Top Q3 Stock Picks Of Y/Cap Management

Tipp Hill Capital Management opened a new position in Citigroup Inc (NYSE:C) during the second quarter. The fund held a total of 161,500 shares of the company, with a market value of $8.92 million at the end of the period. This was equivalent to 7.54% of its total portfolio holdings and pushed the position to the second-most valuable long position in the fund’s portfolio. The company is a financial services holding company, whose businesses provide consumers, corporations, governments, and institutions with financial products and services. It operates through two primary business segments: Citicorp and Citi Holdings. The market cap of the company is $178.10 billion. In its second quarter earning report, Citigroup Inc. (NYSE:C) announced earnings per share of $1.53, surpassing analysts’ expectations, with profits increasing by 18% year-over-year in the second quarter. The equity gains of the stock during the second quarter were 6.97%. Recently, the company had a multi-billion dollar settlement with the Consumer Financial Protection Bureau, declaring that it will refund $700 million to consumers as well as pay $70 million in fines for illegal and deceptive credit card practices. Going into the second quarter of 2015, a few other hedge funds with prominent positions were Ken Fisher’s Fisher Asset Management with 11.86 million shares and Edgar Wachenheim’s Eagle Capital Management with 5.20 million shares.

Tipp Hill Capital Management had 700,000 shares of ON Semiconductor Corp (NASDAQ:ON) with a value of $8.18 million at the end of the second quarter. It formed 6.92% of the total portfolio holdings of the fund. The US-based company offers a portfolio of analog, digital, and mixed signal ICs, image sensors, and custom devices for customers to solve their design challenges in electronic systems and products. The company operates through four segments: including the Application Products Group, which designs and develops analog, mixed-signal and logic ASIC and ASSP solutions for end-users. In June, the $4.43 billion market cap company agreed to buy Aptina Imaging for about $400 million in cash, a deal that will expand its presence in the automotive and industrial semiconductor markets. The deal, slated to close in the third quarter, is expected to immediately add to ON Semiconductor Corp (NASDAQ:ON)’s earnings. The news sent the company’s shares up by 2% on the same day it was announced. Another shareholder of the stock as of June 30 is Skylands Capital, managed by Charles Paquelet, which held 1.02 million shares of the company.

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