Seminole Capital Management’s second-largest equity investment is in Citigroup Inc (NYSE:C), with the fund holding 3.84 million shares valued at $212.21 million. The investment manager has shown a similar trend in its investment in Citigroup by strengthening the position by 66% in comparison to the prior quarter period. Citigroup Inc (NYSE:C) posted better-than-expected second quarter results for 2015 with earnings per share of $1.45 against market expectations of $1.34. Its revenue also came in higher at $19.5 billion against market expectations of $19.1 billion. The bank is enhancing its efforts to attract more hedge funds as clients in stock-trading, custody services, and other banking services. As a part of this effort, Citigroup Inc (NYSE:C) has hired two former managers of Deutsche Bank AG (NYSE:DB), Simon Kempton and Daniel Caplan, for its European client-service arm. Fisher Asset Management, led by Ken Fisher, was one of the largest shareholders of Citigroup Inc (NYSE:C) in our database at the end of the second quarter, holding 11.83 million shares valued at $653.22 million.
Bank of America Corp (NYSE:BAC) is a new position in the equity portfolio of Seminole Management, which had 7.44 million shares of the bank in its portfolio at the end of the second quarter, with a market value of $126.68 million. Bank of America had an excellent second quarter of 2015, with its net income increasing two-fold to $5.3 billion or $0.45 per share against previous year net income of $2.3 billion or $0.19 per share. According to the recent management news from the company, Bank of America (NYSE:BAC) is set to dispose of its appraisal management company LandSafe Appraisal. CoreLogic, a California-based data company is purchasing the appraisal unit of the bank for an undisclosed amount. This is another step towards streamlining the banking operations of Bank of America to focus on its core business. Fisher Asset Management also held the largest position in this bank at the end of the second quarter as well, at least of those funds that have filed for the period thus far. Fisher holds 42.69 million shares valued at $726.66 million.