Hayman Capital Management Lp Stocks Analysis
Kyle 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.
|Previous Mkt Value:||$325,011,000|
|Chg Mkt Value %:||-80.70%|
|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.
|Top 5 New Buys|
|Concho Res Inc||1.24%|
|Whiting Pete Corp New||1.24%|
|Bonanza Creek Energy Inc||1.24%|
|Oasis Pete Inc New||1.23%|
|13F Sector Allocation|
The hedge fund didn’t report any upped stakes in this quarter.
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.
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.
The picture above provides a snapshot of Hayman Capital Management Lp’s top 10 US-listed holdings in this quarter.
Hayman 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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