Here Are This Elite Fund’s Top Five Stock Picks

#3 Nokia Corporation (ADR) (NYSE:NOK)

Shares held (as of September 30): 3.75 million
Total Value (as of September 30): $25.43 million
Percent of Portfolio (as of September 30): 8.73%

For its third quarter, Nokia Corporation (ADR) (NYSE:NOK) earned 0.08 euros ($0.09) per share, beating estimates by 0.01 euros per share while revenues came in a little bit under expectations at 3.04 billion euros, missing by 620 million euros. Because the company has excess capital, management plans to buy as much as 1.5 billion euros in shares back within the next two years. The buybacks should increase EPS and help Nokia’s stock, which is down 2% year-to-date.  Dan Loeb’s Third Point owned 3 million shares at the end of June.

#2 Resolute Forest Products Inc (NYSE:RFP)

Shares held (as of September 30): 4.28 million
Total Value (as of September 30): $35.59 million
Percent of Portfolio (as of September 30): 12.22%

Although shares are down 56% year-to-date and all five analysts covering Resolute Forest Products Inc (NYSE:RFP) have ‘Hold’ ratings, hedge funds are bullish. According to our data of around 730 elite funds, 22 funds reported stakes worth $523.31 million (representing 48.90% of the float) at the end of June, versus 18 funds and $848.43 million at the end of March. Prem Watsa‘s Fairfax Financial Holdings was among the long holders at the end of the second quarter, with a stake of 29.05 million shares. Resolute Forest Products reported a mixed third quarter, with EPS beating estimates by $0.08 per share and revenue missing by $24 million as the specialty paper market has been challenging.