HAYMAN CAPITAL MANAGEMENT Top 10 Holdings in Q3 2015

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Hayman Capital Management Lp 13F Holdings

Kyle Bass’s Hayman Capital Management Lp just filed its quarterly 13F. Dated 22/12/2015, the filing shows the hedge fund has a portfolio value of $216.66 million, representing a decrease of $630.65 million from the previous quarter when it was $847.30 million. Note: This filling reprents only about 9.36% of Hayman Capital Management Lp’s assets, which which are listed in the US.

Portfolio Q32015
Market Value:$216,655,000
Previous Mkt Value:$847,301,000
Chg Mkt Value %:-74.43 %
Sentiment:
Turnover %:97.64 %
Stocks Activity
New Purchases:8
Additional Purchases:5
Sold out:34
Reduced:1
Top 10 Holdings %:92.89%

Based on $2.32 billion in assets under management, Hayman Capital Management Lp’s equity exposure is only 9.36% of assets. Please also keep in mind that we can’t know the Hayman Capital Management Lp’s shorts and net exposure.

Fund New Holdings

During this quarter, Kyle Bass’s Hayman Capital Management Lp opened new positions in Impax Laboratories Inc (IPXL) for $21.36 million, Cf Inds Hldgs Inc (CF) for $20.84 million, Gw Pharmaceuticals Plc (GWPH) for $19.25 million, Dbv Technologies S A for $9.45 million and Pronai Therapeutics Inc for $8.66 million. These were the 5 biggest new positions. In total the hedge fund bought 8 new stocks.

Portfolio New Buys

Top 5 New Buys
Impax Laboratories Inc9.86%
Cf Inds Hldgs Inc9.62%
Gw Pharmaceuticals Plc8.89%
Dbv Technologies S A4.36%
Pronai Therapeutics Inc4.00%
13F Sector Allocation
Health Care35 %
Finance26 %
Energy16 %
Other14 %
Materials10 %

Increased Positions

The hedge fund didn’t report any increased holdings in this quarter.

Sold Positions

Kyle Bass’s fund sold all its stakes in Ishares Tr (Put) (IWM), Perrigo Co Plc (PRGO), Oasis Pete Inc New (OAS), Whiting Pete Corp New (WLL) and Newfield Expl Co (NFX). These stocks constituted 22.10 %, 18.25 %, 2.20 %, 2.19 % and 2.13 % of the fund’s portfolio, respectively. We can only speculate about the reasons for the selling but we believe it has to do with either value, momentum or a better place for Hayman Capital Management Lp’s capital.

Portfolio Sold All

Reduced Positions

The fund also slashed its postiton in Mylan N V (MYL) by -89.89%.

Top 5 Holdings

Nmi Hldgs Inc (NMIH), Ypf Sociedad Anonima (Call) (YPF) and Impax Laboratories Inc (IPXL) made up the majority of Hayman Capital Management Lp’s total US long portfolio in Q3 2015. These holdings were top 3 and constitute 51.54% of Hayman Capital Management Lp’s US-listed securities. The top 10 holdings make about 92.89% of the 13F reported portfolio.

Portfolio Top Holdings

The table above provides a summary of Hayman Capital Management Lp’s top 10 US-listed equities in Q3 2015.

13F Sector Analysis

Materials Sector Hayman Capital Management Lp - Kyle BassHayman Capital Management Lp increased the materials sector from 0 % to 10 %. The fund slashed the Energy and Finance sector holdings by 16 % and 42 %, respectively.

So these are Q3 2015 fund’s sector weights now: health care 35 % for $75.83 million, finance 26 % for $56.33 million, energy 16 % for $34.66 million and materials 10 % for $21.67 million.

Important Position Changes

Top 10 Q3 2015 New Positions: Impax Laboratories Inc (IPXL), Cf Inds Hldgs Inc (CF), Gw Pharmaceuticals Plc (GWPH), Dbv Technologies S A, Pronai Therapeutics Inc, Eco Stim Energy Solutions In (ESES), Allergan Plc and Alcobra Ltd (ADHD).

Top 10 Q3 2015 Sold Out Completely: Ishares Tr (Put) (IWM), Perrigo Co Plc (PRGO), Oasis Pete Inc New (OAS), Whiting Pete Corp New (WLL), Newfield Expl Co (NFX), C&J Energy Svcs Ltd, Sm Energy Co (SM), Pdc Energy Inc (PDCE), Diamondback Energy Inc (FANG) and Matador Res Co (MTDR).

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Download the full 13F form in CSV: Q3-2015-Hayman-Capital-Management-Lp-Kyle-Bass-13F-Portfolio-Stock-Holdings.csv

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Hayman Capital Management Lp – website

13F Filing Link: 000095012315011999

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