Last Wednesday, Robert Bishop’s Impala Asset Management, filed a Form 13F with the U.S. Securities and Exchange Commission, reporting its long equity positions as of the end of the first quarter of 2014. Over the three months ending on March 31, the fund started 12 new stock positions, and increased its stakes in 34 of its preexisting holdings. Let’s take a closer look at Mr. Bishops’s portfolio for Q1 2014, its top holdings and its new stakes.
Impala’s top three holdings remained unchanged in rank, but the two largest, NVR, Inc. (NYSE:NVR) and Delta Air Lines, Inc. (NYSE:DAL), saw an increase (of 15% and 11%, respectively) in the number of shares owned by the fund. With a value of more than $200 million each, these holdings account for about 16% of its total portfolio value. The fund’s third largest position, at Macy’s, Inc. (NYSE:M), however, was cut by 8%, to 2.2 million shares. This holding is now worth about $130 million.
The fourth most valuable holding at Mr. Bishop’s fund’s equity portfolio, Fluor Corporation (NEW) (NYSE:FLR), an $11.8 billion market cap engineering and construction company, also saw a significant increase in his ownership. Up 62% in relation to the previous quarter, the fund now owns 1.6 million shares, which is more than $126 million in stock.
On the fifth place, there’s a new holding: Lennar Corporation (NYSE:LEN), a $7.86 billion market cap homebuilder and a provider of financial services. Over Q1 2014, the fund acquired about 3.11 million shares of the company, worth more than $120 million, and accounting for 4.4% of its total equity portfolio.
Finally, a bullish move took place at Harley-Davidson Inc (NYSE:HOG), the famed $15.5 billion market cap motorcycle maker. Mr. Bishop’s fund upped its bets by 21%, to 1.6 million shares, currently valued at more than $100 million. Harley-Davidson now stands as the fund’s seventh largest long stock position, and accounts for almost 4% of its portfolio.
Impala Asset Management, managed by Robert Bishop, is a Connecticut-based hedge fund that was founded in 2003. Its portfolio, worth more than $2.7 billion, is mainly divided between services, industrial goods, and basic materials stocks (30%, 29.5%, and 25.5%, respectively).
Disclosure: Javier Hasse holds no position in any stocks mentioned.