Latest Stock Picks from Highbridge Capital Management: Broadcom Corporation (BRCM), Transocean LTD (RIG), Eaton Corporation, PLC Ordinary Shares (ETN)

Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP) was the fund’s fourth largest new position. The China-based company serves the demand for travel in China by providing resources such as guided tours, hotel accommodations, and airline ticketing. CTRP is a favorite amongst analysts from firms like Goldman Sachs, Raymond James, and most recently, Brean Capital. These positive ratings could largely be in part due to earnings beat after earnings beat from Ctrip.com, including the most recent surprise of $0.10 at the end of January. The company has high hopes for Q1 as guided during its announcement, expecting 15%-20% revenue growth versus the same quarter last year. Billionaire Andreas Halvorsen of Viking Global owns about $38mm worth of CTRP (take a look at his top five stocks here).

Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) made its way into Highbridge’s top five new picks by taking up $50mm of the fund’s AUM. With a market cap of $111bn, PBR was far and away the largest company on our list to be added; it also gave the worst performance, losing 37% in the past twelve months. Wall Street has modeled much higher valuations for the stock than what it is currently trading at; on March 7th, Credit Suisse upgraded PBR to outperform and planted a $25 price target on its report, which could mean a near-50% gain from today’s levels. A recent increase in diesel prices is the fire fueling that growth. Ken Fisher of Fisher Asset Management reduced his position from Q3 2012 to Q4 but still carries a staggering 12.7mm shares (research his portfolio here).

Disclosure: I do not own shares of any stocks mentioned in this article.

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