Top Hedge Fund Moves During March

During the past month, hedge funds have been very active disclosing changes in their holdings. Since tracking the moves of some of the greatest hedge funds, is a part of our strategy, we would like to take a look back at the past couple of weeks and do a short recap of some of the most notable moves.

One of the funds that have been particularly active recently is SAC Capital Advisors, led by billionaire Steven Cohen. SAC Capital has filed six filings since the beginning of the month, in some of them reporting raising its position, and in others adding new companies to its equity portfolio. In two of his latest filings, Mr. Cohen revealed initiating its exposure to Midstates Petroleum Company Inc (NYSE:MPO) through holding 5.0% of the stock and raising significantly his stake in Zynga Inc (NASDAQ:ZNGAto 38.69 million shares, equal to 5.3% of the class A stock. In another filing, SAC Capital reported adding Momenta Pharmaceuticals, Inc. (NASDAQ:MNTAto its equity portfolio, in which it currently holds a 5.3% position.

SAC CAPITAL ADVISORS

George Soros‘ Soros Fund Management and Ken Griffin‘s Citadel Advisors are also worth mentioning. Soros is bullish on Penn Virginia Corporation (NYSE:PVA), and raised his position by over 500,000 shares to slightly above 6.0 million shares or 9.18% of the common stock. Citadel Advisors has boosted its passive stake in Arch Coal Inc (NYSE:ACIto 11.6 million shares, from around 1.0 million held previously, the new stake amassing 5.4% of the common stock.

Warren Buffett‘s Berkshire Hathawayhas reported redeeming around $56.17 million worth of Convertible Senior Notes of USG Corporation (NYSE:USG), adding another 4.93 million shares to its holding to 47.78 million shares.

Luxor Capital Group has also been an active hedge fund, which went activist and raised its position in BJ’s Restaurants, Inc. (NASDAQ:BJRIin a couple of steps, currently holding over 3.2 million shares, or 11.3% of the outstanding stock, from some 1.78 million shares revealed earlier. At the same time, Christian Leone‘s fund has entered into an activist group with Patrick Walsch’s PW Partners Atlas Funds and Jeffrey C. Neal of Horizon Capital, seeking representation on the company’s board. In another filing, Luxor disclosed a new passive stake in CONN’S, Inc. (NASDAQ:CONN), which amasses 2.0 million shares, equal to 5.6% of the common stock.

Steel Partners, managed by Warren G. Lichtensteinhas boosted its position in API Technologies Corp (NASDAQ:ATNY), to 9.63 million shares, from 1.43 million disclosed as at the end of 2013. Following the increase, Mr. Lichtenstein owns 17.4% of the company.

Peter S. Park and his hedge fund, Park West Asset Management, have initiated a new position in World Wrestling Entertainment, Inc. (NYSE:WWE). The stake contains over 2.00 million shares, which account for 6.5% of the outstanding stock.

Tom Sandell‘s Sandell Asset Management has been bullish on Bob Evans Farms Inc (NASDAQ:BOBEthis month. In a filing with the SEC, Sandell disclosed holding around 2.0 million shares of Bob Evans, versus 1.15 million held previously. Following the increase, Mr. Sandell’s stake amasses 8.1% of Bob Evans’ common stock.

Disclosure: none

Recommended Reading:

Steven Cohen’s SAC Capital Ups Passive Stake in Gogo Inc (GOGO)

Warren Buffett to Swap Stake in Graham Holdings (GHC)

Luxor Capital Group Acquires 383,500 Shares of Hemisphere Media Group Inc (HMTV)

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