White Elm Capital, managed by Matt Iorio, is a top-tier New York-based hedge fund that is often overlooked by investors. Matt Iorio is a former managing director at Stephen Mandel’s Lone Pine Capital. Among the variety of strategies employed by hedge funds, Iorio uses the long/short strategy combining it with a fundamentalist focus. To learn more about hedge fund strategies, take a look at these hedge fund strategies to put in your back pocket.
In this way, let’s take a look at White Elm Capital’s top picks. In first is Golar LNG Limited (USA) (NASDAQ:GLNG) with a stake of about 1.4 million shares, worth $51.7 million. Hedge funds’ stake in Golar LNG Limited (USA) (NASDAQ:GLNG) experienced a minor change during the first three months of 2013, increasing by 6%, or 87,500 shares. Aside from White Elm, over 30 hedge funds from our database held shares of Golar LNG Limited (USA) (NASDAQ:GLNG) during the first quarter of the year.
In Altisource Portfolio Solutions S.A. (NASDAQ:ASPS), Matt Iorio’s hedge fund owns 707,249 shares, almost doubling the stake, adding 349,655 shares during the first quarter. Altisource Portfolio Solutions S.A. (NASDAQ:ASPS)’s stock has a year-to-date return of about 36% and a trailing P/E ratio of over 25.
Next on the list is Ocwen Financial Corporation (NYSE:OCN). In White Elm Capital’s 13F, Ocwen Financial Corporation (NYSE:OCN) is represented by a 1.2 million-share stake, worth $49.3 million, up by 336,900 shares from the previous quarter. Aside from White Elm, over 50 hedge funds were invested in Ocwen Financial Corporation (NYSE:OCN) in Q1, including Ken Griffin’s Citadel Investment Group and Israel Englander’s Millennium Management.
We should also mention a $37.3 million stake held by White Elm in SBA Communications Corporation (NASDAQ:SBAC). Matt Iorio’s hedge fund owns 518,400 shares of SBA Communications Corporation (NASDAQ:SBAC), up by 95,700 shares since the end of 2012. The year-to-date return of SBA Communications Corporation (NASDAQ:SBAC) amounts to almost 8%.Fifth on our list of White Elm’s top picks is healthcare company DaVita HealthCare Partners Inc (NYSE:DVA). The hedge fund disclosed a $30.8 million position, which involves 518,400 shares. During the first quarter of 2013, White Elm increased its stake in DaVita HealthCare Partners Inc (NYSE:DVA) by 6%, adding 15,400 shares to its equity portfolio. With a year-to-date return of about 6.5%, DaVita HealthCare Partners Inc (NYSE:DVA) also sports a forward P/E of close to 15.
On the whole, the 13F portfolio of White Elm Capital contains 30 companies from a variety of sectors: technology, energy, and healthcare, and amounts to more than $568 million.
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