In its latest 13F filing with the U.S Securities and Exchange Commission, Zenit Asset Management AB, led by Patrik Brummer, revealed its equity portfolio, worth $876.7 million, for the second quarter of 2014. Over the quarter, the fund acquired more than 10 new stocks and cut positions in eight stocks. Zenit Asset Management likes technology, finance and energy stocks more. For the second quarter, the top three holdings of the fund include Yahoo! Inc. (NASDAQ:YHOO), eBay Inc (NASDAQ:EBAY) and Navient Corp (NASDAQ:NAVI). Let’s take a look at these holdings, which represent over 25% of the fund’s portfolio.
Zenit Asset Management is bullish on Yahoo! Inc. (NASDAQ:YHOO), in which it boosted its holding to 2.95 million shares from 1.37 million shares held at the end of the first quarter. The estimated value of the holding is $103.2 million.
Yahoo! Inc. (NASDAQ:YHOO) becomes an attractive stock to investors due to its growing presence in Asia, particularly owing more than 20% stake in Chinese e-commerce giant Alibaba. Speaking on Bloomberg’s “Countdown” in August, Patrick Armstrong, chief investment officer at Plurimi Investment Managers, said that “the Bloomberg consensus has Alibaba IPO’ing at $200 billion. If you just do the math on that, Yahoo’s got 23% of that, that puts you to $46 billion worth of Alibaba stock [...].”
Last month, Bloomberg’s David Ingles reported that the much discussed Alibaba IPO looks set to take place on the September 16.
Other hedge funds having big stakes in Yahoo! Inc. (NASDAQ:YHOO) include D E Shaw, led by David E. Shaw, and JAT Capital Management, managed by John Thaler. D E Shaw holds 16.19 million shares, while JAT Capital Management owns 8.85 million shares of the company.
In eBay Inc (NASDAQ:EBAY), Zenit Asset Management revealed ownership of 1.47 million shares, with a reported value of $73.6 million. eBay Inc (NASDAQ:EBAY), global commerce platform and payments company, is planning to release the beast of internet transactions, and analysts seem to favor the division.
PayPal’s spinoff will virtually split the company in half, but it also might result in more favorable conditions in the longer term. PayPal and Braintree gathered $1.74 billion in revenues, while eBay Inc. (NASDAQ:EBAY)’s core market posted revenues of $1.72 billion for the second quarter. One more thing to note is that once the spinoff takes place, PayPal will see the opportunity of working easier even with eBay Inc. (NASDAQ:EBAY)’s competitors.
On the third spot is Navient Corp (NASDAQ:NAVI), a new position, where the fund holds nearly 4 million shares, worth $71.0 million. Navient Corp (NASDAQ:NAVI) is engaged in providing organizations with new solutions to hiring and managing talent, and has a market cap of $7.5 billion.
Stockholm, Sweden-based Zenit Asset Management was founded in 1999 by Patrik Brummer.