In the latest round of 13F filings, last week, Israel Englander’s Millennium Management has filed its form 13F with the U.S. Securities and Exchange Commission. In this filing, the fund disclosed its equity positions as of the end of March, and revealed a diverse equity portfolio, although there is a slight focus on basic materials, services and healthcare stocks. During the January – March period, Millennium Management purchased about 950 new positions and increased its stakes in more than 1250 companies. So, let’s take a look at three most important moves that took place during the first quarter.
First off is PPL Corporation (NYSE:PPL), a $21.2 billion market cap energy and utility holding company, engaged in the generation and marketing of electricity in the northeastern and western U.S. and in the delivery of electricity in Pennsylvania and the U.K. Englander’s fund has increased its stake in PPL Corporation (NYSE:PPL) by more than 40% on the quarter and now owns over 13 million shares, valued at around $435 million. This makes it the fund’s most valuable holding – and also makes Millennium Management the largest hedge fund shareholder of the company.
Other funds that are betting on the company are Phill Gross and Robert Atchinson’s Adage Capital Management, which slightly increased its bets on the company and currently owns more than $30 million worth of PPL Corporation (NYSE:PPL)’s stock, and Jacob Gottlieb’s Visium Asset Management, with 1.17 million shares – valued at roughly $40 million.
Another company that felt Millennium’s bullishness is American Electric Power Company Inc (NYSE:AEP), a $24.9 billion market cap public utility holding company that provides electric services -mainly generation, transmission and distribution. After buying about 108,500 shares over the first fiscal quarter, Englander’s fund raised its position to 5.4 million shares of the utility provider, worth about $275 million (the fund’s fourth most valuable holding). Once again, Millennium is the largest hedge fund shareholder at the company, trailed by Adage Capital Management, which also increased its exposure to American Electric Power Company Inc (NYSE:AEP) by 7%, to 2.8 million shares.
Finally, there’s Rice Energy Inc (NYSE:RICE), an independent natural gas and oil company engaged in the acquisition, exploration and development of natural gas and oil properties in the Appalachian Basin, with a market cap just shy of $4 billion. After the company went public in late January, Millennium Management started a position in Rice Energy Inc (NYSE:RICE), with 2.75 million shares, worth more than $84 million. On top of Millennium, Ken Griffin‘s Citadel recently revealed that he has substantially increased his stake in Rice Energy Inc (NYSE:RICE). Mr. Griffin now owns 6.3 million shares, which account for 4.9% of Rice Energy’s Common Stock.
Millennium Management is a 25 year old hedge fund with approximately $157 billion in assets under management, and an equity portfolio valued at more than $34 billion. As the own fund states “Millennium has differentiated itself from other investment management firms through its consistent ability to generate returns that have not been correlated to the general market, its investment in and development of advanced trading technology and risk management systems, and the caliber of its trading talent and senior management team” (Millennium).
Disclosure: Javier Hasse holds no position in any stocks mentioned.