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 Amazon.com, Inc. (NASDAQ:AMZN) and Hewlett-Packard Company (NYSE:HPQ).
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Odey Asset Management increased its position in the largest American online retailer, Amazon.com, 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 Amazon.com only but the company has expanded its service by including other local stores such as Gourmet Garage and Billy’s Bakery. It will give Amazon.com, 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 Amazon.com, 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).
CIT Group Inc. (NYSE:CIT) is another company whose position in the equity portfolio of Odey Asset Management was increased. The fund manager added an additional 2% to its position in the bank holding company, lifting it to 835,368 shares in total valued at $37.69 million. CIT Group Inc. (NYSE:CIT) has a market cap of $8.01 billion and its shares trade at $46.04. The quarterly EPS of the banking company came in at $0.94, $0.16 lower than the market estimates, while the shares have an average 1-year target price of $52.54, which indicates an upside of 14.12%. Richard Rubin‘s Hawkeye Capital and Bronson Point Partners are among the primary stockholders of CIT Group Inc. (NYSE:CIT).
Crispin Odey’s additional purchase in IPG Photonics Corporation (NASDAQ:IPGP) was the largest additional purchase out of the fund’s top four stocks with additional purchases, in terms of percentage change, with an increase of 401%. The investment manager holds 378,471 shares of the fiber laser manufacturer, with the shares having a market value of $35.08 million. The shares of IPG Photonics Corporation (NASDAQ:IPGP) have increased 27.19% year-to-date, lifting the company’s market cap to $5.08 billion and a P/E ratio of 23.52. Royce & Associates along with Donald Chiboucis‘ Columbus Circle Investors hold major positions in IPG Photonics Corporation (NASDAQ:IPGP).
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