Swift Capital’s second-biggest holding at the end of the second quarter was in Howard Hughes Corp (NYSE:HHC) in which the fund held a total of 70,858 shares with a market value of $10.17 million, having reduced its stake in the stock by 3,420 shares. The stock represents 6.05% of its total portfolio holdings. Howard Hughes Corp (NYSE:HHC) also performed dismally during the second quarter, posting a 7.4% loss. The Dallas, Texas-based real estate company just received an approval by the Hawaii Community Development Authority for the construction of affordable condominium tower in the Kakaako area. The structures are strictly for-sale, according to the approval documents. This is believed to be a major boost to the company’s financial future, although no definite timeframes have been issued. From our database, 30 hedge funds were long on the stock going into the second quarter with their total investment valued at $1.87 billion, higher than the value at the end of the fourth quarter of 2014, although the number of hedge funds long in the stock stood at 31. Of the hedge funds we tracked during the first quarter, Murray Stahl‘s Horizon Asset Management emerged as the biggest shareholder with 4.82 million shares after trimming its position by 7%. This represented 10.29% of its total portfolio holdings. Another notable shareholder was billionaire Bill Ackman’s Pershing Square, with 3.57 million shares.
At the end of the second quarter, Swift Run had reduced its stake in NorthStar Asset Management Group Inc (NYSE:NSAM) by 44.14% to 288,039 shares valued at $5.33 million. The losing trend also hit this stock, which went down by a whopping 20.4% during the quarter. The company has posted remarkable earnings per share growth of 32.0% over the last five years and a year-over-year earnings growth of 375%. The global asset management company’s performance in the second quarter was, however, a disappointment to investors. NorthStar Asset Management Group Inc (NYSE:NSAM) has dropped by about 3.23% over the past year. The company recently announced 4.625% senior stock-settlable notes with an aggregate price of $300 million, which are due at the end of 2016. In spite of the recent lethargic performance, there are hedge funds that have remained bullish on the stock. Robert Pitts‘ Steadfast Capital Management is one such investor. The fund walked into the second quarter with 14.44 million shares of the stock after slightly raising its position during the first quarter. The stock represents 4.7% of its total portfolio holdings. MSDC Management, managed by Marc Lisker, Glenn Fuhrman, and John Phelan, went into the second quarter with 7.84 million shares, while Eric Mindich of Eton Park Capital held 6.67 million shares.
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