By Svea Herbst-Bayliss
NEW YORK/BOSTON, Feb 16 (Reuters) - Top U.S. hedge fund
management firms, including Visium Asset Management, took stakes
in embattled renewable energy company SunEdison Inc SUNE.N
during the fourth quarter.
Visium put on a new position, buying 1.3 million shares,
while Sand Grove Capital Management added a new position of
272,000 shares. Adage Capital Partners bought 9.2 million shares
to own 17 million at the end of the quarter.
These hedge fund investors did not catch the bottom. Shares
of SunEdison are down more than 72 percent so far this year.
All told, plenty of managers also exited SunEdison,
including Senvest Management, Cobalt Capital Management and the
State Teachers Retirement System of Ohio.
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 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.
BAXTER INTERNATIONAL INC BAX.N
Activist investor Jeff Smith's Starboard Value nearly
doubled its holding of 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.
FREEPORT-MCMORAN COPPER AND GOLD INC - CLASS B
Passport Capital took a new stake, buying 2.8 million
shares.
GENERAL ELECTRIC CO GE.N
John Burbank's Passport Capital, one of 2016's best
performers, loaded up a new position, buying 4.9 million shares.
HERBALIFE LTD HLF.N
Huber Capital trimmed its stake in the nutrition company by
selling 96,800 shares to own 1.2 million shares now.
HERTZ HTZ.N
Jana Partners exited the car-rental company, selling 39.2
million shares.
MBIA INC MBI.N
Distressed investor Marc Lasry exited the bond insurer,
selling 75,000 shares.
MORGAN STANLEY MS.N
Third Point put on a new position with 3 million shares.
Carlson Capital bought 2.2 million shares to own 2.3 million
shares, while Adage Capital added to its position, buying 1.6
million shares to own 4.5 million shares at the end of the
quarter.
MONDELEZ INTERNATIONAL INC MDLZ.O
Some existing investors in candy and food maker Mondelez,
which has caught the attention of activists Pershing Square (N:SQ)
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 PFE.N
Activist hedge fund Jana Partners added a new stake of 9.2
million shares. Suvretta Capital added 1.9 million shares to own
2.5 million.
PIONEER NATURAL RESOURCES CO PXD.N
Seth Klarman's Baupost Group exited the stock, selling 4.1
million shares. Senator Investment Group also exited its
position, selling 500,000.
VALEANT PHARMACEUTICALS INTERNATIONAL INC VRX.TO
The embattled drug maker, whose stock price tumbled last
year amid questions about accounting and business practices,
also saw a lot of activity. Aaron Cowen's Suvretta, exited its
position of 354,750 shares. Visium Asset Management sold its
position of 1 million shares. But some investors also saw fresh
value, and Jana Partners took a new position, buying 1.56
million. Brahman Capital nearly doubled its position, acquiring
4.1 million shares to own 8.1 million at the end of the quarter.
WESTROCK CO WRK.N
Activist investor Starboard Value cut its stake in the
packaging company by 26 percent to 4.5 million shares.
WILLIAMS COMPANIES INC WMB.N
Jana Partners took a new position of 3.8 million shares.
YAHOO INC YHOO.O
Jet Capital added a new position, buying 2.1 million shares,
while Carlson Capital bought 2.9 million shares, also a new
position.
YUM BRANDS INC YUM.N
Serengeti took a new position in the restaurant company,
buying 135,000 shares.
ZOETIS INC ZTS.N
Jana Partners sold 3.9 million shares to exit the animal
health company, which was spun off by Pfizer.