Jeffrey Altman’s Owl Creek Asset Management has released its 13F for the second quarter, unveiling a total of 20 positions that have a value of roughly $2 billion. The equity portfolio is fairly diversified across industries, but technology stocks amass the largest chunk. Also worth noticing, Altman has decreased its exposure to equities by $1.4 billion, selling 11 companies and buying 11 new stocks. The investor’s top three picks for the second quarter are T-Mobile US Inc (NYSE:TMUS), Hess Corp. (NYSE:HES), and Yahoo! Inc. (NASDAQ:YHOO).
Altman has added 526,766 shares to his stake in telecom operator T-Mobile US Inc (NYSE:TMUS), currently holding 5.7 million shares. The position has a market value of $193 million and makes 9.5% of the equity portfolio.
While Altman has increased its stake, John Paulson has offloaded some 3 million shares in T-Mobile US Inc (NYSE:TMUS), decreasing its holding to 13 million shares which are worth $442 million. Other investors in T-Mobile US Inc (NYSE:TMUS) are Larry Robbins’ Glenview Capital with 8.4 million shares valued at $284 million and Dan Loeb’s Third Point with 8 million shares that have a value of $268 million.
On the second position in Altman’s portfolio there is Hess Corp. (NYSE:HES), a $31 billion market cap energy company. The investor has bought additional 9,000 shares, upping its stake to 1.7 million shares which have a market value of $170 billion.
Paul Singer’s Elliott Management owns Hess Corp. (NYSE:HES) as well, having a stake of 17 million shares valued at $1.7 billion. He is the largest shareholder in the company from the hedge funds tracked by Insider Monkey. In addition to Singer, there is Ralph V. Whitworth‘s Relational Investors holding 3 million shares worth $298 million.
Third position of the portfolio is claimed by Yahoo! Inc. (NASDAQ:YHOO), which is a new investment. Altman has bought 4.3 million shares that have a market value of $152 million, ahead of Alibaba’s initial public offering. Yahoo! Inc. (NASDAQ:YHOO) is set to win big from the Alibaba’s IPO, as it has a stake valued by pundits at around $26 billion.
Jeffrey Tannenbaum‘s Fir Tree and Thomas Steyer‘s Farallon Capital own Yahoo! Inc. (NASDAQ:YHOO) as well. The former has 7.4 million shares worth $260 million and the latter has 6.6 million shares valued at $234 million.
Jeffrey Altman founded Owl Creek in June, 2001, after previously working as a portfolio manager at Franklin Mutual Advisers, LLC.