Copa Holdings S.A. (CPA), CTC Media Inc. (CTCM), Petrobras Argentina SA ADR (PZE): Neon Liberty Bets On Emerging Markets – Especially Latin America and Russia

Neon Liberty Capital Management is a New York-based financial investment advisory firm managed by Satyen Mehta, which uses a value-oriented strategy and bottoms-up analysis to pick its stocks. It was founded in 2002, and focuses on equities in global emerging and frontier markets, especially in services stocks.

The fund recently disclosed its long equity positions as of the end of the second quarter of 2014. After selling its 3.46 million Call options for iShares MSCI Emerging Markets Indx (ETF) (NYSEARCA:EEM), worth $142 million, and closing out its position at Noah Education Holdings Ltd. (ADR) (NYSE:NED), the fund’s total equity portfolio is valued at $95 million, down from the $232 million it was worth in the first quarter of the year.

Copa Holdings, S.A. (NYSE:CPA)

Neon Liberty’s largest equity position is that at Copa Holdings, S.A. (NYSE:CPA), a $6.82 billion market cap provider of airline passenger and cargo service -through two operating subsidiaries: Copa Airlines and Copa Colombia. The stake at Copa Holdings, S.A. (NYSE:CPA) remained unchanged over the quarter; the fund owns 270,732 shares, valued at more than $38.5 million. This position accounts for more than 40% of Neon Liberty’s total equity portfolio’s value.

Other major hedge funds betting on Copa Holdings, S.A. (NYSE:CPA) are Thomas Steyer’s Farallon Capital and Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital. These funds last disclosed ownership of 474,970 shares and 300,000 shares, respectively.

CTC Media, Inc. (NASDAQ:CTCM) came in second. Same as in the first quarter, the fund declared holding 1.64 million shares of CTC Media, Inc. (NASDAQ:CTCM), worth $18 million. This $1.5 billion market cap Russian media company boasts industry leading returns on equity and assets and well-above-average margins, while trading at a huge discount to its peers -9.7x P/E vs. and industry average of 44.4x P/E.

On top of Neon Liberty, of CTC Media, Inc. (NASDAQ:CTCM) counts with the support of Jim Simons’ Renaissance Technologies, which last disclosed ownership of 800,600 shares, after doubling its stake in the company over the first quarter of 2014.

Other companies on which Neon Liberty is betting are Petrobras Argentina SA ADR (NYSE:PZE) and Telecom Argentina S.A. (ADR) (NYSE:TEO). These companies occupy the third and fourth positions in the fund’s equity portfolio (in terms of market value), and are worth $12.5 million and $10.5 million, respectively. It seems like Mr. Mehta is long in Argentina, despite the default fears, since these two positions account for more than 24% of his total equity portfolio.

Once again, Jim Simons’ Renaissance Technologies can be counted amongst Petrobras Argentina SA ADR (NYSE:PZE)’s and Telecom Argentina S.A. (ADR) (NYSE:TEO)’s investors. In fact, the fund is the largest hedge fund shareholder of record in both these companies, with 673,033 shares and 2.73 million shares, respectively. Other funds betting on both Petrobras Argentina SA ADR (NYSE:PZE) and Telecom Argentina S.A. (ADR) (NYSE:TEO) are Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital and Jonathan Kolatch’s Redwood Capital Management.

Disclosure: Javier Hasse holds no position in any stocks or funds mentioned

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

Qihoo 360 Technology Co Ltd (QIHU), Actavis plc (ACT), Yahoo! Inc. (YHOO) Among 20 Long Ideas from Sohn Canada

The 10 Laziest Countries in the World

The 10 Most Polluted Countries in the World

The 10 Most Dangerous Cities in America 2014

The Top 10 Gold Producing Countries in the World

The 10 Tallest Buildings in the World

The 10 Richest Stand Up Comedians in the World

The 10 Fattest Countries in the World

The 5 Best Summer Jobs for Teens

The 10 Most Religious Countries in the World Keeping the Faith

The 10 Most Educated Countries in the World

The 10 Most Popular Cell Phones in the World

The 10 Drunkest Countries in the World

The 10 Most Expensive Private Schools in the World

The 10 Smallest Countries in the World

Walking Dead Season 5 Spoilers You’ll Wish You Didn’t Know

The 10 Poorest Countries in the World

The 10 Greenest Countries in the World

The Top 10 Countries with the Highest Population in the World

The 10 Most Visited Countries in the World

The Top 10 Star Wars Characters in the Iconic Series

The 10 Most Expensive Android Phones in the World

5 Reasons Why The Illuminati Is Real and a Threat to Society

The 6 Scariest Halloween Costumes Ever Screamed At

The 4 Biggest Hedge Fund Managers in the World Today

The 15 Most Densely Populated Countries in the World

The 10 Biggest Tea Drinking Countries in the World

Top 6 Ways to Improve Your Checkout Process and Close Sales

The 5 Most Profitable Online Businesses You Can Start Today

The 20 Most Profitable Hospitals in the US

The 5 Most Profitable Home Businesses to Start

The 7 Teams that Will Win the Stanley Cup in 2015

The Top 10 Most Expensive Digital Cameras to Snap Stunning Shots With

The 10 Highest Quality Fast Food Restaurants In America Today

The 8 Best Halloween Decorating Ideas to Spook Up Your House

10 Marvel Women that Should Get a Movie Right Now

The 20 Best Remixes of Popular Songs that Will Make You Forget the Originals

7 Most Expensive Cities in the World

5 Least Expensive Cities in the World

10 Celebrities Who Believe In Scientology

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

50 Crazy Facts About Japan You Won’t Believe

Top 10 Least Expensive Hybrid Cars to Save the Planet With

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!