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

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