Crispin Odey Is Running Away From Mortgage-Related Businesses (Or At Least, Jogging Away)

The least slashing in this list took place in Odey’s Ryland Group Inc (NYSE:RYL) holding as he disposed of some 9,000 shares to dip his stake in the $1.9 billion homebuilder and mortgage finance company to 1.31 million shares valued at $63.63 million. So far this year Ryland Group Inc (NYSE:RYL)’s stock has appreciated by 8.17% as compared to 5.82% returns for the residential construction industry during the same period. However Raymond James downgraded the company last month to ‘Market Perform’ from ‘Outperform’. Many companies operating in the sector met the same fate, as long-term interest rates started to trend upwards. Robert Bishop‘s Impala Asset Management and Ken Fisher’s Fisher Asset Management are the two largest stockholders of Ryland Group Inc (NYSE:RYL) within our database, their respective stakes standing at 3.77 million and 2.27 million shares.

During the first three months of the year, Odey reduced his holding in KB Home (NYSE:KBH) by 24% to 3.01 million shares valued at $47.02 million. The $1.34 billion homebuilding company has seen its stock price decline by 11.42% so far this year. Raymond James also downgraded KB Home (NYSE:KBH) to ‘Market Perform’ from ‘Outperform’, owing to the same reason mentioned above. Among the billionaires that we track, three had a total investment of $73.98 million in the company at the end of March. Ken Griffin’s managed futures fund Citadel Investment Group was one of them, holding 2.26 million shares valued at $35.27 million.

Disclosure: None