Hedge funds and other prominent investors are required to file their quarterly equity positions with the SEC in 13F filings, within 45 days after the end of each calendar quarter. We’re going to take a look at the first quarter filing of Havens Advisors, managed by Nancy Havens-Hasty. The highlights from the story are: Virgin Media Inc. (NASDAQ:VMED), Cymer, Inc. (NASDAQ:CYMI), and Kayak Software Corp (NASDAQ:KYAK).
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A top trio
Virgin Media Inc. (NASDAQ:VMED) is a new position in the equity portfolio of Havens Advisors. However, the stake is the most valuable, according to the most recent 13F filing with the SEC. Havens Advisors reported ownership of 304,000 shares, the value of the stake amounting to almost $14.9 million. According to our database, 31 other funds held shares of Virgin Media Inc. (NASDAQ:VMED) heading into 2013. The stock of the Virgin Media Inc. (NASDAQ:VMED) has a year-to-date return of about 36% and it is trading at a forward P/E of 0.25.
The fund was bearish on Cymer, Inc. (NASDAQ:CYMI), decreasing the holding to 146,300 shares, from 223,000 shares disclosed in the previous 13F. The current value of the stake amounts to $14 million, down from almost $20.2 million. There are 20 other funds who held Cymer, Inc. (NASDAQ:CYMI) in their 13F portfolio at the end of the last year. The stock of Cymer, Inc. (NASDAQ:CYMI) has a year-to-date return of 18.72% and it is trading at a forward P/E of 36.7x. Cymer, Inc. (NASDAQ:CYMI) is engaged in the production of light sources for the photolithography process, related to the manufacturing of semiconductors or chips.
Havens Advisors increased their holdings of Kayak Software Corp (NASDAQ:KYAK) by 180,263 shares to 310,263 shares in the most recent 13F. The current value of the stake is $12.4 million, up from $5.1 million reported in the previous 13F. Aside from Nancy Havens-Hasty’s fund, seven other funds were invested in Kayak Software Corp (NASDAQ:KYAK) at the end of last year. The year-to-date return of Kayak Software Corp (NASDAQ:KYAK) is 2.36%, while it is trading at a forward P/E of below 30.4. Kayak Software Corp (NASDAQ:KYAK) is engaged in online travel search services. Last year, Kayak was acquired by Priceline.com Inc (NASDAQ:PCLN).
The best of the rest
The next on the list is McMoRan Exploration Co (NYSE:MMR). Havens Advisors disclosed owning 646,000 shares of the company, down from a stake of 849,071 shares mentioned in the previous 13F. The current value of the stake also declined to $10.6 million, from $13.6 million at the end of December. In April, Mcmoran Exploration Co (NYSE:MMR) announced a cash dividend of $14.375 per share of 5.75% of its convertible perpetual preferred stock, and $20 per share of 8% of its convertible perpetual preferred stock. Mcmoran Exploration Co (NYSE:MMR) shares have a year-to-date return of 3.93%.
Another new position in the equity portfolio of Nancy Havens-Hasty’s fund is Dell Inc. (NASDAQ:DELL). In the most recent 13F, the fund disclosed owning 717,000 shares of Dell Inc. (NASDAQ:DELL), the value of the stake being about $10.3 million. Trading at a forward P/E of 8.0x, Dell has a year-to-date return of 31.07%. According to our database, 50 of the hedge funds we track were long in Dell Inc. (NASDAQ:DELL) at the end of 2012.
Nancy Havens-Hasty’s Havens Advisors reported a total of 39 positions in the most recent 13F filing, versus 40 holdings in the 13F for the last quarter of 2012. The total value of all holdings also declined to $158 million, from $220.3 million in the previous 13F. However, the equity portfolio of Havens Advisors is a diversified one, which means that in case some companies have losses due to an overall decline in their respective industries, their peers can help to cover for them.
Compare this equity portfolio with those of other hedge funds, and also check out our market-beating strategy for more information. We reveal the details of this strategy in our premium section, and you can also download the free edition of our newsletter here.