New York-based investment firm Castlerock Asset Management is a hedge fund founded by Paul Tanico, with a specialization towards short-term trades in U.S.-listed equities, with a fundamental slant. Hedge fund activity is important to follow because it can help retail investors find market-beating equity picks, depending on a few different factors. In this way, we decided to take a look at the top five largest positions in its equity portfolio in terms of value.
The first on our list is CBS Corporation (NYSE:CBS), in which the hedge fund holds a $5.5 million stake. The stake comprises 118,708 shares, down by 42,393 shares over the quarter. Among Tanico’s peers from the hedge fund world who reported stakes in CBS Corporation (NYSE:CBS), we can mention Paul Hudson’s Glade Brook Capital Partners, John Wu’s Sureview Capital and David Einhorn’s Greenlight Capital among others.
The second is an almost $5 million stake in United Rentals, Inc. (NYSE:URI), in which the hedge fund owns 90,377 shares. During the first three months of the year, the hedge fund reduced its position in United Rentals, Inc. (NYSE:URI) by 91,353 shares. The stock of United Rentals, Inc. (NYSE:URI) returned over 25% and has a P/E of 28.1x.
We should also mention 11,131 shares held by Tanico’s hedge fund in Apple Inc. (NASDAQ:AAPL). The value of the Apple Inc. (NASDAQ:AAPL) stake amounts to more than $4.9 million, down from $6.3 million mentioned at the end of December.
In LyondellBasell Industries NV (NYSE:LYB), Castlerock disclosed ownership of 72,921 shares, worth $4.6 million. The hedge fund almost halved the position since the end of 2012, cutting it by 51,816 shares. The stock of LyondellBasell Industries NV (NYSE:LYB) sports a P/E of 12x and has a year-to-date return above 21%.
What major insurer is last?
And the last but not least, we should include the $4.1 million stake held in American International Group Inc (NYSE:AIG), which involves 105,109 shares of the company, down from 250,312 shares, worth $8.8 million, disclosed in the previous 13F filing. American International Group Inc (NYSE:AIG) is one of the most popular companies in the hedge fund universe, with over 200 top-tier managers invested in it during the first three months of 2013.
Overall, Castlerock Asset Management reported 24 companies in its equity portfolio according to the latest 13F filing. The value of the portfolio slid to $70.6 million, from $116.2 million at the end of last year.
Want to see what talent other hedge fund managers have? Check out Robert Rodriguez and Steven Romick’s First Pacific Advisors, Robert Raiff’s Raiff Partners and Lane Five Capital managed by Lisa O’Dell Rapuano.