Impala Asset Management’s Performance, AUM, and Holdings

Impala Asset Management is a multi-billion dollar Connecticut-based hedge fund that was founded by Robert Bishop in 2004. Prior to starting Impala Asset Management, Robert Bishop worked as a Chief Investment Officer at Soros Fund Management, managing the Quantum Endowment Fund. Other positions which have helped him accumulate great knowledge of the investment space include working as a Principal at Maverick Capital, where he supervised investments in primary industries, such as transportation, commodities, energy, manufacturing, etc.; Portfolio Manager at Kingdon Capital; Managing Director of Tiger Management; and equity analyst at Salomon Brothers. Almost 40 years ago, he worked as a Legislative Assistant/Director for Congressmen Toby Roth and Don Ritter. Robert Bishop holds an M.B.A. in Finance from the Wharton School of the University of Pennsylvania and a B.A. in Political Science from Northwestern University. Currently, he is the Managing Principal of Impala Asset Management in charge of Alpha Funds, Impala and other managed accounts, while also directing the analysis of the primary industries in which the funds usually invests, such as capital goods, metals, automotive, and energy. The fund uses a long/short investment strategy.

Impala Asset Management has been registered with the Securities and Exchange Commission since January 2006. The fund now manages offices in New York and Florida, in addition to Connecticut. Currently, its 13F portfolio is valued at $2.18 billion, while its current assets under management are unknown. Impala’s recent returns have been exceptional, ranking it in 18th place among Barron’s top 100 Hedge Funds in 2018, with the fund delivering a return of 16.28% in the previous year, and an averaged return of 29.65% between 2015 and 2017.

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Now, let’s take a look at Impala’s top holdings reported in its 13F filing for the second quarter of 2018. Even though the fund lowered its stake in Teck Resources Ltd. (TECK) by 6%, it still remains its largest stake, accounting for 15.2% of its portfolio. Impala Asset Management holds 12.99 million shares of Teck Resources, valued at $330.89 million.

The second biggest stake is the same as in the previous quarter – Caterpillar Inc (CAT). The fund holds a position in the company worth around $184.72 million and raised its stake by 4% from the previous quarter. While Impala Asset Management remains bullish on Caterpillar, the number of smart investors from our database with long positions in the company dropped by one when compared to the previous quarter. Seeing that this is a minimal decrease and that this stock is a bit more popular with the hedge funds that we track when compared to companies with similar market caps, it is safe to say that Impala Asset Management is wisely building its position in this company. On the next page we’ll check out some other recent changes to Impala’s 13F portfolio.

Impala Asset Management significantly raised its stake in Marriott International Inc (MAR) during Q2, by 280%, now owning 111,580 shares valued at $14.13 million. Smart money investors from our database were also optimistic about Marriott International Inc (MAR) in the second quarter, as the number of those with long positions increased by two, now counting 42 hedge funds.

What about the new investments the fund made in the previous quarter? There were 20 new additions to Impala Asset Management’s portfolio, and the company in which the fund acquired the largest position is Norfolk Southern Corp (NSC), a large rail transportation company mostly known for one of its subsidiaries, Norfolk Southern Railways. Impala Asset Management now owns 583,805 shares of the company valued at $88.08 million. Smart money investors from our system were also getting more interested in this stock, as the number of those with long positions in the company grew by six from the previous quarter to now count 42 bullish investors. Other big new additions to Impala’s portfolio in the second quarter include Southern Copper Corp (SCCO), Macy’s Inc. (M), and Netapp Inc. (NTAP) to name a few.

Impala Asset Management also lost faith in some 18 companies that were in its portfolio in the first-quarter, selling its entire positions. The biggest position the fund said goodbye to was in Kansas City Southern (KSU), valued at $54.43 million, while the second-largest position the fund decided to drop was in FedEx Corp. (FDX), being formerly worth around $49.27 million.  Some other holdings the fund decided to get rid of include CSX Corp. (CSX), RPC, Inc.(RES), and Delta Air Lines, Inc. (DAL).

Disclosure: None