Matthew Tewksbury’s Stevens Capital Is Betting On These Technology Stocks

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Stevens Capital Management, managed by Matthew Tewksbury, has disclosed its equity positions as of March 31 in a Form 13F filing with the U.S. Securities and Exchange Commission. Pennsylvania-based Stevens Capital Management is an investment adviser that manages a multi-billion dollar hedge fund, which has been in business for over 20 years. Stevens Capital specializes in quantitative investment methods, and has more than $3 billion in assets under management. According to the filing, the value of the fund’s equity portfolio totaled $2.81 billion. The fund had a strong focus on stocks in the finance, technology, healthcare, and consumer discretionary sectors. The technology sector represents about 13% of the total portfolio and we’ll discuss the top technology picks of Stevens Capital in this article, which are Micron Technology Inc. (NASDAQ:MU), Priceline Group Inc (NASDAQ:PCLN), Microsoft Corporation (NASDAQ:MSFT), and Applied Materials Inc. (NASDAQ:AMAT).

Priceline PCLN William Shatner

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Insider Monkey tracks hedge funds and analyzes their disclosed holdings to find the top 15 small-cap stocks, which our research has shown have a strong chance to outperform the market. We have been sharing the stock picks of our small-cap hedge fund strategy since the end of August 2012. Through March 11th, 2015 our small-cap strategy returned 132.0% while the S&P 500 ETF (SPY) returned only 52.6% during the same period. Our small-cap hedge fund strategy outperformed the market by 79.4 percentage points over this 2.5 year period (see more details).

Now then, let’s discuss Stevens Capital’s top technology picks, beginning with Micron Technology Inc. (NASDAQ:MU), a $29.4-billion market cap provider of advanced semiconductor systems. The fund increased its stake in Micron Technology Inc. (NASDAQ:MU) by over 40% to 1.29 million shares, with the value of the holding amounting to $35.0 million. Micron posted strong financial results for the second quarter of fiscal 2015, with net income of $934 million, or $0.78 per diluted share, compared to $731 million, or $0.61 per diluted share in the same quarter last year. Recently, Micron Technology Inc. (NASDAQ:MU) conducted a $1 billion offering of senior notes, which included $550 million of 5.250% notes due 2024, and $450 million of 5.625% notes due 2026. The largest shareholders of Micron among the funds we track are David Einhorn’s Greenlight Capital and Viking Global, led by Andreas Halvorsen.

Next up is Priceline Group Inc (NASDAQ:PCLN), a new position of Stevens Capital, which consists of 22,274 shares worth nearly $26 million. With a market cap of $62.5 billion, Priceline Group Inc (NASDAQ:PCLN) is engaged in providing online travel and travel related reservation and search services. The company’s net income for the first quarter of 2015 increased by 3% to $429 million. It reported gross travel bookings of $13.8 billion, an increase of 12% over the year-ago quarter. Other investors with big positions in the company include Stephen Mandel’s Lone Pine Capital, and David Tepper’s Appaloosa Management.

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