Don’t Ignore Under-The-Radar Curtis Macnguyen’s Top New Picks

Ivory Investment Management also initiated a long position in Bank of America Corporation (NYSE:BAC) during the most recent quarter. In its latest 13F filing with the SEC, Macnguyen’s fund reported that it owns 6.98 million shares of Bank of America, worth $107.43 million. The Consumer Financial Protection Bureau (CFPB) is expected to announce new regulations regarding bank’s overdraft practices, which will most likely include a cap on overdraft fees, and limits on the number of times an account can be charged. Thus, even though the new regulations will most probably hit the banking sector, Bank of America Corporation might not suffer overly much from these changes, as its overdraft fees come at around 4-6% of its non-interest income. In the meantime, the stock has increased by 8% over the last three-month period and it seems that the stock has embarked on quite a strong uptrend lately. From the list of over 700 hedge funds and investment firms that we track, Bruce Berkowitz’s Fairholme is by far the largest shareholder in Bank of America Corporation (NYSE:BAC), holding a stake of 76.75 million shares.

Finally, Ivory Investment Management reported the acquisition of a new stake in Delta Air Lines Inc. (NYSE:DAL) consisting of 2.22 million shares which are valued at $99.77 million as of March 31. Even though the shares of Delta have plunged by 17% since the beginning of the current year, it appears that the company is in good financial health, as it recently announced an agreement to purchase 60 single-aisle Boeing and Embraer aircraft. Precisely, Delta plans to acquire 40 Boeing 737-900ER planes that will be used to replace some of its aircraft that is scheduled to be retired by 2019. Therefore, as the company is progressively getting rid of its ageing fleet, it is expected that Delta’s operating margins will improve significantly. Among the funds we track, Paul Ruddock and Steve Heinz’s Lansdowne Partners is the largest shareholder in Delta Air Lines Inc. (NYSE:DAL), owning 24.76 million shares.

Disclosure: None