Was Whetstone Capital Advisors Right to Bet on Energy Transfer Equity, L.P. (ETE) & Other Energy Stocks?

Whetstone Capital Advisors is a fund managed by David Atterbury, which reported an equity portfolio worth $170.18 million as of the end of June. The fund invests mainly in energy and even though its returns might had been damaged with the decline of crude prices, a rebound seen this year had a positive impact on the fund’s performance.

According to our methodology of assessing a fund’s returns by calculating the weighted average returns of its long stock positions in companies worth at least $1.0 billion, Whetstone Capital posted gains of 17.70% during the third quarter, based on nine holdings. In this article, we are going to take a closer look at some of the fund’s top picks, including Energy Transfer Equity, L.P. (NYSE:ETE), Criteo SA (ADR) (NASDAQ:CRTO), Williams Companies, Inc. (NYSE:WMB), and Columbia Pipeline Partners LP (NYSE:CPPL).

David Atterbury - Whetstone Capital

Let’s start with Energy Transfer Equity, L.P. (NYSE:ETE), in which Whetstone amassed a $25.16 million position, which contained 1.75 million shares at the end of June, up by 92% over the quarter. Whetstone’s optimism in the company paid off pretty well in the following quarter, as Energy Transfer Equity’s stock advanced by 18.9%.  At the end of the second quarter, a total of 30 of the hedge funds tracked by Insider Monkey were bullish on this stock, down by 3% over the quarter. More specifically, OZ Management was the largest chareholder of Energy Transfer Equity, L.P. (NYSE:ETE), with a stake worth $214.3 million reported as of the end of June. Trailing OZ Management was Corvex Capital, which amassed a stake valued at $93.4 million. OZ Management, Pentwater Capital Management, and Zimmer Partners also held valuable positions in the company.

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On the other hand, Criteo SA (ADR) (NASDAQ:CRTO)‘s stock slid by 23.5% in the third quarter, while Whetstone entered the quarter with a stake initiated between April and June, which contained 34,311 shares worth $1.58 million. Overall, 13 investors tracked by Insider Monkey were bullish on Criteo SA (ADR) (NASDAQ:CRTO), a decline of 7% over the quarter.  Among these funds, Eton Park Capital held the most valuable stake in Criteo, which was worth $48.5 million at the end of the second quarter. On the second spot was York Capital Management which amassed $36 million worth of shares. Moreover, Marshall Wace LLP, Columbus Circle Investors, and Polar Capital were also bullish on Criteo SA (ADR) (NASDAQ:CRTO).