Pine River Capital Management Cuts Holding in PHH Corporation (PHH)

Brian Taylor‘s Pine River Capital Management has decreased its position in PHH Corporation (NYSE:PHH), a newly amended filing with the Securities and Exchange Commission revealed. Pine River reported owning around 1.56 million shares of the company, down from 3.13 million held earlier. Following the decline, the passive stake amasses 2.7% of the PHH Corporation’s common stock.

Brian Taylor

PHH Corporation (NYSE:PHH) is a mortgage and fleet management services provider. The stock of the company returned around 8% since Pine River first disclosed initiating the stake in December 2012. In its latest 13F filing, Pine River also disclosed holding 20 million shares of the company in form of bonds, with a value of $40.88 million.

However, while Pine River chose to shorten its stake, another hedge fund out of those we track went bullish on PHH Corporation (NYSE:PHH). Orange Capital, managed by Daniel Lewes, which in the past couple of months initiated the stake through acquiring 5.0% of the common stock, and recently expanding it to 6.6%, equal to 3.54 million shares. At the same time, Orange Capital went activist on the company and initiated discussions with the management, supporting the idea of the PHH Corporation (NYSE:PHH)’s Fleet Management Business spin-off.

Hotchkis and Wiley Capital Management also solidified their stake in PHH Corporation (NYSE:PHH), in October reporting ownership of 5.75 million shares, versus 5.30 million shares held earlier. Among other investors is also John Osterweis’ Osterweis Capital, which held around 2.69 million shares, according to its latest 13F filing.

Pine River is a hedge fund focused on several strategies such as convertible bond arbitrage and equity drive event investing. Only a couple of days ago, the fund revealed adding Asiainfo-Linkage Inc (NASDAQ:ASIA) in which it now holds 4.45 million shares. The activist stake amasses 6.1% of the company’s stock.

Disclosure: none

Recommended Reading:

Wallace R. Weitz & Co. Upps its Stakes in XO Group Inc (XOXO), Redwood Trust, Inc. (RWT), and Intelligent Systems Corporation (INS)

3 Stocks That Both Warren Buffett and Insiders Like (and a Bonus Track)

Solus Alternative Asset Management Slices Stake in YRC Worldwide Inc. (YRCW)

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
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

The Best Romance Movies of all Time

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

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 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!