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.
Aside from Matt Iorio, check out the top picks of Generation Investment Management managed by David Blood and Al Gore, as well as Jeffrey Altman’s Owl Creek Asset Management and Wintergreen Advisors, managed by David Winters.