Kevin Michael Ulrich’s Anchorage’s Latest 13F Reveals Large Positions in Houghton Mifflin Harcourt Co. (HMHC) & Central Pacific Financial Corp. (CPF) Among Others

Back in 2003, Kevin Michael Ulrich and Anthony Davis, two former employees of Goldman Sachs, founded their hedge fund, Anchorage Capital Advisors. The fund currently has over $15 billion in Assets Under Management, in comparison to around $12 billion held at the end of last year. It is a long/short fund, which invests mainly in credit and special situations, and also holds investments in bank debts.

Anchorage Advisors Kevin Ulrich

Anchorage has also recently revealed its equity portfolio as of the end of the first quarter of the year. According to the filing with the Securities, the total value of the equity portfolio amounted to $2.66 billion at the end of March, slightly above $2.59 billion in the previous quarter. Overall, the fund added more than 20 new positions and closed 16 of its previous holdings. In this piece, we will take a look at five companies in which Anchorage owns its most expensive holdings.

Houghton Mifflin Harcourt Co. (NASDAQ:HMHC) stands on the first position, Anchorage revealing a $434.86 million stake, which amasses 21.39 million shares, the position remaining unchanged over the quarter. During the first quarter, the stock of the $2.5 billion company gained almost 20%. Even though Anchorage holds a massive position in Houghton Mifflin Harcourt Co. (NASDAQ:HMHC), John Paulson‘s stake is more significant and amasses 30.91 million shares, worth $628.45 million. At the same time, Ken Griffin‘s Citadel Investment Group sold out its position in Houghton Mifflin Harcourt Co. (NASDAQ:HMHC), which previously amassed 225,300 shares, the stake being initiated during the last quarter of 2013, when the company went public.

Anchorage sold some 1.39 million shares of Central Pacific Financial Corp. (NYSE:CPF) during the first three months of the year, and revealed ownership of 8.07 million shares, reportedly worth $163.06 million. Central Pacific Financial Corp is a bank holding company for its Central Pacific Bank. The stock of the company edged down by 6% since the beginning of the year, and trails a P/E of around 18.00, which is slightly below the average among banks from the Pacific region. Jim Simons‘ Renaissance Technologies is another shareholder of Central Pacific Financial Corp. (NYSE:CPF), holding 339,300 shares as of the end of March.

The third largest holding is represented by Cheniere Energy, Inc. (NYSEMKT:LNG), of which Mr. Ulrich’s fund revealed holding more than 2.55 million shares, valued at $141.31 million, the stake being increased by 13% on the quarter. The stock of the liquid natural gas company surged by almost 37% since the beginning of the year, outperforming the oil & gas equipment and services industry return of around 11%. Michael Lowenstein‘s Kensico Capital is another hedge fund that owns shares of Cheniere Energy, Inc. (NYSEMKT:LNG), reporting a $447.31 million stake, which contains 8.08 million shares as of the end of March.

Next on the list comes a $1.3 billion residential and commercial building products company, Nortek Inc (NASDAQ:NTK), of which Anchorage reported holding 1.49 million shares, up by 125,000 shares on the quarter, the total value of the stake amounting to $122.72 million. The company posted a revenue worth $550 million for the first three months of the year, and an EBITDA of $26 million. Moreover, Nortek Inc (NASDAQ:NTK)’s EPS amounted to -$0.55, slightly higher than -$0.58 in the previous quarter. For the full year, the company is expected to report earnings of around $1.60 per share.

And we conclude our compilation of Anchorage’s top equity positions with DISH Network Corp (NASDAQ:DISH), in which the fund revealed a $110.86 million stake. The fund has trimmed its exposure to DISH by approximately 14% to 1.78 million shares. The $26.6 billion provider of pay-television, managed to beat the estimates in terms of earnings per share for the past couple of years, reporting $2.50 per share for the last two years. The aforementioned Citadel is bullish on DISH Network Corp (NASDAQ:DISH), raising its stake by 1.71 million shares to 4.36 million, worth $271.23 million as of the end of the first quarter.

Disclosure: none

Recommended Reading:

Anchorage Advisors Sells Over 1 Million Shares In Central Pacific Financial Corp. (CPF)

Top Bullish Moves of Stockbridge Partners’ from its Latest 13F filing

Viking Global’s Top Five Picks for Q1 include Walgreen Company (WAG) & Time Warner Inc (TWX)

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

On the Move: The 10 Fastest Growing Businesses in 2015

Fast Money: The 10 Highest Paying Fast Food Restaurants

Mixing It Up: The 14 Best Music Mashups of 2014

Rito Pls Buff: The 10 Least Played Champions in LoL Season 4

10 Covers of Popular Songs that are Better than the Originals

Must See TV: The 9 Most Anticipated Shows of 2015

The 15 Biggest Box Office Bombs of All Time

10 Things The World Can’t Stand About Americans

Picture Perfect: The 6 Smartphones with the Best Cameras

The 10 Best Countries To Work In the World

A Profitable Day At The Track: 5 Tips For Betting On Horses

Tearing You Apart: 6 Bad Habits That Ruin Relationships

Learning on the Job: The 6 Biggest Mistakes Parents Make

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

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!