Hayman Capital Buys 4.9% Passive Stake in MGIC Investment

Hayman Capital filed on November 4th for its new 4.9% passive stake investment in MGIC Investment Corporation (MTG). According to the filing, Hayman Capital now has approximately 10 million MTG shares, which is a brand new position since the firm did not report any share in MTG in its last 13F. Hayman Capital’s portfolio manager J. Kyle Bass said the housing market’s losses had already been largely absorbed. Unlike PMI, Bass thinks MTG is a “pretty big positive equity position”. However, he still believes the housing market is still far from firmly “bottoming out”. MTG surges 15% on Monday after the release. The stock is closed at $2.94.

Kyle Bass

MTG was a popular stock loved by hedge funds in our tracking list. Thirty four hedge funds had positions in MTG in the second quarter. Brian J. Higgins’ King Street Capital took the largest position with 50 million shares, giving a 24.5% stake in the stock. John Griffin’s Blue Ridge Capital took the second place and had 9.9 million shares, or 4.85% stake. Mariko Gordon’s Daruma Asset Management had 8.7 million shares in the stock, or 4.26% stake. Other famous hedge funds also had some positions in MTG, Jim Simons’ Renaissance Technologies had about 1.6 million shares. Chuck Royce’s Royce & Associates had 1.3 million shares.

Hayman Capital is an asset management firm based in Dallas, Texas. The firm was founded by J Kyle Bass in December 2005. The firm manages assets for institutional investors, funds of hedge funds, family offices and high-net-worth individuals. Approximately the firm manages 9 accounts and a totally estimated $726 million of assets.

MGIC Investment Corporation is a Property & Casualty Insurance. The company engages in the home mortgage lending industry in United States and Puerto Rico. It provides insurances such as mortgage default protections, delinquent interest, and various expenses associated with the default and subsequent foreclosure. The company also offers various mortgage services for the mortgage finance industry. The company was founded in 1984 and is based in Milwaukee, Wisconsin.

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