Tim Curro’s Value Holdings Bets on Services Sector

As I continued to look through major hedge funds’ 13F filings, I came across Tim Curro’s Value Holdings Lp. This financial investment advisory firm is headquartered in New York and was founded by Mr. Curro almost 20 years ago, after leaving Leon Cooperman’s Omega Advisors. Value Holdings’ equity portfolio, worth more than $137 million, is mainly focused on services stocks, which comprise more than 50% of its total value. The fund also focuses, to a lesser extent, on technology (20%) and industrial goods (10%).

In its latest Form 13F, Value Holdings disclosed 26 long stock positions; out of them three – newcomers . In addition, the fund sold out of one of its preexisting holdings, and increased four of its stakes. So, let’s take a look at Mr. Curro’s most interesting moves for 2014’s first quarter.

The fund’s top four holdings in terms of value are represented by the same companies, although the fund made some changes to the holdings. First on my list is Westinghouse Air Brake Technologies Corp (NYSE:WAB), a provider of value-added, technology-based products and services for the rail industry. Same as in the previous quarter, the fund decreased its exposure to the company by 11% and now owns 220,300 shares, valued at roughly $17 million. Nonetheless, this continues to be the fund’s most valuable position, accounting for about 12.5% of its equity portfolio. OZ Management, led by Daniel S. Och, holds an even larger stake. With 2.1 million shares, up 35% on the quarter, OZ Management is the largest hedge fund shareholder of the company out of funds tracked at Insider Monkey.

Global Payments Inc (NYSE:GPN)

Value Holdings’ second largest bet is placed on Global Payments Inc (NYSE:GPN), an electronic payments transaction processing services provider. Similar to the previous case, Mr. Curro  inched down his exposure to the company to 229,100 shares, down from 231,100 in the previous quarter, the value of the new stake amounting to  $16 million. This position accounts for almost 12% of the fund’s equity portfolio’s total value.

Among other shareholders of the company are Donald Chiboucis’ Columbus Circle Investors, which owns more than 1.6 million shares, worth around $114 million, and Larry Robbins’ Glenview Capital holding about 1.45 million shares. Both these funds increased their stakes during the first three months.

In the third spot is Total System Services, Inc. (NYSE:TSS), a $5.8 billion market cap company, which provides payment solutions and services to financial and nonfinancial institutions. Value Holdings’ position remained unchanged over the quarter, containing 351,700 shares, worth about $10.7 million. Other hedge funds betting on this stock are Ken Griffin’s Citadel Investment Group, with 4.59 million shares, and Jim Simons’ Renaissance Technologies, with 3.48 million shares. Once again, both these funds increased their stakes over Q1 (in fact, Citadel more than doubled its holding).

In Rollins, Inc. (NYSE:ROL), a $4.4 billion market cap provider of pest and termite control services Mr. Curro’s position remained untouched, at 256,9100 shares, with an aggregate value of roughly $7.7 million. Yet again, Jim Simons is amongst the hedge fund shareholders, with 655,200 shares. However, Mario Gabelli’s Gamco Investors holds a more significant positions, which contains 3.2 million shares, valued at over $98 million.

Finally, there’s Thor Industries, Inc. (NYSE:THO), which represents a new position in the fund’s equity portfolio. Despite the fact that Value Holdings shrank its exposure to the company by 2% over the quarter, its share price rose by more than 10% during the first quarter, and the value of the 121,100 shares held by the fund, amounts to $7.3 million. Aside from Value Holdings, Chuck Royce’s Royce & Associates’ owns more than 7.2 million shares, worth over $443 million.

 

Disclosure: Javier Hasse holds no position in any stocks mentioned.

 

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