Hedge Fund Manager Curtis Macnguyen Likes AIG and More

Page 1 of 2

Curtis Macnguyen founded Ivory Capital in 1998 after five years at Siegler, Collery & Co. and after having worked in investment banking before that. Ivory runs a long/short portfolio which attempts to match much of the risk factors between its long and short holdings in order to better focus on what the fund believes will end up driving value. This approach also allows it to focus in particular on avoiding macro risks that it finds particularly concerning, such as inflation. Macnguyen’s conservatism also shows in that it looks for a 30% margin of safety compared to a stock’s intrinsic valuation- a bit high for a value investor- and insists on being able to identify a catalyst rather than assuming that in most cases the market will correct itself.

When we look at Ivory’s 13F portfolio for the third quarter of 2012, we see that the majority of the fund’s capital is invested in the technology, services, and financial sectors with a number of tech names in particular at the top of its portfolio. Read on for a quick look at Ivory’s five largest 13F stock positions by market value as of the end of the third quarter or see the fund’s full list of stock picks.

Curtis MacnguyenYahoo! Inc. (NASDAQ:YHOO). Yahoo was Ivory’s top pick with a position of 9.5 million shares. In its most recent quarterly report revenue was actually down 1% with earnings being abnormally high from the sale of a business unit. Analyst expectations for 2013 imply a P/E multiple of 17, which seems high considering the company’s market position. Yahoo was billionaire Dan Loeb’s Third Point’s largest position, with the fund actually adding shares after its successful activist campaign. Find more of Loeb’s favorite stocks.

American International Group, Inc. (NYSE:AIG). The bailed-out insurer- which recently returned a profit to the Treasury- made our list of the ten most popular stocks among hedge funds in the third quarter of 2012 (see the rest of the top ten list). For an insurance company like AIG we’d be interested in considering both the earnings multiple and the price/book ratio; at about half the book value of its equity and only 10 times forward earnings estimates, we think that the market is putting too conservative a valuation on the stock.

T. Boone Pickens and Macnguyen agreed on an energy stock:

Page 1 of 2
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. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Shopaholics Rejoice: The 12 Biggest Malls in the World

Fright Night: 10 Horror Movies Based on True Stories

Mach Mania: The 10 Fastest Jets in the World

Military Heavyweights: The 10 Countries with the Most Tanks

All In: The 7 Richest Poker Players in the World

Abracadabra: The 10 Best Magicians in the World

The 10 Richest Asian Countries in the World in 2014

Eyes in the Sky: 10 Things You Need to Know About Drones

Rising Stars: The 6 Best Silicon Valley Startups

Military Muscle: The 5 Most Advanced Armies in South America

All that Glitters: The 7 Most Luxurious Jewelry Brands in the World

5 Things You Didn’t Know About ISIS but Should

Empowering Your Money: The 5 Best Energy Stocks to Invest In

The 11 Best Android Apps You Can’t Get on iOS

The 10 Most Important International Conflicts in 2014

Mood Enhancers: The 20 Most Uplifting Songs of all Time

Lover Beware: The 8 Countries that Cheat the Most

Breath of Fresh Air: The 25 Countries with the Best Air Quality on the Planet

Singles Beware: The 8 Worst Mistakes Made on First Dates

Healthy and Happy: The 10 Countries with Lowest Healthcare Costs

The 6 Best Company Team Building Activities to Build Workplace Camaraderie

Ships Ahoy: The 10 Busiest Shipping Ports in the World

10 Productivity Tips to Save You Time and Help You Do More With Less

Grab a Bite: The Most Popular Fast Food Restaurants in America

Friday Night Thirst: The 10 Most Popular Cocktails in the World

The 6 Greatest Unsolved Mysteries We May Never Figure Out

7 Useless Products You Never Should’ve Bought

The 5 Reasons Why You’re Single and Miserable

The 7 Most Addictive Foods in the World We Can’t Stop Eating (Even Though We Should)

5 Amazing Places You Can Swim with Dolphins

The Top 7 Most Livable Countries In The World

The 10 Most Expensive Baseball Cards Ever Pulled From A Pack

The 5 Easiest Second Languages to Learn for English Speakers

Silver Spoon: The 6 Richest Families in the World

The 20 Countries with the Largest Prison Populations in the World

The Top 10 Richest Actors in the World

The 10 Best Airline Stocks to Invest In Before They Fly Too High

Burger Kings: The 10 Most Expensive Burgers in the World

The 10 Most Ethnically Diverse Countries in the World

The 10 Most Exclusive Credit Cards in the World

The 10 Most Expensive Cruise Ships in the World

The 10 Fastest Supercomputers in the World

The 10 Best Countries for Doing Business 2015

6 Most Expensive Fruits In The World

10 Worst Airlines in the World

The 10 Biggest Tax Havens in the World to Stash Your Money

The 15 Most Murderous Countries in the World

10 Largest Colleges in the World: Bigger Isn’t Always Better

Comedians in Cars Getting Coffee: The 6 Comedians Seinfeld Needs to Interview

Easy Money: The 10 Most Successful Investors in the World Today

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!