Are Hudson Bay Capital Management’s Stock Picks Worth Following?

Hudson Bay was also betting on another blank check/shell company in the second quarter, owning 1.5 million shares of Terraping 3 Acquisition Corp (NASDAQ:TRTL). The stock lost 0.3% during the third quarter, but has posted gains in the fourth quarter as it nears the shareholder vote on its proposed business combination with Yatra Online. The number of bullish hedge fund bets on Terraping retreated by one in the second quarter, as the stock was in 13 hedge funds’ portfolios at the end of June. Among these funds, Fir Tree held the most valuable stake in Terraping 3 Acquisition Corp (NASDAQ:TRTL), which was worth $18.2 million at the end of the second quarter. On the second spot was Weiss Asset Management which amassed $15.2 million worth of shares. Arrowgrass Capital Partners and Glazer Capital were also bullish on Terraping 3 Acquisition Corp (NASDAQ:TRTL).

Lastly, we’re going to take a peek into the hedge fund’s action regarding Occidental Petroleum Corporation (NYSE:OXY). The company was another new addition to the fund’s portfolio during the second quarter, and returned 0.6% during the third quarter. Hudson Bay owned 195,800 shares on June 30, with a value of $14.80 million. Occidental Petroleum Corporation (NYSE:OXY) was in 11 hedge funds’ portfolios at the end of the second quarter of 2016. OXY investors should be aware of an increase in support from the world’s most elite money managers of late. There were 9 hedge funds in our database with OXY positions at the end of the previous quarter.

The largest stake in Occidental Petroleum Corporation (NYSE:OXY) was held by Levin Capital Strategies, which reported holding $207.5 million worth of stock at the end of June. It was followed by Astenbeck Capital Management with a $74 million position. Other investors bullish on the company included First Pacific Advisors LLC, Adage Capital Management, and D E Shaw.

Disclosure: None