Kyle Bass’s HAYMAN CAPITAL MANAGEMENT Just Filed Its Q1 2015 Equity Holdings

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Hayman Capital Management Lp Stocks Analysis

Kyle Bass Personal PhotoKyle Bass’s Hayman Capital Management Lp just filed its Q1 2015 13F. Dated 22/05/2015, the filing shows the hedge fund has a portfolio value of $62.73 million, representing a decrease of $262.28 million from the previous quarter when it was $325.01 million. Note: This filling reprents only about 2.71% of Hayman Capital Management Lp’s assets, which which are listed in the US.

Portfolio Q12015
Market Value:$62,734,000
Previous Mkt Value:$325,011,000
Chg Mkt Value %:-80.70%
Sentiment:
Turnover %:88.15%
Stocks Activity
New Purchases:24
Additional Purchases:0
Sold out:6
Reduced:0
Top 10 Holdings %:84.12%

Based on $2.32 billion in assets under management, Hayman Capital Management Lp’s equity exposure represents only 2.71% 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 started positions in Verso Corp (VRS) for $1.47 million, Concho Res Inc (CXO) for $778,000, Whiting Pete Corp New (WLL) for $776,000, Bonanza Creek Energy Inc (BCEI) for $775,000 and Oasis Pete Inc New (OAS) for $774,000. These were the 5 biggest new positions. In total the hedge fund bought 24 new stocks.

Portfolio New Buys

Top 5 New Buys
Verso Corp2.35%
Concho Res Inc1.24%
Whiting Pete Corp New1.24%
Bonanza Creek Energy Inc1.24%
Oasis Pete Inc New1.23%
13F Sector Allocation
Finance67%
Energy24%
Consumer Discretionary8%
Materials2%
-

Increased Positions

The hedge fund didn’t report any upped stakes in this quarter.

Sold Positions

Kyle Bass’s fund sold its stakes in Nationstar Mtg Hldgs Inc (NSM), Sysco Corp (Put) (SYY), Ocwen Finl Corp (OCN), Vodaphone Group Plc New (Call) and Kapstone Paper And Packaging (KS). These securities constituted 29.39%, 27.68%, 15.16%, 5.26% and 5.09% of the fund’s portfolio, respectively. We can only speculate about the reasons for the dumping 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

Top 3 Holdings

Nmi Hldgs Inc (NMIH), General Mtrs Co (GM) and Verso Corp (VRS) made up the majority of Hayman Capital Management Lp’s total US long portfolio in this quarter. These holdings were top 3 and constitute 75.5% of Hayman Capital Management Lp’s US-listed securities. The top 10 holdings make approximately 84.12% of the fund’s value.

Portfolio Top Holdings

The picture above provides a snapshot of Hayman Capital Management Lp’s top 10 US-listed holdings in this quarter.

Sector Allocation

Energy Sector Hayman Capital Management Lp - Kyle BassHayman Capital Management Lp upped the energy sector from 1% to 24%. According to the filing, the active investment manager also has securities for 67% in the finance sector. The consumer discretionary sector is 8% of Hayman Capital Management Lp’s US-listed long portfolio. The fund trimmed the Materials sector stakes by 2%.

So these are Q1 2015 fund’s sector weights now: finance 67% for $42.03 million, energy 24% for $15.06 million, consumer discretionary 8% for $5.02 million and materials 2% for $1.25 million.

Important Position Changes

Top 10 Q1 2015 New Positions: Verso Corp (VRS), Concho Res Inc (CXO), Whiting Pete Corp New (WLL), Bonanza Creek Energy Inc (BCEI), Oasis Pete Inc New (OAS), Sanchez Energy Corp (SN), Eog Res Inc (EOG), Continental Resources Inc (CLR), Anadarko Pete Corp (APC) and Pioneer Nat Res Co (PXD).

Top 10 Q1 2015 Sold Out Completely: Nationstar Mtg Hldgs Inc (NSM), Sysco Corp (Put) (SYY), Ocwen Finl Corp (OCN), Vodaphone Group Plc New (Call), Kapstone Paper And Packaging (KS) and Occidental Pete Corp Del (OXY).

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Download the full 13F form in CSV: Q1-2015-Hayman-Capital-Management-Lp-Kyle-Bass-13F-Portfolio-Stock-Holdings.csv

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