Bow Street LLC’s Top Picks

Bow Street LLC was founded by Howard Shainker and Akiva Katz in 2011. The New-York based long/short equity fund has an estimated $153 million of assets under management. Previously, Shainker worked at Dan Loeb‘s Third Point. Prior to founding Bow Street with Shainker, Katz was a managing director at Peter Adam Hochfelder’s Brahman Capital.

Cheniere Energy, Inc. (NYSEAMEX:LNG)

In its first 13F filing, Bow Street disclosed 29 positions as held at the end of the fourth quarter of 2013, with the value of holdings totaled around $214.9 million. We have picked the top five holdings in term of value from the fund’s equity portfolio.

Cheniere Energy Inc. (NYSEMKT:LNG) is the most valuable holding, in which the fund disclosed ownership of 421,311 shares, with a reported value of around $18.2 million. Cheniere Energy Inc. (NYSEMKT:LNG) is a Houston-based energy company primarily engaged in LNG-related businesses, and owns and operates the Sabine Pass LNG terminal and Creole Trail Pipeline in Louisiana. Dan Loeb’s Third Point reported holding 3.20 million shares of Cheniere Energy Inc. (NYSEMKT:LNG) at the end of 2013.

Another holding is Northstar Realty Finance Corp. (NYSE:NRF), in which Bow Street holds 1.29 million shares, worth $17.3 million. In its latest 13F filing, Third Point revealed owning 2.0 million shares of the company. Northstar Realty Finance Corp. (NYSE:NRF) is a commercial real estate investment and asset management company that is organized as a REIT. The company has a market cap of $5.2 billion.

Bow Street disclosed holding 128,725 shares of Visteon Corp. (NYSE:VC), which is engaged in supplying climate, electronics and interiors systems, modules and components to automotive original equipment manufacturers (OEM). Other largest shareholders of the company include Barry Rosenstein’s Jana Partners and Christopher Pucillo’s Solus Alternative Asset Management, respectively holding 2.78 million and 2.16 million shares.

In General Motors Company (NYSE:GM), Bow Street reported a $9.81 million stake, containing 239,958 shares at the end of the fourth quarter of 2013. In an interview with CNBC’s Squawk on the Street, Kyle Bass, founder and manager of the Dallas-based hedge fund, Hayman Advisors, claims that shares of General Motors Company (NYSE:GM) are undervalued and could hit a high $50 per share in the next 12 to 18 months, despite possible liability from the ongoing probe over the 303 deaths as a result of air bag failure in some of GM’s models, calling it an “investment distraction”. Warren Buffet is another significant shareholder of General Motors Company (NYSE:GM), owning 40.00 million shares.

Hertz Global Holdings Inc. (NYSE:HTZ) is another important holding, in which the fund holds 330,204 shares, with a reported value of $9.5 million. Third Point disclosed ownership of 6.0 million of Hertz Global Holdings Inc. (NYSE:HTZ). The company announced its fourth-quarter 2013 and full-year 2013 results on March 18. It reported record fourth-quarter worldwide revenues of $2.6 billion, representing an increase of 10.2% from 2.3 billion in the same period in 2012. For full-year 2013, the company reported worldwide revenue of $10.8 billion, up 19.4% from 9.0 million in 2012.

Disclosure: none

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