Silver Arrow’s Top Long Positions: Facebook Inc (FB), Celgene Corporation (CELG), Hertz Global Holdings Inc (HTZ), More

Silver Arrow Partners mentioned holding a long-position in Hertz Global Holdings Inc (NYSE:HTZ) at the end of the second quarter. The fund manager initiated a position in the company after its stock dropped from the $30 price range into the $20 price range because of some regulatory issues. The investment manager further said, “Our detailed analysis led us to conclude that the likely amount of the restatement was unlikely to be significant to Hertz in the future and that the stock was over-reacting to the uncertainty.” The rental car company filed a financial restatement on July 16 for the fiscal year ending on December 31, 2014 along with restated results for 2012 and 2013. Hertz Global Holdings Inc (NYSE:HTZ) has attracted activist investments from the likes of Carl Icahn of Icahn Capital LP. Among hedge funds tracked by Insider Monkey, 63 fund managers had positions worth $5.01 billion in the company at the end of the first quarter. Carl Icahn reported ownership of 51.92 million shares of Hertz Global Holdings with a market value of $1.12 billion at the end of the first quarter.

Canadian Pacific Railway Limited (USA) (NYSE:CP) and Union Pacific Corporation (NYSE:UNP) are among the railroad investments of the fund manager. Silver Arrow Partners added “We profitably sold our investment in CSX Corp. (ticker:  CSX) earlier in  the quarter, in order to focus our attention and capital in two railroad companies, Canadian Pacific Railway Limited (ticker: CP) and Union Pacific Corporation (ticker: UNP). We believe these investments represent multi-year opportunities.” It has been a difficult year for Canadian Pacific Railway Limited (USA) (NYSE:CP) so far, whose shares have suffered a year-to-date decline of 18.57% and by 12% in the second quarter. The railroad company bagged net investments of $6.88 billion from 48 hedge fund investors tracked by Insider Monkey at the end of the first quarter. The same story continues for Union Pacific Corporation (NYSE:UNP) whose shares have declined by 18.77% year-to-date. It attracted investments worth $2.33 billion from 69 hedge fund investors at the end of the first quarter. Bill Ackman of Pershing Square held a large position in Canadian Pacific Railway of 13.94 million shares valued at $2.55 billion. Arrowstreet Capital, led by Peter Rathjens, Bruce Clarke, and John Campbell held 3.03 million shares of Union Pacific Corporation in its portfolio at the end of the first quarter valued at $328.33 million.

Disclosure: None