Top ARDSLEY ADVISORY PARTNERS 10 Positions in Q3 2015

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Ardsley Advisory Partners Portfolio Analysis

Philip Hempleman’s Ardsley Advisory Partners just filed its Q3 2015 13F. Dated 25/12/2015, the 13f filing shows the hedge fund has a portfolio value of $412.25 million, representing a decrease of $384.34 million from the previous quarter when it was $796.58 million. Note: This filling reprents about 47.80% of Ardsley Advisory Partners’s assets, which which are listed in the US.

Portfolio Q32015
Market Value:$412,247,000
Previous Mkt Value:$796,582,000
Chg Mkt Value %:-48.25 %
Sentiment:
Turnover %:33.06 %
Stocks Activity
New Purchases:57
Additional Purchases:24
Sold out:77
Reduced:46
Top 10 Holdings %:41.13%

Based on $862.45 million in assets under management, Ardsley Advisory Partners’s equity exposure represents 47.80% of assets.

New Stocks

During this quarter, Philip Hempleman’s Ardsley Advisory Partners new positions included Mellanox Technologies Ltd (MLNX) for $13.49 million, Cyberark Software Ltd (CYBR) for $6.22 million, Toll Brothers Inc (TOL) for $5.99 million, Solaredge Technologies Inc for $5.73 million and Cabot Oil & Gas Corp (COG) for $4.37 million. These were the 5 biggest new positions. In total the hedge fund bought 57 new stocks.

Portfolio New Buys

Top 5 New Buys
Mellanox Technologies Ltd3.27%
Cyberark Software Ltd1.51%
Toll Brothers Inc1.45%
Solaredge Technologies Inc1.39%
Cabot Oil & Gas Corp1.06%
13F Sector Allocation
Health Care27 %
Finance22 %
Information Technology17 %
Consumer Discretionary9 %
Utilities & Telecommunications5 %

Increased Positions

As revealed in this 13f filing the hedge fund increased its stakes in Akorn Inc (AKRX) by 38% to $24.33 million, Bioscrip Inc (BIOS) by 18% to $8.62 million, Northstar Rlty Fin Corp (NRF) by 8% to $11.49 million, New Residential Invt Corp (NRZ) by 6% to $11.53 million and Applied Optoelectronics Inc (AAOI) by 23% to $16.10 million. Ardsley Advisory Partners also acquired smaller stakes in Accuray Inc (ARAY) by 16.83% to $8.84 million, Jumei Intl Hldg Ltd (JMEI) by 57.14% to $6.51 million and Abengoa Yield Plc (ABY) by 609.38% to $18.78 million. Building positions gradually is common practice for many hedge funds.

Sold Holdings

Philip Hempleman’s fund sold out its stakes in Solarcity Corp (SCTY), Celgene Corp (CELG), Amerisourcebergen Corp (ABC), Qualcomm Inc (QCOM) and Hertz Global Holdings Inc (HTZ). These stocks constituted 4.00 %, 2.24 %, 1.50 %, 1.27 % and 1.16 % 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 Ardsley Advisory Partners’s capital.

Portfolio Sold All

Reduced Positions

The fund also cut its postitons in Spdr S&P 500 Etf Tr (Put) (SPY) by -92.11%, Sunedison Inc (SUNE) by -9.04%, Jazz Pharmaceuticals Plc (Call) (JAZZ) by -76.42%, Jazz Pharmaceuticals Plc (JAZZ) by -19.58% and Hannon Armstrong Sust Infr C (HASI) by -20.16%.

Top Positions

Akorn Inc (AKRX), Jazz Pharmaceuticals Plc (JAZZ) and Hannon Armstrong Sust Infr C (HASI) made up the majority of Ardsley Advisory Partners’s total US long portfolio in this quarter. These securities were top 3 and constitute 16.58% of Ardsley Advisory Partners’s US-listed securities. The top 10 securities make approximately 41.13% of the 13F reported portfolio.

Portfolio Top Holdings

The picture above provides an overview of Ardsley Advisory Partners’s top 10 US-listed securities in this quarter.

13F Sector Weights

Utilities Sector Ardsley Advisory Partners - Philip HemplemanArdsley Advisory Partners increased the utilities & telecommunications sector from 1 % to 5 %. According to the 13f filing, the institutional investor also has securities for 27 % in the health care sector. The information technology sector is 17 % of Ardsley Advisory Partners’s 13f reported assets. The fund cut the Finance, Energy and Materials sector positions by 22 %, 27 % and 29 %, respectively.

So these are Q3 2015 fund’s sector weights now: health care 27 % for $111.31 million, finance 22 % for $90.69 million, information technology 17 % for $70.08 million, consumer discretionary 9 % for $37.10 million, utilities & telecommunications 5 % for $20.61 million, energy 5 % for $20.61 million, industrials 4 % for $16.49 million, consumer staples 3 % for $12.37 million and materials 2 % for $8.24 million.

Important Position Changes

Top 10 Q3 2015 New Positions: Mellanox Technologies Ltd (MLNX), Cyberark Software Ltd (CYBR), Toll Brothers Inc (TOL), Solaredge Technologies Inc, Cabot Oil & Gas Corp (COG), Pattern Energy Group Inc (PEGI), Citigroup Inc (Call) (C), Cummins Inc (Call) (CMI), Nrg Yield Inc and Mgm Resorts International (MGM).

Top 10 Q3 2015 Sold Out Completely: Solarcity Corp (SCTY), Celgene Corp (CELG), Amerisourcebergen Corp (ABC), Qualcomm Inc (QCOM), Hertz Global Holdings Inc (HTZ), Qorvo Inc, Tower Semiconductor Ltd (TSEM), United Rentals Inc (URI), Las Vegas Sands Corp (LVS) and Claymore Exchange Trd Fd Tr (TAN).

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Download the full 13F form in CSV: Q3-2015-Ardsley-Advisory-Partners-Philip-Hempleman-13F-Portfolio-Stock-Holdings.csv

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Ardsley Advisory Partners – website

13F Filing Link: 000116469115000172

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