Debra Fine, the manager of Fine Capital Partners, was the only female hedge fund manager to offer a presentation at the Sohn Conference. She made a case for DHX Media Ltd (USA) (NASDAQ:DHXM), the Canadian content producer, claiming it is better positioned than Netflix Inc (NASDAQ:NFLX) to capitalize on television shows for children. Aside from the shows themselves, the company could generate revenue by selling related merchandise for children. “A Polly Pocket comforter is a much bigger seller than House of Cards sheets,” said Fine. So far, Fine Capital Partners’ bet on DHX Media Ltd (USA) (NASDAQ:DHXM) has not worked out well at all. Since the conference, the stock dropped by approximately 28% through Tuesday’s closing price of $3 per share. The fund’s current position amounts to 5.34 million shares, according to its latest 13F filing.
Christian Leone’s Luxor Capital Group also holds a significant position in DHX Media Ltd (USA) (NASDAQ:DHXM), having reported ownership of 2.17 million shares at the end of 2017. Gregory Bylinsky and Jefferson Gramm, the managers of Bandera Partners, have stepped up their interest in DHX Media and have boosted their fund’s stake by 30% to 1.3 million shares. In general, hedge funds pay little attention to DHX Media, with only 5 of them having reported a long position at the end of 2017.
Brad Gerstner founded Altimeter Capital Management in 2008 with a focus on the Services sector. At the Sohn Conference, Gerstner presented a bullish thesis on United Continental Holdings Inc (NYSE:UAL), already his fund’s largest equity position at that time. Although he cited Warren Buffett’s big bet on the airline industry as a whole, with Berkshire Hathaway having established positions in the 4 largest US airlines, Gerstner focused only on United and states his belief that the stock is worth $235 a share, more than triple the $75 it was trading at the time. Since then, United shares have slightly depreciated and are currently trading around the $70 level. Brad Gerstner and Altimeter Capital Management stand by their thesis and are still betting on United Continental Holdings Inc (NYSE:UAL). According to its latest quarterly filing, the fund held 11.1 million shares, up by 8% during the fourth quarter.
Warren Buffett’s Berkshire Hathaway has a big bullish bet on United Continental Holdings Inc (NYSE:UAL), which amounted to 28.2 million shares at the end of 2017. Paul Reeder and Edward Shapiro’s PAR Capital Management is also among United’s largest shareholders. According to the most recent regulatory filings, the fund held approximately 15.4 million shares at the end of December, down 23% from the third quarter. Hedge fund interest in United was flat during the fourth quarter, with 51 of them having reported a long position in the latest round of 13F filings.
