital bought 2.9 million shares,
also a new position. Yahoo shares are down 18.7 percent
year-to-date.
YUM BRANDS INC
Serengeti took a new position in the restaurant company, buying
135,000 shares. Third Point slashed its stake by 11.5 million shares
to just 75,300 shares.
ZOETIS INC
Jana Partners sold 3.9 million shares to exit the animal health
company, which was spun off by Pfizer.
(Compiled by Jennifer Ablan; Editing by Steve Orlofsky)
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