Billionaire Michael Price’s and MFP Investors’ Latest Moves

In its latest filing, MFP Investors, managed by Michael Price, reported its equity portfolio as held at the end of the fourth quarter of 2013. MFP Investors is a New York-based activist hedge fund focusing on value investments. The fund uses a value investing approach with a dash of contrarianism thrown in for good measure.

Michael Price

The value of MFP Investors equity portfolio totaled $774.3 million, up from $752.5 million disclosed at the end of the third quarter of 2013. From the fund’s latest 13F, we have picked top five holdings in terms of value that the fund has held in its equity portfolio at the end of 2013.

The first position is held by Hess Corp. (NYSE:HES), in which the fund reported ownership of 697,500 shares, worth $57.89 million. The stake is up from 625,000 shares the fund held at the end of the third quarter of 2013. Hess Corp. (NYSE:HES) is a global independent energy company engaged in the exploration and production of crude oil and natural gas. In late January, the company announced that it agreed to sell about 74,000 acres of its dry gas acreage in the Utica Shale to an undisclosed third party for a consideration of $924 million.

The next is Intel Corporation (NASDAQ:INTC), which designs and manufactures integrated digital technology platforms. The fund owns 1.85 million shares of the company, with a reported value of $48.02 million. The stake remained unchanged over the quarter.

The third-largest holding in MFP Investors’ equity portfolio is represented by FXCM Inc (NYSE:FXCM), in which the fund revealed holding 1.68 million shares, worth $29.99 million. The number of shares remained unchanged, but the value of holding decreased by $3.21 million over the quarter.

The fourth position is held by Alleghany Corporation (NYSE:Y), in which the fund owns 74,500 shares, with a reported value of $29.80 million.

The last but not the least is Boston Scientific Corporation (NYSE:BSX), in which MFP Investors disclosed a $24.04 million stake. The fund owns 2.0 million shares of the company, up from 1.70 million held previously. Boston Scientific Corporation (NYSE:BSX) develops and manufactures medical devices that are used in a range of interventional medical specialties.

Disclosure: none

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