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Odey Asset Management’s Top Buys Amid Portfolio Slashing ~, Inc. (AMZN), Hewlett-Packard Company (HPQ), IPG Photonics Corporation (IPGP)

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Crispin Odey’s Odey Asset Management filed its 13F with the SEC for the reporting period of March 31. The investment manager has an equity portfolio worth $1.76 billion as of the reporting period and its primary stock holdings are in the consumer discretionary, finance, and technology sectors. While Odey initiated new positions in 20 stocks this quarter, his portfolio was otherwise slashed during the quarter, with many of his top positions being cut. The fund manager reduced holdings in 31 stocks and sold out of 12 stocks completely, as his portfolio fell from $3.26 billion at the end of 2014. Goldman Sachs Group Inc (NYSE:GS) and D.R. Horton, Inc. (NYSE:DHI) are among the top stock holdings of the fund manager, while the top holdings he increased his position in include, Inc. (NASDAQ:AMZN) and Hewlett-Packard Company (NYSE:HPQ).

Crispin Odey

Insider Monkey tracks hedge funds’ moves in order to identify actionable patterns and profit from them. Our research has shown that hedge funds’ large-cap stock picks historically delivered a monthly alpha of six basis points, though these stocks underperformed the S&P 500 Total Return Index by an average of seven basis points per month between 1999 and 2012. These stocks were able to generate alpha because of their lower risk profile. On the other hand, the 15 most popular small-cap stocks among hedge funds outperformed the S&P 500 Index by an average of 95 basis points per month. These stocks were slightly riskier, so their monthly alpha was 80 basis points (read the details here). Since the official launch of our small-cap strategy in August 2012 it has performed just as predicted, returning over 144% and beating the market by more than 84 percentage points.

Odey Asset Management increased its position in the largest American online retailer,, Inc. (NASDAQ:AMZN), to 247,000 shares valued at $91.91 million. The shares of Amazon have improved 37.81% year-to-date. The online retailer is all set to compete with key industry players with its latest one-hour delivery service that will allow customers to order products from other local stores. Earlier, the service was offered under the Amazon Prime service with the limitation of ordering products from only but the company has expanded its service by including other local stores such as Gourmet Garage and Billy’s Bakery. It will give, Inc. (NASDAQ:AMZN) the necessary edge in the overly competitive delivery service market. Fisher Asset Management, Eagle Capital Management, and Lansdowne Partners are investment manages holding major positions in, Inc. (NASDAQ:AMZN).

With 2.09 million shares valued at $65.03 million, Hewlett-Packard Company (NYSE:HPQ) is the second largest stock holding of the investment manager which had an additional purchase during the first quarter. Odey increased his stake in the technology and software company by 2% during the quarter. Hewlett-Packard Company (NYSE:HPQ) reported strong second quarter financial results with non-GAAP earnings per share of $0.87, $0.01 higher than the market expectations. However, quarterly revenue of the technology firm dropped 6.8% year-over-year to $25.5 billion and it was marginally below the market expectations of $25.8 billion. The software company will split into two different business units by November 2015 including “Hewlett-Packard Enterprise,” which would be responsible for enterprise, software, cloud, and other services businesses, and “HP,” which would handle the company’s printing and personal computer segment. Richard Pzena‘s Pzena Investment Management, and AQR Capital Management hold large stakes in Hewlett-Packard Company (NYSE:HPQ).

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