Oasis Management is an activist hedge fund and the best performing hedge fund in our database. It was founded in 2002 by Seth Fischer, the fund’s Chief Investment Officer. Prior to starting Oasis Management, Mr. Fischer honed his investment acumen for seven years at Highbridge Capital Management where he handled their Asian investment portfolio. Mr. Fischer holds a Bachelor of Arts in Political Science from Yeshiva University. After graduating, he served in the Israel Defense Forces. He is a Board Member of Carmel School in Hong Kong, a Board Member of the Karen Leung Foundation, and a Vice Chairman of the Ohel Leah Synagogue Management Committee in Hong Kong.
Oasis Management invests both in long and short opportunities across various countries and industries, looking for the most favorable low-risk, high-return profiles. The fund runs offices in the Cayman Islands, Hong Kong, Austin (Texas), and Tel Aviv (Israel). According to the fund’s latest 13F filing with the SEC, at the end of the second quarter of 2018, the fund’s 13F portfolio was valued at $62.98 million and held eight positions in companies with market caps above $1.0 billion. Those eight positions returned an impressive 46.4% during Q2, making it the best performing hedge fund during the quarter among those that Insider Monkey tracks. We weren’t able to find more figures regarding Oasis Management’s performance, or its current assets under management. However, the data that was available to us, shows that from 2002 until 2011, Oasis Management ran the DKR SoundShore Oasis Fund Ltd. with peak assets under management of $3.3 billion.
Insider Monkey’s flagship strategy identifies the best performing 100 hedge funds at the end of each quarter (Oasis Management was tops among these hedge funds) and invests in their consensus stock picks. This way it is always invested in the best ideas of the best performing hedge funds and is able to generate much higher returns than the market. Since its inception in May 2014, our flagship strategy generated a cumulative return of 121% vs. a cumulative gain of 66.6% for the S&P 500 ETF (SPY) (see the details here).
It’s time to take a look at the changes that Oasis Management made to its portfolio in the second quarter. According to its 13F filing with the Securities and Exchange Commission, at the end of Q2 the fund had long positions in 15 companies. During the second quarter, Oasis Management added nine stocks to its portfolio, dumped 11, raised its position in one, lowered its position in one, and didn’t change its position in four holdings. We’ll look at the changes on the next page.
The company that accounts for 54.58% of Oasis Management’s 13F portfolio and represents their greatest investment is Stratus Properties Inc (STRS). The fund holds 1.13 million Stratus shares that are valued at $34.38 million. This is a real estate company that acquires, manages, develops and sells commercial, entertainment, hotel, and similar real estate properties mainly in Austin, Texas. Stratus Properties Inc. operates in four different sectors: Hotel, Entertainment, Leasing Operations, and Real Estate Operations. Out of the smart money investors from our database, Jim Simons’ Renaissance Technologies was the only other hedge fund long the stock at the end of Q2, owning 41,900 shares valued at $1.28 million at the end of June.
The largest new position added to Oasis Management’s 13F portfolio in Q2 was in Colony Cap Inc New (CLNY), as the fund obtained 1.03 million shares, worth around $6.44 million on June 30. Oasis Management significantly raised its stake in Sunlands Online Ed Group (STG), increasing it by 334% to 65,100 shares worth $580,000.
The fund said goodbye to 11 stakes, out of which the biggest position it dropped was in Advanced Micro Devices Inc (AMD), worth around $192.78 million, counting 19.18 million shares. Next in line is Ctrip Com Intl Ltd (CTRP), with the fund selling its entire position in the company worth around $6.07 million. It seems that the fund also lost interest in another Chinese company, Changyou Com Ltd (CYOU) as well, as it has lowered its position by 95% to 40,552 shares worth around $676,000.