#4. Citigroup Inc. (NYSE:C)
– Shares owned by Teewinot Capital Advisors as of March 31: 156,600
– Value of Teewinot Capital Advisors’ holding as of March 31: $6.57 Million
The New York-based asset manager boosted its Citigroup Inc. (NYSE:C) stake by 15,300 shares during the first quarter of 2016, ending the three-month period with 156,600 shares. The increased stake was worth $6.57 million on March 31 and made up roughly 5.4% of the fund’s portfolio. The financial performance of the four-largest U.S. bank in terms of assets has been impacted by a combination of low interest rates and battered energy industry. For instance, Citigroup’s net income in the first quarter was $3.5 billion, down from $4.8 billion reported a year ago. Meanwhile, the company’s top line decreased 11% year-over-year to $17.6 billion. Citigroup was the only bank of the eight financial institutions required to submit a “living will” to the Federal Reserve that had its resolution plan approved by regulators. Citigroup has seen its market value plunge by 18% so far in 2016. Seth Klarman’s Baupost Group LLC had a massive amount of 102.55 million shares of Citigroup Inc. (NYSE:C) in its portfolio on March 31.
#3. Spirit Airlines Incorporated (NASDAQ:SAVE)
– Shares owned by Teewinot Capital Advisors as of March 31: 200,700
– Value of Teewinot Capital Advisors’ holding as of March 31: $9.63 Million
Teewinot Capital Advisers, seeded by Julian Robertson, increased its exposure to Spirit Airlines Incorporated (NASDAQ:SAVE) by 11,500 shares during the January-to-March period to 200,700 shares. The reshuffled stake was valued at $9.63 million at the end of the March quarter, constituting 7.9% of the fund’s entire portfolio. The shares of the low-cost commercial carrier are up 6% since the beginning of 2016 despite experiencing weakness following the recent shooting at a club in Orlando, which put pressure on the entire airline industry. Earlier this month, Spirit Airlines reported an increase in traffic of 24.8% year-over-year for May, while capacity increased by 24.0% year-on-year. Although the entire airline industry has been hit by worries that passenger demand may not be growing as fast as industry capacity, Spirit Airlines is one of the few carriers releasing impressive traffic figures. Israel Englander’s Millennium Management reported owning 776,170 shares of Spirit Airlines Incorporated (NASDAQ:SAVE) in its latest 13F.