GoldenTree Asset Management’s Latest Picks

Several institutional investors are bullish regarding FairPoint Communications Inc (NASDAQ:FRP), including John M. Angelo and Michael L. Gordon’s Angelo Gordon & Co, which boasts a position of 5.1 million shares. Eric Edidin and Josh Lobel’s Archer Capital Management also holds a significant stake in the company, amounting to 1.8 million shares, which represent more than 3% of its equity portfolio.

Eagle Bulk Shipping Inc (NASDAQ:EGLE) is a $489 million market cap shipping company, engaged in the international ocean transportation of various bulk cargoes. The firm owns, charters, and operates dry bulk vessels dedicated to the transportation of a wide range of bulk cargoes, including iron ore, coal, grain, cement, and fertilizers. The shipping company has been undergoing some changes as of late, including reductions in its income from management fees and declining operating income. While some analysts suggest the sluggish pace of the Chinese real estate markets is hurting the shipping industry, the decrease in the firm’s management fees stems primarily from the reduction in the average number of third- and related-party vessels under management. Nevertheless, GoldenTree Asset Management seems to believe this trend will change, taking a bullish stance towards the stock. In fact, the newly acquired position was large enough to allow the firm to become Eagle Bulk Shipping’s largest institutional investor.

In addition to Mr. Tananbaum’s GoldenTree Asset Management, Eagle Bulk Shipping Inc (NASDAQ:EGLE) is backed by Don Morgan’s Brigade Capital. The hedge fund disclosed a stake of 390,900 shares in the third quarter and remains bullish regarding the stock. Paul Tanico’s Castlerock Asset Management also holds a significant position in the company, amounting to 102,600 shares.

Disclosure: Pablo Erbar holds no position in any stocks or funds mentioned.