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Real Estate Stocks Dominate Tricadia Capital’s Top-5 Holdings

#3. Danaher Corporation (NYSE:DHR)

– Shares Owned by Tricadia Capital Management (as of June 30): 250,000

– Value of Holding (as of June 30): $25.25 Million

Moving on, Danaher Corporation (NYSE:DHR) was a new entrant to Tricadia Capital’s equity portfolio during the second quarter. Last month, the company completed the process of splitting its business into two entities by spinning off Fortive Corp (NYSE:FTV). Following the spinoff, shares of Danaher Corporation have largely been range-bound. Financial research firm Lawrence Hamtil recently conducted a study which found that Danaher Corporation (NYSE:DHR) was among ten stocks that have outperformed Berkshire Hathaway Inc. (NYSE:BRK.B) since 1990. Most analysts who track the stock currently have a favorable view of it owing to its ability to deliver strong returns with minimum hedging costs. Danaher Corporation has been consistently paying dividends since 1993 and the $0.16 per share quarterly dividend that it currently pays translates into a forward annual yield of almost 0.8%. Billionaire Ken Griffin‘s Citadel Investment Group lowered its holding in Danaher by 41% to 1.34 million shares during the second quarter.

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#2. Tiptree Financial Inc (NASDAQ:TIPT)

– Shares Owned by Tricadia Capital Management (as of June 30): 4.83 Million

– Value of Holding (as of June 30): $26.48 Million

Amid a nearly 4% drop in Tiptree Financial Inc (NASDAQ:TIPT)’s stock during the second quarter, Tricadia Capital inched up its stake in the company by 1%. Shares of the financial holding company have been drifting lower since the start of 2015 and have lost almost 14% of their value in 2016. Several analysts who track the stock feel that trading at a price-to-book multiple of only 0.56 makes it extremely cheap at current levels. The company recently reported its second quarter earnings, announcing EPS of $0.17 on revenue of $133.8 million for the period. For the same quarter of the previous year, Tiptree Financial Inc (NASDAQ:TIPT) delivered EPS of $0.47 on revenue of $101 million. Just three hedge funds in our system owned shares of Tiptree on March 31, though their positions amassed 14.80% of its float.

#1. OneMain Holdings Inc (NYSE:OMF)

– Shares Owned by Tricadia Capital Management (as of June 30): 187,399

– Value of Holding (as of June 30): $7.67 Million

Despite being the only stock among Tricadia Capital’s top-9 holdings in which the fund reduced its stake during the second quarter, by 2%, OneMain Holdings Inc (NYSE:OMF) continued to remain its top stock pick at the end of the second quarter. OneMain Holdings lost more than 50% of its market capitalization between December 2015 and February 2016 and although its stock has recovered by a little since then, it is still trading down by almost 30% in 2016. In June, the New York Times published a long expose revealing how financial services companies like OneMain Holdings Inc (NYSE:OMF) have used expert lobbying tactics to make inroads within state capitols in order to grow their business. The company recently came out with its second quarter results, which were much better than analysts had anticipated. While the Street had expected it to report EPS of $0.92 on revenue of $599.66 million, OneMain Holdings declared EPS of $0.96 on revenue of $692 million. Fortress Investment Group owned 73.44 million shares of the company on June 30.

Disclosure: None

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