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Tipp Hill Capital Management’s Top Bets Amid Market Volatility

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Tipp Hill Capital Management is a New York City-based fund managed by Richard L. Haydon. The long/short equity strategy fund employs a global, multi-sector focus and holds an equity portfolio worth $92.40 million, as of the end of 2015. Richard Haydon, the Chief Investment Office of Tipp Hill has a vast experience, having served previously as a Senior Portfolio Manager and Managing Director at Neuberger Berman’s Straus Group and as a Partner and Senior Portfolio Manager at Leon Cooperman’s Omega Advisors. According to its last 13F filing, Tipp Hill has a diversified equity portfolio, with the largest share allocated towards transportation stocks. According to our own calculations, based on Tipp Hill’s long positions in companies with a market cap above $1.0 billion, Tipp Hill’s 12 holdings registered a weighted average loss of 15.9% in 2015, which even though is not a good result, is better than the returns registered by many other funds from our database with a similar portfolio composition. In this article we are going to take a look at Tipp Hill’s top five picks that the fund held heading into 2016.

At Insider Monkey, we track around 730 hedge funds and institutional investors. Through extensive backtests, we have determined that imitating some of the stocks that these investors are collectively bullish on can help retail investors generate double digits of alpha per year. The key is to focus on the small-cap picks of these funds, which are usually less followed by the broader market and allow for larger price inefficiencies (see more details here).

Richard L. Haydon
Richard L. Haydon
Yield Capital Partners (Y/Cap Management)

#5 ON Semiconductor Corp (NASDAQ:ON)

– Shares Owned by Tipp Hill Capital (as of December 31): 700,000

– Value of Holding (as of December 31): $6.86 Million

The holding remained unchanged during the fourth quarter and represented about 7.42% of Tipp Hill’s portfolio at the end of December. Over the last 12 months ON Semiconductor Corp (NASDAQ:ON)’s stock price has slid by more than 18%, while the semiconductor industry has posted an average loss of 3.5%. ON Semiconductor has recently extended its bid for Fairchild Semiconductor Intl Inc (NASDAQ:FCS), but kept the offer at $20 a share. According to Fairchild, the company also has a bid of $21.7 from a Chinese investor group. Among the hedge funds that we track at Insider Monkey, another shareholder of ON Semiconductor is Richard S. Pzena’s Pzena Investment Management, which disclosed holding 11.15 million shares in its 13F filing for the fourth quarter.

#4 American Airlines Group Inc (NASDAQ:AAL)

– Shares Owned by Tipp Hill Capital (as of December 31): 165,000

– Value of Holding (as of December 31): $6.98 Million

Tipp Hill’s stake in American Airlines Group Inc (NASDAQ:AAL) also remained unchanged during the October-December period. The share price of the $24.82 billion airline company has declined by 23% over the last 52 weeks. In its financial results for the fourth quarter, American Airlines Group Inc (NASDAQ:AAL) disclosed EPS of $2, which was $0.03 above the estimates, while revenues of $9.63 billion were in-line with expectations. Overall, American Airlines is set to benefit from capacity cuts at rival airlines, but the company’s exposure to Latin America might be a cause for concern given that Brazil is in recession and the Zika virus has affected travel to the continent. Cliff Asness‘ AQR Capital Management held about 2.18 million shares of American Airlines Group Inc (NASDAQ:AAL) at the end of December.

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