Feinberg Stephen 13F Highlights
Feinberg Stephen just filed its Q3 2015 13F. Dated 25/12/2015, the SEC filing shows the investment manager has a portfolio value of $1.20 billion, representing a decrease of $154.73 million from the previous quarter when it was $1.36 billion. Note: This filling reprents only assets that which are listed in the US.
|Previous Mkt Value:||$1,359,401,000|
|Chg Mkt Value %:||-11.38 %|
|Turnover %:||2.65 %|
|Top 10 Holdings %:||100%|
|Top 5 New Buys|
|American Cap Mtg Invt Corp||2.64%|
|13F Sector Allocation|
The investment manager didn’t report any lifted holdings in this quarter.
This fund sold its stakes in Armour Residential Reit Inc (ARR), Hatteras Finl Corp (HTS) and Assured Guaranty Ltd (AGO). These stocks constituted 2.49 %, 0.13 % and 0.03 % of the manager’s portfolio, respectively. We can only speculate about the reasons for this selling but we believe it has to do with either value, momentum or a better place for Feinberg Stephen’s capital.
The fund also cut its postitons in American Capital Agency Corp (AGNC) by -22.77%, Dht Holdings Inc (DHT) by -6.66% and Anworth Mortgage Asset Cp (ANH) by -10.08%.
Top 5 Positions
Ally Finl Inc (ALLY), American Capital Agency Corp (AGNC) and Pacific Datavision Inc made up the majority of Feinberg Stephen’s total US long portfolio in Q3 2015. These securities were top 3 and constitute 90.5% of Feinberg Stephen’s US-listed securities. The top 10 securities make approximately 100% of the fund’s value.
It seems Feinberg Stephen holds concentrated portfolio. We wonder do they believe, same as many legendary traders, that diversification is wrong approach? The table above provides a snapshot of Feinberg Stephen’s top 10 US-listed positions in Q3 2015.
According to the SEC filing, the fund also has securities for 85 % in the finance sector. The energy sector is 4 % of Feinberg Stephen’s 13f assets.
So these are Q3 2015 fund’s sector weights now: finance 85 % for $1.02 billion, energy 4 % for $48.19 million and industrials 3 % for $36.14 million.
Important Position Changes
Top 10 Q3 2015 New Positions: American Cap Mtg Invt Corp (MTGE).
Top 10 Q3 2015 Sold Out Completely: Armour Residential Reit Inc (ARR), Hatteras Finl Corp (HTS) and Assured Guaranty Ltd (AGO).
Fund New Positions
In this quarter, Feinberg Stephen started position in American Cap Mtg Invt Corp (MTGE) for $31.84 million. 1 is the only new position.
13F Filing Link: 000090571815000915
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